1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Due to the expectation of easing in recent negotiations and the weakening of the driving factors, the iron ore price has declined. The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target has become more pragmatic, and the scale of policy - based financial instruments has been increased. The daily average pig iron output of 247 steel enterprises has increased [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures**: The closing price of I2605 is 812.0 yuan/ton, with a decrease of 5.0 yuan/ton and a decline rate of 0.61%. The yesterday's position is 387,244 hands, with a decrease of 20,782 hands [1]. - **Spot Prices**: For imported ores, the price of Carajás fines (65%) is 945.0 yuan/ton, down 8.0 yuan/ton; PB fines (61.5%) is 786.0 yuan/ton, down 6.0 yuan/ton; Jinbuba (61%) is 736.0 yuan/ton, down 8.0 yuan/ton; Super Special (56.5%) is 668.0 yuan/ton, down 5.0 yuan/ton. For domestic ores, the price of Hanxing (66%) and Laiwu (65%) remains unchanged at 981.0 yuan/ton and 899.0 yuan/ton respectively [1]. - **Basis**: The basis of I2605 against Jinbuba is 42.6 yuan/ton, a decrease of 3.6 yuan/ton compared with the previous day; the basis of I2605 against Super Special is 60.8 yuan/ton, a decrease of 0.4 yuan/ton [1]. - **Price Spreads**: The spread of I2605 - I2609 is 24.0 yuan/ton, down 5.5 yuan/ton; the spread of I2609 - I2701 is 18.5 yuan/ton, down 1.5 yuan/ton; the spread of Carajás fines - PB fines is 159.0 yuan/ton, down 2.0 yuan/ton; the spread of PB fines - Jinbuba is 50.0 yuan/ton, up 2.0 yuan/ton; the spread of PB fines - Super Special is 118.0 yuan/ton, down 1.0 yuan/ton [1]. 3.2 Macro and Industry News - The previous structural contradictions such as rising sea - freight, limited spot liquidity, and the upward shift of the price of the lowest deliverable product drove the iron ore price to a relatively high level. Recently, there is an expectation of easing in negotiations, and the driving factors are expected to weaken, leading to the decline of the ore price [1]. - 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 [2]. - The daily average pig iron output of 247 steel enterprises is 231.09 million tons, a month - on - month increase of 2.94 million tons [2]. 3.3 Trend Intensity - The trend intensity of iron ore is - 1, indicating a bearish view [3]

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]

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].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The cost of logs is rising, and the price is fluctuating at a high level [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the 2605 contract on March 18, 2026, the closing price was 806, down 0.7% from the previous day and up 2.2% week - on - week; the trading volume was 5187, down 48.6% from the previous day and up 16% week - on - week; the open interest was 11016, up 3.3% from the previous day and up 34% week - on - week. Similar data for 2607 and 2609 contracts are also presented, with varying price, volume, and open - interest changes [1] - **Spread Data**: The spread between spot and 2605 contract was - 36 on March 18, 2026, down 13.3% from the previous day and up 89% week - on - week. Spreads between different contracts (2605 - 2607, 2605 - 2609, 2607 - 2609) also showed significant daily and weekly changes [1] - **Log Spot Market Data**: The prices of various types of logs in Shandong and Jiangsu markets, such as 3.9 - meter 30 + radiata pine, 5.9 - meter 40 + radiata pine, etc., showed different degrees of daily and weekly price changes, with most prices remaining stable, and only a few showing slight increases or decreases [1] - **Timber Square Spot Market Data**: The median prices of 3 - meter and 4 - meter radiata pine and white pine timber squares in Rizhao, Chongqing, and Zhenjiang also showed different degrees of daily and weekly price changes, with most remaining stable and a small number showing slight decreases [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, including the Shanghai Municipal Commission of Housing and Urban - Rural Development and the Shanghai Housing Administration Bureau, jointly issued a notice on February 25, 2026, to further optimize and adjust the local real estate policy, which came into effect on February 26, 2026 [3] 3.3 Trend Intensity - The trend intensity of logs is 0, with the value ranging from - 2 to 2, indicating a neutral view [4]

