Group 1: Report Information - Report title: Pulp Daily Report [1] - Report date: October 29, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The pulp market is in a low - level wide - range oscillation, waiting for the boost of peak - season demand. The downstream paper market shows a differentiated performance, and the demand side of the pulp market has a gentle increase, with the traditional peak season starting slowly [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 01: The previous settlement price was 5238 yuan/ton, and the closing price was 5226 yuan/ton, a decline of 0.23% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4830 - 6500 yuan/ton, remaining stable. The price of Shandong Yinxing was 5500 yuan/ton [7] - Arauco's October offer: Softwood pulp Yinxing was 680 US dollars/ton, a decrease of 20 US dollars/ton from last month; unbleached pulp Jinxing was 590 US dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 US dollars/ton, unchanged from last month [7] - European wood pulp inventory in September: 722,300 tons, a month - on - month increase of 3% and a year - on - year increase of 16.1% [7] - European wood pulp consumption in September: 813,200 tons, a month - on - month increase of 16.3% and a year - on - year decrease of 1.6% [7] - Main regional and port pulp inventory as of October 23, 2025: 1,958,000 tons, a 1.23% increase from last week [7] - Downstream paper market: The performance of downstream base paper was still differentiated, the demand side of the pulp market increased gently, and the traditional peak season started slowly. The social demand for offset paper was average, and the market was generally concerned about the publishing tender situation, with limited demand improvement at present. The cumulative year - on - year decline in the total profit of the papermaking and paper products industry continued to narrow in September [7] 2. Industry News - From January to September 2025, the total profit of industrial enterprises above designated size in China was 5.3732 trillion yuan, a year - on - year increase of 3.2% [8] - From January to September 2025, the operating income of the papermaking and paper products industry was 1.03757 trillion yuan, a year - on - year decrease of 2.1%; the operating cost was 916.95 billion yuan, a year - on - year decrease of 2.1%; the total profit was 27.12 billion yuan, a year - on - year decrease of 15.6% [8] 3. Data Overview - Multiple data charts are presented, including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, paper price and price difference, and USD - CNY exchange rate [14][16][18][20][26][28]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for the 2026 needle pulp contract, and the futures price may be priced based on Russian needle pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [11] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On October 27, 2025, SP2601 was 5258 with a daily increase of 0.34% and a weekly increase of 1.98%; SP2511 was 4836 with a daily decrease of 0.33% and a weekly decrease of 0.04%; SP2605 was 5298 with a daily increase of 0.38% and a weekly increase of 1.65% [6] - **Spot Prices**: On October 27, 2025, the price of softwood pulp Silver Star was 5500 with no daily or weekly change; Russian needle pulp was 5100 with no change; hardwood pulp Goldfish was 4250 with no change [6] - **Outer - disk Quotes**: In October 2025, the outer - disk quote of Chilean Silver Star was 680 dollars/ton, a 2.86% decrease from the previous period; the quote of a certain product type was 530 dollars/ton, a 3.92% increase; Chilean Venus was 590 dollars/ton, unchanged [6] - **Import Costs**: In October 2025, the import cost of Brazilian Goldfish was 4344, a 3.87% increase from the previous period; Chilean Silver Star was 5559, a 2.83% decrease; Chilean Venus was 4830, unchanged [6] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons, a 12.54% increase from August; the import volume of hardwood pulp was 135.6 tons, a 7.79% increase. The pulp shipment volume to China in August was 162, a 4.50% increase [6] - **Production**: The domestic production of hardwood pulp and chemimechanical pulp showed fluctuations from August 28 to October 23, 2025 [6] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a 0.9% decrease from the previous period; the futures delivery warehouse inventory was 22.6 tons [6][11] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard showed certain fluctuations from August 28 to October 23, 2025 [6] Pulp Valuation Data - **Basis**: On October 27, 2025, the basis of Russian needle pulp was 264 with a quantile level of 0.913; the basis of Silver Star was 664 with a quantile level of 0.89 [6] - **Import Profit**: On October 27, 2025, the import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.512; the import profit of hardwood pulp Goldfish was - 94 