Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report As of December 12, 2025, the national cold storage apple inventory is at a historically low level, providing support for apple prices. The cold storage capacity ratio has decreased, and the destocking rate is 2.17%. With the approaching of Christmas and New Year's Day, the festival boost effect is obvious. The decline in production and quality strongly supports prices. Due to the nature of apples as seasonally - produced and annually - sold storage fruits, quality issues may increase storage costs. The quantity of high - quality goods is scarce, and the proportion of average - quality goods is increasing. It is expected that the price differentiation of different - quality goods will be significant in the later stage, and the futures contracts may show a pattern of near - term weakness and long - term strength [36]. 3. Summary by Relevant Catalogs 3.1 This Week's Market Review The main contract of apple futures, AP2605, continued to fluctuate at a high level, with continuous game between long and short forces [8]. 3.2 Supply - Side Situation As of December 12, 2025, the national cold storage apple inventory was 7197900 tons, and the cold storage inventory ratio was about 54.65%, 7.22 percentage points lower than the same period last year. The inventory is at a historically low position, providing support for apple prices [13][36]. 3.3 Demand - Side Situation - Cold storage shipment volume is gradually increasing. As of December 12, 2025, the national cold storage capacity ratio decreased by 0.35 percentage points, the single - week shipment volume decreased by 0.03 percentage points compared with last week, and the destocking rate was 2.17%. In Shandong, the cold storage capacity ratio was 55.09%, with a decrease of 0.24 percentage points this week. In Shaanxi, the cold storage capacity ratio was 53.12%, with a decrease of 0.36 percentage points this week [17]. - In October 2025, the export volume of fresh apples was about 80400 tons, a month - on - month increase of 13.51% and a year - on - year decrease of 17.04%. The late listing of new - season apples led to a significant year - on - year decrease in export volume in October [20]. - As of December 12, the apple prices in Qixia, Yantai, Shandong were stable. There was little trading, and e - commerce platforms purchased other varieties [32].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Domestically, Zhengzhou cotton broke through upwards this week. With the Fed's interest - rate cut and the expected reduction in Xinjiang's cotton planting area, Zhengzhou cotton may challenge the 14,000 yuan/ton mark despite facing upward pressure [56]. - Internationally, the market fluctuated narrowly. The USDA's monthly supply - demand report was bearish, and U.S. cotton's weekly export data was weak. Short - term U.S. cotton is expected to remain weakly volatile [56]. 3. Summary by Directory 3.1 Cotton Market Analysis - **Futures Prices**: Zhengzhou cotton strengthened this week with a weekly increase of 0.95%, while ICE cotton fluctuated slightly with a weekly increase of 0.01% [11]. - **Spot Prices**: This week, the cotton price index rebounded. The 3128 index rose 16 yuan/ton and the 2129 index rose 15 yuan/ton compared to last week [16]. - **Import Situation**: In October, 90,000 tons of cotton were imported, a year - on - year decrease of 20,000 tons [21]. - **Inventory Situation**: As of the second half of November, the commercial cotton inventory was 4.6836 million tons, and the market entered an accelerated inventory accumulation stage [22]. - **Downstream Inventory**: In November, the yarn inventory was 26.33 days, a year - on - year decrease of 1.13 days, and the grey fabric inventory was 32.34 days, a year - on - year increase of 0.69 days [30]. - **Yarn Prices**: This week, yarn prices rose. The price of open - end spun 10 - count cotton yarn remained flat, while the prices of carded 32 - count and combed 40 - count cotton yarns increased by 30 yuan/ton [34]. - **Zhengzhou Commodity Exchange Warehouse Receipts**: This week, the number of Zhengzhou cotton warehouse receipts plus forecasts increased by 1,062, with 2,967 warehouse receipts and 3,585 valid forecasts, totaling 6,552 [40]. - **U.S. Cotton Export**: As of November 13, the net sales of U.S. upland cotton for the current year increased by 187,600 bales, and for the next year, it was 17,600 bales [47]. - **U.S. Weather**: The total area in drought (D1 - D4) in the U.S. was 33.8%, with different drought levels having different coverage percentages [53]. 