Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The pulp market lacks clear driving factors in the short - term and is expected to fluctuate at a low level [1]. 3. Summary by Related Content Pulp Price Data - **Futures Prices**: On June 6, 2025, SP2601 was 5240, down 0.04% day - on - day and 2.13% week - on - week; SP2507 was 5280, unchanged day - on - day and down 3.86% week - on - week; SP2509 was 5224, down 0.08% day - on - day and 2.46% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6150, unchanged day - on - day and down 0.81% week - on - week; Russian Needle was 5350, up 0.56% day - on - day and down 0.93% week - on - week; Broadleaf pulp Goldfish was 4120, unchanged day - on - day and down 0.72% week - on - week [1]. - **Outer - disk Quotes and Import Costs**: Outer - disk quotes of Chilean Silver Star, Star, and Venus were unchanged month - on - month, and their import costs were also unchanged [1]. Pulp Fundamental Data - **Supply**: 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. The pulp shipments to China in March 2025 were 1813 thousand tons, up 20.70% month - on - month. Domestic production of broadleaf pulp and chemimechanical pulp showed some fluctuations. Pulp port inventories and delivery - warehouse inventories also changed over different periods [1]. - **Demand**: Among the main finished paper production, white cardboard production increased slightly, while the production of other paper types was stable. Cultural paper and white cardboard manufacturers issued price - increase letters, but the implementation was poor. Downstream paper mills made purchases based on rigid demand [1]. Pulp Valuation Data - **Basis**: On June 6, 2025, the Russian Needle basis was 70 with a quantile level of 0.828, and the Silver Star basis was 870 with a quantile level of 0.975 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78, and that of broadleaf pulp Goldfish was - 467 with a quantile level of 0.207 [1]. Supply - demand - inventory Situation - **Supply**: Chilean Arauco announced its June 2025 wood - pulp outer - disk prices. The coniferous pulp Silver Star was at 740 dollars/ton (face value) unchanged, and there was no broadleaf pulp supply in June, with partial recovery expected in July (limited quantity). The native pulp Venus was at 620 dollars/ton (face value) unchanged. According to the PPPG report, in April 2025, the shipments of M20 coniferous pulp to China decreased 2.9% year - on - year, while broadleaf pulp shipments increased 26.7% year - on - year [1]. - **Demand**: See the above demand - related content. - **Inventory**: As of May 29, 2025, the sample inventory of China's mainstream pulp ports was 216.1 tons, an increase of 0.4 tons from the previous period, a 0.2% month - on - month increase. The inventory showed a slight accumulation trend with little overall change in this cycle [1].

Group 1: Report Industry Investment Rating - No information 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 [1] Group 3: Summary of Key Information Pulp Price Data - On June 5, 2025, among futures prices, SP2601 was 5242 with a daily decrease of 0.15% and a weekly increase of 0.15%; SP2507 was 5280 with a daily decrease of 0.34% and a weekly decrease of 0.86%; SP2509 was 5228 with a daily decrease of 0.15% and a weekly increase of 0.27%. Among spot prices, the price of coniferous pulp Silver Star was 6150 with no daily change and no weekly change; the price of knitting needle pulp was 5320 with no daily change and no weekly change; the price of broadleaf pulp Goldfish was 4120 with no daily change and a weekly increase of 0.49%. The outer - disk quotations of Chilean Silver Star, Chilean Star, and Chilean Venus remained unchanged compared to the previous period, and the import costs also remained unchanged [1] Pulp Fundamental Data - **Supply**: In April 2025, the import volume of coniferous pulp was 75.8 tons, a month - on - month decrease of 5.01%; the import volume of broadleaf pulp was 119.9 tons, a month - on - month decrease of 18.44%. The pulp shipment volume to China in March 2025 was 1813 tons, a month - on - month increase of 20.70%. The domestic production of broadleaf pulp and chemimechanical pulp showed certain fluctuations from late April to late May 2025 [1] - **Inventory**: As of May 29, 2025, the pulp port inventory was 216.1 tons, a slight increase compared to the previous period. The delivery warehouse inventory, double - offset paper inventory, coated paper inventory, and inventory of other products also showed different degrees of change [1] - **Demand**: The production volume of major finished papers such as double - offset paper, coated paper, tissue paper, and white cardboard also showed certain fluctuations from late April to late May 2025. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor [1] Pulp Valuation Data - On June 5, 2025, the basis of Russian needles was 40 with a quantile level of 0.788; the basis of Silver Star was 870 with a quantile level of 0.975. 