Report on the Investment Rating of the Industry No information about the industry investment rating is provided in the content. Core Views of the Report - This week, the market price of offset printing paper decreased slightly. In the short term, the supply side will remain stable next week. Although the pick - up of publication orders will support paper prices, social orders are in the off - season, and there may be individual price cuts to promote orders. It is expected that the weekly average price of the offset printing paper market will decline next week. In the long - term, the overall capacity of the offset printing paper industry is still in excess, and a bearish view is maintained [5][53]. Summary According to the Table of Contents 1. Overview No specific overview content is provided in the content other than the title. 2. Market Trends - This week, the 70g wood - pulp high - white offset printing paper market average price was 5,133 yuan/ton, a 0.58% week - on - week decrease, and the trend changed from stable to downward. The 70g wood - pulp natural - white offset printing paper market average price was 4,795 yuan/ton, a 26 yuan/ton decline or 0.54% decrease, and the decline rate increased by 0.15 percentage points week - on - week [5][53]. - In the spot market, prices of some paper types in Shandong and Guangdong markets remained stable, while prices of some decreased. In terms of cost - profit, pre - tax and after - tax gross margins changed slightly [12]. 3. Supply - Demand Data Supply - In 2024, the domestic offset printing paper industry's 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% [21]. - This week, the domestic offset printing paper industry's output was 165,100 tons, and the capacity utilization rate was 50.0% [26]. Demand - From the perspective of terminal consumption, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down in recent years [49]. Inventory - This Thursday, the offset printing paper inventory days decreased by 0.79% compared with last Thursday, and the trend changed from increasing to decreasing. In terms of inventory days, Central China > East China > South China; social inventory pressure is higher than enterprise inventory [7][44]. Import and Export - In April, the domestic offset printing paper import volume was 15,000 tons, and the export volume was 74,400 tons [38]. 4. Market Judgment - **Review**: This week, the market price of offset printing paper decreased slightly. The reasons include stable supply, cautious purchasing by dealers, slow consumption of downstream base paper, and weakening cost support [5][53]. - **Outlook**: In the short term, supply will be stable next week. Although publication orders will support paper prices, social orders are in the off - season, and prices may decline. From the pulp market perspective, there is insufficient positive support from the cost side. In the long - term, the overall capacity of the offset printing paper industry is in excess, and a bearish view is maintained [5][53]. 5. Industry News - The weekly enterprise inventory of domestic offset printing paper decreased this week, and the start - up load rate was 49.97%, a 0.68 - percentage - point increase from last week [7][8]. - Arauco in Chile announced a new round of wood - pulp export quotations: coniferous pulp Silver Star at $720/ton, natural - color pulp Venus at $620/ton, and no quotation for hardwood pulp Star [8]. - The Shanghai Futures Exchange solicited public opinions on the futures contracts, option contracts, and relevant business rules of offset printing paper [8].

Core Viewpoint - The Indian Ministry of Finance has decided to cancel the anti-dumping duties on Zhejiang Kingdecor Co., Ltd. while continuing to impose duties on other Chinese manufacturers of decorative paper, following a positive final ruling from the Ministry of Commerce [1][2]. Group 1: Anti-Dumping Duties - The Indian Ministry of Finance announced the cancellation of anti-dumping duties for Zhejiang Kingdecor Co., Ltd. while maintaining duties for other manufacturers, with rates set at $110/ton for Shandong Boxing Ouhua Special Paper Co., Ltd. and Zibo OU-MU Special Paper Co., Ltd., and $297/ton for Hangzhou Huawang New Material Technology Co., Ltd. [1] - The anti-dumping measures are effective from December 27, 2021, and will last for five years [1]. - The investigation into the anti-dumping duties was initiated on September 30, 2020, based on a complaint from ITC Limited Paperboards and Specialty Papers Division [2]. Group 2: Investigation and Review Process - The Ministry of Commerce initiated a review investigation on March 28, 2024, based on requests from Hangzhou Huawang New Material Technology Co., Ltd. and various Indian importers and manufacturers [3]. - This review aims to reassess the scope of the products involved and to re-determine the dumping margins, covering all aspects of previous final investigation results [3]. - The positive final ruling from the Ministry of Commerce was issued on March 25, 2025, confirming the findings of the review [3].

