1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The demand for logs is improving, and the price is fluctuating at a high level [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - For the 2605 contract, the closing price on March 31, 2026, was 820.5, with a daily decline of 0.7% and a weekly increase of 0.6%. The trading volume was 4637, with a daily decrease of 15.2% and a weekly decrease of 38%. The open interest was 11027, with a daily decrease of 3.2% and a weekly decrease of 9% [1] - For the 2607 contract, the closing price was 820, with a daily decline of 0.4% and a weekly increase of 1%. The trading volume was 923, with a daily increase of 17.0% and a weekly increase of 13%. The open interest was 3718, with a daily increase of 7.7% and a weekly increase of 39% [1] - For the 2609 contract, the closing price was 824.5, with a daily decline of 0.5% and a weekly increase of 0%. The trading volume was 212, with a daily increase of 41.3% and a weekly decrease of 48%. The open interest was 1628, with a daily increase of 4.9% and a weekly increase of 25% [1] - **Spread Data**: - The spread between the spot and the 2605 contract was -30.5 on March 31, 2026, with a daily decline of 15.3% and a weekly decline of 15% - The spread between the 2605 - 2607 contracts was 0.5, with a daily decline of 80.0% and a weekly decline of 50% - The spread between the 2605 - 2609 contracts was -4, with a daily increase of 60.0% and a weekly decline of 20% [1] - **Spot Market Data**: - In the log spot market, the prices of different types of logs in Shandong and Jiangsu markets showed various trends. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market was 790, with a daily increase of 0.0% and a weekly increase of 1.3% [1] - In the wood - square spot market, the prices of different types of wood squares in different regions also had their own characteristics. For example, the median price of 3 - meter radiata pine wood squares in Rizhao was 1250, with a daily increase of 0.0% and a weekly increase of 0.0% [1] 3.2 Macro and Industry News - In 2026, the government work report focused on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target was adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments was increased [3] 3.3 Trend Intensity - The trend intensity of logs is 0, indicating a neutral trend. The range of trend intensity is in the [-2, 2] interval, where -2 means the most bearish and 2 means the most bullish [4]

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View of the Report - The log market shows a pattern of near - term strength and long - term weakness, with the positive spread widening [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 [3]. - The trend strength of logs is - 1, indicating a relatively bearish view [4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2605 contract, the closing price on March 30, 2026, was 826, with a daily increase of 1.0% and a weekly increase of 0.4%. The trading volume was 5467, a daily increase of 47.5% and a weekly increase of 2%. The open interest was 11387, a daily increase of 0.2% and a weekly decrease of 15%. Similar data is provided for the 2607 and 2609 contracts [1]. - **Spreads**: The spread between 2605 - 2607 increased by 400.0% daily and 67% weekly; the spread between 2605 - 2609 decreased by 28.6% daily and 50% weekly; the spread between 2607 - 2609 increased by 25.0% daily and decreased by 23% weekly [1]. - **Spot Market**: In the log spot market, prices of various types of logs in Shandong and Jiangsu markets showed different degrees of change. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market increased by 1.3% daily and weekly. In the wood square spot market, prices also had different trends, such as the 3 - meter radiata pine wood square in Zhenjiang having a daily decrease of 0.8% and a weekly decrease of 2.3% [1]. 3.2 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 adjusted, and the scale of policy - based financial instruments is increased [3]. 3.3 Trend Intensity - The trend intensity of logs is - 1, within the range of [-2, 2], indicating a relatively bearish view [4].

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints - The trend strength of logs is -1, indicating a relatively bearish outlook [4] - 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] Group 3: Summary of Related Catalogs 1. Fundamental Tracking - **Futures Contracts**: - For the 2605 contract, the closing price on March 27, 2026, was 817.5, with a daily increase of 0.1% and a weekly decrease of 0.5%. The trading volume was 3706, with a daily increase of 1.8% and a weekly decrease of 67%. The open interest was 11363, with a daily decrease of 3.3% and a weekly decrease of 14% [1] - For the 2607 contract, the closing price was 817, with a daily increase of 0.4% and a weekly decrease of 1%. The trading volume was 415, with a daily decrease of 30.0% and a weekly decrease of 61%. The open interest was 3121, with a daily increase of 5.8% and a weekly increase of 45% [1] - For the 2609 contract, the closing price was 821, with a daily increase of 0.1% and a weekly decrease of 1%. The trading volume was 102, with a daily decrease of 83.9% and a weekly decrease of 60%. The open interest was 1504, with a daily increase of 0.8% and a weekly increase of 28% [1] - **Spreads**: - The spread between the 2605 and 2607 contracts was 0.5, with a daily decrease of 83.3% and a weekly decrease of 133% - The spread between the 2605 and 2609 contracts was -3.5, with a daily increase of 16.7% and a weekly decrease of 46% - The spread between the 2607 and 2609 contracts was -4, with a daily decrease of 33.3% and a weekly decrease of 20% [1] - **Spot Market**: - The prices of various types of logs and wood squares in Shandong and Jiangsu markets showed little change, with most having a daily change of 0.0%. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market was 780 yuan/m³, with a daily change of 0.0% and a weekly change of 1.3% [1]

