行业 MEG 日报 日期 2025 年 07 月 08 日 料油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 业硅）028-8663 0631 penghaozhou@ccb.ccbfutures.c om期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.c om期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油燃 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工 研究员：彭婧霖（聚 ...

Report Information - Industry: Soybean Meal [1] - Date: July 8, 2025 [2] - Research Team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Key Points Report Industry Investment Rating - Not provided Report's Core View - The USDA area report for 2025 shows that the estimated soybean planting area in the US is 83.38 million acres, slightly lower than the March estimate. The impact of the report is neutral due to the increase in current soybean stockpiles. The market will focus on US soybean weather. Domestic soybean meal may be affected by China's purchase of Argentine soybean meal. In futures trading, soybean meal follows CBOT soybean pricing, with short - term sensitivity to weather increasing. Fourth - quarter contracts are cautiously bullish after corrections, subject to weather and tariff risks [6] Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: For domestic soybean meal futures, the closing prices of contracts such as soybean meal 2601, 2509, and 2511 all increased slightly. The US soybean futures contract was weak, with the main contract at 1035 cents. The 2025 US soybean planting area was adjusted down to 83.38 million acres. If the harvest area is also adjusted down and the yield per unit remains at 52.5 bushels, the new - crop US soybean output is expected to be 4.337 billion bushels, a 0.7% decrease from this year. The ending stocks in the 25/26 season may decline to 290 million bushels. The current excellent - good rate of US soybeans is 66%, slightly lower than last year but still at a moderately high level, and most production areas are expected to receive above - average rainfall in the next two weeks [6] - **Operation Suggestions**: Soybean meal futures continue to be priced according to CBOT soybeans. In the short - term, it has entered the weather - sensitive period. Based on the expectation of higher costs of imported soybeans in the fourth quarter, the fourth - quarter contracts should be treated with cautious bullishness after corrections [6] 2. Industry News - Safras & Mercado estimates that the sales of Brazilian soybeans in the 2024/25 season have reached 69.8% of the expected output, and those in the 2025/26 season have reached 16.4% of the expected output. Brazil exported 13,420,303 tons of soybeans in June, compared with 13,959,612 tons in the same period last year. As of the week ending June 25, Argentine farmers sold 1.6793 million tons of 24/25 season soybeans, with cumulative sales reaching 23.8259 million tons. They also sold 49,900 tons of 25/26 season soybeans, with cumulative sales reaching 264,400 tons [9][10] 3. Data Overview - The report provides figures on soybean meal ex - factory prices, 09 - contract basis, 1 - 5 spread, 5 - 9 spread, US dollar - RMB central parity rate, and US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of CCB Futures [12][14]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The overall situation of soda ash is oversupplied, with supply and demand both declining and inventory accumulating, so it is bearish in the current situation of supply - demand contradiction [8] - The supply of float glass is increasing, inventory pressure is rising, and the downstream real - estate situation has not improved. It is expected to fluctuate weakly, and attention should be paid to the implementation of industry production - restriction policies [9][10] Group 3: Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market Data**: On July 7, the main soda ash futures SA509 closed at 1168 yuan/ton, down 16 yuan/ton with a decline of 1.35%, and the daily position increased by 100,920 lots. As of July 3, the weekly output was 709,000 tons, a 1.09% decline; the capacity utilization rate was 81.32%, a 0.89% decline; the enterprise shipment volume was 666,400 tons, a 1.50% decline; and the total enterprise inventory was 1.8095 million tons, a 2.41% increase [7][8] - **Glass Market Data**: Shandong Jinjing Technology Co., Ltd.'s Zibo No. 5 line with a design capacity of 600 tons/day was restarted and ignited, increasing the supply of float glass. The mid - stream inventory is at a high level, and the real - estate completion link has not improved [9] 2. Data Overview - The report provides charts of soda ash and glass active contract price trends, soda ash weekly output, soda ash enterprise inventory, central China heavy soda market price, and flat glass output, with data sources including Wind and Zhuochuang Information [12][13][17]

