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 Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team at the Research Center - Date: March 20, 2026 [2] 1. SP Main Contract Closing Price - On March 19, 2026, the closing price of the SP main contract was 5104.00 [3] - The price showed fluctuations from March 13 - 19, with a 1.26984% increase on March 19 compared to the previous day [3] - The corresponding US dollar price on March 19 was 645.51, also with daily fluctuations [3] 2. Basis - The Shandong Yinxing basis on March 19 was 21, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 16 [3] - These bases also fluctuated from March 13 - 19 [3] 3. Import Profit - Calculated with 13% VAT, the import profit of Canadian Golden Lion pulp was 148.34, while that of Canadian Lion pulp was - 696.81, and Chilean Silver Star pulp was - 480.87 [4] - The US dollar price and RMB price used Zhuochuang data, with the previous day's exchange rate at 6.90 [4] 4. Market Average Prices - From March 13 - 19, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged [4] - The average prices in Shandong region for these pulp types also remained stable during this period [4] 5. Paper Index and Profit Margin - The cultural paper (double - offset and double - copper), packaging paper (white card), and living paper indexes showed little change from March 13 - 19 [4] - The profit margins of these papers changed slightly, with the double - offset profit margin changing by - 0.2032, double - copper by - 0.2000, white card by - 0.1402, and living paper by - 0.1617 from March 16 - 19 [4] 6. Price Spreads - The price spreads between different pulp types (softwood - hardwood, softwood - natural color, softwood - chemimechanical, softwood - waste paper) fluctuated from March 13 - 19 [4]

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 17, 2026, was 5088.00 [3] - The corresponding US dollar price was 644.73, with a daily decline of 2.75229% [3] - The basis of Shandong Yinxing was 52, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 87 [3] Group 2: Import Profit Information - The import profit of Canadian Golden Lion was 157.15, while that of Canadian Lion was -463.56 [4] - The import profit of Chilean Yinxing was -457.85 [4] Group 3: Pulp Price Information - From March 11 to March 17, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [5] - The average prices in Shandong area also remained unchanged during the same period [5] Group 4: Paper Index and Profit Margin Information - From March 12 to March 17, 2026, the cultural paper, packaging paper, and living paper indices remained unchanged [5] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper changed on March 17 compared to previous days, with increases of 0.8920, 0.8250, 0.6969, and 0.9702 respectively [5] Group 5: Pulp Price Difference Information - On March 17, 2026, the price difference between softwood and hardwood pulp was 615.00, the difference between softwood and natural pulp was -260, the difference between softwood and chemimechanical pulp was 1330, and the difference between softwood pulp and waste paper was 3564 [5]

纸浆早报 研究中心能化团队 2026/03/16 SP主力合约收盘价： 5272.00 | 日期 | 2026/03/13 | 2026/03/12 | 2026/03/11 | 2026/03/10 | 2026/03/09 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5272.00 | 5252.00 | 5260.00 | 5244.00 | 5300.00 | | 折美元价 | 666.89 | 667.01 | 668.55 | 666.31 | 669.00 | | 距上一日涨跌 | 0.38081% | -0.15209% | 0.30511% | -1.05660% | -0.41338% | | 山东银星基差 | 18 | 38 | 30 | 46 | 25 | | 江浙沪银星基差 | 28 | 48 | 40 | 56 | 35 | 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 ...

