原木：成本预期转弱，价格回调

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The cost expectation of logs is turning weak, and the price is experiencing a correction [1] - The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is more pragmatic, and the scale of policy - based financial instruments is increased [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: On March 25, 2026, for the 2605 contract, the closing price was 816 with a daily decline of 0.9% and a weekly increase of 0.2%; the trading volume was 7468 with a daily increase of 39.0% and a weekly increase of 30%; the open interest was 12096 with a daily decline of 9.8% and a weekly increase of 9%. Similar data is provided for the 2607 and 2609 contracts [1] - Spread Data: The spreads between different contracts, such as 2605 - 2607, 2605 - 2609, and 2607 - 2609, showed various daily and weekly changes. For example, the 2605 - 2607 spread was 1 on March 25, 2026, with a daily decline of 33.3% and a weekly decline of 150% [1] - Spot Market Data: The prices of various types of logs and wood squares in Shandong and Jiangsu markets showed different daily and weekly changes. For instance, the price of 3.9 - meter 30 + radiata pine in the Shandong market was 780 on March 25, 2026, with a daily change of 0.0% and a weekly increase of 1.3% [1] 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] 3. Trend Intensity - The trend intensity of logs is 0, indicating a neutral view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [4]