1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The supply - demand fundamentals of pulp have slightly improved, and the pulp price has rebounded slightly. The pulp futures price of contract 2511 is expected to fluctuate in the range of 4920 - 5180 this week [1][4] 3. Summary by Directory 3.1 Pulp Price Analysis - **Spot Pulp Price**: Last week, the spot market price of pulp rebounded slightly. The prices of coniferous pulp remained stable, while the prices of broad - leaf pulp increased slightly. The prices of chemimechanical pulp, natural color pulp, and non - wood pulp remained unchanged compared to the previous week [11][14] - **Pulp Futures**: The main pulp futures contract SP2511 showed a slight up - and - down oscillation and rebounded last week, closing at 5018 yuan/ton, up 28 yuan/ton (or + 0.56%) [15] - **Pulp Futures - Spot Basis**: The basis discount of coniferous wood pulp to the closing price of the main futures contract was 632 yuan/ton, with the discount narrowing by 28 yuan/ton compared to the previous week [19] - **Log Futures**: The main log futures contract 2511 showed a slight oscillatory rebound last week, closing at 805.0 yuan/cubic meter, up 7.0 yuan/cubic meter (or + 0.88%) [20] 3.2 Pulp Supply - Side Analysis - **Weekly Production**: Last week, the pulp production was 51.8 tons, a week - on - week increase of 3.7 tons (or + 7.69%). The production of broad - leaf pulp and chemimechanical pulp increased, and it is expected that the production of domestic broad - leaf pulp will be about 23.2 tons and that of chemimechanical pulp will be about 22.0 tons this week [22] - **Capacity Utilization**: The weekly capacity utilization rates of domestic broad - leaf pulp and chemimechanical pulp both increased. It is expected that the capacity utilization rate will not change much next week [25] - **Monthly Production**: In August 2025, the domestic pulp production increased slightly, with wood pulp production rising and non - wood pulp production remaining flat [27] - **Monthly Capacity Utilization**: In August 2025, the capacity utilization rates of chemimechanical pulp and broad - leaf pulp both decreased [32] - **Monthly Production Profit**: In August 2025, the production profit of broad - leaf pulp increased month - on - month, and the loss of chemimechanical pulp decreased [36] - **Pulp Imports**: In August 2025, the pulp import volume decreased both month - on - month and year - on - year. From January to August 2025, the cumulative import volume increased year - on - year [37] 3.3 Pulp Demand - Side Analysis - **Downstream Capacity Utilization**: The capacity utilization rate of household paper decreased slightly, while those of offset paper, coated paper, and white cardboard increased. It is expected that the production of household paper will be about 27.9 tons, offset paper about 20.6 tons, coated paper about 8.5 tons, and white cardboard about 36.0 tons this week [39][43][46][47] - **Downstream Base Paper Gross Profit**: The gross profit of household paper decreased, while that of white cardboard increased slightly. The loss of offset paper decreased slightly, and the gross profit of coated paper increased [49][53] - **Domestic Pulp Consumption**: In August 2025, the actual pulp consumption increased both month - on - month and year - on - year [54] - **Downstream Base Paper Spot Price**: The prices of household paper and cultural paper remained stable, the price of whiteboard paper increased slightly, and the price of white cardboard remained basically stable [57][60] 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall port inventory of pulp is increasing. The inventory in Qingdao Port, Changshu Port, and Tianjin Port has all increased [61][63] - **Futures Pulp Warehouse Receipts**: The pulp futures warehouse receipts decreased by 0.25% compared to the previous week, and the warehouse receipts in Shandong decreased by 0.27% [65]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Due to the continuous de - stocking of port inventory, stable high external quotations, the entry of the downstream white cardboard market into the traditional peak season, and a slight improvement in overall demand, but with low profits for base paper and limited rebound of the futures market due to the sentiment of the chemical sector, it is