Group 1: SP Main Contract Information - The closing price of the SP main contract on March 12, 2026, was 5252.00 [3] - The closing prices of the main contract from March 6 to March 12, 2026, were 5322.00, 5300.00, 5244.00, 5260.00, and 5252.00 respectively [3] - The corresponding dollar - converted prices were 673.78, 669.00, 666.31, 668.55, and 667.01 respectively [3] - The daily price changes were 1.37143%, - 0.41338%, - 1.05660%, 0.30511%, and - 0.15209% respectively [3] - The Shandong Yinxing basis on March 12, 2026, was 38, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 48 [3] Group 2: Import Information - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 (port dollar price), the RMB price in Shandong was 6300, and the import profit was 165.97; the CFR price of Lion was 730, the RMB price in Shandong was 5290, and the import profit was - 455.31 [4] - For Chilean pulp, the CFR price of Silver Star (90 - day letter of credit) was 710, the RMB price in Shandong was 5290, and the import profit was - 299.82 [4] Group 3: Pulp and Paper Price Averages - From March 6 to March 12, 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 at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [5] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and tissue paper remained unchanged from March 9 to March 12, 2026, at 5725, 5670, 4350, and 867 respectively [5] - The profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper on March 12, 2026, were - 2.5305%, 7.6750%, - 7.9908%, and 8.2705% respectively, with no change from the previous days [5] Group 4: Pulp Price Spreads - The softwood - hardwood price spread on March 12, 2026, was 725.00; the softwood - natural price spread was - 110; the softwood - chemimechanical price spread was 1415; the softwood - waste paper price spread was 3714 [5][6]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The pulp futures main contract SP2605 continued the low - level oscillation pattern. The weak downstream demand restricted the upward movement of the market. The domestic pulp port inventory is still at a relatively high historical level, and it is necessary to observe the de - stocking situation. The cost side of pulp prices still has some support. It is recommended to wait for the market to stabilize before considering light - position trial long positions [7][34] 3. Summary by Directory 3.1 Weekly Market Review - The pulp futures main contract SP2605 continued the low - level oscillation pattern. The weak downstream demand restricted the upward movement of the market [7] 3.2 Fundamental Analysis - **Pulp Market Price**: As of March 5, the weekly average price of imported softwood pulp was 5,253 yuan/ton, down 0.79% from the previous week, turning from an increase to a decrease; the weekly average price of imported hardwood pulp was 4,572 yuan/ton, down 0.04% from the previous week, also turning from an increase to a decrease [12] - **Accumulated Pulp Imports from January to December**: In December 2025, China imported 3.113 million tons of pulp, with an import value of 1.7994 billion US dollars and an average unit price of 578.03 US dollars/ton. From January to December, the accumulated import volume and value increased by 4.9% and - 2.4% respectively compared with the same period last year [16] - **Port Inventory Situation**: As of March 5, 2026, the weekly pulp inventory in major Chinese regions and ports such as Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 2.3887 million tons, a 1.43% increase from the previous week, with the growth rate narrowing by 11.87 percentage points [20] - **European Port Pulp Inventory in January**: In January 2026, the total inventory in European ports decreased by 14.72% month - on - month and 11.34% compared with January 2025. The port inventories in the Netherlands/Belgium/France/Switzerland, the UK, Germany, Italy, and Spain decreased by 8.21%, 7.15%, 7.55%, 22.47%, and 47.16% respectively month - on - month [23] - **Downstream Pulp Species Operating Rate**: Waste paper pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption; wood pulp consumption accounts for 31% of the total pulp consumption, and imported wood pulp consumption accounts for 21% of the total pulp consumption; non - wood pulp consumption accounts for 6% of the total pulp consumption. As of March 5, the operating load rate of double - copper paper increased by 9.89 percentage points from the previous week; the operating load rate of double - offset paper increased by 6.94 percentage points from the previous week; the operating load rate of white cardboard decreased by 3.42 percentage points from the previous week; the operating load rate of household paper increased by 15.50 percentage points from the previous week. After the Spring Festival, downstream paper enterprises resumed work, and the weekly operating rate of pulp species generally increased [30] 3.3 Future Outlook - The domestic pulp port inventory is still at a relatively high historical level, and it is necessary to observe the de - stocking situation. The operating rate of pulp species generally increased week - on - week after the Spring Festival. The cost side of pulp prices still has some support. It is recommended to wait for the market to stabilize before considering light - position trial long positions [34]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No clear core view stated in the provided content. 3. Summary by Relevant Catalog SP Main Contract Information - On March 2, 2026, the closing price of the SP main contract was 5252.00, with a 0.11437% increase from the previous day [2]. - The discount to US dollars on March 2, 2026, was 666.01 [2]. - The basis of Shandong Yinxing on March 2, 2026, was 38, and that of Jiangsu, Zhejiang, and Shanghai Yinxing was also 38 [2]. Import Profit Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion was 157.15, while that of Canadian Lion was -443.56, and that of Chilean Silver Star was -229.99 [3]. Pulp Price Information - From February 24 to March 2, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong [3]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and tissue paper (tissue index) remained unchanged from February 25 to March 2, 2026 [3]. - The profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper changed by 0.1198, 0.1167, 0.0809, and 0.9522 respectively from February 25 to March 2, 2026 [3]. Price Spread Information - On March 2, 2026, the softwood - hardwood price spread was 700.00, the softwood - natural price spread was -110, the softwood - chemimechanical price spread was 1415, and the softwood - waste paper price spread was 3714 [3][4].

