1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The speculative sentiment in the log market has eased, and prices are fluctuating [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of the 2605, 2607, and 2609 contracts decreased by 0.2%, 0.4%, and 0.2% respectively on March 11, 2026, compared to the previous day. The trading volumes of these contracts decreased by 35.6%, 35.9%, and 43.0% respectively, and the open interests changed by -6.8%, 7.4%, and 1.9% respectively [1] - **Spread Data**: The spreads between different contracts showed various changes. For example, the spread between the 2605 and 2607 contracts decreased by 21.4% on March 11, 2026, compared to the previous day, with a weekly increase of 450% [1] - **Spot Market Data**: Most spot prices in the log and wood square markets remained stable on March 11, 2026, with some showing small percentage changes over the week. For instance, the price of 3.9 - meter 40 + radiata pine in the Jiangsu market increased by 1.3% over the week [1] 3.2 Macro and Industry News - The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting 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] - Five departments in Shanghai jointly issued a notice on further optimizing and adjusting local real - estate policies, which came into effect on February 26, 2026 [3] 3.3 Trend Intensity - The log trend intensity is 0, indicating a neutral outlook [4]