expected that the price of the pulp 2511 contract will oscillate and rebound in the range of 4950 - 5210 this week [4]. Summary by Directory 1. Pulp Price Analysis - **Spot Pulp Price Review** - Last week, the spot market price of pulp decreased slightly. In Shandong, the price of coniferous pulp Silver Star dropped to 5650 yuan/ton, a week - on - week decrease of 70 yuan/ton (-1.22%); the price of broad - leaf pulp Goldfish dropped to 4180 yuan/ton, a week - on - week decrease of 20 yuan/ton (-0.48%). The prices of chemical mechanical pulp, natural color pulp, and non - wood pulp remained flat [10][14]. - **Pulp Futures Review** - Last week, the main pulp futures contract SP2511 oscillated and declined in a 200 - point range, closing at 4990 yuan/ton, a week - on - week decrease of 72 yuan/ton (-1.42%). The weighted trading volume was 1.72 million lots, an increase of 345,000 lots, and the weighted open interest was 366,000 lots, an increase of 21,100 lots [16]. - **Pulp Futures - Spot Basis Comparison** - The basis discount of coniferous wood pulp to the futures contract widened by 2 yuan/ton to 660 yuan/ton compared with last week [20]. - **Log Futures Review** - The main log futures contract 2511 oscillated in a range last week, closing at 798.0 yuan/cubic meter, a week - on - week decrease of 2.0 yuan/cubic meter (-0.25%). The weighted trading volume was 42,300 lots, a decrease of 21,000 lots, and the weighted open interest was 22,100 lots, a decrease of 200 lots [21]. 2. Pulp Supply - side Analysis - **Weekly Pulp Production** - Last week, pulp production was 481,000 tons, a week - on - week decrease of 6,000 tons (-1.23%). It is expected that the production of domestic broad - leaf pulp and chemical mechanical pulp this week will be about 207,000 tons and 210,000 tons respectively [23]. - **Capacity Utilization of Broad - leaf and Chemical Mechanical Pulp** - Last week, the capacity utilization rate of domestic broad - leaf pulp was 76.4%, a week - on - week decrease of 1.7%; that of chemical mechanical pulp was 81.3%, a week - on - week decrease of 1.7%. It is expected that the capacity utilization rate will remain stable next week [26]. - **Monthly Pulp Production** - In August 2025, domestic pulp production was 2.127 million tons, a month - on - month increase of 3,000 tons (0.14%); wood pulp production was 1.816 million tons, a month - on - month increase of 3,000 tons (0.17%); non - wood pulp production remained flat [28]. - **Monthly Capacity Utilization of Chemical Mechanical and Broad - leaf Pulp** - In August 2025, the production of domestic chemical mechanical pulp was 892,000 tons, a month - on - month decrease of 4,000 tons (-0.45%), and the capacity utilization rate was 81.1%, a month - on - month decrease of 3.1%. The production of broad - leaf pulp was 924,000 tons, a month - on - month increase of 7,000 tons (0.76%), and the capacity utilization rate was 80.9%, a month - on - month decrease of 2.1% [33]. - **Monthly Production Profits of Broad - leaf and Chemical Mechanical Pulp** - In August 2025, the production profit of broad - leaf pulp was 526 yuan/ton, a month - on - month increase of 13.3 yuan/ton (2.59%); the production loss of chemical mechanical pulp decreased by 3.3 yuan/ton to - 304.6 yuan/ton [37]. - **Pulp Imports** - In August 2025, pulp imports were 2.6529 million tons, a month - on - month decrease of 223,800 tons (-7.78%) and a year - on - year decrease of 154,500 tons (-5.5%). From January to August 2025, the cumulative imports were 24.1083 million tons, a year - on - year increase of 1.14 million tons (5%) [38]. 3. Pulp Demand - side Analysis - **Downstream Capacity Utilization** - **Living Paper**: Last week, the production of domestic living paper was 280,800 tons, a week - on - week decrease of 700 tons (-0.25%), and the capacity utilization rate was 63.55%, a week - on - week decrease of 0.15%. It is expected that the production this week will be about 279,000 tons [40]. - **Offset Paper**: Last week, the production of offset paper was 205,000 tons, a week - on - week increase of 10,000 tons (5.13%), and the capacity utilization rate was 55.7%, a week - on - week increase of 2.8%. It is expected that the production this week will remain at about 205,000 tons [44]. - **Coated Paper**: Last week, the production