with a quantile level of 0.556 [6] Market Situation - **Supply - side**: Chilean Arauco's October softwood pulp quote decreased by 20 dollars/ton to 680 dollars/ton, and the hardwood pulp Star quote remained at 540 dollars/ton. The quote of natural pulp Venus was 590 dollars/ton, unchanged [6][11] - **Demand - side**: The current demand for paper products has remained basically stable, paper product prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [11] - **Inventory - side**: As of October 23, 2025, the inventory of mainstream ports in China showed a narrow - range destocking trend [11]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Views - The current demand for paper products remains at a stable level, with no obvious rebound in paper prices, and the positive impact of the "Golden September and Silver October" period on the pulp demand side has not been reflected [5][10] - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for Ural pulp in 2026, and the futures market may be priced based on Ural pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [10] 3. Summary by Relevant Catalogs 3.1 Pulp Price Data - **Futures Prices**: On October 24, 2025, SP2601 was 5240, down 0.19% day - on - day and up 2.30% week - on - week; SP2511 was 4852, down 0.21% day - on - day and down 0.08% week - on - week; SP2605 was 5278, down 0.23% day - on - day and up 1.81% week - on - week [5] - **Spot Prices**: On October 24, 2025, the spot price of softwood pulp Silver Star was 5500, unchanged day - on - day and week - on - week; Russian Needle was 5100, unchanged day - on - day and up 2.00% week - on - week; hardwood pulp Goldfish was 4250, unchanged day - on - day and week - on - week [5] - **Foreign Quotes**: The foreign quote for Chilean Silver Star was 680 dollars/ton, down 20 dollars/ton from the previous period, a decrease of 2.86%; Brazilian Goldfish was 530 dollars/ton, up 20 dollars/ton from the previous period, an increase of 3.92%; Chilean Venus was 590 dollars/ton, unchanged [5] - **Import Costs**: The import cost of Chilean Silver Star was 5559, down 2.83% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged [5] 3.2 Pulp Fundamental Data - **Import Volume**: In September 2025, the import volume of softwood pulp was 69.1 tons, up 12.54% month - on - month; hardwood pulp was 135.6 tons, up 7.79% month - on - month [5] - **Domestic Production**: On October 23, 2025, the domestic production of hardwood pulp was 23.5 tons; chemimechanical pulp was 23.6 tons [5] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a decrease of 1.9 tons from the previous period, a 0.9% decrease; the futures delivery warehouse inventory was 22.6 tons [5][10] - **Demand**: On October 23, 2025, the production of offset paper was 20.70 tons; coated paper was 8.50 tons; tissue paper was 28.46 tons; white cardboard was 36.00 tons [5] 3.3 Pulp Valuation Data - **Basis**: On October 24, 2025, the Russian Needle basis was 248, with a quantile level of 0.912; Silver Star basis was 648, with a quantile level of 0.879 [5] - **Import Profit**: On October 24, 2025, the import profit of softwood pulp Silver Star was - 59, with a quantile level of 0.511; hardwood pulp Goldfish was - 94, with a quantile level of 0.556 [5]

Report Summary 1. Industry Investment Ratings - **Black Industry**: Iron ore, coal coke, and rolled steel are rated as "Oscillating"; glass and soda ash are rated as "Adjusting" [2] - **Financial Industry**: Shanghai 50, CSI 300, and 2-year, 5-year treasury bonds are rated as "Oscillating"; CSI 500 and CSI 1000 are rated as "Rebounding"; 10-year treasury bond is rated as "Upward"; gold and silver are rated as "High-level Oscillating" [2][3][4] - **Light Industry**: Logs are rated as "Treated Bullishly"; pulp is rated as "Bottom Consolidation"; offset paper is rated as "Weak Oscillation" [5] - **Oil and Fats**: Soybean oil, palm oil, and rapeseed oil are rated as "Wide-range Oscillation" [5] - **Feedstuffs**: Soybean meal, rapeseed meal, soybean No. 2, and soybean No. 1 are rated as "Rebounding" [5][6] - **Agricultural Products**: Live pigs are rated as "Oscillating Bullishly" [6] - **Soft Commodities**: Rubber is rated as "Oscillating"; PX, MEG, PR, and PF are rated as "On the Sidelines"; PTA is rated as "Oscillating" [7] 2. Core Views - **Black Industry**: The iron ore market has an oversupply situation that is difficult to reverse, and the steel market's demand is weak. The coal coke market is affected by safety inspections and low steel mill profits. The glass market is weak with increasing inventory [2] - **Financial Industry**: The stock index market is in short-term consolidation with rising bullish sentiment, and the treasury bond market has a slight upward trend. The gold market is affected by central bank purchases, interest rate policies, and geopolitical risks [3][4] - **Light Industry**: The log market has improved demand and cost support, while the pulp market has weak demand and cost pressure [5] - **Oil and Fats**: The oil and fats market is affected by high inventory and uncertain demand, showing wide-range oscillation [5] - **Feedstuffs**: The feedstuffs market is affected by weather conditions and supply-demand relationships, with short-term rebound expectations [5][6] - **Agricultural Products**: The live pig market has sufficient supply and weak demand, with short-term weak oscillation [6] - **Soft Commodities**: The rubber market is affected by weather and demand, showing wide-range oscillation. The polyester market has supply-demand and cost uncertainties [7] 3. Summary by Categories Black Industry - **Iron Ore**: Supply is expected to remain high, and the market is in an oversupply situation. The price may hit a new low if negative feedback occurs. Four main lines should be closely monitored [2] - **Coal Coke**: The market is concerned about demand-side policies. Supply concerns have increased, and the low profit of steel mills may lead to production cuts [2] - **Rolled Steel**: The static valuation of rebar is low, and the demand is weak. The price stop-falling depends on production reduction and policy implementation [2] - **Glass**: The market is weak with increasing inventory. The possibility of cold repair is increasing, and the price may continue to oscillate weakly [2] Financial Industry - **Stock Index Futures/Options**: The market is in short-term consolidation with rising bullish sentiment. It is recommended to hold long positions [3][4] - **Treasury Bonds**: The yield of 10-year treasury bonds has increased slightly, and the market has a slight upward trend. It is recommended to hold long positions lightly [4] - **Gold and Silver**: The pricing mechanism of gold is changing, and it is affected by central bank purchases, interest rate policies, and geopolitical risks. It is expected to oscillate at a high level [3][4] Light Industry - **Logs**: The demand has improved, and the cost support has increased. The inventory has decreased, and the price is expected to be bullish [5] - **Pulp**: The cost support has weakened, and the demand is weak. The price is expected to consolidate at the bottom [5] - **Offset Paper**: The supply is stable, and the demand has not improved. The price is expected to oscillate weakly [5] Oil and Fats - **Soybean Oil, Palm Oil, and Rapeseed Oil**: The market is affected by high inventory and uncertain demand, showing wide-range oscillation. Attention should be paid to weather and production and sales changes [5] Feedstuffs - **Soybean Meal, Rapeseed Meal, Soybean No. 2, and Soybean No. 1**: The market is affected by weather conditions and supply-demand relationships, with short-term rebound expectations. Attention should be paid to weather and trade negotiations [5][6] Agricultural Products - **Live Pigs**: The supply is sufficient, and the demand is weak. The price is expected to oscillate weakly in the short term. Attention should be paid to the supply and demand situation [6] Soft Commodities - **Rubber**: The supply is affected by weather, and the demand has increased. The inventory has decreased, and the price is expected to oscillate widely [7] - **PX, PTA, MEG, PR, and PF**: The market has supply-demand and cost uncertainties. Attention should be paid to the price trends [7]

Report Industry Investment Ratings - Cotton: ★★★ (implies a more definite long - term trend and relatively appropriate investment opportunities currently) [1] - Pulp: ★★★ [1] - Sugar: ★★★ [1] - Apple: ★★★ [1] - Logs: ★☆☆ (represents a bullish/bearish bias, with a driving force for price increase/decrease, but low operability on the market) [1] - 20 - numbered Rubber: ★☆☆ [1] - Natural Rubber: ★☆☆ [1] - Butadiene Rubber: ★☆☆ [1] Core Viewpoints - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, rubber, pulp, and logs, and provides corresponding investment suggestions based on supply - demand relationships, production expectations, and price trends [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton futures declined slightly today, while spot cotton prices remained mostly stable. Xinjiang machine - picked cotton prices trended slightly higher. As of October 23, the cumulative national cotton inspection volume was 1.09526 million tons. The cotton acquisition by ginneries was cautious, and the acquisition price was expected to remain stable. The peak season of the cotton yarn market was weak, with insufficient new orders for spinning mills and cautious procurement by traders. Considering the follow - up Sino - US economic and trade consultations, short - term Zhengzhou cotton price increases were regarded as rebound, and it was recommended to wait and see [2] Sugar - Overnight, US sugar prices were weak. In Brazil, despite a decline