Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Pulp futures are expected to fluctuate in the short term, and the spread between contracts 11 and 1 is expected to narrow [1] Group 3: Summary by Related Catalogs Pulp Price Data - On September 3, 2025, the futures price of coniferous pulp Silver Star (SP2601) was 5324, down 0.37% day-on-day and up 0.64% week-on-week; the spot price was 5720, with a month-on-month change of 0.00% and a week-on-week change of -0.52% [1] - The futures price of coniferous pulp Russian Needle (SP2511) was 5050, up 0.16% day-on-day and 0.80% week-on-week; the spot price was 5200, with a month-on-month change of 0.00% and a week-on-week change of 0.97% [1] - The futures price of broadleaf pulp Goldfish (SP2509) was 4998, up 0.16% day-on-day and 0.68% week-on-week; the spot price was 4200, with a month-on-month change of 0.00% and a week-on-week change of 0.00% [1] - The import cost of Chilean Silver Star decreased by 2.70% month-on-month to 5884; the import cost of Brazilian Goldfish increased by 3.92% to 530; the import cost of Western American Fish increased by 3.87% to 4344; the import cost of Chilean Venus remained unchanged at 4830 [1] Pulp Fundamental Data - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month-on-month decrease of 4.72% [1] - The shipment volume of pulp to China in July 2025 was 135.3 tons, a month-on-month increase of 3.30% [1] - The domestic production volume of broadleaf pulp in August 2025 was 20.5 tons; the domestic production volume of chemimechanical pulp was 20.9 tons [1] - As of August 28, 2025, the pulp port inventory was 208.4 tons, a decrease of 4.8 tons from the previous period, a month-on-month decrease of 2.3% [1] - The production volume of offset paper in August 2025 was 20.7 tons; the production volume of coated paper was 7.8 tons; the production volume of tissue paper was 27.9 tons; the production volume of white cardboard was 31.1 tons [1] Pulp Valuation Data - On September 3, 2025, the basis of Russian Needle was -164, and the quantile level was 0.368; the basis of Silver Star was -144, and the quantile level was 0.503; the basis of broadleaf pulp Goldfish was 670 [1] - The import profit of coniferous pulp Silver Star was 150, and the quantile level was 0.876; the import profit of broadleaf pulp Goldfish was not provided [1] Supply, Demand, and Inventory Analysis - Supply: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025; Chile's Arauco notified the August quotation, with the price of coniferous pulp Silver Star at $720/ton, the price of broadleaf pulp Star at $520/ton, and the supply reduced by 50%, and the price of natural pulp Venus at $590/ton [1] - Demand: The current demand for paper products remains at a stable level, and some offset paper and white cardboard paper mills have issued price increase letters, but the implementation situation remains to be observed [1] - Inventory: As of August 28, 2025, the inventory of China's mainstream pulp ports showed a de - stocking trend [1]

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Report's Core View - The fundamentals of pulp are strongly driven, but commodity futures are weak. It is expected that pulp futures will fluctuate [2] Group 3: Summary by Related Catalogs Pulp Price Data - Futures prices: On August 18, 2025, SP2601 was 5476, down 0.90% day-on-day and up 0.07% week-on-week; SP2511 was 5308, down 0.23% day-on-day and up 0.08% week-on-week; SP2509 was 5200, down 0.84% day-on-day and down 0.04% week-on-week [1] - Spot prices: Coniferous pulp Silver Star was 5850, unchanged day-on-day and week-on-week; Russian Needle was 5300, unchanged day-on-day and up 0.95% week-on-week; Broadleaf pulp Goldfish was 4200, unchanged day-on-day and up 1.20% week-on-week [1] - Foreign offers: Chilean Silver Star's foreign offer was 720, down 2.70% month-on-month; Brazilian Goldfish was 510, up 4.08% month-on-month; Chilean Venus was 620, unchanged month-on-month [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, unchanged month-on-month [1] Pulp Fundamental Data Supply - Import volume in June 2025: Coniferous pulp was 67.8 tons, down 6.09% month-on-month compared to May; Broadleaf pulp was 143.5 tons, up 10.98% month-on-month compared to May [1] - Shipment volume to China in May 2025 was 140 tons, up 3.30% month-on-month compared to April [1] - Domestic production: Broadleaf pulp and Chemimechanical pulp showed