Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The double - offset paper market shows a pattern of supply - demand weakness. The spot price in Shandong is stable, downstream demand is weak, and the industry profit has narrowed below the cost line. It is expected to remain volatile in the short term, with attention to device operation and pulp price changes [8]. - The pulp market also has a supply - demand weakness. The price of silver leaf pulp in Shandong is stable with a downward trend, the industry's operating rate is low, and the futures price has fallen. It is expected to maintain range - bound fluctuations, suggesting a high - selling and low - buying strategy [13]. - For both pulp and double - offset paper, the long - position main force has reduced positions, which is bearish [16]. 3. Summary by Related Catalogs Double - Offset Paper - **Supply and Inventory**: Some停产 enterprises have resumed production this week, and the capacity utilization rate has increased month - on - month. However, downstream consumption has not improved, and users mainly make rigid - demand purchases. Traders mostly follow a just - in - time inventory strategy. Enterprise inventory has slightly increased compared to last week, and on - site inventory has continued a small rebound, remaining at a high level in recent years [2]. - **Price and Market Outlook**: The spot price of double - offset paper in Shandong remains stable today. With weak supply and demand, the shut - down factories have not resumed production on a large scale. The industry profit has continued to narrow below the cost line. In the short term, it is expected to remain volatile, and future focus should be on device operation and pulp price changes [8]. Pulp - **Price and Market Outlook**: The price of silver leaf pulp in Shandong is stable with a downward trend today. With weak supply and demand, the industry's operating rate remains low, and the futures price has fallen. It is expected to maintain range - bound fluctuations, and a high - selling and low - buying strategy is recommended [13]. - **Main Force Trend**: The long - position main force in the pulp market has reduced positions, which is bearish [16].

General Information - Report Title: Pulp Morning Report [2] - Report Date: September 17, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] SP Main Contract Closing Price - Closing price on September 16, 2025: 5068.00 [3] - Price changes from September 10 - 16, 2025: 0.52314%, 0.40032%, -0.51834%, 1.32265%, 0.23734% respectively [3] - Discounted US dollar price on September 16, 2025: 621.53 [3] - Shandong Yinxing basis on September 16, 2025: 582 [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis on September 16, 2025: 612 [3] Import Pulp Price and Profit - Calculated with 13% VAT, import profits of Canadian Golden Lion, Canadian Lion and Chilean Yinxing are -145.57, -533.29 and -212.83 respectively [4] Pulp and Paper Price and Margin - From September 10 - 16, 2025, there is no change in the national average price of softwood pulp, hardwood pulp, natural pulp and chemimechanical pulp, as well as the average price in Shandong region [4] - From September 11 - 16, 2025, there is no change in the prices of cultural paper (offset index, coated index), packaging paper (white card index) and household paper (household index) [4] - From September 11 - 16, 2025, the changes in estimated margins of offset paper, coated paper, white card and household paper are -0.9701, -1.6070, 0.0368 and -0.4202 respectively [4] Pulp Price Spread - On September 16, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper are 1460.00, 250, 1825 and 4074 respectively [4]

Group 1 - The Chinese government implemented a ban on foreign waste imports in 2018 to prevent pollution transfer and protect public health, which has received widespread approval [1] - The ban has led to positive effects on improving China's environmental quality, but some entities have exploited loopholes by sending processed waste paper from developed countries to Southeast Asia before exporting it to China, which poses health risks and creates unfair competition for compliant paper companies [2] - The production of legitimate waste paper pulp requires extensive purification processes, while dry ground pulp production skips most of these steps, resulting in lower quality and potential contamination [2][3] Group 2 - There are existing national recommended standards for recycled paper pulp in China, but reports of impurities and pathogens in imported dry ground pulp have emerged, prompting calls for stricter enforcement and the conversion of recommended standards to mandatory ones [3] - Domestic companies utilizing recycled fibers have a rigid demand for quality, employing various methods to remove contaminants to ensure their products meet market standards, thereby minimizing safety risks in final products [3]

