1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Pulp lacks clear driving factors in the short term and is expected to fluctuate in the range of 5,200 - 5,500 yuan/ton [1] 3. Summary by Related Catalogs 3.1 Pulp Price Data - **Futures Prices**: On June 10, 2025, SP2601 was 5,282 yuan, down 0.26% day-on-day and up 0.84% week-on-week; SP2507 was 5,376 yuan, down 0.33% day-on-day and up 1.36% week-on-week; SP2509 was 5,284 yuan, down 0.11% day-on-day and up 1.19% week-on-week [1] - **Spot Prices**: On June 10, 2025, the price of coniferous pulp Silver Star was 6,150 yuan, unchanged day-on-day and down 0.81% week-on-week; Russian coniferous pulp was 5,350 yuan, unchanged day-on-day and down 0.93% week-on-week; broadleaf pulp Golden was 4,120 yuan, unchanged day-on-day and down 0.72% week-on-week [1] - **Outer - disk Quotes**: In June 2025, the outer - disk quote of Chilean Silver Star was 740 US dollars/ton, unchanged; Chilean Star was 560 US dollars/ton, unchanged; Chilean Venus was 620 US dollars/ton, unchanged [1] - **Import Costs**: The import cost of Chilean Silver Star was 6,046 yuan, unchanged; Chilean Star was 4,587 yuan, unchanged; Chilean Venus was 5,073 yuan, unchanged [1] 3.2 Pulp Fundamental Data - **Import Volume**: In April 2025, the import volume of coniferous pulp was 75.8 tons, down 5.01% month - on - month; the import volume of broadleaf pulp was 119.9 tons, down 18.44% month - on - month [1] - **Shipment to China**: In April 2025, the pulp shipment to China was 1,353 tons, down 30.80% month - on - month [1] - **Domestic Production**: The domestic production of broadleaf pulp in early June 2025 was around 20 tons, and that of chemimechanical pulp was around 19.8 tons [1] - **Inventory**: As of May 29, 2025, the pulp port inventory was 216.1 tons, up 0.2% month - on - month; the delivery warehouse inventory was 25.2 tons [1] - **Finished Paper Output**: In early June 2025, the output of double - offset paper was around 20.4 tons; copperplate paper was around 7.6 tons; tissue paper was around 27.7 tons; white cardboard was around 30.1 tons [1] 3.3 Pulp Valuation Data - **Basis**: On June 10, 2025, the Russian coniferous pulp basis was - 26, with a quantile level of 0.639; the Silver Star basis was 774, with a quantile level of 0.954 [1] - **Import Profit**: On June 10, 2025, the import profit of coniferous pulp Silver Star was 104, with a quantile level of 0.78; the import profit of broadleaf pulp Goldfish was - 467, with a quantile level of 0.207 [1] 3.4 Supply - demand Analysis - **Supply Side**: Chile's Arauco company announced the June 2025 wood pulp outer - disk prices. Coniferous pulp Silver Star was 740 US dollars/ton, unchanged; broadleaf pulp had no supply in June and limited supply in July; natural pulp Venus was 620 US dollars/ton, unchanged. In April 2025, the shipment of M20 coniferous pulp to China decreased by 2.9% year - on - year, and the shipment 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. The output of white cardboard increased slightly, and the output of other paper types was stable [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - After the macro - level positive factors are realized, pulp is expected to fluctuate [1] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On May 15, 2025, SP2505 was 5370 with a 0.71% daily and 4.80% weekly increase; SP2507 was 5386 with a 0.15% daily and 4.62% weekly increase; SP2509 was 5318 with a 0.19% daily and 4.44% weekly increase [1] - **Spot Prices**: Coniferous pulp Silver Star was 6300 with a 0.00% daily and 1.61% weekly increase; Russian Needle was 5450 with a 2.83% daily and 4.81% weekly increase; Broad - leaf pulp Goldfish was 4250 with a 1.19% daily and 3.66% weekly increase [1] - **Outer - disk Quotes**: Chilean Silver Star was 770 dollars with a - 6.67% monthly decrease; Brazilian Goldfish was 630 dollars with a 3.28% monthly increase; Chilean Venus was 690 dollars with a 0.00% monthly change [1] - **Import Costs**: Chilean Silver Star was 6289 with a - 6.62% monthly decrease; Brazilian Goldfish was 5154 with a 3.25% monthly increase; Chilean Venus was 5640 with a 0.00% monthly change [1] Pulp Fundamental Data Supply - **Imports**: In March 2025, coniferous pulp imports were 79.8 tons with a 0.00% monthly change; broad - leaf pulp imports were 147 tons with an - 8.47% monthly decrease [1] - **Domestic Production**: On May 15, 2025, broad - leaf pulp domestic production was 20.7 tons; chemimechanical pulp was 20.1 tons [1] - **Shipments to China**: In February 2025, pulp shipments to China were 1502 tons with a - 2.66% monthly decrease [1] Inventory - **Port Inventory**: On May 15, 2025, pulp port inventory was 219.8 tons [1] - **Delivery Warehouse Inventory**: On May 15, 2025, it was 27.00 tons [1] - **Finished - paper Inventory**: On May 15, 2025, double - offset paper was 20.00 tons; coated paper was 7.70 tons; tissue paper was 27.70 tons; white cardboard was 27.90 tons [1] Demand - **Finished - paper Production**: On May 15, 2025, double - offset paper production was 20.00 tons; coated paper was 7.70 tons; tissue paper was 27.70 tons; white cardboard was 27.90 tons [1] Pulp Valuation Data - **Basis**: On May 15, 2025, Russian Needle basis was 64 with a quantile level of 0.824; Silver Star basis was 914 with a quantile level of 0.978 [1] - **Import Profit**: On May 15, 2025, coniferous pulp Silver Star import profit was 11 with a quantile level of 0.642; broad - leaf pulp Goldfish was - 904 with a quantile level of 0.092 [1]