1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market has no positive drivers in terms of fundamentals. It is at a key industry meeting point, with intensified games between upstream and downstream. Capital shifting continues to exert pressure, but there is still cost support at the integer - level price. The market is expected to move in a low - level oscillation [8] 3. Summary by Directory 3.1行情回顾与操作建议 - The previous settlement price of the pulp futures 05 contract was 5,278 yuan/ton, and the closing price was 5,088 yuan/ton, a decline of 3.60%. The intended transaction price range of softwood pulp in the Shandong market was 4,600 - 5,400 yuan/ton, with the high - end price dropping by 100 - 150 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 5,130 - 5,150 yuan/ton [7] - Arauco's March pulp export quotes: softwood pulp Yinxing remained at $710/ton; unbleached pulp Jinxing remained at $620/ton; hardwood pulp Mingxing increased by $20/ton to $620/ton. According to the January report released by PPPC, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year. According to UTIPULP data, in February 2026, the European wood pulp inventory was 703,600 tons, a month - on - month increase of 3.3% and a year - on - year decrease of 5.8%; the European wood pulp consumption was 820,700 tons, a month - on - month increase of 1.2% and a year - on - year increase of 3.4%. From January to February 2023, the cumulative total pulp imports were 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64%. Some downstream paper enterprises still face inventory pressure, with slow overall shipments and average market sales [8] 3.2行业要闻 - On March 17, the second - phase project of Asia - Pacific Senbo's 500,000 - ton annual household paper project was under construction. The second - phase project is expected to add 6 household paper production lines, slitting, post - processing production lines and production systems, and is expected to increase the household paper production capacity by 150,000 tons after completion. The project has completed about 30% of the total progress, and the company aims to complete and put it into production by the end of April next year [9] 3.3数据概览 - The report provides multiple data charts, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, offset paper, white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The pulp fundamentals have limited driving forces and continue to undergo low - level shock adjustments. The downstream paper enterprises still face inventory pressure, with slow overall shipments and average market sales [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 05 contract was 5,268 yuan/ton, and the closing price was 5,232 yuan/ton, a decline of 0.68%. The 09 contract decreased by 0.23%, and the 2701 contract decreased by 0.36% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market is 4,700 - 5,550 yuan/ton, with the high - end price down 50 yuan/ton from the previous trading day's closing price. The Shandong Yinxing is quoted at 5,280 - 5,300 yuan/ton [7]. - **External Quotes**: Chile's Arauco Company's March wood pulp export quotes show that the softwood pulp Yinxing remains at 710 US dollars/ton, the natural pulp Jinxing remains at 620 US dollars/ton, and the hardwood pulp Mingxing increases by 20 US dollars/ton to 620 US dollars/ton [8]. - **Industry Data**: In January, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 0.9% year - on - year, with softwood pulp down 5.5% and hardwood pulp up 3.5%. In January 2026, the European wood pulp inventory was 681,500 tons, a month - on - month decrease of 12.7% and a year - on - year decrease of 5.5%; the European wood pulp consumption was 802,400 tons, a month - on - month increase of 12.5% and a year - on - year decrease of 3.0%. In December 2025, the total pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of March 12, 2026, the weekly pulp inventory in major regions and ports was 2.3257 million tons, a month - on - month decrease of 2.64% [8]. 3.2 Industry News - ST Chenming announced that as of the disclosure date, its five production bases in Shouguang, Zhanjiang, Huanggang, Jiangxi, and Jilin have fully resumed production, with the overall production capacity restored to 100%. The company believes that full production can improve its operating cash flow, restore its self - hematopoietic function, and it will strengthen cost - reduction and efficiency - improvement and new product development to enhance profitability and competitiveness and resolve debt risks [9]. 3.3 Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][22][27][30].