永安期货纸浆早报-20251112

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Content SP Main Contract Information - The closing price of the SP main contract on November 11, 2025, was 5484.00. The closing prices from November 5 - 11 showed fluctuations, with the highest increase of 1.37189% on November 10 compared to the previous day [3]. - The discount to US dollar prices also fluctuated during this period, with the price on November 11 being 671.16 [3]. - The basis of Shandong Yinxing and Jiangsu - Zhejiang - Shanghai Yinxing also changed daily, with the Shandong Yinxing basis on November 11 being 56 and the Jiangsu - Zhejiang - Shanghai Yinxing basis being 81 [3]. Import Pulp Information - For imported pulp from different origins and brands, taking a 13% VAT calculation, the Canadian Golden Lion had a port US dollar price of 780, a Shandong - area RMB price of 6200, and an import profit of - 145.57; the Canadian Lion had a port US dollar price of 730, a Shandong - area RMB price of 5500, and an import profit of - 443.29; the Chilean Silver Star had a port US dollar price of 680, a Shandong - area RMB price of 5540, and an import profit of - 1.01 [4]. Pulp and Paper Price and Margin Information - From November 5 - 11, 2025, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged, and so did the Shandong - area average prices [4]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) also remained unchanged from November 6 - 11 [4]. - However, the estimated profit margins of these papers changed. For example, the double - offset profit margin decreased from - 0.2151% on November 6 to - 1.0753% on November 11, a decrease of 0.3527; the double - copper profit margin decreased from 12.9032% to 12.1935%, a decrease of 0.2904; the white - card profit margin decreased from - 7.6381% to - 8.1551%, a decrease of 0.2115; and the living paper profit margin decreased from 6.5730% to 4.7968%, a decrease of 0.4583 [4]. Pulp Price Difference Information - From November 5 - 11, 2025, the price differences between softwood and hardwood pulp, softwood and natural color pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp all showed certain changes. For example, the softwood - hardwood price difference decreased from 1250 on November 5 to 1180 on November 11 [4].