3.2后市展望 (Market Outlook) - Domestic market: Zhengzhou cotton is expected to challenge the 14,000 yuan/ton mark due to factors such as the Fed's interest - rate cut and the expected reduction in Xinjiang's planting area, although it faces upward pressure [56]. - International market: U.S. cotton is expected to remain weakly volatile in the short term due to a bearish USDA report and weak export data [56].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Stock index and treasury bond volatility will increase. For stock index futures, the trading volume of the stock market has shrunk below 2 trillion yuan, the number of falling stocks has increased significantly, and there may be a shift in hot sectors. It is recommended to hold a small position of long IF contracts. For treasury bond futures, the central bank has continued to conduct net repurchases in reverse repurchase operations, the domestic market interest rate has declined from a low level, and the yield of 10-year treasury bonds has rebounded. It is recommended to hold a small position of short treasury bond contracts [119][121][122] Summary by Directory 1. Market Review - **1.1 Shanghai Stock Exchange 50 and CSI 300**: The Shanghai Stock Exchange 50 and CSI 300 were in high-level oscillations [9] - **1.2 CSI 500 and 10-year Treasury Bonds**: The CSI 500 fell from a high level, and treasury bond futures declined [14] 2. Market Momentum Analysis - **2.1.1 Trading Volume**: The trading volume of the Shanghai Stock Exchange 50 and CSI 300 declined, while the trading volume of the CSI 500 and CSI 1000 remained at a low level [20][24] - **2.1.2 Margin Trading Balance**: The margin trading balance exceeded 2.3 trillion yuan [28] - **2.1.3 Turnover Rate - Circulating Market Value**: The turnover rates of the Shanghai Stock Exchange 50 and CSI 300 declined, and the turnover rates of the CSI 500 and CSI 1000 declined significantly [31] - **2.2.1 CSI 300 Sector**: The sectors were relatively consistent [37] - **2.2.2 CSI 300 Sector ALPHA**: The ALPHA of the energy, materials, industry, and telecommunications sectors was positive, while the full-cycle ALPHA of the optional, consumer, pharmaceutical, and financial sectors was negative [41] - **2.3 Newly Listed Companies**: In November, the net increase in listed companies was 5 [47] - **2.4.1 Stock Index Positions**: Not detailed in the report - **2.4.2 Stock Index Premium or Discount**: Not detailed in the report - **2.5.1 Treasury Bond Trading - Positions**: Not detailed in the report - **2.5.2 Treasury Bond Basis - Cheapest-to-Deliver Bond**: Not detailed in the report 3. Fundamental Analysis - **3.1.1 Open Market Operations**: Not detailed in the report - **3.1.2 Treasury Bond Yield to Maturity - CSI**: The IRR of the next-quarter treasury bond futures (10-year) declined significantly, while the IRR of the next-quarter treasury bond futures (5-year) was stable [77][80] - **3.1.3 Interbank Repurchase Weighted Average Interest Rate**: The interbank repurchase weighted average interest rate declined slightly [84] - **3.1.4 Shibor**: The short-term Shibor declined slightly [87] - **3.2.1 CPI - PPI**: In October, the CPI was 0.2%, showing a slight rebound, and the PPI growth rate reached -2.1% [91] - **3.2.2 Manufacturing and Non-Manufacturing Activities**: In November, the PMI fell to 49.2, and the non-manufacturing PMI was 49.5, indicating weak economic recovery [96] - **3.3.1 Consumption Situation**: In October 2025, the year-on-year growth rate of total retail sales of consumer goods was 2.9%, and the consumption data increased slightly [98] - **3.3.2 Consumer Confidence**: Consumer confidence showed a downward trend [106] - **3.4.1 Overall Money Supply**: In October, the year-on-year growth rate of M2 was 8.2%, credit accelerated, and M1 was 6.2% [109] - **3.4.2 Newly Added RMB Loans**: In October, newly added RMB loans were 220 billion yuan [112] 4. Market Outlook - **Stock Index Futures**: The trading volume of the stock market has shrunk below 2 trillion yuan, the number of falling stocks has increased significantly, and there may be a shift in hot sectors. It is recommended to hold a small position of long IF contracts [121] - **Treasury Bond Futures**: The central bank has continued to conduct net repurchases