原木：需求回升，价差正套

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoint of the Report - The report focuses on the log market, stating that log demand is picking up and suggesting a positive spread arbitrage strategy [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: The 2605 contract's closing price was 802.5 on March 9, 2026, with a daily increase of 0.3% and a weekly increase of 0.4%. Its trading volume was 14,288, a daily increase of 375.9% and a weekly increase of 377%. The open interest was 9,571, a daily increase of 2.9% and a weekly increase of 14%. Similar data is provided for the 2607 and 2609 contracts [1] - Spread Data: The spread between the spot and 2605 contract was -32.5 on March 9, 2026, with a daily increase of 8.3% and a weekly increase of 10%. Other spreads such as spot - 2607, 2605 - 2607, etc., also showed various changes [1] - Spot Market Data: Different types of logs and wood squares in Shandong and Jiangsu markets had different price trends. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market remained at 770 yuan/m³, with no daily or weekly change [1] 3.2 Macro and Industry News - The 2026 government work report aims to stabilize expectations, adjust the structure, prevent risks, and promote 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 log trend intensity is 0, indicating a neutral trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4]