Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Pulp is expected to run weakly, and it is recommended to conduct a 11 - 1 reverse spread strategy [1]. 3. Summary by Relevant Catalogs 3.1 Futures and Spot Prices - **Futures Prices**: On June 27, 2025, SP2601 was 5264 with a week - on - week decrease of 0.68% and a day - on - week decrease of 0.04%; SP2507 was 5060 with no day - on - day change and a week - on - week decrease of 3.62%; SP2509 was 5066 with a day - on - day decrease of 0.08% and a week - on - week decrease of 3.58% [1]. - **Spot Prices**: On June 27, 2025, the price of coniferous pulp Silver Star was 5950 with no day - on - day change and a week - on - week decrease of 1.65%; Russian Needle was 5120 with no day - on - day change and a week - on - week decrease of 2.48%; broadleaf pulp Goldfish was 4050 with no day - on - day change and a week - on - week decrease of 1.22% [1]. 3.2 Outer - Disk Quotes and Import Costs - **Outer - Disk Quotes (USD)**: In June 2025, the outer - disk quote of Chilean Silver Star was 720, a month - on - month decrease of 2.70%; Chilean Star was 560 with no change; Chilean Venus was 620 with no change [1]. - **Import Costs**: The import cost of Chilean Silver Star was 5884, a month - on - month decrease of 2.68%; Chilean Star was 4587 with no change; Chilean Venus was 5073 with no change [1]. 3.3 Supply - Side Data - **Imports**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%; the import volume of broadleaf pulp was 129.3 tons, a month - on - month increase of 7.84%. The pulp shipment volume to China was 1353 tons, a month - on - month decrease of 30.80% [1]. - **Domestic Production**: The domestic production of broadleaf pulp on June 26, 2025, was 20.6 tons; the domestic production of chemimechanical pulp was 20.3 tons [1]. 3.4 Inventory Data - **Port 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 month - on - month decrease of 2.0% [1]. - **Delivery Warehouse Inventory**: On June 26, 2025, the delivery warehouse inventory was 24.60 tons [1]. 3.5 Demand - Side Data - **Finished - Paper Production**: In the week of June 27, 2025, the production of offset paper was 20.40 tons; copperplate paper was 7.60 tons; tissue paper was 28.00 tons; white cardboard was 30.30 tons. The production of major finished papers decreased, and the prices of finished papers remained low, providing weak support for pulp [1]. 3.6 Valuation Data - **Basis**: On June 27, 2025, the Russian Needle basis was 54 with a quantile level of 0.809; the Silver Star basis was 884 with a quantile level of 0.975 [1]. - **Import Profits**: On June 27, 2025, the import profit of coniferous pulp Silver Star was 66 with a quantile level of 0.739; the import profit of broadleaf pulp Goldfish was - 537 with a quantile level of 0.189 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp market shows a narrow inventory accumulation trend. After the suspension of needle pulp warehousing, it is recommended to conduct a 11 - 1 reverse spread strategy [1] Group 3: Summary by Relevant Catalogs Price Data - On June 24, 2025, SP2601 futures price was 5350, down 2.27% day - on - day and up 2.33% week - on - week; SP2507 was 5130, down 2.25% day - on - day and 1.72% week - on - week; SP2509 was 5136, down 2.69% day - on - day and 1.50% week - on - week [1] - Spot prices: coniferous pulp Silver Star was 6000, down 0.83% day - on - day and week - on - week; Russian Needle was 5150, down 2.83% day - on - day and 1.90% week - on - week; broadleaf pulp Goldfish was 4050, down 1.22% day - on - day and week - on - week [1] - Outer - disk quotes: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged. Import costs were also unchanged [1] 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 shipment volume to China was 1353 tons, down 30.80% [1] - Domestic production: broadleaf pulp production on June 19, 2025 was 20.9 tons; chemimechanical pulp was 19.9 tons [1] Inventory - As of June 19, 2025, the inventory of mainstream pulp ports in China was 220.8 tons, up 2.3 tons from the previous period, a 1.1% increase [1] - Delivery warehouse inventory on June 19, 2025 was 23.53 tons [1] Demand - Output of finished paper decreased this week. Double - offset paper output was 19.50 tons; coated paper was 7.70 tons; toilet paper was 27.40 tons; white cardboard was 29.50 tons [1] Valuation Data - On June 24, 2025, the basis of Russian Needle was 14, with a quantile level of 0.739; the basis of Silver Star was 864, with a quantile level of 0.972 [1] - Import profit: coniferous pulp Silver Star was - 46, with a quantile level of 0.53; broadleaf pulp Goldfish was - 537, with a quantile level of 0.188 [1] Supply and Demand Situation - Supply side: Chilean Arauco announced the June 2025 wood pulp outer - disk prices. Coniferous pulp Silver Star was 740 dollars/ton (face price), unchanged; broadleaf pulp had no supply in June, and partial supply was expected to resume in July (limited quantity); natural pulp Venus was 620 dollars/ton (face price), unchanged [1] - Demand side: The output of major finished paper decreased this week, and the prices of finished paper remained low, providing weak support for pulp [1]

