Group 1: Industry Investment Rating - No relevant information provided Group 2: Core Views - The pulp futures are expected to run strongly [2] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On August 12, 2025, SP2601 was 5488 with a daily increase of 0.29% and a weekly increase of 1.55%; SP2605 was 5462 with a daily decrease of 0.18% and a weekly decrease of 1.06%; SP2509 was 5216 with a daily increase of 0.27% and a weekly increase of 1.09% [1] - **Spot Prices**: Coniferous pulp Silver Star was 5850 with no daily change and no weekly change; Russian Needle was 5250 with no daily change and a weekly increase of 1.35%; Broadleaf pulp Goldfish was 4150 with no daily change and a weekly increase of 1.72% [1] - **Outer - disk Quotes (USD)**: Chilean Silver Star was 720, down 2.70% month - on - month; Brazilian Goldfish was 510, up 4.08% month - on - month; Chilean Venus was 620, with no month - on - month change [1] - **Import Costs**: Chilean Silver Star was 5884, down 2.68% month - on - month; Brazilian Goldfish was 4182, up 4.03% month - on - month; Chilean Venus was 5073, with no month - on - month change [1] Pulp Fundamental Data Supply - **Imports in June 2025**: Coniferous pulp imports were 67.8 tons, a month - on - month decrease of 6.09% compared to May; broadleaf pulp imports were 143.5 tons [1] - **Domestic Production**: Broadleaf pulp production was around 20.6 tons; chemimechanical pulp production was around 20.7 tons [1] - **Supply - side News**: Brazilian Suzano announced a $20/ton price increase in the Asian market in August 2025 and a 3.5% decrease in commodity pulp production in the next 12 months; Asia - Pacific Senbo announced a 150 yuan/ton increase in broadleaf pulp order - taking prices for long - term contract customers only, and the outer - disk pulp volume decreased while prices increased [1] Demand - **Finished Paper Production**: This week, the production of major finished papers increased slightly, but the prices of finished papers remained low, providing weak support for pulp [2] - **Specific Finished Paper Production (July - August 2025)**: Double - offset paper production was around 21.00 tons; coated paper was around 7.70 tons; tissue paper was around 27.86 tons; white cardboard was around 30.70 tons [1] Inventory - As of August 7, 2025, the inventory of mainstream pulp ports in China was 204.8 tons, a decrease of 5.7 tons from the previous period, a 2.7% month - on - month decrease, showing a de - stocking trend [2] Pulp Valuation Data - On August 12, 2025, the Russian Needle basis was 34 with a quantile level of 0.771; the import profit of coniferous pulp Silver Star was - 34 with a quantile level of 0.546 [1]

| | | | | 投资咨询业务资格:证监许可【2012】31号 | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL. | | | | | | | | | 国贸期货研究院 | | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/8/7 | | | | | | 农产品研究中心 | 杨璐琳 纸浆价格数据 | | | | | | | | | 2025年8月6日 | 日环比 | 日本版 | | | 2025年8月6日 | HMM | 目WN | | | SP2601 | 5428 | 0. 44% | -1. 34% | | 针叶浆银星 | 5850 | 0. 00% | -1. 18% | | 期货价格 | SP2605 | 5404 | -0. 30% | -1.22% | 现货价 | 针叶浆俄针 | 5180 | 0. 00% | -4. 43% | | | SP2509 | 5170 | 0. 19% | -2.93% | | 阔叶 ...

| 投资咨询业务资格:证监许可【2012】31号 | | | | | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | SAL | | | | | | 国贸期货研究院 | | | | | 投资咨询号: Z0015194 | | | 2025/8/4 | | | 农产品研究中心 | | | | 杨璐琳 | 从业资格号:F3042528 | | | | | | 纸浆价格数据 | | | | | | | | | | | 日环比 | | 2025年8月1日 | | 周环比 | | | 2025年8月1日 | 日环比 | 周环比 | | -2. 80% | SP2601 | 5416 | -0. 11% | | | 针叶浆银星 | 5850 | 0. 00% | -1. 18% | | 期货价格 | SP2605 | 5364 | -0. 48% | 0. 22% | 现货价 | 针叶浆俄针 | 5300 | 0. 00% | -3. 64% | | SP2509 | | 5186 | ...