1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to maintain a narrow - range oscillation pattern in the short term, with limited upside and downside space. In the medium term, the key to the pulp price trend lies in the actual recovery of downstream demand after March. If the paper mill's operating rate rises steadily and terminal orders improve, the restocking demand is expected to be gradually released. The market is expected to follow the market sentiment and oscillate slightly to the upside [99]. 3. Summary by Directory Industry News - As of February 26, 2026, the inventory of pulp in Changshu Port was 685,000 tons, an increase of 87,000 tons from the previous period, a month - on - month increase of 14.5%. The inventory in Qingdao Port was 1.52 million tons, an increase of 82,000 tons from the previous week, a month - on - month increase of 5.7%. The inventory in Gaolan Port was 62,000 tons, an increase of 30,000 tons from the previous week, a month - on - month increase of 93.8%. The total inventory of mainstream ports in China was 2.401 million tons, an increase of 206,000 tons from the previous period, a month - on - month increase of 9.4% [5][6]. - In January 2026, the total inventory of wood pulp in European ports decreased by 14.7% month - on - month and 10.9% year - on - year, from 1.5086 million tons at the end of December to 1.2865 million tons [7]. - Yueyang City Government and China National Paper Industry signed a cooperation intention for a 30.3 - billion - yuan project to build a 2 - million - ton special cellulose and 450,000 - ton household paper production base [6]. - Jindong Paper's 280,000 - ton special paper project is advancing as planned and is expected to be put into production in mid - April [8]. Market Data Market Trends - On February 27, 2026, the basis of Yinxing pulp was 4 yuan/ton, a 140% increase from the previous period; the basis of Russian needle pulp was - 146 yuan/ton, a 30.48% increase from the previous period; the price difference between Yinxing and Russian needle pulp was 150 yuan/ton, a 25% decrease from the previous period [14]. Month - to - Month Spread - On February 27, 2026, the 05 - 07 month - to - month spread was - 32 yuan/ton, a 45.45% decrease from the previous period; the 07 - 09 month - to - month spread was - 34 yuan/ton, a 54.55% decrease from the previous period [19]. Fundamental Data Price - The price difference between Yinxing and Jinyu decreased, while the price difference between Russian needle and Jinyu increased. The import profits of softwood and hardwood pulp were slightly repaired. The price of the main pulp contract rose and then fell slightly. The spot price of imported softwood pulp increased slightly compared with before the Spring Festival, and the spot price of imported hardwood pulp also increased. The prices of natural color pulp and chemimechanical pulp also had corresponding changes [23][27][31][35]. Supply - The wood chip purchase price of some paper enterprises in East China increased before the festival. The supply of domestic chemimechanical pulp recovered. In January 2026, the inventory of European paper pulp ports decreased year - on - year and month - on - month, and the global pulp shipment volume in November 2025 continued to decline. In November 2025, the shipment volume of W20 softwood pulp was at a low level, and the inventory was high; the inventory of hardwood pulp was at a high level, the shipment volume decreased, and the inventory days returned to a year - on - year high. In December 2025, the export volume of softwood pulp from four countries (Canada, Chile, Finland, and the United States) to China increased month - on - month. In January 2026, the export volume of Chilean softwood pulp to China was flat month - on - month and decreased year - on - year. In December 2025, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China increased significantly month - on - month. In January 2026, the export volume of Brazilian and Uruguayan hardwood pulp to China decreased month - on - month, while the export volume of Chilean hardwood pulp to China increased significantly year - on - year and month - on - month. In December 2025, China's pulp imports were divided, with softwood pulp increasing by 7.27% month - on - month, hardwood pulp decreasing by 23.38% month - on - month, and natural color and chemimechanical pulp increasing significantly month - on - month [42][46][50][54][58][64][66]. Demand - The domestic offset paper market was generally stable with minor adjustments, and the trading was gradually recovering. The domestic coated paper market continued to be stable, lacking directional breakthroughs. The white cardboard market was dull, with inventory accumulation in paper mills. The price of household paper tended to be stable, and the overall trading enthusiasm was average. In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products, as well as the output of dairy products, increased significantly month - on - month, while the retail sales of cosmetics decreased significantly month - on - month. The retail sales of cultural and office supplies and cosmetics were at a high level year - on - year [70][74][78][82][88]. Inventory - The overall port inventory was at a historical high, and the inventory of mainstream ports in China showed a trend of inventory accumulation. After the Spring Festival, the inventory in Qingdao Port continued to accumulate, and the inventory in Changshu Port also continued to accumulate at a high level [93]. This Week's View Summary - Supply: The port inventory remains at a high level, and the supply pressure continues. - Demand: The demand side is in the process of slow post - festival recovery, but the overall purchasing sentiment is still light. - View: The pulp market is expected to maintain a narrow - range oscillation pattern in the short term. In the medium term, the key lies in the actual recovery of downstream demand after March. - Valuation: The basis of Yinxing softwood pulp in Shandong is 4 yuan/ton, an increase of 66 yuan/ton. - Strategy: 1) Unilateral: Wait and see, and wait for opportunities to short at high prices. 2) Inter - period: Consider the 5 - 9 positive spread strategy. 3) Inter - variety: Observe [98][99].

