港股上午盘三大指数呈现小幅震荡行情，较近日连续回调似有止跌之势。截止午盘，恒生指数跌 0.18%，国企指数微跌0.01%，恒生科技指数跌0.12%。盘面上，大型科技股多数转涨，其中，美团、阿 里巴巴涨2.5%，百度涨2%，京东涨超1%，小米飘红，快手跌2%，网易、腾讯依旧飘绿；国际现货黄 金重回3290美元上方，黄金股表现活跃；广东造纸业发布首个反内卷倡议书，行业密集涨价潮来袭，纸 业股再度走强，晨鸣纸业、玖龙纸业涨幅居前；香港稳定币牌照申请窗口开启，稳定币概念股多数呈现 上涨行情，光伏股、电信股、脑机接口概念股、中医药股部分上涨。另一方面，石油股跌幅明显，预计 上半年净利同比下降39.5%-43.7%，中国石油化工跌近5%，中国石油跌超2%，中资券商股、香港本地 消费股、婴童概念股、煤炭股、教育股、保险股、汽车股多数表现低迷。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Paper pulp futures are mainly influenced by macro - sentiment and will fluctuate widely. The supply - demand fundamentals remain in a stalemate, with high port inventory pressure, abundant supply of circulating goods, limited improvement in downstream demand, and low operating rates. It is expected that the price of the pulp 2509 contract will fluctuate widely in the range of 5260 - 5590 this week [4]. Summary According to the Table of Contents 1. Pulp Price Analysis - **Spot Pulp Price Review**: Coniferous pulp prices remained relatively stable, while broad - leaf pulp prices rose slightly. Among them, the price of broad - leaf pulp such as Jin Yu, Xiao Niao, and A Er Pai increased, with increases ranging from 1.22% to 1.74%. Coniferous pulp prices such as Yin Xing, Kai Li Pu, and Bei Mu remained unchanged. Chemical mechanical pulp and bleached kraft pulp prices remained stable, while reed pulp prices dropped significantly by 15.22% [11][14]. - **Pulp Futures Review**: The pulp futures contract SP2509 continued to oscillate upwards last week, closing at 5520 yuan/ton, up 4.31% for the week. The weighted trading volume was 1.936 million lots, an increase of 689,000 lots, and the weighted open interest was 305,000 lots, an increase of 28,000 lots [15]. - **Pulp Futures - Spot Basis Comparison**: The basis discount of softwood pulp and the closing price of the futures main contract was 400 yuan/ton, and the discount decreased by 228 yuan/ton compared with last week [19]. - **Log Futures Review**: The main log futures contract 2509 showed a trend of rising first and then falling last week, closing at 830 yuan/cubic meter, up 0.18% for the week. The weighted trading volume was 164,000 lots, a decrease of 23,900 lots, and the weighted open interest was 31,500 lots, a decrease of 9900 lots [20]. 2. Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, pulp production was 482,000 tons, a decrease of 1.83% from the previous week. Among them, broad - leaf pulp production was 205,000 tons, and chemical mechanical pulp production was 210,000 tons, both showing a decline [22]. - **Capacity Utilization of Broad - Leaf Pulp and Chemical Mechanical Pulp**: Last week, the capacity utilization rate of domestic broad - leaf pulp was 75.8%, a decrease of 1.7% from the previous week, and the capacity utilization rate of chemical mechanical pulp was 88.1%, a decrease of 1.8% from the previous week [27]. - **Monthly Pulp Production**: In June 2025, domestic pulp production was 2.072 million tons, a decrease of 3.36% from the previous month. Among them, wood pulp production was 1.746 million tons, a decrease of 7.69%, and non - wood pulp production was 326,000 tons, a decrease of 2.69% [28]. - **Monthly Capacity Utilization**: In June 2025, the capacity utilization rate of chemical mechanical pulp was 85.0%, an increase of 0.8% from the previous month, and the capacity utilization rate of broad - leaf pulp was 80.6%, a decrease of 1.1% from the previous month [32]. - **Monthly Production Profit**: In June 2025, the production profit of broad - leaf pulp was 493.6 yuan/ton, a decrease of 25.31% from the previous month, and the production profit of chemical mechanical pulp was - 376.9 yuan/ton, a reduction in losses of 41.1 yuan/ton [36]. - **Pulp Imports**: In June 2025, pulp imports were 3.0306 million tons, an increase of 0.48% from the previous month and 16.12% from the same period last year. The cumulative imports from January to June were 18.5777 million tons, an increase of 4.2% from the same period last year [37]. 3. Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, domestic tissue paper production was 279,000 tons, a slight increase of 0.07% from the previous week, and the capacity utilization rate was 63.2%, an increase of 0.1% from the previous week [39]. - **Downstream Cultural Paper Market**: Last week, the production of coated paper was 79,000 tons, an increase of 1.28% from the previous week, and the capacity utilization rate was 58.0%, an increase of 0.4% from the previous week. The production of offset paper was 196,000 tons, a decrease of 2.0% from the previous week, and the capacity utilization rate was 55.1%, a decrease of 1.1% from the previous week [43]. - **Downstream Packaging Paper Market**: Last week, the production of white cardboard was 311,000 tons, a decrease of 0.32% from the previous week, and the capacity utilization rate was 75.85%, a decrease of 0.25% from the previous week. The production of corrugated paper was 462,300 tons, a decrease of 1.64% from the previous week, and the capacity utilization rate was 61.97%, a decrease of 1.04% from the previous week. The production of containerboard was 594,000 tons, a decrease of 1.02% from the previous week, and the capacity utilization rate was 65.6%, a decrease of 0.66% from the previous week [46][49]. - **Downstream Base Paper Spot Price Analysis**: Last week, the prices of tissue paper and cultural paper remained basically stable, the price of white cardboard decreased slightly, and the prices of whiteboard paper, corrugated paper, and containerboard remained stable [50][54][56]. - **Downstream Base Paper Capacity Utilization**: In June 2025, the capacity utilization rate of tissue paper decreased by 1.5% from the previous month, the capacity utilization rate of white cardboard increased by 2.58% from the previous month, the capacity utilization rate of offset paper increased slightly, and the capacity utilization rate of coated paper decreased slightly. The actual domestic pulp consumption decreased slightly [60][64][67]. 4. Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall port inventory is in a destocking trend, with a total inventory of 2.143 million tons in mainstream ports, a decrease of 1.74% from the previous week. Among them, the inventory in Qingdao Port increased by 0.96%, the inventory in Changshu Port decreased by 5.26%, and the inventory in Tianjin Port increased by 5.36% [70][73]. - **Futures Pulp Warehouse Receipts**: Currently, pulp futures warehouse receipts are 243,600 tons, an increase of 1.43% from the previous week. The total warehouse receipts in Shandong area are 224,500 tons, an increase of 1.8% from the previous week [74].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the reports. 2. Report Core Views Crude Oil - Near - term supply - demand is in a tight - balance with marginal relief. Brent's main contract is expected to trade between $67 - 70 per barrel. The market should focus on Middle - East exports and feedstock demand from major consumers in Q3, as well as the progress of China - US trade negotiations [2]. Asphalt - Supply is at a low level year - on - year, and demand improved significantly in Q2. Q3 demand will determine the de - stocking strength during the peak season. Short - term prices are expected to oscillate narrowly, and the crack spread will be stronger [4][5]. Fuel Oil - High - sulfur fuel oil supply pressure in Q3 is slightly less than expected, and demand for high - sulfur feedstock is expected to increase. Low - sulfur fuel oil supply is rising with no specific demand drivers [6][7]. PX, PTA, Ethylene Glycol, Short - fiber, PR, Pure Benzene and Styrene - Due to factors such as new device production, maintenance, and market demand, short - term prices are expected to be oscillating and strengthening [8][11][13][15][18][20]. Plastic PP - There is still significant production capacity pressure in Q3, and the terminal demand is weak year - on - year. Currently, it is mainly macro - led, and short - term prices are expected to oscillate and strengthen [24]. PVC and Caustic Soda - PVC supply - demand has weakened, but short - term prices are expected to be strong due to macro - policies. Caustic soda fundamentals are marginally weaker, but the short - term price is also expected to be strong due to policy and sentiment [29]. Glass and Soda Ash - Macro and