Core Viewpoint - The company disclosed its indirect investment in Yushu Robotics through its subsidiary, indicating a strategic interest in the robotics sector [1] Group 1 - The company, through its wholly-owned subsidiary Shanghai Jingxing Industrial Investment Co., Ltd., has invested 20 million yuan in the Rongteng Fund, which in turn has invested the same amount in Yushu Technology [1] - The company's holding in the Rongteng Fund is approximately 1.6667% [1] - The total investment amount from the Rongteng Fund into Yushu Technology is also 20 million yuan [1]

Core Viewpoint - The import of "dry ground pulp" under the guise of recycled paper pulp is essentially a method of importing foreign solid waste, posing significant environmental and health risks to the domestic paper industry [2][5][6]. Group 1: Industry Background - Since January 1, 2021, China has completely banned the import of solid waste, disrupting the supply of imported waste paper for paper manufacturers [2]. - The production of legitimate waste paper pulp requires extensive processing, achieving a fiber content of over 91.5% with minimal impurities, while dry ground pulp skips most of these essential steps [2][3]. Group 2: Environmental and Health Risks - Contaminants such as plastic fragments, heavy metals, and microorganisms can enter the domestic production chain through dry ground pulp, leading to potential health hazards in products like food packaging and sanitary paper [3][5]. - The presence of these pollutants can cause secondary pollution in water treatment systems and may clog machinery in paper production, affecting product quality [3][6]. Group 3: Regulatory and Standardization Issues - The newly released national standard for recycled paper pulp lacks mandatory requirements for key quality indicators, unlike stricter foreign standards [5][10]. - Experts have called for the revision of national standards to include compulsory indicators for fiber integrity and impurity levels, as well as enhanced detection standards for contaminants [10][11]. Group 4: Recommendations for Improvement - Experts recommend strengthening customs supervision and implementing comprehensive inspection and testing to prevent contaminated materials from entering the domestic market [10][11]. - Suggestions include introducing advanced detection technologies and establishing a fiber traceability system to ensure the integrity of imported materials [10][11].

此次融资对接行动，从发现问题到介入协调，再到资金落地，整个过程体现了县科经局服务企业的高速效率和务实作风。目前，县科经局正继续协同中国 农业银行，跟进后续800万元融资需求的落实工作，致力于为企业提供持续、稳定的金融支持，彻底化解其资金难题。 值得一提的是，在帮助企业缓解资金困难的同时，县科经局也持续推进"企业进规"培育工作，积极引导和支持企业实现规模化发展。目前，湖北鑫五湖纸 业有限公司的进规资料已正式提交至省统计局，标志着该企业在科经局的精准服务下，不仅克服了短期经营困难，更在长远发展道路上迈出关键一 步。"进规"工作是县科经局服务企业成长、助推产业升级的重要任务之一，此次鑫五湖纸业的申报进展，也充分体现了科经局在企业全生命周期服务中的 融会贯通和主动作为。 据悉，今年6月，湖北鑫五湖纸业有限公司面临股东突然撤资的突发状况，导致企业资金链骤然紧张，运转承压。县科经局王新征同志在获悉企业困境 后，第一时间带队深入企业，实地了解具体情况与迫切需求。 针对企业"急、频、快"的融资特点，王新征主任当即牵头对接湖北银行，突出"迅速"二字，全力协调推动信用贷款解决方案。通过高效的沟通协调与精准 的对接服务，银行方面快 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report Soft Commodity Sector - **Sugar**: The latest news on raw sugar is bearish. Brazil has increased its estimates of sugarcane planting area and production, and the harvest is expected to exceed market expectations. Domestic sugar prices have stopped falling, with low inventory and high import processing costs providing some support. The future trend depends on the performance of raw sugar in the international market [4]. - **Paper Pulp**: The pulp industry chain has not changed significantly. The market is weak, and the supply and demand situation remains to be observed. Although the decline in China's pulp imports has alleviated the supply pressure, it is necessary to pay attention to when producers will reduce shipments to the Chinese market. The price is expected to be range - bound at a low level [6]. - **Double - Offset Paper**: The spot price of double - offset paper is stable, and the market expects an improvement in demand during the peak season. However, the upward driving force is not clear, and the profit and price increase may be limited [8][9]. - **Cotton**: The external market is under pressure, but there are also some supporting factors. The domestic market is in a game between tight old - season supply and loose new - season expectations, and the price is expected to fluctuate within a range [11]. Fresh Fruit Sector - **Apple**: The futures price fluctuates. The market is mainly concerned about the difference between the expected and actual situation of the new season's production and quality. The price is expected to move within a range [12]. - **Jujube**: The futures price shows a weak and volatile trend. The spot inventory is decreasing, and the price has rebounded seasonally. The new - season production and quality will be determined in September [13]. Trading Strategies - **Sugar**: Due to the bearish news on raw sugar, it is recommended to wait and see. The support level of the main contract is 5480 - 5500, and the pressure level is 5580 - 5600 [5]. - **Paper Pulp**: Although the price may be supported in the short term, the upward driving force is not clear. It is recommended to be bearish after a rebound. The 2511 contract has a support level of 4900 - 4950 yuan and a pressure level of 5100 - 5200 yuan [7]. - **Double - Offset Paper**: The upward driving force