Group 1: Report Industry Investment Rating - No information provided about the report industry investment rating Group 2: Core Viewpoints - The conflict sentiment in the log market has eased, and the previous price increases have been reversed [1] - 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 to optimize and adjust the local real estate policy, which took effect on February 26, 2026 [3] - The log trend strength is 0, indicating a neutral stance [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Contracts**: The closing prices of the 2605, 2607, and 2609 contracts decreased by 1.4%, 1.4%, and 0.6% respectively on March 10, 2026. The trading volumes of these contracts decreased by 38.6%, 57.8%, and 39.1% respectively, while the positions of the 2605 and 2607 contracts decreased by 11.3% and 15% respectively, and the position of the 2609 contract increased by 14.7% [1] - **Spot-Futures Spreads**: The spreads between the spot and the 2605, 2607 contracts decreased by 33.8% and 28.8% respectively. The spreads between different contracts also showed various changes, such as the spread between 2605 - 2609 increased by 52.2% [1] - **Spot Market**: Most of the spot prices of different types of logs and wood squares in Shandong and Jiangsu markets remained stable, with only a few showing minor fluctuations. For example, the price of 3.9 - meter 30+ radiata pine in the Jiangsu market decreased by 1.3%, and the price of 5.9 - meter 40+ radiata pine in the Jiangsu market increased by 3.6% [1] 2. Macro and Industry News - The 2026 government work report aims to stabilize expectations, adjust the economic structure, prevent risks, and promote reforms. The GDP growth target is more realistic, and the scale of policy - based financial instruments is increased [3] - Shanghai optimized and adjusted its real estate policy, which took effect on February 26, 2026 [3] 3. Trend Intensity - The log trend intensity is 0, indicating a neutral market situation [4]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - The inventory of logs is low, and the price is rising in a fluctuating manner [1] - The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is more realistic, and the scale of policy - based financial instruments is increased [3] - Five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies, which came into effect on February 26, 2026 [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: - For the 2605 contract, the closing price on March 5, 2026, was 800.5, with a daily decline of 0.2% and a weekly increase of 0.3%. The trading volume was 3912, with a daily increase of 53.9% and a weekly increase of 24%. The open interest was 9171, with a daily increase of 4.8% and a weekly increase of 21% [1] - For the 2607 contract, the closing price on March 5, 2026, was 801.5, with a daily decline of 0.1% and a weekly increase of 0%. The trading volume was 260, with a daily increase of 157.4% and a weekly increase of 94%. The open interest was 1362, with a daily increase of 10.4% and a weekly increase of 18% [1] - For the 2609 contract, the closing price on March 5, 2026, was 811, with a daily decline of 0.1% and a weekly increase of 0%. The trading volume was 230, with a daily increase of 44.7% and a weekly increase of 111%. The open interest was 1106, with a daily increase of 5.4% and a weekly increase of 21% [1] - **Spreads**: - The spread between the 2605 and 2607 contracts on March 5, 2026, was - 1, with a weekly decline of 50% - The spread between the 2605 and 2609 contracts on March 5, 2026, was - 10.5, with a daily increase of 5.0% and a weekly increase of 0% - The spread between the 2607 and 2609 contracts on March 5, 2026, was - 9.5, with a daily decline of 5.0% and a weekly increase of 12% [1] - **Spot Market**: - For 3.9 - meter 30 + radiata pine in the Shandong market, the price on March 5, 2026, was 770, with a daily increase of 0.0% and a weekly increase of 2.7% - For 3.9 - meter 30 + radiata pine in the Jiangsu market, the price on March 5, 2026, was 790, with a daily increase of 0.0% and a weekly increase of 1.3% - Similar data are provided for various types of logs and wood squares in different markets [1] 3.2 Macro and Industry News - The 2026 government work report adjusts the GDP growth target from "around 5%" to "4.5% - 5.0%" and increases the scale of policy - based financial instruments [3] - Five departments in Shanghai jointly issued a notice to optimize and adjust real - estate policies, which took effect on February 26, 2026 [3] 3.3 Trend Intensity The trend intensity of logs is 0, with the range of trend intensity being integers in the [- 2,2] interval, where - 2 means most bearish and 2 means most bullish [4]