纸浆早报-20250908

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View No explicit core view presented in the provided content. 3. Summary by Related Catalogs SP Main Contract Information - The closing price of the SP main contract on September 5, 2025, was 5062.00. The closing prices from September 1 - 5 showed slight fluctuations, with the highest daily increase of 0.43842% on September 1 [3]. - The converted US - dollar prices from September 1 - 5 were between 615.59 - 618.92, and the daily changes in prices were between 0.03960% - 0.43842% [3]. - The basis of Shandong Yinxing and Jiangsu - Zhejiang - Shanghai Yinxing decreased from September 1 - 5, with the Shandong Yinxing basis dropping from 710 to 653 and the Jiangsu - Zhejiang - Shanghai Yinxing basis dropping from 725 to 673 [3]. Import Price and Profit Information - With a 13% VAT calculation, for Canadian pulp brands like Golden Lion and Lion, and Chilean brand Silver Star, all had negative import profits. Golden Lion had an import profit of - 63.20, Lion had - 509.79, and Silver Star had - 164.10 [4]. Pulp and Paper Price Information - From September 1 - 5, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemi - mechanical pulp remained unchanged, with the softwood pulp at 6073.75, hardwood pulp at 4810.75, natural pulp at 5415.00, and chemi - mechanical pulp at 3686.25 [4]. - The average prices in Shandong region for these pulp types also remained unchanged during the same period [4]. - The indices of cultural paper (double - offset paper and double - copper paper), packaging paper (white cardboard), and living paper remained stable from September 2 - 5, 2025. The double - offset index was 5725, double - copper index was 5670, white - card index was 4350, and living index was 835 [4]. - The estimated profit margins of double - offset paper, double - copper paper, white cardboard, and living paper had little change from September 2 - 5, 2025. The double - offset paper profit margin was around 2.6354% - 3.1399%, double - copper paper was around 18.6625% - 18.7675%, white cardboard was around - 13.5802% - - 13.4938%, and living paper was around 7.4897% - 7.5279% [4]. Pulp Price Difference Information - From September 1 - 5, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemi - mechanical pulp, and softwood and waste paper pulp showed some fluctuations. The softwood - hardwood price difference decreased from 1560 to 1525, the softwood - natural price difference decreased from 350 to 315, the softwood - chemi - mechanical price difference decreased from 1925 to 1890, and the softwood - waste paper price difference decreased from 4174 to 4139 [4].