is not clear, and the price increase may be limited. It is recommended to pay attention to the support at 4000 - 4100 yuan and the pressure at 4400 - 4500 yuan. Consider reverse calendar spreads and long - pulp short - paper spreads, and try short positions near the pressure level [10]. - **Cotton**: It is recommended to maintain a range - trading idea. The support range of the 01 contract is 13500 - 13600, and the pressure range is 14300 - 14400. For options, it is recommended to sell a wide - straddle combination strategy [11]. - **Apple**: It is recommended to wait and see. The support range of the 2601 contract is 7500 - 7600, and the pressure range is 8400 - 8500. For options, it is recommended to sell a straddle combination strategy [12]. - **Jujube**: Aggressive investors can hold a reverse calendar spread (short 2601, long 2605) or hold a long position in the 2605 contract and buy a protective put option. It is recommended to take profit on the wide - straddle spread option strategy. The low - level reference range of the 01 contract is 10500 - 10800 points, and the high - level reference range is 11200 - 11500 points [13]. Group 3: Summary by Directory First Part: Sector Strategy Recommendation - **Apple 2601**: Adopt a range - trading idea. The support range is 7700 - 7800, and the pressure range is 8400 - 8500 [21]. - **Jujube 2601**: Take profit on long positions at high prices. The support range is 11000 - 11500, and the pressure range is 11500 - 12000 [21]. - **Sugar 2601**: Wait and see. The support range is 5480 - 5500, and the pressure range is 5580 - 5600 [21]. - **Paper Pulp 2511**: Short within the range. The support range is 4900 - 4950, and the pressure range is 5150 - 5200 [21]. - **Double - Offset Paper 2601**: Short on rebounds. The support range is 4100 - 4200, and the pressure range is 4350 - 4400 [21]. - **Cotton 2601**: Adopt a range - trading idea. The support range is 13500 - 13600, and the pressure range is 14200 - 14300 [21]. Second Part: Sector Weekly Market Review a. Futures Market Review - Apple 2601 closed at 8329, up 33 (0.40%) for the week [22]. - Jujube 2601 closed at 11155, up 155 (1.41%) for the week [22]. - Sugar 2601 closed at 5540, up 17 (0.31%) for the week [22]. - Paper Pulp 2511 closed at 4990, down 72 (-1.42%) for the week [22]. - Double - Offset Paper 2601 closed at 4224, with no change data provided [22]. - Cotton 2601 closed at 13860, down 140 (-1.00%) for the week [22]. b. Spot Market Review - The spot price of apples is 3.75 yuan/jin, with no change from the previous period and a year - on - year increase of 0.20 yuan/jin [27]. - The spot price of jujubes is 9.40 yuan/kg, down 0.10 yuan/kg from the previous period and 5.30 yuan/kg year - on - year [27]. - The spot price of sugar is 5890 yuan/ton, with no change from the previous period and a year - on - year decrease of 500 yuan/ton [27]. - The spot price of paper pulp (Shandong Yinxing) is 5650 yuan/ton, with no change from the previous period and a year - on - year decrease of 400 yuan/ton [27]. - The spot price of cotton is 15248 yuan/ton, down 1 yuan/ton from the previous period and up 487 yuan/ton year - on - year [27]. Third Part: Sector Basis Situation - Relevant figures are provided for the basis of apple, jujube, sugar, paper pulp, and cotton, but no specific analysis content is given [37][40][42][44][53]. Fourth Part: Inter - Month Spread Situation - Relevant figures are provided for the inter - month spreads of apple, jujube, sugar, and cotton, but no specific analysis content is given [47][48][55] Fifth Part: Futures Warehouse Receipt Situation - Apple has 0 warehouse receipts, with no change compared to the previous period and the same as the previous year [56]. - Jujube has 9188 warehouse receipts, a decrease of 6 compared to the previous period and an increase of 2906 compared to the previous year [56]. - Sugar has 11599 warehouse receipts, a decrease of 140 compared to the previous period and a decrease of 1927 compared to the previous year [56]. - Paper pulp has 245040 warehouse receipts, an increase of 212 compared to the previous period and a decrease of 233942 compared to the previous year [56]. - Cotton has 5017 warehouse receipts, a decrease of 142 compared to the previous period and a decrease of 2568 compared to the previous year [56]. Sixth Part: Option - Related Data a. Apple Option Data - Relevant figures are provided for apple option trading volume, open interest, and put - call ratios, but no specific analysis content is given [58] b. Sugar Option Data - Relevant figures are provided for sugar option trading volume, open interest, put - call ratios, historical volatility, and implied volatility, but no specific analysis content is given [59][60][63] c. Cotton Option Data - Relevant figures are provided for cotton option trading volume, open interest, put - call ratios, and historical volatility, but no specific analysis content is given [67] Seventh Part: Sector Futures Fundamental Situation a. Apple - **Weather Conditions in Producing Areas**: Relevant figures are provided for minimum temperature and