Group 1: Report Information - Report type: Pulp Daily Report [1] - Date: February 11, 2026 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp futures contract 05: The previous settlement price was 5,220 yuan/ton, and the closing price was 5,202 yuan/ton, a decline of 0.34% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4,670 - 5,550 yuan/ton, with the price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Silver Star was 5,300 - 5,320 yuan/ton [7] - Arauco's February quotation: The price of softwood pulp Silver Star remained flat at $710/ton, and the price of hardwood pulp Star increased to $600/ton [7] - Chemical pulp shipments: In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly [7] - European port wood pulp inventory: In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, a month - on - month increase of 8.6% and a year - on - year increase of 4.4% [7] - Pulp imports: In December 2025, the total pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8% [7] - Main regional and port weekly pulp inventory: As of February 4, 2026, it was 2.1127 million tons, a month - on - month decrease of 0.34% [7] - Demand side: The raw material procurement of paper mills has ended, the demand in the pulp market has narrowed, and the purchase and sales have become weaker [7] - Operation suggestion: In the short term, pulp is restricted by the sector and weak downstream procurement, and it will mainly fluctuate and adjust before the Spring Festival. Pay attention to the support at the previous low [7] Group 3: Industry News - Packaging industry in 2025: There were 20,230 above - scale enterprises in the national packaging industry. The cumulative operating income was 2.054627 trillion yuan, a year - on - year decrease of 2.35%. The cumulative total profit was 95.152 billion yuan, a year - on - year decrease of 1.69% [8] - Packaging industry import and export: The total import and export volume was $52.317 billion, an increase of $1.019 billion compared to the same period of the previous year. The import volume was $6.908 billion, a year - on - year decrease of 2.79%, and the export volume was $45.409 billion, a year - on - year increase of 2.76% [8]

Group 1: SP Contract Information - The closing price of the SP main contract on February 6, 2026, was 5234.00 [3] - The closing prices of the main contract from February 2 to February 6, 2026, were 5266.00, 5276.00, 5324.00, 5254.00, and 5234.00 respectively, with corresponding percentage changes of -0.64151%, 0.18990%, 0.90978%, -1.31480%, and -0.38066% compared to the previous day [3] - The corresponding converted US dollar prices were 661.49, 664.21, 670.20, 660.96, and 658.48 respectively [3] - The Shandong Yinxing basis on February 6, 2026, was 76, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 106 [3] Group 2: Import Profit Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was 113.08, for Canadian Lion pulp was -504.81, and for Chilean Silver Star pulp was -249.54 [4] Group 3: Pulp Price Averages - From February 2 to February 6, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively; the Shandong regional average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [5] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from February 3 to February 6, 2026 [5] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper on February 6, 2026, were -2.5048%, 7.6750%, -7.9908%, and 8.5041% respectively, with the living paper profit margin increasing by 0.1078 compared to February 3 [5] Group 4: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper on February 6, 2026, were 755.00, -90, 1435, and 3734 respectively [5][6]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The pulp market is expected to be weak in the short - term. As the Spring Festival approaches, the market enters a seasonal lull under the pattern of weak supply and demand. The increase in the cost of broad - leaf pulp in the external market fails to be effectively transmitted to the domestic market due to weak demand. The price of softwood pulp is dominated by the sentiment of the futures market, and the actual downstream demand in the spot market is relatively weak, putting pressure on the pulp price. The buyer is dominant in the current supply - demand relationship, and the weak demand suppresses the pulp market. The production activities in the downstream base paper market slow down before the festival, and the near - stagnant procurement market makes the price lack support [98][99]. 3. Summary by Relevant Catalogs 3.1 Industry News - As of February 5, 2026, the pulp inventory in Changshu Port was 612,000 tons, a decrease of 13,000 tons from the previous period, a 2.1% month - on - month decrease; the pulp inventory in Qingdao Port was 1.41 million tons, an increase of 20,000 tons from the previous week, a 1.4% month - on - month increase; the pulp inventory in Gaolan Port was 42,000 tons, a decrease of 3,000 tons from the previous week, a 6.7% month - on - month decrease. The total inventory of mainstream port samples in China was 2.182 million tons, an increase of 13,000 tons from the previous period, a 0.6% month - on - month increase, showing a continuous inventory accumulation trend for five weeks [5][6]. - According to Longzhong Information on February 5, Chile's Arauco Company's February offer for softwood pulp was $710/ton, unchanged; the offer for broad - leaf pulp Star was $600/ton, an increase of $10/ton; the offer for natural pulp Venus was $620/ton, unchanged [6]. - Wuzhou Special Paper (Jiangxi) Co., Ltd.'s environmental impact assessment for a project with an annual output of 400,000 tons of high - grade information paper, 700,000 tons of paper, and 100,000 tons of coated paper is in its second public notice stage [7]. - On February 2, Guanhao High - tech (600433.SH) responded to investors' concerns. The land acquisition of Hongta Renheng's Qianshan Factory and the progress of key projects have entered the substantive stage. The 400,000 - ton chemi - mechanical pulp project of Zhanjiang Zhongzhi was put into production ahead of schedule, and the substitution rate of similar pulp types is close to 80%. The pilot test line of special fiber composite materials has been put into trial operation [8]. 