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] Supply and Demand Situation - **Supply**: Chile's Arauco company announced the June 2025 wood pulp outer - disk prices. The price of coniferous pulp Silver Star remained unchanged, broadleaf pulp had no supply in June and limited supply in July, and the price of natural pulp Venus remained unchanged. In April 2025, the shipment volume of M20 coniferous pulp to China decreased year - on - year, while the shipment volume of broadleaf pulp to China increased year - on - year [1] - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid - demand purchases. The production volume of white cardboard increased slightly, and the production volume of other paper types remained stable [1] Inventory Situation - As of May 29, 2025, the sample inventory of China's mainstream pulp ports was 216.1 tons, a slight increase compared to the previous period, showing a trend of slight inventory accumulation [1]

Report Industry Investment Ratings No relevant content provided. Core Views - Crude oil: After OPEC's production increase in July, the previous negative factors were exhausted. With the threat of wildfires in Canada and rising geopolitical risks, combined with short - term macro - stability, oil prices are strong in the short - term. However, in the long - term, due to relatively weak demand and continuous supply growth, the upside space is limited. The short - term Brent price is expected to oscillate at a high level, with the operating range moving up to $65 - 68 per barrel, and the medium - term range is expected to be $63 - 70 per barrel [1][2]. - Asphalt: The overall supply - demand pattern is loose. Although the cost of crude oil has increased, the market's acceptance of high - priced resources is poor. In the short - term, the terminal demand is limited, and the mainstream transaction price is concentrated at the lower end. However, due to the maintenance plan of some refineries and low inventory levels, the price has a certain upward trend [3][4]. - Liquefied gas: In the international market, the CP price has increased, while the FEI has decreased. In the domestic market, supply is increasing, and the summer off - season has increased the pressure on the market, with the fundamentals running weakly [8]. - Fuel oil: High - sulfur fuel oil has high near - month cracking and month - to - month spreads, and the spot premium has rebounded. The supply from Russia, Mexico, and the Middle East is expected to decline, while the demand for seasonal power generation is supportive. Low - sulfur fuel oil has a stable supply increase and weak downstream demand [9][11]. - Natural gas: In the US, due to increased demand, the price is expected to rebound. In Europe, supply restrictions and geopolitical tensions offset weak demand, and the price has returned above 35 euros. Europe still faces challenges in refilling gas storage [12][13]. - PX: As the efficiency of PX improves, the operating rate is expected to increase in June, and the supply - demand situation is expected to improve, with the spot shortage situation expected to ease [14][16]. - PTA: The supply is expected to increase, while the polyester industry plans to reduce production, and the supply - demand relationship is expected to weaken, and the processing fee may be compressed [17][18]. - Ethylene glycol: The inventory is expected to decline in the short - term, but the supply will increase in June due to some restarted maintenance. The downstream polyester operating rate is weakening, and the supply - demand gap is expected to narrow, maintaining a tight balance [20][21]. - Short - fiber: The operating rate is stable, and the terminal demand is mainly for fulfilling previous orders. There are still production reduction plans in June, but the supply loss is limited. The processing fee is expected to be strongly supported [22][23]. - Bottle - chip: The operating rate has decreased, and the processing fee fluctuates within a narrow range. In June, the downstream soft - drink industry will enter the production peak, and the supply - demand situation is expected to be strong, with the processing fee having strong support [24][26]. - Styrene: The supply is expected to increase, and the port inventory is expected to increase from a low level, with the supply - demand relationship weakening [26][27]. - PVC: The supply - demand situation is expected to be weak in the medium - to - long - term, with supply increasing and demand affected by real estate and export uncertainties [29][30]. - Caustic soda: The 09 - contract is expected to be weak, with the medium - term trend being bearish. Although there is still some support in the short - term, the upward driving force for the spot price is weakening [30][31]. - Plastic