永安期货纸浆早报-20250630

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - No clear core view presented in the provided content. 3. Summary by Relevant Catalogs SP Main Contract Closing Price - On June 27, 2025, the SP main contract closing price was 5096.00, with a 0.59218% increase from the previous day. The closing prices from June 23 - 26 were 5278.00, 5136.00, 5070.00, and 5066.00 respectively, with corresponding daily changes of 3.08594%, -2.69041%, -1.28505%, and -0.07890% [3]. - The converted US - dollar prices on June 23 - 27 were 641.38, 624.56, 617.01, 616.77, and 620.42 respectively [3]. - The Shandong Yinxing basis on June 23 - 27 was 812, 914, 930, 924, and 894 respectively; the Jiangsu - Zhejiang - Shanghai Yinxing basis was 832, 929, 955, 944, and 914 respectively [3]. Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion (CFR) was 210.36, and that of Lion (CFR) was - 374.53. For Chilean pulp, the import profit of Yinxing (CFR, 90 - day letter of credit) was - 75.55 [4]. - The port US - dollar prices of Golden Lion, Lion, and Yinxing were 780, 730, and 740 respectively, and the Shandong region RMB prices were 6600, 5610, and 5990 respectively [4]. Pulp and Paper Price Averages - From June 23 - 27, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged [4]. - For paper products, from June 24 - 27, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the change values were all 0. The life - paper index changed from 839 on June 24 to 831 on June 25 and 26, then back to 839 on June 27, with a net change of 0 [4]. Profit Margin Estimation - The estimated profit margins of double - offset paper on June 24 - 27 were 8.8427%, 9.2155%, 9.5184%, and 9.5184% respectively; for double - copper paper, they were 23.5841%, 23.8925%, 24.1308%, and 24.1308% respectively; for white - card paper, they were - 9.8922%, - 9.6287%, - 9.4252%, and - 9.4252% respectively; for life - paper, they were 10.3465%, 9.3041%, 9.6861%, and 9.6861% respectively [4]. Price Spreads - From June 23 - 27, the softwood - hardwood price spread was 1990, 1960, 1935, 1950, and 1950 respectively; the softwood - natural price spread was 690, 650, 600, 590, and 590 respectively; the softwood - chemimechanical price spread was 2340, 2300, 2250, 2240, and 2240 respectively; the softwood - waste paper price spread was 4514, 4474, 4424, 4414, and 4414 respectively [4].