Report Information - Report Name: Pulp Daily Report [1] - Date: August 27, 2025 [2] Market Review and Operation Suggestions - Pulp futures contract 01 had a previous settlement price of 5,398 yuan/ton and a closing price of 5,358 yuan/ton, a decline of 0.74%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,060 - 6,700 yuan/ton, with the low - end price down 40 yuan/ton from the previous trading day's closing price. The Shandong Yinxing was quoted at 5,780 - 5,800 yuan/ton [7] - Chile's Arauco announced its new August wood pulp export prices: softwood pulp Yinxing at $720/ton, natural pulp Jinxing at $590/ton, and hardwood pulp Mingxing at $520/ton, remaining stable compared to June. In June, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1%. In July 2025, the European wood pulp inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; the consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year. China's pulp imports in July were 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month - on - month. With limited cost guidance and ample supply, the pulp market is in a low - level oscillatory adjustment, awaiting the peak - season demand [8] Industry News - On August 25, Zhejiang Rongsheng Environmental Protection Paper Co., Ltd. announced a cogeneration energy - saving and carbon - reduction intelligent transformation project with a total investment of 177.83 million yuan. After the project is put into operation, a new 90t/h high - temperature and high - pressure circulating fluidized - bed solid - waste boiler will be added to the Rongsheng Environmental Protection thermoelectric production line. The existing 1 - 3 coal - fired boilers will no longer co - fire solid waste, forming an operation mode of 4 boilers and 2 generators. The overall coal consumption of the enterprise will remain unchanged, and the general solid - waste treatment capacity will increase to 210,640 tons per year. The project can save 80,200 tons of standard coal and reduce carbon emissions by 4,971 tons [9] Data Overview - The report includes multiple data charts such as 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][29][32]

Group 1 - The State Council issued an opinion on the implementation of "Artificial Intelligence+" actions, aiming for deep integration of AI with six key areas by 2027, with a target application penetration rate of over 70% for new intelligent terminals and agents [2] - By 2030, AI is expected to fully empower high-quality development in China, with application penetration rates exceeding 90%, making the intelligent economy a significant growth driver [2] - By 2035, China aims to enter a new stage of intelligent economy and society development, supporting the realization of socialist modernization [2] Group 2 - The National Development and Reform Commission announced a new round of fuel price adjustments, effective from August 26, with gasoline and diesel prices reduced by 180 yuan/ton and 175 yuan/ton respectively, translating to a decrease of 0.14 yuan per liter for 92 gasoline [3] - During the 14th Five-Year Plan period, China plans to build the world's largest electric vehicle charging network, with a target of two charging piles for every five vehicles [3] - The renewable energy generation capacity is expected to increase from 40% to around 60% during this period [3] Group 3 - Since 2012, China's foreign investment flow has ranked among the top three globally for 13 consecutive years, with over 50,000 enterprises established overseas by the end of 2024 [4] - The total foreign investment stock exceeds 3 trillion USD, maintaining a global share of 7.2% [4] Group 4 - As of July 2025, the total scale of public funds in China reached 35.08 trillion yuan, setting a new historical high [5] - The Ministry of Housing and Urban-Rural Development and the People's Bank of China issued a management measure for anti-money laundering in real estate, mandating compliance from real estate institutions [5] Group 5 - The Australian Postal Corporation announced the suspension of most parcel services to the United States, with exceptions for letters and gifts valued under 100 USD [6] Group 6 - Companies such as Cambrian reported a net profit of 1.038 billion yuan in the first half of the year, marking a turnaround from losses [7] - China Ping An's operating profit grew by 3.7% in the first half, with an interim dividend of 0.95 yuan per share [7] - Northern Rare Earth's revenue increased by 45.24% year-on-year, with net profit soaring by 1951.52% [7] - Companies like Victory Technology and Light Media reported significant profit increases of 366.89% and 371.55% respectively in the first half of the year [7] Group 7 - According to Citic Securities, improving liquidity is expected to support a rebound in Hong Kong stocks, with a focus on innovative drugs and internet opportunities [9] - Guotai Junan predicts that the paper industry chain prices are likely to continue rising due to seasonal demand and low inventory levels [10]

