永安期货纸浆早报-20250714

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - There is no explicit core view presented in the report. Group 3: Data Summaries SP Main Contract - On July 11, 2025, the SP main contract closed at 5234.00. From July 7 - 11, the closing prices were 5074.00, 5086.00, 5106.00, 5196.00, and 5234.00 respectively. The corresponding dollar - converted prices were 617.21, 618.82, 620.49, 632.01, and 637.28, with daily increases of 0.11839%, 0.23650%, 0.39324%, 1.76263%, and 0.73133% [3]. - The Shandong Yinxing basis was 716, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 771 on July 11, 2025 [3]. Import Profits - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 110.36, and that of Lion was - 334.53. For Chilean pulp, the import profit of Yinxing was 46.49 [4]. Pulp and Paper Prices and Margins - From July 7 - 11, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong regional average prices also remained stable [4]. - For cultural, packaging, and living papers, the indices of double - offset paper, double - copper paper, white cardboard, and living paper remained unchanged from July 8 - 11, 2025. The profit margins of double - offset paper, double - copper paper, white cardboard, and living paper had little change during this period, with the living paper profit margin decreasing by 0.0572 [4]. - The price differences between coniferous and broad - leaf pulp, coniferous and natural pulp, coniferous and chemical mechanical pulp, and coniferous pulp and waste paper also showed little change from July 7 - 11, 2025 [4].