永安期货纸浆早报-20251107

Report Summary 1. Report Industry Investment Rating - No relevant information provided 2. Core View - No clear core view presented in the provided content 3. Summary by Related Catalogs SP Main Contract Closing Price - On November 6, 2025, the SP main contract closing price was 5368.00 [3] - The price fluctuations from October 31 to November 6 were -0.22971%, 1.80353%, -0.33924%, 1.36157%, and 0.14925% respectively [3] - The corresponding discount US dollar prices were 639.69, 650.56, 648.25, 657.08, and 657.08 [3] - The Shandong Yinxing basis was 263, 194, 212, 140, and 132; the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 298, 219, 227, 155, and 157 respectively [3] Pulp Price and Profit - With a 13% VAT calculation, the import profits of Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were -145.57, -533.29, and -41.01 respectively [4] - From October 31 to November 6, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged; the same was true for the Shandong region [4] - During the same period, the prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged [4] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper changed, with the white card paper profit margin increasing by 1.9313 and the living paper profit margin decreasing by 0.2101 from November 3 to November 6 [4] Pulp Price Spreads - From October 31 to November 6, 2025, the softwood - hardwood spread was 1225, 1250, 1250, 1250, and 1240; the softwood - natural spread was 75, 100, 100, 100, and 100; the softwood - chemimechanical spread was 1675, 1700, 1700, 1700, and 1700; the softwood - waste paper spread was 3899, 3924, 3924, 3924, and 3924 respectively [4]