Group 1: Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on August 26, 2025 [2] Group 2: SP Main Contract Information - The closing price of the SP main contract on August 25, 2025, was 5136.00 [3] - Compared with the previous day, the price increased by 0.54816% [3] - The converted US dollar price was 626.87 [3] Group 3: Basis Information - The basis of Shandong Yinxing on August 25, 2025, was 654 [3] - The basis of Jiangsu, Zhejiang and Shanghai Yinxing on August 25, 2025, was 689 [3] Group 4: Import Profit Information - Calculated with a 13% VAT, the import profit of Canadian Golden Lion was -22.01, the import profit of Canadian Lion was -468.04, and the import profit of Chilean Yinxing was -97.24 [4] Group 5: Pulp Price Information - From August 19 to August 25, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemi - mechanical pulp remained unchanged [4] - The average prices in Shandong region of these four types of pulp also remained unchanged during the same period [4] Group 6: Paper Index and Profit Margin Information - From August 20 to August 25, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged [4] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper changed during this period, with changes of -1.1921, -1.6711, -0.1481, and 0.0000 respectively [4] Group 7: Pulp Price Difference Information - On August 25, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemi - mechanical pulp, and softwood and waste paper pulp were 1630.00, 390, 1965, and 4214 respectively [4]

Group 1 - The core viewpoint of the article is that the prices of waste paper are accelerating upward, with expectations of continued profit recovery in August and September. The leading paper manufacturers are likely to benefit from this trend [1][2]. - In the waste paper sector, leading companies have been continuously raising prices, with prices for recycled containerboard increasing by 125-195 RMB compared to early July, and AA-grade high corrugated paper prices rising by 165-265 RMB [1]. - The price of hardwood pulp has also seen continuous increases, with domestic prices ranging from 4160 to 4250 RMB per ton, up by 150-190 RMB per ton since early July. International prices are also rising, with Suzano announcing a price increase of 20 USD per ton for September [2]. Group 2 - The article anticipates that as the peak season approaches, the prices of paper products will stabilize and potentially increase, driven by the need for paper mills to replenish their stocks [2]. - Multiple factors, including the approaching peak season, collaboration among leading companies, and low levels of profitability and inventory, suggest that the price levels in the paper industry chain are likely to continue rising [2]. - Leading paper manufacturers are expected to benefit from higher self-sufficiency in raw materials and advantages in production capacity [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The double - offset paper market is basically stable today. The supply is expected to increase due to the resumption of some idle production lines, but the downstream demand is limited, and the consumption of base paper is slow. The industry's production may decline, the demand is mainly for rigid needs, and the cost support is limited [5][8]. 3. Summary by Directory First Part: Data Analysis - **Double - offset Paper Prices**: The prices of double - offset paper 70g in different regions such as Hebei, Beijing, Guangdong, Shandong, and Shanghai remain unchanged both daily and weekly. For example, the price of double - offset paper 70g: Hebei: Chenming Yunbao is 4900 yuan/ton, with a daily and weekly change of 0.00% [3]. - **Coated Paper Prices**: The prices of double - copper paper 157g in various regions show no daily change, but a weekly decline. For instance, the price of double - copper paper 157g: Beijing: Taiyang Tianyang is 5100 yuan/ton, with a weekly decline of - 0.97% [3]. - **Pulp Prices**: The price of coniferous pulp: Shanghai: Yinxing is 5850 yuan/ton, with a daily increase of 0.86% and a weekly decrease of - 0.85%. Some pulp prices remain stable, like broad - leaf pulp in some regions [3]. Second Part: Market Judgment - **Market Status**: The double - offset paper market is stable. Some idle production lines in Shandong are planned to resume production, increasing the supply expectation. However, the downstream orders are limited, and the consumption of base paper is slow. The purchase price of wood chips has little change, and the supply of wood chips is affected by weather conditions [5]. - **Logic Analysis**: The production of the double - offset paper industry may decline as some停产 enterprises have not resumed production and there may be maintenance of some production lines. The demand is mainly for rigid needs as dealers are cautious in inventory preparation and downstream printing factories have average orders. The cost support is limited as the prices of coniferous and broad - leaf pulp are stable [8]. Third Part: Relevant Attachments - There are four figures, including double - offset paper production, in - plant inventory, social inventory, and production profit, showing the data from 2021 to 2025 [10][11].

