Core Insights - The article highlights the current premium rates of AH shares, with Northeast Electric (00042) leading at a premium rate of 881.82% [1] - The bottom three in terms of premium rates are Ningde Times (03750) at -17.23%, China Merchants Bank (03968) at 1.09%, and Hengrui Medicine (01276) at 1.64% [1] - The article also discusses the deviation values of these stocks, indicating significant discrepancies between their A-shares and H-shares [1] Premium Rate Rankings - The top three AH shares by premium rate are: 1. Northeast Electric (00042) with a premium rate of 881.82% and a deviation value of 68.11% [1] 2. Hongye Futures (03678) with a premium rate of 248.18% and a deviation value of 18.60% [2] 3. Zhejiang Shibao (01057) with a premium rate of 247.12% and a deviation value of 23.76% [1] - The bottom three AH shares by premium rate are: 1. Ningde Times (03750) with a premium rate of -17.23% and a deviation value of -2.71% [1] 2. China Merchants Bank (03968) with a premium rate of 1.09% and a deviation value of -3.46% [1] 3. Hengrui Medicine (01276) with a premium rate of 1.64% and a deviation value of 4.78% [1] Deviation Value Rankings - The top three AH shares by deviation value are: 1. Northeast Electric (00042) with a deviation value of 68.11% [1] 2. Shandong Molong (00568) with a deviation value of 29.50% [1] 3. Changfei Optical Fiber (06869) with a deviation value of 28.06% [1] - The bottom three AH shares by deviation value are: 1. Shanghai Electric (02727) with a deviation value of -27.72% [2] 2. China Foreign Transport (00598) with a deviation value of -17.01% [2] 3. COSCO Shipping Energy (01138) with a deviation value of -15.18% [2]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 918.87% and Ningde Times (03750) at -17.09% [1][2] Summary by Category Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 918.87% with a deviation value of 109.61% [2] - Hongye Futures (03678) follows with a premium rate of 246.28% and a deviation value of 16.95% [2] - Zhejiang Shibao (01057) ranks third with a premium rate of 241.04% and a deviation value of 19.03% [2] Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -17.09% with a deviation value of -2.80% [2] - Heng Rui Pharmaceutical (01276) has a premium rate of -1.38% and a deviation value of 1.69% [2] - China Merchants Bank (03968) has a premium rate of 0.51% with a deviation value of -4.32% [2] Top AH Share Deviation Values - Northeast Electric (00042) leads with a deviation value of 109.61% [2] - Changfei Optical Fiber (06869) has a deviation value of 31.51% [2] - Shandong Molong (00568) follows with a deviation value of 26.68% [2] Bottom AH Share Deviation Values - Shanghai Electric (02727) has the lowest deviation value at -25.42% [3] - China National Foreign Trade Transportation Group (00598) has a deviation value of -16.00% [3] - COSCO Shipping Energy Transportation (01138) has a deviation value of -14.18% [3]

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The packaging paper price increase trend continues, with leading paper companies like Nine Dragons and Shanying announcing price hikes, indicating a strong demand and cost transmission effect in the paper industry [3][4] - The pulp market inventory is decreasing, with the average price of domestic bleached softwood kraft pulp dropping by 96.25 yuan/ton, easing cost pressures for paper companies [3][10] - Policies and corporate initiatives are accelerating the industry's transformation towards "green, intelligent, and integrated" production, with several companies achieving significant milestones in water efficiency and resource utilization [3][5][22] - The valuation and fundamentals of the paper sector are resonating positively, with many companies listed among the top 500 manufacturing enterprises in China, indicating strong cash flow and performance certainty [3][5] Summary by Sections Industry News - Hebei province has included the paper industry in its carbon offset program, aiming to reduce greenhouse gas emissions while promoting sustainable practices [4] - Multiple paperboard manufacturers are passing on cost pressures to downstream packaging companies, indicating a sustained price increase trend for raw paper [4] High-Frequency Data - The average inventory of pulp futures has decreased to 229,000 tons, down by 3,123.75 tons week-on-week, while the average closing price has slightly increased to 4,818 yuan/ton [6] Company Events and Announcements - Asia Pacific Forestry