industry factors are in resonance, with both futures and spot prices rising. Short - term prices are expected to be strong, but attention should be paid to inventory and demand digestion [32][34]. Methanol - International device start - up rates are rising, and domestic supply is abundant. Short - term prices are expected to oscillate [36]. Urea - Domestic supply is abundant, but demand is expected to improve marginally. It is recommended to buy on dips [38]. Double - coated Paper - The market is partially declining, and the supply - demand is weak. Industry players are cautiously waiting and watching [40]. Logs - The price of radiata pine logs in Taicang has increased. Near - term contracts are in the delivery verification stage, and it is recommended to wait and watch [43][44]. Natural Rubber and 20 - number Rubber - RU and NR contracts are recommended to hold long positions, and the spread between RU2509 and NR2509 should be reduced for observation [48]. Butadiene Rubber - BR contracts are recommended to short - sell a small amount, with a stop - loss set at the night - session high [52]. Pulp - The market is in a stalemate, and the short - term recommendation is to wait and watch [53]. 3. Summary by Related Catalogs Market Review - **Crude Oil**: WTI2509 rose $0.78 to $66.03 per barrel, Brent2509 rose $0.67 to $69.18 per barrel, and SC2509 rose to 507.1 yuan per barrel [1]. - **Asphalt**: BU2509 closed at 3598 points (+0.31%) at night, and BU2512 closed at 3458 points (+0.32%) at night [3]. - **Fuel Oil**: FU09 closed at 2893 (+1.08%) at night, and LU10 closed at 3567 (+0.31%) at night [5]. - **PX**: PX2509 closed at 7010 (+0.78%) at night, and the spot price rose to $856 per ton [7]. - **PTA**: TA509 closed at 4888 (+0.78%) at night, and the spot price was negotiated between 4775 - 4870 yuan [10]. - **Ethylene Glycol**: EG2509 closed at 4565 (+1.78%) at night, and the spot price was negotiated around 4542 - 4545 yuan [12]. - **Short - fiber**: PF2509 closed at 6566 (+0.71%) at night, and the spot price was stable [15]. - **PR**: PR2509 closed at 6096 (+0.89%) at night, and the spot market trading was average [16]. - **Pure Benzene and Styrene**: BZ2503 closed at 6320 (+1.51%) at night, EB2509 closed at 7439 (+1.71%) at night, and the spot prices were in different ranges [18]. - **Plastic PP**: LLDPE market prices had partial fluctuations, and PP spot prices in different regions had different changes [22]. - **PVC and Caustic Soda**: PVC prices mostly rose, and caustic soda prices were stable [25][26]. - **Glass**: The glass futures 09 contract closed at 1346 yuan per ton (+2.98%) at night, and spot prices in different regions had changes [30]. - **Soda Ash**: The soda ash futures 09 contract closed at 1430 yuan (+1.6%) at night, and spot prices in different regions had changes [33]. - **Methanol**: The methanol futures closed at 2494 (+1.18%) at night, and spot prices in different regions varied [35]. - **Urea**: The urea futures closed at 1785 (-0.17%), and the spot prices were stable [38]. - **Double - coated Paper**: The market had partial declines, and prices in Shandong region decreased [40]. - **Logs**: The price of radiata pine logs in Taicang increased, and the 9 - month contract fluctuated [43]. - **Natural Rubber and 20 - number Rubber**: RU09 rose 1.05%, NR09 rose 1.26%, and BR09 remained unchanged [46][47][50]. - **Pulp**: The SP09 contract closed at 5454 (-0.04%), and spot prices of different pulp types were in different ranges [53]. Related Information - **Crude Oil**: Tensions in the Middle - East, US - Venezuela relations, and potential EU - US trade agreements [1][2]. - **Asphalt**: Price changes in different regions, production status of refineries, and inventory data [3][4]. - **Fuel Oil**: Inventory changes in ARA and Singapore, and trading in the Singapore spot window [5][6]. - **PX, PTA, Ethylene Glycol, Short - fiber, PR**: Downstream product sales, device start - up rates, and new device production plans [8][10][12][15][17]. - **Pure Benzene and Styrene**: Device start - up rates, new device production plans, and import data [19][20]. - **Plastic PP**: Device