and PP: The new production capacity is being realized, and the downstream demand is weak. The 09 - contract's supply - demand situation is expected to be weak [32][34]. - Glass: The supply pressure is increasing, and the demand is affected by the real estate cycle. The short - term price is expected to oscillate weakly, and the medium - term focus is on cost reduction and factory cold - repair [34][37]. - Soda ash: The supply is increasing, the cost is weakening, and the demand is stable in the short - term but worrying in the medium - term. The price is expected to decline gradually [38][40]. - Urea: The daily output is at a high level, and the demand is affected by factors such as international price changes, compound fertilizer production, and export policies. The short - term price is expected to oscillate [41][42]. - Methanol: The international supply is still high, the domestic supply is loose, and the port is starting to accumulate inventory. The price is still recommended to be shorted on rebounds [43][45]. - Log: The downstream market is still sluggish, and the long - term market faces challenges from weak real - estate demand and increased port inventory. However, the large scale difference in delivery has a certain supporting effect on the current price [45][48]. - Double - offset paper: The market was weak in May, and in June, short - term technical rebounds may occur, but long - term risks from over - capacity and weak demand need to be vigilant [48][49]. - Corrugated paper: In May, the demand showed structural improvement, but in June, attention should be paid to factors such as the implementation of price - increase policies, export order sustainability, and waste - paper price fluctuations [50]. - Natural rubber: The domestic inventory is still at a high level, and the production index of French rubber machinery has decreased. The short - term trading strategy is to hold short positions [51][54]. - Pulp: The domestic and foreign paper - making industries have shown signs of production reduction, which is negative for the SP single - side. The short - term trading strategy is to try to go long on a small scale [54][56]. - Butadiene rubber: The short - term supply contraction has led to price increases, and in the medium - term, attention should be paid to the expansion of downstream ABS capacity. The short - term trading strategy is to hold short positions [58][60]. Summary by Related Catalogs Crude Oil - Market Review: WTI2507 contract settled at $63.41, up $0.89 per barrel, a month - on - month increase of 1.42%; Brent2508 contract settled at $65.63, up $1.00 per barrel, a month - on - month increase of 1.55%. SC main contract 2507 rose 12.4 to 465 yuan per barrel, and in the night session, it rose 4.0 to 469 yuan per barrel [1]. - Related News: The US has asked countries to submit their best trade negotiation plans by Wednesday. The US labor market is showing signs of softening, with an increase in job vacancies but also a large increase in layoffs [1]. - Logic Analysis: After OPEC's production increase, the previous negative factors were exhausted. Geopolitical risks have risen, and the macro - situation is stable in the short - term. However, in the long - term, due to weak demand and continuous supply growth, the upside space is limited [2]. - Trading Strategy: Short - term high - level oscillation, medium - term wide - range oscillation; gasoline and diesel cracking spreads are expected to weaken; options are on hold [2]. Asphalt - Market Review: BU2507 closed at 3524 points (+1.21%) in the night session, and BU2509 closed at 3495 points (+1.13%) in the night session. The spot price in Shandong on June 3 was 3470 - 3870 yuan, in the East China region was 3550 - 3620 yuan, and in the South China region was 3360 - 3450 yuan [3]. - Related News: The mainstream transaction price in Shandong rose by 25 yuan per ton. The demand is weak, and the acceptance of high - priced resources is poor. However, due to the maintenance plan of some refineries and low inventory levels, the price has increased [3][4]. - Logic Analysis: The supply - demand pattern is loose, and the price is mainly stable. In the short - term, the terminal demand is limited, and the mainstream transaction price is concentrated at the lower end [3][4]. - Trading Strategy: Oscillation; asphalt - crude oil spread oscillates at a high level; options are on hold [6]. Liquefied Gas - Market Review: PG2507 closed at 4075 (+0.27%) in the night session, and PG2508 closed at 4004 (+0.18%) in the night session. The spot price in South China, East China, and Shandong is given [6]. - Related News: The market in South China is generally stable, with some hidden discounts. The market in Shandong is stable with some small increases, and the ether - post - carbon - four market is expected to rise steadily [7]. - Logic Analysis: Internationally, the