1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The supply - demand situation of pulp shows initial marginal improvement. International pulp mills are actively reducing production and switching production, leading to a tightening of domestic circulating supply. The downstream procurement sentiment has slightly improved, with leading paper mills entering the market to purchase. It is expected that the price of the pulp 2511 contract will oscillate and rebound in the range of 5200 - 5450 this week [4]. 3. Summary According to the Table of Contents 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the spot market price of pulp showed that softwood pulp remained relatively stable, while hardwood pulp increased slightly. Among them, the price of softwood pulp Silver Star in Shandong was 5850 yuan/ton, unchanged from the previous week; the price of hardwood pulp Goldfish was 4200 yuan/ton, up 120 yuan/ton (or +2.94%) from the previous week. The prices of chemical mechanical pulp, natural color pulp, and non - wood pulp were flat compared to the previous week [10][13]. - **Pulp Futures Review**: Last week, the main pulp futures contract SP2511 oscillated and rebounded in a range of more than 140 points, closing at 5306 yuan/ton for the week, up 114 yuan/ton (or +2.2%) [14]. - **Pulp Futures - Spot Basis Comparison**: Due to the smaller increase in the spot price of softwood pulp than that of pulp futures, the basis discount has decreased. The basis discount between softwood pulp and the closing price of the main futures contract is 544 yuan/ton, a reduction of 144 yuan/ton compared to last week [18]. - **Log Futures Review**: Last week, the main log futures contract 2509 showed a slight oscillatory decline, closing at 815.0 yuan/cubic meter for the week, down 15.5 yuan/cubic meter (or -1.87%) from the previous week [19]. 3.2 Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, the pulp production was 48.1 tons, a week - on - week increase of 0.2 tons (or +0.42%). It is expected that the domestic production of hardwood pulp will be about 21.0 tons and chemical mechanical pulp will be about 20.9 tons this week [4][21]. - **Capacity Utilization of Hardwood Pulp and Chemical Mechanical Pulp**: Last week, the capacity utilization rate of domestic hardwood pulp was 76.6%, up 0.3% week - on - week; the capacity utilization rate of domestic chemical mechanical pulp was 87.1%, up 0.4% week - on - week [26]. - **Monthly Pulp Production**: In July 2025, the domestic pulp production was 212.4 tons, a month - on - month increase of 5.2 tons (or +2.51%) [27]. - **Monthly Capacity Utilization of Chemical Mechanical Pulp and Hardwood Pulp**: In July 2025, the domestic chemical mechanical pulp production was 89.6 tons, a month - on - month increase of 4.1 tons (or +4.8%), with a capacity utilization rate of 84.2%, down 0.8% month - on - month; the hardwood pulp production was 91.7 tons, a month - on - month increase of 2.6 tons (or +2.92%), with a capacity utilization rate of 83.0%, up 2.4% month - on - month [31]. - **Monthly Production Profit of Hardwood Pulp and Chemical Mechanical Pulp**: In July 2025, the production profit of hardwood pulp was 512.7 yuan/ton, a month - on - month increase of 19.1 yuan/ton (or +3.87%); the production profit of chemical mechanical pulp was - 307.9 yuan/ton, with a month - on - month loss reduction of 69 yuan/ton [35]. - **Pulp Imports**: In July 2025, the pulp import volume was 287.68 tons, a month - on - month decrease of 15.38 tons (or -5.08%), and a year - on - year increase of 55.22 tons (or +23.75%) [36]. 