Group 1: SP Main Contract Information - The closing price of the SP main contract on September 12, 2025, was 4990.00, with a previous day's closing price of 5016.00 and a decline of -0.51834% [3] - The corresponding US dollar price was 611.31, and the basis for Shandong Yinxing was 675, while that for Jiangsu, Zhejiang, and Shanghai Yinxing was 690 [3] Group 2: Pulp Price and Profit Information - For pulp from different origins and brands, such as Golden Lion from Canada (CFR price of 780), Lion from Canada (CFR price of 730), and Yinxing from Chile (CFR letter of credit 90 - day price of 720), the import profits were -145.57, -533.29, and -197.83 respectively [4] Group 3: Pulp and Paper Price Averages - From September 8 to September 12, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The same was true for the Shandong region [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) also remained unchanged during this period [4] Group 4: Paper Profit Margin Information - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper on September 12, 2025, were 2.9521%, 18.9325%, -12.6626%, and 8.0245% respectively. The living paper profit margin increased by 0.2674 compared to previous days [4] Group 5: Pulp Price Spread Information - On September 12, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper were 1505.00, 265, 1840, and 4089 respectively [4]

行业 纸浆日报 日期 2025 年 9 月 5 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Pulp futures are expected to fluctuate in the short term, and the spread between contracts 11 and 1 is expected to narrow [1] Group 3: Summary by Related Catalogs Pulp Price Data - On September 3, 2025, the futures price of coniferous pulp Silver Star (SP2601) was 5324, down 0.37% day-on-day and up 0.64% week-on-week; the spot price was 5720, with a month-on-month change of 0.00% and a week-on-week change of -0.52% [1] - The futures price of coniferous pulp Russian Needle (SP2511) was 5050, up 0.16% day-on-day and 0.80% week-on-week; the spot price was 5200, with a month-on-month change of 0.00% and a week-on-week change of 0.97% [1] - The futures price of broadleaf pulp Goldfish (SP2509) was 4998, up 0.16% day-on-day and 0.68% week-on-week; the spot price was 4200, with a month-on-month change of 0.00% and a week-on-week change of 0.00% [1] - The import cost of Chilean Silver Star decreased by 2.70% month-on-month to 5884; the import cost of Brazilian Goldfish increased by 3.92% to 530; the import cost of Western American Fish increased by 3.87% to 4344; the import cost of Chilean Venus remained unchanged at 4830 [1] Pulp Fundamental Data - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month-on-month decrease of 4.72% [1] - The shipment volume of pulp to China in July 2025 was 135.3 tons, a month-on-month increase of 3.30% [1] - The domestic production volume of broadleaf pulp in August 2025 was 20.5 tons; the domestic production volume of chemimechanical pulp was 20.9 tons [1] - As of August 28, 2025, the pulp port inventory was 208.4 tons, a decrease of 4.8 tons from the previous period, a month-on-month decrease of 2.3% [1] - The production volume of offset paper in August 2025 was 20.7 tons; the production volume of coated paper was 7.8 tons; the production volume of tissue paper was 27.9 tons; the production volume of white cardboard was 31.1 tons [1] Pulp Valuation Data - On September 3, 2025, the basis of Russian Needle was -164, and the quantile level was 0.368; the basis of Silver Star was -144, and the quantile level was 0.503; the basis of broadleaf pulp Goldfish was 670 [1] - The import profit of coniferous pulp Silver Star was 150, and the quantile level was 0.876; the import profit of broadleaf pulp Goldfish was not provided [1] Supply, Demand, and Inventory Analysis - Supply: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025; Chile's Arauco notified the August quotation, with the price of coniferous pulp Silver Star at $720/ton, the price of broadleaf pulp Star at $520/ton, and the supply reduced by 50%, and the price of natural pulp Venus at $590/ton [1] - Demand: The current demand for paper products remains at a stable level, and some offset paper and white cardboard paper mills have issued price increase letters, but the implementation situation remains to be observed [1] - Inventory: As of August 28, 2025, the inventory of China's mainstream pulp ports showed a de - stocking trend [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Pulp futures are expected to fluctuate in the short term, and the