of coated paper was 78,000 tons, remaining flat. The capacity utilization rate was 57.6%, a week - on - week decrease of 0.3%. It is expected that the production this week will be about 82,000 tons [47]. - **White Cardboard**: Last week, the production of white cardboard was 340,000 tons, a week - on - week increase of 2,000 tons (0.59%), and the capacity utilization rate was 78.34%, a week - on - week increase of 0.46%. It is expected that the production this week will be about 350,000 tons [50]. - **Downstream Base Paper Gross Profit** - **Living Paper and White Cardboard**: Last week, the gross profit of living paper was 191 yuan/ton, a week - on - week decrease of 4 yuan/ton (-2.05%), and the gross profit of social white cardboard decreased by 48% [53]. - **Offset Paper and Coated Paper**: Last week, the average cost of offset paper decreased by 4.3 yuan/ton to 4,889.1 yuan/ton, and the loss decreased by 6 yuan/ton to - 38 yuan/ton. The average cost of coated paper decreased by 3.9 yuan/ton to 4,787 yuan/ton, and the gross profit decreased by 82 yuan/ton to 388 yuan/ton [56]. - **Domestic Pulp Consumption** - In August 2025, the actual consumption of pulp was 3.402 million tons, a month - on - month increase of 81,000 tons (2.44%) and a year - on - year increase of 99,000 tons (3.03%) [57]. - **Downstream Base Paper Spot Price Analysis** - **Living Paper**: The prices of wood pulp, bamboo pulp, and sugarcane pulp base paper in Shandong, Sichuan, and Guangxi remained stable or increased slightly last week [60]. - **Cultural Paper**: The prices of offset paper and coated paper in Shandong decreased last week [60]. - **White Board Paper and White Cardboard**: The prices of white board paper in Shandong and Tianjin remained stable, and most white cardboard prices in Jiangsu remained stable, with one variety decreasing by 2.15% [64]. 4. Pulp Inventory - side Analysis - **Pulp Port Inventory** - Currently, the overall port inventory is de - stocking. The total inventory of major ports is 2.062 million tons, a week - on - week decrease of 4,000 tons (-0.19%). Qingdao Port's inventory increased by 3,000 tons (0.21%) to 1.418 million tons. Changshu Port's inventory decreased by 18,000 tons (3.73%) to 464,000 tons, and Tianjin Port's inventory increased by 8,000 tons (13.33%) to 68,000 tons [67][70]. - **Futures Pulp Warehouse Receipts** - Currently, the pulp futures warehouse receipts are 234,300 tons, a week - on - week decrease of 1,665 tons (-0.71%). The total warehouse receipts in Shandong decreased by 759 tons (-0.35%) to 218,400 tons [71].

Report Industry Investment Rating No relevant information provided. Report's Core View - The high inventory of pulp at ports will continue to be the norm, with spot liquidity under continuous pressure and supply pressure intensifying. Downstream paper mills are reluctant to purchase raw materials and are mainly focused on digesting inventory, with the operating rate remaining low. After the main contract change, short - term fluctuations are significant. It is expected that the price of the pulp 2509 contract will fluctuate widely in the range of 5160 - 5550 yuan/ton this week [4]. Summary by Directory 1. Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the spot market price of pulp showed a trend of weakening for softwood pulp and remaining stable for hardwood pulp. The prices of softwood pulp such as Silver Star, Cariboo, and Northern Wood decreased by 0.82%, 0.81%, and 0.79% respectively. The prices of hardwood pulp such as Goldfish, Bird, and Alpa remained unchanged. The price of chemical mechanical pulp remained stable, the price of natural pulp increased by 2.00%, and the price of sugarcane pulp decreased by 2.5% [10][12]. - **Pulp Futures Price Review**: Last week, the pulp futures contract SP2509 first rose, then declined, and finally fell in a volatile manner, closing at 5120 yuan/ton, a weekly decline of 1.50%. The weighted trading volume and weighted open interest increased [15]. - **Pulp Futures - Spot Basis Comparison**: Due to the smaller decline in the spot price of softwood pulp compared to the futures price, the contango of the futures - spot basis continued to widen, reaching 930 yuan/ton, an increase of 72 yuan/ton compared to last week [19]. - **Log Futures Price Review**: The main log futures contract 2507 showed a significant volatile rebound last week, closing at 812.0 yuan/cubic meter, a weekly increase of 5.8%. The trading volume and open interest increased [21]. 2. Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, the weekly pulp production was 48.29 tons, a slight increase of 0.19%. The production of hardwood pulp decreased by 0.48%, and the production of chemical mechanical pulp increased by 1.02%. It is expected that the production of domestic hardwood pulp and chemical mechanical pulp will reach about 21.0 tons and 20.1 tons respectively this week [23]. - **Capacity Utilization**: Last week, the capacity utilization rate of domestic hardwood pulp decreased by 0.4% to 77.5%, and that of chemical mechanical pulp increased by 0.8% to 83.2% [28]. - **Monthly Pulp Production**: In May 2025, domestic pulp production was 199.0 tons, a decrease of 0.49%. Wood pulp production increased by 0.67%. Hardwood pulp production decreased by 2.99%, and chemical mechanical pulp production increased by 4.16% [30]. - **Monthly Capacity Utilization**: In May 2025, the capacity utilization rate of domestic hardwood pulp increased by 8.68% to 77.9%, and that of chemical mechanical pulp increased by 0.58% to 84.2%. Bamboo pulp and sugarcane pulp production decreased [32]. - **Monthly Production Profit**: In May 2025, the production profit of hardwood pulp was 660.9 yuan/ton, a decrease of 35.32% month - on - month and 69.77% year - on - year. The production profit of chemical mechanical pulp was - 418 yuan/ton, a decrease of 192.55 yuan/ton month - on - month [36]. - **Pulp Imports**: In May 2025, pulp imports were 301.6 tons, an increase of 4.26% month - on - month and 6.95% year - on - year. The cumulative imports from January to May 2025 were 1555 tons, an increase of 2.1% year - on - year [38]. 3. Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, domestic tissue paper production was 27.4 tons, a decrease of 2.14%. The capacity utilization rate was 62.1%, an increase of 1.3% [40]. - **Downstream Cultural Paper Market**: Last week, copperplate paper production was 7.7 tons, an increase of 1.18%, and the capacity utilization rate was 56.6%, an increase of 0.4%. Offset paper production was 19.5 tons, a decrease of 2.99%, and the capacity utilization rate was 54.6%, a decrease of 1.8% [43]. - **Downstream Packaging Paper Market**: Last week, the production of white cardboard and whiteboard paper decreased, with capacity utilization rates of 72.2% and 69.72% respectively, showing a slight decline. The production of corrugated paper and boxboard paper also decreased, with capacity utilization rates of 64.2% and 66.6% respectively, showing a decline [44][48]. - **Downstream Base Paper Spot Price Analysis**: Last week, the prices of tissue paper and cultural paper remained stable, while the prices of whiteboard paper and white cardboard decreased slightly, and the prices of boxboard paper and corrugated paper remained stable [49][52][55]. - **Downstream Base Paper Capacity Utilization**: In May 2025, the production and capacity utilization rates of tissue paper and white cardboard decreased, while the production of offset paper increased slightly, and the capacity utilization rate of copperplate paper decreased. The actual domestic pulp consumption decreased slightly [59][62][65]. 4. Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall pulp inventory at domestic ports is increasing. The inventory at mainstream ports is 220.8 tons, a 1.05% increase. The inventory at Qingdao Port is 135.8 tons, a 1.19% increase. The inventories at Changshu Port and Tianjin Port are also increasing [66][70]. - **Futures Pulp Warehouse Receipts**: Last week, pulp futures warehouse receipts were 24.87 tons, a 1.51% decrease. The total warehouse receipts in Shandong increased by 1.65%. The inventory in Qingdao International Logistics Warehouse increased, while that in Sinotrans Huazhong Jiaozhou Warehouse decreased [71].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Due to some traders holding back supplies, the circulation of pulp has tightened temporarily. The main contract of pulp futures, SP2507, oscillated and rebounded within a range of about 300 points last week. It is expected that the price of the main contract of pulp futures will mainly oscillate and rebound within the range of 5260 - 5630 this week. Operationally, when the price rebounds after a mid - week correction and encounters support, short - term long positions can be taken at low prices, with risk control in mind [4]. 