原木：需求季节性回升，价差正套运行

1. Report Industry Investment Rating - No information provided about the industry investment rating 2. Core View of the Report - The demand for logs is seasonally recovering, and the spread positive arbitrage is in operation [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures Contracts: For the 2605 contract, the closing price was 800 on March 6, 2026, with a daily decline of 0.1% and a weekly change of 0.0%; the trading volume was 3002, a daily decline of 23.3% and a weekly decline of 20%; the open interest was 9299, a daily increase of 1.4% and a weekly increase of 10%. Similar data is presented for the 2607 and 2609 contracts [1] - Spreads: The spread between 2605 - 2607 was -2.5 on March 6, 2026, with a daily increase of 150.0% and a weekly change of 0.0%. Other spreads such as 2605 - 2609 and 2607 - 2609 also showed different changes [1] - Spot Market: The prices of various types of logs and wood squares in Shandong and Jiangsu markets showed different trends. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market was 770 on March 6, 2026, with a daily change of 0.0% and a weekly increase of 2.7% [1] 3.2 Macro and Industry News - The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments is increased [3] - Five departments in Shanghai jointly issued a notice on further optimizing and adjusting real - estate policies, which came into effect on February 26, 2026 [3] 3.3 Trend Intensity - The trend intensity of logs is 0, with the range of trend intensity being integers in the [-2, 2] interval, where -2 represents the most bearish and 2 represents the most bullish [4]