1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The pulp market is expected to be weakly stable with oscillations in the short - term. The high inventory on the supply side and the weak demand during the traditional off - season are putting pressure on the market. Attention should be paid to the sustainability of policy implementation and the arrival of goods at major ports [77][78]. 3. Summary According to the Table of Contents Industry News - As of July 31, 2025, the pulp inventory at Changshu Port was 514,000 tons, a decrease of 62,000 tons (10.8% MoM); at Qingdao Port, it was 1,405,000 tons, an increase of 43,000 tons (3.2% MoM); at Gaolan Port, it was 70,000 tons, a decrease of 11,000 tons (13.6% MoM). The total inventory of major ports was 2,105,000 tons, a decrease of 38,000 tons (1.8% MoM) [6]. - Shandong Yinhe Ruixue Paper plans to build a 300,000 - ton pulping project, with a total investment of 2,207.94 million yuan, scheduled to start in January 2026 and be put into production in December 2027 [6]. Market Data - On August 1, 2025, the basis of Silver Star was 664 yuan/ton (66% MoM, 82.42% YoY), the basis of Russian Needle was 114 yuan/ton (670% MoM, 416.67% YoY), and the price difference between Silver Star and Russian Needle was 550 yuan/ton (30.95% MoM, 37.5% YoY) [15]. - On August 1, 2025, the 09 - 11 month - spread was - 6 yuan/ton (- 106.38% MoM), and the 11 - 01 month - spread was - 224 yuan/ton (- 53.42% MoM) [20]. Fundamental Data - **Price: Softwood - Hardwood Price Difference and Import Profit** - On August 1, 2025, the price difference between Silver Star and Goldfish was 1,730 yuan/ton (- 2.26% MoM, 73% YoY), and the price difference between Russian Needle and Goldfish was 1,180 yuan/ton (- 12.59% MoM, 96.67% YoY) [29]. - On August 1, 2025, the import profit of Silver Star was - 46.91 yuan/ton (- 259.84% MoM, 67.76% YoY), and the import profit of Star was 0.48 yuan/ton (- 98.63% MoM, 100.18% YoY) [35]. - **Price: Softwood Pulp** - On August 1, 2025, the prices of Silver Star, Cariboo, Northern Pine, Lion Brand, and Russian Needle were 5,850 yuan/ton, 5,950 yuan/ton, 6,150 yuan/ton, 5,950 yuan/ton, and 5,300 yuan/ton respectively, with varying MoM and YoY changes [36]. - **Price: Hardwood Pulp** - On August 1, 2025, the prices of Goldfish, Star, Bird, and Broadleaf were 4,120 yuan/ton, 4,120 yuan/ton, 4,100 yuan/ton, and 4,100 yuan/ton respectively, with varying MoM and YoY changes [43]. - **Price: Natural Color Pulp and Chemimechanical Pulp** - On August 1, 2025, the prices of Venus and Kunhe were 5,000 yuan/ton and 3,700 yuan/ton respectively, with no MoM change and different YoY changes [47]. - **Supply** - In June 2025, the European port inventory was 1.56 million tons (1.89% MoM, 34.72% YoY), and the global pulp shipment volume in May was 4.155 million tons (1.91% MoM, - 9.18% YoY) [49]. - In June 2025, the pulp import volume was 3.031 million tons (4.2% YoY), including 1.435 million tons of hardwood pulp (11% MoM) [77]. - **Demand** - On August 1, 2025, the capacity utilization rates of white cardboard, tissue paper, offset paper, and coated paper were 72.68%, 63.2%, 55.44%, and 57.88% respectively, with varying MoM and YoY changes [56]. - The prices of major finished papers were at a low level this year, and the terminal consumption had no new incremental demand [78]. - The profits of white cardboard, offset paper, and coated paper decreased, while the profit of tissue paper increased [65]. - **Inventory** - On August 1, 2025, the warehouse receipt quantity of pulp in warehouses was 235,400 tons (- 0.45% MoM, - 49.14% YoY), and in factories was 19,200 tons (0% MoM, - 42.05% YoY) [66]. - On August 1, 2025, the inventory at Qingdao Port was 1,405,000 tons (3.16% MoM, 29.49% YoY), at Changshu Port was 514,000 tons (- 10.76% MoM, 5.54% YoY), and the total inventory of five ports was 2,105,000 tons (- 1.77% MoM, 18.06% YoY) [74]. This Week's View Summary - **Supply**: The inventory of major ports decreased in July, and the import volume remained high. China plans to add 3.206 million tons of pulp production capacity in the second half of 2025 [77]. - **Demand**: The traditional off - season effect is prominent, with a decrease in monthly pulp consumption and low prices of base paper [78]. - **View**: The market is expected to be weakly stable with oscillations in the short - term. Attention should be paid to policy implementation and the arrival of goods at major ports [78]. - **Valuation**: The basis of Silver Star in Shandong increased by 46 yuan/ton. - **Strategy**: Short - term near - month contracts are weak, far - month contracts may be stable; consider reverse arbitrage [79].