and Paper has been recognized as a leading water-efficient enterprise in Shandong, achieving a 95.98% industrial water recycling rate [22] - Guangxi Jianhui Paper's first batch of wood chips has successfully entered the factory, marking a significant step in its integrated supply chain [22] - The 220 billion yuan integrated forestry and paper project by Liansheng has commenced full production, significantly altering the regional paper industry landscape [22] Investment Strategy - The current phase of the paper sector is characterized by deepening price increases and policy support, with a focus on the packaging paper price increase and the upcoming demand from the Double Eleven shopping festival [23]

Group 1: Report Information - Report Name: Hongye Futures Weekly Report on Double Offset Paper [1] - Date: October 20, 2025 [1] - Author: Liang Mingyue from the Financial Research Institute [1] Group 2: Investment Rating - No investment rating information provided in the report Group 3: Core Views - **Spot Price**: On October 20, the price of 70g regular white double offset paper in the mainstream market was 4400 - 4500 yuan/ton, and that of 70g high - white double offset paper was 4700 - 4900 yuan/ton. Deals were negotiated on a case - by - case basis, and dealers mostly bought and sold in small quantities. There were cases of selling at lower prices in some areas [2]. - **Cost and Profit**: The wood pulp market was consolidating. On October 20, the quoted price of mainstream softwood pulp brands in Shandong was 5100 - 5500 yuan/ton, and that of mainstream hardwood pulp brands was 4250 - 4300 yuan/ton. The market price of Kunhe chemical mechanical pulp was 3700 yuan/ton. According to Steel Union data, the current production cost of double offset paper was about 4890 yuan/ton, and the production gross profit was about - 247.14 yuan/ton [2]. - **Supply**: Last week, the production of large - scale factories was basically stable, and the industry output increased slightly. The output of double offset paper last week was 203,000 tons, an increase of 6.8%. The capacity utilization rate was 53%, a month - on - month increase of 3.6% [2]. - **Demand**: The growth momentum of the downstream consumer end was weak. The operating rate of some printing factories remained low. Market demand mainly came from users' rigid demand for replenishment, and new orders were relatively limited [2]. - **Import and Export**: In July 2025, the export volume of double offset paper was about 63,000 tons, a month - on - month decrease of 5.9% and a year - on - year decrease of 21%. The cumulative export volume from January to July was 503,000 tons, a year - on - year decrease of 14.2%. In July 2025, the import volume of double offset paper was about 11,900 tons, a month - on - month decrease of 19.8% and a year - on - year decrease of 30.8%. The cumulative import volume from January to July was 100,000 tons, a year - on - year increase of 5% [2]. - **Inventory**: Affected by the slight increase in factory output and the weak performance of the downstream consumer end, factory inventories were accumulating. On October 16, the inventory of double offset paper production enterprises was 1.315 million tons, a month - on - month increase of 1.2% [2]. - **Summary and Outlook**: Currently, the wood pulp market is in a narrow - range shock state, and the price fluctuation range has narrowed, providing relatively weak cost support for double offset paper. On the supply side, large - scale production enterprises plan to keep production stable. Although the industry faces high production cost pressure and there are phenomena of paper machine conversion and cross - scheduling, the total domestic output of double offset paper is not expected to fluctuate significantly, and the overall supply of the industry remains sufficient. On the demand side, the release of publishing orders is limited, and the demand for social orders continues to be sluggish. The consumer end lacks the willingness and ability to support the market, making it difficult to provide effective support for the market. In general, the current supply - demand fundamentals of double offset paper are weak, and it may experience weak shocks in the short term [2]. Group 4: Content Summaries by Directory Double Offset Paper Price Data - No specific summary information other than the price data mentioned in the core views [2] Double Offset Paper Cost - The report shows the price trends of