Group 1: Paper Pulp Price Data - Futures prices: SP2601 was 5404 with a daily increase of 0.15% and a weekly decrease of 2.53%; SP2605 was 5388 with a daily decrease of 0.37% and a weekly decrease of 0.07%; SP2509 was 5160 with a daily decrease of 0.15% and a weekly decrease of 3.98% [1] - Spot prices: Coniferous pulp Silver Star was 5850 with no daily change and a weekly decrease of 1.18%; Russian Needle was 5180 with no daily change and a weekly decrease of 4.43%; Hardwood pulp Goldfish was 4080 with a daily decrease of 0.97% and a weekly decrease of 1.69% [1] - Outer - disk quotes: Chilean Silver Star was 720 dollars with a monthly decrease of 2.70%; Chilean Star was 500 dollars with a monthly decrease of 10.71%; Chilean Venus was 620 dollars with no monthly change [1] - Import costs: Chilean Silver Star was 5884 with a monthly decrease of 2.68%; Chilean Star was 4101 with a monthly decrease of 10.60%; Chilean Venus was 5073 with no monthly change [1] Group 2: Paper Pulp Fundamental Data Supply - Import volume: In June 2025, coniferous pulp import volume was 67.8 tons, a 6.09% decrease from May; Hardwood pulp import volume data was not shown in a comparable way here [1] - Shipment volume: The shipment volume of paper pulp to China in May 2025 was 140 tons, a 3.3% increase from April [1] - Company offer: Chilean Arauco announced July wood pulp outer - disk quotes. Coniferous pulp Silver Star had no new offer; Venus was priced at 590 dollars per ton, and Uruguayan Hardwood pulp New Star was 500 dollars per ton [1] Demand - Main finished paper production: This week, the production of main finished papers decreased slightly, and paper prices were low, providing weak support for paper pulp [2] Inventory - As of July 31, 2025, the inventory of Chinese paper pulp main ports was 210.5 tons, a 3.8 - ton decrease from the previous period, a 1.8% decrease, showing a de - stocking trend [2] Group 3: Paper Pulp Valuation Data - Basis: On August 5, 2025, the Russian Needle basis was 20 with a quantile level of 0.739; Silver Star basis was 690 with a quantile level of 0.914 [1] - Import profit: Coniferous pulp Silver Star's import profit was - 34 with a quantile level of 0.545; Hardwood pulp Goldfish was - 21 with a quantile level of 0.613 [1] Group 4: Strategy - This week, paper pulp futures returned to fundamental pricing and are expected to fluctuate widely between 5100 - 5400 [2]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In August, the pulp supply side is abundant while the improvement on the demand side is limited. With the policy and fundamentals presenting a mixed picture of bullish and bearish factors, there is a lack of a single - sided driving force. It is expected that the main futures contract will operate in a wide - range oscillation [4]. 3. Summary According to the Directory 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: In July, the spot market price of pulp showed a pattern of weak softwood pulp and strong hardwood pulp. The prices of softwood pulp such as Silver Star, Cariboo, and Northern Wood in Shandong decreased, while the prices of hardwood pulp like Goldfish, Bird, and Alpine increased. The prices of chemimechanical pulp, natural pulp, sugarcane pulp, and bamboo pulp were stable, and the price of reed pulp in Northeast China decreased [11][12]. - **Pulp Futures Market Technical Chart Analysis**: Since its listing in November 2018, the weighted monthly K - line chart of pulp futures has generally shown a converging triangle consolidation pattern. It is expected that the pulp price will continue to oscillate above the lower track of the converging triangle in August [15]. - **Pulp Futures - Spot Basis Comparison**: In July, the main pulp futures contract increased, and the overall increase in the spot price of wood pulp was less than that of the futures, so the basis discount margin decreased [19]. - **Log Futures Market Review**: In July, the log futures contract 2509 showed a continued oscillating rebound. The trading volume decreased slightly, and the open interest increased slightly [21]. 