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]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The demand for logs has rebounded, leading to a rapid increase in outbound shipments. With supply remaining at a normal level, port inventories are being depleted. Coupled with rising shipping costs, log prices have rebounded [3]. 3. Summary by Related Categories Fundamentals Tracking Futures Market - The closing prices of the 2605, 2607, and 2609 contracts all showed upward trends, with daily increases of 1.1%, 0.8%, and 0.2% respectively, and weekly increases of 1.9%, 2%, and 1% respectively [1]. - The trading volumes of the 2605, 2607, and 2609 contracts had significant daily increases of 70.6%, 66.7%, and 52.8% respectively, but the weekly changes were different, with the 2605 contract up 3%, the 2607 contract down 20%, and the 2609 contract down 75% [1]. - The open interests of the 2605, 2607, and 2609 contracts all increased, with daily increases of 12.7%, 12.8%, and 0.1% respectively, and weekly increases of 34%, 24%, and 1% respectively [1]. Spread - The spreads between different contracts showed significant changes. For example, the spread between the 2605 - 2607 contract decreased by 125.0% daily and 150% weekly [1]. Spot Market - Most log and wood square spot prices remained stable, with only a few showing slight changes. For example, the price of 4 - meter pulp (KIS) in Shandong and Jiangsu markets increased by 1.6% and 3.1% weekly respectively [1]. Macro and Industry News - The demand for logs has rebounded, leading to a rapid increase in outbound shipments. With supply remaining at a normal level, port inventories are being depleted. Coupled with rising shipping costs, log prices have rebounded [3]. - The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target has been adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments has been increased [3]. - Five departments in Shanghai jointly issued a notice on further optimizing and adjusting real estate policies, which came into effect on February 26, 2026 [3]. Trend Intensity - The trend intensity of logs is 1, indicating a relatively strong trend [4].