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs SP Main Contract Information - The closing price of the SP main contract on March 13, 2026, was 5272.00. The closing prices from March 9 - 13 showed fluctuations, with daily changes of -0.41338%, -1.05660%, 0.30511%, -0.15209%, and 0.38081% respectively [3]. - The converted US dollar prices and basis differences in Shandong and Jiangsu - Zhejiang - Shanghai regions also varied during this period [3]. Import Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, and its import profit in Shandong was 148.34 yuan; the CFR price of Lion was 730 US dollars, with an import loss of 471.81 yuan in Shandong. For Chilean Silver Star pulp with a 90 - day CFR letter of credit at 710 US dollars, the import loss in Shandong was 315.87 yuan [4]. Pulp Price Information - From March 9 - 13, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemical mechanical pulp remained unchanged, as did the average prices in Shandong. The prices of cultural paper, packaging paper, and living paper also remained stable, and the profit margins of related papers showed no change [4]. Price Difference Information - The softwood - hardwood price difference, softwood - natural price difference, softwood - chemical mechanical price difference, and softwood - waste paper price difference showed certain changes from March 9 - 13, 2026 [4][5].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The pulp futures main contract SP2605 continued its low - level oscillation pattern. The weak downstream demand restricted the upward movement of the market. Although the downstream paper mills' demand for pulp has improved slightly, the pace is slow. The domestic pulp port inventory is still at a relatively high historical level. The external market price continues to rise, providing some support for the cost of pulp prices. If the demand improves, it is recommended to consider buying on dips [7][36]. 3. Summary by Directory 3.1 This Week's Market Review - The pulp futures main contract SP2605 continued its low - level oscillation. Weak downstream demand made it difficult for the market to rise [7]. 3.2 Fundamental Analysis - **Price**: As of March 10, the monthly average prices of imported softwood pulp, imported chemimechanical pulp, and imported hardwood pulp were 5,251.24 yuan/ton, 3,883.33 yuan/ton, and 4,564.70 yuan/ton respectively, with month - on - month changes of - 0.61%, - 0.01%, and +0.20% [12]. - **Import Volume**: From January to February 2026, China's pulp imports were 6.044 billion tons, with an import value of 3.48 billion US dollars and an average unit price of 575.78 US dollars/ton. The cumulative import volume and value decreased by 5.4% and 12.8% respectively compared with the same period last year [16][36]. - **Domestic Port Inventory**: As of March 12, 2026, the weekly total inventory of pulp in major Chinese regions and ports decreased by 5.52% month - on - month, changing from an upward trend to a downward one. The destocking situation of domestic pulp ports needs to be observed [20]. - **European Port Inventory**: In January 2026, the total inventory in European ports decreased by 14.72% month - on - month and 11.34% compared with January 2025. The port inventories in most European countries showed a reduction trend [23]. - **Downstream Capacity and Start - up Rate**: Waste paper pulp accounts for 63% of China's total pulp consumption. In March, there is no new production capacity for white cardboard and coated paper. Double - offset paper has an expected trial run of 300,000 tons of new capacity at the end of the month, and tissue paper has an expected production of 120,000 tons of new capacity. The operating rate of downstream enterprises has increased, but the pace is slow [30]. 3.3 Future Outlook - The import volume and value from January to February 2026 decreased compared with the same period last year. In March, the operating rate of most downstream paper mills has returned to normal, and the demand for pulp has improved slightly but slowly. The domestic pulp port inventory is still at a relatively high level. The external market prices of major producing countries continue to rise, increasing the subsequent import cost and providing some support for pulp prices. If the demand improves, it is recommended to consider buying on dips [36].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a revenue of 447 million yuan in 2025, representing a year-on-year growth of 9.58%, and a net profit attributable to the parent company of 128 million yuan, which is a 27.49% increase year-on-year [3] - The company is projected to benefit from the expanding demand in commercial aerospace and data centers, which will drive growth in aramid paper applications [4][5] - The company has adjusted its profit forecast for 2025 down to 128 million yuan from an original estimate of 140 million yuan, while maintaining profit forecasts for 2026 and 2027 [3] Financial Summary - The company’s total revenue is expected to grow from 340 million yuan in 2023 to 803 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.7% [6] - The net profit attributable to the parent company is projected to increase from 82 