3.2 Pulp Supply - Side Analysis - **Pulp Supply - Demand Balance Forecast**: It is estimated that the pulp production in August will be 2.126 million tons, a 0.1% month - on - month increase, and the total supply will be 7.326 million tons, a 0.5% month - on - month increase [23]. - **Monthly Pulp Production**: In July 2025, the domestic pulp production increased slightly. The capacity utilization rate of hardwood pulp increased, while that of chemimechanical pulp decreased [25][30]. - **Pulp Import Volume**: In June 2025, the pulp import volume increased both month - on - month and year - on - year. The import volume of softwood pulp decreased month - on - month, while that of hardwood pulp increased. The import volume of natural pulp decreased month - on - month, and that of chemimechanical pulp increased [31][34][37]. - **Pulp Import Average Price**: In June 2025, the average import price of pulp continued to decline slightly month - on - month. The average import price of hardwood pulp was basically flat month - on - month, and that of natural pulp increased slightly [39][44]. 3.3 Pulp Demand - Side Analysis - **Domestic Pulp Actual Consumption**: In July 2025, the actual consumption of domestic pulp increased [45]. - **Wood Pulp Usage**: In July 2025, the wood pulp usage in household paper and white cardboard increased month - on - month, while the wood pulp usage in offset paper and coated paper increased month - on - month but decreased year - on - year [49][52]. - **Downstream Paper Production**: In July 2025, the monthly production of downstream household paper, offset paper, coated paper, and white cardboard all increased month - on - month [56][57][59][63]. - **Downstream Base Paper Spot Price Analysis**: In July, the spot prices of household paper and cultural paper continued to decline month - on - month, the prices of whiteboard paper and white cardboard decreased slightly month - on - month, the price of boxboard paper remained stable, and the price of corrugated paper decreased slightly [66][67][69]. 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: In July, the overall port inventory showed a de - stocking trend, but the inventory in Qingdao Port increased. The inventories in Changshu Port and Gaolan Port decreased [71][75]. - **Futures Pulp Warehouse Receipts**: In July, the pulp futures warehouse receipts increased [76].

Report Industry Investment Rating - No information provided Core Viewpoints - Pulp supply is increasing while prices are decreasing, with the Arauco company's new July wood pulp offers showing certain trends and the May shipment volume to China increasing by 3.3% [1] - The demand side shows a slight decline in the output of major finished paper products this week, and the low prices of finished paper provide weak support for pulp [1] - As of July 31, 2025, the inventory of mainstream pulp ports in China is 210.5 tons, showing a destocking trend with a 1.8% month - on - month decrease [1][2] - Pulp futures are greatly affected by the macro - environment, and this week's commodity sentiment is expected to be volatile, with prices expected to fluctuate widely between 5200 and 5500 [2] Summary by Directory Price Data - On July 31, 2025, the futures prices of SP2601, SP2509 decreased by 1.45% and 1.76% respectively compared to the previous day, while SP2605 increased by 0.86% [1] - The spot prices of coniferous pulp such as Russian needle and broad - leaf pulp such as Goldfish decreased by 2.21% and 0.72% respectively [1] - The foreign market quotations of Chilean Silver Star and Chilean Star decreased by 2.70% and 10.71% respectively, and the import costs decreased by 2.68% and 10.60% respectively [1] Fundamental Data - In June 2025, the import volume of coniferous pulp was 67.8 tons, a 6.09% decrease compared to May [1] - The shipment volume of pulp to China in May increased by 3.3% compared to April [1] - The output of finished paper products such as offset paper, coated paper, toilet paper, and white cardboard decreased slightly this week [1] Valuation Data - On July 31, 2025, the basis of Russian needle pulp was 0.825, and the basis of Silver Star pulp was 0.889 [1] - The import profit of coniferous pulp Silver Star was - 34, and that of broad - leaf pulp Golden was 19 [1] Inventory Data - As of July 31, 2025, the inventory of China's mainstream pulp ports was 210.5 tons, a 1.8% decrease compared to the previous period [1][2] Strategy - Pulp futures are expected to fluctuate widely between 5200 and 5500 this week [2]

