Yongan Futures(SH:600927) Yong An Qi Huo·2025-07-16 13:48Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on July 15, 2025, was 5262.00 [3] - The closing prices on July 14, 11, 10, and 9, 2025, were 5244.00, 5234.00, 5196.00, and 5106.00 respectively [3] - The corresponding US dollar - converted prices were 640.52, 638.66, 637.28, 632.01, and 620.49 respectively [3] - The daily price changes were 0.34325%, 0.19106%, 0.73133%, 1.76263%, and 0.39324% respectively [3] - The Shandong Yinxing basis was 688 on July 15, 2025, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 743 [3] Group 2: Pulp Import and Pricing - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, with a Shandong RMB price of 6450 and an import profit of 110.36; the CFR price of Lion was 730 US dollars, with a Shandong RMB price of 5675 and an import loss of 309.53 [4] - For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 720 US dollars, with a Shandong RMB price of 5950 and an import profit of 46.49 [4] Group 3: Pulp and Paper Price Averages - From July 9 to July 15, 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 average prices also remained unchanged [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from July 10 to July 15, 2025 [4] Group 4: Paper Profit Margins - From July 10 to July 15, 2025, the estimated profit margins of double - offset paper decreased from 9.8816% to 9.4621%, double - copper paper decreased from 24.4463% to 24.0958%, white - card paper decreased from - 8.9461% to - 10.9091%, and living paper decreased from 9.2468% to 8.9604% [4] Group 5: Pulp Price Spreads - From July 9 to July 15, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp showed minor changes or remained stable [4]