million yuan in 2023 to 203 million yuan in 2027, reflecting a CAGR of 28.7% [6] - The earnings per share (EPS) is expected to rise from 0.56 yuan in 2023 to 1.39 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 99.3 to 40.0 over the same period [6][8]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp futures are expected to oscillate in the range of 5,200 - 5,400 yuan/ton. The lower limit is supported by the shutdown of a Finnish softwood pulp mill, while the upper limit is restricted by weak domestic demand and high inventory. The large number of warehouse receipts registered today also affects the price movement [5] Group 3: Summary by Relevant Catalogs 1. Pulp Price Data - **Futures Prices**: On March 11, 2026, SP2701 was 5,488 yuan/ton with a daily increase of 0.07% and a weekly increase of 0.29%; SP2609 was 5,318 yuan/ton with a daily increase of 0.26% and a weekly increase of 0.26%; SP2605 was 5,260 yuan/ton with a daily increase of 0.31% and a weekly increase of 0.27% [5] - **Spot Prices**: On March 11, 2026, the price of softwood pulp Silver Star was 5,350 yuan/ton with no daily change and a weekly increase of 1.90%; Russian softwood pulp was 5,150 yuan/ton with no daily change and a weekly increase of 1.98%; hardwood pulp Goldfish was 4,600 yuan/ton with no daily or weekly change [5] - **Outer - disk Quotes**: The outer - disk quotes of Chilean Silver Star, Star, and Venus were 710, 600, and 620 dollars/ton respectively, with no monthly change [5] - **Import Costs**: The import costs of Chilean Silver Star, Star, and Venus were 5,802, 4,911, and 5,073 yuan/ton respectively, with no monthly change [5] 2. Pulp Fundamental Data - **Import Volume**: In December 2025, the import volume of softwood pulp was 77.8 tons, a 7.31% increase from November 2025; the import volume of hardwood pulp was 135.2 tons, a 23.40% decrease from the previous period [5] - **Domestic Production**: On March 5, 2026, the domestic production of hardwood pulp was 24.3 tons, and that of chemimechanical pulp was 23.8 tons [5] - **Pulp Port Inventory**: As of March 5, 2026, the inventory of China's main pulp ports was 240.8 tons, a 0.3% increase from the previous period [5] - **Futures Delivery Warehouse Inventory**: As of a certain period, the inventory was 15.3 tons [5] - **Demand for Finished Paper**: The production of double - offset paper, coated paper, tissue paper, and kraft liner paper showed different trends. For example, the production of double - offset paper on a certain date was 19.80 tons [5] 3. Supply and Demand Analysis - **Supply Side**: Chile's Arauco Company's March softwood pulp offer was 710 dollars/ton, unchanged; the hardwood pulp Star offer was 620 dollars/ton, up 20 dollars/ton; the natural pulp Venus offer was 620 dollars/ton, unchanged [5] - **Demand Side**: The pulp demand has been stable recently. The price of finished paper is stable, and the production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5] 4. Inventory Analysis - As of March 5, 2026, the inventory of China's main pulp ports showed a cumulative trend. After the Spring Festival, the port inventory has been increasing for two consecutive weeks [5]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Report Date: March 12, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 05 contract was 5,276 yuan/ton, and the closing price was 5,260 yuan/ton, a decline of 0.30%. The intended transaction price range of softwood pulp in the Shandong market was 5,280 - 5,550 yuan/ton, with the high - end price down 50 yuan/ton from the previous trading day's closing price. The Shandong Yinxing quotation was 5,280 - 5,300 yuan/ton [7] - Foreign Offers: In March, Arauco's foreign offers for softwood pulp Yinxing were flat at $710/ton, for unbleached pulp Jinxing were flat at $620/ton, and for hardwood pulp Mingxing increased by $20/ton to $620/ton [8] - Market Data: In January, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year. In January 2026, the European wood pulp inventory was 681,500 tons, a decrease of 12.7% month - on - month and 5.5% year - on - year; the European wood pulp consumption was 802,400 tons, an increase of 12.5% month - on - month and a decrease of 3.0% year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a decrease of 4.1% month - on - month and 3.8% year - on - year. As of March 5, 2026, the weekly pulp inventory in major regions and ports was 2.3887 million tons, a 1.43% increase month - on - month [8] - Market Outlook: Some downstream paper enterprises have high inventory, mainly making rigid purchases, and the order scale is average. The supply - demand pressure of pulp needs further improvement, and it will fluctuate and adjust at a low level following the sector [8] Group 3: Industry News - ST Chenming: According to the company's 2025 semi - annual report, the company's inventory assets were 2.522 billion yuan, including raw materials