CP price has increased, and the FEI has decreased. Domestically, supply is increasing, and the summer off - season has increased market pressure, with the fundamentals running weakly [8]. Fuel Oil - Market Review: FU07 contract closed at 2943 (-0.03%) in the night session, and LU07 closed at 3535 (+1.61%) in the night session. The Singapore paper - futures market's month - to - month spreads are given [9]. - Related News: Russia's exports of some oil products are expected to change in June, and Nigeria's Dangote refinery will import a large amount of US WTI crude oil in July [9]. - Logic Analysis: High - sulfur fuel oil has high near - month cracking and month - to - month spreads, and the spot premium has rebounded. Low - sulfur fuel oil has a stable supply increase and weak downstream demand [11]. - Trading Strategy: On hold for single - side trading; go long on the FU9 - 1 positive spread when the price is low [12]. Natural Gas - Market Review: HH contract closed at 3.7 (+0.76%), TTF closed at 35.848 (+2.38%), and JKM closed at 12.345 (+1.69%) [12]. - Logic Analysis: In the US, due to increased demand, the price is expected to rebound. In Europe, supply restrictions and geopolitical tensions offset weak demand, and the price has returned above 35 euros. Europe still faces challenges in refilling gas storage [12][13]. - Trading Strategy: Go long on HH on dips; TTF is expected to oscillate strongly [14]. PX - Market Review: PX2509 main contract closed at 6524 (-1.42%) during the day and 6618 (+1.44%) in the night session. The spot price, MOPJ valuation, and PXN spread are given [14]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light [15]. - Logic Analysis: As the efficiency of PX improves, the operating rate is expected to increase in June, and the supply - demand situation is expected to improve, with the spot shortage situation expected to ease [16]. - Trading Strategy: High - level oscillation; go long on PX and short PTA; sell both call and put options [16]. PTA - Market Review: TA509 main contract closed at 4628 (-1.53%) during the day and 4706 (+1.69%) in the night session. The spot price and basis are given [17]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light, and a PTA device has restarted [15][18]. - Logic Analysis: The supply is expected to increase, while the polyester industry plans to reduce production, and the supply - demand relationship is expected to weaken, and the processing fee may be compressed [18]. - Trading Strategy: High - level oscillation; go long on PX and short PTA; sell both call and put options [18]. Ethylene Glycol - Market Review: EG2509 main contract closed at 4306 (-0.99%) during the day and 4319 (+0.30%) in the night session. The spot price and basis are given [18][19]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light, and some EG devices have restarted or are under maintenance [20]. - Logic Analysis: The inventory is expected to decline in the short - term, but the supply will increase in June due to some restarted maintenance. The downstream polyester operating rate is weakening, and the supply - demand gap is expected to narrow, maintaining a tight balance [21]. - Trading Strategy: High - level oscillation; basis positive spread; sell call options [22]. Short - fiber - Market Review: PF2507 main contract closed at 6338 (-0.72%) during the day and 6426 (+1.39%) in the night session. The spot price in different regions is given [22]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light [23]. - Logic Analysis: The operating rate is stable, and the terminal demand is mainly for fulfilling previous orders. There are still production reduction plans in June, but the supply loss is limited. The processing fee is expected to be strongly supported [23]. - Trading Strategy: High - level oscillation; short PTA and long PF; options are on hold [24]. Bottle - chip - Market Review: PR2507 main contract closed at 5912 (-1.17%) during the day and 5958 (+0.78%) in the night session. The spot price of polyester bottle - chips is given [24]. - Related News: The export quotes of polyester bottle - chip factories are mostly stable [25]. - Logic Analysis: The operating rate has decreased, and the processing fee fluctuates within a narrow range. In June, the downstream soft - drink industry will enter the production peak, and the supply - demand situation is expected to be strong, with the processing fee having strong support [26]. - Trading Strategy: Oscillation consolidation; options are on hold; sell call options [26]. Styrene - Market Review: EB2507 main contract closed at 7018 (-1.71%) during the day and 7133 (+1.64%) in the night session. The spot price and basis in different periods are given [26]. - Related News: The inventory in the East China main port of styrene has increased, and the upstream pure - benzene port inventory has also increased [26]. - Logic Analysis: The supply is expected to increase, and the port inventory is expected to increase from a low level, with the supply - demand relationship weakening [27]. - Trading Strategy: Oscillation weakly; options are on hold; sell call options [28]. PVC and Caustic Soda - Market Review: The spot price of PVC has slightly decreased, and the spot price of caustic soda in different regions has changed [29]. - Related News: The price of caustic soda in some factories has changed, and the Indian BIS hearing has no news yet [30]. - Logic Analysis: PVC's supply - demand situation is expected to be weak in the medium - to - long - term, and caustic soda's 09 - contract is expected to be weak, with the medium - term trend being bearish [30][31]. - Trading Strategy: For single - side trading, go short on caustic soda at high prices and hold short positions on PVC; for arbitrage, arrange a 7 - 9 reverse spread when the spot weakens; options are on hold [32]. Plastic and PP - Market Review: The spot price of LLDPE in different regions has changed, and the spot price of PP in different regions has decreased [32]. - Related News: The maintenance ratio of PE and PP has decreased [33]. - Logic Analysis: The new production capacity is being realized, and the downstream demand is weak. The 09 - contract's supply - demand situation is expected to be weak [34]. - Trading Strategy: Short - and medium - term weakness, hold short positions; options are on hold; arbitrage is on hold [34]. Glass - Market Review: The glass futures 09 - contract closed at 954 (-2.85%) during the day and 965 (+1.15%) in the night session. The spot price in different regions has changed [34][35]. - Related News: The China May Caixin Manufacturing PMI has contracted, and the price of the domestic float - glass market has decreased slightly. A glass production line has restarted [36]. - Logic Analysis: The supply pressure is increasing, and the demand is affected by the real estate cycle. The short - term price is expected to oscillate weakly, and the medium - term focus is on cost reduction and factory cold - repair [37]. - Trading Strategy: Price oscillates weakly [38]. Soda Ash - Market Review: The soda - ash futures 09 - contract closed at 1185 (-1.2%) during the day and 1213 (+2.4%) in the night session. The spot price in different regions has changed [38]. - Related News: A soda - ash device has resumed operation, and the domestic soda - ash market is adjusting weakly [39][40]. - Logic Analysis: The supply is increasing, the cost is weakening, and the demand is stable in the short - term but worrying in the medium - term. The price is expected to decline gradually [40]. - Trading Strategy: Bearish judgment, gradual

Core Insights - The demand for bilingual talent in Brazil is surging as Chinese enterprises expand their presence in the South American market, with over 2,100 job seekers attending the seventh China-Brazil Talent Recruitment Fair [1][3][4] - The fair featured 32 Chinese companies offering more than 400 quality job positions across various sectors, indicating a significant increase in recruitment activity [1][4] Group 1: Recruitment Trends - The number of participating companies has grown, with 32 firms covering industries such as engineering, telecommunications, manufacturing, agriculture, mining, retail, and the internet [4] - The number of job positions available has significantly increased, with over 400 positions that include technical research, project management, marketing, and bilingual services [4] - The number of applicants has reached a historical high, with over 2,100 job seekers, three times more than the previous year [4] Group 2: Industry Focus - Chinese companies are not only focusing on traditional sectors like agriculture and mining but are also actively exploring new areas such as green energy and digital economy [4] - Technical engineering positions remain the dominant focus at the recruitment fair, particularly in telecommunications, machinery, and energy sectors [4] - Financial and tax-related positions account for over 20% of the job offerings, indicating a push towards localization and compliance among Chinese enterprises in Brazil [4]