precipitation in Shandong and Shaanxi, but no specific analysis content is given [69] - **Export Situation**: Relevant figures are provided for apple export volume, but no specific analysis content is given [71] - **Inventory Situation**: Relevant figures are provided for China's weekly apple storage inventory and that in Shandong and Shaanxi, but no specific analysis content is given [73] b. Jujube - Relevant figures are provided for the weekly trading volume of jujubes in Henan and Hebei and the daily arrival volume in the Guangdong Ruyifang market, but no specific analysis content is given [75] c. Sugar - Relevant figures are provided for national sugar industrial inventory, sugar import volume, and the spot - futures price difference, but no specific analysis content is given [77][79][82] d. Paper Pulp - Relevant figures are provided for domestic 4 - port paper pulp inventory, global producer wood pulp inventory days, production volume of various types of paper, and import volume of broad - leaf and coniferous pulp, but no specific analysis content is given [88][89] e. Double - Offset Paper - Relevant figures are provided for double - offset paper's capacity utilization rate, production volume, enterprise inventory, and apparent consumption volume, but no specific analysis content is given [91] f. Cotton - Relevant figures are provided for retail sales, inventory, and other data in the clothing industry in the US, UK, and Japan, as well as China's cotton industrial and commercial inventory, import volume, and textile industry data, but no specific analysis content is given [93][94][100]

Report Industry Investment Rating No relevant content provided. Core View of the Report - This week's view on offset printing paper: The futures price is undervalued, and the overall driving force is bearish. The supply is expected to increase, and the demand remains weak. The paper price may decline next week, and the futures price may follow suit. The recommended strategy is to sell high [51]. Summary by Directory Industry News - Domestic double-offset paper inventory days increased by 0.87% week-on-week, with a narrower increase of 0.45 percentage points compared to last week. The supply pressure increased, but the downstream demand did not improve significantly, and the dealer inventory remained cautious [6]. - The domestic double-offset paper operating rate was 50.12%, a week-on-week increase of 1.90 percentage points, reversing the downward trend. Some production lines in Shandong and Henan resumed production or increased their operating rates [6]. - In July 2025, the total European port pulp inventory decreased by 1.91% month-on-month but increased by 19.19% compared to July 2024. Most European countries' port inventories decreased month-on-month [6]. Market Trends - The average price of 70g high-white double-offset paper on September 12 was 4,818.75 yuan/ton, unchanged from the previous day and last week [9]. - The prices of various double-offset paper products in the Shandong and Guangdong spot markets remained unchanged week-on-week [10]. - In terms of cost and profit, the pre-tax and after-tax gross margins increased by 11 yuan and 10 yuan respectively week-on-week [10]. Supply and Demand Data - **Industry Capacity**: In 2024, the domestic double-offset paper industry capacity was about 16.52 million tons, a year-on-year increase of 7%. The annual output was about 9.478 million tons, with a capacity utilization rate of 57% [19]. - **Weekly Production and Capacity Utilization**: This week, the domestic double-offset paper industry output was 168,400 tons, and the capacity utilization rate was 50.1% [24]. - **Weekly Sales and Inventory**: This week, the domestic double-offset paper industry sales were 165,300 tons, and the weekly enterprise inventory was 355,400 tons [29]. - **Imports and Exports**: In July, the domestic double-offset paper imports were about 12,000 tons, and the exports were about 62,000 tons [36]. - **Inventory**: In August, the social and enterprise inventories of double-offset paper increased slightly [42]. - **Terminal Consumption**: In recent years, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down [48]. Market Judgment - **Supply**: Domestic production this week was 168,400 tons, and the capacity utilization rate was 50.1%. In July, imports were about 12,000 tons, maintaining a low level [51]. - **Demand**: Domestic sales this week were 165,300 tons. In July, exports were about 62,000 tons [51]. - **View**: The double-offset paper futures market has been in a low-level shock. The lack of upward momentum is due to the lack of positive drivers. In the short term, the impact on the spot market is limited. Next week, the supply is expected to increase, and the demand remains weak. The paper price may decline, and the futures price may follow suit [51]. - **Valuation**: The current valuation does not provide delivery profits, and the overall valuation is low. The current futures price is close to the production cost of some less integrated enterprises [51]. - **Strategy**: The recommended strategy is to sell high [51].