fluctuations in different periods [1] - Supply-side news: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025, and its commercial pulp production in the next 12 months will be about 3.5% lower than its annual nominal capacity; Asia Symbol announced a 150 yuan/ton increase in the acceptance price of broadleaf pulp, only for long-term contract customers; pulp foreign offers decreased in volume and increased in price [1] Demand - This week, the output of major finished paper increased slightly, but the prices of finished paper remained low, providing weak support for pulp overall [2] Inventory - As of August 14, 2025, the inventory of China's mainstream pulp ports was 209.9 tons, an increase of 5.1 tons from the previous period, a 2.5% month-on-month increase, showing an inventory accumulation trend [2] Pulp Valuation Data - On August 18, 2025, the Russian Needle basis was -6, with a quantile level of 0.68; the Silver Star basis was 544, with a quantile level of 0.857 [1] - On August 18, 2025, the import profit of Coniferous pulp Silver Star was -34, with a quantile level of 0.547; the import profit of Broadleaf pulp Goldfish was 18, with a quantile level of 0.653 [1]

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]

Core Viewpoint - Xinjiang Tianfu Energy Co., Ltd.'s subsidiary, Xinjiang Tianfu Special Fiber Pulp Manufacturing Co., Ltd., is applying for bankruptcy liquidation due to long-term operational inactivity and inability to repay debts [2][4] Group 1: Company Overview - Xinjiang Tianfu Special Fiber Pulp Manufacturing Co., Ltd. was established in June 2007 with a registered capital of 40 million yuan, where Xinjiang Tianfu Energy holds an 80% stake [2][3] - The company primarily engages in the production and sales of paper, insulation materials, and fibers [3] Group 2: Financial Situation - As of December 31, 2024, total assets were 1.19 million yuan, while total liabilities were 1,516.88 million yuan, resulting in total equity of -1,515.69 million yuan [3] - For the first half of 2025, the company reported zero revenue and a net loss of 0.08 million yuan [3] Group 3: Bankruptcy Liquidation Impact - If the court accepts the bankruptcy liquidation, the company will lose control over Tianfu Special Fiber, and it will no longer be included in the consolidated financial statements [4] - The bankruptcy application is not expected to significantly impact the company's ongoing operations or financial performance [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp futures are expected to run strongly [3] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On August 8, 2025, SP2601 was 5436 with a daily decrease of 0.22% and a weekly increase of 0.37%; SP2605 was 5414 with a daily increase of 0.15% and a weekly decrease of 0.85%; SP2509 was 5162 with a daily and weekly decrease of 0.46% [1] - **Spot Prices**: On the same day, the price of coniferous pulp Silver Star was 5850 with no daily or weekly change; Russian coniferous pulp was 5180 with no daily change and a weekly decrease of 2.26%; broad - leaf pulp Golden was 4080 with no daily change and a weekly decrease of 0.97% [1] - **Foreign Quotes and Import Costs**: Foreign quotes of Chilean Silver Star decreased by 2.70% month - on - month to 720 dollars, and its import cost decreased by 2.68% to 5884; Chilean Star decreased by 10.71% to 500 dollars, and its import cost decreased by 10.60% to 4101; Chilean Venus remained unchanged at 620 dollars, and its import cost remained at 5073 [1] Pulp Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons, a month - on - month decrease of 6.09% compared to May; the shipment volume of pulp to China in May was 140 tons, a month - on - month increase of 3.30% compared to April. The domestic production of broad - leaf pulp and chemimechanical pulp had minor fluctuations [1] - **Inventory**: As of August 7, 2025, the pulp port inventory was 204.8 tons, a decrease of 5.7 tons compared to the previous period, a 2.7% decrease. The inventory showed a destocking trend. The futures delivery warehouse inventory also had some fluctuations [1][3] - **Demand**: The output of major finished papers increased slightly this week, but the prices of finished papers remained low, providing weak support for pulp [3] Pulp Valuation Data - On August 8, 2025, the quantile level of Russian needle pulp basis was 0.736, and that of Silver Star basis was 0.912. The