Group 1: SP Main Contract Information - The closing price of the SP main contract on November 19, 2025, was 5396.00, with a change of -0.22189% from the previous day [3]. - The closing prices and related data from November 13 - 19, 2025, are presented, showing price fluctuations and changes in basis and dollar - converted prices [3]. Group 2: Import Profitability - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp is - 136.75, for Canadian Lion pulp is - 425.04, and for Chilean Silver Star pulp is 16.68 [4]. - The calculation is based on port dollar prices, Shandong region RMB prices, and the previous day's exchange rate of 7.11 [4]. Group 3: Pulp and Paper Price Averages - From November 13 - 19, 2025, the national and Shandong region average prices of different types of pulp (coniferous, broad - leaf, etc.) remained unchanged [4]. - The prices of cultural paper, packaging paper, and living paper also showed no change during this period [4]. Group 4: Profit Margin Estimates - The profit margin estimates for different types of paper (double - offset, double - copper, etc.) remained stable from November 14 - 19, 2025 [4]. Group 5: Price Spreads - The price spreads between different types of pulp (coniferous - broadleaf, coniferous -本色, etc.) are presented, with some showing minor changes from November 13 - 19, 2025 [4].

Core Viewpoint - Huatai Co., Ltd. (600308) clarified that its newly produced chemical pulp and chemical machine pulp are not futures delivery products and have not undergone delivery brand registration [1] Group 1 - The company stated that its dual-purpose paper is a futures delivery product [1] - The "Peony" brand corresponds to the futures delivery brand for dual-purpose paper [1]

Group 1 - The company has confirmed that the newly produced chemical pulp and chemical machine pulp are not registered for futures delivery brands [2] - The company's double glue paper is a futures delivery product, with the "Peony" brand corresponding to the futures delivery brand for double glue paper [2]

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]

财经频道更多独家策划、专家专栏，免费查阅>>责任编辑：钟离 格隆汇11月10日丨华泰股份(600308.SH)在投资者互动平台表示，公司新投产的化学浆、化机浆不属于 期货交割产品，未进行交割品牌注册；公司旗下双胶纸为期货交割产品，"牡丹"品牌是双胶纸对应的期 货交割品牌。 ...

Core Viewpoint - Huatai Co., Ltd. emphasizes that its current main industries are paper manufacturing and chemicals, indicating a focus on enhancing its market position and internal value [1] Group 1: Industry Overview - The main products in the paper segment include newsprint, cultural paper, coated paper, packaging paper, as well as chemical pulp and mechanical pulp [1] - The chemical products primarily consist of caustic soda, liquid chlorine, hydrogen peroxide, propylene oxide, chloroacetic acid, methyl chlorides, and aniline [1] Group 2: Company Strategy - The company believes its stock price does not reflect its intrinsic value and plans to accelerate the implementation of transformation projects to achieve production efficiency [1] - There is a commitment to strengthen the market expansion of high-end products and continuously optimize the profit structure [1] - The company aims to deepen investor relations management to effectively communicate transformation value and operational highlights, supporting a valuation enhancement plan to aid in value recovery and improve the experience of minority shareholders [1]