Market Overview - The paper sector increased by 0.24% on August 26, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Songyang Resources (603863) closed at 20.12, up 2.18% with a trading volume of 148,700 shares and a transaction value of 300 million yuan [1] - Sun Paper (002078) closed at 15.05, up 1.96% with a trading volume of 328,900 shares and a transaction value of 491 million yuan [1] - BoHui Paper (600966) closed at 5.33, up 1.91% with a trading volume of 182,800 shares and a transaction value of approximately 96.78 million yuan [1] - ST Chenming (000488) closed at 2.35, up 0.86% with a trading volume of 313,600 shares and a transaction value of approximately 73.80 million yuan [1] - Other notable performances include Yiyang Lin Paper (600963) at 5.00, up 0.81%, and Wuzhou Special Paper (605007) at 12.35, up 0.41% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 252 million yuan from institutional investors, while retail investors saw a net inflow of 204 million yuan [2] - The data indicates that speculative funds had a net inflow of approximately 47.18 million yuan [2] Detailed Capital Flow for Selected Stocks - For Liangxing Paper (002067), institutional investors had a net inflow of 13.89 million yuan, while speculative funds had a net outflow of 12.02 million yuan [3] - Hengfeng Paper (600356) saw a net inflow of 9.08 million yuan from institutional investors, with speculative funds experiencing a net outflow of 5.61 million yuan [3] - Other stocks like Sun Paper (002078) and Wuzhou Special Paper (605007) also showed mixed capital flows, with net outflows from institutional and speculative investors [3]

Group 1 - The paper industry chain is expected to see a price recovery due to multiple factors such as the approaching peak season, collaboration among leading companies, and low levels of profitability and inventory [1] - Leading paper manufacturers are anticipated to benefit from higher raw material self-sufficiency and economies of scale [1] - Recommendations include companies with strong operational capabilities such as Sun Paper (002078.SZ) and Nine Dragons Paper (02689), which is accelerating its integrated layout of boxboard and pulp [1] Group 2 - The price of recycled paper has accelerated, with a significant increase in August, where prices for recycled boxboard rose by 125-195 RMB compared to early July, and AA-grade high corrugated prices increased by 165-265 RMB [1] - The company expects continued price increases in August and September, leading to a widening price gap and a recovery in profitability [1] - In the wood pulp sector, domestic prices for hardwood pulp have risen by 150-190 RMB/ton compared to early July, with international prices also increasing [2] - The upcoming peak season is expected to drive further price increases for hardwood pulp as paper manufacturers replenish their stocks [2]

Core Viewpoint - The release of the "Opinions on Promoting Green and Low-Carbon Transition and Strengthening National Carbon Market Construction" injects new momentum into the development of China's carbon market, highlighting the acceleration of carbon asset financialization and the importance of carbon pricing in guiding green development [1] Group 1: Carbon Pledge Financing - Financial institutions are encouraged to engage in carbon pledge financing, with a focus on compliance and risk control while participating in the national carbon market [2] - As of July 2025, Guangdong Province has conducted 34 carbon pledge financing transactions, involving 8.4997 million tons of carbon emissions rights and raising 114 million yuan, primarily in the paper and power generation sectors [2] Group 2: Diverse Financing Models - Various operational models for carbon pledge financing have emerged, such as Jiujing Bank issuing a 3 million yuan green loan backed by CCER forestry carbon sink rights [3] - Beijing Bank's Nanjing branch successfully executed its first marine carbon sink pledge loan, utilizing future revenue rights as collateral to activate dormant "blue assets" [3] Group 3: Carbon Pricing Mechanism - The comprehensive operation of the national carbon emissions trading market and the introduction of carbon financial products will enhance the role of carbon pricing in optimizing green investment decisions and improving credit risk for enterprises [4] - The establishment of a robust carbon pricing mechanism is essential for providing effective price signals to support green low-carbon development [4] Group 4: Carbon Price Dynamics - The carbon price should not be excessively high or low; a balanced approach is necessary to facilitate the transition of high-emission industries while supporting the growth of the renewable energy sector [5] - The clear "dual carbon" goals necessitate higher carbon prices to guide enterprises in their transformation and to mobilize financial resources for deep green transitions [5] Group 5: Market Performance - As of August 25, the national carbon market's comprehensive price was 70.34 yuan per ton, with a trading volume of 59,665,129 tons and a transaction value of approximately 4.4047 billion yuan from January 1 to August 25, 2025 [6]

