| 投资咨询业务资格:证监许可【2012】31号 | | | | | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国贸期货研究院 | | | | | 投资咨询号:Z0015194 | | | 2025/5/26 | | | 农产品研究中心 | | | | 杨璐琳 | 从业资格号:F3042528 | | | | | | | | | | 纸浆价格数据 | | | | | | | 2025年5月23日 | | | 日环比 | 周环比 | | | 2025年5月23日 | 日 +K + HMM | 周环比 | | SP2601 | | 5316 | 0. 08% | 0. 64% | | 针叶浆银星 | 6250 | 0. 00% | -0. 79% | | SP2507 | 期货价格 | 5464 | 0. 70% | 2. 02% | 现货价 | 针织我针 | 5450 | 0. 00% | 0. 00% | | SP2509 | | 5338 | 0. 41% | 1. 10% | | 阔 ...

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SUL | | | | | | | | | 国贸期货研究院 农产品研究中心 | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/5/23 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年5月22日 | 日环比 | 周环比 | | | 2025年5月22日 | EFAH HMA | 周环比 | | | SP2601 | 5312 | -0. 45% | -0. 08% | | 针叶浆银星 | 6250 | 0. 00% | -0. 79% | | 期货价格 | SP2507 | 5426 | 0. 11% | 0. 74% | 现货价 | 针织我针 | 5450 | 0. 00% | 0. 00% | | | SP2509 | 5316 | -0. 41% | -0. 04% ...

市 市 需 有 谨 风 慎 险 国贸期货有限公司 流的衍生品综合服务商 DADA - 官 方 网 站 www.itf.com.cn 脂 热 线 400-8888-598 | | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 国贸期货研究院 | | 投资咨询号:Z0015194 | | | 2025/5/21 | | | | | 农产品研究中心 | | 杨璐琳 | 从业资格号:F3042528 | | | | | | | | | | 纸浆价格数据 | | | | | | | | | 2025年5月20日 | 日环比 | 周环比 | | | 2025年5月20日 | 日环比 | 周环比 | | | SP2601 | 5334 | 0. 30% | 1.91% | | 针叶浆银星 | 6250 | -0. 79% | -0. 79% | | 期货价格 | SP2507 | 5410 | 0. 37% | 2. 54% | 现 ...