in reverse repurchase operations, the domestic market interest rate has declined from a low level, and the yield of 10-year treasury bonds has rebounded. It is recommended to hold a small position of short treasury bond contracts [122]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The Fed is likely to continue its loose monetary policy, with the market - expected probability of a December rate cut rising above 85%. External pressure has significantly eased, and the outlook for Sino - US tariffs is relatively optimistic. China's export performance is better than expected [75]. - In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, indicating improved business conditions. The National Development and Reform Commission is working on formulating cost - determination standards for disorderly price competition. The Central Economic Work Conference in December is approaching, and its macro - policies should be watched [75]. - As the off - season arrives, downstream demand for steel is gradually weakening, and some steel mills are starting to cut production. The supply of five major steel products decreased by 3.1% week - on - week, with a significant decline in rebar production [75]. - There is still seasonal downward pressure on steel demand as the off - season deepens. The weekly apparent consumption of five major steel products decreased by 2.7%, with construction materials consumption down 5.8% and plate consumption down 0.9% [76]. - The inventory of five major steel products continued to decline week - on - week, mainly due to the significant drop in steel production. The market shows a pattern of weak supply and demand with declining inventory [76]. - The price rebound of raw materials is limited due to the reduced demand from steel mill production cuts. The main rebar contract has shifted to the far - month contract, and the market is oscillating at a low level. Short - term operations are recommended [77]. 3. Summary by Directory 3.1 Part 1: Review of Rebar Futures Market - **1.1 Recent Important Information Overview** - Economic data: In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. The production index was 50.0%, up 0.3 percentage points; the new order index was 49.2%, up 0.4 percentage points; the raw material inventory index was 47.3%, unchanged; the employment index was 48.4%, up 0.1 percentage points; and the supplier delivery time index was 50.1%, up 0.1 percentage points. The probability of the Fed cutting interest rates by 25 basis points in December is 87.6%, and the probability of maintaining the current rate is 12.4% [12]. - Policy information: The National Development and Reform Commission is working on formulating cost - determination standards for disorderly price competition. The Central Economic Work Conference in December is approaching [12]. 3.2 Part 2: Futures Market Environment: Macroeconomy, Price Ratios, and Basis - **2.1 Macro - Monetary Quantity**: Not detailed in the provided content - **2.2 Macro - Monetary Price**: The SHIBOR on December 4, 2025, was 1.5200, compared to 1.5460 on November 3, 2025. The monthly rate decreased, indicating a bullish outlook [22]. - **2.3 Price Ratio - Domestic and Overseas**: Not detailed in the provided content - **2.4 Price Ratio - Other Commodities in the Industry Chain** - The prices and their changes of rebar, hot - rolled coils, PB powder, metallurgical coke, and main coking coal are presented. For example, the price of rebar (HRB400 20mm in Shanghai) was 3,300 yuan/ton, with a weekly increase of 1.85%, a monthly increase of 3.45%, and an annual decrease of 4.62% [28]. - **2.5 Rebar Main Contract Basis**: Not detailed in the provided content 3.3 Part 3: Overview of Rebar Spot Supply and Demand - **3.2 - 3.5**: Information about blast - furnace profits (for various steel products and in the futures - spot market) not detailed in the provided content - **3.6 - 3.7**: Information about electric - furnace profits, electric - furnace start - up, and daily average hot - metal production not detailed in the provided content - **3.8 Steel Weekly Output**: On December 5, 2025, the steel output (including rebar, hot - rolled coils, wire rods, and medium - thick plates) was 743.43 million tons, with a year - on - year decrease of 0.042835071 and a week - on - week decrease of 0.035696219 [45]. - **3.9 Rebar Weekly Output**: On December 5, 2025, the rebar output was 189.31 million tons, with