maintenance, start - up rates, and downstream industry start - up rates [24]. - **PVC and Caustic Soda**: Inventory changes, device start - up rates, and new device production plans [26][27][29]. - **Glass and Soda Ash**: Policy consultations, price changes in different regions, and inventory changes [31][33]. - **Methanol**: Production volume, device start - up rates, and international device status [36]. - **Urea**: Production volume, start - up rates, and export policies [38]. - **Double - coated Paper**: Production status of paper mills, inventory changes, and raw material prices [40][41]. - **Logs**: Price changes, pre - arrival ships, and freight rates [43][44]. - **Natural Rubber and 20 - number Rubber**: Border conflicts between Thailand and Cambodia, and tire production line start - up rates [48][51][52]. - **Pulp**: Industry standard formulation and downstream paper mill demand [54]. Logic Analysis - **Crude Oil**: Supply - demand balance is affected by Middle - East exports and macro - factors, and long - term supply may be in excess [2]. - **Asphalt**: Supply - demand is affected by production and demand seasons, and prices are affected by oil prices [4][5]. - **Fuel Oil**: Supply and demand of high - sulfur and low - sulfur fuel oil are affected by different factors such as device start - up and demand seasons [6][7]. - **PX, PTA, Ethylene Glycol, Short - fiber, PR**: Supply is affected by new device production and maintenance, and demand is affected by the off - season [8][11][13][15][18]. - **Pure Benzene and Styrene**: Supply and demand are expected to increase in Q3, and prices are affected by cost and policy [20]. - **Plastic PP**: There is production capacity pressure, and demand is weak, but macro - factors play a leading role [24]. - **PVC and Caustic Soda**: Supply - demand has weakened, but macro - policies support prices [29]. - **Glass and Soda Ash**: Macro and industry policies drive price increases, but attention should be paid to inventory and demand digestion [32][34]. - **Methanol**: Abundant supply and stable demand lead to short - term oscillation [36]. - **Urea**: Supply is abundant, but demand is expected to improve, and prices are affected by exports [38]. - **Double - coated Paper**: Supply - demand is weak, and factories try to maintain prices [41]. - **Logs**: Downstream demand is weak, and price support and valuation are affected by multiple factors [44]. - **Natural Rubber and 20 - number Rubber**: Tire production line start - up rates and macro - factors affect prices [48][52]. - **Pulp**: Supply - demand is in a stalemate, and prices are affected by downstream demand [53]. Trading Strategies - **Crude Oil**: Unilateral trading is oscillating, and gasoline crack spreads are weak while diesel crack spreads are stable [2]. - **Asphalt**: Unilateral trading is oscillating narrowly, the asphalt - crude oil spread is strong, and options are on hold [5]. - **Fuel Oil**: Unilateral trading is on hold, and attention should be paid to the digestion rhythm of high - sulfur spot [7]. - **PX, PTA, Ethylene Glycol, Short - fiber, PR, Pure Benzene and Styrene**: Unilateral trading is oscillating and strengthening, and arbitrage and options are on hold [8][11][13][15][18][20]. - **Plastic PP**: Unilateral trading is oscillating and strengthening in the short - term, and arbitrage and options are on hold [25]. - **PVC and Caustic Soda**: Unilateral trading is strong, and arbitrage and options are on hold [30]. - **Glass and Soda Ash**: Unilateral trading is strong, arbitrage is to go long on glass and short on soda ash, and options are on hold [32][35]. - **Methanol**: Unilateral trading is oscillating and strengthening, arbitrage is on hold, and sell call options [38]. - **Urea**: Unilateral trading is to buy on dips, arbitrage is on hold, and sell put options on dips [39]. - **Double - coated Paper**: No specific trading strategies are provided. - **Logs**: Unilateral trading is to wait and watch, and arbitrage and options are on hold [45]. - **Natural Rubber and 20 - number Rubber**: Hold long positions in RU and NR, reduce the spread between RU2509 and NR2509 for observation, and options are on hold [48]. - **Butadiene Rubber**: Short - sell a small amount of BR, and arbitrage and options are on hold [52]. - **Pulp**: Unilateral trading is to wait and watch, and arbitrage is on hold [55].

