消息面 机构观点 国投安信期货： 近期外盘针叶浆和阔叶浆报价均有所上调。纸厂对于纸浆采购以刚需为主，原纸价格跟涨相对乏力，纸浆盘面博弈较为激烈。操作上暂时观望。 银河期货： 当前估值受多重因素博弈影响，浆价格受期货资金推动和外盘提价支撑，但整体供大于求的核心矛盾未改。终端需求疲软导致去库可持续性存 疑，叠加纸厂亏损压力下采购谨慎，当前估值整体偏高，后续关注资金动向和终端需求复苏情况。 据海关总署公布,中国2025年11月纸浆进口量为324.6万吨，环比+24.0%，同比+15.9%，全年累计进口量3292.5万吨，累计同比+5.8%。 12月25日，纸浆前20名期货公司(全月份合约加总)多单持仓19.45万手，空单持仓23.22万手，多空比0.84。净持仓为-3.77万手，相较上日增加4682 手。 截至12月25日，中国纸浆主流港口样本库存量：190.6万吨，较上期去库8.7万吨，环比下降4.4%。 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp is expected to move in a volatile manner recently as there has been a certain amount of cancellation of warehouse receipts and registration of new warehouse receipts [6] Group 3: Summary According to Relevant Catalogs Pulp Price Data - **Futures Prices**: On November 28, 2025, SP2601 was 5198 yuan/ton (up 0.27% day-on-day, down 0.57% week-on-week), SP2512 was 4704 yuan/ton (up 0.73% day-on-day, down 1.71% week-on-week), and SP2605 was 5248 yuan/ton (up 0.27% day-on-day, down 0.72% week-on-week) [6] - **Spot Prices**: On November 28, 2025, the price of coniferous pulp Silver Star was 5400 yuan/ton (unchanged day-on-day, down 0.92% week-on-week), Russian Needle was 5170 yuan/ton (unchanged day-on-day, down 0.58% week-on-week), and broadleaf pulp Golden Crown was 4400 yuan/ton (unchanged day-on-day and week-on-week) [6] - **Outer - disk Quotes**: In November 2025, the outer - disk quote of Chilean Silver Star was 680 dollars/ton (down 2.86% month - on - month), Brazilian Goldfish was 530 dollars/ton (up 3.92% month - on - month), and Chilean Venus was 590 dollars/ton (unchanged month - on - month) [6] - **Import Costs**: In November 2025, the import cost of Chilean Silver Star was 5559 yuan/ton (down 2.83% month - on - month), Brazilian Goldfish was 4344 yuan/ton (up 3.87% month - on - month), and Chilean Venus was 4830 yuan/ton (unchanged month - on - month) [6] Pulp Fundamental Data - **Supply**: In October 2025, the import volume of coniferous pulp was 69.1 tons (unchanged month - on - month), and broadleaf pulp was 131.8 tons (down 2.80% month - on - month). The domestic production of broadleaf pulp and chemimechanical pulp fluctuated in late October 2025. The pulp shipment volume to China decreased by 7.49% [6] - **Inventory**: As of November 27, 2025, the pulp port inventory was 217.2 tons (down 0.1 tons from the previous period, down 0.05% month - on - month), and the futures delivery warehouse inventory was 21.1 tons [6] - **Demand**: In late November 2025, the production of double - offset paper, coated paper, tissue paper, and white cardboard fluctuated. Recently, wood - pulp paper companies have issued price increase letters, with only white cardboard having a good implementation situation [6] Pulp Valuation Data - **Basis**: On November 28, 2025, the Russian Needle basis was 466 with a quantile level of 0.948, and the Silver Star basis was 696 with a quantile level of 0.911 [6] - **Import Profit**: On November 28, 2025, the import profit of coniferous pulp Silver Star was - 159, and that of broadleaf pulp Goldfish was 56 [6]

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 is expected to oscillate. The supply side shows that Chile's Arauco company's October quotes for coniferous pulp Silver Star decreased by $20/ton, while quotes for broadleaf pulp Star remained flat, and quotes for natural pulp Venus also remained flat. The demand side indicates that recent price - increase letters for pulp - made paper have been issued, with only white cardboard having good implementation results, and attention should be paid to the implementation of the second batch of price - increase letters for offset paper. As of November 20, 2025, the inventory at China's mainstream pulp ports was 2173000 tons, a 3.0% increase from the previous period, showing a continuous two - week inventory accumulation [6]. 