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1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1 Basis and Calendar Spread - The daily changes in Shandong basis (+80, non - Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) are all 30. The daily changes in 03 - 06, 04 - 06, and 06 - 09 are -9, -8, and -5 respectively [2][3]. 3.2 Futures Contract Data - The BU main contract price is 3343, with a daily change of -30. The trading volume is 271643, with a daily change of 37601 and a weekly change of -5. The open interest is 347769, with a daily change of -17689 and a weekly change of -4 [2][3]. 3.3 Spot Price - The prices of Jingbo, Shandong (non - Jingbo), Zhenjiang warehouse, and Foshan warehouse remain unchanged at 3200, 3200, 3330, and 3280 respectively [2][3]. 3.4 Profit - The asphalt - Marey profit is 250, with a daily change of -19 [2][3]. 3.5 Total Inventory - No specific data analysis is provided, but the total inventory (Longzhong) is mentioned in the report [7].

Report Summary Industry Investment Rating - No industry investment rating is provided in the report. Core View - The report suggests controlling positions in tin before the holiday [1]. Summary by Directory 1. Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Tin main contract was 391,320 with a daily increase of 0.88%, and the night - session closing price was 376,330 with a decrease of 4.27%. The price of the LME Tin 3M electronic disk was 47,800 with a decrease of 4.52%. The trading volume of the Shanghai Tin main contract was 177,854, a decrease of 80,098 from the previous day, and the position was 28,260, a decrease of 3,027. The trading volume of the LME Tin 3M electronic disk was 628, an increase of 130, and the position was 24,416, a decrease of 737 [2]. - **Inventory Data**: The inventory of Shanghai Tin was 10,296, an increase of 3,780 from the previous day, and the inventory of LME Tin was 7,490, a decrease of 60. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2]. - **Spot and Price Difference Data**: The SMM 1 tin ingot price was 391,650, an increase of 2,950 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 393,900, an increase of 5,800. The LME tin (spot/three - month) spread was - 152, an increase of 7. The spot - to - futures main contract spread was - 800, a decrease of 6,900 [2]. - **Industrial Chain Price Data**: The price of 40% tin concentrate (Yunnan) was 377,650, an increase of 2,950; the price of 60% tin concentrate (Guangxi) was 381,650, an increase of 2,950. The price of 63A solder bar was 259,250, an increase of 1,500, and the price of 60A solder bar was 248,250, an increase of 2,000 [2]. 2. Trend Intensity - The trend intensity of tin is - 1, indicating a weak bearish view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]. 3. Macro and Industry News - The People's Bank of China will conduct 100 billion yuan of outright reverse repurchase operations on February 13. Russia proposed in a memorandum to return to the US dollar system. Elon Musk praised Seedance 2.0, and ByteDance said it was "far from perfect". The Zhizhi GLM Coding Plan was sold out upon launch [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides investment outlooks for various commodities in the black series, including iron ore, rebar, hot-rolled coils, ferrosilicon, silicomanganese, coke, coking coal, and logs. The outlooks range from range-bound oscillations to wide-range fluctuations and weakening trends [2]. Summary by Commodity Iron Ore - **Market Outlook**: Expected to trade in a range [2]. - **Fundamental Data**: Futures price remained unchanged at 761.5 yuan/ton with no change in price and a 0.00% change in price. Open interest increased by 556 to 513,940 lots. Spot prices of various iron ore types also remained unchanged. The basis and spreads showed minimal changes [4]. - **Trend Strength**: -1, indicating a slightly bearish outlook [5]. Rebar and Hot-Rolled Coils - **Market Outlook**: Both are expected to experience wide-range fluctuations [2]. - **Fundamental Data**: Rebar futures (RB2605) closed at 3,052 yuan/ton, down 17 yuan or 0.55%. Hot-rolled coil futures (HC2605) closed at 3,220 yuan/ton, down 21 yuan or 0.65%. Open interest for both increased. Spot prices remained stable. The basis and spreads showed some changes [7]. - **Trend Strength**: 0 for both, indicating a neutral outlook [9]. Ferrosilicon and Silicomanganese - **Market Outlook**: Ferrosilicon is expected to experience wide-range fluctuations due to sector sentiment resonance, while silicomanganese is expected to fluctuate widely as South African manganese ore shipments may tighten after the Spring Festival [2]. - **Fundamental Data**: Futures prices of ferrosilicon and silicomanganese showed some changes. Spot prices of related products and raw materials were