Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - In the off - season of demand and high inventory situation, pulp is regarded as bearish [1] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On June 30, 2025, SP2601 was 5254, down 0.79% day - on - day and 4.02% week - on - week; SP2507 was 5060, unchanged day - on - day and week - on - week; SP2509 was 5064, down 0.63% day - on - day and 4.05% week - on - week [1] - **Spot Prices**: On June 30, 2025, the price of coniferous pulp Silver Star was 5900, down 0.84% day - on - day and 2.48% week - on - week; Russian coniferous pulp was 5120, unchanged day - on - day and down 3.40% week - on - week; broad - leaf pulp Goldfish was 4020, down 0.74% day - on - day and 1.95% week - on - week [1] - **Outer - disk Quotes**: In June 2025, the outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1] - **Import Costs**: The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, down 4.75% month - on - month; broad - leaf pulp was 129.3 tons, up 7.84% month - on - month. The pulp shipment volume to China was 1353, down 30.80% month - on - month. In June 2025, the domestic production of broad - leaf pulp and chemimechanical pulp fluctuated slightly [1] - **Inventory**: As of June 26, 2025, the inventory of pulp ports was 216.3 tons, and the inventory of delivery warehouses was 24.60 tons. The inventory of finished paper such as offset paper, coated paper, tissue paper, and white cardboard also fluctuated [1] - **Demand**: The production of major finished papers decreased this week, and the prices of finished papers remained low, providing weak support for pulp [1] Pulp Valuation Data - **Basis**: On June 30, 2025, the basis of Russian coniferous pulp was 56, with a quantile level of 0.812; the basis of Silver Star was 836, with a quantile level of 0.962 [1] - **Import Profit**: On June 30, 2025, the import profit of coniferous pulp Silver Star was 16, with a quantile level of 0.65; the import profit of broad - leaf pulp Goldfish was - 567, with a quantile level of 0.186 [1] Summary - **Supply**: On June 20, 2025, Arauco lowered the order price of radiata pine (coniferous pulp) in June by 20 dollars/ton to 720 dollars/ton, and the shipment volume to China increased by 3.3% month - on - month. The supply increased while the price decreased [1] - **Demand**: The production of major finished papers decreased this week, and the prices of finished papers remained low, providing weak support for pulp [1] - **Inventory**: As of June 26, 2025, the inventory of mainstream pulp ports in China was 216.3 tons, a decrease of 4.5 tons from the previous period, a 2.0% decrease, showing a de - stocking trend [1] - **Strategy**: In the off - season of demand and high inventory situation, pulp is regarded as bearish [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The pulp market lacks clear driving factors in the short - term and is expected to fluctuate at a low level [1]. 3. Summary by Related Content Pulp Price Data - **Futures Prices**: On June 6, 2025, SP2601 was 5240, down 0.04% day - on - day and 2.13% week - on - week; SP2507 was 5280, unchanged day - on - day and down 3.86% week - on - week; SP2509 was 5224, down 0.08% day - on - day and 2.46% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6150, unchanged day - on - day and down 0.81% week - on - week; Russian Needle was 5350, up 0.56% day - on - day and down 0.93% week - on - week; Broadleaf pulp Goldfish was 4120, unchanged day - on - day and down 0.72% week - on - week [1]. - **Outer - disk Quotes and Import Costs**: Outer - disk quotes of Chilean Silver Star, Star, and Venus were unchanged month - on - month, and their import costs were also unchanged [1]. Pulp Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month. The pulp shipments to China in March 2025 were 1813 thousand tons, up 20.70% month - on - month. Domestic production of broadleaf pulp and chemimechanical pulp showed some fluctuations. Pulp port inventories and delivery - warehouse inventories also changed over different periods [1]. - **Demand**: Among the main finished paper production, white cardboard production increased slightly, while the production of other paper types was stable. Cultural paper and white cardboard manufacturers issued price - increase letters, but the implementation was poor. Downstream paper mills made purchases based on rigid demand [1]. Pulp Valuation Data - **Basis**: On June 6, 2025, the Russian Needle basis was 70 with a quantile level of 0.828, and the Silver Star basis was 870 with a quantile level of 0.975 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78, and that of broadleaf pulp Goldfish was - 467 with a quantile level of 0.207 [1]. Supply - demand - inventory Situation - **Supply**: Chilean Arauco announced its June 2025 wood - pulp outer - disk prices. The coniferous pulp Silver Star was at 740 dollars/ton (face value) unchanged, and there was no broadleaf pulp supply in June, with partial recovery expected in July (limited quantity). The native pulp Venus was at 620 dollars/ton (face value) unchanged. According to the PPPG report, in April 2025, the shipments of M20 coniferous pulp to China decreased 2.9% year - on - year, while broadleaf pulp shipments increased 26.7% year - on - year [1]. - **Demand**: See the above demand - related content. - **Inventory**: As of May 29, 2025, the sample inventory of China's mainstream pulp ports was 216.1 tons, an increase of 0.4 tons from the previous period, a 0.2% month - on - month increase. The inventory showed a slight accumulation trend with little overall change in this cycle [1].

Report Industry Investment Rating - The report gives a "SALE" rating [1] Core Viewpoints - The paper pulp market is expected to experience weak and volatile trends in the short term [1] Summary by Relevant Catalogs Paper Pulp Price Data - **Futures Prices**: On April 17, 2025, SP2505 was 5384 with a -0.52% daily and 0.64% weekly change; SP2507 was 5332 with -0.45% daily and -0.34% weekly change; SP2509 was 5320 with -0.56% daily and -1.44% weekly change [1] - **Spot Prices**: Coniferous pulp Silver Star was 6400 with no daily or weekly change; Russian Needle was 5450 with no daily and 0.93% weekly change; Broadleaf pulp Golden was 4450 with -1.11% daily and weekly change [1] - **Outer - Disk Quotes**: Chilean Silver Star was 825 dollars with no change; Brazilian Goldfish was 630 dollars with a 3.28% increase; Chilean Venus was 690 dollars with no change [1] - **Import Costs**: Chilean Silver Star was 6734 with no change; the import cost of a certain type was 5154 with a 3.25% increase [1] Paper Pulp Fundamental Data - **Supply - Import Volume**: In February 2025, coniferous pulp imports were 79.8 tons (10.74% monthly increase), and broadleaf pulp imports were 160.6 tons (4.50% monthly increase) [1] - **Supply - Domestic Output**: On April 17, 2025, broadleaf pulp output was 17.56 tons, and chemimechanical pulp output was 20.41 tons [1] - **Inventory - Port Inventory**: On April 17, 2025, paper pulp port inventory was 206.9 tons, and delivery warehouse inventory was 35.20 tons [1] - **Demand - Finished Paper Output**: On April 17, 2025, double - offset paper output was 19.60 tons, coated paper was 7.70 tons, tissue paper was 29.60 tons, and white cardboard was 30.80 tons [1] Paper Pulp Valuation Data - **Basis**: On April 17, 2025, the Russian Needle basis was 118 with a 0.862 quantile level, and the Silver Star basis was 1068 [1] - **Import Profit**: On April 17, 2025, the import profit of broadleaf pulp Goldfish was -704 with a 0.135 quantile level [1] Market Analysis - **Demand Side**: Downstream finished paper prices are weak, production declines, and some specifications see price drops [1] - **Supply Side**: In March, broadleaf pulp exports from major South American exporting countries increased significantly month - on - month, and outer - disk quotes are firm [1] - **Inventory Side**: Paper pulp port inventory continues to accumulate and remains at a high level [1] - **Valuation**: Current paper pulp futures prices are lower than Russian Needle spot prices, indicating low valuation [1]