Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints 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 [4] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On June 12, 2025, SP2601 was 5,244 yuan, down 0.49% day-on-day and up 0.04% week-on-week; SP2507 was 5,268 yuan, down 1.46% day-on-day and down 0.23% week-on-week; SP2509 was 5,214 yuan, down 0.87% day-on-day and down 0.27% week-on-week [1] - **Spot Prices**: Coniferous pulp Silver Star was 6,150 yuan, unchanged day-on-day and week-on-week; Russian Needle was 5,350 yuan, unchanged day-on-day and up 0.56% week-on-week; Broadleaf pulp Golden was 4,120 yuan, unchanged day-on-day and week-on-week [1] - **Foreign Quotes and Import Costs**: Chilean Silver Star's foreign quote was 740 US dollars, unchanged; import cost was 6,046 yuan, unchanged. Chilean Star's foreign quote was 560 US dollars, unchanged; import cost was 4,587 yuan, unchanged. Chilean Venus's foreign quote was 620 US dollars, unchanged; import cost was 5,073 yuan, unchanged [1] Pulp Fundamental Data - **Supply**: 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. The pulp shipment volume to China was 1,353 tons, down 30.80% [1] - **Inventory**: As of June 12, 2025, the pulp port inventory was 218.5 tons, up 1.3% from the previous period. The delivery warehouse inventory was 25.5 tons [1] - **Demand**: The production of major finished papers remained stable. For example, the production of offset paper was 20.1 tons, coated paper was 7.61 tons, tissue paper was 28 tons, and white cardboard was 30.1 tons [1] Pulp Valuation Data - **Basis**: On June 12, 2025, the Russian Needle basis was 82, with a quantile level of 0.837; the Silver Star basis was 882, with a quantile level of 0.977 [3] - **Import Profit**: On June 12, 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 0.208 [3] Supply End - Chilean Arauco announced the June 2025 wood pulp foreign quotes: coniferous pulp Silver Star was 740 US dollars/ton (face value), unchanged; broadleaf pulp had no supply in June, and partial supply was expected to resume in July (limited quantity); natural pulp Venus was 620 US dollars/ton (face value), unchanged. According to the PPC report, in April 2025, the shipment volume of M20 coniferous pulp to China decreased by 2.9% year-on-year, and the shipment volume of broadleaf pulp to China increased by 26.7% year-on-year [3] Demand End - 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 [4] Inventory End - As of June 12, 2025, the inventory of mainstream pulp ports in China was 218.5 tons, an increase of 2.8 tons from the previous period, a 1.3% increase month-on-month, showing a slight inventory accumulation trend [4] Strategy - Pulp is expected to fluctuate in the range of 5,200 - 5,500 yuan/ton in the short term due to the lack of clear driving factors [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 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 Relevant Catalogs Pulp Price Data - On June 9, 2025, the day - on - day change of SP2601 was 1.07%, SP2507 was 0.00%, and SP2509 was 1.26%. The week - on - week change of SP2507 was - 0.34%, and SP2509 was - 0.08% [1]. - The spot price of coniferous pulp Silver Star was 6,150 yuan/ton with a week - on - week change of - 0.81%, and the futures price of SP2601 was 5,296 yuan/ton [1]. - The outer - disk quotes of Chilean Silver Star, Star, and Venus were 740, 560, and 620 US dollars respectively, with no change month - on - month [1]. Pulp Fundamental Data - In April 2025, the import volume of coniferous pulp was 75.8 tons, a month - on - month decrease of 5.01%, and the import volume of broad - leaf pulp was 119.9 tons, a month - on - month decrease of 18.44% [1]. - The pulp shipment volume to China in April 2025 was 1,353 tons, a month - on - month decrease of 30.80% [1]. - As of May 29, 2025, the pulp port inventory was 216.1 tons, a week - on - week increase of 0.2%, showing a slight inventory accumulation trend [1]. Pulp Valuation Data - On June 9, 2025, the Russian needle basis was 70 with a quantile level of 0.975, and the Silver Star basis was 870 [1]. - The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78, and the import profit of broad - leaf pulp Goldfish was - 467 with a quantile level of 0.207 [1]. Supply, Demand, and Inventory - Supply: Chilean Arauco announced the June 2025 wood pulp outer - disk prices. Coniferous pulp Silver Star was 740 US dollars/ton (face price), unchanged; broad - leaf pulp had no supply in June, and partial supply was expected to resume in July (limited quantity); the price of natural pulp Venus was 620 US dollars/ton (face price), unchanged [1]. - Demand: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor; downstream paper mills made rigid - demand purchases, with a slight increase in white cardboard production and stable production of other paper types [1]. - Inventory: As of May 29, 2025, the mainstream port sample inventory of Chinese pulp was 216.1 tons, a 0.4 - ton increase from the previous period, a 0.2% week - on - week increase, showing a slight inventory accumulation trend [1].