provided. The basis, spreads, and cross-variety spreads also showed changes [11]. - **Trend Strength**: 0 for both, indicating a neutral outlook [14]. Coke and Coking Coal - **Market Outlook**: Both are expected to weaken with a bearish trend as long positions take profits [2]. - **Fundamental Data**: Futures prices of coke and coking coal decreased. Spot prices of related products remained mostly stable. The basis and spreads showed some changes [16]. - **Trend Strength**: -1 for both, indicating a slightly bearish outlook [19]. Logs - **Market Outlook**: Expected to trade in a range [2]. - **Fundamental Data**: Futures prices, trading volumes, and open interest of different log contracts showed various changes. Spot prices of different types of logs remained mostly stable [20]. - **Trend Strength**: 0, indicating a neutral outlook [23]. Macro and Industry News - China's January RatingDog Manufacturing PMI was 50.3, in line with expectations and up from the previous value of 50.1 [4][22]. - Multiple real estate developers no longer need to report the "three red lines" indicators monthly, but some troubled developers are required to report financial indicators to the special team in their headquarters city regularly [4][22]. - In late January 2026, major steel enterprises' average daily production of crude steel decreased by 2.2%, pig iron decreased by 3.0%, and steel increased by 3.2%. Steel inventories decreased by 8.8% compared to the previous ten-day period [8][9]. - BHP Billiton's first-half iron ore production reached a record high, and it accepted price cuts for some iron ore in annual contract negotiations with China [9]. - In December 2025, China's steel imports increased by 4.2% month-on-month, and the average price increased by 11.0%. The cumulative imports from January to December decreased by 11.1% year-on-year [9]. - The Ministry of Commerce and the General Administration of Customs implemented export license management for some steel products [9]. - An Inner Mongolia silicon-manganese plant's new production capacity is expected to start producing iron by the end of February. Jupiter will not supply or quote manganese ore to China in March and will release April's offer after the Spring Festival [11]. - On February 10, the prices of ferrosilicon and silicomanganese in different regions were reported, and a Jiangsu steel mill set the silicon-manganese price for early February at 5,850 yuan/ton, up 20 yuan/ton from mid-to-late January [12][13]. - On February 10, the CCI metallurgical coal index showed price changes, and the coking coal online auction had a lower failure rate and an average premium of 11.17 yuan/ton. The market activity declined, and most prices fell [16].

Rating of the Industry Investment - No information provided Core Viewpoints of the Report - The short - term and intraday view of rebar 2605 is oscillating weakly, and the medium - term view is oscillating. It is recommended to pay attention to the pressure at the MA5 line. The core logic is the accumulation of industrial contradictions and the weak downward trend of steel prices [2]. - The supply - demand pattern of rebar has not changed much. The supply has shrunk due to the production cut of short - process steel mills near the holiday, but the high inventory level limits the pressure relief. The demand continues to weaken, and the fundamentals of rebar remain weak. The steel price in the off - season is still under pressure, and the cost support is a relative positive factor. It is expected to continue the oscillating and weak operation, and the inventory changes should be noted [3]. Summary According to Relevant Catalogs Variety Viewpoint Reference - For rebar 2605, the short - term view is oscillating weakly, the medium - term view is oscillating, and the intraday view is oscillating weakly. The view reference is to pay attention to the pressure at the MA5 line, and the core logic is the accumulation of industrial contradictions and the weak downward trend of steel prices [2]. Market Driving Logic - The supply - demand pattern of rebar has little change. The supply has shrunk as short - process steel mills cut production near the holiday, but the high inventory level limits the pressure relief. The demand continues to weaken, with high - frequency demand indicators declining and at the lowest level in the same lunar period in recent years. The downstream industries remain sluggish, and the weak demand pattern remains unchanged, dragging down the steel price. The fundamentals of rebar remain weak in the situation of weak supply and demand. The steel price in the off - season is under pressure, and the cost support is a positive factor. It is expected to continue the oscillating and weak operation, and attention should be paid to inventory changes [3].