3. Summary by Directory 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the spot market price of pulp rebounded slightly. In Shandong, the price of coniferous pulp Silver Star rose to 6300 yuan/ton, up 100 yuan/ton (or +1.61%); Kalip rose to 6350 yuan/ton, up 150 yuan/ton (or +2.42%); Northwood rose to 6500 yuan/ton, up 200 yuan/ton (or +3.17%). The price of broad - leaf pulp Goldfish rose to 4250 yuan/ton, up 150 yuan/ton (or +3.66%); Birdie and Alpine rose to 4200 yuan/ton, up 150 yuan/ton (or +3.7%). However, the prices of some non - wood pulps such as virgin pulp and bamboo pulp decreased slightly [11][13]. - **Pulp Futures Price Review**: The main contract of pulp futures, SP2507, oscillated and rebounded within a range of about 300 points last week, closing at 5356 yuan/ton on the weekly line, up 192 yuan/ton (or +3.72%). The trading volume was 1.145 million lots, an increase of 354,000 lots, and the open interest was 96,200 lots, a decrease of 19,200 lots [17]. - **Pulp Futures - Spot Basis Comparison**: The basis discount of pulp futures and spot decreased slightly as the increase in the spot price of wood pulp was less than that of the futures price last week. The basis discount between coniferous wood pulp and the closing price of the main futures contract was 944 yuan/ton, a decrease of 92 yuan/ton compared with last week [20]. - **Log Futures Price Review**: The main contract of log futures, 2507, showed a trend of rising first and then falling with oscillatory adjustments last week, closing at 783.0 yuan/cubic meter on the weekly line, down 1.5 yuan/cubic meter (or - 0.19%) compared with the previous week. The trading volume was 95,700 lots, an increase of 34,700 lots, and the open interest was 27,400 lots, a decrease of 3,300 lots [22]. 3.2 Pulp Supply - side Analysis - **Weekly Pulp Production**: Last week, the pulp production was 487,500 tons, a decrease of 8,200 tons (or - 1.66%) compared with the previous week. The production of broad - leaf pulp was 207,000 tons, and the production of chemi - mechanical pulp was 201,000 tons. It is expected that the production of domestic broad - leaf pulp will be about 200,000 tons and the production of chemi - mechanical pulp will be about 195,000 tons this week [24]. - **Capacity Utilization of Broad - leaf and Chemi - mechanical Pulp**: Last week, the capacity utilization rate of domestic broad - leaf pulp was 76.5%, a decrease of 3.09% compared with the previous week; the capacity utilization rate of domestic chemi - mechanical pulp was 84.10%, a decrease of 0.01% compared with the previous week [29]. - **Monthly Pulp Production**: In April 2025, the domestic pulp production was 1.9997 million tons, a decrease of 213,300 tons (or - 9.64%) compared with the previous month. The production of wood pulp was 1.644 million tons, a decrease of 210,900 tons (or - 11.37%); the production of broad - leaf pulp was 803,000 tons, a decrease of 174,800 tons (or - 17.87%); the production of chemi - mechanical pulp was 841,000 tons, a decrease of 36,200 tons (or - 4.12%) [30]. - **Monthly Capacity Utilization of Broad - leaf and Chemi - mechanical Pulp**: In April 2025, the capacity utilization rate of domestic broad - leaf pulp was 69.22%, a decrease of 12.37% compared with the previous month; the capacity utilization rate of chemi - mechanical pulp was 83.62%, a decrease of 0.74% compared with the previous month. The production of bamboo pulp was 264,000 tons, a decrease of 1,700 tons (or - 0.63%); the production of sugarcane pulp was 76,700 tons, a decrease of 400 tons (or - 0.54%) [35]. - **Pulp Import Volume**: In April 2025, the pulp import volume was 2.8928 million tons, a decrease of 356,300 tons (or - 10.97%) compared with the previous month and a decrease of 327,200 tons (or - 10.16%) compared with the same period last year. The cumulative import volume from January to April 2025 was 12.53 million tons, an increase of 120,000 tons (or +1%) compared with the same period last year [39]. 