worth 1.231 billion yuan, work - in - progress worth 24 million yuan, finished goods worth 168 million yuan, and consumable biological assets (mainly forestry assets) worth 1.099 billion yuan. The proportion of finished goods is small and in a normal sales state. Pay attention to the company's 2025 annual report for the impact of the off - balance - sheet financing lease on assets and liabilities [9] - Jiulong: On March 11, Jiulong's 10 major bases uniformly issued the fourth price increase letter after the Spring Festival. Some bases even "raised prices three times in one letter". The price adjustment is mainly due to the continuous pressure on the industry's cost side. Affected by the Middle East situation, energy prices soared, leading to a significant increase in the prices of related chemical products and a greater risk of unstable supply, resulting in a continuous rise in operating costs. The price adjustment of upstream base paper has gradually spread to downstream paperboard manufacturers [9] Group 4: Data Overview - The report includes multiple data charts, such as import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures spreads, needle - broadleaf spreads in Shandong, inter - period spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, copperplate paper and offset printing paper prices and spreads, white cardboard and whiteboard paper prices and spreads, and the US dollar - RMB exchange rate [15][17][19][25][28][29]

1. Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The pulp supply - demand pressure needs further improvement, and the price will fluctuate at a low level following the sector [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,362 yuan/ton, and the closing price was 5,244 yuan/ton, a decline of 2.20%. The intended transaction price range of softwood pulp in the Shandong market was 5,280 - 5,550 yuan/ton. The high - end price dropped 50 yuan/ton compared with the previous trading day's closing price, and the Shandong Yinxing was quoted at 5,280 - 5,300 yuan/ton [7]. - Chile's Arauco Company's March pulp FOB prices: softwood pulp Yinxing remained at $710/ton; natural pulp Jinxing remained at $620/ton; hardwood pulp Mingxing rose $20/ton to $620/ton. In January, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year. In January 2026, the European wood pulp inventory was 681,500 tons, a decrease of 12.7% month - on - month and 5.5% year - on - year; the European wood pulp consumption was 802,400 tons, an increase of 12.5% month - on - month and a decrease of 3.0% year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a decrease of 4.1% month - on - month and 3.8% year - on - year. As of March 5, 2026, the weekly pulp inventory in major regions and ports was 2.3887 million tons, a 1.43% increase month - on - month. Some downstream paper mills have high inventory and mainly make purchases based on rigid demand, with general order volume [8]. 3.2 Industry News - In 2025, the national output of machine - made paper and paperboard was 164.054 million tons, a year - on - year increase of 2.9%. The output of Guangdong Province was 23.8523 million tons, a year - on - year decrease of 9.9%, accounting for 14.5% of the national total. The cumulative operating income of the national machine - made paper and paperboard from January to December 2025 was 1.41867 trillion yuan, a year - on - year decrease of 2.6%. The operating income of Guangdong Province was 239.718 billion yuan, a year - on - year decrease of 7%, accounting for 16.9% of the national total [9]. - Famen Temple Paper Industry plans to build an intelligent upgrading and renovation project for a 100,000 - ton/year cultural paper pulping and paper machine production line. The project is located in the existing factory area of the Third Branch of Shaanxi Famen Temple Paper Industry, with existing papermaking facilities to be demolished and new production lines with a total capacity of 145,600 tons to be built, along with supporting auxiliary equipment [9]. 3.3 Data Overview - There are multiple data charts related to the pulp industry, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][25][28][29].

1. Report's Industry Investment Rating - Not provided in the report 2. Report's Core View - This week's pulp view is oscillating with an upward bias. The supply side has high port inventories and ongoing supply pressure, but the inventory accumulation is less than the same period last year, with relatively controllable pressure. The demand side sees the downstream start - up rate gradually increasing, and there are price - increase expectations for cultural paper and white cardboard, which may support the pulp market. Currently, the pulp market has cost - support and unmet demand. The closure of the Strait of Hormuz has a limited direct impact but an indirect impact on the domestic pulp market, and its long - term impact depends on the duration of the closure. It is recommended to buy on dips for unilateral trading and observe for inter - period and inter - variety trading [102]. 