Report Summary 1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Report Core View - There is no clear core view presented in the provided content. 3. Summary According to Relevant Catalogs SP Main Contract Closing Price - On March 31, 2026, the SP main contract closing price was 5124.00, with a 1.11926% decline from the previous day. The exchange - rate - converted US dollar price was 647.44, and the Shandong Yinxing basis was 31, while the Jiangsu - Zhejiang - Shanghai Yinxing basis was 41 [3]. Import Profits - For Canadian pulp, the import profit of Golden Lion was 139.53, while that of Lion was - 580.06. For Chilean pulp, the import profit of Yinxing was - 224.64, calculated with a 13% VAT and an exchange rate of 6.91 on the previous day [4]. Pulp Price Averages - From March 25 to March 31, 2026, 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 regional average prices also remained stable [4]. Paper Indexes and Profit Margins - From March 26 to March 31, 2026, the cultural paper (double - offset and double - copper) indexes, packaging paper (white card) index, and living paper index remained unchanged. The profit margins of double - offset paper, double - copper paper, white card, and living paper changed by 0.1198, 0.1166, 0.0822, and - 0.0544 respectively [4]. Pulp Price Spreads - On March 31, 2026, the softwood - hardwood price spread was 530.00, the softwood - natural price spread was - 245, the softwood - chemimechanical price spread was 1345, and the softwood - waste paper price spread was 3579 [4].

Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: March 31, 2026 [2] SP Main Contract Closing Price - On March 30, 2026, the closing price of the SP main contract was 5182.00. The closing prices from March 24 - 30, 2026 were 5210.00, 5224.00, 5156.00, 5202.00, and 5182.00 respectively. The corresponding dollar - converted prices were 660.41, 661.24, 651.91, 657.20, and 654.40. The daily price changes were 0.42406%, 0.26871%, - 1.30168%, 0.89216%, and - 0.38447% respectively. The Shandong Yinxing basis was 8, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 18 [3]. Import Profit Calculation - Using a 13% VAT calculation, for Canadian pulp: the import profit of Golden Lion (CFR) was 139.53, with a port dollar price of 780 and a Shandong region RMB price of 6300; the import profit of Lion (CFR) was - 580.06, with a port dollar price of 730 and a Shandong region RMB price of 5190. For Chilean pulp, the import profit of Yinxing (CFR letter of credit 90 days) was - 189.64, with a port dollar price of 680 and a Shandong region RMB price of 5190 [4]. Price Averages and Changes - From March 24 - 30, 2026, the national average prices of softwood pulp, hardwood pulp, unbleached 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 at 6245.00, 4775.00, 5400.00, and 3600.00 respectively. The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and tissue paper (tissue index) also remained unchanged. However, the profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper changed by - 0.1797, - 0.1500, - 0.1057, and - 0.3443 respectively [5]. Price Spreads - From March 24 - 30, 2026, the softwood - hardwood price spread changed from 645 to 580; the softwood - unbleached price spread remained at - 210; the softwood - chemimechanical price spread remained at 1380; the softwood - waste paper price spread changed from 3659 to 3614 [5].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - Pulp companies are announcing maintenance shutdowns or production cuts, leading to a tightening global wood pulp supply, which supports price increases for pulp [4][18] - Many paper companies are issuing price increase notices due to rising raw material costs, with whiteboard paper prices increasing by 50 CNY/ton and special paper prices rising by 500 CNY/ton [5][22] - The average price of white card paper has slightly declined, but the underlying support for prices remains strong due to rising raw material costs and a firm market stance from paper manufacturers [6][29] Summary by Sections Weekly Topic - Pulp companies are implementing maintenance shutdowns, with significant production cuts announced by major players like Suzano and Ahlstrom-Munksjö, contributing to a global tightening of wood pulp supply [4][18] - The average prices for needle and broadleaf pulp have increased, with current prices at 5185.58 CNY/ton and 4572.89 CNY/ton respectively [4][18] Price Tracking - Paper companies are raising prices across various products, including a 50 CNY/ton increase for whiteboard paper and a 200 CNY/ton increase for white card paper [5][22] - The average price of white card paper has decreased from 4269 CNY/ton to 4188 CNY/ton due to increased supply and lower-than-expected demand recovery [6][29] Key Data Tracking - Real estate data shows a 14.4% increase in the transaction area of commercial housing in major cities, indicating potential growth in home-related consumption [39] - Furniture sales in February reached 27.6 billion CNY, reflecting an 8.8% year-on-year increase, while exports of furniture and parts surged by 67.9% [51]