1. Report Industry Investment Rating - No relevant content provided 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 Related Catalogs 3.1 Pulp Price Data - **Futures Prices**: On June 10, 2025, SP2601 was 5,282 yuan, down 0.26% day-on-day and up 0.84% week-on-week; SP2507 was 5,376 yuan, down 0.33% day-on-day and up 1.36% week-on-week; SP2509 was 5,284 yuan, down 0.11% day-on-day and up 1.19% week-on-week [1] - **Spot Prices**: On June 10, 2025, the price of coniferous pulp Silver Star was 6,150 yuan, unchanged day-on-day and down 0.81% week-on-week; Russian coniferous pulp was 5,350 yuan, unchanged day-on-day and down 0.93% week-on-week; broadleaf pulp Golden was 4,120 yuan, unchanged day-on-day and down 0.72% week-on-week [1] - **Outer - disk Quotes**: In June 2025, the outer - disk quote of Chilean Silver Star was 740 US dollars/ton, unchanged; Chilean Star was 560 US dollars/ton, unchanged; Chilean Venus was 620 US dollars/ton, unchanged [1] - **Import Costs**: The import cost of Chilean Silver Star was 6,046 yuan, unchanged; Chilean Star was 4,587 yuan, unchanged; Chilean Venus was 5,073 yuan, unchanged [1] 3.2 Pulp Fundamental Data - **Import Volume**: 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 [1] - **Shipment to China**: In April 2025, the pulp shipment to China was 1,353 tons, down 30.80% month - on - month [1] - **Domestic Production**: The domestic production of broadleaf pulp in early June 2025 was around 20 tons, and that of chemimechanical pulp was around 19.8 tons [1] - **Inventory**: As of May 29, 2025, the pulp port inventory was 216.1 tons, up 0.2% month - on - month; the delivery warehouse inventory was 25.2 tons [1] - **Finished Paper Output**: In early June 2025, the output of double - offset paper was around 20.4 tons; copperplate paper was around 7.6 tons; tissue paper was around 27.7 tons; white cardboard was around 30.1 tons [1] 3.3 Pulp Valuation Data - **Basis**: On June 10, 2025, the Russian coniferous pulp basis was - 26, with a quantile level of 0.639; the Silver Star basis was 774, with a quantile level of 0.954 [1] - **Import Profit**: On June 10, 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 0.207 [1] 3.4 Supply - demand Analysis - **Supply Side**: Chile's Arauco company announced the June 2025 wood pulp outer - disk prices. Coniferous pulp Silver Star was 740 US dollars/ton, unchanged; broadleaf pulp had no supply in June and limited supply in July; natural pulp Venus was 620 US dollars/ton, unchanged. In April 2025, the shipment of M20 coniferous pulp to China decreased by 2.9% year - on - year, and the shipment of broadleaf pulp to China increased by 26.7% year - on - year [1] - **Demand Side**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases. The output of white cardboard increased slightly, and the output of other paper types was stable [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - After the macro - level positive factors are realized, pulp is expected to fluctuate [1] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On May 15, 2025, SP2505 was 5370 with a 0.71% daily and 4.80% weekly increase; SP2507 was 5386 with a 0.15% daily and 4.62% weekly increase; SP2509 was 5318 with a 0.19% daily and 4.44% weekly increase [1] - **Spot Prices**: Coniferous pulp Silver Star was 6300 with a 0.00% daily and 1.61% weekly increase; Russian Needle was 5450 with a 2.83% daily and 4.81% weekly increase; Broad - leaf pulp Goldfish was 4250 with a 1.19% daily and 3.66% weekly increase [1] - **Outer - disk Quotes**: Chilean Silver Star was 770 dollars with a - 6.67% monthly decrease; Brazilian Goldfish was 630 dollars with a 3.28% monthly increase; Chilean Venus was 690 dollars with a 0.00% monthly change [1] - **Import Costs**: Chilean Silver Star was 6289 with a - 6.62% monthly decrease; Brazilian Goldfish was 5154 with a 3.25% monthly increase; Chilean Venus was 5640 with a 0.00% monthly change [1] Pulp Fundamental Data Supply - **Imports**: In March 2025, coniferous pulp imports were 79.8 tons with a 0.00% monthly change; broad - leaf pulp imports were 147 tons with an - 8.47% monthly decrease [1] - **Domestic Production**: On May 15, 2025, broad - leaf pulp domestic production was 20.7 tons; chemimechanical pulp was 20.1 tons [1] - **Shipments to China**: In February 2025, pulp shipments to China were 1502 tons with a - 2.66% monthly decrease [1] Inventory - **Port Inventory**: On May 15, 2025, pulp port inventory was 219.8 tons [1] - **Delivery Warehouse Inventory**: On May 15, 2025, it was 27.00 tons [1] - **Finished - paper Inventory**: On May 15, 2025, double - offset paper was 20.00 tons; coated paper was 7.70 tons; tissue paper was 27.70 tons; white cardboard was 27.90 tons [1] Demand - **Finished - paper Production**: On May 15, 2025, double - offset paper production was 20.00 tons; coated paper was 7.70 tons; tissue paper was 27.70 tons; white cardboard was 27.90 tons [1] Pulp Valuation Data - **Basis**: On May 15, 2025, Russian Needle basis was 64 with a quantile level of 0.824; Silver Star basis was 914 with a quantile level of 0.978 [1] - **Import Profit**: On May 15, 2025, coniferous pulp Silver Star import profit was 11 with a quantile level of 0.642; broad - leaf pulp Goldfish was - 904 with a quantile level of 0.092 [1]