Group 1 - The company stated that its newly produced chemical pulp and chemical machine pulp are not classified as futures delivery products and have not undergone delivery brand registration [1] - The company's double glue paper is classified as a futures delivery product, with the "Peony" brand corresponding to the futures delivery brand for double glue paper [1]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The pulp futures have reached an absolute low, but there is no upward driving force and the pressure of old warehouse receipts is significant. It is recommended to conduct a 12 - 1 reverse arbitrage [4]. - The pulp fundamentals remained stable this week, with the futures price fluctuating at a low level. The problem of old warehouse receipts has not been resolved, and it is expected that the downstream futures market will still be based on old - warehouse - receipt trading, suppressing the near - month contract prices. The 12 - 1 reverse arbitrage strategy should be maintained [7]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: The import quotations of Chile's Arauco company show a decrease in coniferous pulp and an increase in broad - leaf pulp. In October 2025, China's pulp production was 2.084 million tons, a 10.2% month - on - month increase, indicating a relatively loose supply [4]. - **Demand**: Except for white cardboard, the production and prices of other wood - pulp papers have not increased significantly. The inventory of finished paper is high, and paper mills maintain just - in - time replenishment, which has not boosted pulp prices [4]. - **Inventory**: As of November 6, 2025, the inventory of mainstream pulp ports in China was 2.008 million tons, a decrease of 53,000 tons from the previous period, a 2.6% month - on - month decline, showing a narrow - range destocking trend [4]. - **Investment Viewpoint**: 12 - 1 reverse arbitrage. - **Trading Strategy**: Unilateral: None; Arbitrage: 12 - 1 reverse arbitrage. 3.2 Futures and Spot Market Review - **Futures Market**: The pulp futures fluctuated at a low level this week. The total futures contract positions increased by 4.80% to 341,276, and the main - contract positions increased by 10.63% to 171,788 as of November 7, 2025 [23]. - **Spot Market**: Some spot prices' basis increased slightly. The prices of coniferous pulp silver star and broad - leaf pulp goldfish remained stable week - on - week and month - on - month. The price of coniferous pulp cloth needle increased by 70 yuan/ton week - on - week and 100 yuan/ton month - on - month. In October, the coniferous pulp's overseas quotation decreased, while the broad - leaf pulp's price increased [16][19]. 3.3 Pulp Supply - Demand Fundamental Data - **Import Volume**: In September, the import volume of pulp and wood chips increased. In October 2025, the total pulp import volume was 2.952 million tons, a 11.27% increase; the coniferous pulp import volume was 691,000 tons, a 12.54% increase; the broad - leaf pulp import volume was 1.356 million tons, a 7.79% increase; and the broad - leaf wood chip import volume was 1.471 million tons, a 16.84% increase [5]. - **Inventory**: The pulp port inventory decreased slightly, and the number of warehouse receipts remained stable. Overseas, the inventory of coniferous pulp mills increased, while that of broad - leaf pulp mills remained stable [34][37]. - **Downstream Demand**: The price of white cardboard increased by 3.7% month - on - month, while the prices of other paper types remained stable. In October 2025, the production of paper products increased month - on - month, with double - offset paper production increasing by 4.8%, copper - plate paper by 2.4%, tissue paper by 0.9%, and white cardboard by 1%. The inventory of double - offset paper, copper - plate paper, tissue paper, and white cardboard also increased to varying degrees [42][47]. 3.4 Pulp Futures Valuation - **Basis**: As of November 7, 2025, the basis of Shandong Russian needle decreased by 112 yuan/ton to - 444 yuan/ton, and the basis of Shandong silver star decreased by 202 yuan/ton to 106 yuan/ton. - **Month - to - Month Spread**: The 12 - 1 month - to - month spread widened, reaching - 484 yuan/ton, a decrease of 142 yuan/ton from the previous week. - **Import Profit**: As of November 7, 2025, the import profit of coniferous pulp was 7 yuan/ton, a week - on - week increase of 2.4 yuan, and the import profit of broad - leaf pulp was 37 yuan/ton, a week - on - week increase of 2 yuan [82].

Core Viewpoint - The company, Anhui Linping Circular Development Co., Ltd., is facing regulatory scrutiny due to declining revenues over the past two years, decreasing prices of core products, and a significant portion of net profit being derived from tax incentives [1][4][9]. Financial Performance - The company's revenue has decreased consecutively over the past two years, with figures of 2.879 billion yuan in 2022, 2.800 billion yuan in 2023, and projected 2.485 billion yuan in 2024, alongside net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [4][6]. - The main business income primarily comes from the sales of corrugated paper and boxboard, which accounted for over 99% of total revenue, with boxboard sales making up approximately 70% [6]. Tax Incentives - Tax incentives have constituted a significant portion of the company's net profit, with percentages of 63.02%, 68.65%, and 80.58% over the reporting periods, raising questions about their sustainability [9][10]. - The company asserts that the likelihood of changes to the relevant policies is low, and the tax incentives are expected to remain sustainable as long as there are no significant adverse changes in the industry environment or the company's operations [9]. Market Conditions - The decline in revenue is attributed to the cancellation of import tariffs on finished paper, leading to increased imports and lower selling prices for the company's products. Additionally, a typhoon caused production disruptions, further impacting sales [6]. - Despite current challenges, the company anticipates stable growth in demand for corrugated paper and boxboard due to ongoing economic growth and increasing needs in consumer goods, e-commerce, logistics, and express delivery sectors [6].