Group 1: Report Information - Researcher: Yang Lulin from the Agricultural Products Research Center of Guomao Futures Research Institute [2] - Date: November 5, 2025 [2] - Data Sources: Zhuochuang Information, Steel Union Data [5] Group 2: Investment Rating - No investment rating information provided in the report Group 3: Core Viewpoints - The fundamentals of the double-offset paper market have remained stable recently. Weekly production has increased, and inventory has risen slightly. Some paper mills have issued price increase letters, and the implementation of these letters needs to be closely monitored [5]. - In the short term, the positions and trading volume in the futures market are low, and it is recommended to stay on the sidelines [5]. Group 4: Double-Offset Paper Futures Data - On November 4, 2025, the price of OP2601 was 4,266, a day-on-day decrease of 0.42% compared to November 3. The position of the main contract was 943, a day-on-day increase of 0.11% [3]. Group 5: Spot Price Data Double-Offset Paper - Shandong High-White Swan: 4,675 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Ben-White Tianyang: 4,475 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Ben-White Peony: 4,450 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong High-White Blue Leaf: 4,600 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Beijing High-White Ruixue: 4,725 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. Coated Paper - Guangdong Chenming Snow Rabbit: 4,650 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong Huaxia Sun: 4,900 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong Jindong Dongfan: 5,300 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Chenming Snow Rabbit: 4,650 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Sun Tianyang: 4,800 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. Group 6: Papermaking Raw Material Data - Shandong Broadleaf Goldfish: 5,500 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Silver Star: 4,250 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Russian Needle: 5,100 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Guangdong Broadleaf Goldfish: 4,300 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Moon: 3,700 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Chemical Mechanical Kunhe: 5,350 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. Group 7: Double-Offset Paper Supply and Demand Data Production - On September 19, 2025: 20.7 million tons [4]. - On October 24, 2025: 20.3 million tons [4]. - On October 17, 2025: 21 million tons [4]. - On September 26, 2025: 20.87 million tons [4]. - On September 12, 2025: 20.5 million tons [4]. - On September 5, 2025: 19.48 million tons [4]. Capacity Utilization - On September 19, 2025: 53% [4]. - On October 24, 2025: 56.9% [4]. - On October 17, 2025: 55.7% [4]. - On September 26, 2025: 52.93% [4]. - On September 12, 2025: 54% [4]. - On September 5, 2025: 56.69% [4]. Factory Inventory - On September 19, 2025: 131.5 million tons [4]. - On October 24, 2025: 122.7 million tons [4]. - On October 17, 2025: 122.7 million tons [4]. - On September 26, 2025: 130 million tons [4]. - On September 12, 2025: 121 million tons [4]. - On September 5, 2025: 119.6 million tons [4]. Social Inventory - On September 19, 2025: 58 million tons [4]. - On October 24, 2025: 53.2 million tons [4]. - On October 17, 2025: 53.4 million tons [4]. - On September 26, 2025: 54 million tons [4]. - On September 12, 2025: 53.1 million tons [4]. - On September 5, 2025: 53.6 million tons [4]. Production Gross Margin - Chemical Mechanical Pulp-Based: On September 19, 2025, it was 437; on October 24, 2025, it was 512; on October 17, 2025, it was 572; on September 26, 2025, it was 528; on September 12, 2025, it was 541.25; on September 5, 2025, it was 614 [4]. - Broadleaf Pulp-Based: On September 19, 2025, it was 270; on October 24, 2025, it was 329; on October 17, 2025, it was 203; on September 26, 2025, it was 240; on September 12, 2025, it was 264; on September 5, 2025, it was 360 [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In November, there will still be a differentiation phenomenon in the spot market. Hardwood pulp will be relatively firm under cost support, while softwood pulp will be weaker than hardwood pulp due to high inventory and demand substitution. Downstream base paper issued price increase letters in November, which is beneficial to market sentiment. The overall demand has slightly improved, and it is expected that the futures market will fluctuate within a range [5]. 3. Summary According to the Directory 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: In October, the spot market price of pulp showed a pattern of weak softwood pulp and stable hardwood pulp. The prices of softwood pulp such as Silver Star, Cariboo, and Northern Wood decreased, while the price of hardwood pulp such as Goldfish remained stable, and the price of Bird increased slightly. The price of chemical mechanical pulp remained stable, while the price of natural color pulp and bagasse pulp increased [11][14]. - **Pulp Futures Market Technical Chart Analysis**: Since its listing in November 2018, the weighted monthly K - line chart of pulp futures has basically shown a convergent triangle consolidation pattern. It is expected that the pulp price will continue to fluctuate and rebound within the convergent triangle in November [17]. - **Pulp Futures - Spot Basis Comparison**: In October, the main - continuous contract of pulp futures increased, while the overall increase of wood pulp spot price was less than that of pulp futures, so the basis discount decreased significantly [20]. - **Log Futures Market Review**: In October, the main - continuous contract of log futures first rose and then fell, with a monthly decline of 3.61%. The weighted trading volume increased, and the weighted open interest decreased [22]. 3.2 Pulp Supply - Side Analysis - **Pulp Supply - Demand Balance Forecast**: It is expected that the total pulp production in November will be 231.7 million tons, a month - on - month decrease of 2.7%. The total supply will be 736.7 million tons, a month - on - month decrease of 0.9%. The demand is expected to increase slightly [24][25]. - **Monthly Pulp Production**: In October 2025, the domestic pulp production increased. It is expected that the pulp production will decrease in November [26]. - **Pulp Import Volume**: In September 2025, the pulp import volume increased both month - on - month and year - on - year. The import volumes of softwood pulp, hardwood pulp, and chemical mechanical pulp increased, while the import volume of natural color pulp decreased. The import average price of pulp continued to decline [32][35][38][40]. 3.3 Pulp Demand - Side Analysis - **Domestic Pulp Actual Consumption**: In October 2025, the actual consumption of domestic pulp continued to rise [46][48]. - **Wood Pulp Usage**: The wood pulp usage of household paper and white cardboard increased both month - on - month and year - on - year. The wood pulp usage of offset paper increased slightly, while that of coated paper decreased slightly [50][53]. - **Downstream Paper Production**: In October 2025, the production of household paper, offset paper, and white cardboard increased, while the production of coated paper decreased slightly. It is expected that the production of offset paper, coated paper, and white cardboard will increase in November [56][58][60][64]. - **Downstream Base Paper Spot Price Analysis**: In October, the price of household paper remained stable, the price of cultural paper continued to decline, the prices of white board paper and white cardboard increased, and the prices of corrugated paper and boxboard paper also increased [67][69][71]. 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: In October, the overall port inventory increased, with Qingdao Port reducing inventory, Changshu Port increasing inventory, and Gaolan Port reducing inventory. It is expected that the inventory will slightly decrease in November [73][77]. - **Futures Pulp Warehouse Receipts**: In October, the pulp futures warehouse receipts decreased [78].