3.2 Market Data - **Base Difference and Month - to - Month Difference** - On February 6, 2026, the base difference of Silver Star was 66 yuan/ton, a 230% month - on - month increase; the base difference of Russian Needle was - 134 yuan/ton, a 10.67% month - on - month increase; the price difference between Silver Star and Russian Needle was 200 yuan/ton, a 17.65% month - on - month increase [15]. - On February 6, 2026, the 03 - 05 month - to - month difference was - 20 yuan/ton, and the 05 - 07 month - to - month difference was - 22 yuan/ton, with month - on - month increases of 9.09% and 38.89% respectively [20]. 3.3 Fundamental Data - **Price** - The price difference between Silver Star and Goldfish remained stable, while the price difference between Russian Needle and Goldfish decreased. On February 6, 2026, the price difference between Silver Star and Goldfish was 720 yuan/ton, unchanged from the previous period; the price difference between Russian Needle and Goldfish was 520 yuan/ton, a 5.45% month - on - month decrease [25][27]. - The import profits of softwood and broad - leaf pulp continued to decline. On February 6, 2026, the import profit of softwood pulp (Silver Star) was - 363 yuan/ton, a 3.69% month - on - month decrease; the import profit of broad - leaf pulp (Star) was - 218 yuan/ton, a 73.96% month - on - month decrease [31]. - The price of the main pulp contract fluctuated weakly. The spot price of imported softwood pulp declined due to insufficient market confidence and lack of support from the demand side. The spot price of imported broad - leaf pulp also declined as the downstream base paper price was stable, the enterprise's pre - festival processing intention weakened, and the raw material stocking was coming to an end [33][35]. - The price of natural pulp and chemi - mechanical pulp: On February 6, 2026, the price of Venus was 4,950 yuan/ton, unchanged from the previous period; the price of Kunhe was 3,800 yuan/ton, unchanged from the previous period [40]. - **Supply** - The wood chip purchase price of paper enterprises in East China was generally stable this week, with individual increases [42]. - The price of domestic chemi - mechanical pulp decreased slightly this period, and the supply increased. On February 5, 2026, the weekly production of domestic chemi - mechanical pulp was 86,000 tons, a 1.18% month - on - month increase [46][48]. - In December 2025, the pulp port inventory in Europe increased, and the global pulp outbound volume continued to decline in November [51]. - In November 2025, the shipment volume of W20 softwood pulp was at a low level, and the inventory was high; the inventory of broad - leaf pulp was at a high level, the shipment volume decreased, and the inventory days returned to a year - on - year high [53]. - In December 2025, the export volume of Chilean softwood pulp to China increased significantly month - on - month. In November 2025, the total export volume of softwood pulp from four countries (Canada, Chile, Finland, and the United States) to China decreased significantly month - on - month [57][60]. - In December 2025, the total export volume of broad - leaf pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China increased significantly month - on - month. In January 2026, the export volume of Brazilian and Uruguayan broad - leaf pulp to China decreased month - on - month [64]. - In December 2025, China's pulp imports were differentiated. The import volume of softwood pulp increased by 7.27% month - on - month, the import volume of broad - leaf pulp decreased by 23.38% month - on - month, and the import volume of natural and chemi - mechanical pulp increased significantly [66]. - **Demand** - **Double - offset paper**: The domestic double - offset paper market was slightly adjusted this period, with a weakening trading atmosphere. The supply was abundant, the production was under pressure, and the demand from the consumer side was weak. Some enterprises implemented a profit - sharing strategy to relieve the shipment pressure [70]. - **Coated paper**: The price of the domestic coated paper market was stable this period. The industry faced the dual pressures of high costs and weak demand, and the trading atmosphere was weak. The supply was abundant, and the downstream consumption was flat [74]. - **White cardboard**: The price of the white cardboard market was stable this period. The impact of cost on the white cardboard market weakened. The production of white cardboard increased by 5.74% month - on - month, which had a negative impact on the price. The demand decreased, and the paper mills' production and sales pressure increased [78]. - **Household paper**: The price of the household paper market was stable. The overall trading atmosphere was light, and the demand improvement was limited. The industry's overall operating rate decreased [82]. - **Terminal demand**: In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products, as well as the production of dairy products, increased significantly month - on - month. The retail sales of cosmetics decreased significantly month - on - month. Year - on - year, the retail sales of cultural office supplies and cosmetics were at a high level [88]. 3.4 Inventory - **Futures inventory**: On February 6, 2026, the total warehouse receipt quantity of pulp (warehouse) was 131,400 tons, unchanged from the previous period; the total warehouse receipt quantity of pulp (factory warehouse) was 15,000 tons, a 36.36% month - on - month increase [89]. - **Spot inventory**: The port inventory was at a medium - to - high level within the year. The inventory of Qingdao Port continued to increase, the inventory of Changshu Port decreased slightly, and the overall inventory of mainstream port samples in China increased this period [95].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The pulp market is expected to remain in a pressured and volatile pattern in the short term. With port inventories entering an accumulation cycle, supply pressure becomes more apparent. The price of broadleaf pulp may continue to face downward pressure, while the price of softwood pulp will fluctuate between the futures market and the weak spot fundamentals. The market lacks a one - sided driving force, and the futures market is expected to fluctuate following the overall atmosphere of commodities and macro - news [97][98]. - In terms of trading strategies, it is recommended to short on rebounds or stay on the sidelines for single - side trading, stay on the sidelines for inter - period trading, and observe for inter - variety trading [100]. 