纸浆：震荡运行20260212

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The pulp market is expected to fluctuate within a range. Most industry players in the pulp market are in a pre - holiday wait - and - see attitude, with significantly reduced operation willingness. The spot market is in a state of having prices but no transactions, and the supply - demand fundamentals remain unchanged during the holiday, lacking immediate driving factors. The pulp price will end the period stably. It is recommended to pay attention to the changes in port inventory and the impact of the macro - market on the pulp market [4]. - The price of the household paper market is stable, and the overall trading atmosphere is somewhat light. The cost support from the raw material pulp market is not strong. The price of household paper is expected to remain stable in the short - term, and it is necessary to focus on the changes in raw material pulp prices and the operation of paper machines of major paper enterprises [5]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data - Futures Market: The daily - session closing price of the pulp main contract was 5,236 yuan/ton, up 34 yuan from the previous day; the night - session closing price was 5,252 yuan/ton, up 42 yuan. The trading volume was 147,734 lots, a decrease of 76,128 lots; the open interest was 301,791 lots, a decrease of 5,225 lots. The number of warehouse receipts remained unchanged at 146,427 tons, and the net position of the top 20 members increased by 441 lots [3]. - Spread Data: The basis of "Silver Star - Futures Main Contract" decreased by 34 to 14; the basis of "Goldfish - Futures Main Contract (Non - standard)" decreased by 34 to - 656; the monthly spread of "SP03 - SP05" decreased by 4 to - 26 [3]. - Spot Market: The domestic prices of coniferous pulp such as Beimu and Kalip were 5,450 yuan/ton, and the price of Silver Star was 5,250 yuan/ton with an international price of 710 US dollars/ton. The domestic prices of broad - leaf pulp such as Jinse and Mingxing were around 4,580 yuan/ton. The domestic price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton, and the domestic price of natural color pulp (Venus) was 4,900 yuan/ton with an international price of 620 US dollars/ton [3]. 3.2 Trend Intensity - The pulp trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]. 3.3 Industry News - The pulp market is in a pre - holiday wait - and - see state, with few spot quotes and almost stagnant downstream procurement activities. The market is in a state of having prices but no transactions, and the supply - demand fundamentals remain unchanged during the holiday, lacking immediate driving factors [4]. - The household paper market price is stable, with a somewhat light trading atmosphere. The cost support from the raw material pulp market is not strong, and the price is expected to remain stable in the short - term [5].