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - This week, the pulp market may follow the market trend and undergo a corrective adjustment. The supply side is under pressure with high port inventories and abundant spot supplies. The demand side faces cost - transmission obstacles, and the poor profit of paper mills dampens the procurement sentiment for pulp. The futures market is dominated by macro - sentiment while the spot market is weak, and the divergence between futures and spot prices may improve. It is expected that the pulp market will decline following the overall market atmosphere this week [79]. 3. Summary by Directory 3.1 Industry News - As of July 24, 2025, the pulp inventory at Changshu Port was 57.6 tons, down 3.2 tons from the previous period, a 5% MoM decrease; the inventory at Qingdao Port was 136.2 tons, up 1.3 tons from last week, a 1.0% MoM increase; the inventory at Gaolan Port was 8.1 tons, down 0.8 tons from last week, a 9.0% MoM decrease. The total inventory of China's major pulp ports was 214.3 tons, down 3.8 tons from the previous period, a 1.7% MoM decrease [6]. - In June 2025, the import volume of bleached softwood pulp was 67.8 tons, a 6.1% MoM decrease and a 23.3% YoY increase; the import volume of bleached hardwood pulp was 143.5 tons, a 11.0% MoM increase and an 18.9% YoY increase; the import volume of softwood chips was 7.2 tons, a 234.9% MoM increase and a 125.9% YoY increase; the import volume of hardwood chips was 129.2 tons, a 0.2% MoM increase and a 1.3% YoY decrease [6]. 3.2 Market Data - **Market Trends**: On July 25, 2025, the basis of silver star pulp was 400 yuan/ton, a 36.31% MoM decrease and a 7.41% YoY decrease; the basis of Russian needle pulp was - 20 yuan/ton, a 350.00% MoM decrease and a 162.50% YoY decrease; the price difference between silver star and Russian needle pulp was 420 yuan/ton, a 32.26% MoM decrease and a 5.00% YoY increase [11]. - **Basis and Spread**: On July 25, 2025, the 09 - 11 spread was 94 yuan/ton, a 193.75% MoM increase; the 11 - 01 spread was - 146 yuan/ton, a 19.78% MoM increase [17]. 3.3 Fundamental Data - **Price**: The price difference between silver star and goldfish pulp decreased by 2.75% MoM and increased by 86.32% YoY; the price difference between Russian needle and goldfish pulp increased by 12.50% MoM and 145.45% YoY. The import profit of silver star pulp increased by 2804% MoM and 11502% YoY; the import profit of star pulp increased by 277.35% MoM and 103.50% YoY [24][32]. - **Supply**: In May 2025, the European port inventory increased both MoM and YoY; the global pulp out - port volume increased MoM. In June 2025, the pulp import volume showed a differentiated performance, with the softwood pulp import volume decreasing by 6.07% MoM and the hardwood pulp import volume increasing by 10.96% MoM [47][50]. - **Demand**: The capacity utilization rates of white cardboard, double - offset paper, and copperplate paper decreased slightly, while that of tissue paper increased slightly. The profits of white cardboard, tissue paper, double - offset paper, and copperplate paper decreased to varying degrees [55][65]. - **Inventory**: The futures inventory decreased, and the spot inventory of major ports decreased slightly. As of July 25, 2025, the warehouse receipt quantity of pulp in warehouses was 23.65 tons, a 0.11% MoM decrease and a 50.50% YoY decrease; the warehouse receipt quantity in factories was 1.92 tons, a 0.52% MoM decrease and a 40.25% YoY decrease [69]. 3.4 This Week's View Summary - **Supply**: The supply side pressure is solidified, with high port inventories and abundant spot supplies. The major port inventory decreased slightly this period [79]. - **Demand**: The demand side has cost - transmission obstacles, and the poor profit of paper mills dampens the procurement sentiment for pulp [79]. - **View**: The futures market is dominated by macro - sentiment while the spot market is weak. The divergence between futures and spot prices may improve, and the pulp market may decline following the overall market atmosphere this week [79]. - **Valuation**: The basis of silver star pulp in Shandong decreased by 64 yuan/ton [79]. - **Strategy**: Adopt a bearish approach for a single - sided trade; use a reverse spread strategy for the 9 - 1 and 11 - 1 contracts [79].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided. 2. Core View of the Report In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [2]. 