Core Viewpoint - Zhejiang Jingxing Paper Industry Co., Ltd. is actively managing its financial and operational risks while navigating a challenging market environment, particularly in the paper industry, which is facing price pressures and fluctuating demand. Financial Performance - The company reported a slight increase in revenue for 2024, with total revenue reaching 54.79 billion yuan, driven by a rise in sales from its recycled pulp board project in Malaysia [14][5]. - The net profit for 2024 saw a decline due to increased operating expenses and reduced non-recurring income, with the first quarter of 2025 showing a net loss [5][14]. - The company's asset-liability ratio remains low, indicating a stable financial structure, with cash reserves providing a buffer for debt repayment [2][1]. Market Position - Jingxing Paper is recognized as a leading player in the domestic corrugated paper industry, benefiting from a favorable market position and high operational efficiency [1][2]. - The company maintains a diverse product portfolio, with packaging paper accounting for approximately 74.99% of its revenue in 2024 [14][15]. - The company has a strong market presence in the Yangtze River Delta region, with over 80% of its sales concentrated in Zhejiang, Shanghai, and Jiangsu [15][14]. Industry Trends - The paper industry is experiencing a cyclical downturn, with overall demand and prices under pressure due to increased competition and weak end-user demand [6][7]. - In 2024, the production of paper and paperboard in China reached 136.25 million tons, reflecting a year-on-year growth of 5.09%, while consumption grew by 3.56% [7][6]. - The industry is facing challenges from rising raw material costs, particularly for waste paper and wood pulp, which significantly impact production costs [8][9]. Investment Projects - The company has invested significantly in a recycled pulp board project in Malaysia, with total investments amounting to 19.22 billion yuan, aimed at securing raw material supply [4][5]. - The project is expected to reach an annual production capacity of 800,000 tons, with the first phase already operational and contributing to revenue [4][14]. Risk Factors - The company faces risks related to raw material price volatility, particularly for waste paper and wood pulp, which constitute a significant portion of production costs [23][24]. - Geopolitical risks and currency fluctuations associated with overseas investments, particularly in Malaysia, could impact financial stability [2][5]. - Environmental regulations and compliance costs are increasing, posing additional operational challenges for the company [11][19].

Group 1 - Linping Development Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, with a fundraising target of 1.2 billion yuan for two major projects [3] - The company specializes in the research, production, and sales of corrugated paper and boxboard, and was established in 2002 with a registered capital of 56.5611 million yuan [3] - The company plans to use the raised funds for a 900,000-ton green and intelligent manufacturing new materials project (Phase II) and a 600,000-ton bio-based fiber green intelligent manufacturing new materials project [3] Group 2 - Li Jianshe is the controlling shareholder, holding 84.86% of the company's shares, and through an investment partnership, he indirectly controls an additional 3.54% of the voting rights, totaling 88.40% [5] - Li Jianshe has a background in transportation and paper trading, and has held various positions within the company since its inception [6] Group 3 - The company's projected revenues for 2022, 2023, and 2024 are 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan, respectively, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan [6] - The company experienced a decline in performance in 2024 due to the impact of Typhoon "Bebinca," which caused damage to facilities and inventory, leading to a production halt of over 30 days [6] - The comprehensive gross profit margins for the years 2022, 2023, and 2024 are 7.67%, 9.85%, and 9.37%, respectively [6]

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. is seeking to raise 1.2 billion yuan through an IPO on the Shanghai Stock Exchange, focusing on the production of packaging paper products [1][5]. Company Overview - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard, recognized as a high-tech enterprise with independent R&D capabilities [3]. - The company integrates waste paper utilization, cogeneration, and green paper-making, emphasizing environmental protection and resource recycling [3]. Market Position - Linping Development has a current production capacity of 1.2 million tons and ranks among the top 30 paper production companies in China, with a projected output of 1.0197 million tons in 2024 [4]. - The company holds a significant market share in Anhui Province, accounting for 35.65% of the province's paper and board production and 0.75% of the national total [4]. Financial Performance - The company reported revenues of 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan for the years 2022 to 2024, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [5]. Future Growth Plans - The IPO proceeds will be allocated to projects aimed at producing 900,000 tons of green intelligent manufacturing materials and 600,000 tons of bio-based fiber materials [5]. - The investment projects are expected to enhance product upgrades, production capacity, and market share, thereby improving profitability [6]. - The company plans to phase out outdated production lines and invest in new intelligent production lines to enhance efficiency and product quality [6].

