原木：成本抬升，价格高位震荡

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The cost of logs is rising, and the price is fluctuating at a high level [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: For the 2605 contract on March 18, 2026, the closing price was 806, down 0.7% from the previous day and up 2.2% week - on - week; the trading volume was 5187, down 48.6% from the previous day and up 16% week - on - week; the open interest was 11016, up 3.3% from the previous day and up 34% week - on - week. Similar data for 2607 and 2609 contracts are also presented, with varying price, volume, and open - interest changes [1] - Spread Data: The spread between spot and 2605 contract was - 36 on March 18, 2026, down 13.3% from the previous day and up 89% week - on - week. Spreads between different contracts (2605 - 2607, 2605 - 2609, 2607 - 2609) also showed significant daily and weekly changes [1] - Log Spot Market Data: The prices of various types of logs in Shandong and Jiangsu markets, such as 3.9 - meter 30 + radiata pine, 5.9 - meter 40 + radiata pine, etc., showed different degrees of daily and weekly price changes, with most prices remaining stable, and only a few showing slight increases or decreases [1] - Timber Square Spot Market Data: The median prices of 3 - meter and 4 - meter radiata pine and white pine timber squares in Rizhao, Chongqing, and Zhenjiang also showed different degrees of daily and weekly price changes, with most remaining stable and a small number showing slight decreases [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, including the Shanghai Municipal Commission of Housing and Urban - Rural Development and the Shanghai Housing Administration Bureau, jointly issued a notice on February 25, 2026, to further optimize and adjust the local real estate policy, which came into effect on February 26, 2026 [3] 3.3 Trend Intensity - The trend intensity of logs is 0, with the value ranging from - 2 to 2, indicating a neutral view [4]