Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: September 23, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract of pulp futures was 5,320 yuan/ton, and the closing price was 5,288 yuan/ton, a decline of 0.60%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,600 yuan/ton, with prices remaining stable compared to the previous trading day's closing price. The offer price of Shandong Yinxing was 5,600 - 5,620 yuan/ton [7]. - Overseas Quotes: Chile's Arauco Company announced the new September wood pulp overseas quotes. The price of softwood pulp Yinxing was 700 US dollars/ton, a decrease of 20 US dollars/ton from the previous month; the price of natural pulp Venus was 590 US dollars/ton, unchanged from the previous month; the price of hardwood pulp Mingxing was 520 US dollars/ton, an increase of 20 US dollars/ton from the previous month [8]. - European Inventory and Consumption: In August, the European wood pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%. The European wood pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4% [8]. - China's Imports: In August, China's total pulp imports were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6% [8]. - Inventory in China: As of September 18, 2025, the weekly pulp inventory in major regions and ports was 2.0832 million tons, an increase of 0.54% from the previous week [8]. - Downstream Market: The cultural paper market continued to recover in terms of industry operation, with an expected increase in market supply, showing a weak and volatile trend. In the short term, overseas quotes showed mixed trends. The tightening of the supply side still needed to be reflected in shipments. Port inventories remained at a high level, and downstream paper mills still aimed to reduce costs and increase efficiency, so the market continued to adjust with low - level fluctuations [8]. Group 3: Industry News - Chenming Paper: On September 15, Chenming Paper stated during a specific - object research reception that the Shouguang base had fully resumed production, and the Huanggang base and the second plant of the Jiangxi base were operating normally. The first plant of the Jiangxi base, the Jilin base, and the Zhanjiang base were still under maintenance and aimed to resume production as soon as possible. Regarding the question of whether to reduce the production capacity of white cardboard, the company said it had three white cardboard production lines. The second plant in Jiangxi mainly produced poker cards with stable profits; the fourth plant in Shouguang planned to produce high - value - added copper - plated cards, game cards, food cards, etc. to improve profitability; after the fourth plant in Zhanjiang resumed production, it would mainly reduce costs and improve profit margins by reducing the cost of self - made pulp and improving production efficiency [9]

Market Overview - The A-share market saw all three major indices rise today, with the Shanghai Composite Index up 0.22%, Shenzhen Component Index up 0.67%, and ChiNext Index up 0.55% [1] - The total trading volume was 21,425 billion yuan, a decrease of 2,069 billion yuan from the previous day, with over 2,100 stocks in the green [1] - Key sectors that performed well included precious metals, consumer electronics, semiconductors, and liquid-cooled servers, while sectors like film and television, tourism and hotels, paper, energy metals, liquor, and pesticides underperformed [1] Market Sentiment - Following the Federal Reserve's interest rate cut last Thursday, the market briefly reached a new high of 3,899.96 points, just shy of the 3,900-point mark, but faced a sharp decline due to weakness in the financial sector [1] - The market has shown signs of temporary stabilization over the past two days, despite the reduced trading volume [1] Trading Volume Analysis - The core observation indicator for market momentum is the trading volume, which is essential for sustaining a bull market [3] - Continuous high trading volume indicates strong market participation and bullish sentiment, while declining volume suggests a lack of interest and potential downward pressure [3] Reasons for Low Trading Volume - The "pre-holiday effect" is influencing market activity, as investors tend to reduce holdings before holidays to avoid systemic risks, leading to decreased trading volume [5] - There is a lack of new major news catalysts in the short term, which has contributed to the market's inability to rally [6] - Technical indicators suggest a potential top formation in the market, which may further dampen buying interest and reinforce a cautious sentiment among investors [7] Market Outlook - The market is expected to remain in a consolidation phase before the National Day holiday, with limited upward movement anticipated [9] - Investors are advised to lower positions and wait for clearer signals before increasing exposure, while those looking to trade can consider buying near the lower end of the trading range and selling near the upper end [10] - Long-term bullish sentiment remains intact, with significant policy signals expected from the upcoming 20th Central Committee meeting in October, which could provide new direction for the market [14]

(本文来自第一财经) 景兴纸业今日跌5.43%，成交额27.97亿元，换手率37.23%，盘后龙虎榜数据显示，1家机构专用席位净 买入1246.35万元，有3家机构专用席位净卖出1.41亿元。 ...