3. Summary by Relevant Catalogs 3.1 Price Data - **Futures Prices**: On November 25, 2025, SP2601 was 5212 yuan/ton, down 0.15% day - on - day and 3.62% week - on - week; SP2512 was 4724 yuan/ton, up 0.25% day - on - day and down 3.55% week - on - week; SP2605 was 5272 yuan/ton, down 0.11% day - on - day and 2.55% week - on - week [6]. - **Spot Prices**: On November 25, 2025, the price of coniferous pulp Silver Star was 5400 yuan/ton, unchanged day - on - day and down 2.70% week - on - week; the price of coniferous pulp Russian Needle was 5170 yuan/ton, unchanged day - on - day and down 4.26% week - on - week; the price of broadleaf pulp Golden Needle was 4400 yuan/ton, unchanged day - on - day and week - on - week [6]. - **Foreign Market Quotes**: The October quote for Chile's Silver Star was $680/ton, down $20/ton; the quote for Star was $540/ton, unchanged; the quote for Venus was $590/ton, unchanged [6]. - **Import Costs**: The import cost of Chile's Silver Star was 5559 yuan/ton, down 2.83% month - on - month; the import cost of Chile's Venus was 4830 yuan/ton, unchanged month - on - month [6]. 3.2 Fundamental Data - **Import Volume**: In October 2025, the import volume of coniferous pulp was 691000 tons (unchanged month - on - month), and the import volume of broadleaf pulp was 1318000 tons, down 2.80% month - on - month [6]. - **Domestic Production**: The domestic production of broadleaf pulp and chemimechanical pulp fluctuated in the period from November 6 to November 20, 2025 [6]. - **Inventory**: As of November 20, 2025, the pulp port inventory was 2173000 tons, up 63000 tons from the previous period, a 3.0% increase; the futures delivery warehouse inventory was 209000 tons [6]. - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard also fluctuated during the period from November 6 to November 20, 2025 [6]. 3.3 Valuation Data - **Basis**: On November 25, 2025, the Russian Needle basis was 446, with a quantile level of 0.946; the Silver Star basis was 676, with a quantile level of 0.895 [6]. - **Import Profit**: On November 25, 2025, the import profit of coniferous pulp Silver Star was - 159, with a quantile level of 0.378; the import profit of broadleaf pulp Goldfish was 56, with a quantile level of 0.705 [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The fundamentals of pulp have not improved significantly. The current futures price is close to the import cost of deliverable goods, with limited room for further increase. Consider 1 - 3 reverse spreads or 1 - 5 reverse spreads [6] 3. Summary by Related Catalogs 3.1 Price Data - **Futures Prices (yuan/ton)**: On November 24, 2025, SP2601 was 5220 (-0.15% day - on - day, -4.64% week - on - week), SP2512 was 4712 (0.17% day - on - day, -3.84% week - on - week), and SP2605 was 5278 (-0.15% day - on - day, -3.55% week - on - week) [6] - **Spot Prices (yuan/ton)**: Coniferous pulp Silver Star was 5400 (-0.92% day - on - day, -2.70% week - on - week), Russian Needle was 5170 (-0.58% day - on - day, -4.26% week - on - week), and Broadleaf pulp Goldfish was 4400 (0.00% day - on - day, 0.00% week - on - week) [6] - **Outer - Disk Quotes (USD/ton)**: Chilean Silver Star was 680 (-2.86% month - on - month), Japanese Neko was 530 (3.92% month - on - month), and Chilean Venus was 590 (0.00% month - on - month) [6] - **Import Costs (yuan/ton)**: Chilean Silver Star was 5559 (-2.83% month - on - month), Brazilian Goldfish was 4344 (3.87% month - on - month), and Chilean Venus was 4830 (0.00% month - on - month) [6] 3.2 Fundamental Data - **Import Volume (10,000 tons)**: In October 2025, coniferous pulp