spread between the November and January contracts is expected to narrow [1] Group 3: Summary by Relevant Catalog Pulp Price Data - On September 2, 2025, the futures prices of SP2601, SP2511, and SP2509 were 5344, 5042, and 4990 respectively, with daily changes of 0.15%, 0.04%, and 0.08% and weekly changes of -0.55%, -0.60% respectively [1] - Spot prices of coniferous pulp (Silver Star, Russian Needle) and broadleaf pulp (Goldfish) were 5720, 5200, and 4200 respectively, with daily changes of 0.35%, 1.96%, and 0.48% and weekly changes of -1.38%, 0.39%, and 1.20% respectively [1] - Outer - disk quotes of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 720, 530, and 590 dollars respectively, with monthly changes of -2.70%, 3.92%, and 0.00% respectively [1] - Import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5884, 4344, and 4830 respectively, with monthly changes of -2.68%, 3.87%, and 0.00% respectively [1] Pulp Fundamental Data - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month - on - month decrease of 4.72% compared to June [1] - The pulp shipment volume to China in July 2025 was 140 tons, a month - on - month increase of 3.30% compared to June [1] - On August 28, 2025, the domestic production of broadleaf pulp was 20.6 tons, and that of chemimechanical pulp was 20.9 tons [1] - On August 28, 2025, the pulp port inventory was 208.4 tons, a decrease of 4.8 tons compared to the previous period, a month - on - month decrease of 2.3% [1] - The inventory of the futures delivery warehouse on August 28, 2025, was 24.9 tons [1] - The production volumes of double - offset paper, coated paper, tissue paper, and white cardboard on August 28, 2025, were 20.50, 7.90, 28.18, and 32.10 tons respectively [1] Pulp Valuation Data - On September 2, 2025, the basis of Russian Needle and Silver Star were 158 and 678 respectively, with quantile levels of 0.881 and 0.898 [1] - On September 2, 2025, the import profits of coniferous pulp (Silver Star) and broadleaf pulp (Goldfish) were - 164 and - 144 respectively, with quantile levels of 0.368 and 0.503 [1] Supply, Demand, and Inventory Analysis - Supply: Brazilian Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025. Chilean Arauco notified the August quotes, with the price of coniferous pulp Silver Star at 720 dollars/ton, the supply of broadleaf pulp Star decreased by 50%, and the price of natural pulp Venus at 590 dollars/ton [1] - Demand: The current demand for paper products is basically stable. Some double - offset paper and white cardboard manufacturers have issued price increase letters, but the implementation remains to be observed [1] - Inventory: As of August 28, 2025, the inventory of China's mainstream pulp ports was 208.4 tons, showing a destocking trend [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp futures are expected to fluctuate in the short term, and the spread between the November and January contracts is expected to narrow [1] Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On September 1, 2025, SP2601 was 5336, down 0.15% day-on-day and 1.22% week-on-week; SP2511 was 5040, up 0.44% day-on-day and down 1.87% week-on-week; SP2509 was 4986, up 0.40% day-on-day and down 2.00% week-on-week [1] - **Spot Prices**: On September 1, 2025, the price of coniferous pulp Silver Star was 5700, unchanged day-on-day and down 1.72% week-on-week; Russian Needle was 5100, unchanged day-on-day and down 1.54% week-on-week; broadleaf pulp Goldfish was 4180, unchanged day-on-day and up 0.72% week-on-week [1] - **Outer - Disk Quotes**: In September 2025, the quote for Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Brazilian Goldfish was 530 dollars, up 3.92% month - on - month; Chilean Venus was 590 dollars, unchanged month - on - month [1] - **Import Costs**: In September 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged month - on - month [1] Pulp Fundamental Data Supply - **Import Volume**: In July 2025, the import volume of coniferous pulp was 64.6 tons, down 4.72% month - on - month; broadleaf pulp was 135.1 tons, down 5.85% month - on - month [1] - **Domestic Production**: In the week of August 28, 2025, the domestic production of broadleaf pulp was 20.6 tons; chemimechanical pulp was 20.9 tons [1] Inventory - **Port Inventory**: On August 28, 2025, the pulp port inventory was 208.4 tons, down 4.8 tons from the previous period, a 2.3% decrease [1] - **Futures Delivery Warehouse Inventory**: On August 28, 2025, it was 24.9 tons [1] Demand - **Finished Paper Production**: In the week