mainstream softwood pulp, hardwood pulp, and chemical mechanical pulp in Shandong from 2022 - 2025, as well as the production cost of double offset paper [8][10][14] Double Offset Paper Supply - The report presents the operating rate and output trends of double offset paper from 2021 - 2025 [17][19][21] Double Offset Paper Demand - The report shows the apparent consumption trends of double offset paper from 2020 - 2025 [22] Double Offset Paper Inventory - The report presents the inventory trends of double offset paper production enterprises from 2022 - 2025 [24] Double Offset Paper Import and Export - The report shows the import and export volume trends of double offset paper from 2021 - 2025 [27][28][29] Double Offset Paper Production Gross Profit - The report presents the production gross profit trends of double offset paper from 2021 - 2025 [32]

Summary of Conference Call Records Company: 小熊电器 (Bear Electric) Key Points: - **Revenue Growth**: In Q3 2025, Bear Electric's revenue growth was primarily driven by overseas markets and promotional activities, with core products like health pots and air fryers showing stable performance. Overseas market revenue increased by 67.8% year-on-year, becoming the main growth engine [1][5][6]. - **Future Revenue Targets**: The company aims to achieve over 1.5 billion in total revenue in Q4 2025, with a domestic e-commerce growth target of 25%-35% during the Double Eleven shopping festival, and an even higher target of over 40% for Pinduoduo. The overseas market is expected to grow by 60%-70% [1][6]. - **Impact of Subsidies**: Approximately 40% of Bear Electric's sales benefited from national subsidy policies, which provided a subsidy range of 15%-20% across various product categories, including health pots and air fryers [1][8][9]. - **Net Profit Margin and Sales Goals**: The net profit margin target for 2025 is maintained at 7%-8%, with a sales target of 5.5 billion, and an expectation to exceed 6 billion in 2026, representing a year-on-year growth of over 15% [1][10]. - **Channel Performance**: In Q3, sales performance across various channels included Tmall at 3.5 billion (up 26.5%), JD at 3.27 billion (up 24%), Pinduoduo at 0.8 billion (up 37%), Douyin live streaming at 0.97 billion (up 53%), and an overseas market performance of 2.2 billion (up 67.8%) [2][3]. - **Product Categories**: The mother and baby category maintained over 30% year-on-year growth, while coffee machines also showed good growth. Core products like health pots and air fryers remained in the top three positions on Tmall and JD, with a year-on-year growth of about 28% [7][10]. - **Competitive Landscape**: Despite supportive policies, the small home appliance industry will continue to face intense competition, especially during major promotional events, with brands like Midea, Joyoung, and Supor engaging in price wars and marketing investments [12][13]. Industry: Paper and Packaging Key Points: - **Cultural Paper Market Decline**: Since Q3, the cultural paper market has seen continuous price declines, with double copper paper down by approximately 500 yuan and double glue paper down by about 200 yuan, primarily due to decreased demand and increased government procurement of electronic products [4][21]. - **Future Capacity Adjustments**: It is expected that 3.5 to 5 million tons of paper production capacity will be eliminated by 2026 due to the current market conditions [4][25]. - **White Card Industry Dynamics**: The high-end packaging demand in the white card industry is growing rapidly, but new capacity is exceeding demand growth, leading to price declines. An additional 2 million tons of white card capacity is expected to be added in 2026, which may create a supply-demand imbalance in the long term [4][30]. - **Market Trends**: The cultural paper market is not expected to recover significantly in 2026, but the second half of the year may show improved conditions compared to 2025, with the elimination of outdated capacity and the introduction of new projects [22][31]. Other Important Insights: - **Investment and M&A Plans**: Bear Electric has plans for investment and mergers, particularly in outdoor products and pet-related sectors, although specific details are not disclosed [17]. - **Future Product Strategies**: The company plans to optimize its product structure by reducing low-efficiency SKUs and focusing on high-margin products, with an emphasis on product design and functionality upgrades [14].