was 69.1 (0.00% month - on - month) and broadleaf pulp was 131.8 (-2.80% month - on - month) [6] - **Domestic Production (10,000 tons)**: For broadleaf pulp, the production on November 20, 2025, was 23; for chemimechanical pulp, it was 23.7 [6] - **Inventory (10,000 tons)**: As of November 20, 2025, the pulp port inventory was 217.3 (3.0% week - on - week), and the futures delivery warehouse inventory was 20.9 [6] - **Finished - Paper Production (10,000 tons)**: Double - offset paper was 20.70, coated paper was 8.00, tissue paper was 28.52, and white cardboard was 36.20 [6] 3.3 Valuation Data - **Basis**: On November 24, 2025, the Russian Needle basis was 458 (quantile level 0.948), and the Silver Star basis was 688 (quantile level 0.905) [6] - **Import Profit**: For coniferous pulp Silver Star, it was - 159 (quantile level 0.378); for broadleaf pulp Goldfish, it was 56 (quantile level 0.704) [6] 3.4 Supply and Demand - **Supply**: Chilean Arauco's October offer for coniferous pulp Silver Star was 680 USD/ton, down 20 USD/ton; the offer for broadleaf pulp Star was 540 USD/ton, unchanged [6] - **Demand**: Recently, wood - pulp paper producers have issued price - increase letters. Only the implementation of white cardboard price increases is good, and its production is stable [6] 3.5 Inventory - As of November 20, 2025, the inventory of China's main pulp ports was 217.3 tons, an increase of 6.3 tons from the previous period, a 3.0% week - on - week increase. The inventory has been accumulating for two consecutive weeks [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fundamentals of the pulp market have not improved significantly. The current futures price is close to the import cost of the deliverable product, and there is limited room for further price increases. It is recommended to close the 12 - 1 reverse spread and initiate a 1 - 3 or 1 - 5 reverse spread [10]. 3. Summary by Related Catalog Price Data - **Futures Prices**: On November 20, 2025, SP2601 was priced at 5298, down 1.82% daily and 4.26% weekly; SP2512 was 4786, down 1.48% daily and 2.13% weekly; SP2605 was 5340, down 1.07% daily and 2.94% weekly [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5500, down 0.90% daily and weekly; Russian Needle was 5350, down 0.93% daily and weekly; Hardwood pulp Golden Crown was 4400, unchanged [5]. - **Outer - disk Quotes**: Chilean Silver Star was quoted at 680 dollars, down 2.86% month - on - month; Brazilian Goldfish was 530 dollars, up 3.92% month - on - month; Chilean Venus was 590 dollars, unchanged [5]. - **Import Costs**: The import cost of Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged [5]. Fundamental Data - **Supply**: In October 2025, the import volume of coniferous pulp was 69.1 tons, unchanged from September; hardwood pulp was 131.8 tons, down 2.80% from September. The pulp shipment volume to China was 187 tons, up 13.50% [5]. - **Inventory**: As of November 20, 2025, the pulp port inventory was 217.3 tons, up 3.0% from the previous period, showing a continuous two - week inventory accumulation [5][10]. - **Demand**: Among finished paper products, the production of double - offset paper, copperplate paper, tissue paper, and white cardboard showed minor fluctuations, with only white cardboard having a better price increase implementation and stable production [5][10]. Valuation Data - **Basis**: On November 20, 2025, the Russian Needle basis was 564, with a quantile level of 0.965; the Silver Star basis was 714, with a quantile level of 0.919 [5]. - **Import Profit**: The import profit of coniferous pulp Silver Star was - 59, with a quantile level of 0.515; hardwood pulp Goldfish was 56, with a quantile level of 0.704 [5].