of August 28, 2025, the production of offset paper was 20.50 tons; coated paper was 7.90 tons; tissue paper was 28.18 tons; white cardboard was 32.10 tons [1] Pulp Valuation Data - **Basis**: On September 1, 2025, the Russian Needle basis was 60, with a quantile level of 0.812; Silver Star basis was 660, with a quantile level of 0.889 [1] - **Import Profit**: On September 1, 2025, the import profit of coniferous pulp Silver Star was - 184, with a quantile level of 0.338; broadleaf pulp Goldfish was - 164, with a quantile level of 0.477 [1] Summary - **Supply**: Brazil's Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025. Chile's Arauco notified August quotes, with coniferous pulp Silver Star at 720 dollars/ton, broadleaf pulp Star at 520 dollars/ton (supply reduced by 50%), and natural pulp Venus at 590 dollars/ton [1] - **Demand**: Current paper product demand is basically stable. Some offset paper and white cardboard paper mills have issued price increase letters, and the implementation situation remains to be seen [1] - **Inventory**: As of August 28, 2025, the inventory of China's mainstream pulp ports was 208.4 tons, showing a de - stocking trend [1]

Group 1: Report Overview - Report Name: Pulp Daily Report - Date: August 28, 2025 - Research Team: Energy and Chemical Research Team - Researchers: Liu Youran, Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Feng Zeren [3][4] Group 2: Market Review and Operation Suggestions Market Review - Pulp futures 01 contract: The previous settlement price was 5,392 yuan/ton, and the closing price was 5,290 yuan/ton, a decrease of 1.89%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,650 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The quote for Shandong Silver Star was 5,720 - 5,750 yuan/ton [7] - Arauco's August wood pulp FOB prices: Coniferous pulp Silver Star at $720/ton, natural pulp Venus at $590/ton, and hardwood pulp Star at $520/ton, remaining stable compared to June quotes [8] - Global pulp data: In June, the chemical commodity pulp shipments of the world's 20 major pulp - producing countries increased by 4.7% year - on - year, with coniferous pulp down 2.4% and hardwood pulp up 10.1%. In July 2025, the European wood pulp inventory was 683,200 tons, a 0.3% month - on - month decrease and an 8.7% year - on - year increase; the European wood pulp consumption was 814,200 tons, a 6.8% month - on - month increase and a 2.1% year - on - year decrease. China's pulp imports in July were 2.877 million tons, a 5.1% month - on - month decrease and a 23.7% year - on - year increase. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month - on - month. In July, the cumulative year - on - year profit of the papermaking and paper products industry decreased by 21.9%, with the decline slightly expanding [8] Operation Suggestions - With limited cost guidance and a loose supply, waiting for the peak - season demand to emerge, pulp is in a low - level oscillatory adjustment [8] Group 3: Industry News - Suzano plans to adjust pulp order prices next month. The pulp prices in China and other Asian countries will be increased by $20/ton, while those in Europe and the US will be increased by $80/ton. Analysts from BTG Pactual are positive about this measure, believing that the current price of nearly $500/ton in China is "unsustainably low". Bradesco BBI expects the commodity price to reach $550/ton in the next few months, supported by more favorable seasonal factors at the end of the third quarter, the Sino - US trade truce, and possible supply restrictions due to high production costs [9] Group 4: Data Overview - The report includes multiple data charts, such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, coniferous - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19][22][29][32]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Report's Core View - The fundamentals of pulp are strongly driven, but commodity futures are weak. It is expected that pulp futures will fluctuate [2] Group 3: Summary by Related Catalogs Pulp Price Data - Futures prices: On August 18, 2025, SP2601 was 5476, down 0.90% day-on-day and up 0.07% week-on-week; SP2511 was 5308, down 0.23% day-on-day and up 0.08% week-on-week; SP2509 was 5200, down 0.84% day-on-day and down 0.04% week-on-week [1] - Spot prices: Coniferous pulp Silver Star was 5850, unchanged day-on-day and week-on-week; Russian Needle was 5300, unchanged day-on-day and up 0.95% week-on-week; Broadleaf pulp Goldfish was 4200, unchanged day-on-day and up 