ITGE 图解货 投资咨询业务资格:证监许可【2012】31号 ITC国贸期货 正示 500 年龄 3 12 1 E 突期货有限公司 流的衍生品综合服务商 司不要 市 市 官 方 网 站 ll and 打 线 需 有 谨 风 www.itf.com.cn 400-8888-598 慎 险 2025/11/21 2数据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心。 杨璐琳 纸浆价格数据 | 2025年11月20日 | | | 日环比 | 周环比 | | | 2025年11月20日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SP2601 | | 5298 | -1.82% | -4. 26% | | 针叶浆银星 | 5500 | -0. 90% | -0. 90% | | 期货价格 | SP2512 | 4786 | -1.48% | -2.13% | 现货价 | 针叶浆俄针 | 5350 | -0. 93% | -0. 93% | | SP2605 | ...

ITGE 图解货 投资咨询业务资格:证监许可【2012】31号 之教据 正示 500 年龄 3 12 1 E 突期货有限公司 流的衍生品综合服务商 司不要 市 市 官 方 网 站 ll and 打 线 需 有 谨 风 www.itf.com.cn 400-8888-598 慎 险 2025/11/20 总结 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心。 杨璐琳 纸浆价格数据 | 2025年11月19日 | | | 日环比 | 周环比 | | | 2025年11月19日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SP2601 | | 5396 | -0.22% | -1.57% | | 针叶浆银星 | 5550 | 0. 00% | 0.00% | | 期货价格 | SP2512 | 4858 | -0. 29% | -0.61% | 现货价 | 针叶浆俄针 | 5400 | 0. 00% | 0.00% | | SP2605 | | 5398 | - ...

2数据 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 == [本张音中的赠慧助源于公开可获得做资料，国贸湖货力求准确可靠，但不对上述信息的推确性及完整性枚任何保证。本报告不构成个人投资套议。也未针对个别投资者提熟的投资目标， 務状况或需要、投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资、责任自负。本报告仅向陈定客户推进。未经国贸期货授权许可，任何引用、转载以及向第 方传播的行为均构成对国贸期货的侵权,我司将视情况追究法律责任。期市有风险,入市需谨慎。 2025/11/18 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心。 杨璐琳 总结 纸浆价格数据 y 湖 | | | 2025年11月17日 | 日环比 | 周环比 | | | 2025年11月17日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SP2601 | 5474 | -0.11% | 0.11% | | 针叶浆银星 | 5550 | 0. 00% | 0. ...

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]

Group 1: Report Core View - The pulp fundamentals have not improved significantly, but there is a potential shortage of delivery resources for SP2601. The futures price may be priced based on Russian needles and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [10] - Current paper product demand remains stable, and paper product prices have not rebounded significantly. The positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [10] Group 2: Price Data Futures and Spot Prices - On October 29, 2025, the price of SP2601 was 5242, with a daily increase of 0.31% and a weekly increase of 0.42%; SP2511 was 4836, with a daily increase of 0.17% and a weekly decrease of 0.37%; SP2605 was 5276, with a daily and weekly increase of 0.11%. The spot price of softwood pulp Silver Star was 5500, unchanged; Russian Needle was 5100, unchanged; hardwood pulp Goldfish was 4250, unchanged [5] Outer - Disk Quotes and Import Costs - In terms of outer - disk quotes in dollars, the price of Chilean Silver Star was 680, down 2.86% from the previous period; Brazilian Goldfish was 530, up 3.92%; Chilean Venus was 590, unchanged. In terms of import costs, Chilean Silver Star was 5559, down 2.83%; Brazilian Goldfish was 4344, up 3.87%; Chilean Venus was 4830, unchanged [5] 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%, and the import volume of hardwood pulp was 135.6 tons, a month - on - month increase of 7.79%. The pulp shipment volume to China in August 2025 was 162 tons, a month - on - month increase of 4.50% [5] - Regarding domestic production, the domestic production of hardwood pulp and chemi - mechanical pulp in the week of October 23, 2025, was 23.5 tons and 23.6 tons respectively [5] Inventory - As of October 23, 2025, the pulp port inventory was 205.5 tons, a decrease of 1.9 tons from the previous period, a month - on - month decrease of 0.9%. The futures delivery warehouse inventory on the same day was 22.6 tons [5][10] Demand - The production of major paper products such as offset paper, coated paper, tissue paper, and white cardboard has shown certain fluctuations recently, but overall, the demand for paper products has remained stable [5] Group 4: Valuation Data Basis - On October 29, 2025, the Russian Needle basis was 264, with a quantile level of 0.913; the Silver Star basis was 664, with a quantile level of 0.89 [5] Import Profit - On October 29, 2025, the import profit of softwood pulp Silver Star was - 59, with a quantile level