纸浆：震荡运行20260205

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is expected to move in a volatile manner. The supply - side port inventory pressure persists, and the demand - side purchasing activities slow down significantly due to the approaching Spring Festival. The market has entered the holiday mode in advance with narrowed volatility, waiting for new guidance after the festival. The short - term price of the tissue paper market is likely to remain stable [1][4]. 3. Summary by Relevant Catalog 3.1 Fundamental Data - Futures Market: The daily - session closing price of pulp's main contract was 5,324 yuan/ton (up 48 from the previous day), and the night - session closing price was 5,312 yuan/ton (up 30). The trading volume was 210,175 lots (up 4,218), the open interest was 279,509 lots (up 536), and the number of warehouse receipts remained unchanged at 142,447 tons. The net position of the top 20 members increased by 2,062 to - 18,283 lots [3]. - Spread Data: The basis of Silver Star - futures main contract decreased by 48 to - 4, and that of Goldfish - futures main contract (non - standard) decreased by 48 to - 724. The monthly spread of SP03 - SP05 increased by 2 to - 28 [3]. - Spot Market: The domestic prices of coniferous pulp such as Northwood, Cariboo, and Silver Star were 5,550 yuan/ton, 5,500 yuan/ton, and 5,320 yuan/ton respectively. The international price of Silver Star was 710 dollars/ton. The domestic prices of broad - leaf pulp like Golden, Star, and others were around 4,600 yuan/ton, and the international price of Star was 590 dollars/ton. The price of chemimechanical pulp (Kunhe) was 3,800 yuan/ton, and the price of natural pulp (Venus) was 4,950 yuan/ton with an international price of 620 dollars/ton [3]. - Trend Intensity: The pulp trend intensity is 0, indicating a neutral stance [3]. 3.2 Industry News - The pulp supply - demand fundamentals did not change significantly. The port inventory pressure on the supply side continued, and the purchasing activities of downstream paper mills and traders slowed down due to the approaching Spring Festival. The market price lacked a clear direction, and most industry players adopted a wait - and - see attitude. The tissue paper market price was stable, with general trading enthusiasm. The raw material pulp market was consolidating, and the short - term tissue paper price was likely to be stable, mainly depending on raw material pulp prices and paper mill equipment operation [4][5].