Core Viewpoint - The volatility of pulp prices in the current global economic environment poses significant operational risks for upstream and downstream enterprises, particularly for small and medium-sized enterprises (SMEs) that lack professional risk management teams and sufficient capital to engage in futures markets for risk management [1][2]. Group 1: Industry Background - China, as a major consumer of pulp, has a nearly 100% dependence on imported softwood pulp and over 50% dependence on hardwood pulp, leading to significant operational risks due to price volatility driven by foreign suppliers [2]. - The cost of raw materials accounts for 70% to 80% of the pricing for paper manufacturers, making them vulnerable to fluctuations in international pulp prices [2]. Group 2: Risk Management Solutions - A futures risk management company has engaged in basis trading by signing contracts with upstream suppliers to purchase large quantities of pulp and then retailing it to SMEs in the downstream pulp industry [3]. - By utilizing basis trading, upstream companies can lock in sales profits and mitigate the risk of price fluctuations [4]. - The risk management company establishes a stable inventory to ensure supply for downstream enterprises, allowing them to flexibly procure based on their production needs [5]. Group 3: Pricing Mechanisms - The company employs both front-point pricing and back-point pricing models in basis trading to accommodate different risk management needs of enterprises [6][7]. - For instance, a medium-sized paper manufacturer utilized a back-point pricing contract to manage procurement costs effectively, allowing for flexible payment and delivery based on market conditions [7][8]. Group 4: Benefits of Basis Trading - Basis trading allows enterprises to transfer price volatility risks to the risk management company, which then hedges these risks in the futures market [8]. - This trading model enhances the pricing power of downstream enterprises, making spot pricing more reflective of market supply and demand dynamics [10]. Group 5: Strengthening Supply Chains - The risk management company facilitates the establishment of stable supply chains by locking in procurement agreements with upstream suppliers and ensuring supply contracts with downstream clients [11]. - This dual approach helps SMEs mitigate risks associated with cash flow and inventory management, thereby enhancing their resilience against market fluctuations [11]. - Overall, the integration of basis trading and profit-locking tools allows for a more efficient allocation of resources and cost management across the industry chain [11].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the mainstream price of the offset printing paper market remained stable, with individual prices slightly loosening. In the short term, the supply - demand contradiction in the fundamentals is not significant, and the supply side will be basically stable next week. As publication orders are gradually picked up, the paper mill inventory may decrease. However, social orders are still in the off - season, and dealers are expected to sell at stable prices, with possible individual price cuts to boost sales at the end of the month. The suspension of the "Bratsk" brand of bleached sulfate softwood pulp futures for delivery may boost pulp prices and have a short - term positive impact on paper prices. In the long - term, the core contradiction of offset printing paper is that the growth rate of terminal demand cannot cover the growth rate of capacity expansion, and the paper price is expected to be weak with possible seasonal highs around October [5][52]. Summary According to Relevant Catalogs 1. Overview No specific content provided. 2. Market Trends - The average market price of 70g wood - pulp high - white offset printing paper this week was 5,163 yuan/ton, remaining unchanged from last week. The average market price of 70g wood - pulp natural - white offset printing paper was 4,821 yuan/ton, a decrease of 19 yuan/ton (0.39% decline), and the decline rate narrowed by 0.06 percentage points compared to last week [5][52]. - In the Shandong market, the prices of 70g Tianyang, 70g Chenming Yunjing, and 70g Huaxia Taiyang remained unchanged. In the Guangdong market, the price of 70g Tianyang decreased by 50 yuan/ton, while the prices of 70g Chenming Yunbao and 70g Huaxia Taiyang remained stable. The pre - tax and after - tax gross profits of offset printing paper increased compared to last week [11]. 