3.3 Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, the domestic tissue paper production was 28.05 tons, a week - on - week increase of 0.19 tons (or +0.68%); the capacity utilization rate was 63.5%, up 0.4% week - on - week [40]. - **Downstream Cultural Paper Market**: Last week, the copperplate paper production was 7.8 tons, a week - on - week increase of 0.1 tons (or +1.3%); the offset paper production was 20.7 tons, a week - on - week decrease of 0.3 tons (or -1.43%) [42]. - **Downstream Packaging Paper Market**: Last week, the white cardboard production was 31.5 tons, a week - on - week increase of 0.8 tons (or +2.61%); the white board paper production was 18.0 tons, a week - on - week decrease of 0.6 tons (or -3.23%); the corrugated paper production was 46.17 tons, a week - on - week decrease of 0.91 tons (or -1.93%); the boxboard paper production was 61.91 tons, a week - on - week increase of 0.92 tons (or +1.51%) [45][48]. - **Downstream Base Paper Spot Price Analysis**: Last week, the prices of tissue paper and cultural paper remained stable compared to the previous week; the price of white board paper increased slightly, while the price of white cardboard remained stable; the price of corrugated paper increased slightly, while the price of boxboard paper remained stable [49][52][55]. - **Downstream Base Paper Capacity Utilization**: In July 2025, the capacity utilization rate of domestic tissue paper was 65.33%, up 2.33% month - on - month; the capacity utilization rate of white cardboard was 74.59%, up 1.29% month - on - month; the capacity utilization rate of offset paper was 55.96%, down 0.41% month - on - month; the capacity utilization rate of copperplate paper was 57.6%, up 1.25% month - on - month [57][59]. - **Domestic Actual Pulp Consumption**: In July 2025, the actual pulp consumption was 332.1 tons, a month - on - month increase of 12.6 tons (or +3.94%), and a year - on - year increase of 10.6 tons (or +3.3%) [63]. 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall pulp port inventory shows an accumulation trend, with the inventory of mainstream port samples at 209.9 tons, a week - on - week increase of 5.1 tons (or +2.49%); among them, the inventory at Qingdao Port was 137.5 tons, a week - on - week decrease of 1.0 tons (or -0.72%); the inventory at Changshu Port was 53.6 tons, a week - on - week increase of 5.1 tons (or +10.52%); the inventory at Tianjin Port was 6.3 tons, a week - on - week increase of 0.3 tons (or +5.0%) [64][68]. - **Pulp Futures Warehouse Receipts**: Currently, the pulp futures warehouse receipts are 24.18 tons, a week - on - week decrease of 2455 tons (or -1.01%); the total warehouse receipts in Shandong are 22.32 tons, a week - on - week decrease of 1856 tons (or -0.82%) [69].

Report Industry Investment Rating No relevant information provided. Report's Core View - The high inventory of pulp at ports will continue to be the norm, with spot liquidity under continuous pressure and supply pressure intensifying. Downstream paper mills are reluctant to purchase raw materials and are mainly focused on digesting inventory, with the operating rate remaining low. After the main contract change, short - term fluctuations are significant. It is expected that the price of the pulp 2509 contract will fluctuate widely in the range of 5160 - 5550 yuan/ton this week [4]. Summary by Directory 1. Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the spot market price of pulp showed a trend of weakening for softwood pulp and remaining stable for hardwood pulp. The prices of softwood pulp such as Silver Star, Cariboo, and Northern Wood decreased by 0.82%, 0.81%, and 0.79% respectively. The prices of hardwood pulp such as Goldfish, Bird, and Alpa remained unchanged. The price of chemical mechanical pulp remained stable, the price of natural pulp increased by 2.00%, and the price of sugarcane pulp decreased by 2.5% [10][12]. - **Pulp Futures Price Review**: Last week, the pulp futures contract SP2509 first rose, then declined, and finally fell in a volatile manner, closing at 5120 yuan/ton, a weekly decline of 1.50%. The weighted trading volume and weighted open interest increased [15]. - **Pulp Futures - Spot Basis Comparison**: Due to the smaller decline in the spot price of softwood pulp compared to the futures price, the contango of the futures - spot basis continued to widen, reaching 930 yuan/ton, an increase of 72 yuan/ton compared to last week [19]. - **Log Futures Price Review**: The main log futures contract 2507 showed a significant volatile rebound last week, closing at 812.0 yuan/cubic meter, a weekly increase of 5.8%. The trading volume and open interest increased [21]. 2. Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, the weekly pulp production was 48.29 tons, a slight increase of 0.19%. The production of hardwood pulp decreased by 0.48%, and the production of chemical mechanical pulp increased by 1.02%. It is expected that the production of domestic hardwood pulp and chemical mechanical pulp will reach about 21.0 tons and 20.1 tons respectively this week [23]. - **Capacity Utilization**: Last week, the capacity utilization rate of domestic hardwood pulp decreased by 0.4% to 77.5%, and that of chemical mechanical pulp increased by 0.8% to 83.2% [28]. - **Monthly Pulp Production**: In May 2025, domestic pulp production was 199.0 tons, a decrease of 0.49%. Wood pulp production increased by 0.67%. Hardwood pulp production decreased by 2.99%, and chemical mechanical pulp production increased by 4.16% [30]. - **Monthly Capacity Utilization**: In May 2025, the capacity utilization rate of domestic hardwood pulp increased by 8.68% to 77.9%, and that of chemical mechanical pulp increased by 0.58% to 84.2%. Bamboo pulp and sugarcane pulp production decreased [32]. - **Monthly Production Profit**: In May 2025, the production profit of hardwood pulp was 660.9 yuan/ton, a decrease of 35.32% month - on - month and 69.77% year - on - year. The production profit of chemical mechanical pulp was - 418 yuan/ton, a decrease of 192.55 yuan/ton month - on - month [36]. - **Pulp Imports**: In May 2025, pulp imports were 301.6 tons, an increase of 4.26% month - on - month and 6.95% year - on - year. The cumulative imports from January to May 2025 were 1555 tons, an increase of 2.1% year - on - year [38]. 3. Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, domestic tissue paper production was 27.4 tons, a decrease of 2.14%. The capacity utilization rate was 62.1%, an increase of 1.3% [40]. - **Downstream Cultural Paper Market**: Last week, copperplate paper production was 7.7 tons, an increase of 1.18%, and the capacity utilization rate was 56.6%, an increase of 0.4%. Offset paper production was 19.5 tons, a decrease of 2.99%, and the capacity utilization rate was 54.6%, a decrease of 1.8% [43]. - **Downstream Packaging Paper Market**: Last week, the production of white cardboard and whiteboard paper decreased, with capacity utilization rates of 72.2% and 69.72% respectively, showing a slight decline. The production of corrugated paper and boxboard paper also decreased, with capacity utilization rates of 64.2% and 66.6% respectively, showing a decline [44][48]. - **Downstream Base Paper Spot Price Analysis**: Last week, the prices of tissue paper and cultural paper remained stable, while the prices of whiteboard paper and white cardboard decreased slightly, and the prices of boxboard paper and corrugated paper remained stable [49][52][55]. - **Downstream Base Paper Capacity Utilization**: In May 2025, the production and capacity utilization rates of tissue paper and white cardboard decreased, while the production of offset paper increased slightly, and the capacity utilization rate of copperplate paper decreased. The actual domestic pulp consumption decreased slightly [59][62][65]. 4. Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall pulp inventory at domestic ports is increasing. The inventory at mainstream ports is 220.8 tons, a 1.05% increase. The inventory at Qingdao Port is 135.8 tons, a 1.19% increase. The inventories at Changshu Port and Tianjin Port are also increasing [66][70]. - **Futures Pulp Warehouse Receipts**: Last week, pulp futures warehouse receipts were 24.87 tons, a 1.51% decrease. The total warehouse receipts in Shandong increased by 1.65%. The inventory in Qingdao International Logistics Warehouse increased, while that in Sinotrans Huazhong Jiaozhou Warehouse decreased [71].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Due to some traders holding back supplies, the circulation of pulp has tightened temporarily. The main contract of pulp futures, SP2507, oscillated and rebounded within a range of about 300 points last week. It is expected that the price of the main contract of pulp futures will mainly oscillate and rebound within the range of 5260 - 5630 this week. Operationally, when the price rebounds after a mid - week correction and encounters support, short - term long positions can be taken at low prices, with risk control in mind [4]. 