a week - on - week decrease of 0.081376165 and a year - on - year decrease of 0.149092053 [48]. - **3.10 - 3.11**: Information about steel mill inventory and social inventory of steel not fully analyzed in the provided content - **3.13 Rebar Social Inventory**: The rebar social inventory and its week - on - week changes are presented. For example, on December 5, 2025, the inventory was 430.81 million tons, with a week - on - week decrease of 6.68 million tons [64]. - **3.14 Building Materials Transactions**: Not detailed in the provided content - **3.15 Rebar Mill Inventory**: The rebar mill inventory and its week - on - week changes are presented. For example, the inventory was 142.68 million tons with a week - on - week decrease of 4.05 million tons [61]. - **3.15 Rebar Total Inventory**: On December 5, 2025, the rebar total inventory was 503.81 million tons, with a week - on - week decrease of 27.67 million tons [67]. - **3.15 Rebar Apparent Consumption**: On December 5, 2025, the rebar apparent consumption was 216.98 million tons, with a week - on - week decrease of 10.96 million tons [70]. 3.4 Part 4: Market Outlook - The external environment is relatively favorable with the Fed's likely rate cut and positive Sino - US tariff prospects. The domestic manufacturing PMI has improved, and policy support is expected from the upcoming Central Economic Work Conference. However, in the off - season, steel demand is weakening, production is being cut, and the market shows a pattern of weak supply and demand with declining inventory. The raw material price rebound is limited, and the rebar market is oscillating at a low level. Short - term operations are recommended [75][76][77].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - High inventory levels are suppressing the methanol market, leading to weak rebound potential. In the short - term, the supply - demand fundamentals remain weak, and the methanol market is likely to maintain a stable and volatile trend [1][47] 3. Summary by Directory 3.1 Part 1: Market Review - **1.1 Methanol Futures and Spot Prices and Spread Trends** - The main methanol futures contract MA2601 closed at 2,077 yuan/ton on Friday, with a weekly decline of 2.3%, a reduction of 177,000 lots in positions, and a holding of 870,000 lots. The port basis strengthened slightly [6] - **1.2 Methanol Spot Prices in Different Regions and Price Spreads between Production and Sales Areas** - The coastal methanol market continued to rise this week, and the inland market also increased overall. The weekly average price in the Taicang area was 2,112 yuan/ton, a 2.52% increase. The weekly average price in Inner Mongolia was 2,001 yuan/ton, a 1.06% rise. Coastal inventories decreased slightly from previous highs, with obvious reluctance to sell at low prices. Downstream procurement enthusiasm rebounded, and overall market demand improved. The narrowing of the reverse - flow arbitrage window also supported inland prices [9] - **1.3 Methanol Foreign Market Prices and Domestic - Foreign Spreads** - For foreign markets, non - Iranian methanol cargoes arriving in the far - month are priced at 237 - 251 US dollars/ton, and Iranian methanol cargoes have certain price trends. As more Iranian methanol plants enter maintenance, the negotiation and transaction prices of imported cargoes are rising. The European and American markets are weakly sorted, with European methanol at 250 - 260 euros/ton and American methanol at 88 - 89 cents/gallon [12] 3.2 Part 2: Methanol Fundamental Analysis - **2.1 Methanol Operating Rate** - As of December 4, the overall domestic methanol plant operating rate was 76.19%, a 0.45 - percentage - point increase from last week and a 2.18 - percentage - point increase from the same period last year. The operating rate in the northwest region was 86.48%, a 0.55 - percentage - point increase from last week and a 1.44 - percentage - point increase from the same period last year. Some natural gas plants entered maintenance, and attention should be paid to the domestic gas - based production load reduction [17] - **2.2 Methanol Import and Export Volumes** - The import arbitrage window is closed, and the re - export arbitrage window remains open [20] - **2.3 Methanol Port Inventories** - This week, coastal methanol inventories were 1.4343 million tons, a decrease of 79,700 tons (5.26%) from the previous week. The estimated available methanol in the coastal