格林：需求好转，价格高位震荡

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The demand for logs is improving, and the price is fluctuating at a high level [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: - For the 2605 contract, the closing price on March 31, 2026, was 820.5, with a daily decline of 0.7% and a weekly increase of 0.6%. The trading volume was 4637, with a daily decrease of 15.2% and a weekly decrease of 38%. The open interest was 11027, with a daily decrease of 3.2% and a weekly decrease of 9% [1] - For the 2607 contract, the closing price was 820, with a daily decline of 0.4% and a weekly increase of 1%. The trading volume was 923, with a daily increase of 17.0% and a weekly increase of 13%. The open interest was 3718, with a daily increase of 7.7% and a weekly increase of 39% [1] - For the 2609 contract, the closing price was 824.5, with a daily decline of 0.5% and a weekly increase of 0%. The trading volume was 212, with a daily increase of 41.3% and a weekly decrease of 48%. The open interest was 1628, with a daily increase of 4.9% and a weekly increase of 25% [1] - Spread Data: - The spread between the spot and the 2605 contract was -30.5 on March 31, 2026, with a daily decline of 15.3% and a weekly decline of 15% - The spread between the 2605 - 2607 contracts was 0.5, with a daily decline of 80.0% and a weekly decline of 50% - The spread between the 2605 - 2609 contracts was -4, with a daily increase of 60.0% and a weekly decline of 20% [1] - Spot Market Data: - In the log spot market, the prices of different types of logs in Shandong and Jiangsu markets showed various trends. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market was 790, with a daily increase of 0.0% and a weekly increase of 1.3% [1] - In the wood - square spot market, the prices of different types of wood squares in different regions also had their own characteristics. For example, the median price of 3 - meter radiata pine wood squares in Rizhao was 1250, with a daily increase of 0.0% and a weekly increase of 0.0% [1] 3.2 Macro and Industry News - In 2026, the government work report focused on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target was adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments was increased [3] 3.3 Trend Intensity - The trend intensity of logs is 0, indicating a neutral trend. The range of trend intensity is in the [-2, 2] interval, where -2 means the most bearish and 2 means the most bullish [4]