quantile level of import profit for coniferous pulp Silver Star was 0.546, and for broad - leaf pulp Goldfish was 0.613 [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The supply side shows an increase in quantity and a decrease in price, with the W20's May shipment volume to China up 3.3% month-on-month and Chile's Arauco company's new July wood pulp offers indicating certain trends [1]. - The demand side has a slight increase in the output of major finished paper products this week, but the low - price of finished paper provides weak support for pulp [1]. - The inventory shows a slight de - stocking trend as of July 24, 2025, with the inventory of mainstream pulp ports in China at 214.3 tons, a 3.8 - ton decrease from the previous period and a 1.7% month - on - month decline [2]. - It is expected that the futures price will have limited upward movement due to the lack of follow - up in spot prices and will likely move in a volatile manner [2] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 24, 2025, SP2601 was 5546, up 0.51% day - on - day and 2.36% week - on - week; SP2605 was 5462, down 0.07% day - on - day and 1.32% week - on - week; SP2509 was 5456, up 0.78% day - on - day and 3.65% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 5920, down 0.50% day - on - day and unchanged week - on - week; Russian Needle was 5420, down 1.09% day - on - day and up 2.26% week - on - week; Broadleaf pulp Goldfish was 4150, unchanged day - on - day and up 2.47% week - on - week [1]. - **Outer - disk Quotes**: Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 500 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month [1]. - **Import Costs**: Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1]. Pulp Fundamental Data - **Supply**: In June 2025, the import volume of coniferous pulp was 67.8 tons, and broadleaf pulp was 143.5 tons. The W20's May shipment volume to China increased by 3.3% month - on - month [1]. - **Inventory**: As of July 17, 2025, the pulp port inventory was 218.1 tons, and the futures delivery warehouse inventory was 25.60 tons [1]. - **Demand**: This week, the output of major finished paper products increased slightly, including double - offset paper, coated paper, tissue paper, and white cardboard [1]. Pulp Valuation Data - **Basis**: On July 24, 2025, the Russian Needle basis was - 36 with a quantile level of 0.591; the Silver Star basis was 464 with a quantile level of 0.841 [1]. - **Import Profit**: On July 24, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.685; that of broadleaf pulp Goldfish was 49 with a quantile level of 0.69 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Pulp futures rose slightly against the backdrop of macro - positive factors, but the increase in spot prices was limited. In the short term, pulp is expected to trade in a range [1] Group 3: Summary According to Relevant Catalogs Pulp Price Data - **Futures Prices**: On July 16, 2025, SP2601 was 5402, down 0.22% week - on - week and up 1.58% compared to the previous period; SP2605 was 5342, up 0.19% week - on - week and down 0.49% compared to the previous period; SP2509 was 5242, down 0.38% week - on - week and up 2.66% compared to the previous period [1] - **Spot Prices**: On July 16, 2025, the price of coniferous pulp Silver Star was 5920, unchanged week - on - week and up 0.34% compared to the previous period; the price of coniferous pulp Russian Needle was 5300, unchanged week - on - week and up 3.52% compared to the previous period; the price of broad - leaf pulp Goldfish was 4050, unchanged week - on - week and up 0.75% compared to the previous period [1] - **Outer - Disk Quotes (USD)**: In July 2025, the outer - disk quote of Chilean Silver Star was 720, down 2.70% month - on - month; the outer - disk quote of Chilean Star was 500, down 10.71% month - on - month; the outer - disk quote of Chilean Venus was 620, unchanged month - on - month [1] - **Import Costs**: In July 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; the import cost of Chilean Star was 4101, down 10.60% month - on - month; the import cost of Chilean Venus was 5073, unchanged month - on - month [1] Pulp Fundamental Data Supply - **Import Volume**: In May 2025, the import volume of coniferous pulp was 72.2 tons, down 4.75% month - on - month; the import volume of broad - leaf pulp was 129.3 tons, up 7.84% month - on - month [1] - **Domestic Output**: From May 29 to July 10, 2025, the domestic output of broad - leaf pulp fluctuated between 19.9 and 20.9 tons; the domestic output of chemimechanical pulp fluctuated between 19.7 and 20.3 tons [1] - **Pulp Shipment to China**: In May 2025, the pulp shipment to China was 140 tons, up 3.30% month - on - month [1] Inventory - As of July 10, 2025, the sample inventory of mainstream pulp ports in China was 217.9 tons, a decrease of 3.4 tons from the previous period, a 1.5% week - on - week decrease [1] Demand - This week, the output of major finished paper products increased slightly, but the prices of finished paper products remained low, providing weak support for pulp [1] Pulp Valuation Data - **Basis**: On July 16, 2025, the Russian Needle basis was 58, with a quantile level of 0.813; the Silver Star basis was 678, with a quantile level of 0.905 [1] - **Import Profit**: On July 16, 2025, the import profit of coniferous pulp Silver Star was 36, with a quantile level of 0.685; the import profit of broad - leaf pulp Goldfish was - 51, with a quantile level of 0.593 [1]

Report Summary 1) Industry Investment Rating No information provided. 2) Core View - The pulp futures are expected to rebound slightly in the short - term under the background of macro - positive factors [2]. 3) Summary by Directory Price Data - **Futures Prices**: On July 10, 2025, SP2601 was 5386 with a daily increase of 1.28% and a weekly increase of 1.51%; SP2507 was 5150 with a daily increase of 1.58% and a weekly increase of 1.66%; SP2509 was 5196 with a daily increase of 1.76% and a weekly increase of 2.00% [1]. - **Spot Prices**: On July 10, 2025, the spot price of coniferous pulp Silver Star was 5920 with a daily and weekly increase of 0.34%; Russian Needle was 5200 with a daily and weekly increase of 1.56%; Eucalyptus pulp Goldfish was 4020 with no change [1]. - **Outer - plate Quotes and Import Costs**: The outer - plate quotes of Chilean Silver Star decreased by 2.70% month - on - month, Chilean Star decreased by 10.71% month - on - month, and Chilean Venus remained unchanged. The import costs of Chilean Silver Star decreased by 2.68% month - on - month, Chilean Star decreased by 10.60% month - on - month, and Chilean Venus remained unchanged [1]. Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%; the import volume of eucalyptus pulp was 129.3 tons, a month - on - month increase of 7.84%. The W20 shipment volume to China in May increased by 3.3% month - on - month. The supply side showed an increase in quantity and a decrease in price [1]. - **Demand**: The output of major finished paper increased slightly this week, but the price of finished paper remained low, providing weak support for pulp [2]. - **Inventory**: As of July 10, 2025, the inventory of China's major pulp ports was 217.9 tons, a decrease of 3.4 tons from the previous period, a month - on - month decrease of 1.5%, showing a de - stocking trend [2]. Valuation Data - **Basis**: On July 10, 2025, the Russian Needle basis was 4 with a quantile level of 0.71, and the Silver Star basis was 724 with a quantile level of 0.925 [1]. - **Import Profit**: On July 10, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.686, and that of eucalyptus pulp Goldfish was - 81 with a quantile level of 0.564 [1].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The main production of finished paper decreased this week, and the price of finished paper remained low, providing weak support for pulp [1] - As of June 26, 2025, the inventory of mainstream pulp ports in China was 216300 tons, a decrease of 45000 tons from the previous period, a month - on - month decrease of 2.0%, showing a de - stocking trend [1] - After the suspension of the entry of needles into the warehouse, it is recommended to conduct a 11 - 1 reverse spread [1] Group 3: Summary by Related Catalogs Pulp Price Data - Futures prices: On June 26, 2025, SP2601 was 5264, a daily decrease of 0.68% and a weekly decrease of 0.04%; SP2507 was 5060, unchanged daily and a weekly decrease of 3.62%; SP2509 was 5066, a daily decrease of 0.08% and a weekly decrease of 3.58% [1] - Spot prices: On June 26, 2025, the price of coniferous pulp Silver Star was 5950, unchanged daily and a weekly decrease of 1.65%; the price of coniferous pulp Russian Needle was 5120, unchanged daily and a weekly decrease of 2.48%; the price of broad - leaf pulp Golden was 4050, unchanged