原木：低到港低库存，震荡偏强

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The log market is characterized by low arrivals and low inventories, showing a volatile and slightly upward trend [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Contracts: For the 2603 contract, the closing price on February 13, 2026, was 787.5, with a daily increase of 1.0% and a weekly increase of 1.6%. The trading volume was 2277, down 40.0% daily and 70% weekly. The open interest was 2449, down 22.1% daily and 54% weekly. Similar data is presented for the 2605 and 2607 contracts [1]. - Price Spreads: The spreads between different contracts and between spot and futures contracts are provided, such as the spot - 2603 spread being -37.5 on February 13, 2026, with a daily increase of 27.1% and a weekly increase of 50% [1]. - Spot Market: The prices of various types of logs and wood squares in different markets (Shandong and Jiangsu) remained stable with 0.0% daily and weekly changes, including 3.9 - meter and 5.9 - meter radiation pine, 11.8 - meter spruce, 4 - meter K - material, etc. [1]. 3.2 Macro and Industry News - In January, the consumer price index (CPI) rose 0.2% month - on - month and 0.2% year - on - year. The core CPI excluding food and energy prices rose 0.8% year - on - year. The producer price index (PPI) rose 0.4% month - on - month and fell 1.4% year - on - year [3]. - China's RatingDog manufacturing PMI in January was 50.3, in line with expectations and up from the previous value of 50.1 [3]. 3.3 Trend Intensity - The log trend intensity is 0, indicating a neutral trend, with the range of trend intensity being [-2, 2] [3].