Report Industry Investment Ratings - Acrylonitrile: ★★★ (predicted trend of upward movement) [1] - Polypropylene: ★★★ (predicted trend of upward movement) [1] - Plastic: ★★★ (predicted trend of upward movement) [1] - Styrene: ★★★ (predicted trend of upward movement) [1] - PTA: ★★★ (predicted trend of upward movement) [1] - Ethylene Glycol: ★★★ (predicted trend of upward movement) [1] - Short Fiber: ★★★ (predicted trend of upward movement) [1] - Bottle Chip: ★★★ (predicted trend of upward movement) [1] - Methanol: ★★★ (predicted trend of upward movement) [1] - Urea: ★★★ (predicted trend of upward movement) [1] - PVC: ★★★ (predicted trend of upward movement) [1] - Caustic Soda: ★★★ (predicted trend of upward movement) [1] - Soda Ash: ★★★ (predicted trend of upward movement) [1] - Glass: ★★★ (predicted trend of upward movement) [1] Core Viewpoints - The supply - demand patterns of various chemical products are affected by factors such as approaching the Spring Festival, production capacity changes, and downstream demand. Some products face supply - demand imbalances, and the market trends vary, with some showing short - term fluctuations and others having long - term pressure or improvement expectations [2][3][5][6][7][8] Summary by Directory Olefins - Polyolefins - The main contract of acrylonitrile futures declined during the day. Although there is an expected increase in supply, the pre - holiday supply shortage is difficult to reverse. Demand is mainly rational buying. The main contracts of plastic and polypropylene futures also declined, and as the Spring Festival approaches, the demand support for the market weakens [2] Polyester - PX and PTA futures prices fluctuated during the day. PX is recommended for long - position allocation in the first half of the year, but currently, the demand is declining, and there is an expectation of inventory accumulation. PTA load increased slightly, and the processing margin declined. Ethylene glycol inventory increased, but the rate of accumulation slowed down. In the second quarter, there is an expectation of improvement in supply - demand. Short fiber has a good supply - demand pattern but weak downstream orders. Bottle chip processing margin has recovered, but there is long - term capacity pressure [3] Pure Benzene - Styrene - The main contract of pure benzene continued to decline, and the spot market trading slowed down. The supply - demand pattern of pure benzene is expected to improve around the Spring Festival. The main contract of styrene futures declined, and the supply - demand structure will weaken until the Spring Festival, with seasonal inventory accumulation after the festival [5] Coal Chemical Industry - Methanol overseas plant operation rate declined. Coastal demand is weak, and it is difficult to reduce inventory in the short term. Domestic production increased, and the main production areas have smooth inventory clearance. After the Spring Festival, the methanol market may slowly reduce inventory. Urea daily production is high, and the market is supported by agricultural and reserve demand. After the Spring Festival, the demand is expected to increase significantly [6] Chlor - Alkali Industry - PVC fluctuated slightly. The industry will enter the seasonal inventory accumulation stage. The cost support is strengthening, and it is recommended to buy at low prices. Caustic soda is running strongly, but the profit is compressed, and there may be supply reduction due to potential maintenance. It is expected to run around the cost [7] Soda Ash - Glass - Soda ash is running weakly, with increasing inventory and high supply. It is recommended to short on rebounds. Glass futures prices fluctuated upward, with inventory increasing and production capacity compressing. It is recommended to look for low - value buying opportunities [8]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The main contract price of rebar oscillated downward with a daily decline of 0.84%, showing a decrease in volume and an increase in open interest. As the holiday approaches, both supply and demand of rebar are weakening, and the fundamentals remain weak. The steel price in the off - season continues to be under pressure, with cost support being a relative positive factor. It is expected to continue the weak oscillating trend, and attention should be paid to inventory changes [5]. - The main contract price of hot - rolled coil oscillated weakly with a daily decline of 0.55%, and both volume and open interest increased. Currently, the supply of hot - rolled coil is at a high level while the demand is weakening. The fundamentals are weak, and the price will continue to oscillate at a low level under pressure. Attention should be paid to the demand performance and beware of the intensified contradiction of weakening demand [5]. - The main contract price of iron ore oscillated at a low level with a daily decline of 0.46%, and both volume and open interest decreased. At present, although the demand for iron ore has slightly recovered, the improvement is limited, and the supply pressure has limited relief. The fundamentals of iron ore are weak. Under the dominance of the real - world logic, the ore price is expected to remain under pressure and run weakly. Attention should be paid to the performance of finished steel [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - According to the C50 Wind Direction Index survey, the liquidity in February is likely to remain stable and loose. Although there