Report Overview - Report Date: July 8, 2025 - Report Type: Precious Metals Daily Review - Research Team: Macro Finance Team of Jianxin Futures Research and Development Department 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The passage of the $3.4 trillion Big Beauty Act by the US Congress and better - than - expected June non - farm payrolls data in the US have suppressed the Fed's interest rate cut expectations, pushed up the US dollar index, and pressured precious metal prices. However, Trump's 2.0 new policy has boosted the safe - haven demand for gold. Although gold's short - term trend may be weak, its medium - term upward trend remains intact [4]. - The restructuring of the international trade and monetary system and the uncertainties of Trump's new policy, along with weak global economic growth and geopolitical risks, will continue to support the long - and medium - term bull market for gold. But high price levels also mean increased volatility, and attention should be paid to the impact of rising US inflation pressure on the Fed's interest rate cut timing in the third quarter [5]. 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook 3.1.1 Intraday Market - The US Congress passing the Big Beauty Act and strong non - farm payrolls data have suppressed the Fed's interest rate cut expectations, pushing up the US dollar index and causing the London gold price to correct to around $3305 per ounce during the Asian session on the 7th. It may continue to be weak in the short term [4]. - Trump's 2.0 new policy has boosted gold's safe - haven demand. Gold's volatility has increased, but its medium - term upward trend is good. Investors are advised to maintain a long - position mindset and participate in trading with medium - to - low positions [4]. - This week, attention should be paid to China's June financial data, the Fed's meeting minutes, and international trade situations [4]. 3.1.2 Medium - term Market - Since late April, London gold has been in a wide - range oscillation between $3100 - $3500 per ounce. Weakening trade situation concerns and a strong stock market rebound have reduced gold's safe - haven and allocation demand, but other factors continue to support the price. South Asian and Middle Eastern geopolitical risks provide short - term upward momentum [5]. - In early June, speculative funds flooded into the silver and platinum markets, causing London silver to soar from $33 to $36.9 per ounce in six trading days [5]. - The restructuring of the international trade and monetary system and Trump's new policy uncertainties will support gold's long - and medium - term bull markets. However, high price levels mean increased volatility, and attention should be paid to the impact of rising US inflation on the Fed's interest rate cut timing in the third quarter. Investors are advised to maintain a long - position mindset, avoid full - position chasing and blind short - selling. Short - biased traders can consider the "long gold, short silver" arbitrage strategy [5]. 3.1.3 Market Data | Contract | Pre - closing Price | High | Low | Closing Price | Change (%) | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | | Shanghai Gold Index | 777.50 | 777.59 | 769.92 | 771.87 | - 0.72% | 399,160 | - 10,573 | | Shanghai Silver Index | 8,950 | 8,981 | 8,873 | 8,902 | - 0.53% | 898,973 | - 17,088 | | Gold T + D | 771.57 | 772.50 | 765.39 | 767.15 | - 0.57% | 228,910 | 8,254 | | Silver T + D | 8,885 | 8,935 | 8,830 | 8,858 | - 0.30% | 3,338,736 | 79,962 | [5] 3.2 Precious Metals Market - Related Charts - The report provides multiple charts, including those of Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices against Shanghai Gold T + D, gold and silver ETF holdings, the gold - to - silver ratio, and the correlation between London gold and other assets. All data sources are Wind and Jianxin Futures Research and Development Department [7][9][11][13][15][16]. 3.3 Main Macroeconomic Events/Data - The US Treasury Secretary said that the US is close to reaching several trade agreements before the July 9 deadline for higher tariffs, and the Trump administration will notify 100 small countries of higher tariffs. Trump has signed letters to 12 countries regarding different tariff levels, which will be sent on Monday [17]. - China's Ministry of Finance announced that starting from July 6, EU enterprises (excluding European - funded enterprises in China) will be excluded from participating in government procurement of medical devices with a budget of over 45 million yuan. This is a counter - measure in response to the EU's restrictions on Chinese enterprises [17]. - OPEC + agreed on Saturday to increase production by 548,000 barrels per day in August, accelerating the production increase pace. Since April, OPEC + has increased production by 1.918 million barrels per day, leaving a gap of only 280,000 barrels per day in the 2.2 million barrels - per - day production cut [18].