Group 1: Report Information - Report Title: Double-offset Paper Data Daily Report [3] - Report Date: October 17, 2025 [4] - Researcher: Yang Lulin from the Agricultural Products Research Center of Guomao Futures Research Institute [4] Group 2: Double-offset Paper Futures Data - On October 16, 2025, the price of 0P2601 was 4210, with a daily increase of 0.10% compared to the previous day [5]. - The open interest of the main contract on October 16, 2025, was 1107, a daily decrease of 3.99% [5]. Group 3: Spot Price Data Double-offset Paper - On October 16, 2025, the prices of various double-offset papers in different regions remained stable with no daily or weekly changes, except for Beijing Gaobai Ruixue which also had no changes [5]. Copperplate Paper - The prices of most copperplate papers remained stable on October 16, 2025, but Shandong Chenming Xuetutu decreased by 2.11% week-on-week, and Shandong Taiyang Tianyang decreased by 1.03% week-on-week [5]. Group 4: Papermaking Raw Material Data - On October 16, 2025, the prices of some papermaking raw materials changed. Shandong Needle-leaf Silver Star increased by 0.71% daily and decreased by 0.88% weekly; Shandong Broad-leaf Goldfish increased by 0.71% daily and decreased by 0.88% weekly [6]. Group 5: Double-offset Paper Supply and Demand Data - From August 29, 2025, to October 17, 2025, the production volume, capacity utilization rate, factory inventory, and social inventory of double-offset paper fluctuated [6]. - The production profit of double-offset paper also fluctuated during this period, with the production profit of double-offset paper mainly using chemimechanical pulp being 586.25 on October 17, 2025, and that mainly using broad-leaf pulp being 264 [6]. Group 6: Core Viewpoint - The current spot price of double-offset paper has not stopped falling and stabilizing, and most double-offset papers are still slightly declining. The benefits of the "Golden September and Silver October" have not been reflected. The price of broad-leaf pulp in the raw material end has increased, compressing the production profit of double-offset paper. The production volume has increased due to the resumption of production of Chenming Paper, and the inventory has slightly increased. However, the current capital participation in the futures market is poor, and the overall market is fluctuating. The double-offset paper market is currently in a reasonable operating range, and short-term observation is recommended [7]

Group 1 - The paper industry is experiencing a downturn, with several companies, including Songyang Resources, hitting their daily limit down [1] - Other companies in the sector, such as Dashengda, Jintaiyang, Qingshan Paper, Minshida, Jinghua Laser, and ST Chenming, are also seeing declines [1]

Market Overview - The paper sector experienced a decline of 1.98% on October 16, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Notable gainers included: - Guanmeng High-tech (600433) with a closing price of 3.36, up 2.13% [1] - ST Chenming (000488) at 2.09, up 1.95% [1] - Qifeng New Materials (002521) at 9.38, up 0.64% [1] - Major decliners included: - Songyang Resources (603863) at 21.46, down 9.98% [2] - Yisheng Paper (600103) at 3.49, down 3.32% [2] - Qing Shan Paper (600235) at 7.13, down 2.46% [2] Trading Volume and Capital Flow - The paper sector saw a net outflow of 309 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [2] - The trading volume for Guanmeng High-tech was 490,400 shares with a transaction value of 163 million yuan [1] - Songyang Resources had a trading volume of 227,500 shares with a transaction value of 514 million yuan [2] Capital Inflow Analysis - Guanmeng High-tech had a net inflow of 28.24 million yuan from institutional investors, representing 17.29% of its total trading [3] - Huawang Technology (605377) saw a net inflow of 10.33 million yuan, accounting for 13.66% [3] - Conversely, Songyang Resources experienced a significant net outflow of 70.22 million yuan from institutional investors, indicating a negative sentiment [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For the sugar market, technical buying increased after a sharp decline in ICE raw sugar, showing signs of stabilization. However, global sugar production is expected to be high, and the downward potential of raw sugar has weakened. In the domestic market, Zhengzhou sugar was driven down by the macro - environment and the decline in raw sugar, with short - term technical rebounds but limited by supply - demand pressure [3]. - In the pulp market, the price of hardwood pulp is strong, while the price of softwood pulp is weak. The supply of wood pulp is high, and although there was a reduction in production by some pulp mills, the impact is not obvious. The demand for wood pulp is supported by the increase in the production of finished paper during the peak