Group 1: Report Industry Investment Rating - No relevant content was provided Group 2: Core Viewpoints of the Report - The fundamentals of pulp have not improved significantly. The current futures price is close to the import cost of the deliverable, and there is limited room for further increase. Consider closing the 12 - 1 reverse spread and initiating a 1 - 3 or 1 - 5 reverse spread [5][10] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On November 19, 2025, SP2601 was 5396, down 0.22% day - on - day and 1.57% week - on - week; SP2512 was 4858, down 0.29% day - on - day and 0.61% week - on - week; SP2605 was 5398, down 0.22% day - on - day and 1.46% week - on - week [5] - **Spot Prices**: On November 19, 2025, the price of coniferous pulp Silver Star was 5550, unchanged day - on - day and week - on - week; Russian coniferous pulp was 5400, unchanged; broadleaf pulp Golden Fish was 4400, unchanged [5] - **Outer - Market Quotes**: In November 2025, the outer - market quote for Chilean Silver Star was 680 dollars, down 2.86% from the previous period; Brazilian Golden Fish was 530 dollars, up 3.92%; Chilean Venus was 590 dollars, unchanged [5] - **Import Costs**: The import cost of Chilean Silver Star was 5559, down 2.83% from the previous period; Brazilian Golden Fish was 4344, up 3.87%; Chilean Venus was 4830, unchanged [5] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of coniferous pulp was 69.1 tons, up 12.54% month - on - month; broadleaf pulp was 135.6 tons, up 7.79% month - on - month. The domestic production of broadleaf pulp on November 13, 2025, was 22.9 tons; chemimechanical pulp was 23.6 tons [5] - **Inventory**: As of November 13, 2025, the pulp port inventory was 211 tons, up 6.1% from the previous period; the futures delivery warehouse inventory was 22.2 tons [5] - **Demand**: As of November 13, 2025, the production of offset paper was 20.90 tons; coated paper was 8.30 tons; tissue paper was 28.48 tons; white cardboard was 36.20 tons [5] Pulp Valuation Data - **Basis**: On November 19, 2025, the Russian coniferous pulp basis was 542, with a quantile level of 0.961; the Silver Star basis was 692, with a quantile level of 0.908 [5] - **Import Profit**: On November 19, 2025, the import profit of coniferous pulp Silver Star was - 9, with a quantile level of 0.594; broadleaf pulp Golden Fish was 56, with a quantile level of 0.704 [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp fundamentals have not improved significantly, but there is a potential shortage of delivery resources for needle pulp in 2026. The futures price may be priced based on Russian needle pulp and high - quality needle pulp. The current futures price is close to the import cost of the delivery product, so there is limited room for further price increases. It is recommended to close the 12 - 1 reverse spread and initiate a 1 - 3 or 1 - 5 reverse spread [11]. 3. Summary by Relevant Catalogs Price Data - **Futures Prices**: On November 17, 2025, SP2601 was 5474 with a daily decrease of 0.11% and a weekly increase of 0.11%; SP2512 was 4898 with a daily decrease of 0.04% and a weekly increase of 0.53%; SP2605 was 5472 with a daily increase of 0.18% and a weekly increase of 0.37% [6]. - **Spot Prices**: On the same day, the price of coniferous pulp Silver Star was 5550 with no daily change and a weekly increase of 0.91%; Russian needle pulp was 5400 with no daily change and a weekly increase of 5.88%; broad - leaf pulp Goldfish was 4400 with no daily change and a weekly increase of 3.53% [6]. - **Outer - disk Quotes**: In November 2025, the quote for Chilean Silver Star was 680 dollars/ton, down 20 dollars/ton from the previous period, a decrease of 2.86%; Brazilian Goldfish was 530 dollars/ton, up 20 dollars/ton, an increase of 3.92%; Chilean Venus was 590 dollars/ton, unchanged [6]. - **Import Costs**: The import cost of Brazilian Goldfish was 4344, up 3.87% from the previous period; Chilean Venus was 4830, unchanged [6]. Fundamental Data - **Supply**: In September 2025, the import volume of coniferous pulp was 69.1 tons, a month - on - month increase of 12.54%; broad - leaf pulp was 135.6 tons, a month - on - month increase of 7.79%. The pulp shipment volume to China was 187 tons, a month - on - month increase of 13.50% [6]. - **Inventory**: As of November 13, 2025, the pulp port