1.20% week-on-week [1] - Foreign offers: Chilean Silver Star's foreign offer was 720, down 2.70% month-on-month; Brazilian Goldfish was 510, up 4.08% month-on-month; Chilean Venus was 620, unchanged month-on-month [1] - Import costs: Chilean Silver Star was 5884, down 2.68% month-on-month; Brazilian Goldfish was 4182, up 4.03% month-on-month; Chilean Venus was 5073, unchanged month-on-month [1] Pulp Fundamental Data Supply - Import volume in June 2025: Coniferous pulp was 67.8 tons, down 6.09% month-on-month compared to May; Broadleaf pulp was 143.5 tons, up 10.98% month-on-month compared to May [1] - Shipment volume to China in May 2025 was 140 tons, up 3.30% month-on-month compared to April [1] - Domestic production: Broadleaf pulp and Chemimechanical pulp showed fluctuations in different periods [1] - Supply-side news: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025, and its commercial pulp production in the next 12 months will be about 3.5% lower than its annual nominal capacity; Asia Symbol announced a 150 yuan/ton increase in the acceptance price of broadleaf pulp, only for long-term contract customers; pulp foreign offers decreased in volume and increased in price [1] Demand - This week, the output of major finished paper increased slightly, but the prices of finished paper remained low, providing weak support for pulp overall [2] Inventory - As of August 14, 2025, the inventory of China's mainstream pulp ports was 209.9 tons, an increase of 5.1 tons from the previous period, a 2.5% month-on-month increase, showing an inventory accumulation trend [2] Pulp Valuation Data - On August 18, 2025, the Russian Needle basis was -6, with a quantile level of 0.68; the Silver Star basis was 544, with a quantile level of 0.857 [1] - On August 18, 2025, the import profit of Coniferous pulp Silver Star was -34, with a quantile level of 0.547; the import profit of Broadleaf pulp Goldfish was 18, with a quantile level of 0.653 [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The pulp futures main contract SP2511 fluctuated and rose, with a pullback after reaching a high. In the later - stage outlook, it is recommended to wait for the end of the correction and consider a long - position strategy on dips as the market faces the transition between off - peak and peak seasons in late August [6][29] Group 3: Summary by Directory 1. This Week's Market Review - The pulp futures main contract SP2511 fluctuated and rose, with a pullback after reaching a high [6] 2. Fundamental Analysis - As of August 14, the weekly average price of imported softwood pulp was 5779 yuan/ton, up 0.07% from last week, turning from a decline to stability; the weekly average price of imported hardwood pulp was 4163 yuan/ton, up 0.70% from last week, also turning from a decline to stability [10] - In July 2025, China imported 2.877 million tons of pulp, with an import value of 1.7652 billion US dollars and an average unit price of 613.56 US dollars/ton. From January to July, the cumulative import volume and value increased by 6.5% and 3.4% respectively compared with the same period last year [14] - As of August 14, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0829 million tons, up 4.25% from last week, turning from a decline to an increase [17][29] - In June 2025, the total inventory in European ports increased by 1.87% month - on - month and 27.23% compared with June 2024. Inventory in most European countries' ports increased month - on - month [20] - Waste pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption. As of August 14, the operating load rate of double - copper paper increased by 0.88 percentage points from last week; that of double - offset paper decreased by 0.50 percentage points; that of white cardboard increased by 5.34 percentage points; and that of household paper increased by 2.02 percentage points [24] 3. Future Outlook - As of August 14, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0829 million tons, up 4.25% from last week, turning from a decline to an increase. The destocking rhythm has accelerated recently, and attention should be paid to the inflection point of port inventory [29] - In the new round of external quotations, the price of Indonesian hardwood pulp has increased. Suzano announced a 20 - dollar/ton increase in the Asian market for bleached eucalyptus hardwood pulp in August 2025, and the Brazilian eucalyptus hardwood pulp price also increased by 20 dollars/ton. Supported by the external cost, there is a certain sentiment of hoarding and price - holding among industry players, but the downstream paper mills have limited acceptance due to pressure on profit margins, resulting in a slight adjustment of pulp prices [29] - Starting from late August, the market faces the transition between off - peak and peak seasons, and the demand and purchasing sentiment may change. It is recommended to wait for the end of the correction and consider a long - position strategy on dips [29]