3. Summary by Relevant Catalogs 3.1 Industry News - As of January 15, 2026, the pulp inventory at Changshu Port was 543,000 tons, a week - on - week increase of 18,000 tons or 3.4%. The inventory at Qingdao Port was 1.362 million tons, a week - on - week increase of 20,000 tons or 1.5%. The inventory at Gaolan Port was 20,000 tons, a week - on - week decrease of 21,000 tons or 51.2%. The total inventory of mainstream ports was 2.014 million tons, a week - on - week increase of 7,000 tons or 0.3% [5][6]. - In December 2025, China's pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. The cumulative annual imports were 36.038 million tons, a cumulative year - on - year increase of 4.9% [6]. - On January 15, 2026, the environmental impact report of Jiulong Paper's quality improvement and efficiency enhancement technical renovation project was approved. The total investment of the project is 4 billion yuan, and the total pulp and paper production capacity will reach 9.1 million tons per year [7]. 3.2 Market Data 3.2.1 Market Trends - On January 16, 2026, the basis of Silver Star pulp was 88 yuan/ton, a week - on - week increase of 76.00%; the basis of Russian Needle pulp was - 112 yuan/ton, a week - on - week increase of 25.33%; the price difference between Silver Star and Russian Needle was 200 yuan/ton, with no week - on - week change [13]. - On January 16, 2026, the 03 - 05 month spread was - 32 yuan/ton, a week - on - week increase of 5.88%; the 05 - 07 month spread was - 22 yuan/ton, a week - on - week increase of 8.33% [18]. 3.3 Fundamental Data 3.3.1 Price - The price difference between softwood and hardwood pulp continued to narrow this week. On January 16, 2026, the price difference between Silver Star and Goldfish was 750 yuan/ton, a week - on - week decrease of 11.76%; the price difference between Russian Needle and Goldfish was 550 yuan/ton, a week - on - week decrease of 15.38% [23][25]. - The import profit of pulp decreased. In January, the announced FOB prices of softwood pulp increased by $10/ton, and those of hardwood pulp increased by $20/ton, while the FOB price of unbleached pulp remained flat. Downstream paper mills are cautiously waiting and seeing, and the trading situation in the pulp market is unclear [29]. - The price of the main pulp futures contract fluctuated downward. The spot price of imported softwood pulp adjusted weakly following the market. The import cost of hardwood pulp remained high, but the trading rhythm in the market slowed down, and the high - price goods had few actual transactions [31][33]. 3.3.2 Supply - The purchase price of wood chips by paper enterprises in East China remained stable this week [40]. - The price of domestic chemimechanical pulp decreased this week, while the supply of domestic pulp remained stable [44]. - In November 2025, the pulp port inventory in Europe and the global pulp shipping volume continued to decline [48]. - In November 2025, the shipping volume of W20 softwood pulp was at a low level with high inventory; the inventory of hardwood pulp was at a high level, the shipping volume decreased, and the inventory days returned to a year - on - year high [52]. - In October 2025, the export volume of softwood pulp from Canada, Chile, Finland, and the United States to China increased significantly month - on - month. In November, the export volume of Finnish softwood pulp to China decreased significantly both month - on - month and year - on - year. In December, the export volume of Chilean softwood pulp to China increased significantly month - on - month [58]. - In November 2025, the export volume of hardwood pulp from Brazil, Indonesia, Uruguay, and Chile to China decreased month - on - month. In December, the export volume of Brazilian hardwood pulp to China increased significantly month - on - month, and the export volumes of Chile and Uruguay to China also increased [62]. - In November 2025, China's pulp imports increased, with softwood pulp increasing by 4.93% month - on - month and hardwood pulp increasing by 33.85% month - on - month [64]. 3.3.3 Demand - The domestic offset paper market was in a weak consolidation state. The supply was abundant, but the demand was weak, and the price was difficult to transmit downstream [68]. - The domestic coated paper market was sluggish. The supply was sufficient, but the downstream demand was weak, and the middle - men traders were cautious and focused on destocking [72]. - The price of white cardboard was stable this week. The cost provided bottom - support, but the demand weakened, and the traders' enthusiasm decreased [76]. - The price of household paper was stable this week. The terminal demand was weak, and the industry's operating rate decreased slightly [80]. - In November 2025, the retail sales of books, newspapers, magazines, catering, and Chinese and Western medicines increased significantly month - on - month, while the retail sales of cosmetics decreased significantly month - on - month [84]. 3.3.4 Inventory - On January 16, 2026, the total warehouse receipt quantity of pulp was 149,100 tons, a week - on - week increase of 10.16%, and a year - on - year decrease of 57.41% [87]. - The port inventory was at the median level since 2025, and the inventory of mainstream ports in China continued to accumulate this week. The inventory at Qingdao Port and Changshu Port increased slightly, while the inventory at other ports decreased to varying degrees [94].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp futures market has experienced significant declines, and the market is currently in a state of multi - empty power struggle. With the support from the cost side due to firm overseas quotes, but the downstream paper price increase is weak, suppressing the purchasing willingness of downstream paper enterprises. It is recommended to wait for the market to stabilize and temporarily adopt a wait - and - see approach [32]. 