3. Summary by Relevant Catalogs Price Data - On July 9, 2025, the futures price of SP2601 was 5318, with a daily - on - daily increase of 0.45% and a weekly - on - weekly increase of 0.64%. The spot price of coniferous pulp Silver Star was 5900, with no daily or weekly change [1]. - The futures price of SP2507 was 5070, with a daily increase of 0.76% and a weekly increase of 0.44%. The spot price of coniferous pulp Russian Needle was 5120, with no change [1]. - The outer - disk quotation of Chilean Silver Star was 720 dollars, a month - on - month decrease of 2.70%, and its import cost was 5884, a month - on - month decrease of 2.68% [1]. Fundamental Data - In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%, and the import volume of broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84% [1]. - The pulp shipment volume to China in May increased by 3.3% month - on - month [1]. Supply - Chilean Arauco announced a new round of July wood pulp outer - disk quotations. The face value of coniferous pulp Silver Star (no new offer after completed transactions), the face value of natural pulp Venus was 590 dollars per ton, and the net price of Uruguayan broad - leaf pulp New Star was 500 dollars per ton (no quantity for Chilean Star). The supply side showed an increase in quantity and a decrease in price [1]. Demand - This week, the output of major finished paper increased slightly, but the price of finished paper remained low, providing weak support for pulp [2]. Inventory - As of July 3, 2025, the inventory of mainstream pulp ports in China was 221.3 tons, an increase of 5.0 tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Pulp is expected to run weakly, and it is recommended to conduct a 11 - 1 reverse spread strategy [1]. 3. Summary by Relevant Catalogs 3.1 Futures and Spot Prices - **Futures Prices**: On June 27, 2025, SP2601 was 5264 with a week - on - week decrease of 0.68% and a day - on - week decrease of 0.04%; SP2507 was 5060 with no day - on - day change and a week - on - week decrease of 3.62%; SP2509 was 5066 with a day - on - day decrease of 0.08% and a week - on - week decrease of 3.58% [1]. - **Spot Prices**: On June 27, 2025, the price of coniferous pulp Silver Star was 5950 with no day - on - day change and a week - on - week decrease of 1.65%; Russian Needle was 5120 with no day - on - day change and a week - on - week decrease of 2.48%; broadleaf pulp Goldfish was 4050 with no day - on - day change and a week - on - week decrease of 1.22% [1]. 3.2 Outer - Disk Quotes and Import Costs - **Outer - Disk Quotes (USD)**: In June 2025, the outer - disk quote of Chilean Silver Star was 720, a month - on - month decrease of 2.70%; Chilean Star was 560 with no change; Chilean Venus was 620 with no change [1]. - **Import Costs**: The import cost of Chilean Silver Star was 5884, a month - on - month decrease of 2.68%; Chilean Star was 4587 with no change; Chilean Venus was 5073 with no change [1]. 3.3 Supply - Side Data - **Imports**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%; the import volume of broadleaf pulp was 129.3 tons, a month - on - month increase of 7.84%. The pulp shipment volume to China was 1353 tons, a month - on - month decrease of 30.80% [1]. - **Domestic Production**: The domestic production of broadleaf pulp on June 26, 2025, was 20.6 tons; the domestic production of chemimechanical pulp was 20.3 tons [1]. 3.4 Inventory Data - **Port Inventory**: As of June 26, 2025, the inventory of mainstream pulp ports in China was 216.3 tons, a decrease of 4.5 tons from the previous period, a month - on - month decrease of 2.0% [1]. - **Delivery Warehouse Inventory**: On June 26, 2025, the delivery warehouse inventory was 24.60 tons [1]. 3.5 Demand - Side Data - **Finished - Paper Production**: In the week of June 27, 2025, the production of offset paper was 20.40 tons; copperplate paper was 7.60 tons; tissue paper was 28.00 tons; white cardboard was 30.30 tons. The production of major finished papers decreased, and the prices of finished papers remained low, providing weak support for pulp [1]. 3.6 Valuation Data - **Basis**: On June 27, 2025, the Russian Needle basis was 54 with a quantile level of 0.809; the Silver Star basis was 884 with a quantile level of 0.975 [1]. - **Import Profits**: On June 27, 2025, the import profit of coniferous pulp Silver Star was 66 with a quantile level of 0.739; the import profit of broadleaf pulp Goldfish was - 537 with a quantile level of 0.189 [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoint - The pulp market is expected to operate in a volatile and weak manner. The main contract of pulp futures dropped significantly during the week, hitting a new monthly low, intensifying the panic in the spot market. Demand is deeply weak, and supply pressure is increasing. The high port inventory and the expected arrival of new shipments from Brazil in July continue to put pressure on spot liquidity. The reduction in the quoted price of softwood pulp also weakens cost support [84]. Summary by Directory Industry News - As of June 26, 2025, the inventory of pulp in Changshu Port was 546,000 tons, a decrease of 39,000 tons from the previous period, a month - on - month decrease of 6.7%. The inventory in Qingdao Port was 1.352 million tons, a decrease of 6,000 tons from the previous week, a month - on - month decrease of 0.4%. The inventory in Gaolan Port was 138,000 tons, a decrease of 18,000 tons from the previous week, a month - on - month decrease of 11.5%. The total inventory of mainstream port samples in China was 2.163 million tons, a decrease of 45,000 tons from the previous period, a month - on - month decrease of 2.0% [6]. - In May 2025, the inventory days of bleached softwood pulp of 20 world commodity pulp suppliers increased by 5 days to 46 days, and the inventory days of bleached hardwood pulp increased by 4 days to 51 days. The total shipment volume in May increased by 1.9% month - on - month, with the shipment volume of bleached softwood pulp increasing by 4.4% and that of bleached hardwood pulp increasing by 1.2% [6]. - In May 2025, the import volume of bleached softwood pulp was 722,000 tons, a month - on - month decrease of 4.7% and a year - on - year increase of 2.6%. The cumulative import volume for the year was 3.082 million tons, a cumulative year - on - year decrease of 1.9%. The import volume of bleached hardwood pulp was 1.293 million tons, a month - on - month increase of 7.8% and a year - on - year increase of 3.0%. The cumulative import volume for the year was 7.108 million tons, a cumulative year - on - year increase of 8.0% [6]. Market Data - On June 27, 2025, the basis of Silver Star was 854 yuan/ton, a month - on - month decrease of 8.17% and a year - on - year increase of 151.18%. The basis of Russian Needle was 24 yuan/ton, a month - on - month decrease of 81.54% and a year - on - year increase of 140.00%. The price difference between Silver Star and Russian Needle was 830 yuan/ton, a month - on - month increase of 3.75% and a year - on - year increase of 107.50% [15]. - On June 27, 2025, the 09 - 11 month spread was 20 yuan/ton, a month - on - month decrease of 44.44%. The 11 - 01 month spread was - 220 yuan/ton, a month - on - month decrease of 168.29% [20]. Fundamental Data - **Price**: - On June 27, 2025, the price difference between Silver Star and Goldfish was 1,900 yuan/ton, a month - on - month decrease of 2.56% and a year - on - year increase of 123.53%. The price difference between Russian Needle and Goldfish was 1,070 yuan/ton, a month - on - month decrease of 6.96% and a year - on - year increase of 137.78% [29]. - The import profit of Silver Star was 42 yuan/ton on June 27, 2025, a month - on - month decrease of 69.01% and a year - on - year increase of 107.79%. The star of hardwood pulp had no quotation in June, and the supply is expected to partially resume in July [34][35]. - On June 27, 2025, the prices of Silver Star, Cariboo, Northern Wood, Lion Brand, and Russian Needle were 5,950 yuan/ton, 6,050 yuan/ton, 6,250 yuan/ton, 6,050 yuan/ton, and 5,120 yuan/ton respectively, with month - on - month decreases of 1.65%, 1.63%, 0.79%, 1.63%, and 2.48% respectively, and year - on - year decreases of 5.56%, 4.72%, 1.57%, 4.72%, and 13.22% respectively [36]. - On June 27, 2025, the prices of Goldfish, Star, Bird, and Broadleaf were 4,050 yuan/ton, with a month - on - month decrease of 1.22% and year - on - year decreases of 25.69%, 25.00%, 25.00%, and 22.86% respectively [44]. - On June 27, 2025, the prices of Venus and Kunhe were 5,000 yuan/ton and 3,700 yuan/ton respectively, with month - on - month decreases of 1.96% and 5.13% respectively, and year - on - year decreases of 8.26% and 3.90% respectively [48]. - **Supply**: - In April 2025, the inventory in European ports decreased month - on - month, and the global pulp departure volume decreased both month - on - month and year - on - year. The inventory in European ports was 1.352 million tons, a month - on - month decrease of 12.77% and a year - on - year increase of 16.75%. The global pulp departure volume was 4.077 million tons, a month - on - month decrease of 18.30% and a year - on - year decrease of 10.89% [51][52]. - In May 2025, the import volume of pulp showed differentiated month - on - month performance. The import volume of softwood pulp decreased by 4.75% month - on - month, and that of hardwood pulp increased by 7.84% month - on - month [54]. - **Demand**: - On June 27, 2025, the capacity utilization rates of white cardboard, household tissue paper, offset paper, and coated paper were 73.90%, 63.40%, 57.15%, and 56.33% respectively, with month - on - month changes of 2.35%, 2.09%, 4.67%, and - 0.39% respectively, and year - on - year changes of - 3.90%, 0.06%, - 10.30%, and - 11.90% respectively [58]. - The average prices of white cardboard, wood pulp household tissue paper, offset paper, and coated paper on June 27, 2025 were 4,065 yuan/ton, 5,666.67 yuan/ton, 5,125 yuan/ton, and 5,400 yuan/ton respectively, with month - on - month decreases of 0.73%, 1.16%, 0.73%, and 0.00% respectively, and year - on - year decreases of 6.77%, 15.00%, 