3. Summary by Relevant Catalogs Industry News - As of March 5, 2026, the pulp inventory at Changshu Port was 656,000 tons, a decrease of 29,000 tons from the previous period and a 4.2% month - on - month decrease. Qingdao Port's inventory was 1,562,000 tons, an increase of 42,000 tons and a 2.8% month - on - month increase. Gaolan Port's inventory was 69,000 tons, an increase of 7,000 tons and an 11.3% month - on - month increase. The total inventory of the main pulp ports in China was 2,408,000 tons, an increase of 7,000 tons and a 0.3% month - on - month increase [5][6]. - On March 3, 2026, the Joutseno pulp mill of the Finnish group Stora Enso will be shut down on March 31, 2026, with an annual production capacity of 690,000 tons of softwood pulp [6]. - On March 3, 2026, Zhanjiang Chenming's chemical pulp production line resumed production. Chile's Arauco's March softwood pulp offer was $710/ton, unchanged; hardwood pulp Star was $620/ton, up $20/ton; and natural pulp Venus was $620/ton, unchanged [7]. Market Data - **Market Trends** - On March 6, 2026, the basis of Silver Star was - 22 yuan/ton, with a 650% month - on - month decrease compared to February 27, 2026, and a 103.43% year - on - year decrease. The basis of Russian Needle was - 222 yuan/ton, with a 52.05% month - on - month decrease and a 105.56% year - on - year decrease. The price difference between Silver Star and Russian Needle was 200 yuan/ton, with a 33.33% month - on - month increase and a 73.33% year - on - year decrease [14]. - **Basis and Monthly Spread** - On March 6, 2026, the 05 - 07 monthly spread was - 22 yuan/ton, with a 31.25% month - on - month increase compared to February 27, 2026. The 07 - 09 monthly spread was - 24 yuan/ton, with a 29.41% month - on - month increase [19]. Fundamental Data - **Price** - **Needle - Broadleaf Price Difference and Import Profit** - The price difference between Silver Star and Goldfish widened, while the price difference between Russian Needle and Goldfish remained stable. On March 6, 2026, the price difference between Silver Star and Goldfish was 700 yuan/ton, with a 7.69% month - on - month increase and a 61.11% year - on - year decrease. The price difference between Russian Needle and Goldfish was 500 yuan/ton, with no month - on - month change and a 52.38% year - on - year decrease [24][26]. - The import profit of softwood pulp improved month - on - month, while that of hardwood pulp decreased. On March 6, 2026, the import profit of softwood pulp (Silver Star) was - 317.88 yuan/ton, with a 17.25% month - on - month increase and a 74.20% year - on - year decrease. The import profit of hardwood pulp (Star) was - 315.89 yuan/ton, with an 81.90% month - on - month decrease and a 50.64% year - on - year decrease [31][33]. - **Softwood Pulp** - The price of the main pulp contract rose and then narrowed. The spot price of imported softwood pulp increased slightly compared to before the holiday, but the actual trading atmosphere was relatively light [35]. - On March 6, 2026, the prices of Silver Star, Cariboo, Northern Wood, and Russian Needle were 5300 yuan/ton, 5550 yuan/ton, 5550 yuan/ton, and 5100 yuan/ton respectively [37]. - **Hardwood Pulp** - The FOB quotation of hardwood pulp was relatively firm, but the domestic market demand recovery was limited. The spot price of imported hardwood pulp declined weakly [39]. - On March 6, 2026, the prices of Goldfish, Star, Bird, and Broadleaf were 4600 yuan/ton, 4600 yuan/ton, 4580 yuan/ton, and 4500 yuan/ton respectively [41]. - **Natural Pulp and Chemimechanical Pulp** - On March 6, 2026, the prices of Venus and Kunhe were 4850 yuan/ton and 3800 yuan/ton respectively [44]. - **Supply** - **Wood Chip Price** - Before the holiday, the wood - chip purchase price of some paper enterprises in East China increased [46]. - On March 6, 2026, the wood - chip purchase prices of eucalyptus clean chips - Liansheng Pulp and Paper, poplar clean chips - Wuzhou Special Paper, etc. were 1160 yuan/ton, 1300 yuan/ton, etc. respectively [48]. - **Domestic Pulp** - The price of domestic hardwood pulp increased, and the supply of domestic chemimechanical pulp and hardwood pulp recovered [50]. - On March 5, 2026, the daily average price of domestic chemimechanical pulp was 3883.33 yuan/ton, and the daily ex - factory price of Asia - Pacific Senbo Paper's hardwood pulp (Senbo) was 4850 yuan/ton [52]. - **European Port Inventory and Global Pulp Outbound Volume** - In January 2026, the European pulp port inventory decreased year - on - year and month - on - month. In November 2025, the global pulp outbound volume continued to decline [54]. - **W20 Shipment Volume and Inventory** - In November 2025, the W20 softwood pulp shipment volume was low, and