3. Supply - Demand Data Industry Capacity - In 2024, the domestic offset printing 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% [20]. Weekly Production and Capacity Utilization - This week, the domestic offset printing paper industry production was 162,900 tons, and the capacity utilization rate was 49.3% [23]. Weekly Sales and Inventory - This week, the domestic offset printing paper industry sales were 156,000 tons, and the enterprise inventory was 378,500 tons [29]. Import and Export - In April, the domestic offset printing paper import volume was 13,000 tons, and the export volume was 69,600 tons [37]. Inventory - In terms of inventory days, Central China > East China > South China, and the social inventory pressure is higher than the enterprise inventory [43]. Terminal Consumption - In recent years, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down [48]. 4. Market Judgment - **Market Review**: The main factors affecting the market price trend are that the paper mill production has little change, dealers' orders have not improved, publication orders have not been picked up in large quantities, social orders are weak, and the upstream wood - pulp price has declined, which has a negative impact on the offset printing paper market [5][52]. - **Future Outlook**: In the short term, the supply - demand contradiction is not significant, and the supply side will be stable. With the pick - up of publication orders, paper mill inventory may decrease. Social orders are in the off - season, and dealers are expected to sell at stable prices. The suspension of the "Bratsk" brand for delivery may boost pulp prices and have a short - term impact on paper prices. In the long - term, the paper price is expected to be weak with possible seasonal highs around October [5][52].

Report Industry Investment Ratings No relevant content provided. Core Views - The short - term oil price is mainly affected by geopolitical situations, with high uncertainty and expected to be highly volatile. The macro - risk is difficult to resolve due to the ongoing Sino - US trade negotiations and potential inflation pressure in the US. [3] - For asphalt, the cost side remains high, and the supply - demand pattern is weak. The short - term price is expected to be supported by the oil price, but the asphalt - crude oil crack spread continues to decline. [7] - The domestic liquefied gas market is under pressure during the summer off - season, but the sharp rise in oil prices provides strong support for the PG price. [9] - High - sulfur fuel oil has support from geopolitics and peak - season power generation demand, while low - sulfur fuel oil has a recovering supply and weak downstream demand. [12] - The natural gas price in the US is expected to gradually rise due to increased demand, and the European natural gas price has soared due to geopolitical tensions. [14] - For PX, the supply increases significantly in June, and the profit is compressed. The supply is expected to decrease in early July due to maintenance plans. [16] - PTA's supply - demand margin is expected to weaken in July, with the downstream in the seasonal consumption off - season. [17] - Ethylene glycol maintains a tight - balance pattern, and the supply - demand gap is expected to narrow in June. [19] - Short - fiber processing fees are expected to be strongly supported in June, with stable downstream start - up. [21] - For bottle - grade polyester chips, the production enterprises' losses are expanding, and some enterprises may stop production later. [23] - The supply of styrene is expected to increase slightly, and the medium - term supply - demand margin is expected to weaken, but the short - term price is expected to fluctuate at a high level due to low inventory. [24] - The supply - demand of polyolefins is expected to be weak, and short - term observation is recommended, with a mid - term idea of shorting on rebounds. [28] - PVC has a long - term supply - surplus pattern, and short - term observation is recommended, while maintaining