建信期货纸浆日报-20260210

Group 1: Report Overview - Industry: Pulp [1] - Date: February 10, 2026 [2] Group 2:行情回顾与操作建议 Market Review - Pulp futures contract 05 had a previous settlement price of 5,252 yuan/ton and a closing price of 5,200 yuan/ton, a decline of 0.99%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4,670 - 5,550 yuan/ton, remaining stable compared to the previous trading day's closing price. The quoted price of Shandong Yinxing was 5,300 - 5,320 yuan/ton [7] - Arauco announced its February prices. The price of coniferous pulp Yinxing remained unchanged at $710/ton, while the price of broadleaf pulp Mingxing increased to $600/ton. In November, the chemical pulp shipments of 20 pulp - producing countries decreased by 6.9% year - on - year, with coniferous pulp down 7.6% and broadleaf pulp down 7.3%. Shipments to the Chinese market decreased significantly year - on - year. In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, a month - on - month increase of 8.6% and a year - on - year increase of 4.4%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of February 4, 2026, the weekly pulp inventory in major regions and ports was 2.1127 million tons, a month - on - month decrease of 0.34% [8] Operation Suggestion - In the short term, pulp prices are constrained by the impact of the sector and weak downstream procurement, and are expected to adjust in a volatile manner before the holiday. Attention should be paid to the support at the previous low [8] Group 3: Industry News - On February 9, the 400,000 - ton chemi - mechanical pulp project of Zhanjiang Zhongzhi, a core project of the company's pulp - paper integration strategy, started construction in June 2024, was originally planned for a 24 - month construction period, and was put into operation ahead of schedule at the end of November 2025, achieving a breakthrough in self - made pulp. As of now, the project has achieved partial self - supply of pulp to the company's white cardboard production line, with a substitution rate of similar pulp types approaching 80%. The company is still optimizing the process to reach full production and efficiency as soon as possible, enhance the self - control ability of upstream raw materials, and reduce costs and market fluctuation risks. The pilot test line project of special fiber composite materials was put into trial operation in December 2025. Currently, the pilot products are being sent for testing and have entered the market access verification stage. The company will actively promote technology transformation and capacity implementation [9]