纸浆早报-20260119

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - No core view information is provided in the report. Group 3: Data Summary SP Main Contract - The closing price of the SP main contract on January 16, 2026, was 5362.00. From January 12 - 16, the closing prices were 5490.00, 5492.00, 5494.00, 5436.00, and 5362.00 respectively, with daily changes of -1.08108%, 0.03643%, 0.03642%, -1.05570%, and -1.36130% [3]. - The corresponding converted US - dollar prices were 687.74, 687.77, 688.33, 681.32, and 672.00 respectively [3]. - The Shandong Yinxing basis was 60, 58, 56, 79, and 48 respectively, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 70, 68, 66, 74, and 48 respectively [3]. Import Pulp Price and Profit - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, with a Shandong - area RMB price of 6300 and an import profit of 86.64; the CFR price of Lion was 730 US dollars, with a Shandong - area RMB price of 5410 and an import profit of - 309.55. For Chilean pulp, the CFR (90 - day letter of credit) price of Yinxing was 700 US dollars, with a Shandong - area RMB price of 5410 and an import profit of - 173.27. The previous day's exchange rate was 6.97 [4]. Pulp Average Price - From January 12 - 16, 2026, the national average prices of softwood pulp, hardwood pulp, unbleached pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong - area average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4]. Paper Index and Profit Margin - From January 13 - 16, 2026, the double - offset paper index, double - copper paper index, white - card paper index, and living paper index remained unchanged at 5725, 5670, 4350, and 867 respectively [4]. - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper on January 13 were - 5.2171%, 5.3083%, - 9.6305%, and 4.9468% respectively. On January 16, they were - 5.0973%, 5.4250%, - 9.5497%, and 6.0607% respectively, with a change of 0 for double - offset and double - copper paper, 0 for white - card paper, and 0.8085 for living paper [4]. Pulp Price Spread - From January 12 - 16, 2026, the softwood - hardwood price spread was 810, 810, 810, 785, and 720 respectively; the softwood - unbleached price spread was 150, 150, 150, 115, and 10 respectively; the softwood - chemimechanical price spread was 1675, 1675, 1675, 1640, and 1535 respectively; the softwood - waste paper price spread was 3974, 3974, 3974, 3939, and 3834 respectively [4][5].