Yongan Futures(SH:600927) Yong An Qi Huo·2025-12-31 02:17Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - No explicit core view presented in the given content. 3. Summary Based on Related Catalogs SP Main Contract Information - The closing price of the SP main contract on December 30, 2025, was 5568.00 [3]. - The closing prices and related data for the previous days (December 24 - 29, 2025) are also provided, including the closing price, converted US - dollar price, daily change, and basis differences in Shandong and Jiangsu - Zhejiang - Shanghai regions [3]. Import Pulp Information - With a 13% VAT calculation, for Canadian pulp brands like Golden Lion (CFR price 780 in US dollars) and Lion (CFR price 730 in US dollars), and Chilean Silver Star (CFR with 90 - day letter of credit, price 700 in US dollars), their corresponding RMB prices in Shandong and import profits are presented. The import profit for Golden Lion is 69.01, Lion is - 271.05, and Silver Star is - 9.09 [4]. Pulp Price Averages - From December 24 - 30, 2025, the national and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemical mechanical pulp remained unchanged. The changes were all 0.00 [4]. Paper Product Indexes and Margins - The indexes of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) showed little change from December 25 - 30, 2025. The changes were all 0 [4]. - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper also had little change during this period, with the change in living paper profit margin being 0.0000 [4]. Pulp Price Spreads - From December 24 - 30, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemical mechanical pulp, and softwood and waste paper pulp remained constant [4].