Group 1: Investment Rating - There is no information about the industry investment rating provided in the report. Group 2: Core View - Pulp futures are currently significantly affected by the macro - environment, and the commodity sentiment is expected to be volatile this week. It is recommended to observe cautiously [2]. Group 3: Summary by Directory Pulp Price Data - **Futures Prices**: On July 29, 2025, SP2601 was 5544, up 1.02% day - on - day and 0.76% week - on - week; SP2605 was 5406, down 0.55% day - on - day and up 0.96% week - on - week; SP2509 was 5374, up 0.26% day - on - day and 0.11% week - on - week [1]. - **Spot Prices**: On July 29, 2025, the price of coniferous pulp Silver Star was 5920, unchanged day - on - day and week - on - week; Russian Needle was 5420, down 0.55% day - on - day and 0.37% week - on - week; Broadleaf pulp Goldfish was 4150, unchanged day - on - day and up 1.22% week - on - week [1]. - **Outer - disk Quotes (USD)**: In July, the outer - disk quote of Chilean Silver Star was 720, down 2.70% month - on - month; Chilean Star was 500, down 10.71% month - on - month; Chilean Venus was 620, unchanged month - on - month [1]. - **Import Costs**: The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1]. Pulp Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons, down 6.09% month - on - month; broadleaf pulp was 143.5 tons, up 10.98% month - on - month. The pulp shipment volume to China in May was 140 tons, up 3.30% month - on - month [1]. - **Inventory**: As of July 24, 2025, the pulp port inventory was 214.3 tons, down 3.8 tons from the previous period, a 1.7% month - on - month decrease. The futures delivery warehouse inventory was 25.60 tons [1]. - **Demand**: The production of major finished papers decreased slightly this week, and the prices of finished papers remained low, providing weak support for pulp [1]. Pulp Valuation Data - **Basis**: On July 29, 2025, the Russian Needle basis was 46, with a quantile level of 0.796; the Silver Star basis was 546, with a quantile level of 0.864 [1]. - **Import Profit**: On July 29, 2025, the import profit of coniferous pulp Silver Star was 36, with a quantile level of 0.684; broadleaf pulp Goldfish was 49, with a quantile level of 0.69 [1].

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The pulp market shows a situation of increasing supply volume and decreasing price on the supply - side, weak support from the demand - side, and a slight inventory reduction trend. Pulp futures are currently greatly affected by the macro - environment, and with expected intense commodity sentiment this week, it is recommended to observe cautiously [1][2] 3. Summary According to Relevant Catalogs 3.1 Price Data - **Futures Prices**: On July 28, 2025, SP2601 was 5488 with a daily decrease of 1.51% and a weekly increase of 0.15%; SP2605 was 5376 with a daily increase of 1.38% and a weekly increase of 1.19%; SP2509 was 5360 with a daily decrease of 2.90% and a weekly increase of 0.49% [1] - **Spot Prices**: On July 28, 2025, the price of coniferous pulp Silver Star was 5920 (unchanged daily and weekly), Russian coniferous pulp was 5450 with a daily decrease of 0.91% and a weekly increase of 2.83%, and broad - leaf pulp Goldfish was 4150 (unchanged daily and a weekly increase of 1.22%) [1] - **Foreign Market Quotes**: The foreign market quotes of Chilean Silver Star decreased by 2.70% month - on - month to 720 dollars, Chilean Star decreased by 10.71% month - on - month to 500 dollars, and Chilean Venus remained unchanged at 620 dollars [1] - **Import Costs**: The import cost of Chilean Silver Star decreased by 2.68% month - on - month to 5884 dollars, Chilean Star decreased by 10.60% month - on - month to 4101 dollars, and Chilean Venus remained unchanged at 5073 dollars [1] 3.2 Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons (a 6.09% decrease from May), and the import volume of broad - leaf pulp was 143.5 tons (a 10.98% increase from May). The shipment volume of W20 to China in May increased by 3.3% month - on - month. The domestic production of broad - leaf pulp and chemical mechanical pulp fluctuated slightly in July [1] - **Inventory**: As of July 24, 2025, the pulp port inventory was 214.3 tons, a decrease of 3.8 tons from the previous period, with a 1.7% decrease. The inventory showed a slight de - stocking trend [2] - **Demand**: The production of major finished papers decreased slightly this week, and the prices of finished papers remained low, with weak overall support for pulp [1] 3.3 Valuation Data - **Basis**: On July 28, 2025, the Russian coniferous pulp basis was 90 with a quantile level of 0.839, and the Silver Star basis was 560 with a quantile level of 0.869 [1] - **Import Profit**: On July 28, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.685, and the import profit of broad - leaf pulp Goldfish was 49 with a quantile level of 0.69 [1] 3.4 Strategy - Pulp futures are currently greatly affected by the macro - environment. With expected intense commodity sentiment this week, it is recommended to observe cautiously [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The pulp futures