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Report Information - Report Name: Pulp Daily Report [1] - Date: May 30, 2025 [2] Industry Investment Rating - No relevant information provided Core View - The pulp market has macro disturbances as the US International Trade Court blocked the April 2 tariff decision and the Trump administration appealed. New import pulp offers are mostly down, port inventory reduction is slow, and the implementation of price increase notices by downstream paper mills is generally ineffective. After the macro pressure weakens, pulp tries to fill the gap, but lacks fundamental support, so it may maintain low - level range - bound adjustment [8] Summary by Directory 1. Market Review and Operation Suggestions - Market Review: The previous settlement price of the pulp futures 09 contract was 5,194 yuan/ton, and the closing price was 5,356 yuan/ton, a rise of 3.12%. The intended transaction price range of softwood pulp in the Shandong market was 5,400 - 6,750 yuan/ton, with the low - end price stable compared to the previous day's closing price. The Shandong Yinxing offer was 6,300 yuan/ton [7] - Supply and Demand Situation: The Trump administration's appeal against the court's tariff decision creates macro uncertainties. Chile's Arauco's May offers for Yinxing and Jinxing are down. In April, the world's top 20 pulp - producing countries' softwood pulp shipments decreased by 7.2% year - on - year, but the cumulative figure from January to April increased by 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, down 11.1% month - on - month and 10.2% year - on - year. As of May 29, 2025, the weekly pulp inventory in major regions and ports decreased by 2.2% month - on - month. Downstream market demand improvement is limited, and raw material procurement is cautious [8] 2. Industry News - Zhanjiang Zhongzhi Paper Co., Ltd. plans to significantly adjust the scale of its high - end packaging new materials project. The new plan includes a 400,000 - ton/year chemimechanical pulp production line, a 400,000 - ton/year chemical pulp production line, and two special paper production lines with a total annual output of 190,000 tons. The project will also build solid waste comprehensive utilization facilities to improve resource utilization efficiency and achieve green development, marking a shift from traditional white cardboard to high - value - added special paper [9] 3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, warehouse receipt volumes, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate [15][17][25][27][29]

Report Summary 1) Report Industry Investment Rating No information provided in the report. 2) Report's Core View - The current demand for pulp is weak, and it is expected to move in a volatile manner [1]. 3) Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On May 28, 2025, SP2601 was 5234 with a 0.35% change and -1.91% compared to the same period; SP2507 was 5326 with a 0.99% change and -1.73% compared to the same period; SP2509 was 5214 with a 0.58% change and -2.32% compared to the same period [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6150 with a -0.81% change and -1.60% compared to the same period; Coniferous pulp Russian Needle was 5320 with a -0.56% change and -2.39% compared to the same period; Hardwood pulp Goldfish was 4100 with a 0.00% change and -2.38% compared to the same period [1]. - **Outer - Disk Quotes and Import Costs**: Outer - disk quotes for Chilean Silver Star decreased by 3.90% to 740 dollars, Chilean Star decreased by 11.11% to 560 dollars, and Chilean Venus decreased by 4.62% to 620 dollars. Import costs for Chilean Silver Star decreased by 3.87% to 6046 dollars, Chilean Star decreased by 11.00% to 4587 dollars, and Chilean Venus decreased by 4.57% to 5073 dollars [1]. Pulp Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, a -5.01% month - on - month decrease; hardwood pulp imports were 119.9 tons, an -18.44% month - on - month decrease. The pulp shipment volume to China in March 2025 was 1813 tons, a 20.70% month - on - month increase. Domestic production of hardwood pulp and chemimechanical pulp showed some fluctuations. The pulp port inventory on May 22, 2025, was 215.7 tons, a 1.9% month - on - month decrease [1]. - **Demand**: Among the main finished paper production, the production of white cardboard increased slightly, while the production of other paper types remained stable. Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor, and downstream paper mills made purchases based on rigid demand [1]. - **Inventory**: As of May 22, 2025, the inventory of China's main pulp ports was 215.7 tons, showing a destocking trend [1]. Pulp Valuation Data - **Basis**: On May 28, 2025, the Russian Needle basis was -6 with a quantile level of 0.694, and the Silver Star basis was 824 with a quantile level of 0.968 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 104 with a quantile level of 0.78, and the import profit of hardwood pulp Goldfish was -487 with a quantile level of 0.2 [1]. Summary and Strategy - **Summary**: On the supply side, Arauco in Chile announced its May 2025 pulp outer - disk prices, and the shipment volume of coniferous and hardwood pulp to China in April 2025 had different changes. On the demand side, the implementation of price increase letters was poor, and downstream purchases were based on rigid demand. On the inventory side, the inventory showed a destocking trend [1]. - **Strategy**: The current pulp demand is weak, and it is expected to move in a volatile manner [1].