每经AI快讯，9月22日，景兴纸业（002067）今日跌5.43%，成交额27.97亿元，换手率37.23%，盘后龙 虎榜数据显示，1家机构专用席位净买入1246.35万元，有3家机构专用席位净卖出1.41亿元。 ...

Market Overview - The paper sector experienced a decline of 2.32% on September 22, with Qingshan Paper leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Qingshan Paper (600103) saw a significant drop of 10.07%, closing at 3.93 with a trading volume of 3.4771 million shares and a turnover of 1.373 billion [2] - Other notable declines included: - 1565 Yuan Sound (002067) down 5.43% to 6.09 [2] - Kain Shares (002012) down 3.95% to 5.59 [2] - Conversely, some stocks showed minor gains, such as Forest Packaging (605500) which increased by 0.21% to 9.51 [1] Capital Flow Analysis - The paper sector experienced a net outflow of 255 million from institutional investors and 118 million from retail investors, while retail investors saw a net inflow of 373 million [2] - Specific stock capital flows indicated: - Sun Paper (002078) had a net inflow of 14.44 million from institutional investors [3] - Qingshan Paper (600103) faced a net outflow of 48.13 million from institutional investors [3]

中国经济网北京9月22日讯 A股三大指数今日震荡拉升，集体收涨。截至收盘，上证指数报3828.58点， 涨幅0.22%，成交额9418.00亿元；深证成指报13157.97点，涨幅0.67%，成交额11796.83亿元；创业板指报 3107.89点，涨幅0.55%，成交额 5437.71亿元。 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量 (万手) ▼ 总成交额 (亿元) ▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 需要置 | 6.18 | 916.75 | 162.13 | 15.24 | 11 | 0 | | 2 | 消费电子 | 2.80 | 3708.87 | 1053.59 | 38.19 | 79 | 18 | | 3 | 者会体 | 2.48 | 2831.98 | 2204.27 | 120.13 | 144 | 18 | | 4 | 盖色家电 | 2.26 | 542.11 | 58.72 | 4.15 | 8 | 1 | | 5 | 其他电子 | 1 ...

Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on September 19, 2025, was 5018.00 [3] - The closing prices from September 15 - 19, 2025, were 5056.00, 5068.00, 5042.00, 5014.00, and 5018.00 respectively [3] - The corresponding dollar - converted prices were 619.47, 621.53, 619.23, 615.54, and 615.54 respectively [3] - The daily price changes were 1.32265%, 0.23734%, - 0.51302%, - 0.55534%, and 0.07978% respectively [3] - The Shandong Yinxing basis was 609, 582, 598, 611, and 607 from September 15 - 19, 2025 [3] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 624, 612, 623, 636, and 632 from September 15 - 19, 2025 [3] Group 2: Pulp Import Information - With a 13% VAT, the import profit for Canadian Golden Lion (CFR) was - 136.75, for Canadian Lion (CFR) was - 510.04, and for Chilean Yinxing (CFR, 90 - day letter of credit) was - 229.70 [4] - The port dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6200, 5425, and 5625 respectively [4] Group 3: Pulp Price Averages - From September 15 - 19, 2025, the national average prices for coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices for coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Index and Profit Margin - From September 16 - 19, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the change values were all 0, while the life - paper index had a change of 0, with the life - paper index on September 18 being 839 and others being 835 [4] - The profit margins for double - offset paper on September 16 - 19, 2025, were 2.0653%, 2.0989%, 2.1495%, 2.1495% respectively; for double - copper paper were 17.4005%, 17.4311%, 17.4770%, 17.4770% respectively; for white - card paper were - 12.5644%, - 12.5399%, - 12.5031%, - 12.5031% respectively; for life - paper were 7.3369%, 7.2032%, 7.2796%, 7.0505% respectively, with the change in life - paper profit margin being - 0.2291 [4] Group 5: Pulp Price Spreads - From September 15 - 19, 2025, the coniferous - broadleaf price spreads were 1490, 1460, 1440, 1425, and 1410 respectively; coniferous - natural price spreads were 265, 250, 240, 225, and 225 respectively; coniferous - chemical mechanical price spreads were 1840, 1825, 1815, 1800, and 1800 respectively; coniferous - waste paper price spreads were 4089, 4074, 4064, 4049, and 4049 respectively [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: International and domestic sugar markets face multiple bearish factors. International factors include a significant narrowing of the sugar production gap in Brazil's 2025/26 season, Indonesia's suspension of sugar imports, and India's approval of sugar exports. Domestic factors include high sugar imports in August, the transition between old and new seasons, and a slowdown in domestic sugar sales. The future trend of domestic sugar prices depends on the performance of the international raw sugar market [3]. - **Pulp**: Overseas broadleaf pulp is strong, driving up domestic broadleaf pulp prices, but the impact on softwood pulp is limited. The demand for pulp is supported by the peak season of finished paper, and the decline in China's pulp imports has alleviated supply pressure. However, the fundamentals lack obvious positive factors, and the upward potential of pulp prices is still uncertain [4]. - **Offset Paper**: The spot price of offset paper has remained stable recently, and the high basis provides some support for the futures price. However, the fundamentals are still weak, and the upward driving force is not clear. The price increase of wood pulp provides some cost support, but the upward space may be limited before the supply further decreases [6]. - **Cotton**: The international cotton market is under pressure from the steady listing of cotton in the Southern Hemisphere, the US tariff policy, and the progress of cotton harvesting in the US. However, the Fed's interest - rate cut expectation and India's extension of the import tariff exemption provide some support. The domestic cotton market is in a game between tight old - season supply and expected loose new - season supply, and the futures price may be weak [8]. - **Apples**: The futures price has fluctuated recently. The increase in the supply of early - maturing apples and the decline in prices have weakened the support for the futures price. The main logic of the apple market is the expected difference in the new season's harvest, and the futures price is expected to remain within a range [9]. - **Jujubes**: The jujube index has been weakly oscillating. The increase in warehouse receipts has increased the delivery pressure, but the inventory has been gradually depleted, and the spot price has rebounded seasonally. The futures price of the 2601 contract has fluctuated, and investors can consider corresponding trading strategies [12]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2601, adopt a range - trading strategy with a support range of 7700 - 7800 and a pressure range of 8400 - 8500. For Jujube 2601, take profit on long positions at high prices, with a support range of 11000 - 11500 and a pressure range of 11500 - 12000 [20]. - **Soft Commodity Futures**: For Sugar 2601, be cautiously bearish, with a support range of 5430 - 5450 and a pressure range of 5560 - 5580. For Pulp 2511, adopt a range - shorting strategy, with a support range of 4900 - 4950 and a pressure range of 5150 - 5200. For Offset Paper 2601, be bearish on rebounds, with a support range of 4100 - 4200 and a pressure range of 4350 - 4400. For Cotton 2601, adopt a range - trading strategy, with a support range of 13500 - 13600 and a pressure range of 14200 - 14300 [20]. 3.2 Second Part: Plate Weekly Market Review 3.2.1 Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate (%) | | --- | --- | --- | --- | | Apple 2601 | 8329 | 33 | 0.40 | | Jujube 2601 | 11155 | 155 | 1.41 | | Sugar 2601 | 5540 | 17 | 0.31 | | Pulp 2511 | 4990 | - 72 | - 1.42 | | Offset Paper 2601 | 4224 | 8 | 0.19 | | Cotton 2601 | 13860 | - 140 | - 1.00 | [21] 3.2.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.75 | 0.00 | 0.20 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5830 | - 10 | - 560 | | Pulp (Shandong Yinxing) | 5650 | 0 | - 400 | | Cotton (yuan/ton) | 15283 | - 36 | 278 | [28] 3.3 Third Part: Plate Basis Situation No specific numerical analysis provided, only figures related to the basis of each variety are mentioned, including Apple 1 - month basis, Jujube main - contract basis, Sugar main - contract basis, Pulp main - contract basis, and Cotton 1 - month basis [37][40][41]. 3.4 Fourth Part: Inter - Month Spread Situation No specific numerical analysis provided, only figures related to the inter - month spreads of each variety are mentioned, such as Apple 10 - 1 spread, Apple 1 - 5 spread, Jujube 1/5 spread, Jujube 5/9 spread, Sugar 5 - 9 spread, Sugar 9 - 1 spread, Cotton 9 - 1 spread, and Cotton 1 - 5 spread [45][47][50]. 3.5 Fifth Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 8430 | - 231 | 2457 | | Sugar | 10364 | - 265 | - 3138 | | Pulp | 244641 | 0 | - 240079 | | Cotton | 4232 | - 206 | - 2706 | [51] 3.6 Sixth Part: Option - Related Data 3.6.1 Option Strategy Recommendation | Variety | Market Logic | Option Strategy | | --- | --- | --- | | Apple 2601 | The price of early - maturing apples has declined steadily, and the difference in acceptance value continues. The short - term futures price will continue to fluctuate within a range | Sell a wide - straddle combination strategy | | Jujube 2601 | New jujube production increase and concentrated listing | Sell deep - out - of - the - money call options | | Sugar 2601 | Both the domestic and international fundamentals are bearish, and the supply pressure has increased | Sell out - of - the - money call options | | Cotton 2601 | The market is in a long - short game, and the short - term futures price fluctuates and consolidates | Sell a wide - straddle combination strategy | | Pulp 2601 | Cost support, but the fundamental upward driving force is not strong | Sell a put option with a strike price of 4900 and a call option with a strike price of 5300 | [52] 3.6.2 Option Data of Each Variety - **Apple Option Data**: Figures related to apple option trading volume, open interest, put - call ratio, and historical volatility are provided [53]. - **Sugar Option Data**: Figures related to sugar option trading volume, open interest, put - call ratio, historical volatility, and implied volatility are provided [55]. - **Cotton Option Data**: Figures related to cotton option trading volume, open interest, put - call ratio, and historical volatility are provided [62]. 3.7 Seventh Part: Plate Futures Fundamental Situation 3.7.1 Apples - **Production Area Weather**: Figures related to the minimum temperature and precipitation in apple - producing areas such as Yantai, Shandong, and Xianyang, Shaanxi, are provided [64]. - **Export Situation**: Figures related to the monthly export volume of apples are provided [69]. - **Inventory Situation**: Figures related to China's weekly apple storage inventory, as well as the weekly storage inventory in Shandong and Shaanxi provinces, are provided [67]. 3.7.2 Jujubes Figures related to the weekly trading volume of jujubes in Henan and Hebei provinces, as well as the daily arrival volume of jujubes in the Guangdong Ruyifang market, are provided [70]. 3.7.3 Sugar Figures related to the national industrial sugar inventory, monthly sugar import volume, and the spot - futures difference of sugar are provided [72][74][76]. 3.7.4 Pulp Figures related to the inventory of pulp in four domestic ports, the global producer's wood pulp inventory days, the weekly production of various types of paper, the import volume of broadleaf and softwood pulp, and the market prices of various types of paper are provided [80][82][86]. 3.7.5 Offset Paper Figures related to the capacity utilization rate, weekly production, enterprise inventory, and apparent consumption of offset paper are provided [88]. 3.7.6 Cotton Figures related to the retail sales and inventory of clothing in the US, UK, and Japan, as well as China's cotton industrial and commercial inventory, monthly import volume, clothing retail sales, export volume, and the production and profit data of the textile industry are provided [90][91][98].

