Group 1: Report Overview - The report is a chemical research report on log market, specifically the Log Daily Report dated February 11, 2026 [1] Group 2: Data Analysis - Log prices (daily) and wood square prices (daily) for different types of logs and wood squares at various ports are presented, with all prices showing 0.00% day - on - day and week - on - week changes [2] - Futures volume and price data for LG2603, LG2605, and LG2607 contracts are provided, including closing prices, changes, and volume/position changes [2] Group 3: Market Review - On February 10, the log spot market was stable. Prices of different grades of radiata pine logs in Rizhao remained unchanged [4] - The closing price of the main contract LG2603 was 777 yuan/cubic meter, up 5.5 yuan/cubic meter from the previous trading day [5] Group 4: Important Information - In January 2026, 74 coniferous log ships arrived at 13 Chinese ports, a month - on - month decrease of 14.94%. The total arrival volume was about 166.81 million cubic meters, a month - on - month decrease of 12.80%. Among them, 45 ships were from New Zealand, with an arrival volume of about 147.45 million cubic meters, accounting for 88% and a month - on - month decrease of 10.69% [7] - From February 2 to February 8, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 5.15 million cubic meters, a 16.53% decrease from the previous week. The average daily outbound volume of coniferous logs at Shandong ports was 3.28 million cubic meters, a 15.68% decrease, and that at Jiangsu ports was 1.29 million cubic meters, an 18.87% decrease [7] Group 5: Logic Analysis - Supply pressure is increasing marginally; demand is dragged down by the Spring Festival off - season, with the average daily outbound volume decreasing by 16.53% month - on - month. The foreign market price in February increased by 3 - 5 US dollars, raising the procurement cost. The increase in supply and weak demand will suppress prices in the short term, but the rising cost forms a bottom support. Also, the low inventory buffers the supply shock. Prices are expected to fluctuate within a range, and the post - festival demand resumption rhythm needs to be monitored [7] Group 6: Strategy - For unilateral trading, it is recommended to wait and see [7] - For arbitrage, take profit on the 3 - 5 reverse spread [8] - For options, wait and see [9] Group 7: Related Attachments - There are multiple figures showing log and wood square prices, import CFR prices, port log inventory, and other related data [11][13][14]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The spot price of logs remained stable. In the short term, there is a weak balance between cost support and demand differentiation. In the medium to long term, it is necessary to pay attention to the expected supply contraction in New Zealand, the intensity of real - estate policies, and the implementation rhythm of infrastructure projects. The log futures market showed a volatile pattern this week, and it is recommended to wait and see in trading strategies [5][10] Summary by Directory Part 1: Data Analysis - Log and wood - square spot prices: The prices of various types of logs and wood - squares in different ports were stable, with most showing 0.00% daily and weekly changes. Only the white pine wood - square in Rizhao had a 2.86% daily and weekly increase [3] - Futures data: For log futures contracts, prices, trading volumes, and open interests showed different changes. For example, the closing price of LG2509 decreased by 2.0, the trading volume decreased by 4070, and the open interest decreased by 2361 [3] Part 2: Market Judgment - Spot price: Log spot prices remained stable. From August 18th - 24th, the average daily outbound volume of coniferous logs in 7 provinces and 13 ports in China increased by 1.90% compared to the previous week. From August 25th - 31st, 13 New Zealand log ships were expected to arrive at 12 ports in China, a 63% increase compared to the previous week. The ocean freight for imported coniferous log bulk carriers from New Zealand to China decreased by 16.67% year - on - year [5][8] - Futures price: The November contract fluctuated upwards, with a closing price of 823 yuan/cubic meter, an increase of 3 yuan/cubic meter from the previous day [9] - Logic analysis: In the short term, there is a weak balance between cost support and demand differentiation. In the medium to long term, it is necessary to pay attention to the expected supply contraction in New Zealand, the intensity of real - estate policies, and the implementation rhythm of infrastructure projects [10] - Strategies: For unilateral trading, arbitrage, and options trading, it is recommended to wait and see [10][11][12] Part 3: Related Attachments - The report provides multiple figures related to log prices, including the prices of different types of logs and wood - squares in different ports, import log CFR prices, New Zealand log shipments to China, port log inventory structures, and other data [15][16][20]