season, but the price increase of finished paper is weak, and the upward drive for pulp is limited [4]. - Regarding double - offset paper, the expectation of peak - season demand may support the price, but due to the high production capacity, the seasonal improvement may not lead to a significant price increase, and it is expected to be weak in the medium term [7]. - In the cotton market, the US cotton harvest is progressing steadily, and the domestic Xinjiang cotton harvest is also in progress. The market is under pressure from supply and consumption concerns, and the price is expected to be weak and volatile [8]. - For apples, the new - season apple harvest has a time lag and quality concerns, and the short - term futures price may be supported [10]. - In the jujube market, the inventory has decreased slightly. The futures price is at a high premium to the spot price, and investors are advised to short at high prices [13]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures Strategy** - Apple 2601: Adopt a bullish approach, with a support range of 7500 - 7600 and a pressure range of 9000 - 9200, due to the expected difference in the new - season harvest and the value of taking delivery [21]. - Jujube 2601: Short at high prices, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000, as the overall commodity sentiment is strong and attention is on weather - related price premiums [21]. - **Soft Commodity Futures Strategy** - Sugar 2601: Temporarily wait and see, with a support range of 5270 - 5300 and a pressure range of 5480 - 5500, as technical buying has increased and sentiment has improved [21]. - Pulp 2511: Short within the range, with a support range of 4700 - 4800 and a pressure range of 5100 - 5200, because the short - term valuation is not high, but supply is high and the price of domestic finished paper is weak [21]. - Double - offset paper 2601: Short on rebounds, with a support range of 4100 - 4200 and a pressure range of 4400 - 4500, as the approaching peak season supports the price, but the supply is elastic [21]. - Cotton 2601: Hold short positions cautiously, with a support range of 12800 - 13000 and a pressure range of 13600 - 13700, due to the approaching new - cotton listing and concerns about Sino - US trade relations [21]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In August 2025, the export volume of fresh apples was about 68,400 tons, a month - on - month increase of 27.59% and a year - on - year decrease of 17.57%. As of September 25, the national apple cold - storage inventory was 147,900 tons, a week - on - week decrease of 60,200 tons and a year - on - year decrease of 30,700 tons [22]. - **Spot Market**: In the Shandong production area, the inventory apple market is stable, and the new - season late - maturing Fuji has a delayed listing due to weather. In the Shaanxi production area, red apples are scarce, and the listing time is also postponed. The sales area market is stable [22][23][24]. - **Jujube Market**: The physical inventory of 36 sample points this week is 9167 tons, a week - on - week decrease of 36 tons, a decrease of 0.39% and a year - on - year increase of 93.89%. Attention is on the circulation of old - season jujubes and price changes before the new - season harvest [25]. - **Sugar Market**: In September, the average productivity of sugarcane in the central - southern region of Brazil was 71.9 tons per hectare, higher than the same period last year. Pakistan plans to purchase up to 100,000 tons of sugar on the international market, but the possibility of a deal seems to be decreasing [27]. - **Pulp Market**: Chinese traders counter - offered to import NBSK at $650 per ton, but sellers refused to reduce prices. A European supplier sold NBSK at $650 per ton, lower than the market level. A major Brazilian supplier will increase the price of South American bleached hardwood pulp to the Asian market by $20 per ton [30]. - **Double - offset Paper Market**: In different regions such as Shandong, Guangdong, Beijing, and Tianjin, the price of double - offset paper is relatively stable. The supply is relatively loose as some production lines resume production after the holiday, and the demand shows no sign of improvement [31][32]. - **Cotton Market**: In September 2025, Bangladesh's clothing export volume decreased year - on - year and month - on - month. In August, Vietnam's cotton textile production increased year - on - year and month - on - month, while clothing production decreased. As of October 13, the cotton harvest progress in Xinjiang was about 53.2%. Brazil's cotton production is expected to be adjusted slightly [33]. 