Group 1: SP Main Contract Information - The closing price of the SP main contract on May 28, 2025, was 5326.00, with a daily increase of 0.98597%. The closing prices on May 27, May 26, May 23, and May 22 were 5274.00, 5402.00, 5464.00, and 5426.00 respectively [2]. - The corresponding converted US - dollar prices were 646.85, 640.08, 656.79, 663.95, and 657.94 respectively [2]. - The Shandong Yinxing basis on May 28, 2025, was 889, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 899 [2]. Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 800 US dollars, and the RMB price in Shandong was 6650, with an import profit of 80.24. The CFR price of Lion was 730 US dollars, and the RMB price in Shandong was 5750, with an import loss of 236.03. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 740 US dollars, and the RMB price in Shandong was 6215, with an import profit of 132.72 [3]. Group 3: Pulp Price Averages - From May 22 to May 28, 2025, 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 average prices in Shandong also remained unchanged [3]. - The indices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the life - paper index showed little change during this period, except for a 1 - point decrease in the life - paper index [3]. Group 4: Pulp Product Profit Margins - From May 23 to May 28, 2025, the estimated profit margins of double - offset paper increased from 7.2058% to 8.2932%, double - copper paper increased from 22.1612% to 23.0304%, white - card paper increased from - 12.8313% to - 10.7500%, and life - paper decreased from 8.7718% to 10.3519% [3]. Group 5: Pulp Price Spreads - On May 28, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper were 2105.00, 815, 2340, and 4639 respectively [3].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents a comprehensive analysis of various asset classes and industries. It maintains the view of more volatility and a preference for safe - haven assets overseas, and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. Overseas, the US inflation expectation structure is stable with short - term fundamental resilience, while in China, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Different industries and asset classes are expected to show different trends, mostly in a state of oscillation [6]. 3. Summary by Related Catalogs 3.1 Macro Highlights - **Overseas Macro**: Tariff and US debt concerns are the main drivers of market volatility in May. The EU has requested an extension of the tariff negotiation deadline to July 9, which was approved by President Trump. The US House of Representatives passed a large - scale tax - cut and spending bill, increasing concerns about US debt. US retail sales in April increased slightly by 0.1%, and the May manufacturing and service PMIs were better than expected [6]. - **Domestic Macro**: April's domestic economic data showed resilience, and policy expectations were generally stable. The China - ASEAN Free Trade Area 3.0 negotiation was completed. The 1 - year and 5 - year - plus LPRs were both cut by 10BP in May, and major state - owned banks lowered deposit rates. Investment and consumption growth in April slightly slowed down but remained resilient. Fixed - asset investment from January to April increased by 4.0% year - on - year, and social consumer goods retail总额 increased by 5.1% year - on - year in April [6]. - **Asset View**: In the large - scale asset category, the report maintains the view of more volatility and a preference for safe - haven assets overseas and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. In the overseas market, the US inflation expectation structure is stable, and the short - term fundamentals are resilient. In the Chinese market, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Bonds have allocation value after the capital pressure eases, and stocks and commodities are expected to oscillate in the short term [6]. 3.2 View Highlights Financial Sector - **Stock Index Futures**: The proportion of small - cap and micro - cap trading volume shows a downward trend, and the stock index discount is converging, with an expected oscillation [7]. - **Stock Index Options**: The short - term market sentiment is positive, and attention should be paid to the option market liquidity, with an expected oscillation [7]. - **Treasury Bond Futures**: The bond market may continue to oscillate, and attention should be paid to changes in the capital market and policy expectations, with an expected oscillation [7]. Precious Metals - **Gold/Silver**: The progress of China - US negotiations exceeded expectations, and precious metals continued to adjust in the short term. Attention should be paid to Trump's tariff policy and the Fed's monetary policy, with an expected oscillation [7]. Shipping - **Container Shipping on the European Route**: Attention should be paid to the game between the peak - season expectation and the implementation of price increases. The short - term trend is expected to oscillate, and attention should be paid to tariff policies and shipping company pricing strategies [7]. Black Building Materials - **Steel**: Demand continues to weaken, and both