Group 1 - The article highlights a significant wave of infrastructure development in China, particularly focusing on water transport, with major projects like the new Three Gorges waterway and the Yarlung Tsangpo River hydropower project [1][2] - The new Three Gorges waterway aims to alleviate bottlenecks in the Yangtze River's shipping capacity, with an investment of 77.6 billion yuan to enhance the throughput from 100 million tons to nearly 180 million tons [5][4] - The article discusses the long-standing issues in the Yangtze River's shipping routes, particularly the challenges faced in the Jingjiang section, which limits the navigation capacity to 3,000-5,000 ton vessels [10][8] Group 2 - The proposed Jinghan Canal project aims to create a new shipping route that would significantly reduce travel distance and time, potentially allowing 10,000 ton vessels to navigate directly from the Yangtze River mouth to Chongqing [12][22] - Despite the potential benefits, the project has faced opposition from local stakeholders in Hunan province, who fear it would negatively impact their water transport economy [15][14] - Recent developments indicate a renewed push for the Jinghan Canal, with the Hubei province planning a 236-kilometer canal with an investment of 78.4 billion yuan, which could save logistics costs by 30 billion yuan annually [21][22] Group 3 - The completion of the Jinghan Canal could lead to significant economic benefits for cities along the route, particularly for Jingzhou, which is expected to transform into a major logistics hub [24][23] - The article emphasizes the importance of integrating green technologies in the shipping industry, highlighting the trend towards electric vessels and the establishment of charging infrastructure in Jingzhou [28][30] - The overall development of the Jinghan Canal is positioned as a critical component of China's broader strategy to enhance domestic and international trade through improved waterway connectivity [32][22]

Core Viewpoint - The Chinese paper industry is undergoing a significant transformation from scale expansion to quality and efficiency improvement, and from traditional manufacturing to green and intelligent manufacturing, supported by standardization efforts in the sector [1] Group 1: Industry Development - The Chinese paper industry plays a crucial role in the national economy, covering various fields such as publishing, industrial packaging, and consumer goods [1] - The National Paper Industry Standardization Technical Committee has been recognized for its advanced contributions to standardization in the light industry sector [1][2] Group 2: Standardization Efforts - The Paper Standardization Committee has established seven sub-committees focusing on key areas like printing paper, cultural office paper, packaging paper, and sanitary products [2] - A series of critical consumer product standards have been developed, including those for sanitary napkins and baby diapers, ensuring safety and quality for consumers [2] Group 3: Green Development Initiatives - The committee is actively promoting green and low-carbon development by creating standards for green product evaluation and carbon footprint accounting in the paper industry [3] - New standards have been established to guide enterprises towards sustainable production practices, including guidelines for carbon footprint calculation [3] Group 4: Standardization Achievements - As of now, the Paper Standardization Committee manages a total of 511 national and industry standards, which provide a solid foundation for the sustainable development of the industry [4] - The committee has made significant strides in international standardization, enhancing China's influence and participation in global standards [4] Group 5: Future Outlook - The Paper Standardization Committee aims to continue improving the standard system, enhancing international standardization levels, and leading the industry towards sustainable development [5]