9.99%, and 4.85% respectively [59]. - The profits of white cardboard, household tissue paper, offset paper, and coated paper on June 26 or 27, 2025 were 600 yuan/ton, 243.10 yuan/ton, 170.57 yuan/ton, and 912 yuan/ton respectively, with month - on - month changes of 2.56%, - 18.67%, 32.67%, and 4.29% respectively, and year - on - year increases of 76.47%, 358.51%, 255.35%, and 90.20% respectively [72]. - **Inventory**: - On June 27, 2025, the warehouse receipt quantity of pulp in warehouses was 228,500 tons, a month - on - month decrease of 2.91% and a year - on - year decrease of 49.06%. The warehouse receipt quantity in factories was 16,300 tons, with no month - on - month change and a year - on - year decrease of 49.25% [73]. - On June 27, 2025, the inventories of Qingdao Port, Changshu Port, and the sum of Gaolan Port, Tianjin Port, and Rizhao Port were 1.352 million tons, 546,000 tons, and 265,000 tons respectively, with month - on - month changes of - 0.44%, - 6.67%, and 0.00% respectively, and year - on - year increases of 33.20%, 4.60%, and 52.30% respectively. The total inventory of the five ports was 2.163 million tons, a month - on - month decrease of 2.04% and a year - on - year increase of 26.42% [80]. Operation Suggestion - Pulp is expected to operate in a volatile and weak manner. It is predicted that pulp will maintain volatile consolidation and operate weakly in the near future. The main factors include weak demand, high port inventory, expected arrival of new shipments from Brazil, and the reduction in the quoted price of softwood pulp [84].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp market shows a narrow inventory accumulation trend. After the suspension of needle pulp warehousing, it is recommended to conduct a 11 - 1 reverse spread strategy [1] Group 3: Summary by Relevant Catalogs Price Data - On June 24, 2025, SP2601 futures price was 5350, down 2.27% day - on - day and up 2.33% week - on - week; SP2507 was 5130, down 2.25% day - on - day and 1.72% week - on - week; SP2509 was 5136, down 2.69% day - on - day and 1.50% week - on - week [1] - Spot prices: coniferous pulp Silver Star was 6000, down 0.83% day - on - day and week - on - week; Russian Needle was 5150, down 2.83% day - on - day and 1.90% week - on - week; broadleaf pulp Goldfish was 4050, down 1.22% day - on - day and week - on - week [1] - Outer - disk quotes: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged. Import costs were also unchanged [1] Fundamental Data Supply - In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China was 1353 tons, down 30.80% [1] - Domestic production: broadleaf pulp production on June 19, 2025 was 20.9 tons; chemimechanical pulp was 19.9 tons [1] Inventory - As of June 19, 2025, the inventory of mainstream pulp ports in China was 220.8 tons, up 2.3 tons from the previous period, a 1.1% increase [1] - Delivery warehouse inventory on June 19, 2025 was 23.53 tons [1] Demand - Output of finished paper decreased this week. Double - offset paper output was 19.50 tons; coated paper was 7.70 tons; toilet paper was 27.40 tons; white cardboard was 29.50 tons [1] Valuation Data - On June 24, 2025, the basis of Russian Needle was 14, with a quantile level of 0.739; the basis of Silver Star was 864, with a quantile level of 0.972 [1] - Import profit: coniferous pulp Silver Star was - 46, with a quantile level of 0.53; broadleaf pulp Goldfish was - 537, with a quantile level of 0.188 [1] Supply and Demand Situation - Supply side: Chilean Arauco announced the June 2025 wood pulp outer - disk prices. Coniferous pulp Silver Star was 740 dollars/ton (face price), unchanged; broadleaf pulp had no supply in June, and partial supply was expected to resume in July (limited quantity); natural pulp Venus was 620 dollars/ton (face price), unchanged [1] - Demand side: The output of major finished paper decreased this week, and the prices of finished paper remained low, providing weak support for pulp [1]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The pulp market lacks clear driving factors in the short - term, and a 7 - 9 reverse spread strategy is recommended [1]. 3) Summary by Related Catalogs a. Price Data - **Futures Prices**: On June 16, 2025, SP2601 was 5236, up 0.65% day - on - day and down 1.13% week - on - week; SP2507 was 5242, down 0.49% day - on - day and down 1.95% week - on - week; SP2509 was 5232, up 0.65% day - on - day and down 1.10% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6100, unchanged day - on - day and down 0.81% week - on - week; Russian Coniferous pulp was 5300, unchanged day - on - day and down 0.93% week - on - week; Broadleaf pulp Goldfish was 4100, unchanged day - on - day and down 0.49% week - on - week [1]. - **Outer - Disk Quotes**: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1]. - **Import Costs**: Chilean Silver Star was 6046, unchanged; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1]. b. Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month. The pulp shipments to China were 1353 tons, down 30.80% [1]. - **Inventory**: As of June 12, 2025, pulp port inventory was 218.5 tons, up 1.3% from the previous period; delivery warehouse inventory was 25.50 tons [1]. - **Demand**: The production of finished paper remained stable. Double - offset paper production was 20.10 tons; coated paper production was 7.61 tons; household paper production was 28.00 tons; white cardboard production was 30.10 tons [1]. c. Valuation Data - **Basis**: On June 16, 2025, the Russian Coniferous pulp basis was 58, with a quantile level of 0.818; the Silver Star basis was 858, with a quantile level of 0.972 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 54, with a quantile level of 0.712; the import profit of broadleaf pulp Goldfish was - 487, with a quantile level of 0.204 [1]. d. Summary of Market Conditions - **Supply - Side**: Chilean Arauco's June 2025 wood pulp outer - disk quotes: coniferous pulp Silver Star was 740 dollars/ton (face value), unchanged; broadleaf pulp had no supply in June, with limited supply expected to resume in July; natural pulp Venus was 620 dollars/ton (face value), unchanged. In April 2025, the shipments of M20 coniferous pulp to China decreased by 2.9% year - on - year, and the shipments of broadleaf pulp to China increased by 26.7% year - on - year [1]. - **Demand - Side**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases, and the production of major finished papers remained stable [1]. - **Inventory - Side**: As of June 12, 2025, the inventory of China's mainstream pulp ports was 218.5 tons, up 2.8 tons from the previous period, showing a slight inventory accumulation trend [1]. e. Strategy A 7 - 9 reverse spread strategy is recommended as the pulp market lacks clear driving factors in the short - term [1].

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].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Under the situation of low valuation and weak drivers, pulp prices may continue to fluctuate at a low level. Last week, domestic pulp prices continued to fluctuate at a low level, mainly due to the low willingness of downstream paper mills to replenish inventory and the continuous cancellation of warehouse receipts. In the future, considering the decline in downstream demand, the US dollar price of pulp is gradually entering a price - cut cycle, which has a negative impact on the market. The supply pressure in May may still be high, while the demand for pulp is difficult to improve significantly. Currently, the market valuation is low. In the short - term, investors can focus on the valuation repair opportunities, but the upside space may be limited. In the medium - to - long - term, they can consider short - selling at high prices after the valuation repair [70]. 3. Summary According to the Table of Contents 3.1 Industry News - As of April 24, 2025, the pulp inventory in Changshu Port was 558,000 tons, a week - on - week increase of 41,000 tons (7.9%); the inventory in Qingdao Port was 1.347 million tons, a week - on - week decrease of 11,000 tons (0.8%); the inventory in Gaolan Port was 83,000 tons, a week - on - week decrease of 3,000 tons (3.5%). The total inventory of mainstream ports was 2.106 million tons, a week - on - week increase of 37,000 tons (1.8%) [5]. - Chile's Arauco Company adjusted its April 2025 wood pulp export prices: coniferous pulp Silver Star was at $770/ton, broad - leaf pulp Star was at $560/ton, and natural pulp Venus was at $650/ton [5]. - In March 2025, the import volume of bleached coniferous pulp was 798,000 tons, a month - on - month decrease of 0.1% and a year - on - year decrease of 6.5%; the import volume of bleached broad - leaf pulp was 1.47 million tons, a month - on - month decrease of 8.5% and a year - on - year increase of 22.2%; the import volume of natural coniferous pulp was 107,000 tons, a month - on - month increase of 14.5% and a year - on - year increase of 15.0%; the import volume of chemimechanical pulp was 134,000 tons, a month - on - month increase of 9.9% and a year - on - year decrease of 9.8% [5]. 3.2 Market Data 3.2.1 Market Trends - Not provided in the given content 3.2.2 Basis and Monthly Spread - On April 25, 2025, the basis of Silver Star was 974 yuan/ton, a week - on - week decrease of 1.42% and a year - on - year increase of 1332.35%; the basis of Russian Needle was 74 yuan/ton, a week - on - week decrease of 15.91% and a year - on - year increase of 140.66%; the price difference between Silver Star and Russian Needle was 900 yuan/ton, with no week - on - week change and a year - on - year increase of 260.00% [13]. - On April 25, 2025, the 05 - 07 monthly spread was 98 yuan/ton, a week - on - week increase of 68.97%; the 05 - 09 monthly spread was 152 yuan/ton, a week - on - week increase of 46.15% [17]. 