inventory was 211 tons, a 6.1% increase from the previous period. The futures delivery warehouse inventory was 22.2 tons [6]. - **Demand**: The production of finished paper showed different trends. For example, the production of double - offset paper, copper - plate paper, and other products fluctuated slightly in different periods [6]. Valuation Data - **Basis**: On November 17, 2025, the Russian needle pulp basis was 502 with a quantile level of 0.952; the Silver Star basis was 652 with a quantile level of 0.881 [6]. - **Import Profit**: The import profit of coniferous pulp Silver Star was - 9 with a quantile level of 0.594; broad - leaf pulp Goldfish was 56 with a quantile level of 0.704 [6].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for the 26-year Russian needle pulp. The futures price may be priced based on Russian needle pulp and high-quality softwood pulp. The current futures price is close to the import cost of the delivery product, and the room for further increase is limited. It is recommended to close the 12 - 1 reverse spread position [10] Group 3: Summary Based on Related Catalogs 1. Pulp Price Data - **Futures Prices**: On November 16, 2025, SP2601 was 5480, down 0.98% day - on - day and up 1.59% week - on - week; SP2511 was 4900, down 0.12% day - on - day and up 0.41% week - on - week; SP2605 was 5462, down 0.73% day - on - day and up 1.19% week - on - week [5] - **Spot Prices**: On November 16, 2025, the spot price of softwood pulp Silver Star was 5550, unchanged day - on - day and up 0.91% week - on - week; that of Russian Needle was 5400, unchanged day - on - day and up 5.88% week - on - week; that of hardwood pulp Goldfish was 4400, unchanged day - on - day and up 3.53% week - on - week [5] - **Foreign Quotes**: The quotes of Chilean Silver Star and Brazilian Goldfish were 680 and 530 dollars respectively, down 2.86% and up 3.92% month - on - month; that of Chilean Venus was 590 dollars, unchanged month - on - month [5] - **Import Costs**: The import costs of Chilean Silver Star and Brazilian Goldfish were 5559 and 4344 respectively, down 2.83% and up 3.87% month - on - month; that of Chilean Venus was 4830, unchanged month - on - month [5] 2. Pulp Fundamental Data - **Supply**: In September 2025, the import volume of knitting pulp was 69.1 tons, up 12.54% month - on - month; that of hardwood pulp was 135.6 tons, up 7.79% month - on - month. The domestic production of hardwood pulp and chemimechanical pulp fluctuated in different periods. The pulp shipment volume in China in September 2025 was 187 tons, up 13.50% [5] - **Inventory**: As of November 13, 2025, the pulp port inventory was 211 tons, up 6.1% from the previous period; the futures delivery warehouse inventory was 22.2 tons [5] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard also fluctuated in different periods [5] 3. Pulp Valuation Data - **Basis**: On November 16, 2025, the basis of Russian Needle was 500 with a quantile level of 0.951; that of Silver Star was 650 with a quantile level of 0.88 [5] - **Import Profit**: On November 16, 2025, the import profit of softwood pulp Silver Star was - 9 with a quantile level of 0.594; that of hardwood pulp Goldfish was 56 with a quantile level of 0.704 [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The fundamentals of the pulp market have not improved significantly, but there may be a shortage of delivery resources for the 2026 contract, and the futures price may be priced based on Russian pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [5][10] - The overall demand for pulp remains weak, although white cardboard has shown a significant increase in both volume and price, and there have been frequent price increase letters for cultural paper, but whether the price increases can be implemented remains to be observed [10] 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On November 10, 2025, SP2601 was 5468 with a daily increase of 1.37% and a weekly increase of 3.05%; SP2511 was 4870 with a daily decrease of 0.04% and a weekly increase of 0.66%; SP2605 was 5452 with a daily increase of 1.00% and a weekly increase of 1.98% [5] - **Spot Prices**: On November 10, 2025, the price of softwood pulp Silver Star was 5500 with no daily or weekly change; Russian softwood pulp was 5100 with no change; hardwood pulp Goldfish was 4250 with