3. Summary by Directory 3.1 This Week's Market Review - The main pulp futures contract SP2605 dropped significantly, with a weekly decline of 3.39% [7]. 3.2 Fundamental Analysis - **Pulp Market Price**: As of January 15, the weekly average price of imported softwood pulp was 5552 yuan/ton, down 0.52% from last week, turning from an increase to a decrease; the weekly average price of imported hardwood pulp was 4683 yuan/ton, up 0.60% from last week, with the growth rate narrowing by 0.14 percentage points [11]. - **Accumulated Pulp Imports from January to December**: In December 2025, China imported 311.3 million tons of pulp, with an import value of 1799.4 million US dollars and an average unit price of 578.03 US dollars/ton. The accumulated import volume and value from January to December increased by 4.9% and - 2.4% respectively compared to last year [15]. - **Port Inventory Situation**: As of January 15, 2026, the weekly pulp inventory in major Chinese regions and ports was 195.39 million tons, down 0.56% from last week, with the decline rate narrowing by 0.63 percentage points [19]. - **Pulp Inventory in Major European Ports in November**: In November 2025, the total European port inventory decreased by 1.07% month - on - month and 2.75% compared to November 2024, indicating that the off - season of European demand may have passed and demand is gradually recovering [22]. - **Shanghai Futures Exchange Pulp Inventory**: No detailed data was provided. - **Differentiated Trends in the Operating Rates of Downstream Pulp Types**: Waste paper pulp consumption accounts for 63% of the total pulp consumption in China. As of January 15, the weekly operating load rate of double - copper paper remained flat; that of double - offset paper increased by 0.07 percentage points; that of white cardboard remained flat; and that of household paper decreased by 2.44 percentage points [28]. 3.3 Future Outlook - The offshore price of Brazilian eucalyptus hardwood pulp "Little Bird" in January was raised by 20 US dollars/ton. Chile's Arauco Company's January pulp offshore quotes showed that the coniferous pulp "Silver Star" increased by 10 US dollars/ton to 710 US dollars/ton; the natural pulp "Venus" remained flat at 620 US dollars/ton; and the hardwood pulp "Star" increased by 20 US dollars/ton to 590 US dollars/ton [32]. - With the decline in European wood pulp port inventory, it indicates that the off - season of European demand may have passed and demand is gradually recovering. The firm offshore quotes provide some support to the cost side. However, the downstream paper price increase is weak, squeezing corporate profits and suppressing the purchasing willingness of enterprises for high - priced raw materials. The market is in a state of multi - empty power struggle, and it is recommended to wait for the market to stabilize and adopt a wait - and - see approach [32].

Report Information - Report Name: Pulp Daily Report [1] - Date: January 16, 2025 [2] Investment Rating - No investment rating information provided Core Viewpoint - The fundamentals of the pulp market have limited changes and are expected to fluctuate and adjust [8] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures contract 05 was 5,508 yuan/ton, and the closing price was 5,436 yuan/ton, a decline of 1.31% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,900 - 6,300 yuan/ton, a decrease of 20 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,530 - 5,550 yuan/ton [7] - **Foreign Offers**: Arauco's January foreign offers for pulp: Silver Star (softwood pulp) increased by $10/ton to $710/ton; Venus (natural pulp) remained unchanged at $620/ton; Star (hardwood pulp) increased by $20/ton to $590/ton [8] - **Supply - Related Data**: In November, the chemical pulp shipments of 20 major pulp - producing countries decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% decrease month - on - month and a 6.3% increase year - on - year; the consumption was 805,600 tons, a 6.2% decrease month - on - month and a 4.6% decrease year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a 4.1% decrease month - on - month and a 3.8% decrease year - on - year. As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - **Demand Situation**: Large - scale cultural paper enterprises are operating normally, while some small and medium - sized production lines in the north are shut down. Downstream publishing orders for pick - up are almost finished, and social orders have limited changes. Dealers are mainly selling at stable prices with little intention to adjust prices [8] 2. Industry News - On January 15, it was reported that the 2025 China Paper Industry Top Ten News Selection Conference was held in Beijing. Gold East Paper under APP (China) was listed on the "2025 Excellent - level Smart Factory Project List" for its "Full - process Digital and Intelligent High - end Cultural Paper Smart Factory" and ranked first in the 2025 China Paper Industry Top Ten News, setting a benchmark for the industry [9] 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][23][25][27]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The pulp market is expected to maintain high - level shock adjustment. The key lies in that the supply - demand fundamentals have not improved substantially following the price, and the downstream paper mills' procurement remains in a state of rigid demand and light trading. It is recommended to pay attention to the sustainability of futures capital trends, the actual digestion of high - priced broadleaf pulp supplies, and whether the pre - Spring Festival stocking demand of downstream paper mills starts [98]. 