行业 鸡蛋 日期 2025 年 7 月 8 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Report Overview - Report Type: Stock Index Daily Review [1] - Date: July 8, 2025 [2] - Research Team: Macro Finance Team [4] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The upper limit of the stock index is limited due to the decline in trading volume and the weak economic recovery in China. It is recommended to add positions after a pullback [7] Section Summaries 1. Market Review and Outlook 1.1 Market Review - On July 7, the Wind All A index fluctuated after opening and rebounded in the afternoon, closing down 0.03%. Over 60% of individual stocks rose. Among the index spot, the CSI 300, SSE 50, and CSI 500 closed down 0.43%, 0.33%, and 0.19% respectively, while the CSI 1000 closed up 0.24%, indicating better performance of small and medium - cap stocks. The performance of index futures was generally weaker than that of the spot [6] 1.2 Outlook - Externally, the 90 - day suspension period is about to end, and attention should be paid to the impact of US news on the market. The expectation of a rate cut in July has faded, and the market expects the rate - cut process to resume in September. Domestically, the economy is still in a weak recovery state, expected to be high in the first half and low in the second half of the year. The export data in the first half showed resilience, but there is high uncertainty in the second half, which may drag down the economy. The real estate market is still at the bottom, and the manufacturing industry is facing intensified competition. Domestic economic growth requires further stimulation of domestic demand and accelerated implementation of infrastructure investment. Attention should also be paid to whether policies will be introduced at the Politburo meeting at the end of July [7] 2. Data Overview - The report presents multiple charts including domestic main index performance, market style performance, industry sector performance, trading volume of the Wind All A index, trading volume of stock index spot, trading volume and open interest of stock index futures, basis trend of main contracts, inter - period spread trend, and statistics of major ETF fund shares and trading volume, with data sources from Wind and the Research and Development Department of CCB Futures [9][16][17] 3. Industry News - On the morning of July 7, Trump announced on his social account that the US would start sending tariff letters and/or agreements to other countries at 12:00 noon EST (00:00 Beijing time on July 8). Trump signed tariff notice letters to 12 countries on Friday, outlining different tariff rates for goods exported to the US. The new tariff rates may range from 10% to 20%, up to 60% - 70% [30]

Group 1: Report Overview - Report Name: Polyolefin Daily Report [1] - Date: July 8, 2025 [2] Group 2: Research Team - Energy and Chemical Research Team: Peng Jinglin (Polyolefins), Li Jie, CFA (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Peng Haozhou (Urea, Industrial Silicon), Liu Youran (Pulp), Feng Zeren (Glass and Soda Ash) [4] Group 3: Futures Market Quotes | Variety | Opening | Closing | High | Low | Change | Change Rate | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Plastic 2601 | 7232 | 7220 | 7246 | 7204 | -52 | -0.72% | 113848 | 7043 | | Plastic 2605 | 7219 | 7197 | 7221 | 7188 | -69 | -0.95% | 1781 | 197 | | Plastic 2509 | 7272 | 7247 | 7277 | 7229 | -61 | -0.83% | 448912 | 231 | | PP2601 | 7042 | 7021 | 7049 | 7009 | -32 | -0.45% | 110370 | 2632 | | PP2605 | 7016 | 7008 | 7016 | 7007 | -35 | -0.50% | 3713 | 45 | | PP2509 | 7074 | 7057 | 7082 | 7043 | -34 | -0.48% | 405039 | -9584 | [5] Group 4: Market Review and Outlook - Futures Market: The futures market opened low and oscillated weakly, dampening the trading atmosphere. Some factory prices were lowered, and traders quoted prices according to the market. End - users mainly replenished at low prices. New production capacities are being put into operation, and the intensity of device overhauls is weakening, so the supply side is under pressure. In July, there are plans to put into operation the fourth line of Yulong Petrochemical and the first line of Ningbo Daxie Petrochemical for PP, and the second - phase HDPE of Jilin Petrochemical. The overall supply pressure is increasing. The demand is in the off - season and lacks support. Downstream enterprises mostly maintain a low - inventory strategy, and the supply - demand margin is deteriorating, with a unilateral weak downward trend [6] Group 5: Industry News - Inventory: On July 7, 2025, the inventory level of major producers was 780,000 tons, a stockpiling of 70,000 tons compared with the previous working day, an increase of 9.86%. The inventory in the same period last year was 795,000 tons. - PE Market: The PE market price was weakly adjusted. The LLDPE price in North China was 7200 - 7450 yuan/ton, in East China was 7230 - 7650 yuan/ton, and in South China was 7350 - 7550 yuan/ton. - Propylene Market: The propylene price on the west coast of the Yellow Sea declined. As of the close, the mainstream price on the west coast of the Yellow Sea was 6370 yuan/ton, and the mainstream price in Lianyungang was 6410 yuan/ton. Some PDH plants in the north are expected to restart, the supply side is bearish, downstream enterprises are waiting and watching, the cross - regional arbitrage space across the west of the Yellow Sea is limited, and the overall trading atmosphere is poor. - PP Market: The PP market declined slightly, with a decline range of 10 - 30 yuan/ton. Most traders mainly sold at reduced prices according to their own situations. The follow - up of new downstream orders was insufficient, and the intention to enter the market was mediocre. The overall trading was average. In the morning, the mainstream price of drawn PP in North China was 7020 - 7120 yuan/ton, in East China was 7020 - 7200 yuan/ton, and in South China was 7060 - 7250 yuan/ton. [7] Group 6: Data Overview - Figures: The report includes figures such as L basis, PP basis, L - PP spread, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][16][17]