are three phased disturbances in February, the central bank's attitude of loose monetary policy is obvious, and liquidity injection is expected to increase. Among 20 market institutions surveyed, 1 believes there is basically no liquidity gap, 17 think the overall capital pressure is not large and the liquidity gap may be about one trillion yuan, and 2 believe it is neutral and tight with a liquidity gap exceeding two trillion yuan [7]. - In 2026, the sales of automobile trade - in programs exceeded 50 billion yuan. As of February 5, 2026, there were 335,000 subsidy applications for automobile trade - in, driving new - car sales of 53.77 billion yuan. In January, the average price of new cars involved in trade - in exceeded 160,000 yuan, and the number of scrapped automobiles recycled nationwide was 659,000, a year - on - year increase of 50.2% [8]. - On February 6, 2026, Brazil's Department of Foreign Trade Secretariat of the Ministry of Development, Industry, Trade and Services issued Announcement No. 6 of 2026, making a positive preliminary anti - dumping ruling on wire rods originating from China and Russia. It suggested continuing the investigation without implementing temporary anti - dumping measures and extended the deadline for making a final ruling to within 18 months from the date of filing the case [9]. 3.2 Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average are 3,190 yuan, 3,150 yuan, and 3,304 yuan respectively, with price changes of 0 yuan, - 10 yuan, and - 2 yuan. The spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average are 3,240 yuan, 3,140 yuan, and 3,283 yuan respectively, with price changes of - 10 yuan, - 10 yuan, and - 1 yuan. The price of Tangshan billet is 2,910 yuan with no change, and the price of Zhangjiagang heavy scrap is 2,160 yuan with no change. The volume - spiral spread is 5 yuan, and the spiral - scrap spread is 1,030 yuan [10]. - The price of PB powder at Shandong ports is 757 yuan with a change of 1 yuan, the price of Tangshan iron concentrate (wet basis) is 767 yuan with no change, the Australian and Brazilian freight rates are 8.45 yuan and 23.46 yuan respectively, with changes of 0.11 yuan and - 0.11 yuan. The SGX swap (current month) is 99.58 yuan with a change of - 1.32 yuan, and the iron ore price index (61% FE, CFR) is 98.70 yuan with a change of - 1.60 yuan [10]. 3.3 Futures Market - The closing price of the rebar futures active contract is 3,064 yuan, with a decline of 0.84%. The highest price is 3,083 yuan, the lowest price is 3,060 yuan, the trading volume is 665,539 lots with a decrease of 57,768 lots, and the open interest is 2,005,501 lots with an increase of 90,248 lots [12]. - The closing price of the hot - rolled coil futures active contract is 3,239 yuan, with a decline of 0.55%. The highest price is 3,253 yuan, the lowest price is 3,235 yuan, the trading volume is 348,786 lots with an increase of 72,117 lots, and the open interest is 1,499,810 lots with an increase of 15,200 lots [12]. - The closing price of the iron ore futures active contract is 761.5 yuan, with a decline of 0.46%. The highest price is 765.0 yuan, the lowest price is 757.5 yuan, the trading volume is 169,680 lots with a decrease of 46,579 lots, and the open interest is 513,384 lots with a decrease of 1,361 lots [12]. 3.4 Related Charts - The report presents various charts related to steel and iron ore inventories, including weekly changes in rebar and hot - rolled coil inventories, total inventories (steel mills + social warehouses), and iron ore inventories at 45 ports, 247 steel mills, and domestic mines. It also shows charts of steel mill production, such as the blast furnace operating rate, capacity utilization rate, and profitability of 247 sample steel mills, as well as the operating rate and profitability of 94 independent electric - arc furnace steel mills [14][20][29] 3.5 Market Outlook - For rebar, as the holiday approaches, both supply and demand are seasonally weakening, and inventory is continuously accumulating. The weekly output of rebar decreased by 81,500 tons, and the inventory level is significantly higher than the same period last lunar year. Demand is in a weak seasonal pattern, and the weak demand pattern is difficult to change, dragging down the steel price. The cost support is a relative positive factor. It is expected to continue the weak oscillating trend, and attention should be paid to inventory changes [37]. - For hot - rolled coil, the supply - demand pattern has little change, and inventory has increased again. The weekly output of hot - rolled coil decreased slightly by 50 tons, remaining at a relatively high level, and the inventory level is high. The demand for hot - rolled coil is weakening, and although the downstream cold - rolled production is at a high level, there are concerns about demand. The price will continue to oscillate at a low level under pressure, and attention should be paid to demand performance [37]. - For iron ore, the supply - demand pattern remains weak, and inventory is continuously rising. Although the terminal consumption of ore has slightly increased, the improvement in demand is limited due to the poor profitability of steel mills and the accumulation of steel market contradictions. The supply of overseas ore has shrunk in the short term, and the supply pressure has limited relief. The ore price is expected to remain under pressure and run weakly, and attention should be paid to the performance of finished steel [38].