are currently greatly affected by the macro - environment, and the commodity sentiment is expected to be volatile this week. It is recommended to observe cautiously [2] Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On July 25, 2025, SP2601 was 5572, up 0.47% day - on - day and 2.39% week - on - week; SP2605 was 5450, up 0.22% day - on - day and down 0.59% week - on - week; SP2509 was 5520, up 1.17% day - on - day and 4.31% week - on - week [1] - **Spot Prices**: On July 25, 2025, the spot price of coniferous pulp Silver Star was 5920, unchanged day - on - day and week - on - week; Russian Needle was 5500, up 1.48% day - on - day and 3.77% week - on - week; broadleaf pulp Goldfish was 4150, unchanged day - on - day and up 1.22% week - on - week [1] - **Outer - disk Quotes and Import Costs**: The outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 500 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month. The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1] Pulp Fundamental Data - **Import Volume**: In June 2025, the import volume of coniferous pulp was 67.8 tons, down 6.09% month - on - month; the import volume of broadleaf pulp was 143.5 tons, up 10.98% month - on - month [1] - **Domestic Output**: The domestic output of broadleaf pulp on July 24, 2025, was 21 tons; the domestic output of chemimechanical pulp was 21.5 tons [1] - **Inventory**: As of July 24, 2025, the inventory of China's mainstream pulp ports was 214.3 tons, a decrease of 3.8 tons from the previous period, a 1.7% decline [1] - **Finished Paper Output**: This week, the output of major finished papers decreased slightly, with double - offset paper at 19.60 tons, copper - plate paper at 7.90 tons, tissue paper at 27.90 tons, and white cardboard at 31.10 tons [1] Pulp Valuation Data - **Basis**: On July 25, 2025, the basis of Russian Needle was - 20, with a quantile level of 0.646; the basis of Silver Star was 400, with a quantile level of 0.793 [1] - **Import Profit**: On July 25, 2025, the import profit of coniferous pulp Silver Star was 36, with a quantile level of 0.685; that of broadleaf pulp Goldfish was 49, with a quantile level of 0.69 [1] Supply - demand - inventory Analysis - **Supply**: The Arauco company in Chile announced the new outer - disk quotes for July wood pulp. The supply side showed an increase in volume and a decrease in price, with the W20's shipment volume to China in May up 3.3% month - on - month [1] - **Demand**: This week, the output of major finished papers decreased slightly, and the prices of finished papers remained low, providing weak support for pulp [1] - **Inventory**: As of July 24, 2025, the inventory of China's mainstream pulp ports showed a slight de - stocking trend [1] Strategy - It is recommended to observe pulp futures cautiously due to their high sensitivity to the macro - environment and the expected volatile commodity sentiment this week [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Paper pulp futures are mainly influenced by macro - sentiment and will fluctuate widely. The supply - demand fundamentals remain in a stalemate, with high port inventory pressure, abundant supply of circulating goods, limited improvement in downstream demand, and low operating rates. It is expected that the price of the pulp 2509 contract will fluctuate widely in the range of 5260 - 5590 this week [4]. Summary According to the Table of Contents 1. Pulp Price Analysis - **Spot Pulp Price Review**: Coniferous pulp prices remained relatively stable, while broad - leaf pulp prices rose slightly. Among them, the price of broad - leaf pulp such as Jin Yu, Xiao Niao, and A Er Pai increased, with increases ranging from 1.22% to 1.74%. Coniferous pulp prices such as Yin Xing, Kai Li Pu, and Bei Mu remained unchanged. Chemical mechanical pulp and bleached kraft pulp prices remained stable, while reed pulp prices dropped significantly by 15.22% [11][14]. - **Pulp Futures Review**: The pulp futures contract SP2509 continued to oscillate upwards last week, closing at 5520 yuan/ton, up 4.31% for the week. The weighted trading volume was 1.936 million lots, an increase of 689,000 lots, and the weighted open interest was 305,000 lots, an increase of 28,000 lots [15]. - **Pulp Futures - Spot Basis Comparison**: The basis discount of softwood pulp and the closing price of the futures main contract was 400 yuan/ton, and the discount decreased by 228 yuan/ton compared with last week [19]. - **Log Futures Review**: The main log futures contract 2509 showed a trend of rising first and then falling last week, closing at 830 yuan/cubic meter, up 0.18% for the week. The weighted trading volume was 164,000 lots, a decrease of 23,900 lots, and the weighted open interest was 31,500 lots, a decrease of 9900 lots [20]. 2. Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, pulp production was 482,000 tons, a decrease of 1.83% from the previous week. Among them, broad - leaf pulp production was 205,000 tons, and chemical mechanical pulp production was 210,000 tons, both showing a decline [22]. - **Capacity Utilization of Broad - Leaf Pulp and Chemical Mechanical Pulp**: Last week, the capacity utilization rate of domestic broad - leaf pulp was 75.8%, a decrease of 1.7% from the previous week, and the capacity utilization rate of chemical mechanical pulp was 88.1%, a decrease of 1.8% from the previous week [27]. - **Monthly Pulp Production**: In June 2025, domestic pulp production was 2.072 million tons, a decrease of 3.36% from the previous month. Among them, wood pulp production was 1.746 million tons, a decrease of 7.69%, and non - wood pulp production was 326,000 tons, a decrease of 2.69% [28]. - **Monthly Capacity Utilization**: In June 2025, the capacity utilization rate of chemical mechanical pulp was 85.0%, an increase of 0.8% from the previous month, and the capacity utilization rate of broad - leaf pulp was 80.6%, a decrease of 1.1% from the previous month [32]. - **Monthly Production Profit**: In June 2025, the production profit of broad - leaf pulp was 493.6 yuan/ton, a decrease of 25.31% from the previous month, and the production profit of chemical mechanical pulp was - 376.9 yuan/ton, a reduction in losses of 41.1 yuan/ton [36]. - **Pulp Imports**: In June 2025, pulp imports were 3.0306 million tons, an increase of 0.48% from the previous month and 16.12% from the same period last year. The cumulative imports from January to June were 18.5777 million tons, an increase of 4.2% from the same period last year [37]. 3. Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, domestic tissue paper production was 279,000 tons, a slight increase of 0.07% from the previous week, and the capacity utilization rate was 63.2%, an increase of 0.1% from the previous week [39]. - **Downstream Cultural Paper Market**: Last week, the production of coated paper was 79,000 tons, an increase of 1.28% from the previous week, and the capacity utilization rate was 58.0%, an increase of 0.4% from the previous week. The production of offset paper was 196,000 tons, a decrease of 2.0% from the previous week, and the capacity utilization rate was 55.1%, a decrease of 1.1% from the previous week [43]. - **Downstream Packaging Paper Market**: Last week, the production of white cardboard was 311,000 tons, a decrease of 0.32% from the previous week, and the capacity utilization rate was 75.85%, a decrease of 0.25% from the previous week. The production of corrugated paper was 462,300 tons, a decrease of 1.64% from the previous week, and the capacity utilization rate was 61.97%, a decrease of 1.04% from the previous week. The production of containerboard was 594,000 tons, a decrease of 1.02% from the previous week, and the capacity utilization rate was 65.6%, a decrease of 0.66% from the previous week [46][49]. - **Downstream Base Paper Spot Price Analysis**: Last week, the prices of tissue paper and cultural paper remained basically stable, the price of white cardboard decreased slightly, and the prices of whiteboard paper, corrugated paper, and containerboard remained stable [50][54][56]. - **Downstream Base Paper Capacity Utilization**: In June 2025, the capacity utilization rate of tissue paper decreased by 1.5% from the previous month, the capacity utilization rate of white cardboard increased by 2.58% from the previous month, the capacity utilization rate of offset paper increased slightly, and the capacity utilization rate of coated paper decreased slightly. The actual domestic pulp consumption decreased slightly [60][64][67]. 4. Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall port inventory is in a destocking trend, with a total inventory of 2.143 million tons in mainstream ports, a decrease of 1.74% from the previous week. Among them, the inventory in Qingdao Port increased by 0.96%, the inventory in Changshu Port decreased by 5.26%, and the inventory in Tianjin Port increased by 5.36% [70][73]. - **Futures Pulp Warehouse Receipts**: Currently, pulp futures warehouse receipts are 243,600 tons, an increase of 1.43% from the previous week. The total warehouse receipts in Shandong area are 224,500 tons, an increase of 1.8% from the previous week [74].