of 0.512; the import profit of hardwood pulp Goldfish was - 94, with a quantile level of 0.556 [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp fundamentals have not improved significantly, but there is a potential shortage of delivery resources for the 2026 domestic needle pulp, and the futures price may be priced based on the Russian needle pulp and high - quality coniferous pulp; maintain the 12 - 1 reverse spread strategy [10] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On October 28, 2025, the futures prices of SP2601, SP2511, and SP2605 were 5226, 4828, and 5270 respectively, with day - on - day changes of - 0.61%, - 0.17%, and - 0.53%, and week - on - week changes of 1.08%, - 0.62%, and 0.84% [5] - The spot prices of coniferous pulp silver star, Russian needle, and broad - leaf pulp Jinge were 2500, 5100, and 4250 respectively, with no day - on - day or week - on - week changes [5] Outer - Disk Quotes and Import Costs - Outer - disk quotes: The quotes of Chilean silver star, Japanese golden, and Chilean Venus were 680, 530, and 590 dollars respectively, with month - on - month changes of - 2.86%, 3.92%, and 0.00% [5] - Import costs: The import costs of Brazilian goldfish and Chilean Venus were 4344 and 4830 respectively, with month - on - month changes of 3.87% and 0.00% [5] Supply - Side Data - In September 2025, the import volumes of coniferous pulp and broad - leaf pulp were 69.1 and 135.6 tons respectively, with month - on - month changes of 12.54% and 7.79% [5] - The pulp shipment volume to China in August 2025 was 162 tons, with a 4.50% increase [5] - The domestic production of broad - leaf pulp and chemimechanical pulp in different weeks from August 28 to October 23, 2025, showed certain fluctuations [5] Inventory Data - As of October 23, 2025, the pulp port inventory was 205.5 tons, with a 0.9% decrease compared to the previous period, showing a narrow - range de - stocking trend [5][10] - The inventory in the futures delivery warehouse also showed a certain change trend from August 28 to October 23, 2025 [5] Demand - Side Data - The production volumes of double - offset paper, coated paper, tissue paper, and white cardboard from August 28 to October 23, 2025, showed certain fluctuations [5] Valuation Data - On October 28, 2025, the Russian needle pulp basis was 272 with a quantile level of 0.917, and the silver star pulp basis was 672 with a quantile level of 0.892 [5] - The import profits of coniferous pulp silver star and broad - leaf pulp goldfish were - 59 and - 94 respectively, with quantile levels of 0.512 and 0.556 [5] Market Situation - On the supply side, Chile's Arauco company's October coniferous pulp silver star offer was 680 dollars/ton, a decrease of 20 dollars/ton; the broad - leaf pulp star offer was 540 dollars/ton, remaining unchanged [5] - On the demand side, the current demand for paper products is basically stable, the paper product prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [10]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for the 2026 needle pulp contract, and the futures price may be priced based on Russian needle pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [11] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On October 27, 2025, SP2601 was 5258 with a daily increase of 0.34% and a weekly increase of 1.98%; SP2511 was 4836 with a daily decrease of 0.33% and a weekly decrease of 0.04%; SP2605 was 5298 with a daily increase of 0.38% and a weekly increase of 1.65% [6] - **Spot Prices**: On October 27, 2025, the price of softwood pulp Silver Star was 5500 with no daily or weekly change; Russian needle pulp was 5100 with no change; hardwood pulp Goldfish was 4250 with no change [6] - **Outer - disk Quotes**: In October 2025, the outer - disk quote of Chilean Silver Star was 680 dollars/ton, a 2.86% decrease from the previous period; the quote of a certain product type was 530 dollars/ton, a 3.92% increase; Chilean Venus was 590 dollars/ton, unchanged [6] - **Import Costs**: In October 2025, the import cost of