Core Viewpoint - On February 9, New York silver prices increased by 3%, reaching $79.36 per ounce [1] Group 1 - The price movement indicates a significant daily increase in silver, reflecting market dynamics [1]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Macro level: Pre - holiday capital left the market to avoid risks during the long holiday. The decline of precious metals cooled the sentiment in the non - ferrous sector, and capital left the market to release high - level risks. Non - ferrous metals generally fell, with a slight stabilization on Friday [5]. - Industry level: Lithium prices dropped for several consecutive days, and downstream price - setting was active. Currently, inventory has been stocked up to the end of the month, and further procurement depends on the production schedule in March. Due to the Spring Festival in February, imports were low, and smelters carried out maintenance, resulting in limited supply increase. The whole month is expected to see inventory reduction. In March, after resuming production, the production schedule will exceed 105,000 tons, and the lithium salt exports from Chile in January increased significantly year - on - year and month - on - month, corresponding to a record - high import volume in China in March. It is expected that there will be inventory accumulation in the peak season in March. Attention should be paid to the downstream inventory replenishment in March [5]. - Futures level: Before the holiday, the main capital left the market, and the overall atmosphere in the non - ferrous sector was weak. The volatility of lithium carbonate remained at a high level, with large ups and downs. The positions and volatility need to further decline to return to a normal market. Prudent operation is recommended [5]. 3. Summary According to the Directory 3.1 Demand Analysis 3.1.1 New Energy Vehicles - Domestic market: In 2025, the production and sales of new energy vehicles were 16.626 million and 16.49 million respectively, with year - on - year growth of 29% and 28.2%, and a penetration rate of 47.9%, 7 percentage points higher than the previous year. It is expected that the sales volume in 2026 will be 19 million, a year - on - year increase of 15.2%. In January 2026, affected by the expiration of the new energy vehicle purchase tax exemption policy at the end of 2025, there was an overdraft effect, but the sales volume of new energy passenger vehicles by manufacturers still achieved positive growth, which was also due to the late Spring Festival and export [11]. - Global market: In 2025, the cumulative sales of new energy vehicles from January to December increased by 19% year - on - year to 20.542 million. The sales volume in Europe increased by 31% year - on - year to 3.887 million, while that in the United States decreased by 3% year - on - year to 1.495 million. The United States cancelled the IRA new energy vehicle subsidy on October 1, resulting in a small peak in sales in advance. Most European countries still have subsidies for new energy vehicles and carbon emission requirements, which stimulated sales growth this year. China's new energy vehicle exports from January to December 2025 were 2.583 million, a year - on - year increase of 103% [16]. 3.1.2 Energy Storage Market - In December 2025, the National Development and Reform Commission and the National Energy Administration issued a notice to optimize the power medium - and long - term price formation mechanism. SMM statistics show that the cumulative production of energy storage cells in China in 2025 was 529.4 GWh, a year - on - year increase of 54%. The inventory of energy storage cells was at a three - year low, and the delivery cycle was extended. The production schedule of energy storage cells in January increased by 1% month - on - month, and decreased by 8.8% in February [21]. 3.1.3 Production Schedule - SMM's January production: For batteries, the month - on - month decrease was 6.2%, with a 5.5% decrease in ternary batteries and a 5.6% decrease in lithium iron phosphate batteries. For cells, the month - on - month decrease in power cells was 5.2%, and the month - on - month increase in energy storage cells was 0.8%. For cathodes, the month - on - month decrease in ternary cathode materials was 0.9%, and the month - on - month decrease in lithium iron phosphate was 1.8%. The month - on - month decrease in electrolyte was 6.4%. - SMM's February - March production schedule: For batteries, the month - on - month decrease in February was 11%, and the month - on - month increase in March was 23%. For cathodes, the month - on - month decrease in ternary cathode materials in February was 15%, and the month - on - month increase in March was 21%. The month - on - month decrease in lithium iron phosphate in February was 11%, and the month - on - month increase in March was 15%. The month - on - month decrease in electrolyte in February was 10%, and the month - on - month increase in March was 22% [26]. 