3.3 Third Part: Market Review - **Futures Market Review**: The closing prices of apple 2601, jujube 2601, sugar 2601, pulp 2511, and cotton 2601 are 8665, 11105, 5403, 4856, and 13270 respectively, with daily changes of 0.01%, - 0.05%, 0.11%, 0.21%, and 0.04% [34]. - **Spot Market Review**: The spot prices of apple, jujube, sugar, pulp, double - offset paper, and cotton are 3.75 yuan per catty, 9.40 yuan per kilogram, 5790 yuan per ton, 5550 yuan (Shandong Silver Star), 4450 yuan (Sun Tianyang - Tianjin), and 14674 yuan per ton respectively, with corresponding changes [40]. 3.4 Fourth Part: Basis Situation No specific summarized content provided, only relevant charts are mentioned, such as the basis of apple 1 - month, jujube main contract, etc. 3.5 Fifth Part: Inter - monthly Spread Situation - For apples, the 10 - 1 spread is 535, with a month - on - month change of - 1 and a year - on - year change of - 97, expected to fluctuate repeatedly, and the recommended strategy is to wait and see. - For jujubes, the 9 - 1 spread is 315, with a month - on - month change of 295 and a year - on - year change of - 55, expected to fluctuate within a range, and the recommended strategy is to wait and see. - For sugar, the 1 - 5 spread is 32, with a month - on - month change of 5 and a year - on - year change of 15, expected to fluctuate, and the recommended strategy is to wait and see. - For cotton, the 1 - 5 spread is - 60, with a month - on - month change of - 5 and a year - on - year change of 25, expected to fluctuate within a range, and the recommended strategy is to wait and see temporarily [59]. 3.6 Sixth Part: Futures Positioning Situation No specific summarized content provided, only relevant charts about the top 20 long and short positions, trading volume, and net long and short changes of various varieties are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt volumes of apple, jujube, sugar, pulp, and cotton are 0, 0, 8438, 227676, and 2773 respectively, with corresponding month - on - month and year - on - year changes [85]. 3.8 Eighth Part: Option - related Data No specific summarized content provided, only relevant charts about option trading volume, open interest, put - call ratio, and historical volatility of apple, sugar, and cotton are mentioned.

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View of the Report - The current spot price of offset paper has not stopped falling and stabilizing, most double - rotary papers are still slightly declining, and the benefits of the "Golden September and Silver October" have not been reflected. The pulp price increased during the week, compressing the production profit of offset paper. The output increased due to the resumption of production by Chenming Paper, and the inventory increased slightly. The futures market currently has poor capital participation and is generally in a volatile state. The offset paper market is basically in a reasonable operating range, and short - term observation is recommended [7]. 3. Summary by Relevant Catalogs 3.1 Futures Data - On October 14, 2025, the price of OP2601 was 4216, with a daily increase of 0.14% compared to the previous day. The position of the main contract was 1140, a decrease of 2.48% compared to the previous day [5]. 3.2 Spot Price Data - **Offset Paper**: The prices of various brands of offset paper in different regions showed little daily change. For example, the price of Shandong High - white Swan was 4675 yuan/ton, with a daily and weekly change of 0.00%. However, some products had negative weekly changes, such as Yidong High - white Blue Leaf with a weekly decrease of 1.08% [5]. - **Coated Paper**: Similar to offset paper, the daily price changes of coated paper were mostly 0.00%. For instance, the price of Guangdong Chenming Snow Rabbit was 4650 yuan/ton, with a daily and weekly change of 0.00%. Some products also had negative weekly changes, like Shandong Chenming Snow Rabbit with a weekly decrease of 2.11% [5]. 3.3 Papermaking Raw Material Data - The prices of different types of pulp in Shandong and Guangdong regions had different daily and weekly changes. For example, the price of Shandong Coniferous Silver Star was 5600 yuan/ton, with a daily decrease of 0.88% and a weekly increase of 0.71% [6]. 3.4 Supply - Demand Data - **Production and Capacity Utilization**: From August 22, 2025, to September 26, 2025, the output of offset paper increased from 19.48 tons to 21 tons, and the capacity utilization rate fluctuated between 52.93% and 56.9% [6]. - **Inventory**: Both the factory - level inventory and social inventory showed little change during the period from August 22, 2025, to September 26, 2025. The factory - level inventory was around 117.81 - 122.7 tons, and the social inventory was around 53 - 53.8 tons [6]. - **Profit**: The production profit of offset paper using chemimechanical pulp as the main raw material was between 541.25 - 629 yuan/ton, and that using hardwood pulp as the main raw material was between 264 - 392 yuan/ton during the period from August 22, 2025, to September 26, 2025 [6].