纸浆：震荡偏弱20260116

Report Summary 1. Report Industry Investment Rating - The investment rating for the pulp industry is "Oscillating Weakly" [1] 2. Core View of the Report - The price trend of imported pulp in this period is differentiated, with an upward price movement being weak. The price fluctuations of pulp are due to factors such as futures market influence, changes in market supply - demand, and port inventory [4][5] 3. Summary by Relevant Content 3.1 Fundamental Data - Futures Market: The day - closing price of pulp's main contract was 5,436 yuan/ton (down 58 from the previous day), and the night - closing price was 5,402 yuan/ton (down 78). The trading volume decreased by 11,236 hands, while the open interest of the 05 contract increased by 15,482 hands. The net position of the top 20 members decreased by 1,851 hands, and the warehouse receipt quantity remained unchanged [3] - Spread Data: The basis of "Yinxing - Futures Main" increased by 8, and the basis of "Jinyu - Futures Main (Non - standard)" increased by 28. The monthly spread of SP03 - SP05 decreased by 2 [3] - Spot Market: The domestic prices of different pulp brands vary. For example, the price of Northwood (softwood pulp) is 5,800 yuan/ton, and the international price of Yinxing is 710 US dollars/ton [3] 3.2 Industry News - The sentiment in the imported pulp market has turned dull. As of Thursday this week, the average spot tax - included price of softwood pulp decreased by 0.3% compared to the previous period, that of hardwood pulp increased by 0.6%, that of natural pulp decreased by 1.5%, and that of chemimechanical pulp remained flat [4] - The reasons for pulp price fluctuations are: the price of softwood pulp is mainly affected by the futures market; the supply shortage of hardwood pulp has eased; ports continue to accumulate inventory, and the downstream market lacks pre - Spring Festival restocking demand [5]