原木：需求预期不佳，价格下跌

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The demand expectation for logs is poor, leading to a decline in prices [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Contracts: For the 2603 contract, the closing price decreased by 2.2% daily and 1.4% weekly, the trading volume increased by 36.3% daily but decreased by 18% weekly, and the open interest decreased by 21.7% daily and 23% weekly. Similar trends were observed in other contracts such as 2605 and 2607 [1] - Spreads: The spreads between different contracts (e.g., 2603 - 2605, 2603 - 2607, 2605 - 2607) showed various changes [1] - Spot Market: Most log and wood square prices in the spot market remained stable, with only a few showing minor changes. For example, the price of 5.9 - meter 20 + radiata pine in the Shandong market increased by 1.4% daily and weekly, and the price of 3 - meter and 4 - meter radiata pine squares in Chongqing increased by 0.7% weekly [1] 3.2 Macro and Industry News - China's January RatingDog manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [3] - Multiple real - estate enterprise related personnel stated that their companies are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate enterprises are required to regularly report financial indicators such as asset - liability ratio to the special team in the city where their headquarters are located [3][4] 3.3 Trend Intensity - The trend intensity of logs is 0, indicating a neutral outlook [3]