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]

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]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The cost of logs has increased, leading to a rise in prices. The government in 2026 aims to stabilize expectations, adjust the structure, prevent risks, and promote reforms in its work report. The GDP growth target has been adjusted to a more realistic range of 4.5% - 5.0%, and the scale of policy - based financial instruments has been increased. Shanghai has optimized its real estate policies [1][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing prices of 2605, 2607, and 2609 contracts all showed an upward trend on March 17, 2026, with daily increases of 0.4%, 0.4%, and 0.6% respectively, and weekly increases of 2.7%, 2%, and 2% respectively. The trading volume of the 2605 contract increased by 5.8% daily and 79% weekly, while the 2607 contract decreased by 20.4% daily but increased by 65% weekly, and the 2609 contract decreased by 33.9% daily and 63% weekly. The positions of all three contracts increased, with daily increases of 14.3%, 2.4%, and 2.5% respectively, and weekly increases of 35%, 23%, and 9% respectively [1] - **Spread Data**: The spreads between different contracts also changed. For example, the spread between 2605 - 2607 increased by 50.0% daily and decreased by 73% weekly [1] - **Spot Market Data**: Most of the log and wood square spot prices remained stable, with only a few showing slight changes. For example, the 3 - meter radiation pine wood square in Rizhao decreased by 1.6% daily and weekly, and the 4 - meter radiation pine wood square in Rizhao decreased by 0.8% daily and weekly [1] 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. Shanghai has optimized its real estate policies since February 26, 2026 [3] 3. Trend Intensity - The trend intensity of logs is 0, indicating a neutral trend [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint of the Report - Due to slow outbound at the demand - end and a rapid recovery of inbound at the supply - end, port inventories have accumulated, leading to a decline in log prices. 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. Shanghai has optimized and adjusted real - estate policies [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: For the 2605 contract, the closing price on March 13, 2026, was 792.5, with a daily increase of 0.4% and a weekly decrease of 1.2%. The trading volume was 3640, with a daily decrease of 18.9% and a weekly decrease of 75%. The open interest was 8209, with a daily decrease of 0.2% and a weekly decrease of 14%. Similar data is provided for the 2607 and 2609 contracts [1]. - **Price Spreads**: The spread between the spot and 2605 contract on March 13, 2026, was - 22.5, with a daily increase of 18.4% and a weekly decrease of 31%. Other spreads such as 2605 - 2607, 2605 - 2609, and 2607 - 2609 also showed different daily and weekly changes [1]. - **Spot Market**: In the log spot market, most prices remained stable, with some showing small changes. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market was 770 yuan/m³, with no daily or weekly change. In the wood - square spot market, prices were also mostly stable [1]. 3.2 Macro and Industry News - Demand - end outbound is slow, supply - end inbound recovers rapidly, port inventories accumulate, and log prices decline. The 2026 government work report aims to stabilize expectations, adjust the structure, prevent risks, and promote reforms. Shanghai has optimized real - estate policies [3]. 3.3 Trend Intensity - The log trend intensity is 0, indicating a neutral trend. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [4].

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]

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]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoint of the Report - The report focuses on the log market, stating that log demand is picking up and suggesting a positive spread arbitrage strategy [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The 2605 contract's closing price was 802.5 on March 9, 2026, with a daily increase of 0.3% and a weekly increase of 0.4%. Its trading volume was 14,288, a daily increase of 375.9% and a weekly increase of 377%. The open interest was 9,571, a daily increase of 2.9% and a weekly increase of 14%. Similar data is provided for the 2607 and 2609 contracts [1] - **Spread Data**: The spread between the spot and 2605 contract was -32.5 on March 9, 2026, with a daily increase of 8.3% and a weekly increase of 10%. Other spreads such as spot - 2607, 2605 - 2607, etc., also showed various changes [1] - **Spot Market Data**: Different types of logs and wood squares in Shandong and Jiangsu markets had different price trends. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market remained at 770 yuan/m³, with no daily or weekly change [1] 3.2 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] - 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] 3.3 Trend Intensity - The log trend intensity is 0, indicating a neutral trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4]