Group 1: Report Industry Investment Rating - The investment view is to wait and see, and the trading strategy for the single - side is to wait and see [3] Group 2: Core View of the Report - Last week, the rise of pulp was mainly due to the macro - sentiment driving the repair of futures valuation, while the spot fundamentals of pulp remained weak. This week, macro - risk fluctuations have intensified, so it is recommended to stay on the sidelines with an empty position [6] Group 3: Summary According to the Directory 3.1 Main Views and Strategy Overview - **Supply**: It is bearish. In late May, the inventory of 20 major global commodity pulp suppliers was 49 days. The inventory days of bleached softwood pulp increased by 5 days to 46 days, and that of bleached hardwood pulp increased by 4 days to 51 days. In May 2025, the shipments of broad - leaf pulp from three South American countries to China and the shipments of coniferous pulp from Canada increased, and the overall supply increased. The current quotes for coniferous pulp in North America/Northern Europe are $680 - 710 per ton, and the import quote for broad - leaf pulp is $500 per ton [3] - **Demand**: It is bearish. This week, the production of major finished paper products remained basically stable. The rise in pulp prices did not arouse the restocking sentiment of paper mills, and pulp prices still declined [3] - **Inventory**: It is neutral. As of July 24, 2025, the inventory of mainstream pulp ports in China was 214.3 tons, a decrease of 3.8 tons from the previous period, a month - on - month decrease of 1.7% [3] - **Trading Profit**: It is neutral. The ex - works price in June decreased compared with May, and the import profit of coniferous and broad - leaf pulp was repaired, with the import profit of coniferous pulp in a positive position. As of July 25, the import profit of coniferous pulp was 59.35 yuan per ton [3] - **Valuation**: It is bearish. This week, under the influence of macro - bullish factors, the futures price of pulp rose significantly, and the basis of broad - leaf pulp weakened to around - 1300~ - 1400 yuan per ton [3] 3.2 Review of Futures and Spot Market Conditions - **Futures and Spot Price Trends**: Last week, the rise of pulp was due to macro - sentiment driving the repair of futures valuation, and the spot fundamentals were weak. This week, macro - risk fluctuations intensified. Pulp spot prices rebounded slightly. The price of coniferous pulp Silver Star was 5920 yuan per ton, up 20 yuan per ton week - on - week and down 30 yuan per ton month - on - month. The price of coniferous pulp Buzhen was 5500 yuan per ton, up 300 yuan per ton week - on - week and up 380 yuan per ton month - on - month. The price of broad - leaf pulp Jinyu was 4150 yuan per ton, up 100 yuan per ton week - on - week and up 100 yuan per ton month - on - month [6][15] - **Foreign Quotes**: In May, the foreign quotes for coniferous pulp decreased significantly, and the price of broad - leaf pulp declined. In July, the price of broad - leaf pulp from Chile Arauco was $500 per ton net, and the offer for unbleached pulp Venus was $590 per ton [16][19] - **Futures Position Volume**: As of July 25, 2025, the total position volume of pulp futures contracts was 305,363 lots, a 10.1% increase from last week; the position volume of the main pulp futures contract was 147,585 lots, a 1.30% increase from last week [20] 3.3 Pulp Supply and Demand Fundamental Data - **Import Volume**: In June, the import volume of pulp increased. The total import volume of pulp was 3.016 million tons, a 4.25% increase. The import volume of coniferous pulp was 722,000 tons, a 4.75% decrease, and the import volume of broad - leaf pulp was 1.293 million tons, a 7.84% increase [4] - **Shipment Volume**: In May 2025, the pulp shipment volume was 4.125 million tons, a 1.9% month - on - month increase. Among them, the shipment volume of coniferous pulp was 1.68 million tons, a 4.4% month - on - month increase, and the shipment volume of broad - leaf pulp was 2.53 million tons, a 1.2% month - on - month increase [38] - **Inventory**: Port and futures inventories increased. Overseas/European pulp mill inventories also increased. In late May, the inventory of 20 