Core Viewpoint - The packaging paper industry is experiencing a price increase, with major companies like Nine Dragons Paper and Lee & Man Paper announcing a price hike of 30 yuan/ton for corrugated paper and recycled kraft paper starting August 1, driven by rising raw material costs and tightening supply [1][2]. Group 1: Price Trends - July has seen the fourth round of price increases in the paper industry, with a consistent rise in various types of raw paper prices, each time by 30 yuan/ton [1]. - As of July 21, the market price for waste yellow board paper reached 1475 yuan/ton, an increase of 15 yuan/ton compared to June 30 [1]. Group 2: Supply and Demand Dynamics - The increase in waste yellow board paper prices is attributed to overall limited supply and heavy rainfall affecting local waste paper trading, leading to a decrease in market supply [2]. - Major paper companies have been steadily raising their procurement prices for waste yellow board paper, which has contributed to a bullish sentiment in the waste paper market and provided cost support for finished paper price increases [2]. Group 3: Industry Performance - In the first half of the year, the corrugated and box board paper markets continued to experience a supply-demand imbalance, with average prices declining: corrugated paper at 2682 yuan/ton (down 2.44% year-on-year) and box board paper at 3616 yuan/ton (down 3.42% year-on-year) [3]. - The gross profit margins for the corrugated paper industry and box board paper industry were 9.97% and 18.96%, respectively, both showing a decline compared to the previous year [3]. - The overall profitability of the industry remains under pressure due to the supply exceeding demand, with expectations of a price recovery in the second half of the year, although it may not fully offset the declines seen in the first half [3].

Market Overview - The Hong Kong stock market experienced a slight decline in the afternoon, with the Hang Seng Tech Index falling by 0.05%, ending a five-day winning streak, while the Hang Seng Index and the China Enterprises Index rose by 0.51% and 0.18%, respectively, both recording five consecutive increases [1][2]. Sector Performance - Large technology stocks mostly turned down in the afternoon, with Baidu and NetEase dropping over 3%, Kuaishou down over 2%, while Tencent, Meituan, and Xiaomi saw slight increases [4][5]. - The financial sector showed strength, with major Chinese brokerage and insurance stocks actively rising, including China Galaxy, CITIC Securities, and China Life, which all had significant gains [6][8]. - The paper industry is experiencing a price adjustment wave, with Nine Dragons Paper leading the rise, increasing over 9% [6][15]. - Semiconductor stocks remained active, with TSMC raising its annual growth forecast to 30%, leading to increased activity in the semiconductor sector, including notable gains for Huahong Semiconductor and SMIC [6][10]. Notable Stock Movements - Nine Dragons Paper surged by 9.27%, followed by Chenming Paper and Lee & Man Paper, which rose by 8.45% and 5.17%, respectively, due to price hikes announced for corrugated paper and recycled cardboard [6][15]. - In the biopharmaceutical sector, stocks like Kangfang Biotech and WuXi AppTec saw increases of over 7% and 6%, respectively, driven by positive market sentiment [10][19]. - Apple-related stocks collectively rose, with notable increases for companies like Cowell and BYD Electronic, which gained over 5% and 4%, respectively [11][12]. - Solar energy stocks also performed well, with New Special Energy rising over 9% and Xinyi Solar increasing by nearly 8% [13][14]. Investment Insights - The market outlook suggests a generally upward trend for Hong Kong stocks, with a focus on structural opportunities. Analysts recommend attention to sectors benefiting from favorable policies, such as stablecoin concepts, innovative pharmaceuticals, and AI industry chains [21].

