Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The pulp supply side has recent disturbances, but the demand side shows weakness, lacking a clear trading logic, and is expected to fluctuate weakly [6] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices (Yuan/ton) on Feb 9, 2026**: SP2601 at 5414, -0.66% day-on-day, -0.48% week-on-week; SP2609 at 5248, -0.57% day-on-day, -1.09% week-on-week; SP2605 at 5200, -0.65% day-on-day, -1.25% week-on-week [5] - **Spot Prices (Yuan/ton) on Feb 9, 2026**: Coniferous pulp Silver Star at 5250, -0.94% day-on-day, -1.32% week-on-week; Coniferous pulp Russian Needle at 5050, -0.98% day-on-day, -1.94% week-on-week; Hardwood pulp Goldfish at 4580, 0.00% day-on-day, -0.43% week-on-week [5] - **Foreign Offer Prices (USD/ton)**: Chilean Silver Star at 710, 1.43% month-on-month; Chilean Star at 590, 3.51% month-on-month; Chilean Venus at 620, 0.00% month-on-month [5] - **Import Costs (Yuan/ton)**: Chilean Silver Star at 5802, 1.42% month-on-month; Chilean Star at 4830, 3.47% month-on-month; Chilean Venus at 5073, 0.00% month-on-month [5] Pulp Fundamental Data Supply - **Import Volume (10,000 tons)**: In Dec 2025, coniferous pulp at 77.8, 7.31% month-on-month compared to Nov 2025; hardwood pulp at 135.2, -23.40% month-on-month compared to Nov 2025 [5] - **Shipments to China (1000 tons)**: In Nov 2025, at 178, 3.00% month-on-month [5] - **Domestic Production (10,000 tons)**: Hardwood pulp and chemimechanical pulp production data from Jan 8, 2025, to Feb 5, 2026, are provided [5] Inventory - **Pulp Port Inventory (10,000 tons)**: As of Feb 5, 2026, at 218.2, 0.6% month-on-month increase, with five consecutive weeks of inventory accumulation [5] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of Feb 5, 2026, at 14.2 [5] Demand - **Finished Paper Production (10,000 tons)**: Production data of offset paper, coated paper, tissue paper, and white cardboard from Dec 18, 2025, to Feb 5, 2026, are provided, with a slight increase in production this week [5] Summary - The pulp market continues to show an inventory accumulation trend this period, with port sample inventory accumulating for five consecutive weeks [5] Strategy - The pulp market is expected to fluctuate weakly due to supply disturbances and weak demand [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Canadian pulp mills have reduced production, leading to positive factors on the pulp supply side. There is no new warehouse receipt registration, resulting in a tight supply of delivery resources for near - month contracts. However, new warehouse receipt registration occurs when the price on the market rises to 5,500 yuan/ton, limiting further upward potential [7] 3. Summary by Relevant Catalog 3.1 Pulp Price Data - **Futures Prices (yuan/ton)**: On December 9, 2025, SP2601 was 5386 with a daily decline of 0.11% and a weekly increase of 1.09%; SP2512 was 4704 with a daily increase of 0.47% and a weekly increase of 0.60%; SP2605 was 5464 with a daily increase of 0.52% and a weekly increase of 1.83% [6] - **Spot Prices (yuan/ton)**: On December 9, 2025, the price of coniferous pulp Silver Star was 5600 with a daily and weekly increase of 0.90%; Russian coniferous pulp was 5250 with no daily or weekly change; broad - leaf pulp Goldfish was 4500 with no daily or weekly change [6] - **Outer - disk Quotes (dollars/ton)**: In December 2025, the price of Chilean Silver Star was 680 with no monthly change; Brazilian Goldfish was 540 with a monthly increase of 1.89%; Chilean Venus was 590 with no monthly change [6] - **Import Costs (yuan/ton)**: In December 2025, the import cost of Chilean Silver Star was 5559 with no monthly change; Brazilian Goldfish was 4425 with a monthly increase of 1.87%; Chilean Venus was 4830 with no monthly change [6] 3.2 Pulp Fundamental Data - **Supply** - **Imports (10,000 tons)**: In October 2025, coniferous pulp imports were 69.1, unchanged from September; broad - leaf pulp imports were 131.8, a 2.80% decrease from September [6] - **Shipments to China (1000 tons)**: In October 2025, the shipments were 173, a 7.49% decrease from the previous period [6] - **Domestic Production (10,000 tons)**: As of December 4, 2025, broad - leaf pulp production was 23.9; chemimechanical pulp production was 23.8 [6] - **Inventory** - **Pulp Port Inventory (10,000 tons)**: As of December 4, 2025, it was 210.7 [6] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of December 4, 2025, it was 21.0 [6] - **Demand** - **Finished Paper Production (10,000 tons)**: As of December 4, 2025, double - offset paper production was 20.70; coated paper production was 8.60; tissue paper production was 28.52; white cardboard production was 37.70 [6] 3.3 Market Situation - **Supply - side**: Recently, the supply of wood chips in the international market has been continuously tight, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a 20 - dollar/ton price increase for bleached hardwood kraft pulp (BHK) orders received in December in Asia [6] - **Demand - side**: Recently, water - pulp paper manufacturers have issued price - increase letters. Only the implementation of price increases for white cardboard has been good, and double - offset paper manufacturers have issued price - increase letters again, with the implementation situation to be monitored [6] - **Inventory - side**: As of December 4, 2025, the inventory of mainstream pulp ports in China was 210.1 tons, a decrease of 7.1 tons from the previous period, a 3.3% decline. Inventory has continued to show a slight downward trend, and the inventory of sample ports has decreased for two consecutive weeks [6]