in cane crushing volume and sugar yield, an increase in the sugar - making ratio compensated for the loss in sugar production, keeping output high. In the Northern Hemisphere, India and Thailand were about to start the new crushing season, and sugar production was expected to increase year - on - year due to good weather. In China, Zhengzhou sugar prices remained weak, and the market's focus shifted to the next season's output forecast. With good rainfall in Guangxi since July and an increase in the vegetation index of sugarcane, the sugar output in Guangxi for the 25/26 season was expected to be good. Overall, sugar prices were expected to remain weak [3] Apple - Apple futures prices trended higher. In the spot market, the trading volume in Shandong increased, and high - quality goods were priced higher. In the Northwest production area, most high - quality apples had been pre - ordered. The market was mainly trading on cold - storage inventory volume. The national apple bagging volume decreased slightly year - on - year, and due to smaller fruit sizes, the output might be revised downwards. Meanwhile, the initial cold - storage inventory in the new season might be higher than expected. It was recommended to wait and see [4] 20 - numbered Rubber, Natural Rubber & Synthetic Rubber - Today, RU&MR futures prices continued to rise, and BR futures prices fluctuated. The sentiment in the futures market improved. The domestic natural rubber spot price increased, and the synthetic rubber price was stable with a slight increase. The supply of global natural rubber entered the high - yield period. The operating rate of domestic butadiene rubber plants increased slightly, while the operating rate of upstream butadiene plants decreased slightly. The domestic tire operating rate rebounded slightly, and the finished - product inventory of tire enterprises continued to increase. The total natural rubber inventory in Qingdao decreased to 437,500 tons, and the social inventory of Chinese butadiene rubber increased to 14,000 tons. A rebound strategy after the decline was recommended [5] Pulp - Pulp futures prices declined slightly today. The spot price of coniferous pulp remained stable. As of October 16, 2025, the inventory of mainstream pulp ports in China was 2.074 million tons, a decrease of 0.3 million tons from the previous period. In September, China's pulp imports reached 2.9525 million tons, an increase of 272,500 tons year - on - year. Currently, the port inventory was relatively high, and pulp demand was average. With the continuous increase in the overseas broad - leaf pulp price, the price difference between coniferous and broad - leaf pulp narrowed, providing some support for coniferous pulp. It was recommended to wait and see [6] Logs - Log futures prices fluctuated, and the spot price remained stable. In October, the price of New Zealand radiata pine increased, and domestic spot prices were weak, reducing traders' import willingness. The domestic supply was expected to remain low. The port delivery volume was above 60,000 cubic meters, and the peak - season demand supported the price. The total log inventory was low, and the inventory pressure was relatively small. A bullish investment strategy was recommended [7]

Report Industry Investment Ratings - No specific industry investment ratings are provided in the text. Core Views of the Report - The short - term outlook for the stock index is expected to be volatile. As the negative factors of trade frictions gradually ease, the stock index is expected to return to the upward channel. Even if short - term macro uncertainties increase, the adjustment space of the stock index is expected to be limited. The strategy is to go long on the stock index when opportunities arise [1]. - Different commodities have different trends. Some are expected to be volatile, some are expected to be strong, and some are influenced by multiple factors such as supply - demand, policies, and geopolitical situations [1]. Summary by Industry Macro - finance - **Stock Index**: Short - term volatility, expected to return to the upward channel later, with limited adjustment space. Strategy: go long when opportunities arise [1]. - **Treasury Bonds**: Volatile. Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - **Gold**: Short - term wide - range volatility. Geopolitical uncertainties and potential Fed rate cuts support the price, but the new round of Sino - US consultations limit the rise [1]. - **Silver**: Volatile in the short - term, and the physical situation in London needs to be monitored [1]. Non - ferrous Metals - **Copper**: Short - term price fluctuations are intensified, but with continuous supply disturbances and an increasing Fed rate - cut expectation, it is expected to be strong [1]. - **Alumina**: With production still profitable, domestic alumina production capacity continues to be released, and production and inventory are increasing. The spot price is under pressure, and cost support needs attention [1]. - **Zinc**: After a short - term rebound, the export window closes again. It is expected to fluctuate within a range, and changes in domestic and foreign inventories need attention [1]. - **Nickel**: Short - term volatility is mainly influenced by the macro situation and may be strong, but high inventory still suppresses the price. Suggestion: short - term low - buying within the range, and there is still pressure from long - term excess of primary nickel [1]. - **Stainless Steel**: The macro situation improves, and the trade friction eases. The stainless steel futures may rebound in the short - term. It is recommended to operate in the short - term and wait for short - selling opportunities at high prices [1]. - **Tin**: Although the short - term impact of the Indonesian ore ban is not significant, the supply risk is high, and there is demand support. It is recommended to pay attention to long - buying opportunities at low prices in the long - term [1]. Black Metals - **Rebar and Hot - rolled Coil**: The industrial driving force is unclear, and the futures valuation is low. Directional trading is not recommended [1]. - **Iron Ore**: The near - month contract is restricted by production cuts, but the commodity sentiment is good, and the far - month contract still has upward potential [1]. - **Silicon Manganese**: Direct demand is good, but supply is high, and inventory is at a high level. The price is under pressure and volatile [1]. - **Silicon Iron**: Short - term production profit is poor, but cost support is strengthening, and direct demand is good. The price is expected to be volatile and the downward space is limited [1]. - **Soda Ash**: Follows the glass market, with a large supply - surplus pressure, and the price is under pressure [1]. - **Coking Coal and Coke**: After the price rebounded to fill the gap, it reached a relatively high level. It may challenge previous highs, but the breakthrough is difficult. It may be in a wide - range volatile market if there is no new policy on "anti - involution" [1]. Agricultural Products - **Palm Oil**: Indonesia's plan to regulate exports is favorable for the far - month contract. The near - month contract lacks new drivers, and it is advisable to wait for the production area to reduce production and destock [1]. - **Soybean Oil**: The pressure from US soybean prices and the support from domestic de - stocking expectations coexist. There is a lack of new drivers, and it is advisable to wait and see [1]. - **Canola Oil**: The negotiation on Canadian canola anti - dumping may bring negative news. The domestic canola is in short supply, and the inventory is decreasing. It is advisable to wait and see for single - side trading, and the inter - month positive spread is expected to rise [1]. - **Cotton**: There is uncertainty in new - year cotton demand. The downside space of the futures is limited, but the basis and the futures may be under pressure due to high production [1]. - **Sugar**: In the short - term, sugar prices are seasonally strong due to typhoon impacts and the gap between old and new crops. In the medium - term, the rebound space is limited after new sugar is listed [1]. - **Corn**: The current stage still focuses on the selling pressure in November. The C01 contract is expected to be in low - level volatility [1]. - **Methanol**: The MO1 contract is expected to be volatile. It is recommended to wait and see or go long in the short - term, and pay attention to Sino - US trade negotiations and South American weather [1]. - **Paper Pulp**: The trading logic is related to the old warehouse receipts of the 11 - contract. With weak downstream demand, it is recommended to do a 11 - 1 reverse spread [1]. - **Logs**: The log fundamentals have declined, and the spot price is firm. It is advisable to wait and see after a sharp decline in the futures [1]. - **Live Pigs**: The spot price has stabilized, but the futures still have a premium. It is necessary to wait for changes in the slaughter volume and weight, and the short - term trend is volatile [1]. Energy and Chemicals - **Fuel Oil**: Influenced by US sanctions on Russia, geopolitical tensions, and the US attitude towards China's tariffs [1]. - **Bitumen**: Short - term supply - demand contradictions are not prominent, following the trend of crude oil. The "14th Five - Year Plan" construction demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient [1]. - **SBS Rubber**: Supported by strong raw material costs, decreasing intermediate inventory, and a positive commodity market atmosphere [1]. - **BR Rubber**: The cost support is weak, and the supply of synthetic rubber is loose. Attention should be paid to inventory de - stocking [1]. - **PTA**: The price rebounds slightly due to factors such as a decline in domestic production caused by equipment inspections [1]. - **Ethylene Glycol**: The port inventory in East China is low, the cost support is strengthening, and the polyester market has not declined significantly [1]. - **Short - fiber**: Factory equipment is gradually resuming operation, the basis is strengthening, and the price follows the cost [1]. - **Styrene**: The Asian benzene price is weak, the arbitrage window to the US is closed, and domestic styrene plant inspections are increasing [1]. - **Urea**: The export sentiment eases, and domestic demand is insufficient. There is an upper limit to the price, but there is support from "anti - involution" and cost [1]. - **PE**: The price is volatile and slightly strong due to a slight downward adjustment in the crude oil price center, weakened inspection efforts, and slowly increasing downstream demand [1]. - **PP**: The inspection support is limited, the downstream improvement is less than expected, and the price is volatile and weak [1]. - **PVC**: The supply pressure is large, there are many near - month warehouse receipts, and the price is volatile and weak [1]. - **LPG**: There are problems such as planned alumina production in Guangxi, decreasing inspection concentration, and difficult digestion of warehouse receipts. The international oil and gas fundamentals are loose, and the domestic fundamentals are also loose [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The pulp fundamentals have not improved significantly, but there may be a shortage of delivery resources for the 26-year Russian needle pulp, and the futures price may be priced in line with the Russian needle pulp and high-quality softwood pulp. Maintain the 12 - 1 reverse spread strategy [10] 3. Summary by Relevant Catalogs Price Data - **Futures Prices**: On October 23, 2025, SP2601 was 5250, up 0.57% day - on - day and 1.90% week - on - week; SP2511 was 4862, up 0.16% day - on - day and 1.04% week - on - week; SP2605 was 5290, up 0.38% day - on - day and 1.46% week - on - week [5] - **Spot Prices**: Coniferous silver star was 5500, unchanged day - on - day and week - on - week; coniferous Russian needle was 5100, unchanged day - on - day and up 2.00% week - on - week; broadleaf goldfish was 4250, unchanged day - on - day and week - on - week [5] - **Outer - disk Quotes (USD)**: Chilean silver star was 680, down 2.86% month - on - month; Brazilian goldfish was 530, up 3.92% month - on - month; Chilean Venus was 590, unchanged month - on - month [5] - **Import Costs**: The import cost of Chilean silver star was 5559, down 2.83% month - on - month; Brazilian goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged month - on - month [5] Fundamental Data - **Supply**: In September 2025, the import volume of coniferous pulp was 69.1 tons, up 12.54% month - on - month, and broadleaf pulp was 135.6 tons, up 7.79% month - on - month. The pulp shipment volume to China in August was 162, up 4.50% [5] - **Domestic Production**: On October 23, 2025, the domestic production of broadleaf pulp was 23.5 tons, and chemical mechanical pulp was 23.6 tons [5] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a decrease of 1.9 tons from the previous period, a 0.9% decline. The futures delivery warehouse inventory was 22.6 tons [5][10] - **Demand**: The production of double - offset paper was 20.70 tons, copperplate paper was 8.50 tons, tissue paper was 28.46 tons, and white cardboard was 36.00 tons [5] Valuation Data - **Basis**: On October 23, 2025, the Russian needle basis was 238, and the silver star basis was 638 [5] - **Import Profit**: The import profit of coniferous silver star was - 59, and broadleaf goldfish was - 94 [5]

Group 1: Report Industry Investment Ratings - Iron ore: Oscillation [2] - Coking coal: Oscillation [2] - Rolled steel: Oscillation [2] - Rebar: Oscillation adjustment [2] - Glass: Adjustment [2] - Soda ash: Adjustment [2] - CSI 50: Oscillation [4] - CSI 300: Oscillation [4] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - 2 - year treasury bond: Oscillation [4] - 5 - year treasury bond: Oscillation [4] - 10 - year treasury bond: Upward [4] - Gold: High - level oscillation [4] - Silver: High - level oscillation [4] - Logs: Bullish outlook [5] - Pulp: Bottom consolidation [5] - Offset paper: Weak oscillation [5] - MPOB oils: Wide - range oscillation [5] - Soybean oil: Wide - range oscillation [5] - Palm oil: Wide - range oscillation [5] - Rapeseed oil: Wide - range oscillation [5] - Soybean meal: Oscillation with a bearish bias [5] - Rapeseed meal: Oscillation with a bearish bias [8] - Soybean No. 2: Oscillation with a bearish bias [8] - Soybean No. 1: Oscillation [8] - Live pigs: Oscillation with a bullish bias [8] - Rubber: Oscillation [9] - PX: Wait - and - see [9] - PTA: Oscillation [9] - MEG: Wait - and - see [9] - PR: Wait - and - see [9] - PF: Wait - and - see [9] Group 2: Report's Core Views - The iron ore market is characterized by loose supply, low demand, and port inventory accumulation, with the pattern of oversupply difficult to reverse. However, short - term prices have support due to potential macro - sentiment improvement [2] - The coking coal market is affected by macro - policy expectations and supply concerns from safety inspections, with the core contradiction being the low profit of steel mills [2] - The steel market has supply - demand contradictions, and prices are expected to continue to oscillate and adjust, with the market awaiting policy boosts [2] - The glass market is in a weak state, with demand dragged down by the real - estate sector, and it is expected to oscillate weakly in the short term [2] - The stock index market is in short - term consolidation with rising bullish sentiment, and it is recommended to hold long positions [4] - The treasury bond market has a slight upward trend, and it is recommended to hold long positions lightly [4] - The precious metal market, especially gold and silver, is expected to oscillate at high levels, influenced by factors such as central bank buying, interest - rate policies, and geopolitical risks [4] - The log market is expected to be bullish, with improved demand, rising cost expectations, and potential optimization of delivery rules [5] - The pulp market is expected to consolidate at the bottom due to weak cost support and poor demand [5] - The oil and fat market is expected to continue wide - range oscillation, affected by factors such as inventory, production, and demand [5] - The粕类 market is expected to oscillate with a bearish bias due to seasonal supply pressure and weak demand [5][8] - The live - pig market is expected to oscillate with a bullish bias in the short term, but the price increase is limited due to sufficient supply and weak demand [8] - The rubber market is expected to oscillate widely, with supply affected by weather and demand recovering [9] - The PX, PTA, MEG, PR, and PF markets have different trends, mainly affected by factors such as oil prices, supply - demand relationships, and cost [9] Group 3: Summary by Related Categories Black Industry - **Iron ore**: Supply is loose with high port arrivals expected, and the oversupply pattern persists. Trade frictions may cause price drops, but macro - sentiment improvement provides short - term support. Four key factors need to be monitored for price re - pricing [2] - **Coking coal**: Macro - policy expectations are high, but supply concerns from safety inspections have limited impact on the market. The low profit of steel mills is the core issue [2] - **Rolled steel and rebar**: Supply pressure is relatively large, and the market is waiting for demand recovery in October. High inventory and weak demand require rapid de - stocking for price stabilization [2] - **Glass**: The market is weak, with low demand due to the real - estate downturn. Inventory is at a high level, and the market is expected to oscillate weakly in the short term [2] Financial Products - **Stock index futures/options**: The market is in short - term consolidation, and it is recommended to hold long positions as bullish sentiment rises [4] - **Treasury bonds**: The market has a slight upward trend, and it is recommended to hold long positions lightly [4] - **Precious metals**: Gold and silver are expected to oscillate at high levels, driven by central bank buying, interest - rate policies, and geopolitical risks [4] Light Industry - **Logs**: Demand is improving, cost is expected to rise, and delivery rules may be optimized, making the market bullish [5] - **Pulp**: Cost support is weak, and demand is poor, so the market is expected to consolidate at the bottom [5] - **Offset paper**: Supply is stable, demand is general, and the market is expected to oscillate weakly [5] Oil and Fats - The market is affected by factors such as inventory, production, and demand, and is expected to continue wide - range oscillation [5] Agricultural Products - **粕类**: Seasonal supply pressure is high, and demand is weak, so the market is expected to oscillate with a bearish bias [5][8] - **Live pigs**: Supply is sufficient, demand is weak, and prices are expected to oscillate with limited upward space [8] Soft Commodities - **Rubber**: Supply is affected by weather, demand is recovering, and the market is expected to oscillate widely [9] - **PX, PTA, MEG, PR, PF**: These markets are mainly affected by oil prices, supply - demand relationships, and cost, with different trends [9]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The fundamentals of the pulp market have not improved significantly, but there may be a shortage of delivery resources