原木：需求回升，价格上涨

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Demand for logs is picking up, prices are rising, with increased outbound shipments, normal supply, reduced port inventories, and rising shipping costs contributing to the price rebound. The 2026 government work report aims to stabilize expectations, adjust the structure, prevent risks, and promote reforms, with a more pragmatic GDP growth target and an increased scale of policy - based financial instruments [1][3] Group 3: Summary of Each Section Fundamental Tracking - Futures Contracts: For the 2605 contract, the closing price was 823 on March 24, 2026, with a daily increase of 0.1% and a weekly increase of 2.1%. The trading volume decreased by 52.4% daily and increased by 4% weekly, while the open interest increased by 1.7% daily and 22% weekly. Similar data is presented for the 2607 and 2609 contracts [1] - Spreads: The spreads between different contracts showed various changes, such as the 2605 - 2607 spread changing from - 1.5 to 1.5, a - 200.0% daily change and - 130% weekly change [1] - Log Spot Market: Prices of different types of logs in Shandong and Jiangsu markets had different changes. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market increased by 1.3% daily and weekly [1] - Timber Square Spot Market: Prices of different types of timber squares in different regions remained mostly unchanged, with a 0.0% daily and weekly change in most cases [1] Macro and Industry News - Demand for logs is rising, outbound shipments are increasing rapidly, supply is at a normal level, port inventories are decreasing, and shipping costs are rising, leading to a rebound in log prices. The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms, with a more practical GDP growth target and an increased scale of policy - based financial instruments [3] Trend Intensity - The trend intensity of logs is 1, indicating a relatively neutral to slightly positive outlook [4]