原木：预期回暖，震荡偏强

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core View of the Report - The report anticipates that the log market will recover and fluctuate with an upward - biased trend [1]. 3. Summary by Relevant Catalogs 3.1. Fundamental Tracking - Futures Data: For the 2603 contract, the closing price was 792 on February 26, 2026, with a daily decline of 0.7% and a weekly increase of 1.6%. The trading volume was 832, a daily decline of 82.6% and a weekly decline of 78%. The open interest was 800, a daily decline of 44.4% and a weekly decline of 75%. Similar data is provided for 2605 and 2607 contracts [1]. - Spread Data: The spreads between different contracts such as 2603 - 2605, 2603 - 2607, and 2605 - 2607 are presented, and the changes in the spreads between the spot and futures contracts are also given [1]. - Spot Market Data: The prices of various types of logs and wood squares in Shandong and Jiangsu markets are listed, with most prices remaining stable, and some showing slight weekly increases [1]. 3.2. Macro and Industry News - On February 25, 2026, five departments in Shanghai jointly issued a notice to optimize and adjust the local real - estate policy, which took effect on February 26, 2026 [3]. - The Trump government is working to raise the temporary global tariff rate from 10% to 15% [3]. - The Chinese and US sides are in communication regarding President Trump's visit to China [3]. 3.3. Trend Intensity - The log trend intensity is 1, indicating a relatively strong trend, with the range of trend intensity being integers in the [-2, 2] interval [3].