a short - on - rebound idea. Caustic soda's 09 contract is expected to be weak, with a mid - term bearish view. [32] - For soda ash, the supply - surplus pattern is intensifying, and interval operation with a short - bias is recommended. [34] - Glass is expected to have a weak price in the short - term, and interval operation with a short - bias is recommended, paying attention to cost reduction and plant cold - repair. [36] - The log spot market still faces challenges in the long - term, and short - term observation is recommended, paying attention to 9 - 11 reverse spreads. [39] - The prices of corrugated paper and box - board paper are expected to continue to decline, with weak market transactions. [40] - The double - offset paper market shows a weak supply - demand pattern, and the price maintains a low - level fluctuation. [42] - For pulp, the short - term observation of the SP 09 contract is recommended, paying attention to the support at the Monday low. [44] - For natural rubber, hold short positions in the RU 09 and NR 08 contracts, and hold relevant spreads. [47] - For butadiene rubber, observe the BR 08 contract, paying attention to the pressure at the Monday high, and hold relevant spreads. [49] Summary by Directory Crude Oil - **Market Review**: WTI2507 contract settled at $71.77, down $1.21/barrel (- 1.66%); Brent2508 contract settled at $73.23, down $1.00/barrel (- 1.35%); SC main contract 2508 rose to 529.2 yuan/barrel and then fell to 523 yuan/barrel at night. The Brent main - second - line spread was $1.39/barrel [1] - **Related News**: Iran expressed willingness to return to negotiations and hope for a cease - fire, but the US signaled a possible entry into the Middle - East battlefield, increasing geopolitical risks. OPEC lowered the forecast of non - OPEC+ oil supply growth in 2026 [3] - **Trading Strategy**: Brent's intraday oscillation range is expected to be $72 - 77/barrel. Consider gasoline and diesel crack spreads weakening, and observe options [4] Asphalt - **Market Review**: BU2509 closed at 3605 points at night (- 1.10%), BU2512 closed at 3440 points at night (- 1.29%). Spot prices varied by region [5] - **Related News**: In different regions, asphalt prices showed different trends due to factors such as cost, supply, and weather [5][6] - **Trading Strategy**: High - level oscillation for single - side trading, weakening asphalt - crude oil spreads, and observing options [7] Liquefied Gas - **Market Review**: PG2507 closed at 4342 at night (- 0.41%), PG2508 closed at 4258 at night (- 0.35%). Spot prices varied by region [7] - **Related News**: Different regions had different price trends due to factors such as cost, supply, and demand [8][9] - **Trading Strategy**: Oscillation with a bullish bias for single - side trading [10] Fuel Oil - **Market Review**: FU09 contract closed at 3200 at night (- 1.42%), LU08 closed at 3758 at night (- 2.49%). Singapore paper - cargo spreads were given [10] - **Related News**: Russian fuel exports had different trends in different regions, and Singapore's marine fuel sales reached a 16 - month high in May [10][11] - **Trading Strategy**: Observe single - side trading, pay attention to geopolitical and macro - disturbances, and go long on the FU9 - 1 positive spread on dips [13] Natural Gas - **Market Review**: No specific market review data provided - **Related News**: US natural gas inventory increased more than expected, and European natural gas prices soared due to geopolitical tensions and high - temperature demand [14] - **Trading Strategy**: Go long on the HH contract on dips and be bullish on the TTF contract [14] PX - **Market Review**: PX2509 main contract closed at 6758 and then at 6694 at night. Spot prices and PXN were given [15] - **Related News**: Jiangsu and Zhejiang polyester yarn sales were weak [15] - **Trading Strategy**: High - level oscillation for single - side trading, long PX and short PTA for spreads, and observe options [16] PTA - **Market Review**: TA509 main contract closed at 4766 and then at 4724 at night. Spot prices and basis were given [16] - **Related News**: Jiangsu and Zhejiang polyester yarn sales were weak [16] - **Trading Strategy**: High - level oscillation for single - side trading, long PX and short PTA for