纸浆：震荡运行20260227

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - This week, the imported pulp market showed a trend of first stabilizing and then rising, with improved sentiment. The spot含税 average price of mainstream brands of coniferous pulp was 5268 yuan/ton, up 0.8% from the previous period; the spot含税 average price of broadleaf pulp was 4577 yuan/ton, up 0.4% from the previous period; the spot含税 average price of natural color pulp was 4900 yuan/ton, unchanged from the previous period; and the spot含税 average price of chemimechanical pulp was 3800 yuan/ton, unchanged from the previous period [4] - In terms of price, during the Spring Festival holiday, the market trading was basically stagnant, and the pulp price remained stable. After the holiday, the market gradually started, and the pulp price rose. Coniferous pulp mainly followed the positive upward exploration of the futures market, while broadleaf pulp was supported by the cost of the new round of price increase in the external market, and the downstream tissue paper enterprises issued price increase letters, which boosted market confidence to a certain extent. However, the downstream base paper market is still in the initial stage of post - holiday recovery, and paper mills are mostly waiting and watching for raw material procurement, with actual transactions not yet increasing. Although the port inventory is in the stage of post - holiday high - level inventory accumulation, the year - on - year inventory accumulation is less than last year, which supports the mentality of industry players [6] Group 3: Summary According to the Catalog 1. Fundamental Data - Futures Market: The daily closing price of the pulp main contract was 5312 yuan/ton, down 36 yuan from the previous day; the night closing price was 5272 yuan/ton, down 48 yuan from the previous day. The trading volume was 178329 lots, an increase of 2485 lots; the position of the 05 contract was 243577 lots, an increase of 3775 lots; the warehouse receipt quantity was 152537 tons, a decrease of 3084 tons; the net position of the top 20 members was - 29329 lots, a decrease of 4597 lots [3] - Spread Data: The basis of Silver Star - futures main contract was 38 yuan, an increase of 36 yuan; the basis of Goldfish - futures main contract (non - standard) was - 712 yuan, an increase of 36 yuan. The month - spread of SP03 - SP05 was - 50 yuan (domestic price) and - 6 dollars (international price) [3] - Spot Market: The prices of coniferous pulp brands such as Northwood and Cariboo were 5550 yuan/ton, the price of Moon was 5250 yuan/ton, and the price of Silver Star was 2350 yuan/ton. The price of broadleaf pulp brands such as Goldfish and Star was 4600 yuan/ton, the price of Gintha was 4580 yuan/ton, and the price of Buk阔叶 was 4500 yuan/ton. The price of chemimechanical pulp (Kunhe) was 3800 yuan/ton, and the price of natural color pulp (Venus) was 4900 yuan/ton [3] 2. Industry News - This week, the imported pulp market showed a trend of first stabilizing and then rising, with improved sentiment. The spot含税 average price of mainstream brands of coniferous pulp, broadleaf pulp, natural color pulp, and chemimechanical pulp had different changes compared with the previous period [4] 3. Futures Research - During the Spring Festival holiday, the pulp price remained stable, and after the holiday, it rose. Different pulp varieties had different driving factors, but the downstream base paper market was in the initial stage of post - holiday recovery, and actual transactions had not increased. The port inventory was in the post - holiday high - level inventory accumulation stage, but the year - on - year inventory accumulation was less than last year [6]