纸浆：震荡运行20260206

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The pulp market is expected to fluctuate. The price fluctuations are due to the futures market sentiment dominating the softwood pulp price, weak downstream demand, the inability of rising foreign costs to be passed on to the domestic market, and the slowdown of downstream production activities before the festival [1][6] Group 3: Summary of Related Catalogs 1. Fundamental Data - Futures Market: The daily closing price of the pulp main contract decreased by 70 yuan/ton to 5,254 yuan/ton, and the night - closing price decreased by 38 yuan/ton to 5,274 yuan/ton. The trading volume decreased by 8,449 lots to 201,726 lots, while the open interest of the 05 contract increased by 5,766 lots to 285,275 lots. The number of warehouse receipts remained unchanged at 142,447 tons, and the net position of the top 20 members decreased by 3,049 lots to - 21,332 lots [3] - Spread Data: The basis of "Yinxing - futures main contract" increased by 70 to 0, and that of "Jinyu - futures main contract (non - standard)" increased by 70 to - 654. The monthly spread of SP03 - SP05 increased by 4 to - 24 [3] - Spot Market: The domestic prices of softwood pulp brands such as Beimu, Kailipu, and Yinxing are 5,550 yuan/ton, 5,200 yuan/ton, and 5,320 yuan/ton respectively. The prices of hardwood pulp brands such as Jinyou, Mingxing, and Bukuo are 4,600 yuan/ton, 4,600 yuan/ton, and 4,550 yuan/ton respectively. The prices of chemimechanical pulp and unbleached pulp are 3,800 yuan/ton and 4,950 yuan/ton respectively [3] 2. Industry News - The import pulp market fluctuated downward. As of Thursday this week, the average spot tax - included price of mainstream softwood pulp brands was 5,331 yuan/ton, a 0.4% decrease from the previous period; that of hardwood pulp was 4,600 yuan/ton, a 0.6% decrease; that of unbleached pulp was 4,950 yuan/ton, a 0.6% decrease; and that of chemimechanical pulp was 3,800 yuan/ton, unchanged from the previous period [4]