area is 770,000 tons. Due to port congestion and weather, the unloading of most imported cargoes was delayed. It is expected that 1.09 million tons of imported methanol will arrive in mid - December [23] - **2.4 Crude Oil and Natural Gas** - The domestic thermal coal market is inactive, coal prices are adjusting downward, and the profit of coal - to - methanol production has improved. Attention should be paid to the willingness of coal - based plants to start operations [31] - **2.6 Methanol Downstream Prices and Operating Rates** - The overall weighted operating rate of methanol downstream industries is 78.87%, a 0.8% increase from the previous week. The weighted operating rate of traditional downstream industries is 54.78%, a 0.11% increase from the previous week [32] - **2.7 Methanol Downstream - Traditional Downstream** - Not provided with specific summarized content in the given text - **2.8 Methanol Downstream - MTO** - The average operating rate of methanol - to - olefin plants this week was 87.30%, a 0.83 - percentage - point increase from last week. The average load of MTO plants using externally - purchased methanol was 83.96%, a 1.65 - percentage - point increase from last week. Yangmei Hengtong restarted, and Ningbo Fude plans to stop production for 40 - 50 days starting on December 8 [44] 3.3 Part 3: Future Outlook - Currently, nearly 70% of Iranian plants have or are about to enter maintenance, and import volumes are expected to decrease, with far - month prices at a premium. However, short - term coastal inventories are still high, and the forecasted arrivals in mid - December remain high. Effective inventory reduction is expected around the middle and late of the month. Coastal MTO plants are about to enter maintenance, so the short - term supply - demand fundamentals are still weak, and the methanol market may maintain a stable and volatile trend [47]

2025年12月07日 研究所 目 录 CONTENTS 1 行情回顾 2 基本面分析 研究所 弱势震荡，反弹空间有限 ——国信期货有色（镍）周报 1.1 行情回顾——期货主力合约价格走势 研究所 0.00 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 2020/12/31 2021/02/28 2021/04/30 2021/06/30 2021/08/31 2021/10/31 2021/12/31 2022/02/28 2022/04/30 2022/06/30 2022/08/31 2022/10/31 2022/12/31 2023/02/28 2023/04/30 2023/06/30 2023/08/31 2023/10/31 2023/12/31 2024/02/29 2024/04/30 2024/06/30 2024/08/31 2024/10/31 2024/12/31 2025/02/28 2025/04/30 2025/06/30 2025/08/31 2025/10/31 镍期货收盘价(主力合约)( ...

国信期货研究所 目 录 CONTENTS 1 双焦行情回顾 4 后市展望 2 宏观及政策 3 基本面概况 国信期货研究所 供需矛盾累积 焦炭承压运行 ----国信期货焦煤焦炭周报 2025年12月7日 国信期货研究所 P 第 a 一 r 部 t 分 1 行情回顾 双焦行情回顾 国信期货研究所 数据来源：文华财经 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 数据来源：文华财经 国信期货研究所 P 第 a 二 r 部 t 分 2 宏观及政策 2.1 近期重要信息概览 国信期货研究所 经济数据 政策信息 数据来源：WIND 国信期货 Mysteel 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 6 1. 国家统计局公布数据显示，11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气水平有所改善。从分类指数看， 在构成制造业PMI的5个分类指数中，供应商配送时间指数高于临界点，生产指数位于临界点，新订单指数、原材料库存指数和从业人员 指数均低于临界点。生产指数为50.0%，比上月上升0.3个百分点，位于临界点，表明制造业生产总体稳定。新订单指数为49.2%，比 ...

Report Title - "Supply Glut Pressures the Pig Market, Later Focus on Consumption Performance - Guoxin Futures Weekly Report on Live Pigs" [2] Report Date - December 05, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - In the past week, the live pig spot market fluctuated weakly, the futures market fluctuated weakly, and the basis strengthened slightly. The supply is still relatively loose due to low large - scale enterprise出栏量 and increased supply from retail farmers and second - fattened pigs, while consumption growth is limited. [7] - From the number of piglet births and feed production and sales, the supply of standard pigs will increase until the end of the first quarter of next year. [7] - From now to before the Spring Festival, slaughter demand will increase seasonally, but it is expected that the spot market in December will likely continue to fluctuate weakly. After the Spring Festival, supply remains high and consumption is weak, and the market will be under pressure, but it is necessary to pay attention to whether farmers accelerate the出栏 before the Spring Festival, leading to a pre - emptive supply pressure. [7] - In the long term, the rapid decline in the number of fertile sows in October and the continued month - on - month decline in November in the sample statistics will form bottom support for contracts after September next year. [7] - For operation, the near - term contracts should be treated as fluctuating