| 日期 | 2025/07/10 | 2025/07/09 | 2025/07/08 | 2025/07/07 | 2025/07/04 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5196.00 | 5106.00 | 5086.00 | 5074.00 | 5068.00 | | 折美元价 | 632.01 | 620.49 | 618.82 | 617.21 | 617.29 | | 距上一日涨跌 | 1.76263% | 0.39324% | 0.23650% | 0.11839% | -0.51040% | | 山东银星基差 | 739 | 829 | 864 | 876 | 882 | | 江浙沪银星基差 | 789 | 859 | 879 | 891 | 897 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6500 | 101.55 | ...

纸浆早报 SP主力合约收盘价： 5106.00 | 日期 | 2025/07/09 | 2025/07/08 | 2025/07/07 | 2025/07/04 | 2025/07/03 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5106.00 | 5086.00 | 5074.00 | 5068.00 | 5094.00 | | 折美元价 | 620.49 | 618.82 | 617.21 | 617.29 | 620.86 | | 距上一日涨跌 | 0.39324% | 0.23650% | 0.11839% | -0.51040% | 0.43375% | | 山东银星基差 | 829 | 864 | 876 | 882 | 856 | | 江浙沪银星基差 | 859 | 879 | 891 | 897 | 871 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR ...

纸浆早报 研究中心能化团队 2025/07/09 SP主力合约收盘价： 5086.00 | 日期 | 2025/07/08 | 2025/07/07 | 2025/07/04 | 2025/07/03 | 2025/07/02 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5086.00 | 5074.00 | 5068.00 | 5094.00 | 5072.00 | | 折美元价 | 618.82 | 617.21 | 617.29 | 620.86 | 617.63 | | 距上一日涨跌 | 0.23650% | 0.11839% | -0.51040% | 0.43375% | 0.91524% | | 山东银星基差 | 864 | 876 | 882 | 856 | 878 | | 江浙沪银星基差 | 879 | 891 | 897 | 871 | 893 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- ...

| 示 亦安期货 | | --- | 纸浆早报 研究中心能化团队 2025/07/07 SP主力合约收盘价： 5068.00 | 日期 | 2025/07/04 | 2025/07/03 | 2025/07/02 | 2025/07/01 | 2025/06/30 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5068.00 | 5094.00 | 5072.00 | 5026.00 | 5064.00 | | 折美元价 | 617.29 | 620.86 | 617.63 | 612.39 | 616.76 | | 距上一日涨跌 | -0.51040% | 0.43375% | 0.91524% | -0.75039% | -0.62794% | | 山东银星基差 | 882 | 856 | 878 | 924 | 901 | | 江浙沪银星基差 | 897 | 871 | 893 | 964 | 946 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | ...

点击上图▲立即收听 " 近几年 ' 内卷式 ' 竞争的出现，并非是企业、雇员变得 ' 急功近利 ' 所致，其背后有深刻的宏观经济背景，受经济周期变化、体制机制问题和技术发展规律综合影响。 文 / 巴九灵（微信公众号：吴晓波频道） 一股"刀刃向内"的改革正在一些重点行业展开。 汽车行业在这轮行动中最出圈，轰轰烈烈的60天账期革命备受关注，与此同时，近日，全国工商联汽车经销商商会又向各大汽车生产厂家提出缩 短返利兑现账期、简化返利政策、取消复杂限制条件等呼吁，打响了"反内卷"第二枪。 据路透社报道，中国新能源一家头部企业近期在多家工厂取消夜班、将部分产线产能削减至少1/3，并推迟新增产线计划。 还有"二师兄"。近期， 多家头部猪企接相关部门要求，去产能、二育调控、头部企业带头稳价格，集团场暂停能繁母猪扩产，出栏体重也需要控 制在120公斤左右。 光伏行业在主动踩刹车。自7月起，国内头部光伏玻璃企业计划集体减产30％，预计供应量将由此前的约64GW降至约45GW。 水泥行业则在展开自查。中国水泥协会发布文件，要求各会员企业对照备案产能与实际产能差异，依法依规按备案日产能和年产能组织生产。 " 7月的第一天， 中央财 ...