daily and a weekly decrease of 1.22% [1] - Outer - disk quotes and import costs: The outer - disk quotes of Chilean Silver Star, Chilean Star, and Chilean Venus in June 2025 were 740, 560, and 620 US dollars/ton respectively, unchanged month - on - month; the corresponding import costs were also unchanged month - on - month [1] Pulp Fundamental Data Supply - In April 2025, the import volume of coniferous pulp was 758000 tons, a month - on - month decrease of 5.01%; the import volume of broad - leaf pulp was 1199000 tons, a month - on - month decrease of 18.44% [1] - The pulp shipment volume to China in April 2025 was 13.53 million tons, a month - on - month decrease of 30.80% [1] - The domestic production of broad - leaf pulp and chemimechanical pulp in late June 2025 showed certain fluctuations [1] Inventory - As of June 26, 2025, the pulp port inventory was 216300 tons, and the delivery warehouse inventory was 24600 tons [1] Demand - The production of major finished papers such as offset paper, coated paper, tissue paper, and white cardboard decreased in the week of June 2025 [1] Pulp Valuation Data - On June 26, 2025, the basis of Russian Needle was 54, with a quantile level of 0.809; the basis of Silver Star was 884, with a quantile level of 0.975 [1] - On June 26, 2025, the import profit of coniferous pulp Silver Star was - 96, with a quantile level of 0.46; the import profit of broad - leaf pulp Goldfish was - 537, with a quantile level of 0.189 [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [2] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On June 4, 2025, SP2601 was 5250, up 0.23% day - on - day and 0.65% week - on - week; SP2507 was 5298, down 0.11% day - on - day and up 0.46% week - on - week; SP2509 was 5236, up 0.27% day - on - day and 1.00% week - on - week [1] - **Spot Prices**: Coniferous pulp Silver Star was 6150, down 0.81% day - on - day and week - on - week; Knitted Coniferous was 5320, down 1.48% day - on - day and 0.56% week - on - week; Broadleaf pulp Goldfish was 4120, down 0.72% day - on - day and up 0.49% week - on - week [1] - **Outer - disk Quotes**: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1] - **Import Costs**: Chilean Silver Star was 6046, unchanged; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - **Supply** - **Imports in April 2025**: Coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; Broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month [1] - **Shipments to China**: In April 2025, shipments of coniferous pulp to China decreased by 2.9% year - on - year, and shipments of broadleaf pulp to China increased by 26.7% year - on - year. In March 2025, shipments to China were 1813, up 20.70% month - on - month [1] - **Domestic Production**: In late May 2025, broadleaf pulp production fluctuated around 20 tons, and chemimechanical pulp production was around 20 tons [1] - **Inventory** - **Port Inventory**: As of May 29, 2025, pulp port inventory was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase [1] - **Delivery Warehouse Inventory**: As of May 29, 2025, it was 25.20 tons, down from the previous period [1] - **Demand**: In late May 2025, among the main finished paper products, the output of white cardboard increased slightly, and the output of other paper types was stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor, and downstream paper mills made rigid purchases [1] Pulp Valuation Data - **Basis**: On June 4, 2025, the Russian needle basis was 22, with a quantile level of 0.755; the Silver Star basis was 852, with a quantile level of 0.971 [1] - **Import Profit**: On June 4, 2025, the import profit of coniferous pulp Silver Star was 104, with a quantile level of 0.78; the import profit of broadleaf pulp Goldfish was - 467, with a quantile level of 0.206 [1] Summary - **Supply**: Chilean Arauco's June 2025 wood pulp outer - disk quotes were flat. Broadleaf pulp is expected to resume partial supply in July (limited quantity) [1] - **Demand**: The implementation of price increase letters from cultural paper and white cardboard manufacturers was poor, and downstream paper mills made rigid purchases. The output of white cardboard increased slightly, and the output of other paper types was stable [1] - **Inventory**: As of May 29, 2025, pulp port inventory showed a slight accumulation trend [1] - **Strategy**: Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [2]