Group 1 - The core point of the article is that Nine Dragons Paper has announced a price increase for corrugated paper and recycled kraft paper, effective from August 1, with an increase of 30 yuan per ton [1] - This marks the fourth price increase notice issued by the company, following previous announcements on July 1, July 10, and July 12 [1] - The ongoing price adjustments indicate a trend in the paper industry towards increasing costs, potentially impacting supply chain dynamics and pricing strategies [1]

Core Viewpoint - The ongoing restructuring of global supply chains and deepening regional economic integration highlight the significance of the Chain Expo, with APP (Asia Pulp & Paper Co., Ltd) emphasizing its commitment to international cooperation in supply chains and contributing to the dual circulation development pattern [2] Group 1: Company Initiatives - APP showcased its global product lines at the Chain Expo under the theme "Chain Movement Ecology, Golden Color World," focusing on innovations in the "dual circulation cross-border industrial chain" and "green intelligence-enabled ecological chain" [2] - The company aims to connect bilateral industries, trade, and culture through its participation, particularly highlighting its role as a bridge for Chinese and Indonesian collaboration [2] Group 2: Product Highlights - APP introduced its leading eco-friendly packaging products, including Enza Shield high-barrier kraft paper, Foopak PFAS Free oil-resistant food cartons, and Foopak Bio Natura biodegradable food cartons, marking their first domestic exhibition [3] - The Enza Shield high-barrier kraft paper is made from 100% virgin wood pulp and features a lightweight, plastic-free food-grade coating, offering excellent oil resistance, waterproofing, and heat sealing, while being 100% biodegradable and recyclable [3]

Core Viewpoint - The article discusses the recent price adjustments by Nine Dragons Paper, led by Zhang Yin, in response to rising operational costs and the cyclical nature of the paper industry, highlighting the challenges and strategies in navigating a fluctuating market [4][5][6]. Group 1: Cost Pressures - The paper industry is highly cyclical, with prices closely tied to macroeconomic changes, leading to significant pressure on companies like Nine Dragons Paper [14]. - Since 2021, paper mills have been releasing capacity while downstream demand has not kept pace, forcing companies to adjust prices frequently to maintain market share [17][18]. - As of July, the average price of waste paper has decreased by 0.66% month-on-month, while the price of corrugated paper has dropped by 1.41%, indicating that raw material cost reductions are not sufficient to alleviate profit pressures [19][20]. Group 2: Navigating the Downturn - Zhang Yin has led Nine Dragons Paper for nearly 30 years, with the company experiencing its first loss in 2023, amounting to 2.38 billion RMB [35]. - Despite the downturn, there are signs of market recovery, with improved demand for packaging paper and a gradual increase in market conditions [36][37]. - The company has successfully reduced inventory levels, with stock decreasing to 9.5 billion RMB, a reduction of 647 million RMB year-on-year [24]. Group 3: Capacity Expansion - Zhang Yin is focusing on increasing control over raw material supply by investing in upstream integration, including acquiring paper mills in the U.S. and establishing recycling operations in China [46]. - Nine Dragons is expanding its production capacity, with new projects in Guangxi and Hubei expected to increase annual design capacity to 8.19 million tons and paper production capacity to 25.37 million tons [48][49]. - The total assets of Nine Dragons reached 138.71 billion RMB by the end of 2024, reflecting a significant increase in investment in property, plants, and equipment [52].