major global commodity pulp suppliers was 49 days. The inventory days of bleached softwood pulp increased by 5 days to 46 days, and that of bleached hardwood pulp increased by 4 days to 51 days. In May 2025, the month - end inventory of European port pulp increased by 13.3% month - on - month and 22.0% year - on - year, rising from 1.352 million tons at the end of April to 1.531 million tons [39][45] - **Downstream Demand**: - **Price**: As of July 25, 2025, the price of offset paper was 5012 yuan per ton, a 2.2% month - on - month decrease; the price of coated paper was 5340 yuan per ton, a 1.1% month - on - month decrease; the price of tissue paper was 5600 yuan per ton, a 1.2% month - on - month decrease; the price of white cardboard was 4010 yuan per ton, a 1.5% month - on - month decrease [49] - **Production**: In June 2025, the production of offset paper was 688,000 tons, a 6% month - on - month increase and a 16% year - on - year decrease; the production of coated paper was 366,200 tons, a 0.67% month - on - month decrease and a 2.4% year - on - year increase; the production of tissue paper increased by 2% month - on - month and 11.2% year - on - year; the production of white cardboard increased by 2% month - on - month and 10.6% year - on - year [55] - **Inventory**: As of June 2025, the inventory of offset paper was 1.83 million tons, a 1.6% month - on - month increase and a 13.3% year - on - year increase; the inventory of coated paper was 1.23 million tons, a 1.6% month - on - month increase and a 2.7% year - on - year increase; the inventory of tissue paper was 400,000 tons, a 3.1% month - on - month increase and a 16.9% year - on - year increase; the inventory of white cardboard was 2.1914 million tons, a 2.5% month - on - month increase and an 8.2% year - on - year decrease [62] - **European and American Demand**: In June 2025, the available inventory days of European coniferous pulp were 28.5, a 0.81 increase month - on - month and a 4.47 increase year - on - year; the available inventory days of broad - leaf pulp were 26.7, a 3.94 increase month - on - month and a 5.04 increase year - on - year. As of June 2025, the capacity utilization rate of US paper products was 81.97%, a 0.14% month - on - month decrease. In May 2025, the inventory - to - sales ratio of paper products was 1.05, a 0.01 increase month - on - month and a 0.06 increase year - on - year [68] 3.4 Pulp Futures Valuation - **Price Difference**: As of July 25, 2025, the basis of Shandong Buzhen was - 20 yuan per ton, a 74 - yuan per - ton increase from last week; the basis of Shandong Silver Star was 400 yuan per ton, a 208 - yuan per - ton decrease from last week. The 9 - 1 month spread of pulp was - 52 yuan per ton, a 113 - yuan per - ton increase from last week [75] - **Import Profit**: As of July 25, 2025, the import profit of coniferous pulp was 59 yuan per ton, a 9 - yuan per - ton increase from last week; the import profit of broad - leaf pulp was 64 yuan per ton, a 55 - yuan per - ton increase from last week [78] - **Coniferous - Broad Leaf Price Difference**: As of July 25, 2025, the coniferous - broad leaf price difference in Shandong, China was 1660 yuan per ton, a 217.5 - yuan per - ton decrease from last week. In June 2024, the coniferous - broad leaf import ratio in China was 0.47, a 0.09 decrease from last month [80]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp market sentiment has improved, with the pulp futures rebounding from a low level in July 2025. However, the pulp market supply is relatively loose, with high port inventories and a slow de - stocking pace. The subsequent rebound height depends on demand stabilization and macro - economic conditions. It is recommended to take a light - position trial long position [2][5][24] 3. Summary by Directory 3.1 Market Review - In July 2025, pulp futures rebounded from a low level. The pulp market followed the upward trend of the commodity sector, but due to high port inventories, slow de - stocking, low downstream purchasing enthusiasm, and cost support, the market was in a dynamic game [5] 3.2 Pulp Fundamental Analysis - **Import Volume Increase with Slowing Speed**: Global pulp production is stable at around 180 million tons. China