3.2 Supply Analysis 3.2.1 Lithium Carbonate Production Schedule - In January, due to the maintenance of some smelters, the production schedule decreased by 1.2% month - on - month. In February, more maintenance is expected, and the production schedule range given by multiple consulting agencies is 82,000 - 89,000 tons. In March, it is generally expected to increase to over 105,000 tons. SMM statistics show that the domestic lithium carbonate production from January to December was 970,000 tons, a cumulative year - on - year increase of 44% [31]. 3.2.2 Domestic Lithium Carbonate Production by Raw Material - The production of lithium carbonate from different raw materials shows different trends. For example, there was a reduction in production in Jiangxi, an increase in production by contract manufacturers, and the suspension of production by Zangge [33]. 3.2.3 Supply in January - In January 2026, the total export of lithium carbonate from Chile was 22,893 tons, a month - on - month increase of 24.82% and a year - on - year decrease of 10.59%. The export to China was 16,950 tons, a month - on - month increase of 44%. The total export of lithium sulfate from Chile to China in January 2026 was 27,834 tons, a month - on - month increase of 475.32% and a year - on - year increase of 1222.91% [42]. 3.3 Supply - Demand Balance and Inventory 3.3.1 Supply - Demand Balance Estimation No specific quantitative analysis of supply - demand balance estimation is provided in the text other than the graph. 3.3.2 Inventory Reduction in the Off - season This week, SMM statistics show that the social inventory of lithium carbonate decreased by 2019 tons, while the smelter production reduction was only 850 tons, indicating strong demand [45].

1. Report Industry Investment Rating - The report does not mention the industry investment rating [1] 2. Core View of the Report - The report indicates that the log market is in a state of oscillatory consolidation [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - For the 2603 contract, the closing price on February 5, 2026, was 802, with a daily decline of 0.7% and a weekly increase of 0.5%. The trading volume was 6656, a daily decrease of 22.1% and a weekly decrease of 57%. The open interest was 8922, a daily decrease of 4.4% and a weekly decrease of 12% [1] - For the 2605 contract, the closing price was 797.5, a daily decline of 0.6% and a weekly change of 0%. The trading volume was 2497, a daily increase of 4.8% and a weekly decrease of 36%. The open interest was 5085, a daily decrease of 1.2% and a weekly increase of 7% [1] - For the 2607 contract, the closing price was 801.5, a daily decline of 0.7% and a weekly change of 0%. The trading volume was 82, a daily decrease of 18.0% and a weekly decrease of 75%. The open interest was 1125, a daily increase of 1.4% and a weekly increase of 7% [1] - **Spread Data**: - The spread between the spot and the 2603 contract was -52 on February 5, 2026, with a daily decline of 9.6% and a weekly decline of 10% - The spread between the spot and the 2605 contract was -47.5, a daily decline of 8.7% and a weekly decline of 16% - The spreads between different contracts (2603 - 2605, 2603 - 2607, 2605 - 2607) also showed certain changes [1] - **Spot Market Data**: - In the log spot market, the prices of various types of logs in Shandong and Jiangsu markets were mostly stable, with only a few showing slight increases. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market increased by 1.4% week - on - week [1] - In the wood square spot market, the prices of 3 - meter and 4 - meter radiata pine wood squares in some regions also showed slight increases, such as a 4.1% week - on - week increase in the 3 - meter radiata pine wood square in Rizhao [1] 3.2 Macro and Industry News - China's January RatingDog Manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [3] - Multiple real - estate enterprise related personnel stated that currently, their companies are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly. However, some troubled real - estate enterprises are required to regularly report financial indicators such as asset - liability ratio to the special team in the city where their headquarters are located [3][4] 3.3 Trend Intensity - The log trend intensity is 0, indicating a neutral trend [3]