3.3 Fundamental Data 3.3.1 Price - The price difference between coniferous and broad - leaf pulp has widened this week. On April 25, 2025, the price difference between Silver Star and Goldfish was 2000 yuan/ton, a week - on - week increase of 5.26% and a year - on - year increase of 233.33%; the price difference between Russian Needle and Goldfish was 1100 yuan/ton, a week - on - week increase of 10.00% and a year - on - year increase of 214.29% [25]. - The import profit of coniferous and broad - leaf pulp is seriously inverted. On April 25, 2025, the import profit of Silver Star was - 448.35 yuan/ton, a week - on - week increase of 0.06% and a year - on - year decrease of 69.68%; the import profit of Star was - 340.34 yuan/ton, a week - on - week increase of 47.46% and a year - on - year decrease of 25.18% [28]. - This week, coniferous pulp prices were weakly stable. On April 25, 2025, the prices of Silver Star, Kalip, Northwood, Lion Brand, and Russian Needle were 6350 yuan/ton, 6350 yuan/ton, 6400 yuan/ton, 6350 yuan/ton, and 5450 yuan/ton respectively, with no week - on - week change, and year - on - year decreases of 0.78%, 2.31%, 2.29%, 2.31%, and 11.38% respectively [36]. - The average price of imported broad - leaf pulp has declined. On April 25, 2025, the prices of Goldfish, Star, Bird, and Broad were 4350 yuan/ton, 4300 yuan/ton, 4300 yuan/ton, and 4300 yuan/ton respectively, week - on - week decreases of 2.25%, 2.27%, 2.27%, and 2.27% respectively, and year - on - year decreases of 25.00%, 25.22%, 25.22%, and 20.37% respectively [40]. - On April 25, 2025, the price of Venus was 5450 yuan/ton, with no week - on - week change and a year - on - year increase of 0.93%; the price of Kunhe was 3900 yuan/ton, with no week - on - week change and a year - on - year decrease of 2.50% [45]. 3.3.2 Supply - In February 2025, the European port inventory of pulp decreased slightly month - on - month, and the global pulp shipping volume decreased month - on - month. The European port inventory was 1.441 million tons, a month - on - month decrease of 0.69% and a year - on - year increase of 24.44%; the global pulp shipping volume was 4.324 million tons, a month - on - month decrease of 1.70% and a year - on - year decrease of 5.49% [48]. - In March 2025, the import volume of coniferous and broad - leaf pulp decreased, while the import volume of natural and chemimechanical pulp increased. The import volume of natural pulp was 107,100 tons, a month - on - month increase of 14.48% and a year - on - year increase of 15.47%; the import volume of chemimechanical pulp was 133,700 tons, a month - on - month increase of 9.85% and a year - on - year decrease of 9.79%; the import volume of coniferous pulp was 797,600 tons, a month - on - month decrease of 0.07% and a year - on - year decrease of 6.58%; the import volume of broad - leaf pulp was 1.4699 million tons, a month - on - month decrease of 8.47% and a year - on - year increase of 22.19% [50]. 3.3.3 Demand - **Finished paper production capacity utilization rate**: On April 25, 2025, the capacity utilization rates of white cardboard, household paper, offset paper, and coated paper were 74.88%, 66.40%, 56.83%, and 57.36% respectively, week - on - week changes of - 0.32%, - 1.04%, 0.25%, and 0.39% respectively, and year - on - year changes of - 9.46%, 2.79%, - 8.79%, and - 11.92% respectively [52]. - **Finished paper prices**: This week, the white cardboard market had no obvious improvement in trading, and some market prices were inverted; the household paper market price continued to be weak, and the demand was mainly for rigid needs; the domestic offset paper market was weakly sorted, with mainly rigid - demand small - order transactions; the domestic coated paper market was weakly operating, and the trading was light [53]. - **Finished paper profits**: On April 24 - 25, 2025, the profits of white cardboard, household paper, offset paper, and coated paper were 628 yuan/ton, 219.7 yuan/ton, 222.5 yuan/ton, and 902 yuan/ton respectively, week - on - week changes of 2.45%, - 1.88%, 30.50%, and - 5.75% respectively, and year - on - year changes of 29.93%, 343.95%, 1136.11%, and 83.33% respectively. The production profit of offset paper continued to recover [55]. 