Group 1 - The company ST Morning (000488) has announced that its Shouguang base has fully resumed production [1] - The Huanggang base and Jiangxi base (second factory) are operating normally [1] - The Jiangxi base (first factory), Jilin base, and Zhanjiang base are currently under maintenance, with efforts to resume production as soon as possible [1]

消息面上，据纸引未来网，玖龙多个基地发布最新调价通知，其中最高上调50元/吨。此外，玖龙纸业 将于9月24日(本周三)举行董事会会议，以审批(其中包括)公司及其附属公司截至2025年6月30止年度末 期业绩及其发布。该公司此前发盈喜，预计将取得本年度(截至2025年6月30日止)盈利约人民币21亿元 至人民币23亿元之间，较去年度人民币7.94亿元增长165%至190%。 申万宏源认为，Q3行业逐渐进入旺季，箱板瓦楞纸赛道已开始小幅提价。此外海外浆厂控产意愿强 烈，浆价亦有小幅反弹，对纸价形成支撑。造纸行业过去受需求疲软、新增产能持续投放影响，行业开 工率处于低位，部分赛道处于亏损状态，随着反内卷带来的潜在供给改善可能，行业供需有望改善。 玖龙纸业(02689)涨超3%，截至发稿，涨3.42%，报6.05港元，成交额4068.04万港元。 ...