1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The pulp futures have risen significantly, with the futures market showing a pattern of near - term strength and long - term weakness. The market may trade again on the potential shortage of new warehouse receipts. In the short term, the futures market is expected to be highly volatile, and it is advisable to adopt a wait - and - see approach [6] 3. Summary by Relevant Catalogs 3.1 Price Data 3.1.1 Futures and Spot Prices - Futures prices: SP2601 is 5328 yuan/ton, up 2.66% week - on - week and 2.23% day - on - day; SP2512 is 4714 yuan/ton, up 0.81% week - on - week and 0.04% day - on - day; SP2605 is 5366 yuan/ton, up 2.09% week - on - week and 1.78% day - on - day - Spot prices: Coniferous pulp Silver Star is 5450 yuan/ton, up 0.93% week - on - week and 0.93% day - on - day; Coniferous pulp Russian Needle is 5250 yuan/ton, unchanged week - on - week and day - on - day; Hardwood pulp Goldfish is 4500 yuan/ton, up 2.27% week - on - week and 2.27% day - on - day [6] 3.1.2 Outer - market Quotes and Import Costs - Outer - market quotes: Chilean Silver Star is 680 dollars/ton, unchanged month - on - month; Brazilian Goldfish is 540 dollars/ton, up 1.89% month - on - month; Chilean Venus is 590 dollars/ton, unchanged month - on - month - Import costs: Brazilian imports are 4425 yuan/ton, up 1.87% month - on - month; Chilean Venus is 4830 yuan/ton, unchanged month - on - month [6] 3.2 Fundamental Data 3.2.1 Supply - In October 2025, the import volume of pulp was 173 tons. The import volume of coniferous and hardwood pulp was 69.1 and 131.8 tons respectively, with a month - on - month change of 0.00% and - 2.80% - The domestic production volume of hardwood pulp on November 27, 2025 was 25.2 tons, and that of chemimechanical pulp was 23.7 tons [6] 3.2.2 Inventory - As of November 27, 2025, the pulp port inventory was 217.2 tons, down 0.1 tons from the previous period, a week - on - week decrease of 0.05%. The inventory in futures delivery warehouses was 21.1 tons [6] 3.2.3 Demand - The production volume of finished paper: Double - offset paper was 20.80 tons, coated paper was 8.50 tons, tissue paper was 28.49 tons, and white cardboard was 34.50 tons [6] 3.3 Valuation Data - Basis: The Russian Needle basis was 0.45, and the value was 536; the Silver Star basis was 0.928, and the value was 736 - Import profit: The import profit was - 109 [6]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The fundamentals of pulp have shown no signs of recovery. Pulp port inventories and the number of warehouse receipts have not significantly decreased, and pulp futures are trending weakly. It is recommended to consider a 11 - 1 reverse spread strategy [6] 3. Summary by Relevant Catalogs Price Data - **Futures Prices**: On September 29, 2025, SP2601 was priced at 5174, down 1.86% day - on - day and 2.16% week - on - week; SP2511 was 4878, down 2.75% day - on - day and 2.60% week - on - week; SP2505 was 5214, down 1.55% day - on - day and 1.92% week - on - week [5] - **Spot Prices**: Coniferous pulp Silver Star was 5600, down 0.88% day - on - day and week - on - week; Russian Needle was 5150, down 0.96% day - on - day and week - on - week; Hardwood pulp Goldfish was 4250, up 0.71% day - on - day and week - on - week [5] - **Outer - disk Quotes**: Chilean Silver Star was 700 dollars, down 2.78% month - on - month; Japanese pulp was 530 dollars, up 3.92% month - on - month; Chilean Venus was 590 dollars, with 0.00% month - on - month change [5] - **Import Costs**: Chilean Silver Star was 5721, down 2.75% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, with 0.00% month - on - month change [5] Fundamental Data - **Supply**: In August 2025, coniferous pulp imports were 61.4 tons, down 4.95% month - on - month; hardwood pulp imports were 125.8 tons, down 6.88% month - on - month. Chinese pulp shipments were 162 tons, up 4.50% [5] - **Production**: In September 2025, hardwood pulp production was 23.8 tons; chemimechanical pulp production was 22.3 tons [5] - **Inventory**: As of September 25, 2025, pulp port inventory was 203.3 tons, down 7.9 tons from the previous period, a 3.7% decrease. Futures delivery warehouse inventory was 23.5 tons [5] - **Demand**: In September 2025, offset paper production was 21.00 tons; coated paper production was 8.50 tons; tissue paper production was 28.07 tons; white cardboard production was 35.90 tons [5] Valuation Data - **Basis**: On September 29, 2025, the Russian Needle basis was 272, with a quantile level of 0.918; the Silver Star basis was 722, with a quantile level of 0.922 [5] - **Import Profit**: Coniferous pulp Silver Star had an import profit of - 121, with a quantile level of 0.429; hardwood pulp Goldfish had an import profit of - 94, with a quantile level of 0.554 [5] Market Analysis - **Supply Side**: Chilean Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in hardwood pulp quotes [5] - **Demand Side**: Current paper product demand remains at a stable level, paper product prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [5] - **Inventory Side**: As of September 25, 2025, China's mainstream pulp port sample inventory was 203.3 tons, showing a de - stocking trend [5]