futures and spot prices are falling. Attention should be paid to the progress of special bond issuance, steel exports, and molten iron production, with an expected oscillation [7]. - **Iron Ore**: The arrival of shipments has been continuously low, and port inventories have decreased slightly. Attention should be paid to overseas mine production and shipments, domestic molten iron production, weather factors, and port inventory changes, with an expected oscillation [7]. - **Coke**: The second - round price cut has started, and coke enterprises are having difficulty in shipping. Attention should be paid to steel mill production, coking costs, and macro - sentiment, with an expected oscillation and decline [7]. - **Coking Coal**: The pressure to reduce inventory is increasing, and market sentiment is low. Attention should be paid to steel mill production, coal mine safety inspections, and macro - sentiment, with an expected oscillation and decline [7]. Non - ferrous Metals and New Materials - **Copper**: Inventory continues to accumulate, and copper prices oscillate at a high level. Attention should be paid to supply disruptions, domestic policy surprises, the Fed's less - dovish than expected stance, and weaker - than - expected domestic demand recovery, with an expected oscillation and increase [7]. - **Aluminum Oxide**: The event of revoking mining licenses has not been finalized, and the aluminum oxide market oscillates at a high level. Attention should be paid to the failure of ore production to resume as expected, the over - expected resumption of electrolytic aluminum production, and extreme market trends, with an expected oscillation and decline [7]. Energy and Chemicals - **Crude Oil**: The expectation of production increase is strengthened, and oil prices continue to face pressure. Attention should be paid to OPEC + production policies, the progress of Russia - Ukraine peace talks, and the US sanctions on Iran, with an expected oscillation and decline [9]. - **LPG**: Demand continues to weaken, and LPG maintains a weak oscillation. Attention should be paid to the cost progress of crude oil and overseas propane, with an expected oscillation and decline [9]. - **Ethylene Glycol**: Concerns about tariffs have subsided, and the over - expected scale of EG maintenance has boosted futures prices. Attention should be paid to the terminal demand for ethylene glycol, with an expected oscillation and increase [9]. Agriculture - **Livestock and Poultry**: The spot price of pigs stopped falling before the festival, but the futures market remained weak. Attention should be paid to breeding sentiment, epidemics, and policies, with an expected oscillation and decline [9]. - **Cotton**: Cotton prices oscillate slightly. Attention should be paid to demand and production, with an expected oscillation [9].

Report Summary 1) Report Industry Investment Rating - Not provided in the report 2) Core View of the Report - The current demand for pulp is weak, and it is expected to fluctuate at a low level [1] 3) Summary by Relevant Catalogs Price Data - **Futures Prices**: On May 27, 2025, SP2601 was 5216, down 1.58% day - on - day and 2.21% week - on - week; SP2507 was 5274, down 2.37% day - on - day and 2.51% week - on - week; SP2509 was 5184, down 2.19% day - on - day and 2.59% week - on - week [1] - **Spot Prices**: On May 27, 2025, the price of coniferous pulp Silver Star was 6200, down 0.80% day - on - day and week - on - week; Russian Needle was 5350, down 1.83% day - on - day and week - on - week; Eucalyptus pulp Goldfish was 4100, down 2.38% day - on - day and week - on - week [1] - **Outer - disk Quotes**: In May 2025, the outer - disk quote of coniferous pulp Silver Star was 740 US dollars/ton, down 30 US dollars/ton; Star was 560 US dollars/ton, down 70 US dollars/ton; Venus was 620 US dollars/ton, down 30 US dollars/ton [1] - **Import Costs**: The import cost of Chilean Silver Star was 6046, down 3.87% month - on - month; Star was 4587, down 11.00% month - on - month; Venus was 5073, down 4.57% month - on - month [1] Fundamental Data - **Supply**: In April 2025, the import volume of coniferous pulp was 75.8 tons, down 5.01% month - on - month; the import volume of eucalyptus pulp was 119.9 tons, down 18.44% month - on - month. The pulp shipment volume to China in April 2025 was 1813, up 20.70% month - on - month [1] - **Inventory**: As of May 22, 2025, the inventory of mainstream pulp ports in China was 215.7 tons, a decrease of 4.1 tons from the previous period, a month - on - month decrease of 1.9% [1] - **Demand**: Among the main finished paper production, the production of white cardboard increased slightly, and the production 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 - demand purchases [1] Valuation Data - **Basis**: On May 27, 2025, the Russian Needle basis was 76, with a quantile level of 0.833; the Silver Star basis was 926, with a quantile level of 0.979 [1] - **Import Profit**: On May 27, 2025, the import profit of coniferous pulp Silver Star was 154, with a quantile level of 0.808; the import profit of eucalyptus pulp Goldfish was - 487, with a quantile level of 0.2 [1]