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

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

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

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - Pulp lacks clear driving factors in the short term and is expected to fluctuate at a low level [1]. 3. Summary by Related Catalogs Price Data - **Futures Prices**: On June 3, 2025, SP2601 was 5238, down 1.32% day - on - day and 1.17% week - on - week; SP2507 was 5414, down 1.42% day - on - day and up 1.65% week - on - week; SP2509 was 5222, down 1.36% day - on - day and 1.47% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6200, unchanged day - on - day and down 0.80% week - on - week; Russian Needle was 5400, unchanged day - on - day and down 0.92% week - on - week; Hardwood pulp Goldfish was 4150, unchanged day - on - day and down 1.19% week - on - week [1]. - **Outer - disk Quotes**: Chilean Silver Star was 740 dollars, down 3.90% month - on - month; Chilean Star was 560 dollars, down 11.11% month - on - month; Chilean Venus was 620 dollars, down 4.62% month - on - month [1]. - **Import Costs**: Import costs decreased. For example, Chilean Silver Star's import cost decreased from 6289 to 6046, a 3.87% decline [1]. Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; hardwood pulp imports were 119.9 tons, down 18.44% month - on - month. The shipment of pulp to China in March 2025 was 1813 tons, up 20.70% month - on - month [1]. - **Inventory**: As of May 29, 2025, the inventory of mainstream pulp ports in China was 216.1 tons, up 0.4 tons from the previous period, a 0.2% increase. The inventory showed a slight accumulation trend [1]. - **Demand**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid procurement. Among the main finished paper products, the output of white cardboard increased slightly, while the output of other paper types remained stable [1]. Valuation Data - **Basis**: The Russian Needle basis was - 14, with a quantile level of 0.67; the Silver Star basis was 786, with a quantile level of 0.958 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 154, with a quantile level of 0.808; the import profit of hardwood pulp Goldfish was - 437, with a quantile level of 0.219 [1].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The current macro - level positive factors have not yet been reflected in the demand for finished paper, and it is recommended to wait and see [1]. Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On May 22, 2025, SP2601 was 5312, down 0.45% day - on - day and 0.08% week - on - week; SP2507 was 5426, up 0.11% day - on - day and 0.74% week - on - week; SP2509 was 5316, down 0.41% day - on - day and 0.04% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6250, unchanged day - on - day and down 0.79% week - on - week; Knit Coniferous was 5450, unchanged; Broad - leaf pulp Goldfish was 4200, unchanged and down 1.18% week - on - week [1]. - **Outer - disk Quotes**: Chilean Silver Star was 740 dollars, down 3.90% month - on - month; Chilean Star was 560 dollars, down 11.11% month - on - month; Chilean Venus was 620 dollars, down 4.62% month - on - month [1]. - **Import Costs**: Chilean Silver Star was 6046, down 3.87% month - on - month; Chilean Star was 4587, down 11.00% month - on - month; Chilean Venus was 5073, down 4.57% month - on - month [1]. Pulp Fundamental Data Supply - **Import Volume**: In April 2025, coniferous pulp import volume was 75.8 tons, down 5.01% month - on - month compared to March; broad - leaf pulp import volume was 119.9 tons, down 18.44% month - on - month compared to March [1]. - **Domestic Output**: On May 22, 2025, broad - leaf pulp domestic output was 20 tons; chemical mechanical pulp was 20 tons [1]. - **Shipment Volume to China**: In March 2025, the pulp shipment volume to China was 1813, up 20.70% compared to February [1]. Inventory - **Port Inventory**: On May 22, 2025, pulp port inventory was 215.7 tons, down 4.1 tons from the previous period, a 1.9% decline [1]. - **Delivery Warehouse Inventory**: On May 22, 2025, it was 26.10 tons [1]. Demand - **Finished Paper Output**: On May 22, 2025, double - offset paper output was 20.03 tons; coated paper was 7.60 tons; tissue paper was 27.60 tons; white cardboard was 28.30 tons [1]. Pulp Valuation Data - **Basis**: On May 22, 2025, Russian coniferous basis was 24, with a quantile level of 0.761; Silver Star basis was 824, with a quantile level of 0.968 [1]. - **Import Profit**: On May 22, 2025, coniferous pulp Silver Star import profit was 204, with a quantile level of 0.84; broad - leaf pulp Goldfish was - 387, with a quantile level of 0.236 [1]. Summary of Supply, Demand, and Inventory - **Supply**: Chile's Arauco company announced May 2025 wood pulp outer - disk prices: coniferous pulp Silver Star at 740 dollars/ton, down 30 dollars/ton; broad - leaf pulp Star had no supply in May and June, with partial supply expected to resume in July; natural pulp Venus at 620 dollars/ton, down 30 dollars/ton [1]. - **Demand**: Cultural paper and white cardboard manufacturers issued price - increase letters, and the implementation is to be determined; finished paper output remained stable [1]. - **Inventory**: As of May 22, 2025, the inventory of China's mainstream pulp ports was 215.7 tons, showing a de - stocking trend [1].