纸浆早报 研究中心能化团队 2025/07/04 SP主力合约收盘价： 5094.00 | 日期 | 2025/07/03 | 2025/07/02 | 2025/07/01 | 2025/06/30 | 2025/06/27 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5094.00 | 5072.00 | 5026.00 | 5064.00 | 5096.00 | | 折美元价 | 620.86 | 617.63 | 612.39 | 616.76 | 620.42 | | 距上一日涨跌 | 0.43375% | 0.91524% | -0.75039% | -0.62794% | 0.59218% | | 山东银星基差 | 856 | 878 | 924 | 901 | 894 | | 江浙沪银星基差 | 871 | 893 | 964 | 946 | 914 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | -- ...

| 日期 | 2025/07/01 | 2025/06/30 | 2025/06/27 | 2025/06/26 | 2025/06/25 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5026.00 | 5064.00 | 5096.00 | 5066.00 | 5070.00 | | 折美元价 | 612.39 | 616.76 | 620.42 | 616.77 | 617.01 | | 距上一日涨跌 | -0.75039% | -0.62794% | 0.59218% | -0.07890% | -1.28505% | | 山东银星基差 | 924 | 901 | 894 | 924 | 930 | | 江浙沪银星基差 | 964 | 946 | 914 | 944 | 955 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6600 | 219.18 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - No clear core view presented in the provided content. 3. Summary by Relevant Catalogs SP Main Contract Closing Price - On June 27, 2025, the SP main contract closing price was 5096.00, with a 0.59218% increase from the previous day. The closing prices from June 23 - 26 were 5278.00, 5136.00, 5070.00, and 5066.00 respectively, with corresponding daily changes of 3.08594%, -2.69041%, -1.28505%, and -0.07890% [3]. - The converted US - dollar prices on June 23 - 27 were 641.38, 624.56, 617.01, 616.77, and 620.42 respectively [3]. - The Shandong Yinxing basis on June 23 - 27 was 812, 914, 930, 924, and 894 respectively; the Jiangsu - Zhejiang - Shanghai Yinxing basis was 832, 929, 955, 944, and 914 respectively [3]. Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion (CFR) was 210.36, and that of Lion (CFR) was - 374.53. For Chilean pulp, the import profit of Yinxing (CFR, 90 - day letter of credit) was - 75.55 [4]. - The port US - dollar prices of Golden Lion, Lion, and Yinxing were 780, 730, and 740 respectively, and the Shandong region RMB prices were 6600, 5610, and 5990 respectively [4]. Pulp and Paper Price Averages - From June 23 - 27, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged [4]. - For paper products, from June 24 - 27, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the change values were all 0. The life - paper index changed from 839 on June 24 to 831 on June 25 and 26, then back to 839 on June 27, with a net change of 0 [4]. Profit Margin Estimation - The estimated profit margins of double - offset paper on June 24 - 27 were 8.8427%, 9.2155%, 9.5184%, and 9.5184% respectively; for double - copper paper, they were 23.5841%, 23.8925%, 24.1308%, and 24.1308% respectively; for white - card paper, they were - 9.8922%, - 9.6287%, - 9.4252%, and - 9.4252% respectively; for life - paper, they were 10.3465%, 9.3041%, 9.6861%, and 9.6861% respectively [4]. Price Spreads - From June 23 - 27, the softwood - hardwood price spread was 1990, 1960, 1935, 1950, and 1950 respectively; the softwood - natural price spread was 690, 650, 600, 590, and 590 respectively; the softwood - chemimechanical price spread was 2340, 2300, 2250, 2240, and 2240 respectively; the softwood - waste paper price spread was 4514, 4474, 4424, 4414, and 4414 respectively [4].

纸浆早报 研究中心能化团队 2025/06/26 SP主力合约收盘价： 5070.00 | 日期 | 2025/06/25 | 2025/06/24 | 2025/06/23 | 2025/06/20 | 2025/06/19 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5070.00 | 5136.00 | 5278.00 | 5120.00 | 5254.00 | | 折美元价 | 617.01 | 624.56 | 641.38 | 622.11 | 638.21 | | 距上一日涨跌 | -1.28505% | -2.69041% | 3.08594% | -2.55044% | 0.26718% | | 山东银星基差 | 930 | 914 | 812 | 970 | 846 | | 江浙沪银星基差 | 955 | 929 | 832 | 990 | 881 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | - ...

纸浆早报 研究中心能化团队 2025/06/25 SP主力合约收盘价： 5136.00 | 日期 | 2025/06/24 | 2025/06/23 | 2025/06/20 | 2025/06/19 | 2025/06/18 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5136.00 | 5278.00 | 5120.00 | 5254.00 | 5240.00 | | 折美元价 | 624.56 | 641.38 | 622.11 | 638.21 | 636.61 | | 距上一日涨跌 | -2.69041% | 3.08594% | -2.55044% | 0.26718% | 0.38314% | | 山东银星基差 | 914 | 812 | 970 | 846 | 860 | | 江浙沪银星基差 | 929 | 832 | 990 | 881 | 895 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | -- ...