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 27, 2026, was 5202.00 [3] - The closing prices of the main contract from March 23 - 27, 2026, were 5188.00, 5210.00, 5224.00, 5156.00, and 5202.00 respectively [3] - The corresponding dollar - converted prices were 655.82, 660.41, 661.24, 651.91, and 657.20 respectively [3] - The daily price changes were 0.46476%, 0.42406%, 0.26871%, - 1.30168%, and 0.89216% respectively [3] - The Shandong Yinxing basis on March 27, 2026, was - 12, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was - 2 [3] Group 2: Import Profit Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp was 139.53, while that of Canadian Lion pulp was - 580.06, and that of Chilean Silver Star pulp was - 189.64 [4] - The port dollar prices of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star were 780, 730, and 680 respectively [4] - The Shandong region RMB prices of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star were 6300, 5190, and 5190 respectively [4] Group 3: Pulp and Paper Price and Margin Information - From March 23 - 27, 2026, 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 [4] - The Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and tissue paper remained unchanged from March 24 - 27, 2026 [4] - The profit margins of double - offset, double - copper, white card, and tissue paper on March 27, 2026, were - 2.3444%, 7.9167%, - 9.1892%, and 7.4503% respectively, with no change from the previous data [4] Group 4: Pulp Price Spread Information - The softwood - hardwood price spread on March 27, 2026, was 600.00 [4] - The softwood - natural pulp price spread on March 27, 2026, was - 210 [4] - The softwood - chemimechanical pulp price spread on March 27, 2026, was 1380 [5] - The softwood - waste paper price spread on March 27, 2026, was 3614 [5]

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - Energy prices are rising, which may lead to an increase in pulp prices, exceeding market expectations. The domestic paper industry has only a few leading companies involved in the upstream pulp segment, creating significant cost differences compared to those not engaged in pulp production. Companies with proactive upstream pulp strategies are favored [3] - The market perceives weak demand in the downstream paper segment, which is suppressing pulp prices. However, the report argues that supply-side uncertainties are more critical in determining pulp prices than demand-side factors. Geopolitical tensions may lead to reduced operating rates in overseas pulp mills, potentially driving pulp prices higher [8] - The global pulp supply is concentrated, with China heavily reliant on imports. Disruptions in supply could further elevate imported pulp prices. Historically, pulp demand has shown relative stability, with growth rates typically in the low single digits. The report notes that there have been no significant new pulp production capacities in the last two years, and the industry operating rate is around 90%, indicating a favorable supply-demand relationship [8] Summary by Sections - **Investment Suggestions and Targets**: The report highlights companies such as Sun Paper (002078, not rated), Xianhe Co. (603733, not rated), Wuzhou Special Paper (605007, not rated), and Nine Dragons Paper (02689, not rated) as potential investment targets due to their strategic positioning in the upstream pulp segment [3] - **Market Dynamics**: The report discusses the stability of finished paper prices, with cultural paper prices declining and packaging paper prices increasing. It emphasizes the importance of supply-side factors over demand-side concerns in the pulp market [7][8]

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 26, 2026, was 5156.00 [3] - The closing prices of the main contract from March 20 - 26, 2026, were 5164.00, 5188.00, 5210.00, 5224.00, and 5156.00 respectively [3] - The corresponding US - dollar prices were 655.07, 655.82, 660.41, 661.24, and 651.91 respectively [3] - The daily price changes were 1.17555%, 0.46476%, 0.42406%, 0.26871%, and - 1.30168% respectively [3] - The Shandong Yinxing basis on March 26, 2026, was 34, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 44 [3] Group 2: Import Pulp Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, the RMB price in Shandong was 6300, and the import profit was 148.34; the CFR price of Lion was 730 US dollars, the RMB price in Shandong was 5190, and the import loss was 521.81 [4] - For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 680 US dollars, the RMB price in Shandong was 5190, and the import loss was 181.96 [4] Group 3: Pulp Price Averages - From March 20 - 26, 2026, 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 [4] - The average prices in Shandong for the same period also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Index and Profit Margin - From March 23 - 26, 2026, the double - offset paper index, double - copper paper index, and white - card paper index remained at 5725, 5670, and 4350 respectively; the living paper index was 869 on March 23 and 26, and 867 on March 24 and 25 [4] - The profit margins of double - offset paper on March 23 - 26, 2026, were - 1.2614%, - 1.4138%, - 2.4984%, and - 2.3444% respectively; the changes were 0.1540 [4] - The profit margins of double - copper paper were 7.9167%, 7.7667%, 7.7667%, and 7.9167% respectively; the changes were 0.1500 [4] - The profit margins of white - card paper were - 9.1892%, - 9.2949%, - 9.2949%, and - 9.1892% respectively; the changes were 0.1057 [4] - The profit margins of living paper were 8.2166%, 7.3053%, 7.3053%, and 7.4503% respectively; the changes were 0.1450 [4] Group 5: Pulp Price Spreads - The softwood - hardwood price spreads from March 20 - 26, 2026, were 620, 600, 645, 645, and 600 respectively [4] - The softwood - natural pulp price spreads were - 230, - 210, - 165, - 165, and - 210 respectively [4] - The softwood - chemimechanical pulp price spreads were 1360, 1380, 1425, 1425, and 1380 respectively [5] - The softwood - waste paper price spreads were 3594, 3614, 3659, 3659, and 3614 respectively [5]

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 25, 2026, was 5224.00 [2] - The closing prices on March 24, 23, 20, and 19 were 5210.00, 5188.00, 5164.00, and 5104.00 respectively [2] - The corresponding dollar - converted prices were 661.24, 660.41, 655.82, 655.07, and 645.51 [2] - The daily price changes were 0.26871%, 0.42406%, 0.46476%, 1.17555%, and 1.26984% [2] - The Shandong Yinxing basis on March 25 was 11, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 21 [2] Group 2: Import Price and Profit Information - For Canadian pulp, the CFR price of Golden Lion was 780 dollars, with a Shandong RMB price of 6300 and an import profit of 148.34; the CFR price of Lion was 730 dollars, with a Shandong RMB price of 5240 and an import loss of 521.81 [3] - For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 680 dollars, with a Shandong RMB price of 5235 and an import loss of 136.96 [3] Group 3: Pulp Price Averages - From March 19 to 25, 2026, 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 [3] - The Shandong average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [3] Group 4: Paper Index and Profit Margin Information - The cultural paper (double - offset and double - copper) and packaging paper (white card) indices remained unchanged from March 20 to 25, 2026, while the life paper index also remained stable except for a minor change on March 24 [3] - The double - offset paper profit margin decreased from - 0.6011% on March 20 to - 2.4984% on March 25, the double - copper paper profit margin remained at 7.7667% on March 25, the white card paper profit margin remained at - 9.2949%, and the life paper profit margin remained at 7.3053% [3] Group 5: Pulp Price Difference Information - The softwood - hardwood price difference on March 25 was 645.00, the softwood - natural price difference was - 165, the softwood - chemimechanical price difference was 1425, and the softwood - waste paper price difference was 3659 [3]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - No clear core view is presented in the report. It mainly provides data on the pulp market, including prices, spreads, and profit margins. 3. Summary According to Related Content SP Main Contract Information - The closing price of the SP main contract on March 24, 2026, was 5210.00. The closing prices on previous days were 5188.00 (March 23), 5164.00 (March 20), 5104.00 (March 19), and 5040.00 (March 18). The corresponding dollar prices were 660.41, 655.82, 655.07, 645.51, and 639.63 respectively. The daily price changes were 0.42406%, 0.46476%, 1.17555%, 1.26984%, and -0.94340% [3]. - The Shandong Yinxing basis was 25 on March 24, 2026, and was 2, 6, 21, and 25 on previous days. The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 35 on March 24, 2026, and was 2, 6, 16, and 35 on previous days [3]. Import Profit Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 dollars, and the RMB price in Shandong was 6300, with an import profit of 157.15. The CFR price of Lion was 730 dollars, and the RMB price in Shandong was 5240, with an import loss of 543.56. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 710 dollars, and the RMB price in Shandong was 5235, with an import loss of 362.85 [4]. Pulp Price and Margin Information - From March 18 to March 24, 2026, 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 average prices in Shandong also remained unchanged [5]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and the living paper index showed little change from March 19 to March 24, 2026. The living paper index decreased by 2 [5]. - The profit margins of double - offset paper, double - copper paper, white card, and living paper changed from March 19 to March 24, 2026. The changes were -0.1524, -0.1500, -0.1057, and -0.9113 respectively [5]. Pulp Spread Information - The spread between softwood and hardwood pulp on March 24, 2026, was 645.00, and it was 600, 620, 600, and 540 on previous days. The spread between softwood and natural pulp was -165 on March 24, 2026, and was -210, -230, -275, and -335 on previous days [5]. - The spread between softwood and chemimechanical pulp was 1425 on March 24, 2026, and was 1380, 1360, 1315, and 1255 on previous days. The spread between softwood and waste paper was 3659 on March 24, 2026, and was 3614, 3594, 3549, and 3489 on previous days [6].

