Yongan Futures(SH:600927) Yong An Qi Huo·2025-11-03 04:17Group 1: SP Main Contract Information - The closing price of the SP main contract on October 31, 2025, was 5212.00 [3] - The closing prices from October 27 - 31, 2025, were 5258.00, 5226.00, 5242.00, 5224.00, and 5212.00 respectively [3] - The corresponding dollar - converted prices were 645.65, 642.60, 644.73, 641.44, and 641.44 respectively [3] - The daily price changes were 0.34351%, - 0.60860%, 0.30616%, - 0.34338%, and - 0.22971% respectively [3] - The Shandong Yinxing basis on October 31, 2025, was 263, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 298 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian pulp: the CFR price of Golden Lion was 780 dollars, the Shandong RMB price was 6200, and the import profit was - 136.75; the CFR price of Lion was 730 dollars, the Shandong RMB price was 5350, and the import profit was - 585.04 [4] - For Chilean pulp, the CFR letter of credit (90 - day) price of Yinxing was 680 dollars, the Shandong RMB price was 5475, and the import profit was - 58.32 [4] Group 3: Pulp Price Averages - From October 27 - 31, 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 [4] - The Shandong regional average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Product Indexes and Margins - From October 28 - 31, 2025, the cultural paper indexes (double - offset and double - copper) remained at 5725 and 5670 respectively; the packaging paper index (white card) remained at 4350; the living paper index remained at 841 [4] - The estimated profit margins of double - offset paper remained at 0.2667%, double - copper paper at 13.2903%, white card paper at - 9.2823%, and living paper at 6.9932% from October 28 - 31, 2025 [4] Group 5: Pulp Price Spreads - The softwood - hardwood price spread on October 31, 2025, was 1225.00, and it was 1250 from October 27 - 30, 2025 [4] - The softwood - natural pulp price spread on October 31, 2025, was 75, and it was 100 from October 27 - 30, 2025 [4] - The softwood - chemimechanical pulp price spread on October 31, 2025, was 1675, and it was 1700 from October 27 - 30, 2025 [5] - The softwood - waste paper price spread on October 31, 2025, was 3899, and it was 3924 from October 27 - 30, 2025 [5]