the inventory was high. The hardwood pulp inventory was at a high level, the shipment volume decreased, and the inventory days returned to a year - on - year high [58]. - **Overseas Softwood Pulp Export Volume** - In December 2025, the softwood pulp export volume of four countries (Canada, Chile, Finland, and the United States) to China increased month - on - month. In January 2026, the softwood pulp export volume of Chile to China remained the same month - on - month and decreased year - on - year [62]. - **Overseas Hardwood Pulp Export Volume** - In January 2026, the hardwood pulp export volume of four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased month - on - month. In February 2026, the hardwood pulp export volume of Brazil and Uruguay to China increased month - on - month [68]. - **Pulp Import Volume** - In December 2025, China's pulp imports were differentiated. The softwood pulp imports increased by 7.27% month - on - month, the hardwood pulp imports decreased by 23.38% month - on - month, and the imports of natural and chemimechanical pulp increased significantly month - on - month [70]. - **Demand** - **Offset Paper** - The domestic offset paper market was range - bound, and the trading was still dull. Some factories planned to raise prices, but the price increase was not effectively transmitted to the terminal. The social inventory of offset paper decreased month - on - month [74]. - **Coated Paper** - The domestic coated paper price increased slightly. The supply was abundant, but the demand was not significantly boosted. Some factories planned to raise prices, but the price increase was blocked at the terminal [78]. - **White Cardboard** - The white cardboard market was dull. Although large factories promoted price increases, the increase was reduced by 100 yuan/ton compared to the original plan. The main reasons were high paper - mill inventory, high trader inventory, and expected changes in the supply pattern [82]. - **Household Paper** - The household paper market price remained stable, and the trading atmosphere was light. Some paper enterprises in the north signaled price increases, but the industry was mostly waiting and watching. The raw - material pulp market fluctuated, and the hardwood pulp price was stable, providing little support for the household paper price [86]. - **Terminal Demand** - In December 2025, the retail sales of books, newspapers, magazines, Chinese and western medicines, and tobacco and alcohol products, as well as the dairy production, increased significantly month - on - month. The retail sales of cosmetics decreased significantly month - on - month. The retail sales of cultural office supplies and cosmetics were at a high level year - on - year [92]. - **Inventory** - **Futures Inventory** - On March 6, 2026, the total number of pulp warehouse receipts (warehouse) was 138,300 tons, with a 0.22% month - on - month increase and a 59.74% year - on - year decrease. The total number of pulp warehouse receipts (factory warehouse) was 16,000 tons, with a 6.67% month - on - month increase and a 25.02% year - on - year decrease [93]. - **Spot Inventory** - The main pulp port inventory continued to accumulate. Qingdao Port's inventory continued to accumulate, while Changshu Port's inventory decreased. On March 6, 2026, the inventories of Qingdao Port, Changshu Port, and the combined Gaolan, Tianjin, and Rizhao Ports were 1,562,000 tons, 656,000 tons, and 190,000 tons respectively, with the total inventory of the five ports being 2,408,000 tons [99].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to maintain a narrow - range oscillation pattern in the short term, with limited upside and downside space. In the medium term, the key to the pulp price trend lies in the actual recovery of downstream demand after March. If the paper mill's operating rate rises steadily and terminal orders improve, the restocking demand is expected to be gradually released. The market is expected to follow the market sentiment and oscillate slightly to the upside [99]. 3. Summary by Directory Industry News - As of February 26, 2026, the inventory of pulp in Changshu Port was 685,000 tons, an increase of 87,000 tons from the previous period, a month - on - month increase of 14.5%. The inventory in Qingdao Port was 1.52 million tons, an increase of 82,000 tons from the previous week, a month - on - month increase of 5.7%. The inventory in Gaolan Port was 62,000 tons, an increase of 30,000 tons from the previous week, a month - on - month increase of 93.8%. The total inventory of mainstream ports in China was 2.401 million tons, an increase of 206,000 tons from the previous period, a month - on - month increase of 9.4% [5][6]. - In January 2026, the total inventory of wood pulp in European ports decreased by 14.7% month - on - month and 10.9% year - on - year, from 1.5086 million tons at the end of December