General Information - Report Title: Pig Daily Report [1] - Report Date: July 8, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The demand for pigs is in the off - season. The previous continuous pressure on pigs and reduced sales by enterprises continue to support the rebound of futures and spot prices. However, as the group's sales volume gradually recovers, the price is回调. In the medium - to - long - term, supply is expected to increase. Around the middle and late July, group - owned breeding enterprises may increase the volume of sales to meet the monthly sales target, and pig prices may be under pressure due to the off - season of consumption [9] Section Summaries 1. Market Review and Operation Suggestions - **Futures Market**: On the 7th, the main 2509 contract of live pigs opened lower, then rose and then fell in a volatile manner, closing with a negative line. The highest was 14,310 yuan/ton, the lowest was 14,205 yuan/ton, and the closing price was 14,245 yuan/ton, a decrease of 0.66% from the previous day. The total open interest of the index decreased by 2,324 lots to 161,386 lots [8] - **Spot Market**: On the 7th, the average price of三元 outside the country was 14.87 yuan/kg, a decrease of 0.07 yuan/kg from the previous day [8] - **Market Analysis**: On the demand side, the price difference between fat and standard pigs remains low, the utilization rate of pigsty is relatively high, the enthusiasm for secondary fattening to replenish stocks is low, and only a small amount enters the market. With the rise in temperature, terminal demand weakens, slaughter enterprise orders are average, and the slaughter rate and volume of slaughter enterprises remain low. On the supply side, the planned sales volume of sample enterprises in July decreased by 1.19% month - on - month compared with June, and the sales volume may be slightly reduced. The sales volume of groups is gradually recovering, and the average weight of pigs for sale is slightly decreasing, but there are still secondary - fattened pigs to be sold in the future [9] 2. Industry News - As of the week ending July 3, the profit per head from self - breeding and self - fattening was 171.09 yuan, an increase of 54.48 yuan per head compared with the previous week. The profit per head from purchasing piglets for fattening was 14.15 yuan, an increase of 16.71 yuan per head compared with the previous week [10][12] 3. Data Overview - The average sales price of 15 - kg piglets in the market in the week ending July 3 was 530 yuan/head, remaining the same as the previous week [21] - In the week ending July 3, the slaughter volume of the slaughter sample was 1.5608 million heads, a decrease of 125,900 heads compared with the previous week, a month - on - month decrease of 7.46%. The average daily slaughter volume of the daily slaughter sample was 139,029 heads, a decrease of 5,040 heads compared with the previous week, with an average daily decrease of 3.50%. The slaughter volume on Thursday of this week was 134,338 heads, a decrease of 7,789 heads compared with Thursday of the previous week, a decrease of 5.48% [21] - As of the week ending July 3, the average weight of pigs for sale nationwide was 128.64 kg, an increase of 0.50 kg compared with the previous week, a month - on - month increase of 0.39%, and an increase of 2.93 kg compared with the same period last year, a year - on - year increase of 2.33% [21]

General Information - Reported industry: Oil and fat [1] - Report date: July 8, 2025 [2] - Research analysts: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Market Review and Operation Suggestions Market Review - P2509: Previous settlement price 8492, opening price 8450, high price 8490, low price 8412, closing price 8466, down 26 (-0.31%), volume 445676, open interest change -3164 [7] - P2601: Previous settlement price 8498, opening price 8452, high price 8488, low price 8420, closing price 8468, down 30 (-0.35%), volume 46546, open interest change 3486 [7] - Y2509: Previous settlement price 7968, opening price 7936, high price 7940, low price 7862, closing price 7894, down 74 (-0.93%), volume 308543, open interest change -22325 [7] - Y2601: Previous settlement price 7958, opening price 7930, high price 7930, low price 7872, closing price 7902, down 56 (-0.70%), volume 81936, open interest change 19354 [7] - OI2509: Previous settlement price 9614, opening price 9590, high price 9608, low price 9512, closing price 9548, down 66 (-0.69%), volume 265206, open interest change -16717 [7] - OI2601: Previous settlement price 9547, opening price 9522, high price 9549, low price 9451, closing price 9492, down 55 (-0.58%), volume 36194, open interest change 3884 [7] - Quotes from Dongguan rapeseed oil traders: Dongguan triple - refined rapeseed oil 09 + 60, single - refined rapeseed oil 09 + 240. Basis price of soybean oil in the East China market: single - refined soybean oil, spot basis 09 + 150, July - September Y2509 + 220, October - January Y2601 + 300. South China spot 24 - degree palm oil P09 + 150 yuan/ton, real orders subject to negotiation [7] Oil and Fat Review - Oil and fat prices showed a narrow - range oscillation. The Malaysian Palm Oil Board (MPOB) will release monthly data on Thursday. A survey indicates that Malaysia's palm oil inventory at the end of June is expected to remain flat or decline, ending the previous four - month growth trend due to unexpectedly reduced production and strong exports. China's domestic oil and fat supply - demand is stable. With the increase in soybean crushing volume and palm oil arrivals, during the off - season of domestic oil and fat consumption, oil and fat inventories continue to rise, and the basis is under pressure. The oil and fat price spread shows a pattern of near - term weakness and long - term strength, with reverse arbitrage as the main strategy. If crude oil and US soybean oil weaken, the short - term trend of domestic oil and fat will be under pressure. Attention should still be paid to the progress of US tariff policies [8] 2. Industry News - Reuters survey: Malaysia's palm oil inventory at the end of June may drop to 1.99 million tons, production is 1.7 million tons (down 4.04% month - on - month), and exports are 1.45 million tons. Bloomberg's estimated data shows that June production is 1.74 million tons, exports are 1.44 million tons, and inventory is 2 million tons [9] - Malaysian Palm Oil Association (MPOA): Malaysia's palm oil production in June 2025 is estimated to be 1.69 million tons (down 4.69% month - on - month). Production in Peninsular Malaysia increased 0.68% month - on - month, production in Sabah decreased 11.95% month - on - month, production in Sarawak decreased 8.98% month - on - month, and production in East Malaysia decreased 11.24% month - on - month [9] - Southern Peninsula Palm Oil Millers' Association (SPPOMA): Malaysia's palm oil production in June 2025 decreased 0.65% month - on - month, fresh fruit bunch yield per unit area decreased 0.23%, and oil extraction rate decreased 0.08% [9] - Shipping survey agency SGS: Malaysia's palm oil exports in June were 1.195265 million tons, an increase of 11.7% compared to 1.069643 million tons in May. Exports to China were 168,000 tons, an increase of 36,000 tons compared to 132,000 tons in the same period last month. ITS exports were 1.382 million tons (up 4.7% month - on - month), and AmSpec data was 1.286 million tons (up 4.5% month - on - month) [9][10] 3. Data Overview - StoneX raised Brazil's soybean production for the 2024/25 season by over 500,000 tons to a record 168.75 million tons due to higher production in Bahia state [15] - As of July 4, the inventory of imported soybeans at major ports was about 6.4 million tons, compared with 7.6 million tons in the same period last year and a five - year average of 7 million tons. The cumulative arrivals this month were 1.5 million tons. According to data tracked and counted by China Grain and Oil Business Network, the arrival volume of imported soybeans in July 2025 is 11.3 million tons, an increase of 800,000 tons (7.32% month - on - month) compared with the forecasted arrival volume of 10.5 million tons last month, and an increase of 1.9 million tons (20.86% year - on - year) compared with the arrival schedule of 9.3 million tons in the same period last year [15]

Group 1: Report Overview - Report Name: Pulp Daily Report [1] - Date: July 8, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5080 yuan/ton, and the closing price was 5074 yuan/ton, with an overall increase of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5220 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 6100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, unchanged from the previous quote [7] - Supply - side Data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6%. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp imports in May were 302 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Data: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only Qingdao Port's inventory decreasing compared to the previous week, and the overall shipment speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. Currently, the port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and it was oscillating in the low - level range [7] Group 3: Industry News - On July 4, Finland's Stora Enso announced that its Kemi pulp mill and the adjacent paper mill would resume production after weeks of maintenance and repair. Production would resume in stages, and the factory startup would take about two days. During the five - week annual maintenance shutdown, its subsidiary changed the digester damaged in the explosion in March 2024. The new Kemi pulp mill, put into use in Q4 2023, had the world's largest softwood pulp production line, with an annual production capacity of about 1.5 million tons, including about 1.1 million tons of market pulp [8] Group 4: Data Overview - The report presented various data charts, including pulp spot and futures prices, price spreads, warehouse receipts, and inventory in different regions [14][16][18][25][27][29]