纸浆：震荡偏强20260225

Group 1: Report Title and Date - The report is titled “Pulp: Oscillating with an Upward Bias 20260225” and was published on February 25, 2026 [1] Group 2: Industry Investment Rating - The pulp trend strength is 1, indicating a “moderately bullish” outlook. The range of trend strength is from -2 (most bearish) to 2 (most bullish) [3] Group 3: Core View - The short - term pulp market is mainly driven by sentiment and expectations. The market fundamentals have not changed significantly compared to before the festival. It is recommended to focus on the inventory accumulation at major ports after the festival and the purchasing sentiment in the downstream base paper market [4][5] Group 4: Fundamental Data Summary Futures Market - The daytime closing price of the pulp main contract increased by 80 yuan/ton to 5,340 yuan/ton, and the night - time closing price was 5,378 yuan/ton. The trading volume increased by 11,098 lots to 175,423 lots. The open interest of the 05 contract decreased by 20,002 lots to 249,662 lots. The number of warehouse receipts increased by 1,009 tons to 155,621 tons. The net position of the top 20 members decreased by 1,327 lots to -19,406 lots [3] Spread Data - The basis of “Yinxing - Futures Main Contract” increased by 20 to 10, the basis of “Jinyu - Futures Main Contract (non - standard)” decreased by 60 to -740, and the monthly spread of SP03 - SP05 decreased by 18 to -50 [3] Spot Market - Among coniferous pulps, the domestic prices of Beimu and Kalip were 5,550 yuan/ton, the price of Yueliang was 5,250 yuan/ton, and the domestic and international prices of Yinxing were 5,350 yuan/ton and 710 US dollars/ton respectively. Among broad - leaf pulps, the prices of Jindao and Mingxing were 4,600 yuan/ton, the price of Taibai was 4,580 yuan/ton, and the price of Buzhi was 4,500 yuan/ton. The price of Kunhe chemical mechanical pulp was 3,800 yuan/ton, and the domestic and international prices of Jinxing natural color pulp were 4,900 yuan/ton and 620 US dollars/ton respectively [3] Group 5: Industry News Summary - The pulp futures market rose actively after opening yesterday, driving the spot market traders to raise their quotes. The price of coniferous pulp was boosted by market sentiment, and the price of broad - leaf pulp was also affected by the news of foreign price increases. However, downstream demand needs to be restored, paper mills' procurement is limited, and the actual acceptance of the current price increase remains to be seen [4] Group 6: Downstream Market Summary - The mainstream price of 70g natural white offset paper was 4,350 yuan/ton, and the average price of 70g high - white offset paper remained unchanged at 4,650 yuan/ton. Most maintenance devices have returned to normal production, and the inventory of enterprises has increased during the Spring Festival. The supply of market goods is abundant. Some enterprises have conveyed the intention of price increases, but consumer demand is still weak, and downstream printing factories and traders have no obvious intention of stockpiling. Attention should be paid to the recovery of downstream orders and pulp price changes [5]