has a high degree of dependence on pulp imports. In June 2025, China imported 3.031 million tons of pulp, with an import value of $1.9079 billion and an average unit price of $629.46 per ton. From January to June, the cumulative import volume and value increased by 4.2% and 2.3% respectively compared to the same period last year. The import volume maintained an increasing trend, but the growth rate slowed down [9][10] - **Inventory Pressure in Major Domestic Ports**: As of July 23, 2025, the total weekly inventory of pulp in major domestic ports was 2.1266 million tons, a 3.49% decrease from the previous week, still at a high level in the same period of previous years. In May 2025, European port inventories increased, and in June, European chemical pulp consumption decreased while inventories increased. Coniferous pulp has less inventory pressure, while broad - leaf pulp has more supply and inventory pressure [12][13] - **Diverse Downstream Operating Conditions**: Global pulp apparent consumption is stable at around 180 million tons. Waste pulp is the main consumption method in China, accounting for 63% of total pulp consumption. As of July 24, the operating rates of different types of paper mills varied, with most paper mills operating stably and a few reducing production [15][18] - **Rising Prices of Coniferous and Broad - Leaf Pulp in the Domestic Market**: As of July 24, the weekly average price of imported coniferous pulp was 5,866 yuan per ton, a 0.53% increase from the previous week, and the weekly average price of imported broad - leaf pulp was 4,111 yuan per ton, a 0.76% increase from the previous week. Although the price of imported broad - leaf pulp increased, downstream purchasing enthusiasm was low, and high - price transactions did not increase significantly [20] 3.3 Outlook for the Future - On the supply side, in June 2025, China's pulp import volume and value increased compared to the same period last year. On the demand side, port inventories were high, and the de - stocking pace was slow. The pulp market supply was relatively loose, and high - price transactions were limited. The subsequent rebound height depends on demand stabilization and macro - economic conditions, and it is recommended to take a light - position trial long position [23][24]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp futures are expected to rise under the influence of macro - positive factors and low valuation [4] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 22, 2025, SP2601 was 5502, up 0.40% day - on - day and 1.63% week - on - week; SP2605 was 5440, down 0.40% day - on - day and 1.80% week - on - week; SP2509 was 5368, up 0.64% day - on - day and 2.01% week - on - week [1] - **Spot Prices**: Coniferous pulp Silver Star was 5920, unchanged day - on - day and week - on - week; Russian Needle was 5300, unchanged; Broadleaf pulp Goldfish was 4100, unchanged day - on - day and up 1.23% week - on - week [1] - **Outer - disk Quotes**: Chilean Silver Star's outer - disk quote was 740 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged [1] - **Import Costs**: Chilean Silver Star's import cost was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - **Supply**: In June 2025, coniferous pulp imports were 67.8 tons, down 6.09% month - on - month compared to May. The shipment volume of pulp to China in May was 140 tons, up 3.30% month - on - month compared to April. Domestic production of broadleaf pulp and chemimechanical pulp also had certain changes [1] - **Inventory**: As of July 17, 2025, the sample inventory of China's mainstream pulp ports was 218.1 tons, up 0.2 tons from the previous period, a 0.1% increase, showing a slight inventory accumulation trend [4] - **Demand**: This week, the output of major finished paper increased slightly, but the prices of finished paper remained low, providing weak support for pulp [3] Pulp Valuation Data - **Basis**: On July 22, 2025, the Russian Needle basis was - 68, with a quantile level of 0.47; the Silver Star basis was 552, with a quantile level of 0.867 [3] - **Import Profit**: The import profit of coniferous pulp Silver Star was 50, with a quantile level of 0.685; the quantile level of broadleaf pulp Goldfish was 0.627 [3]