Report Industry Investment Rating No information provided in the document. Core Viewpoints of the Report - In October 2025, the pulp market had a pattern of strong supply and weak demand for softwood pulp, with high inventory and slow de - stocking suppressing the rebound. The double - offset paper was in the off - season, and it was difficult to implement price increases. The pulp market's "structural increment" was still concentrated in hardwood pulp [4][5]. - For the pulp market in November, the upper limit was suppressed by high inventory and old warehouse receipts, while the lower limit was supported by the foreign market quotation and the price increase of white cardboard. For double - offset paper, prices were expected to continue to hover at low levels, and inventory reduction still relied on paper mills' active production cuts [5]. Summary According to the Table of Contents 1. Paper Pulp Market Review - In October, the domestic spot pulp price showed a pattern of "differentiated oscillations, weak softwood and stable hardwood". Softwood pulp led the decline due to high port inventory, weak demand, and financial market pressure. Hardwood pulp rose slightly supported by foreign market price increases and tight immediate supply. Unbleached pulp and chemimechanical pulp showed sideways movements, and domestic chemimechanical pulp rose rapidly in the second half of the month due to wood chip shortages, while non - wood pulp fluctuated slightly with wood pulp [10]. - The pulp futures 01 contract in October showed a "first - down - then - up" oscillating trend. Influenced by factors such as factory shutdowns, paper mill price increases, and exchange rate changes, the closing price at the end of the month increased by about 1.5% compared to the beginning of the month, and the daily average amplitude of the main contract was about 1.2% [15][17]. 2. Paper Pulp Supply - **Import**: In September, China's paper pulp imports reached 295.2 million tons, a historical peak for the same period. The forecast for October arrivals remained at around 3 million tons. It was expected that the annual imports would exceed 36 million tons, a year - on - year increase of 4.5% [21]. - **Domestic Production**: In October, domestic paper pulp production was 2.38 million tons, a month - on - month increase of 8.4%. It was expected that the annual production would reach 25.2 million tons, a year - on - year increase of about 4% [21][22]. - **Inventory**: As of October 23, the sample inventory of mainstream ports was 2.055 million tons, a month - on - month decrease of 0.9%. If the November imports decreased as expected, the inventory was expected to continue to decline slightly, but it was difficult to fall below the critical level of 1.9 million tons [23][24]. 3. Paper Pulp Demand - **Cultural Paper**: In October, the apparent consumption of cultural paper decreased, and the demand for pulp continued to decline. It was expected that the annual pulp consumption would decrease by about 5% [27]. - **Packaging Paper**: In October, the consumption of hardwood pulp in packaging paper increased rapidly. It was expected that the annual pulp consumption would increase by 8 - 10% [27][28][29]. - **Household Paper**: In October, household paper maintained high - level production and sales. It was expected that the annual pulp consumption would increase by about 6% [30][31]. 4. Cultural Paper Market Review - **Double - Offset Paper**: In October, the average market price of double - offset paper was 4,643 yuan/ton, a month - on - month decrease of 2.1%. In November, there was still a risk of price decline [32]. - **Coated Paper**: In October, the average price of coated paper was 4,975 yuan/ton, a month - on - month decrease of 3.9%. In November, prices were expected to continue to hover at low levels [32][34]. 5. Cultural Paper Price Analysis - **Production**: In October, the production of double - offset paper was 890,000 tons, with a capacity utilization rate of 52.3%. The production of coated paper was 353,000 tons, with a utilization rate of 58.8%. In November, the planned production of both was expected to increase slightly [36][37]. - **Inventory**: At the end of October, the enterprise inventory of double - offset paper was 1.341 million tons, a month - on - month increase of 7.3%. The inventory of coated paper was 371,000 tons, a month - on - month increase of 6.4%. If the price increase letters were not implemented in November, the inventory would continue to rise [38]. - **Profit**: In October, the losses of double - offset paper and coated paper expanded. In November, although paper mills issued price increase letters, it was difficult to reverse the loss situation [39]. - **Cost**: In October, the cost of wood pulp and energy increased, squeezing the profit space of paper mills. In November, there was still upward pressure on costs [40]. - **Import and Export**: In September, the imports and exports of double - offset paper and coated paper decreased. In October, the export volume was expected to remain low [40][41]. - **Downstream Demand**: In October, the demand for cultural paper was weak. In November, the spring textbook tender volume was expected to decline, and the demand was difficult to provide upward momentum [42]. 6. Future Outlook and Strategy Recommendations - **Paper Pulp Fundamental Analysis**: In November, attention should be paid to the port de - stocking speed. If the inventory fell below 1.9 million tons, the basis would converge, and the futures price would rise; otherwise, the near - low - far - high reverse spread would be maintained [46]. - **Paper Pulp Futures Strategy**: For single - side trading, short the SP2511 contract on rallies and long the SP2601 contract on dips. For arbitrage, mainly use the 12 - 1 reverse spread idea. For options, adopt a wait - and - see approach [47][49]. - **Double - Offset Paper Fundamental Analysis**: In November, the supply and demand of double - offset paper remained loose, prices were expected to continue to hover at low levels, and inventory reduction relied on paper mills' active production cuts [50]. - **Double - Offset Paper Strategy**: For single - side trading, short the OP2601 contract on rallies. For arbitrage and options, adopt a wait - and - see approach [51][54].