to 1.2865 million tons [7]. - Yueyang City Government and China National Paper Industry signed a cooperation intention for a 30.3 - billion - yuan project to build a 2 - million - ton special cellulose and 450,000 - ton household paper production base [6]. - Jindong Paper's 280,000 - ton special paper project is advancing as planned and is expected to be put into production in mid - April [8]. Market Data Market Trends - On February 27, 2026, the basis of Yinxing pulp was 4 yuan/ton, a 140% increase from the previous period; the basis of Russian needle pulp was - 146 yuan/ton, a 30.48% increase from the previous period; the price difference between Yinxing and Russian needle pulp was 150 yuan/ton, a 25% decrease from the previous period [14]. Month - to - Month Spread - On February 27, 2026, the 05 - 07 month - to - month spread was - 32 yuan/ton, a 45.45% decrease from the previous period; the 07 - 09 month - to - month spread was - 34 yuan/ton, a 54.55% decrease from the previous period [19]. Fundamental Data Price - The price difference between Yinxing and Jinyu decreased, while the price difference between Russian needle and Jinyu increased. The import profits of softwood and hardwood pulp were slightly repaired. The price of the main pulp contract rose and then fell slightly. The spot price of imported softwood pulp increased slightly compared with before the Spring Festival, and the spot price of imported hardwood pulp also increased. The prices of natural color pulp and chemimechanical pulp also had corresponding changes [23][27][31][35]. Supply - The wood chip purchase price of some paper enterprises in East China increased before the festival. The supply of domestic chemimechanical pulp recovered. In January 2026, the inventory of European paper pulp ports decreased year - on - year and month - on - month, and the global pulp shipment volume in November 2025 continued to decline. In November 2025, the shipment volume of W20 softwood pulp was at a low level, and the inventory was high; the inventory of hardwood pulp was at a high level, the shipment volume decreased, and the inventory days returned to a year - on - year high. In December 2025, the export volume of softwood pulp from four countries (Canada, Chile, Finland, and the United States) to China increased month - on - month. In January 2026, the export volume of Chilean softwood pulp to China was flat month - on - month and decreased year - on - year. In December 2025, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China increased significantly month - on - month. In January 2026, the export volume of Brazilian and Uruguayan hardwood pulp to China decreased month - on - month, while the export volume of Chilean hardwood pulp to China increased significantly year - on - year and month - on - month. In December 2025, China's pulp imports were divided, with softwood pulp increasing by 7.27% month - on - month, hardwood pulp decreasing by 23.38% month - on - month, and natural color and chemimechanical pulp increasing significantly month - on - month [42][46][50][54][58][64][66]. Demand - The domestic offset paper market was generally stable with minor adjustments, and the trading was gradually recovering. The domestic coated paper market continued to be stable, lacking directional breakthroughs. The white cardboard market was dull, with inventory accumulation in paper mills. The price of household paper tended to be stable, and the overall trading enthusiasm was average. In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products, as well as the output of dairy products, increased significantly month - on - month, while the retail sales of cosmetics decreased significantly month - on - month. The retail sales of cultural and office supplies and cosmetics were at a high level year - on - year [70][74][78][82][88]. Inventory - The overall port inventory was at a historical high, and the inventory of mainstream ports in China showed a trend of inventory accumulation. After the Spring Festival, the inventory in Qingdao Port continued to accumulate, and the inventory in Changshu Port also continued to accumulate at a high level [93]. This Week's View Summary - Supply: The port inventory remains at a high level, and the supply pressure continues. - Demand: The demand side is in the process of slow post - festival recovery, but the overall purchasing sentiment is still light. - View: The pulp market is expected to maintain a narrow - range oscillation pattern in the short term. In the medium term, the key lies in the actual recovery of downstream demand after March. - Valuation: The basis of Yinxing softwood pulp in Shandong is 4 yuan/ton, an increase of 66 yuan/ton. - Strategy: 1) Unilateral: Wait and see, and wait for opportunities to short at high prices. 2) Inter - period: Consider the 5 - 9 positive spread strategy. 3) Inter - variety: Observe [98][99].