3. Summary by Directory Industry News - As of January 8, 2026, the inventory of pulp in Changshu Port was 525,000 tons, a decrease of 23,000 tons from the previous period, a 4.2% month - on - month decrease; the inventory in Qingdao Port was 1.342 million tons, an increase of 3,000 tons from the previous week, a 0.2% month - on - month increase; the inventory in Gaolan Port was 41,000 tons, an increase of 20,000 tons from the previous week, a 95.2% month - on - month increase. The total inventory of mainstream ports in China was 2.007 million tons, an increase of 10,000 tons from the previous period, a 0.5% month - on - month increase [5][6]. - Tianjin Jiulong Paper's 500,000 - ton natural pulp project started construction two months ahead of schedule. The project has a total investment of 2.5 billion yuan, with an expected annual output value of 8 billion yuan and an annual tax contribution of 300 million yuan [6]. Market Data - **Market Trends**: On January 9, 2026, the basis of silver star pulp was 50 yuan/ton, a 26.47% month - on - month decrease; the basis of Russian needle pulp was - 150 yuan/ton, a 13.64% month - on - month decrease; the price difference between silver star and Russian needle pulp was 200 yuan/ton, with no month - on - month change [13]. - **Basis and Month - to - Month Spread**: On January 9, 2026, the 01 - 03 month - to - month spread was - 36 yuan/ton, a 10% month - on - month increase; the 03 - 05 month - to - month spread was - 34 yuan/ton, a 6.25% month - on - month decrease [18]. Fundamental Data - **Price**: - The price difference between silver star and goldfish, and between Russian needle and goldfish continued to narrow. On January 9, 2026, the price difference between silver star and goldfish was 850 yuan/ton, a 5.56% month - on - month decrease; the price difference between Russian needle and goldfish was 650 yuan/ton, a 7.14% month - on - month decrease [23][25]. - The import profit of pulp decreased. On January 9, 2026, the import profit of coniferous pulp (silver star) was - 106.37 yuan/ton, a 167.39% month - on - month decrease; the import profit of broadleaf pulp (star) was - 543 yuan/ton, a 105.86% month - on - month decrease [28]. - The price of coniferous pulp in the Shandong market was generally stable, while the price of broadleaf pulp increased. The price of natural pulp and chemimechanical pulp showed different trends [31][34][39]. - **Supply**: - The wood chip purchase price of paper enterprises in East China remained stable this week [41]. - The prices of domestic broadleaf pulp and chemimechanical pulp increased this period, and the supply of chemimechanical pulp increased [45]. - In November 2025, the pulp port inventory in Europe and the global pulp shipping volume continued to decline [49]. - In October 2025, the shipping volume of W20 coniferous pulp was at a low level, and the inventory was high; the inventory of broadleaf pulp was at a high level, but the shipping volume decreased, and the inventory days returned to a year - on - year high [53]. - In October 2025, the export volume of coniferous pulp from four countries (Canada, Chile, Finland, and the United States) to China increased significantly month - on - month; in November 2025, the export volume of Chilean coniferous pulp to China decreased significantly month - on - month and was at a year - on - year low [57]. - In November 2025, the export volume of broadleaf pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased month - on - month; in December 2025, the export volume of Brazilian broadleaf pulp to China increased significantly month - on - month [63]. - In November 2025, China's pulp imports increased, with coniferous pulp increasing by 4.93% month - on - month and broadleaf pulp increasing by 33.85% month - on - month [65]. - **Demand**: - The price of domestic offset paper was stable this week. The production of factories did not increase, and the market supply was abundant. The downstream consumption was weak, and the trading was light [69]. - The domestic coated paper market was mainly in a narrow - range adjustment. The production of factories changed little, and the market supply was abundant. The downstream consumption did not improve significantly, and the downstream customers generally purchased on demand [73]. - The price of white cardboard increased slightly this period. Under the cost pressure, large factories maintained the price increase attitude. The market supply was relatively loose, and some traders followed the price increase [77]. - The price of household paper in the market fluctuated upward this week. The overall trading activity in the market changed little, and the market wait - and - see sentiment was strong. The terminal downstream demand was difficult to improve significantly, and the industry's overall operating rate increased slightly [81]. - In November 2025, the retail sales of books, newspapers, magazines, catering revenue, and Chinese and Western medicines increased significantly month - on - month, while the retail sales of cosmetics decreased significantly month - on - month [85]. Inventory - **Futures Inventory**: On January 9, 2026, the total warehouse receipt quantity of pulp (warehouse) was 124,500 tons, a 26.40% month - on - month increase; the total warehouse receipt quantity of pulp (factory warehouse) was 12,000 tons, a 100% month - on - month increase [88]. - **Spot Inventory**: As of January 9, 2026, the inventory in Qingdao Port was 1.342 million tons, a 0.22% month - on - month increase; the inventory in Changshu Port was 525,000 tons, a 4.20% month - on - month decrease; the inventory in Gaolan Port, Tianjin Port, and Rizhao Port totaled 140,000 tons, a 27.27% month - on - month increase; the total inventory of the five ports was 2.007 million tons, a 0.50% month - on - month increase [95]. This Week's View Summary - **Supply**: As of January 8, 2026, the inventory of mainstream pulp ports in China continued to accumulate, with a 0.5% month - on - month increase [98]. - **Demand**: The procurement strategy of the downstream papermaking industry has not changed significantly, still mainly based on rigid demand and on - demand replenishment. The demand for coniferous pulp in the spot market is continuously weak [98]. - **View**: The market is expected to maintain high - level shock adjustment. It is recommended to pay attention to the sustainability of futures capital trends, the actual digestion of high - priced broadleaf pulp supplies, and whether the pre - Spring Festival stocking demand of downstream paper mills starts [98]. - **Valuation**: On Friday, the basis of coniferous pulp silver star in the Shandong area was 50 yuan/ton, an increase of 4 yuan/ton [98]. - **Strategy**: 1) Unilateral: Wait and see or try to go long at low prices; 2) Inter - period: Wait and see; 3) Inter - variety: Observe [98].

