Group 1: Report Industry Investment Rating - The investment rating for the pulp industry is "shockingly weak" [1] Group 2: Core View of the Report - The pulp market is currently in a state of weakening trends, with the spot prices of softwood pulp following the decline of the futures market. The hardwood pulp market has also shown signs of weakness, and the downstream demand is sluggish, intensifying the bearish sentiment [1][4] Group 3: Summary Based on Related Catalogs Fundamental Data - Futures Market: The closing prices of the pulp main contract in both the day and night sessions decreased compared to the previous day. The trading volume and open interest increased, while the number of warehouse receipts remained unchanged. The net position of the top 20 members increased [3] - Spread Data: The basis of silver star - futures main contract decreased, while the basis of goldfish - futures main contract (non - standard) increased. The month - spread of SP03 - SP05 also increased [3] - Spot Market: Different pulp varieties have different prices. For example, the domestic price of northern softwood pulp is 5700 yuan/ton, and the international price of silver star is 710 US dollars/ton [3] Industry News - Last week, the decline in the futures market led to a decline in the spot price of softwood pulp. The hardwood pulp market also showed signs of weakness. The downstream demand is weak, with low purchasing willingness, and the bearish sentiment is intensifying. Attention should be paid to whether the futures market can stop falling and stabilize, whether the low - price rumors in the hardwood pulp market will become a general price - reduction behavior, and whether there are changes in the downstream's willingness to replenish stocks at low prices [4] Paper Product Market - The mainstream price of 70g natural white offset paper is 4450 yuan/ton, and the average price of 70g high - white offset paper is 4750 yuan/ton, which is the same as the previous working day. Factory production has not increased, and the market supply is abundant. The high pulp cost squeezes the industry's profit, and paper mills are determined to maintain prices. The market demand from consumers is weak, and it is difficult to effectively transmit the price downstream. Traders generally adopt a fast - turnover strategy, and there are price concessions in regional transactions. Attention should be paid to downstream orders and pulp price changes [5]
纸浆：震荡偏弱20260119
Guo Tai Jun An Qi Huo·2026-01-19 02:14