纸浆：震荡偏强20260324

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating [1][3][4] Group 2: Core View of the Report - The pulp market is expected to fluctuate and strengthen. The market demand acceptance is average, the actual trading is still light, and the overall trading volume has not increased significantly. The supply - demand fundamentals have not changed significantly, with high port inventories and weak demand. Attention should be paid to the implementation of foreign market price increase news and changes in downstream procurement willingness. The price of the household paper market is stable, with poor trading enthusiasm and a cautious market sentiment. The cost support is not strong, and the terminal demand is difficult to improve significantly. Focus on the changes in raw material pulp prices and the rhythm of demand - side order release [1][4][5] Group 3: Summary According to the Relevant Directory 1. Fundamental Data - Futures Market: The daily - session closing price of the pulp main contract was 5,188 yuan/ton, up 24 yuan from the previous day; the night - session closing price was 5,234 yuan/ton, up 50 yuan. The trading volume was 326,941 lots, a decrease of 79,912 lots; the open interest of the 05 contract was 241,662 lots, a decrease of 30,443 lots; the number of warehouse receipts remained unchanged at 182,075 tons; the net position of the top 20 members was - 32,656 lots, an increase of 4,170 lots [3] - Spread Data: The basis of Silver Star - futures main contract was 12, an increase of 26; the basis of Goldfish - futures main contract (non - standard) was - 288, an increase of 26; the month - spread of SP05 - SP07 was - 52, an increase of 6 [3] - Spot Market: The domestic prices of coniferous pulp brands such as Beimu and Kalip were 5,450 yuan/ton, the price of Moon was 5,150 yuan/ton, and the price of Silver Star was 5,200 yuan/ton. The prices of broad - leaf pulp brands such as Golden and Star were 4,600 yuan/ton. The price of chemical mechanical pulp (Kunhe) was 3,800 yuan/ton, and the price of natural pulp (Venus) was 4,800 yuan/ton [3] 2. Industry News - The futures price of pulp continued to rise, with the main contract closing at 5,188 yuan/ton, a 1.1% increase. The spot price of coniferous pulp followed the upward trend, and the broad - leaf pulp market also recovered. The price of Goldfish increased slightly by 50 yuan/ton. However, the demand side's acceptance was average, and the actual trading was light. The supply - demand fundamentals of the market did not change significantly, with high port inventories and weak demand [4] - The price of the household paper market was stable, with poor trading enthusiasm and a cautious market sentiment. The cost support from the raw material pulp market was not strong, and the terminal demand was difficult to improve significantly. The inventory reduction process of some paper enterprises slowed down [5] 3. Trend Intensity - The pulp trend intensity is 1, indicating a relatively strong trend. The range of trend intensity is an integer in the [- 2,2] interval, where - 2 means the most bearish and 2 means the most bullish [3]