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SUL | | | | | | | | 农产品研究中心 | 国贸期货研究院 | 杨璐琳 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/5/19 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年5月16日 | HMM | 周环比 | | | 2025年5月16日 | HMA | 周环比 | | | SP2601 | 5282 | -0. 64% | 2. 40% | | 针叶浆银星 | 6300 | 0. 00% | 1.61% | | 期货价格 | SP2507 | 5356 | -0. 56% | 3.72% | 现货价 | 针织我针 | 5450 | 0. 00% | 4. 81% | | | SP2509 | 5280 | -0. 71% | 3.57% | | 阔叶浆金鱼 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the short - term, with the release of macro - sentiment, pulp prices will oscillate, stabilize, and repair upwards, but the time and space for this are limited [74]. - The pulp market currently faces two main problems: high inventory levels and cost - transmission issues. The high inventory requires time for domestic paper mills to digest, and the weak demand in the paper market means that downstream paper mills have low willingness to purchase pulp at high prices [74]. 3. Summary by Directory 3.1 Industry News - As of May 15, 2025, the pulp inventories in Changshu Port, Qingdao Port, and Gaolan Port all increased, with the total inventory of mainstream Chinese pulp ports reaching 219.8 million tons, a week - on - week increase of 8.0% [5]. - On May 15, Chenming Paper participated in an investor exchange. The company is promoting the resumption of production, strategic investment, and debt settlement. The 1 billion yuan in government funds has been fully in place, and most of the 2.31 billion yuan syndicated loan has been approved [5]. 3.2 Market Data - **Basis and Spread**: On May 16, 2025, the basis of Silver Star was 944 yuan/ton, a week - on - week decrease of 8.88%, and the basis of Russian Needle was 94 yuan/ton, a week - on - week increase of 161.11%. The spread between Silver Star and Russian Needle was 850 yuan/ton, a week - on - week decrease of 15.00% [14]. - **Monthly Spread**: On May 16, 2025, the 07 - 09 monthly spread was 76 yuan/ton, a week - on - week increase of 15.15%, and the 07 - 11 monthly spread was 150 yuan/ton, a week - on - week increase of 56.25% [18]. 3.3 Fundamental Data - **Price**: - **Needle - Broadleaf Spread**: On May 16, 2025, the spread between Silver Star and Goldfish was 2050 yuan/ton, a week - on - week decrease of 2.38%, and the spread between Russian Needle and Goldfish was 1200 yuan/ton, a week - on - week increase of 9.09% [25]. - **Import Profit**: On May 16, 2025, the import profit of Silver Star was - 39 yuan/ton, a week - on - week increase of 74.29%, and the import profit of Star was - 432 yuan/ton, a week - on - week increase of 27.01% [28]. - **Coniferous Pulp**: On May 16, 2025, the prices of various coniferous pulps such as Silver Star and Northwood increased week - on - week, but decreased year - on - year [30]. - **Broadleaf Pulp**: On May 16, 2025, the prices of various broadleaf pulps such as Goldfish and Star increased week - on - week, but decreased year - on - year [37]. - **Natural and Chemimechanical Pulp**: On May 16, 2025, the price of Venus was 5300 yuan/ton, a week - on - week decrease of 0.93%, and the price of Kunhe was 3900 yuan/ton, unchanged week - on - week [41]. - **Supply**: - **European Port Inventory and Global Pulp Out - bound Volume**: In March 2025, European port inventory increased by 7.56% month - on - month, and in February 2025, global pulp out - bound volume decreased by 1.70% month - on - month [44]. - **Pulp Import Volume**: In March 2025, the import volumes of coniferous and broadleaf pulps decreased, while the import volumes of natural and chemimechanical pulps increased [46]. - **Demand**: - **Finished Paper Capacity Utilization**: On May 16, 2025, the capacity utilization rates of white cardboard, household tissue paper, offset paper, and coated paper were 68.05%, 62.60%, 56.06%, and 56.85% respectively. The capacity utilization rate of white cardboard decreased significantly week - on - week [49]. - **Finished Paper Price**: On May 16, 2025, the prices of various finished papers such as white cardboard and household tissue paper decreased week - on - week and year - on - year [50]. - **Finished Paper Profit**: On May 16, 2025, the profits of white cardboard, household tissue paper, offset paper, and coated paper decreased week - on - week, but increased year - on - year [59]. - **Inventory**: - **Futures Inventory**: On May 16, 2025, the total warehouse receipt quantity of pulp was 24.75 million tons in warehouses and 2.24 million tons in factories, with the former decreasing by 3.06% week - on - week [65]. - **Spot Inventory**: On May 16, 2025, the total inventory of five major ports was 219.8 million tons, a week - on - week increase of 8.01% [71]. 3.4 Operation Suggestions - In the short - term, the pulp market will oscillate, stabilize, and repair upwards due to the release of macro - sentiment. However, considering the high inventory and weak demand in the downstream paper market, the upward movement is limited [74].

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SUL | | | | | | | | | 国贸期货研究院 | | 投资咨询号:Z0015194 | | | | | | | | | 农产品研究中心 | 杨璐琳 | 从业资格号:F3042528 | | | 2025/5/15 | | | | | | | | 纸浆价格数据 | | | | | | | | 2025年5月14日 | 日环比 | 周环比 | | | 2025年5月14日 | HMA | 周环比 | | | SP2505 | 5332 | 1. 91% | 2. 93% | | 针叶浆银星 | 6300 | 0. 00% | 1.61% | | 期货价格 | SP2507 | 5378 | 1. 93% | 4. 67% | 现货价 | 针织我针 | 5300 | 0. 00% | 2. 91% | | | SP2509 | 5308 | 1. 6 ...

世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 期 市 市 官 方 网 站 需 有 谨 风 www.itf.com.cn 服 热 线 for 400-8888-598 | | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITG国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL | | | | | | | | | 国贸期货研究院 农产品研究中心 | 杨璐娇 | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/5/6 | | | | | | | 纸浆价格数据 | | | | | | | | | 2025年4月30日 | 日环比 | 周环比 | | | 2025年4月30日 | 日本山 | 1977 17 | | | SP2505 | 5116 | -1.99% | -6. 78% | | 针叶浆银星 | 6200 | -1.59% | -2. 36% | | 期货价格 | SP2507 | 5120 | - ...

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年4月27日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 操作建议 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 操作建议 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 Special report on Guotai Junan Futures 4 1. 【常熟港纸浆库存统计】截至2025年4月24日，中国纸浆常熟港库存55.8万吨，较上周期上涨4.1万吨，环比上涨7.9%。本周常熟港库存呈现累库走势。 2. 【青岛港纸浆库存统计】截至2025年4月24日，中国纸浆青岛港库存134.7万吨，较上周下降1.1万吨，环比下降0.8%。本周期青岛港库存周期内呈现小幅去库走势。 3. 【高栏港纸浆库存统计】截至2025年4月24日，中国纸浆高栏港库存8.3万吨，较上周下降 ...