3.3.4 Inventory - **Futures inventory**: On April 25, 2025, the total number of warehouse receipts for pulp in warehouses was 298,500 tons, a week - on - week decrease of 7.74% and a year - on - year decrease of 26.97%; the total number of warehouse receipts in factories was 20,400 tons, with no week - on - week change and a year - on - year increase of 35.36% [60]. - **Spot inventory**: The inventory of domestic mainstream ports showed an increasing trend. On April 25, 2025, the inventory in Qingdao Port was 1.347 million tons, a week - on - week decrease of 0.81% and a year - on - year increase of 20.81%; the inventory in Changshu Port was 558,000 tons, a week - on - week increase of 7.93% and a year - on - year decrease of 8.37%; the inventory in Gaolan Port, Tianjin Port, and Rizhao Port combined was 201,000 tons, a week - on - week increase of 3.61% and a year - on - year increase of 16.86%; the total inventory of the five ports was 2.106 million tons, a week - on - week increase of 1.79% and a year - on - year increase of 11.08% [66]. 3.4 Operation Suggestions - Pulp prices may continue to fluctuate at a low level. In the short - term, investors can focus on the valuation repair opportunities under the reduction of warehouse receipt pressure and the weakening of macro - negative factors, but the upside space may be limited. In the medium - to - long - term, they can consider short - selling at high prices after the valuation repair [70].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The core view is that inventory remains at a high level, and demand shows a weak feedback. Last week, the pulp futures price declined, with a decrease in open interest and dominant long - position reduction. The SP2507 main contract dropped by 52 yuan/ton, a 0.96% decline, closing at 5362 yuan/ton. Domestic coniferous pulp and broad - leaf pulp spot prices also decreased [5]. - In March 2025, European chemical pulp consumption was 86.57 tons, a 3.24% year - on - year decrease; inventory was 70.73 tons, a 6.24% year - on - year increase, and inventory days were 26 days, up 1 day from the same period last year. China's pulp imports in March were 324.9 tons, a 0.9% month - on - month and 2.5% year - on - year increase, with a cumulative 963.9 tons and a 5.0% cumulative year - on - year increase. China's machine - made paper and cardboard production in March was 1455.3 tons, a 3.6% year - on - year increase, with a cumulative 3819.0 tons and a 3.8% cumulative year - on - year increase [6]. - The core logic is that last week, pulp futures and spot prices declined slightly. The basis of Silver Star strengthened, while that of Russian Needle weakened, and the brand price difference continued to widen. Since February, the price difference between coniferous pulp brands and between coniferous and broad - leaf pulp has been widening. Weak demand and weak expectations have led to a downward trend in pulp prices. In the second quarter, demand is still insufficient. On the supply side, the volume of pulp shipped from overseas mills to China increased in March, but due to low acceptance of high - priced foreign pulp from March to April, the long - term contract orders decreased, and it is expected that the future arrival volume will decline. There is new domestic production capacity for broad - leaf pulp, which will put pressure on its price. Coniferous pulp prices will have a bottom - finding and bottom - building process. Domestic pulp port inventory remains at a high level, and the demand side feedback is weak [7]. Group 3: Summary by Relevant Catalogs 1. Week - on - Week Data Review - Futures prices: SP2505 rose by 12 yuan/ton, a 0.22% increase; SP2507 dropped by 52 yuan/ton, a 0.96% decline; SP2509 fell by 128 yuan/ton, a 2.32% decline [8]. - Foreign offers: Coniferous pulp (Silver Star) and broad - leaf pulp (Star) remained unchanged [8]. - Domestic spot prices: Coniferous pulp (Shandong Silver Star) was unchanged; coniferous pulp (Shandong Russian Needle) rose by 50 yuan/ton, a 0.93% increase; broad - leaf pulp (Shandong Star) dropped by 50 yuan/ton, a 1.12% decline [8]. - Domestic finished paper average prices: White cardboard rose by 7.5 yuan/ton, a 0.16% increase; tissue paper dropped by 50 yuan/ton, a 0.79% decline; offset paper rose by 50 yuan/ton, a 0.86% increase [8]. 2. Industry Data: Inventory and Supply - Price differences: The basis of Silver Star - main contract increased by 46 yuan/ton, a 4.88% increase; the spread between 05 - 09 contracts rose by 140 yuan/ton; the difference between coniferous and broad - leaf pulp (Silver Star - Goldfish) increased by 60 yuan/ton, a 3.35% increase [9]. - Finished paper production: White cardboard production dropped by 0.5 tons, a 1.6% decline; tissue paper production decreased by 0.3 tons, a 1% decline; offset paper production increased by 0.27 tons, a 1.4% increase [9]. - Finished paper profits: White cardboard profit rose by 20.7 yuan/ton, a 3.54% increase; tissue paper profit dropped by 57.3 yuan/ton, a 20.38% decline; offset paper profit decreased by 12.5 yuan/ton, a 6.83% decline [9]. - Inventory: Qingdao port inventory increased by 4.6 tons, a 3.51% increase; Changshu port inventory rose by 2.2 tons, a 4.44% increase [9].