原木：成本抬升，价格上扬

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The cost of logs has increased, leading to a rise in prices. The government in 2026 aims to stabilize expectations, adjust the structure, prevent risks, and promote reforms in its work report. The GDP growth target has been adjusted to a more realistic range of 4.5% - 5.0%, and the scale of policy - based financial instruments has been increased. Shanghai has optimized its real estate policies [1][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: The closing prices of 2605, 2607, and 2609 contracts all showed an upward trend on March 17, 2026, with daily increases of 0.4%, 0.4%, and 0.6% respectively, and weekly increases of 2.7%, 2%, and 2% respectively. The trading volume of the 2605 contract increased by 5.8% daily and 79% weekly, while the 2607 contract decreased by 20.4% daily but increased by 65% weekly, and the 2609 contract decreased by 33.9% daily and 63% weekly. The positions of all three contracts increased, with daily increases of 14.3%, 2.4%, and 2.5% respectively, and weekly increases of 35%, 23%, and 9% respectively [1] - Spread Data: The spreads between different contracts also changed. For example, the spread between 2605 - 2607 increased by 50.0% daily and decreased by 73% weekly [1] - Spot Market Data: Most of the log and wood square spot prices remained stable, with only a few showing slight changes. For example, the 3 - meter radiation pine wood square in Rizhao decreased by 1.6% daily and weekly, and the 4 - meter radiation pine wood square in Rizhao decreased by 0.8% daily and weekly [1] 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. Shanghai has optimized its real estate policies since February 26, 2026 [3] 3. Trend Intensity - The trend intensity of logs is 0, indicating a neutral trend [4]