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 23, 2026, was 5188.00 [3] - The closing prices on March 20, 19, 18, and 17, 2026, were 5164.00, 5104.00, 5040.00, and 5088.00 respectively [3] - The corresponding dollar - converted prices were 655.82, 655.07, 645.51, 639.63, and 644.73 [3] - The daily price changes were 0.46476%, 1.17555%, 1.26984%, - 0.94340%, and - 2.75229% respectively [3] - The Shandong Yinxing basis on March 23, 2026, was 2, and on March 20, 19, 18, and 17, 2026, were 6, 21, 25, and 52 respectively [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis on March 23, 2026, was 2, and on March 20, 19, 18, and 17, 2026, were 6, 16, 35, and 87 respectively [3] Group 2: Import Profit and Price Information - For Canadian pulp, the CFR price of Golden Lion was 780 dollars, the RMB price in Shandong was 6300, and the import profit was 139.53 [4] - The CFR price of Lion was 730 dollars, the RMB price in Shandong was 5210, and the import profit was - 580.06 [4] - For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 710 dollars, the RMB price in Shandong was 5190, and the import profit was - 423.89 [4] Group 3: Pulp and Paper Price Averages - From March 17 to 23, 2026, 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 [4] - The average prices in Shandong for the same period also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and tissue paper remained unchanged from March 18 to 23, 2026 [4] Group 4: Pulp and Paper Profit Margins - The estimated profit margins of double - offset, double - copper, white card, and tissue paper changed from March 18 to 23, 2026. The changes were - 0.6603, - 0.5666, - 1.0350, and - 0.7007 respectively [4] Group 5: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper on March 23, 2026, were 600.00, - 210, 1380, and 3614 respectively [4]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Key Points from the Report SP Main Contract Information - The closing price of the SP main contract on March 20, 2026, was 5164.00 [3] - The closing prices and related data from March 16 - 20, 2026, are presented, showing price fluctuations and percentage changes [3] Import Profit and Price Information - Import profit calculations for different pulp brands (Canadian Golden Lion, Canadian Lion, Chilean Silver Star) are provided, with values of 165.97, -605.31, and -419.82 respectively [4] - The exchange rate on the previous day was 6.88, and prices are calculated with a 13% VAT [4] Pulp Price Averages - National and Shandong regional average prices for different types of pulp (coniferous, broad - leaf, natural color, chemical mechanical) from March 16 - 20, 2026, are presented, with no changes during this period [4] Paper Index and Profit Margin Information - Index values for cultural paper (double - offset, double - copper), packaging paper (white card), and living paper from March 17 - 20, 2026, are presented, with no changes in most cases [4] - Profit margin estimates for different types of paper from March 17 - 20, 2026, are provided, with a -0.5210 change in the living paper profit margin [4] Pulp Price Spreads - Price spreads between different types of pulp (coniferous - broadleaf, coniferous - natural color, coniferous - chemical mechanical, coniferous - waste paper) from March 16 - 20, 2026, are presented [4]