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 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 行业 纸浆日报 日期 2025 年 12 月 11 日 021-60635727 fengzeren@ccb.ccbfutures.com 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） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

Core Viewpoint - The recent surge in pulp futures prices is primarily driven by marginal improvements in the market fundamentals, following a period of decline due to oversupply and high inventory levels [4][17]. Supply Side - In October, China's pulp imports totaled 2.618 million tons, a year-on-year decrease of 1.95%. However, cumulative imports from January to October 2025 increased by 4.79% to 29.674 million tons [7]. - The average operating rate for broadleaf pulp in November was 62.5%, down 7.7 percentage points month-on-month, indicating some production adjustments in the industry [7]. Inventory Side - As of the end of November, the total pulp inventory at major Chinese ports was approximately 2.031 million tons, an increase of 6.17% from the previous month, reflecting a growing inventory pressure [9]. - The import volume of pulp is expected to see only a slight increase in December due to ongoing high inventory levels and weak external market performance [9]. Demand Side - The average operating rate for various paper types in November was 61.29%, showing a month-on-month increase of 1.78 percentage points. However, production levels for life paper decreased by 2.71% compared to the previous month [11]. - The overall price performance of different paper types in November was mixed, with life paper prices slightly rising while other types like double copper paper continued to decline [12]. Market Sentiment - Recent market analysis indicates that the pulp market is experiencing a rebound due to the digestion of previous negative factors and the emergence of new balance, with cost support and improved market sentiment driving prices upward [17][19]. - Despite the recent price increases, the market remains cautious due to high inventory levels and the need for substantial improvements in demand to sustain long-term price increases [18][19].