Report Information - Report Title: Pulp Daily Report - Report Date: December 19, 2025 [2] 1. Industry Investment Rating - No relevant information provided 2. Core观点 - The pulp market has limited fundamental changes. After the December delivery, the market focuses on the new warehouse receipt pricing and is mainly in a state of shock adjustment [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures contract 05 was 5,478 yuan/ton, and the closing price was 5,500 yuan/ton, with an overall increase of 0.40%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,800 - 6,300 yuan/ton, and the price remained stable compared with the closing price of the previous working day. Among them, the offer price of Arauco's Silver Star in Shandong was 5,550 yuan/ton [7] - Arauco's December pulp export quotes: Silver Star softwood pulp increased by $20/ton to $700/ton; Venus natural pulp remained flat at $620/ton; Star hardwood pulp increased by $20/ton to $570/ton [8] - According to PPPC, in October, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 3.5% year - on - year, softwood pulp by 7.1% year - on - year, and hardwood pulp by 1.9% year - on - year. Shipments to the Chinese market decreased significantly [8] - According to UTIPULP data, in November 2025, the European wood pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European wood pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6%. In November 2025, the total pulp import volume was 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of December 18, 2025, the weekly pulp inventory in major regions and ports decreased by 1.73% month - on - month [8] - The cultural paper market is mainly driven by rigid demand. Publishing orders continue to be picked up. The inventory of some paper mills has decreased compared with the previous period, and the price has not changed much [8] 3.2 Industry News - On December 17, it was reported that the household tissue consumption characteristic park in Linyi County, Shanxi Province, has achieved a leap - forward improvement from spontaneous agglomeration to cluster development in recent years. The park currently has an annual production capacity of 400,000 tons of high - grade household tissue and 50,000 tons of flushable and degradable non - woven fabrics. The degradable non - woven fabric project fills the technological gap in the province, achieving a virtuous cycle of guaranteed upstream raw material supply and supported downstream market expansion [9] 3.3 Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference (Shandong Silver Star), softwood - hardwood price difference in Shandong, inter - delivery spread (SP1 - 5, SP5 - 9), warehouse receipt total, domestic main port area pulp inventory, European main port wood pulp inventory, coated paper and offset paper price and price difference, white cardboard and white board paper price and price difference, and US dollar to RMB exchange rate. The data sources are mainly Wind and Zhuochuang Information [15][17][19][24][25][29]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to consolidate within a range in the short term after the bullish factors are realized. The price is supported by the increase in the December foreign market pulp price, and the overseas supply disruption strengthens the expectation of supply tightening. However, the actual trading atmosphere in the market is light, and the domestic fundamentals have not improved substantially. The core contradiction lies in the high port inventory and the low willingness of the downstream papermaking industry to purchase high - priced raw materials, resulting in a lack of effective demand support at high prices. It is recommended to pay attention to the port inventory depletion speed and the procurement sentiment fluctuations in the base paper market [95]. 3. Summary According to the Directory 3.1 Industry News - As of December 11, 2025, the pulp inventory in Changshu Port was 532,000 tons, a decrease of 34,000 tons from the previous period, a month - on - month decrease of 6.0%. The inventory in Qingdao Port was 1.362 million tons, a decrease of 33,000 tons from the previous week, a month - on - month decrease of 2.4%. The inventory in Gaolan Port was 54,000 tons, an increase of 9,000 tons from the previous week, a month - on - month increase of 20.0%. The total inventory of the mainstream port samples in China was 2.036 million tons, a decrease of 65,000 tons from the previous period, a month - on - month decrease of 3.1%, and the inventory has been decreasing for three consecutive weeks [5][6]. - In November 2025, China's pulp imports were 3.246 million tons, a month - on - month increase of 24.0% and a year - on - year increase of 15.9%. The cumulative imports for the year were 32.925 million tons, a cumulative year - on - year increase of 5.8% [6]. - On December 10, Sun Paper (002078) planned to raise 3.6 billion yuan through a syndicated loan to accelerate the construction of new projects, accounting for about 70% of the total investment [7]. 3.2 Market Data 3.2.1 Market Trends - On December 12, 2025, the basis of Silver Star was 66 yuan/ton, a month - on - month decrease of 56.00% and a year - on - year decrease of 85.20%; the basis of Russian Needle was - 134 yuan/ton, a month - on - month decrease of 168.00% and a year - on - year decrease of 3250.00%; the price difference between Silver Star and Russian Needle was 200 yuan/ton, with no month - on - month change and a year - on - year decrease of 55.56% [13]. 3.2.2 Month - to - Month Spread - On December 12, 2025, the 01 - 03 month - to - month spread was - 42 yuan/ton, a month - on - month decrease of 162.50%; the 03 - 05 month - to - month spread was - 38 yuan/ton, a month - on - month decrease of 58.33% [18]. 