行业 纸浆日报 日期 2025 年 11 月 14 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: November 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core View - In the short term, pulp prices are trending stronger due to low warrant quantities and rising overseas quotes in November. It is recommended to monitor the cost digestion performance of downstream paper mills and adopt a wait - and - see approach [7]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,492 yuan/ton, and the closing price was 5,482 yuan/ton, a decline of 0.18%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,870 - 6,500 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing quotation was 5,520 - 5,530 yuan/ton [7]. - Finnforest Metsa notified Chinese customers that the November quote for softwood pulp would be raised by $20. In September, the chemical pulp shipments of the world's top 20 pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market continued to grow [7]. - As of November 6, 2025, the weekly pulp inventory in major regions and ports decreased by 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [7]. - The performance of downstream base papers remained differentiated. The packaging paper market continued to be favorable, while other base papers mainly replenished inventory as needed. Tendering for offset paper publications was ongoing, but social demand was limited [7]. 2. Industry News - On November 12, during the 8th CIIE, the sub - forum "Promoting Green Trade Liberalization and Accelerating Global Green Transformation" of the 8th Hongqiao International Economic Forum was held. Zhai Jingli, Vice President of Asia Pulp & Paper (APP), was invited to attend and discuss with domestic and foreign political, business, academic, and research guests [8]. 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price spreads, needle - broadleaf price spreads, inter - delivery spreads, warrant totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [14][16][18][25][26][27]

Core Viewpoint - The eighth China International Import Expo is currently being held in Shanghai, emphasizing the need to combat unilateralism and "green protectionism" in the context of global green transformation [1] Group 1: Global Green Trade Challenges - The urgency of addressing climate change and the potential of the green industry are creating strong trade demand, but fragmented green standards and unilateral measures like carbon tariffs are forming new trade barriers [1][2] - The trend of fragmentation in global green trade rules is concerning, as it may lead to new trade barriers that increase costs and uncertainty, hindering the achievement of global climate goals [2] Group 2: Collaborative Governance Mechanism - A deep collaborative governance mechanism involving governments, enterprises, and international organizations is essential to address the challenges of fragmented rules [3] - Enterprises should transition from being "rule executors" to "rule co-creators" to gain true influence in global sustainable transformation [3] Group 3: Recommendations for Green Trade - The report "Towards a New Era of Green Trade: Opportunities, Pathways, and China's Role" suggests five recommendations to overcome institutional barriers to green trade liberalization [5] - Accelerate the construction of a more inclusive multilateral trade framework [5] - Design domestic policy systems that promote green trade development based on national development stages and resource endowments [5] - Strengthen international cooperation and experience sharing to drive green trade liberalization [5] - Leverage digital technology to reduce transaction costs for green technologies and products, especially for small green enterprises in developing countries [5] - Establish a global unified coding system, with China potentially leading the development of a "China Green Trade Statistical Classification Reference Standard" [5]

Core Viewpoint - The global green transition is irreversible, and there is a need to oppose unilateralism and "green protectionism" while promoting a collaborative and fair global governance framework to facilitate the free flow of green trade [1][2]. Group 1: Challenges in Global Green Trade - The urgency of addressing climate change and the significant market potential of green industries are driving strong trade demand, but fragmented green standards and unilateral measures like carbon tariffs are creating new trade barriers [1][2]. - Trade protectionism is identified as the biggest obstacle to green development, with the fragmentation of global green trade rules raising concerns about increased trade costs and uncertainties [3][4]. Group 2: International Cooperation and Standards - There is a consensus that countries lack sufficient agreement and clarity on rules regarding green transition and international cooperation, necessitating the sharing of China's green development experience and technology globally [2][4]. - The establishment of a collaborative governance mechanism involving governments, enterprises, and international organizations is essential to address the challenges posed by fragmented rules [5]. Group 3: Corporate Initiatives and Innovations - Multinational companies emphasize that technological innovation and collaboration across the entire industry chain are fundamental to breaking down barriers and achieving green development [5][6]. - Companies like BMW and Cargill are actively working on creating transparent green rules and standards, with Cargill focusing on sustainable agricultural practices and BMW advocating for comprehensive carbon footprint assessments [5][6]. - Chinese private enterprises are also taking significant steps in promoting green practices abroad, such as replacing fuel vehicles with electric ones in Africa and supporting local supply chains [6].

Core Viewpoint - The article emphasizes the importance of open cooperation in promoting sustainable development, particularly through green trade and new energy storage technologies, as discussed at the Hongqiao International Economic Forum during the China International Import Expo [1][2]. Group 1: Green Development and Energy Storage - New energy storage technologies are rapidly developing in China, with installed capacity expected to exceed 100 million kilowatts by September 2025, playing a crucial role in renewable energy consumption and reliable power supply [1]. - Chinese energy storage companies are seizing market opportunities and expanding internationally, leveraging advanced technologies and supply chain advantages to drive global energy transition and green development [1]. Group 2: International Cooperation and Trade - There is a strong demand for green trade driven by the urgency of climate change and the market potential of green industries, prompting discussions on accelerating global green transformation [1]. - The fragmentation of green standards among countries is creating new trade barriers, hindering the progress of global green transition [2]. - China is encouraged to share its green development experiences and technologies globally, particularly in developing countries, while enhancing cooperation with developed nations in the field of green development [2]. Group 3: Global Trade Rules and Collaboration - The trend of fragmented global green trade rules is concerning, as a lack of international consensus may lead to unilateral measures becoming new trade barriers, increasing costs and uncertainties in trade [2]. - The international community is urged to shift from zero-sum games to cooperative governance, returning to a multilateral dialogue framework [2]. - Open markets and clear rules are deemed more beneficial for shared prosperity in addressing climate change, emphasizing the need for technological openness and improved data sharing platforms [2].