weakly, and for the far - term contracts, opportunities for band - trading long positions at low prices can be grasped under the idea of wide - range fluctuations. [7] Summary by Directory 1. Weekly Analysis and Outlook - The supply and demand situation of live pigs is currently loose. In the future, the supply of standard pigs will be on the rise until the end of the first quarter of next year. The market situation varies in different time periods, and corresponding investment strategies are proposed. [7] 2 - 14. Other Sections - The report also includes aspects such as live pig futures market, futures contract spreads, spot market, fat - to - standard pig price difference, changes in fertile sows, piglets, inventory,出栏, slaughter, consumption, frozen meat market, cost and profit, central reserve frozen pork operations, and multi - caliber comparisons, but specific content summaries are not provided here as no detailed information about these parts is given in the text. [8][16][20][28][32][38][42][46][50][55][57][64][68][73]

研究所 1 周度分析与展望 目 录 2 国内玉米市场动态 CONTENTS 3 玉米淀粉市场动态 4 国际玉米市场动态 周度观点 研究所 研究所 补库需求支撑 玉米延续强势 ——国信期货玉米周报 2025年12月05日 过去一周玉米现货大面积上涨，其中东北地区因受直属库提价收购带动市场购销情绪而表现强势，期货主力C2601上涨2.27%， 一度创出该合约挂牌以来的新高，现货略弱于期货，基差小幅走弱。基本面来看，尽管目前处于传统的新玉米上市压力较大的 阶段，但中下游补库需求更为强势。根据我的农产品网的调研，本周全国玉米售粮进度依然较快，东北甚至达到34%的进度， 同比大幅提高9个百分点。而从下游库存来看，饲料企业库存环比提升，同比仍处于低位，其中西南饲企库存仅23天，补库进 度仍偏慢；深加工企业原料库存环比虽然回升，但区域分化明显，且库存消费比仍在下降；港口方面，北港库存上升，同比亦 偏低，南港继续去化，整体走货较好，供应紧张格局未有效改善。综合来看，中下游库存不高，有一定补库需求，而东北玉米 售粮进度偏快，或有贸易商抢粮囤货的因素。操作上，观望。关注购销情绪的变化。 免责声明：本报告以投资者教育为目的，不构成 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The pulp market has shown a strong rebound with improved fundamentals. The decrease in imports in October has raised concerns about supply tightening, international producers' shutdown news and price - increase announcements have boosted the market. With the recovery of downstream paper mills' operating rates, the spot market of imported wood pulp has an upward price expectation, and it is recommended to consider a small - position long trial [2][36]. 3. Summary by Directory 3.1 This Week's Market Review - The main pulp futures contract SP2601 rebounded strongly from the bottom, and slightly declined after a rapid rise [7]. 3.2 Fundamental Analysis - **Pulp Market Price**: As of December 4, the weekly average price of imported softwood pulp was 5488 yuan/ton, up 0.44% from last week, turning from a decline to an increase; the weekly average price of imported hardwood pulp was 4454 yuan/ton, up 1.46% from last week, also turning from a decline to an increase [12]. - **October Pulp Import Volume**: In October 2025, China imported 261.8 tons of pulp with an import value of 1.5317 billion US dollars and an average unit price of 585.06 US dollars/ton. The import volume in October decreased by 11.31% month - on - month, and the cumulative import volume and value from January to October increased by 4.8% and decreased by 2.0% respectively compared with the same period last year [17]. - **Port Inventory Situation**: As of December 4, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0429 million tons, up 0.09% from last week, with the growth rate narrowing by 1.44 percentage points [21]. - **October European Port Wood Pulp Inventory Situation**: In October 2025, the total European port inventory decreased by 10.22% month - on - month and 6.47% compared with October 2024. Except for a 3.98% month - on - month increase in German port inventory, the port inventories in the Netherlands/Belgium/France/Switzerland, the UK, Italy, and Spain decreased by 9.13%, 12.08%, 20.24%, and 2.48% respectively month - on - month [25]. - **Downstream Pulp Operating Rates**: Waste paper pulp consumption accounts for 63% of China's total pulp consumption. As of December 4, the operating load rate of double - copper paper increased by 0.87 percentage points week - on - week; that of double - offset paper increased by 0.79 percentage points; that of white cardboard increased by 0.51 percentage points; and that of household paper remained flat [30]. 3.3 Future Outlook - The decrease in pulp imports in October has led to concerns about supply tightening. International softwood pulp producers' shutdown news has boosted the market, and downstream paper mills' operating rates have recovered. The spot market of imported wood pulp has an upward price expectation, and it is recommended to consider a small - position long trial [36].