spreads, and observe options [17] Ethylene Glycol - **Market Review**: EG2509 main contract closed at 4374 and then at 4336 at night. Spot prices and basis were given [18] - **Related News**: Jiangsu and Zhejiang polyester yarn sales were weak, port inventory decreased, and some Iranian devices stopped [18][19] - **Trading Strategy**: High - level oscillation for single - side trading, observe spreads and options [20] Short - Fiber - **Market Review**: PF2508 main contract closed at 6510 and then at 6448 at night. Spot prices were given [21] - **Related News**: Jiangsu and Zhejiang polyester yarn sales were weak [21] - **Trading Strategy**: High - level oscillation for single - side trading, observe spreads and options [22] Bottle - Grade Polyester Chips - **Market Review**: PR2507 main contract closed at 5980 and then at 5926 at night. Spot prices were given [22] - **Related News**: Polyester bottle - chip factory export quotes were mostly stable with partial small increases [23] - **Trading Strategy**: High - level oscillation for single - side trading, observe spreads and options [22] Styrene - **Market Review**: EB2507 main contract closed at 7589 and then at 7422 at night. Spot prices and basis were given [24] - **Related News**: Benzene - ethylene port inventory decreased, and upstream pure - benzene port inventory increased [24] - **Trading Strategy**: High - level oscillation for single - side trading, observe spreads and options [25] Plastic PP - **Market Review**: LLDPE market prices continued to rise, and PP spot prices varied by region [26] - **Related News**: PE and PP maintenance ratios changed, and producer inventory decreased [26][27] - **Trading Strategy**: Observe in the short - term, short on rebounds in the mid - term, observe spreads and options [29] PVC and Caustic Soda - **Market Review**: PVC spot prices decreased, and caustic soda spot prices in some regions decreased [29] - **Related News**: Some prices of raw materials and products changed, and some enterprises adjusted prices [30] - **Trading Strategy**: Observe PVC in the short - term, short on rebounds in the long - term; be bearish on caustic soda's 09 contract, hold 8 - 10 reverse spreads, and observe options [33] Soda Ash - **Market Review**: Soda ash futures main 09 contract closed at 1174 yuan/ton and then at 1169 yuan/ton at night. Spot prices changed [33][34] - **Related News**: Soda ash inventory increased, and production increased [34] - **Trading Strategy**: Interval operation with a short - bias for single - side trading, observe spreads, and sell out - of - the - money call options [35] Glass - **Market Review**: Glass futures main 09 contract closed at 980 yuan/ton and then at 978 yuan/ton at night. Spot prices changed [35][36] - **Related News**: The glass market was weak, and some macro - data were unfavorable [36] - **Trading Strategy**: Interval operation with a short - bias for single - side trading, observe spreads, and sell out - of - the - money call options [37] Log - **Market Review**: Log spot prices in some regions were stable, and the main contract price rose [38] - **Related News**: Imported log shipping costs were stable, and arrival volumes in some ports changed [38] - **Trading Strategy**: Observe single - side trading, pay attention to 9 - 11 reverse spreads, and observe options [39] Corrugated Paper - **Market Review**: Corrugated and box - board paper prices mostly remained stable with some declines in the South [39][40] - **Related News**: Market transactions were weak, raw material prices decreased, and production loads decreased [40] - **Trading Strategy**: No specific trading strategy provided Double - Offset Paper - **Market Review**: Double - offset paper market was stable, and production and inventory data were given [41][42] - **Related News**: The market showed a weak supply - demand pattern [42] - **Trading Strategy**: No specific trading strategy provided Pulp - **Market Review**: The SP main 09 contract showed a small oscillation [42] - **Related News**: The papermaking industry was in the off - season, and some paper enterprises tried to raise prices [43][44] - **Trading Strategy**: Observe the SP 09 contract, pay attention to the support at the Monday low, and observe spreads [44] Natural Rubber - **Market Review**: RU, NR, and BR contract prices changed, and spot prices were given [44][45] - **Related News**: China's auto production and sales increased in May [46] - **Trading Strategy**: Hold short positions in the RU 09 and NR 08 contracts, hold relevant spreads, and observe options [47] Butadiene Rubber - **Market Review**: BR contract price decreased, and related spot prices were given [47] - **Related News**: A tire company had development plans [48] - **Trading Strategy**: Observe the BR 08 contract, pay attention to the pressure at the Monday high, hold relevant spreads, and observe options [49]

