原木：冲突情绪缓和，涨幅回吐

Group 1: Report Industry Investment Rating - No information provided about the report industry investment rating Group 2: Core Viewpoints - The conflict sentiment in the log market has eased, and the previous price increases have been reversed [1] - The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target has been adjusted from "around 5%" to "4.5%-5.0%", and the scale of policy-based financial instruments has been increased [3] - 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 log trend strength is 0, indicating a neutral stance [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Contracts: The closing prices of the 2605, 2607, and 2609 contracts decreased by 1.4%, 1.4%, and 0.6% respectively on March 10, 2026. The trading volumes of these contracts decreased by 38.6%, 57.8%, and 39.1% respectively, while the positions of the 2605 and 2607 contracts decreased by 11.3% and 15% respectively, and the position of the 2609 contract increased by 14.7% [1] - Spot-Futures Spreads: The spreads between the spot and the 2605, 2607 contracts decreased by 33.8% and 28.8% respectively. The spreads between different contracts also showed various changes, such as the spread between 2605 - 2609 increased by 52.2% [1] - Spot Market: Most of the spot prices of different types of logs and wood squares in Shandong and Jiangsu markets remained stable, with only a few showing minor fluctuations. For example, the price of 3.9 - meter 30+ radiata pine in the Jiangsu market decreased by 1.3%, and the price of 5.9 - meter 40+ radiata pine in the Jiangsu market increased by 3.6% [1] 2. Macro and Industry News - The 2026 government work report aims to stabilize expectations, adjust the economic structure, prevent risks, and promote reforms. The GDP growth target is more realistic, and the scale of policy - based financial instruments is increased [3] - Shanghai optimized and adjusted its real estate policy, which took effect on February 26, 2026 [3] 3. Trend Intensity - The log trend intensity is 0, indicating a neutral market situation [4]