Report Information - Report Name: Pulp Daily Report [1] - Date: August 15, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Report Core Points 1. Market Review and Operation Suggestions - Pulp futures contract 01 closed at 5520 yuan/ton, up 0.18% from the previous settlement price of 5510 yuan/ton [7] - The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5200 - 6700 yuan/ton, with the low - end price up 50 yuan/ton from the previous trading day. The price of Shandong Yinxing was quoted at 5850 - 5870 yuan/ton [7] - Suzano will reduce its commercial pulp production by 3.50% for the next year starting from August 6th [7] - In May, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.69 million tons, up 4.4% month - on - month and down 8.2% year - on - year [7] - In July, China's total pulp imports were 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [7] - As of August 14, 2025, the weekly pulp inventory in major regions and ports increased by 4.96% month - on - month, with inventory at Qingdao and Changshu ports rising [7] - The recovery of downstream market demand was slow, and the price of finished paper remained stable with a weak trend. The short - term industry profit had no significant improvement, and the rebound space was limited [7] 2. Industry News - On August 14th, Sunshine Paper announced that it expected its net profit attributable to the parent company in the first half of 2025 to decline by 55% - 65% year - on - year. The decline was mainly due to lower paper prices, reduced unconditional government subsidies, increased operating losses of Sunshine Prince Specialty Paper Co., Ltd., and losses in the fair value of financial assets measured at fair value through profit or loss [8] 3. Data Overview - The report provides multiple data charts, including pulp futures prices, spot prices, price spreads, inventory data, and finished paper prices, with data sources from Wind, Zhuochuang Information, and the Research and Development Department of CCB Futures [7][21][23]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp futures are expected to run strongly [3] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On August 8, 2025, SP2601 was 5436 with a daily decrease of 0.22% and a weekly increase of 0.37%; SP2605 was 5414 with a daily increase of 0.15% and a weekly decrease of 0.85%; SP2509 was 5162 with a daily and weekly decrease of 0.46% [1] - **Spot Prices**: On the same day, the price of coniferous pulp Silver Star was 5850 with no daily or weekly change; Russian coniferous pulp was 5180 with no daily change and a weekly decrease of 2.26%; broad - leaf pulp Golden was 4080 with no daily change and a weekly decrease of 0.97% [1] - **Foreign Quotes and Import Costs**: Foreign quotes of Chilean Silver Star decreased by 2.70% month - on - month to 720 dollars, and its import cost decreased by 2.68% to 5884; Chilean Star decreased by 10.71% to 500 dollars, and its import cost decreased by 10.60% to 4101; Chilean Venus remained unchanged at 620 dollars, and its import cost remained at 5073 [1] Pulp Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons, a month - on - month decrease of 6.09% compared to May; the shipment volume of pulp to China in May was 140 tons, a month - on - month increase of 3.30% compared to April. The domestic production of broad - leaf pulp and chemimechanical pulp had minor fluctuations [1] - **Inventory**: As of August 7, 2025, the pulp port inventory was 204.8 tons, a decrease of 5.7 tons compared to the previous period, a 2.7% decrease. The inventory showed a destocking trend. The futures delivery warehouse inventory also had some fluctuations [1][3] - **Demand**: The output of major finished papers increased slightly this week, but the prices of finished papers remained low, providing weak support for pulp [3] Pulp Valuation Data - On August 8, 2025, the quantile level of Russian needle pulp basis was 0.736, and that of Silver Star basis was 0.912. The quantile level of import profit for coniferous pulp Silver Star was 0.546, and for broad - leaf pulp Goldfish was 0.613 [3]