Group 1: Report Information - The report is a pulp morning report released on November 14, 2025, by the energy and chemical team of the research center [1] Group 2: SP Main Contract Data - The closing price of the SP main contract on November 13, 2025, was 5534.00 [1] - The closing prices from November 7 - 13, 2025, were 5394.00, 5468.00, 5484.00, 5482.00, and 5534.00 respectively [1] - The corresponding converted US - dollar prices were 661.50, 671.16, 672.85, 672.93, and 672.93 respectively [1] - The daily price changes were 0.48435%, 1.37189%, 0.29261%, - 0.03647%, and 0.94856% respectively [1] - The Shandong Yinxing basis on November 13, 2025, was 6, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 31 [1] Group 3: Import Profit Data - With a 13% VAT calculation and an exchange rate of 7.12, the import profit for Canadian Golden Lion was - 145.57, for Canadian Lion was - 443.29, and for Chilean Yinxing was - 1.01 [2] - The port US - dollar prices were 780, 730, and 680 respectively, and the Shandong region RMB prices were 6200, 5500, and 5540 respectively [2] Group 4: Pulp and Paper Price Averages - From November 7 - 13, 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 [2] - The Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2] - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) prices remained unchanged from November 10 - 13, 2025 [2] Group 5: Pulp and Paper Profit Margin Estimates - From November 10 - 13, 2025, the estimated profit margins for double - offset paper were - 0.7226%, - 1.0753%, - 1.0753%, - 1.0753% respectively [2] - For double - copper paper, they were 12.4839%, 12.1935%, 12.1935%, 12.1935% respectively [2] - For white - card paper, they were - 7.9436%, - 8.1551%, - 8.1551%, - 8.1551% respectively [2] - For living paper, they were 5.2551%, 4.7968%, 4.7968%, 4.7968% respectively [2] Group 6: Pulp Price Spreads - From November 7 - 13, 2025, the softwood - hardwood price spread was 1240, 1185, 1180, 1165, 1165 respectively [2] - The softwood - natural price spread was 100, 125, 140, 140, 140 respectively [2] - The softwood - chemimechanical price spread was 1700, 1725, 1740, 1740, 1740 respectively [2] - The softwood - waste paper price spread was 3924, 3949, 3964, 3964, 3964 respectively [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The pulp fundamentals have not significantly improved, but there is a potential shortage of delivery resources for the 2026 needle pulp contract, and the futures price may be priced according to the price of Russian needle pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [11]. Group 3: Summary by Relevant Catalogs 1. Price Data - **Futures Prices**: On October 30, 2025, SP2601 was 5224, down 0.34% day - on - day and 0.50% week - on - week; SP2511 was 4846, up 0.21% day - on - day and down 0.16% week - on - week; SP2605 was 5264, down 0.23% day - on - day and 0.49% week - on - week [6]. - **Spot Prices**: On the same day, the price of softwood pulp Silver Star was 5500, unchanged day - on - day and week - on - week; Russian needle pulp was 5100, unchanged; and hardwood pulp Goldfish was 4250, unchanged [6]. - **Foreign Quotes**: The quote of Chilean Silver Star was 680 dollars, down 2.86% month - on - month; the quote of a certain product type was 530 dollars, up 3.92% month - on - month; and the quote of Chilean Venus was 590 dollars, unchanged month - on - month [6]. - **Import Costs**: The import cost of Brazilian Goldfish was 4344, up 3.87% month - on - month; the import cost of Chilean Silver Star was 5559, down 2.83% month - on - month; and the import cost of Chilean Venus was 4830, unchanged month - on - month [6]. 2. Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons, up 12.54% month - on - month, and the import volume of hardwood pulp was 135.6 tons, up 7.79% month - on - month. The pulp shipment volume to China in August 2025 was 162 tons, up 4.50% [6]. - **Inventory**: As of October 30, 2025, the pulp port inventory was 206.1 tons, up 0.3% month - on - month, showing a narrow - range inventory accumulation trend [11]. - **Demand**: The current demand for paper products is basically stable, and paper prices have not rebounded significantly. The positive impact of the "Golden September and Silver October" on the pulp demand side has not been reflected [11]. 3. Valuation Data - **Basis**: On October 30, 2025, the Russian needle pulp basis was 254, with a quantile level of 0.912; the Silver Star basis was 654, with a quantile level of 0.881 [6]. - **Import Profit**: The import profit of softwood pulp Silver Star was - 59, with a quantile level of 0.512; the import profit of hardwood pulp Goldfish was - 94, with a quantile level of 0.556 [6].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for the 2026 needle pulp contract, and the futures price may be priced based on Russian needle pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [11] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On October 27, 2025, SP2601 was 5258 with a daily increase of 0.34% and a weekly increase of 1.98%; SP2511 was 4836 with a daily decrease of 0.33% and a weekly decrease of 0.04%; SP2605 was 5298 with a daily increase of 0.38% and a weekly increase of 1.65% [6] - **Spot Prices**: On October 27, 2025, the price of softwood pulp Silver Star was 5500 with no daily or weekly change; Russian needle pulp was 5100 with no change; hardwood pulp Goldfish was 4250 with no change [6] - **Outer - disk Quotes**: In October 2025, the outer - disk quote of Chilean Silver Star was 680 dollars/ton, a 2.86% decrease from the previous period; the quote of a certain product type was 530 dollars/ton, a 3.92% increase; Chilean Venus was 590 dollars/ton, unchanged [6] - **Import Costs**: In October 2025, the import cost of Brazilian Goldfish was 4344, a 3.87% increase from the previous period; Chilean Silver Star was 5559, a 2.83% decrease; Chilean Venus was 4830, unchanged [6] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons, a 12.54% increase from August; the import volume of hardwood pulp was 135.6 tons, a 7.79% increase. The pulp shipment volume to China in August was 162, a 4.50% increase [6] - **Production**: The domestic production of hardwood pulp and chemimechanical pulp showed fluctuations from August 28 to October 23, 2025 [6] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a 0.9% decrease from the previous period; the futures delivery warehouse inventory was 22.6 tons [6][11] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard showed certain fluctuations from August 28 to October 23, 2025 [6] Pulp Valuation Data - **Basis**: On October 27, 2025, the basis of Russian needle pulp was 264 with a quantile level of 0.913; the basis of Silver Star was 664 with a quantile level of 0.89 [6] - **Import Profit**: On October 27, 2025, the import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.512; the import profit of hardwood pulp Goldfish was - 94 with a quantile level of 0.556 [6] Market Situation - **Supply - side**: Chilean Arauco's October softwood pulp quote decreased by 20 dollars/ton to 680 dollars/ton, and the hardwood pulp Star quote remained at 540 dollars/ton. The quote of natural pulp Venus was 590 dollars/ton, unchanged [6][11] - **Demand - side**: The current demand for paper products has remained basically stable, 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 [11] - **Inventory - side**: As of October 23, 2025, the inventory of mainstream ports in China showed a narrow - range destocking trend [11]