no change [5] - **Foreign Quotes**: In November 2025, the quote for Chilean Silver Star was 680 dollars/ton, down 2.86% from the previous period; Brazilian Goldfish was 530 dollars/ton, up 3.92%; Chilean Venus was 590 dollars/ton, unchanged [5] - **Import Costs**: The import cost of Chilean Silver Star was 5559, down 2.83% from the previous period; Brazilian Goldfish was 4344, up 3.87%; Chilean Venus was 4830, unchanged [5] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons, a month - on - month increase of 12.54%; hardwood pulp was 135.6 tons, a month - on - month increase of 7.79%. The domestic production of hardwood pulp in November 6, 2025 was 25 tons, and chemimechanical pulp was 23.5 tons [5] - **Inventory**: As of November 6, 2025, the pulp port inventory was 200.8 tons, a decrease of 5.3 tons from the previous period, a month - on - month decrease of 2.6%. The futures delivery warehouse inventory was 22.4 tons [5] - **Demand**: In terms of finished paper production, on November 6, 2025, double - offset paper was 20.80 tons, coated paper was 8.50 tons, tissue paper was 28.36 tons, and white cardboard was 35.70 tons [5] Pulp Valuation Data - **Basis**: On November 10, 2025, the basis of Russian pulp was 230 with a quantile level of 0.906; the basis of Silver Star was 630 with a quantile level of 0.873 [5] - **Import Profit**: On November 10, 2025, the import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.513; the import profit of hardwood pulp Goldfish was - 94 with a quantile level of 0.558 [5]

Group 1: Report Summary - The investment strategy is to maintain the 12 - 1 reverse spread strategy as the pulp fundamentals have no significant improvement, but there may be a shortage of delivery resources for 2026 Russian needles, and the futures price may be priced based on Russian needles and high - quality softwood pulp [11] Group 2: Price Data Futures Prices - On October 31, 2025, the price of SP2601 was 5212, with a daily decrease of 0.23% and a weekly decrease of 0.53%; SP2511 was 4838, with a daily decrease of 0.17% and a weekly decrease of 0.49%; SP2605 was 5260, with a daily decrease of 0.08% and a weekly decrease of 0.34% [6] Spot Prices - On October 31, 2025, the price of softwood pulp Silver Star was 5500, unchanged; Russian Needle was 5100, unchanged; hardwood pulp Goldfish was 4250, unchanged [6] Outer - Disk Quotes - In October 2025, the outer - disk quote of Chilean Silver Star was 680 dollars/ton, a decrease of 2.86% from the previous period; Brazilian Goldfish was 530 dollars/ton, an increase of 3.92%; Chilean Venus was 590 dollars/ton, unchanged [6] Import Costs - In October 2025, the import cost of Chilean Silver Star was 5559, a decrease of 2.83% from the previous period; Brazilian Goldfish was 4344, an increase of 3.87%; Chilean Venus was 4830, unchanged [6] Group 3: Fundamental Data Supply - In September 2025, the import volume of softwood pulp was 69.1 tons, a month - on - month increase of 12.54%; hardwood pulp was 135.6 tons, a month - on - month increase of 7.79% [6] - The pulp shipment volume to China in August 2025 was 162 tons, a month - on - month increase of 4.50% [6] Production - From September 4 to October 30, 2025, the domestic production of hardwood pulp fluctuated between 20.7 - 23.8 tons, and chemimechanical pulp between 20.9 - 23.6 tons [6] Inventory - As of October 30, 2025, the pulp port inventory was 206.1 tons, a slight increase compared to the previous period, showing a narrow - range inventory accumulation trend [6][11] - From September 4 to October 30, 2025, the futures delivery warehouse inventory fluctuated between 22.4 - 24.7 tons [6] Demand - From September 4 to October 30, 2025, the production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuated, with white cardboard showing an obvious increase in both volume and price, and cultural paper having frequent price increase letters but uncertain implementation, and overall demand remaining weak [6][11] Group 4: Valuation Data Basis - On October 31, 2025, the basis of Russian Needle was 262, with a quantile level of 0.913; Silver Star was 662, with a quantile level of 0.888 [6] Import Profit - On October 31, 2025, the import profit of softwood pulp Silver Star was - 59, with a quantile level of 0.512; hardwood pulp Goldfish was - 94, with a quantile level of 0.557 [6]