Yongan Futures(SH:600927) Yong An Qi Huo·2025-08-22 02:47Group 1: Report Information - Report title: Pulp Morning Report [2] - Report date: August 22, 2025 [2] - Research team: Energy and Chemicals Team of the Research Center [2] Group 2: SP Main Contract Information - Closing price on August 21, 2025: 5130.00 [3] - Closing price trends from August 15 - 21, 2025: Decreased from 5306.00 to 5130.00 [3] - Dollar - converted price trends from August 15 - 21, 2025: Decreased from 645.15 to 623.85 [3] - Daily price change rates from August 15 - 21, 2025: - 0.22565%, - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682% [3] - Shandong Yinxing basis trends from August 15 - 21, 2025: Increased from 544 to 670 [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis trends from August 15 - 21, 2025: Increased from 579 to 685 [3] Group 3: Pulp Price and Profit Information - Canadian Lion brands (Golden Lion, Lion) and Chilean Silver Star price, import profit: Golden Lion (CFR, port price 780 dollars, Shandong price 6350 yuan, profit - 48.45 yuan); Lion (CFR, port price 730 dollars, Shandong price 5500 yuan, profit - 442.78 yuan); Silver Star (CFR 90 - day letter of credit, port price 720 dollars, Shandong price 5800 yuan, profit - 111.65 yuan) [4] Group 4: Pulp and Paper Product Price and Margin Information - National and Shandong regional pulp average prices from August 15 - 21, 2025: No change in all types of pulp (coniferous, broad - leaf, natural color, chemimechanical) [4] - Paper product index (cultural, packaging, living paper) from August 18 - 21, 2025: No change [4] - Paper product profit margin trends from August 18 - 21, 2025: Double - offset paper margin increased from 4.8673% to 5.0306%; Double - copper paper margin increased from 22.6786% to 22.8214%; White - card paper margin increased from - 13.4568% to - 13.3333%; Living paper margin increased from 6.8022% to 7.4515% [4] Group 5: Pulp Price Difference Information - Coniferous - broadleaf, coniferous - natural color, coniferous - chemimechanical, coniferous - waste paper price differences from August 15 - 21, 2025: Coniferous - broadleaf price difference decreased from 1650 to 1620; Coniferous - natural color price difference decreased from 450 to 400; Coniferous - chemimechanical price difference decreased from 2025 to 1975; Coniferous - waste paper price difference decreased from 4274 to 4224 [4]