for the 2026 needle pulp contract, and the futures price may be priced based on Ural needle pulp and high - quality coniferous pulp. The 12 - 1 reverse spread strategy is maintained [5] Group 3: Summary by Relevant Catalogs Price Data - **Futures Prices**: On October 22, 2025, SP2601 was 5220 with a daily and weekly increase of 0.97%, SP2511 was 4854 with no daily change and a weekly decrease of 0.04%, and SP2605 was 5270 with a daily increase of 0.84% and a weekly increase of 0.57% [6] - **Spot Prices**: On the same day, the price of coniferous pulp Silver Star was 2500 with no daily or weekly change, Russian Needle was 5100 with no daily change and a weekly increase of 2.00%, and broad - leaf pulp Goldfish was 4250 with no daily or weekly change [6] - **Outer - Market Quotes**: In October 2025, the outer - market quote for Chilean Silver Star was 680 dollars/ton, down 2.86% from the previous period; Nisshin Goldfish was 530 dollars/ton, up 3.92%; and Chilean Venus was 590 dollars/ton, unchanged [6] - **Import Costs**: The import cost of Brazilian Goldfish was 4344, up 3.87% from the previous period; Chilean Venus was 4830, unchanged [6] Fundamental Data - **Supply**: In September 2025, the import volume of coniferous pulp was 69.1 tons, a month - on - month increase of 12.54%, and that of broad - leaf pulp was 135.6 tons, a month - on - month increase of 7.79%. The pulp shipment volume to China in August was 162 tons, a month - on - month increase of 4.50% [6] - **Inventory**: As of October 16, 2025, the inventory of mainstream pulp ports in China was 207.4 tons, a decrease of 0.3 tons from the previous period, a month - on - month decrease of 0.1%. The inventory showed a narrow - range destocking trend [6] - **Demand**: The production of finished paper has been relatively stable recently. For example, the production of double - offset paper, coated paper, tissue paper, and white cardboard has not shown significant changes [6] Valuation Data - **Basis**: On October 22, 2025, the basis of Russian Needle was 246 with a quantile level of 0.911, and that of Silver Star was 646 with a quantile level of 0.878 [6] - **Import Profit**: The import profit of coniferous pulp Silver Star was - 59 with a quantile level of 0.511, and that of broad - leaf pulp Goldfish was - 94 with a quantile level of 0.556 [6]

Group 1: Report Overview - Report Title: Pulp Daily Report [1] - Date: October 23, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Viewpoints - The pulp market has no significant fundamental changes, with a slight rebound boosted by the sector and mainly fluctuating in a wide range at a low level. The demand side of the pulp market has a gentle increase in volume, and the start of the traditional peak season is delayed [8]. Group 4: Market Review and Operation Suggestions Market Review - The previous settlement price of the pulp futures 01 contract was 5,154 yuan/ton, and the closing price was 5,220 yuan/ton, a total increase of 1.28%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,850 - 6,500 yuan/ton, with the price rising 10 yuan/ton compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5,600 yuan/ton [7]. - Arauco of Chile announced the new October FOB prices for wood pulp: the softwood pulp Yinxing was at $680/ton, a decrease of $20/ton from the previous month; the unbleached pulp Jinxing was at $590/ton, unchanged from the previous month; the hardwood pulp Mingxing was at $540/ton, also unchanged from the previous month [8]. - In September, the European wood pulp inventory was 722,300 tons, a month - on - month increase of 3% and a year - on - year increase of 16.1%; the European wood pulp consumption was 813,200 tons, a month - on - month increase of 16.3% and a year - on - year decrease of 1.6%. In September, China's total pulp imports were 2.95 million tons, a month - on - month increase of 11.3% and a year - on - year increase of 10.1%. As of October 16, 2025, the weekly pulp inventory in major regions and ports increased by 1.45% month - on - month, and the overall shipping speed was moderate [8]. Operation Suggestions - No operation suggestions are provided in the report. Group 5: Industry News - Eldorado Brasil Celulose will conduct a full - shutdown maintenance at its Tres Lagoas factory in Mato Grosso do Sul, Brazil, from October 20 to 31, 2025. The factory has an annual production capacity of approximately 1.8 million tons of bleached eucalyptus pulp, and 90% of its products are for export, with about half going to the Chinese market [9]. Group 6: Data Overview - The report presents multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, softwood - hardwood price differences, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and spreads of coated paper and offset paper, prices and spreads of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][21][27][29]