3.3 Fundamental Data 3.3.1 Price - The price difference between softwood and hardwood pulp narrowed this week. On December 12, 2025, the price difference between Silver Star and Goldfish was 950 yuan/ton, a month - on - month decrease of 5.00% and a year - on - year decrease of 48.65%; the price difference between Russian Needle and Goldfish was 750 yuan/ton, a month - on - month decrease of 6.25% and a year - on - year decrease of 46.43% [23][25]. - The import profit of softwood and hardwood pulp decreased. On December 12, 2025, the import profit of Silver Star was - 67 yuan/ton, a month - on - month decrease of 57%; the import profit of Star was 20 yuan/ton, a month - on - month decrease of 83% [28]. - The price of the pulp main contract was weakly consolidating, and the spot price of imported softwood pulp was slightly weak. However, at the end of the week, the price of the new round of softwood pulp foreign market increased, and the price of the main pulp contract on the Shanghai Futures Exchange rose significantly, and the price of imported softwood pulp increased significantly [31]. - The price of imported hardwood pulp increased. The new round of hardwood pulp foreign market still showed an increase, the subsequent import cost increased, and the domestic traders continued to hold the price and were reluctant to sell, driving up the spot price of imported hardwood pulp [34]. - On December 12, 2025, the price of Venus was 5150 yuan/ton, with no month - on - month change and a year - on - year decrease of 4.63%; the price of Kunhe was 3800 yuan/ton, with no month - on - month change and a year - on - year increase of 7.04% [39]. 3.3.2 Supply - The wood chip purchase price of paper enterprises in East China generally decreased this week. On December 12, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1180 yuan/ton, with no month - on - month change; the purchase price of poplar wood chips by Wuzhou Special Paper was 1310 yuan/ton, a month - on - month decrease of 4.38% [41][43]. - The price of chemimechanical pulp increased this period, and the supply of hardwood pulp increased. On December 11, 2025, the daily average price of Chinese chemimechanical pulp was 3858.33 yuan/ton, a month - on - month increase of 1.31%; the weekly output of Chinese hardwood pulp was 131,000 tons, a month - on - month increase of 11.97% [45][47]. - In October 2025, the pulp port inventory in Europe decreased month - on - month, and the global pulp outbound volume decreased seasonally month - on - month [50]. - In October 2025, the shipment volume of W20 softwood pulp was at a low level, and the inventory was high; the inventory of hardwood pulp was at a high level, but the shipment volume decreased, and the inventory days returned to a year - on - year high [51]. - In September 2025, the export volume of softwood pulp from four countries (Canada, Chile, Finland, and the United States) to China increased both month - on - month and year - on - year. In October, the export volume of Chilean softwood pulp to China continued to increase month - on - month but decreased year - on - year [57]. - In October 2025, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased both month - on - month and year - on - year. In November, the export volume of Brazilian hardwood pulp to China decreased significantly month - on - month, and Uruguay decreased both month - on - month and year - on - year [58]. - In October 2025, China's pulp imports were differentiated. The import of softwood pulp increased by 0.06% month - on - month, the import of hardwood pulp decreased by 2.77% month - on - month, and the imports of natural pulp and chemimechanical pulp increased significantly month - on - month [62]. 3.3.3 Demand - The price of offset paper decreased slightly this period. The core variables were the progress of publication orders and the price trend of wood pulp. The supply was abundant, the demand was weak, and the downstream procurement was mainly for rigid needs [66]. - The price of coated paper decreased slightly this period. The domestic coated paper market was narrowly sorted, and the price lacked a clear direction. The supply was stable, the demand was weak, and the downstream procurement was mainly on - demand [70]. - The price of white cardboard increased slightly this period. The impact of cost on the white cardboard market weakened. The supply capacity increased, the downstream demand was average, and the price increased and then fell [74]. - The price of tissue paper increased slightly this period. The overall trading atmosphere in the market improved little, the terminal demand was weak, and the raw material pulp price had limited support for the tissue paper price [78]. - In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly year - on - year, and the dairy product output decreased significantly both month - on - month and year - on - year [82]. 3.4 Inventory - On December 12, 2025, the warehouse receipt quantity of pulp in the warehouse was 193,000 tons, a month - on - month decrease of 4.89% and a year - on - year decrease of 43.15%; the warehouse receipt quantity of pulp in the factory warehouse was 6000 tons, with no month - on - month change and a year - on - year decrease of 75.81% [85]. - The port inventory was at a medium level within the year, and the inventory of the mainstream port samples in China decreased this period. The inventory in Qingdao Port and Changshu Port decreased, and the inventory in Gaolan Port increased [5][6][92]. 3.5 This Week's View Summary - Supply: The port inventory and the global supply pattern remained loose, with marginal improvement. As of December 11, 2025, the total inventory of the mainstream port samples in China was 2.036 million tons, a decrease of 65,000 tons from the previous period, a month - on - month decrease of 3.1%, and the inventory had been decreasing for three consecutive weeks [95]. - Demand: The downstream demand maintained rigid - need procurement, and there was no obvious incremental demand. The tissue paper market was sorted within the range, the white cardboard market price was stable with a callback, and the average prices of offset paper and coated paper enterprises were stable [95]. - View: It is expected that the pulp market will consolidate within a range in the short term after the bullish factors are realized. The price is supported by the increase in the December foreign market pulp price, and the overseas supply disruption strengthens the expectation of supply tightening. However, the actual trading atmosphere in the market is light, and the domestic fundamentals have not improved substantially. The core contradiction lies in the high port inventory and the low willingness of the downstream papermaking industry to purchase high - priced raw materials, resulting in a lack of effective demand support at high prices [95]. - Valuation: In terms of the basis, on Friday, the basis of softwood pulp Silver Star in Shandong was 66 yuan/ton, an increase of 52 yuan/ton [95]. - Strategy: 1) Unilateral: Short on rallies or wait and see; 2) Inter - period: Continue the 1 - 5 reverse spread idea; 3) Inter - variety: Observe [95].