Core Viewpoint - Recently, Juxian Jufuxiang Paper Industry Co., Ltd. was established with a registered capital of 300,000 RMB, indicating a new player in the paper manufacturing sector [1] Company Summary - The legal representative of the newly established company is Bi Chunhua [1] - The registered capital of the company is 300,000 RMB [1] - The business scope includes manufacturing and sales of paper products, manufacturing and sales of specialized equipment for pulping and papermaking, manufacturing of paper and paperboard containers, sales of personal hygiene products, and recycling of renewable resources (excluding production waste metals) [1]

Core Points - The company signed a compensation framework agreement with the Nanhu District People's Government, resulting in a total compensation amount of RMB 1,079.63 million [1] - The first phase of the compensation, totaling RMB 150 million, is to be paid within 45 days of signing the agreement, with specific allocations for soil pollution investigation and remediation [1] - The company received the first phase compensation of RMB 130 million on November 7, 2025, and will handle the accounting in accordance with relevant regulations [2] Summary by Sections - **Compensation Agreement**: The company entered into a compensation agreement for land acquisition with the local government, amounting to RMB 1,079.63 million, with specific terms for payment and usage of funds [1] - **Payment Schedule**: The first installment of RMB 150 million is to be paid promptly, with a portion allocated for environmental remediation efforts [1] - **Financial Reporting**: The company will account for the compensation in its financial statements as per applicable accounting standards, with the impact on 2025 earnings to be confirmed in the annual report [2]

Core Viewpoint - Tangshan Ruiyu Paper Industry Co., Ltd. has been established with a registered capital of 100,000 RMB, focusing on various paper and wood-related manufacturing and services [1] Company Summary - The legal representative of Tangshan Ruiyu Paper Industry Co., Ltd. is Bi Lijiao [1] - The company’s registered capital is 100,000 RMB [1] - The business scope includes manufacturing and sales of paper and paperboard containers, paper products, wood processing, and wood sales [1] Industry Summary - The company is involved in general projects such as labor services (excluding labor dispatch), packaging services, and various technical services including development, consulting, and promotion [1]

Core Points - The company Minfeng Special Paper announced a compensation agreement with the Nanhu District People's Government, totaling RMB 1,079.63 million [1] - The first installment of the compensation, amounting to RMB 150 million, is to be paid within 45 days of signing the agreement, with RMB 13 million specifically allocated for soil pollution investigation and remediation [1] - As of November 7, 2025, the company has received the first installment of RMB 130 million [1] Summary by Sections - **Compensation Agreement**: The company signed a framework agreement for land acquisition compensation, with a total compensation amount of RMB 1,079.63 million [1] - **Payment Schedule**: The first payment of RMB 150 million includes contributions from both Minfeng Group and Minfeng Special Paper, with specific usage outlined for environmental remediation [1] - **Receipt of Funds**: The company confirmed the receipt of the first installment of RMB 130 million on November 7, 2025 [1]

Group 1 - The core viewpoint of the news is that Shunhao Co., Ltd. has seen a significant stock price increase of 5.01%, reaching 7.76 CNY per share, with a total market capitalization of 8.226 billion CNY [1] - Shunhao Co., Ltd. specializes in the research, production, processing, and sales of various products including vacuum aluminum-coated paper, composite film paper, white cardboard, printed materials, and cigarette polypropylene fiber bundles [1] - The company's main business revenue composition includes printed materials (48.07%), aluminum-coated paper (30.03%), and other products such as composite film paper (5.56%) and optical anti-counterfeiting film (2.02%) [1] Group 2 - From the perspective of fund holdings, Huatai Baoxing Fund has a significant position in Shunhao Co., Ltd., with its Huatai Baoxing Jinianhong Mixed Fund A holding 58,500 shares, accounting for 3.18% of the fund's net value [2] - The Huatai Baoxing Jinianhong Mixed Fund A has achieved a year-to-date return of 13.78% and a one-year return of 11.47%, ranking 5,373 out of 8,148 in its category [2] - The fund manager, Zhao Jian, has been in position for 7 years and 151 days, with the best fund return during his tenure being 79.39% [3]

Report Information - Report Title: Pulp Daily Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - The short - term market focuses on the potential boost to the market price due to the possibly low number of old warehouse receipts after cancellation, but the rebound space is limited under the weak fundamental situation. It is recommended to try shorting at high prices [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 01: The previous settlement price was 5320 yuan/ton, the closing price was 5368 yuan/ton, a 0.90% increase [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4870 - 6500 yuan/ton, remaining stable compared to the previous trading day. The price of Shandong Yinxing was 5500 yuan/ton [7] - Arauco's October wood pulp offer: Softwood pulp Yinxing was 680 dollars/ton, a 20 - dollar decrease from last month; natural pulp Venus was 590 dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 dollars/ton, unchanged from last month [8] - European wood pulp in September: The inventory was 722.3 thousand tons, a 3% month - on - month increase and a 16.1% year - on - year increase; the consumption was 813.2 thousand tons, a 16.3% month - on - month increase and a 1.6% year - on - year decrease [8] - As of November 6, 2025: The weekly pulp inventory in major regions and ports decreased 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [8] - Downstream paper products: The performance of downstream base paper remained differentiated, the demand side of the pulp market increased slowly, and the traditional peak season started late. Double - offset paper downstream printers mainly stocked up for rigid demand, and the publication bidding had not yet increased significantly, with overall market demand being weak. The cumulative year - on - year decline in the total profit of the papermaking and paper products industry continued to narrow [8] 2. Industry News - On November 3, the re - approved papermaking production line technical renovation project of Guangdong Jiefeng Industrial Investment Co., Ltd. was approved. After re - approval, the project will produce 225 thousand tons of corrugated paper and 15 thousand tons of toilet paper annually [9] 3. Data Overview - The report presents multiple data charts including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - delivery spread, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, double - offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][24][25][27]

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