3.3 Pulp Demand - side Analysis - **Downstream Tissue Paper Market**: Last week, the domestic tissue paper production was 277,000 tons, a decrease of 1,000 tons (or - 0.36%) compared with the previous week. The capacity utilization rate was 62.6%, a decrease of 0.3% compared with the previous week [42]. - **Downstream Cultural Paper Market**: Last week, the copperplate paper production was 77,000 tons, an increase of 3,000 tons (or +4.05%) compared with the previous week, and the capacity utilization rate was 56.9%, an increase of 2.3% compared with the previous week. The offset paper production was 200,000 tons, a decrease of 1,000 tons (or - 0.5%) compared with the previous week, and the capacity utilization rate was 56.1%, a decrease of 0.2% compared with the previous week [46]. - **Downstream Packaging Paper Market**: Last week, in the packaging paper market, the production of white cardboard was 279,000 tons, a decrease of 11,000 tons (or - 3.79%) compared with the previous week, and the capacity utilization rate was 68.05%, a decrease of 2.68% compared with the previous week. The production of corrugated paper was 457,000 tons, an increase of 13,000 tons (or +2.93%) compared with the previous week, and the capacity utilization rate was 60.8%, an increase of 1.7% compared with the previous week. The production of boxboard paper was 613,000 tons, an increase of 16,000 tons (or +2.68%) compared with the previous week, and the capacity utilization rate was 67.1%, an increase of 1.8% compared with the previous week [49][52]. - **Downstream Base Paper Spot Price Analysis**: Last week, in the tissue paper market, the price of Shandong wood pulp jumbo roll base paper remained stable, the price of Sichuan bamboo pulp jumbo roll base paper remained stable, and the price of Guangxi sugarcane pulp jumbo roll base paper decreased by 50 yuan/ton (or - 0.9%). In the cultural paper market, the price of Shandong 70g offset paper remained stable, and the price of 157g copperplate paper decreased by 50 yuan/ton (or - 0.90%). In the white cardboard market, the price of Jiangsu Bohui 250 - 4，00g white cardboard decreased by 50 yuan/ton (or - 1.28%), and the price of Wanguo Taiyang 250 - 400g white cardboard remained stable. In the boxboard and corrugated paper markets, the prices remained stable [53][57][59]. - **Downstream Base Paper Capacity Utilization**: In April 2025, the domestic tissue paper production was 1.258 million tons, a decrease of 60,000 tons (or - 4.55%) compared with the previous month, and the capacity utilization rate was 66.5%, a decrease of 3.1% compared with the previous month. The domestic white cardboard production was 1.32 million tons, a decrease of 100,000 tons (or - 7.04%) compared with the previous month, and the capacity utilization rate was 75.0%, a decrease of 3.02% compared with the previous month. The domestic offset paper production was 832,000 tons, a decrease of 30,000 tons (or - 3.48%) compared with the previous month, and the capacity utilization rate was 56.25%, a decrease of 0.16% compared with the previous month. The copperplate paper production was 344,000 tons, remaining the same as the previous month, and the capacity utilization rate was 57.5%, an increase of 0.19% compared with the previous month. The domestic pulp consumption in April 2025 was 3.268 million tons, a decrease of 173,000 tons (or - 5.03%) compared with the previous month [62][65][68]. 3.4 Pulp Inventory - side Analysis - **Pulp Port Inventory**: Last week, the overall domestic port inventory showed a trend of accumulation. The inventory of the main port samples was 2.198 million tons, an increase of 163,000 tons (or +8.01%) compared with the previous week. Among them, the inventory of Qingdao Port was 1.387 million tons, an increase of 69,000 tons (or +5.24%) compared with the previous week. The inventory of Changshu Port was 525,000 tons, an increase of 97,000 tons (or +22.66%) compared with the previous week, and the inventory of Tianjin Port was 48,000 tons, a decrease of 24,000 tons (or - 33.33%) compared with the previous week [72][73]. - **Futures Pulp Warehouse Receipts**: Last week, the pulp futures warehouse receipts were 252,600 tons, a decrease of 68,017 tons (or - 21.21%) compared with the previous week. The total warehouse receipts in Shandong were 227,500 tons, a decrease of 49,412 tons (or - 17.84%) compared with the previous week [75].