Brazilian Goldfish was 4344, a 3.87% increase from the previous period; Chilean Silver Star was 5559, a 2.83% decrease; Chilean Venus was 4830, unchanged [6] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons, a 12.54% increase from August; the import volume of hardwood pulp was 135.6 tons, a 7.79% increase. The pulp shipment volume to China in August was 162, a 4.50% increase [6] - **Production**: The domestic production of hardwood pulp and chemimechanical pulp showed fluctuations from August 28 to October 23, 2025 [6] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a 0.9% decrease from the previous period; the futures delivery warehouse inventory was 22.6 tons [6][11] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard showed certain fluctuations from August 28 to October 23, 2025 [6] Pulp Valuation Data - **Basis**: On October 27, 2025, the basis of Russian needle pulp was 264 with a quantile level of 0.913; the basis of Silver Star was 664 with a quantile level of 0.89 [6] - **Import Profit**: On October 27, 2025, the import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.512; the import profit of hardwood pulp Goldfish was - 94 with a quantile level of 0.556 [6] Market Situation - **Supply - side**: Chilean Arauco's October softwood pulp quote decreased by 20 dollars/ton to 680 dollars/ton, and the hardwood pulp Star quote remained at 540 dollars/ton. The quote of natural pulp Venus was 590 dollars/ton, unchanged [6][11] - **Demand - side**: The current demand for paper products has remained basically stable, paper product prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [11] - **Inventory - side**: As of October 23, 2025, the inventory of mainstream ports in China showed a narrow - range destocking trend [11]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The pulp fundamentals have not improved significantly, but there may be a shortage of delivery resources for the 26-year Russian needle pulp, and the futures price may be priced in line with the Russian needle pulp and high-quality softwood pulp. Maintain the 12 - 1 reverse spread strategy [10] 3. Summary by Relevant Catalogs Price Data - **Futures Prices**: On October 23, 2025, SP2601 was 5250, up 0.57% day - on - day and 1.90% week - on - week; SP2511 was 4862, up 0.16% day - on - day and 1.04% week - on - week; SP2605 was 5290, up 0.38% day - on - day and 1.46% week - on - week [5] - **Spot Prices**: Coniferous silver star was 5500, unchanged day - on - day and week - on - week; coniferous Russian needle was 5100, unchanged day - on - day and up 2.00% week - on - week; broadleaf goldfish was 4250, unchanged day - on - day and week - on - week [5] - **Outer - disk Quotes (USD)**: Chilean silver star was 680, down 2.86% month - on - month; Brazilian goldfish was 530, up 3.92% month - on - month; Chilean Venus was 590, unchanged month - on - month [5] - **Import Costs**: The import cost of Chilean silver star was 5559, down 2.83% month - on - month; Brazilian goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged month - on - month [5] Fundamental Data - **Supply**: In September 2025, the import volume of coniferous pulp was 69.1 tons, up 12.54% month - on - month, and broadleaf pulp was 135.6 tons, up 7.79% month - on - month. The pulp shipment volume to China in August was 162, up 4.50% [5] - **Domestic Production**: On October 23, 2025, the domestic production of broadleaf pulp was 23.5 tons, and chemical mechanical pulp was 23.6 tons [5] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a decrease of 1.9 tons from the previous period, a 0.9% decline. The futures delivery warehouse inventory was 22.6 tons [5][10] - **Demand**: The production of double - offset paper was 20.70 tons, copperplate paper was 8.50 tons, tissue paper was 28.46 tons, and white cardboard was 36.00 tons [5] Valuation Data - **Basis**: On October 23, 2025, the Russian needle basis was 238, and the silver star basis was 638 [5] - **Import Profit**: The import profit of coniferous silver star was - 59, and broadleaf goldfish was - 94 [5]