Core Viewpoint - The local environmental authority is investigating complaints regarding air pollution from a paper company in Deyang, Sichuan, and has implemented measures to monitor and mitigate the issue [1][5]. Group 1: Complaint and Investigation - A resident reported persistent unpleasant odors in Guanghan City, suspecting that nearby factories were discharging untreated waste gas [3]. - The Deyang Guanghan Ecological Environment Bureau conducted multiple inspections of the paper company, confirming that its emissions were within national standards, but noted intermittent mild odors in the vicinity [5]. Group 2: Pollution Control Measures - The company has installed four sets of waste gas collection and treatment facilities to reduce emissions from its drying workshop, which had shown signs of corrosion and required maintenance [6]. - Following repairs, the monitoring data indicated a decrease in odor levels, remaining well below national emission standards [6]. Group 3: Future Oversight - The Deyang Guanghan Ecological Environment Bureau plans to enhance monitoring of the company to ensure effective odor control and compliance with environmental regulations [7].

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on June 13, 2025 [1] SP Main Contract Information - The closing price of the SP main contract on June 12, 2025, was 5268.00 [2] - The closing prices on previous days were 5346.00 on June 11, 5376.00 on June 10, 5394.00 on June 9, and 5280.00 on June 6 [2] - The corresponding US dollar - converted prices were 640.45, 649.76, 653.35, 655.85, and 641.73 respectively [2] - The daily price changes were - 1.45903% on June 12, - 0.55804% on June 11, - 0.33370% on June 10, 2.15909% on June 9, and 0.00000% on June 6 [2] - The Shandong Yinxing basis was 867 on June 12, 814 on June 11, 824 on June 10, 766 on June 9, and 880 on June 6 [2] - The Jiangsu - Zhejiang - Shanghai Yinxing basis was 882 on June 12, 854 on June 11, 839 on June 10, 806 on June 9, and 920 on June 6 [2] Import Profit Information - Calculated with a 13% VAT, for Canadian pulp brands: the CFR price of Golden Lion was 780 US dollars, with a Shandong - area RMB price of 6650 and an import profit of 201.55; the CFR price of Lion was 730 US dollars, with a Shandong - area RMB price of 5800 and an import profit of - 167.78 [3] - For the Chilean brand Yinxing with a CFR letter of credit for 90 days, the price was 740 US dollars, the Shandong - area RMB price was 6135, and the import profit was 61.08 [3] Pulp Price Averages - From June 6 to June 12, 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 [3] - The Shandong - area average prices of these pulp types also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [3] Paper Product Indexes - From June 9 to June 12, 2025, the cultural paper indexes (double - offset index and double - copper index), packaging paper index (white - card index), and living paper index remained unchanged at 5725, 5670, 4350, and 843 respectively [3] Paper Product Profit Margins - From June 9 to June 12, 2025, the estimated profit margins of double - offset paper changed from 8.4932% to 8.1437% (a change of 0.1068), double - copper paper from 23.2196% to 23.0093% (a change of 0.1051), white - card paper from - 10.3810% to - 9.7262% (a change of 0.2976), and living paper from 10.2775% to 9.9056% (a change of 0.4091) [3] Pulp Price Spreads - From June 6 to June 12, 2025, the softwood - hardwood price spread changed from 2050 to 1995, the softwood - natural price spread from 760 to 735, the softwood - chemimechanical price spread from 2310 to 2385, and the softwood - waste paper price spread from 4584 to 4559 [3]