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].