Report Summary 1. Report Information - Report Type: Pulp Daily Report [1] - Date: July 23, 2025 [2] 2. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 09 contract was 5,328 yuan/ton, and the closing price was 5,368 yuan/ton, a rise of 0.75%. [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton. The low - end price remained stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton. [7] - **International Quotes**: Chile's Arauco announced its July quotes. The Yinxing had no new offers as the previous deals were completed. The net price of Uruguay's hardwood pulp, New Star, was $500/ton. [7] - **Production and Shipment**: In May, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.69 million tons, up 4.4% month - on - month and down 8.2% year - on - year. [7] - **Inventory and Consumption**: In June, the European wood pulp inventory increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year. China's pulp imports in June were 3.03 million tons, up 0.4% month - on - month and 16.1% year - on - year. As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, turning from an increase to a decrease. [7] - **Market Trend**: Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, the pulp market fluctuated and rose slightly in the short term, driven by the commodity market atmosphere. [7] 3. Industry News - On July 22, the annual 150,000 - ton special paper project of Sichuan Hefeng Paper of Taisheng Group was successfully put into operation. The project uses bamboo pulp as the main raw material, focusing on producing 40 - 100 - gram low - gram - weight food packaging paper. After the two paper machines in Sichuan reach full production, they are expected to have a significant impact on the special paper market in the southwest region, with some production capacity sold to the central and eastern coastal areas. [8] 4. Data Overview - The report presents multiple data charts, including the total warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory, and prices and spreads of various paper products [25][27][29]

Report Summary Industry Investment Rating - The trend strength of double-offset paper is 0, indicating a neutral stance on the market [1]. Core View - The offset printing paper market is experiencing a low-level oscillation with limited upward momentum. The cost has increased, leading to a decline in both pre - tax and post - tax gross margins [1]. Summary by Category Fundamental Data - In the Shandong market, the prices of 70g Tianyang, 70g Chenming Yunjing, and 70g Huaxia Taiyang remained unchanged at 4850 yuan/ton, 5150 yuan/ton, and 5150 yuan/ton respectively from July 18th to July 21st, 2025. In the Guangdong market, the prices of 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also remained stable [1]. - Pre - tax, the含税收入 remained at 5100 yuan/ton, the含税 cost increased from 5014 yuan/ton to 5028 yuan/ton, and the pre - tax gross margin decreased from 86 yuan/ton to 72 yuan/ton. Post - tax, the non - taxable income was stable at 4513 yuan/ton, the non - taxable cost increased from 4610 yuan/ton to 4622 yuan/ton, and the post - tax gross margin decreased from - 96 yuan/ton to - 109 yuan/ton [1]. Industry News - In the Shandong market, the mainstream negotiated price of high - white double - offset paper is 5000 - 5200 yuan/ton, and some natural - white double - offset paper is priced at 4600 - 4900 yuan/ton. The price is stable compared to the previous day. Large - scale paper mills are operating normally, while small and medium - sized mills have flexible production schedules. Dealers' inventory reduction progress is average, and their purchasing attitude is cautious. Publication orders are being delivered, while social orders are in the off - season [2]. - In the Guangdong market, the mainstream negotiated price of high - white double - offset paper is 4900 - 5100 yuan/ton, and the price of natural - white double - offset paper is 4700 yuan/ton, remaining unchanged from the previous day. Social orders are weak, and dealers still face sales pressure. The recent commissioning of new production capacity in the South China region has led to a bearish market sentiment, but paper prices remain stable for now [2].