3. Summary by Directory 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the spot market price of pulp rebounded slightly. In Shandong, the price of coniferous pulp Silver Star rose to 6300 yuan/ton, up 100 yuan/ton (or +1.61%); Kalip rose to 6350 yuan/ton, up 150 yuan/ton (or +2.42%); Northwood rose to 6500 yuan/ton, up 200 yuan/ton (or +3.17%). The price of broad - leaf pulp Goldfish rose to 4250 yuan/ton, up 150 yuan/ton (or +3.66%); Birdie and Alpine rose to 4200 yuan/ton, up 150 yuan/ton (or +3.7%). However, the prices of some non - wood pulps such as virgin pulp and bamboo pulp decreased slightly [11][13]. - **Pulp Futures Price Review**: The main contract of pulp futures, SP2507, oscillated and rebounded within a range of about 300 points last week, closing at 5356 yuan/ton on the weekly line, up 192 yuan/ton (or +3.72%). The trading volume was 1.145 million lots, an increase of 354,000 lots, and the open interest was 96,200 lots, a decrease of 19,200 lots [17]. - **Pulp Futures - Spot Basis Comparison**: The basis discount of pulp futures and spot decreased slightly as the increase in the spot price of wood pulp was less than that of the futures price last week. The basis discount between coniferous wood pulp and the closing price of the main futures contract was 944 yuan/ton, a decrease of 92 yuan/ton compared with last week [20]. - **Log Futures Price Review**: The main contract of log futures, 2507, showed a trend of rising first and then falling with oscillatory adjustments last week, closing at 783.0 yuan/cubic meter on the weekly line, down 1.5 yuan/cubic meter (or - 0.19%) compared with the previous week. The trading volume was 95,700 lots, an increase of 34,700 lots, and the open interest was 27,400 lots, a decrease of 3,300 lots [22]. 3.2 Pulp Supply - side Analysis - **Weekly Pulp Production**: Last week, the pulp production was 487,500 tons, a decrease of 8,200 tons (or - 1.66%) compared with the previous week. The production of broad - leaf pulp was 207,000 tons, and the production of chemi - mechanical pulp was 201,000 tons. It is expected that the production of domestic broad - leaf pulp will be about 200,000 tons and the production of chemi - mechanical pulp will be about 195,000 tons this week [24]. - **Capacity Utilization of Broad - leaf and Chemi - mechanical Pulp**: Last week, the capacity utilization rate of domestic broad - leaf pulp was 76.5%, a decrease of 3.09% compared with the previous week; the capacity utilization rate of domestic chemi - mechanical pulp was 84.10%, a decrease of 0.01% compared with the previous week [29]. - **Monthly Pulp Production**: In April 2025, the domestic pulp production was 1.9997 million tons, a decrease of 213,300 tons (or - 9.64%) compared with the previous month. The production of wood pulp was 1.644 million tons, a decrease of 210,900 tons (or - 11.37%); the production of broad - leaf pulp was 803,000 tons, a decrease of 174,800 tons (or - 17.87%); the production of chemi - mechanical pulp was 841,000 tons, a decrease of 36,200 tons (or - 4.12%) [30]. - **Monthly Capacity Utilization of Broad - leaf and Chemi - mechanical Pulp**: In April 2025, the capacity utilization rate of domestic broad - leaf pulp was 69.22%, a decrease of 12.37% compared with the previous month; the capacity utilization rate of chemi - mechanical pulp was 83.62%, a decrease of 0.74% compared with the previous month. The production of bamboo pulp was 264,000 tons, a decrease of 1,700 tons (or - 0.63%); the production of sugarcane pulp was 76,700 tons, a decrease of 400 tons (or - 0.54%) [35]. - **Pulp Import Volume**: In April 2025, the pulp import volume was 2.8928 million tons, a decrease of 356,300 tons (or - 10.97%) compared with the previous month and a decrease of 327,200 tons (or - 10.16%) compared with the same period last year. The cumulative import volume from January to April 2025 was 12.53 million tons, an increase of 120,000 tons (or +1%) compared with the same period last year [39]. 