Report Industry Investment Rating - Not provided Core Viewpoints - For double - offset paper, with weak fundamentals and low prices, it is recommended to view it as oscillating weakly. For pulp futures, a short - selling approach on rallies is suggested [6][15] - The short - side main force has increased positions in pulp, and the long - side main force has reduced positions in double - offset paper, both being bearish signals [18] Summary by Related Catalogs Double - Offset Paper Fundamental Analysis - **Price**: The average price of double - offset paper enterprises was weakly sorted. The tax - included average price of 70g double - offset paper was 4,785.7 yuan/ton, with a month - on - month decrease of 1.2% [3] - **Supply**: The output was 195,000 tons, a decrease of 10,000 tons or 4.9% from the previous period. The capacity utilization rate was 52.9%, down 2.7% from the previous period. Although the industry's profitability was low and there was some production switching, new installations led to an incremental supply [4] - **Cost**: The prices of softwood pulp and hardwood pulp were flat, providing limited cost support [5] - **Demand**: Dealers were cautious about stockpiling, social orders of downstream printing factories were average, and overall demand was mainly for essential needs [5] - **Strategy**: As some suspended production enterprises have not fully resumed production, the industry's profitability is under pressure. It is expected that the supply increase next week will be limited [6] Supply - Demand Analysis of Double - Offset Paper - Some suspended production enterprises resumed work this week, the capacity utilization rate increased month - on - month, but downstream consumption was not boosted. User purchases were mainly for essential needs, and dealers mostly followed a just - in - time inventory strategy. Enterprise inventories increased slightly, and on - site inventories continued to rebound slightly and were at a high level in recent years [8] Pulp Futures Fundamental Analysis - The spot price of silver leaf pulp in Shandong remained stable. With weak supply and demand, the industry's operating rate was low, and the support at the 5000 - point level was weakening [15]

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The report indicates that the price of offset printing paper is in a low - level shock. The trend strength of double - offset paper is - 1, suggesting a bearish outlook [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Spot Market**: In the Shandong market, the prices of 70g Tianyang, 70g Chenming Yunjing, 70g Huaxia Taiyang, and 70g Benbai Mudan remained unchanged at 4550, 4800, 4800, and 4550 yuan/ton respectively on September 10, 2025, compared to the previous day. In the Guangdong market, the prices of 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also remained stable at 4500, 4650, and 4750 yuan/ton respectively [1]. - **Cost and Profit**: The pre - tax and after - tax costs and profits of offset printing paper remained unchanged on September 10, 2025. The pre - tax cost was 5046 yuan/ton, the pre - tax gross profit was - 228 yuan/ton, the after - tax cost was 4638 yuan/ton, and the after - tax gross profit was - 374 yuan/ton [1]. - **Futures and Basis**: The closing prices of OP2601.SHF and OP2603.SHF were 4208 and 4218 respectively, with a 1 - 3 spread of - 10. The basis in the Shandong market for Tianyang - 01 and Mudan - 01 was 342, and in the Guangdong market, the basis for Tianyang - 01 was 292 [1]. Industry News - **Shandong Market**: The mainstream negotiated price of high - white double - offset paper in the Shandong market was 4750 - 4800 yuan/ton, and the price of some ben - white double - offset paper was in the range of 4300 - 4600 yuan/ton, remaining stable compared to the previous day. Large - scale paper mills were operating normally, while small and medium - sized mills adjusted production flexibly. Dealers maintained stable prices and were cautious about inventory, and downstream printing factories had average procurement demand [2]. - **Guangdong Market**: The mainstream negotiated price of high - white double - offset paper in the Guangdong market was 4600 - 4800 yuan/ton, and the price of ben - white double - offset paper was 4500 yuan/ton, remaining unchanged from the previous day. Paper mills' quotes were stable, dealers' inventory was rational, and printing factories' orders were limited, resulting in a general trading atmosphere [3][4]. Trend Intensity The trend intensity of double - offset paper is - 1, indicating a bearish view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [1].