Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core View The paper pulp market is under pressure as it has not emerged from the off - season of demand, and the processing profit of paper mills has not improved significantly. Although there are some changes in supply and demand data, the overall market situation remains challenging [8]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Futures Contracts: The previous settlement price of the 01 contract of pulp futures was 5384 yuan/ton, and the closing price was 5392 yuan/ton, a rise of 0.15%. The SP2509 contract decreased by 0.12%, while the SP2605 contract rose by 0.11% [7]. - Spot Market: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5100 - 6700 yuan/ton, with the low - end price rising by 50 yuan/ton compared to the previous trading day. The price of Shandong Yinxing was 5800 yuan/ton [7]. - Supply and Demand Data: In June, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 4.7% year - on - year, with softwood pulp decreasing by 2.4% and hardwood pulp increasing by 10.1%. In July 2025, the European wood pulp inventory was 683,200 tons, a month - on - month decrease of 0.3% and a year - on - year increase of 8.7%. The European wood pulp consumption was 814,200 tons, a month - on - month increase of 6.8% and a year - on - year decrease of 2.1%. China's pulp imports in July were 2.877 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month - on - month [8]. 3.2. Industry News Jiulong Paper expects its annual profit for the period ending June 30, 2025, to be between 2.1 billion and 2.3 billion yuan, a growth of 165% - 190% compared to last year's 794 million yuan. The profit growth is mainly due to increased sales volume and a significant decrease in raw material costs compared to product prices. The expected profit attributable to equity holders is between 1.7 billion and 1.9 billion yuan, an increase of 126% - 153% compared to last year's 751 million yuan. The final performance announcement is expected to be released before the end of September 2025 [9]. 3.3. Data Overview The content also includes multiple data charts such as import softwood pulp spot prices, pulp futures prices, pulp spot - futures price differences, and inventory data from different regions, but specific data summaries are not provided in the text [15][23][25][29].
建信期货纸浆日报-20250822