Core Viewpoint - The company, Shandong Bohui Paper Industry Co., Ltd., has announced its third-quarter report for 2025, detailing its financial performance and significant corporate decisions, including asset purchases and sales involving related parties [8][24]. Financial Data - The third-quarter report for 2025 has been confirmed as accurate and complete by the company's board and management [2][3]. - The financial statements for the first nine months of 2025 are unaudited [5][6]. Shareholder Information - The company has not reported any changes in major shareholders or voting rights for preferred shareholders [4]. Corporate Governance Changes - The company plans to abolish its supervisory board, transferring its responsibilities to the audit committee of the board, and will amend its articles of association accordingly [11][14]. - The board has approved several governance rule revisions to enhance internal management [14][19]. Related Party Transactions - The company’s subsidiary, Jiangsu Bohui, intends to purchase new equipment for upgrading its chemical pulp production from a related party, Wenrui Machinery, for an amount not exceeding RMB 46 million (excluding VAT) [25][28]. - The company also plans to sell idle assets to related parties, Guangxi Jingu and Jinlong Pulp and Paper, for a total assessed value of RMB 32.978 million [47][49]. Impact of Transactions - The purchase of new equipment is expected to enhance production efficiency and reduce chemical consumption, contributing to the company's green development goals [41][45]. - The sale of idle assets is aimed at optimizing the company's asset structure and improving operational efficiency [79][83].