3.3 Pulp Demand - side Analysis - **Downstream Tissue Paper Market**: Last week, the domestic tissue paper production was 277,000 tons, a decrease of 1,000 tons (or - 0.36%) compared with the previous week. The capacity utilization rate was 62.6%, a decrease of 0.3% compared with the previous week [42]. - **Downstream Cultural Paper Market**: Last week, the copperplate paper production was 77,000 tons, an increase of 3,000 tons (or +4.05%) compared with the previous week, and the capacity utilization rate was 56.9%, an increase of 2.3% compared with the previous week. The offset paper production was 200,000 tons, a decrease of 1,000 tons (or - 0.5%) compared with the previous week, and the capacity utilization rate was 56.1%, a decrease of 0.2% compared with the previous week [46]. - **Downstream Packaging Paper Market**: Last week, in the packaging paper market, the production of white cardboard was 279,000 tons, a decrease of 11,000 tons (or - 3.79%) compared with the previous week, and the capacity utilization rate was 68.05%, a decrease of 2.68% compared with the previous week. The production of corrugated paper was 457,000 tons, an increase of 13,000 tons (or +2.93%) compared with the previous week, and the capacity utilization rate was 60.8%, an increase of 1.7% compared with the previous week. The production of boxboard paper was 613,000 tons, an increase of 16,000 tons (or +2.68%) compared with the previous week, and the capacity utilization rate was 67.1%, an increase of 1.8% compared with the previous week [49][52]. - **Downstream Base Paper Spot Price Analysis**: Last week, in the tissue paper market, the price of Shandong wood pulp jumbo roll base paper remained stable, the price of Sichuan bamboo pulp jumbo roll base paper remained stable, and the price of Guangxi sugarcane pulp jumbo roll base paper decreased by 50 yuan/ton (or - 0.9%). In the cultural paper market, the price of Shandong 70g offset paper remained stable, and the price of 157g copperplate paper decreased by 50 yuan/ton (or - 0.90%). In the white cardboard market, the price of Jiangsu Bohui 250 - 4，00g white cardboard decreased by 50 yuan/ton (or - 1.28%), and the price of Wanguo Taiyang 250 - 400g white cardboard remained stable. In the boxboard and corrugated paper markets, the prices remained stable [53][57][59]. - **Downstream Base Paper Capacity Utilization**: In April 2025, the domestic tissue paper production was 1.258 million tons, a decrease of 60,000 tons (or - 4.55%) compared with the previous month, and the capacity utilization rate was 66.5%, a decrease of 3.1% compared with the previous month. The domestic white cardboard production was 1.32 million tons, a decrease of 100,000 tons (or - 7.04%) compared with the previous month, and the capacity utilization rate was 75.0%, a decrease of 3.02% compared with the previous month. The domestic offset paper production was 832,000 tons, a decrease of 30,000 tons (or - 3.48%) compared with the previous month, and the capacity utilization rate was 56.25%, a decrease of 0.16% compared with the previous month. The copperplate paper production was 344,000 tons, remaining the same as the previous month, and the capacity utilization rate was 57.5%, an increase of 0.19% compared with the previous month. The domestic pulp consumption in April 2025 was 3.268 million tons, a decrease of 173,000 tons (or - 5.03%) compared with the previous month [62][65][68]. 3.4 Pulp Inventory - side Analysis - **Pulp Port Inventory**: Last week, the overall domestic port inventory showed a trend of accumulation. The inventory of the main port samples was 2.198 million tons, an increase of 163,000 tons (or +8.01%) compared with the previous week. Among them, the inventory of Qingdao Port was 1.387 million tons, an increase of 69,000 tons (or +5.24%) compared with the previous week. The inventory of Changshu Port was 525,000 tons, an increase of 97,000 tons (or +22.66%) compared with the previous week, and the inventory of Tianjin Port was 48,000 tons, a decrease of 24,000 tons (or - 33.33%) compared with the previous week [72][73]. - **Futures Pulp Warehouse Receipts**: Last week, the pulp futures warehouse receipts were 252,600 tons, a decrease of 68,017 tons (or - 21.21%) compared with the previous week. The total warehouse receipts in Shandong were 227,500 tons, a decrease of 49,412 tons (or - 17.84%) compared with the previous week [75].