Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The pulp market is expected to fluctuate with a bearish bias as overseas softwood pulp mills have a serious inventory build - up, there is significant pressure on foreign market quotes, and there is no obvious positive news for domestic demand [6] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On March 2, 2026, the futures price of SP2601 was 5468 yuan/ton, with a daily -环比 of - 0.04% and a weekly -环比 of 0.40%; SP2609 was 5316 yuan/ton, with a daily -环比 of 0.08% and a weekly -环比 of 0.23%; SP2605 was 5252 yuan/ton, with a daily -环比 of 0.11% and a weekly -环比 of - 0.15% [5] - The spot price of coniferous pulp Silver Star was 5250 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of - 1.87%; Russian coniferous pulp was 5050 yuan/ton, with a daily -环比 of - 0.98% and a weekly -环比 of - 1.94%; broad - leaf pulp Goldfish was 4600 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 0.00% [5] Outer - disk Quotes and Import Costs - The outer - disk quote of Chilean Silver Star was 710 dollars/ton, unchanged; Chilean Star was 600 dollars/ton, up 1.69% from the previous period; Chilean Venus was 620 dollars/ton, unchanged [5] - The import cost of Chilean Silver Star was 5802 yuan/ton, unchanged; Chilean Star was 4911 yuan/ton, up 1.68% from the previous period; Chilean Venus was 5073 yuan/ton, unchanged [5] Pulp Fundamental Data Import Volume - In December 2025, the import volume of coniferous pulp was 77.8 tons, a month -环比 increase of 7.31% compared to November; the import volume of broad - leaf pulp was 135.2 tons, a month -环比 decrease of 23.40% [5] Shipment Volume to China - In January 2026, the shipment volume of pulp to China was 170 thousand tons, a - 19.80% decrease compared to the previous period [5] Domestic Production - The domestic production of broad - leaf pulp on February 26, 2026, was 25.2 tons; the domestic production of chemimechanical pulp was 23.8 tons [5] Pulp Port Inventory - As of February 26, 2026, the inventory of China's main pulp ports was 240.1 tons, a 9.4% increase compared to the previous period, showing a trend of inventory accumulation after the Spring Festival [5] Futures Delivery Warehouse Inventory - As of February 26, 2026, the inventory of futures delivery warehouses was 15.2 tons [5] Demand (Finished Paper Production) - The production of offset paper on February 26, 2026, was 17.50 tons; coated paper was 7.40 tons; tissue paper was 23.98 tons; white cardboard was 36.10 tons [5] Supply and Demand Situation - Supply side: Chilean Arauco's February softwood pulp offer was 710 dollars/ton, unchanged; broad - leaf pulp Star offer was 600 dollars/ton, up 10 dollars/ton; unbleached pulp Venus offer was 620 dollars/ton, unchanged [5] - Demand side: The demand for pulp has been stable recently, the price of finished paper is stable, and the production has increased slightly this week [5]