1. Report Industry Investment Rating - The industry investment rating is "Supply - demand pressure improvement is insufficient, range - bound trading" [5] 2. Core Viewpoints of the Report - **Fundamentals**: In the macro - aspect, the US Supreme Court ruled that Trump's global tariffs were illegal, and Trump introduced a new 15% tariff using Article 122. The US announced that Trump will visit China from March 31st to April 2nd. In the domestic market, in January, the year - on - year increase in CPI fell to 0.2%, and the year - on - year decline in PPI narrowed to 1.4%. The new social financing in January was 7.2 trillion yuan, and M2 increased by 9.0% year - on - year. The RMB exchange rate continued to rise. In February, pulp showed an inverted N - shaped trend, mainly fluctuating with the industrial product sector. On the supply side, the FOB quotes of imported wood pulp were stable and strong, while the continuous strengthening of the RMB against the US dollar weakened the support of import costs. In the European market, the consumption of chemical pulp in January decreased by 3.0% year - on - year, and the inventory of chemical pulp in January decreased by 5.5% year - on - year. In December, the shipment volume of chemical pulp from the world's 20 major pulp - producing countries decreased by 1.4% year - on - year, among which softwood pulp decreased by 2.3% and hardwood pulp decreased by 0.9%. As of late February, the inventory in major regions and ports increased by 11.09% month - on - month. On the demand side, in February, raw paper enterprises completed their raw material stockpiling, market demand weakened, and the number of accepted orders was insufficient. In the cultural paper market, some production lines were shut down, and the overall shipment became lighter during the month. In the tissue paper market, supply and demand were operating at a low level with limited transactions. In the packaging paper market, some implemented price - protection policies and had weak motivation for price adjustment [7]. - **View**: On the cost side, in February, the quote of Chile's Arauco remained at $710 per ton, and the appreciation of the RMB offset some pressure. It remains to be seen about the subsequent quotes in the pulp week in March. On the supply side, after the Spring Festival, pulp enterprises gradually resumed production, and the import volume may increase, so the total supply is expected to increase. As of the end of February, the overall inventory of pulp in major regions and ports was still at a high level compared to the same period, but the inventory accumulation rate was lower than last year. On the demand side, in March, the operation of downstream paper mills will gradually return to normal, but the second quarter will enter the off - season of papermaking demand, so the total demand will first increase and then decrease. Overall, currently, the supply - demand pressure of pulp has not improved sufficiently, and it is mainly in a wide - range low - level shock adjustment. It awaits a further decrease in overseas market shipment volume or a continuous improvement in the profitability of the papermaking industry [7]. - **Strategy**: Buy low and sell high, conduct range - bound operations [7]. - **Important Variables**: Macroeconomic policies, supply disruptions, and demand performance [7] 3. Summary According to the Directory 3.1 Market Review - In February, pulp prices fluctuated in a low - level range, with a monthly decline of 0.5%. In the macro - aspect, the US Supreme Court ruled that Trump's global tariffs were illegal, and Trump introduced a new 15% tariff using Article 122. The US announced that Trump will visit China from March 31st to April 2nd. In the domestic market, in January, the year - on - year increase in CPI fell to 0.2%, and the year - on - year decline in PPI narrowed to 1.4%. The new social financing in January was 7.2 trillion yuan, and M2 increased by 9.0% year - on - year. The RMB exchange rate continued to rise. In February 2026, pulp first weakened, then strengthened, and then adjusted, mainly fluctuating with the industrial product sector. The FOB quotes of imported wood pulp were stable and strong, while the continuous strengthening of the RMB against the US dollar weakened the support of import costs. In the European market, the consumption of chemical pulp in January decreased by 3.0% year - on - year, and the inventory of chemical pulp in January decreased by 5.5% year - on - year. In December, the shipment volume of chemical pulp from the world's 20 major pulp - producing countries decreased by 1.4% year - on - year, among which softwood pulp decreased by 2.3% and hardwood pulp decreased by 0.9%. As of late February, the inventory in major regions and ports increased by 11.09% month - on - month. In February, raw paper enterprises completed their raw material stockpiling, market demand weakened, and the number of accepted orders was insufficient. The average monthly price of imported softwood pulp in January decreased by 3.22% compared to the previous month, and the average monthly price of imported hardwood pulp decreased by 1.81% compared to the previous month. In February, the FOB quotes of wood pulp from Chile's Arauco were: softwood pulp Silver Star at $710 per ton; unbleached pulp Venus at $620 per ton; hardwood pulp Star at $600 per ton [9]. 3.2 Global Commodity Pulp Shipment Volume Continues to Decline Year - on - Year - The global commodity pulp shipment volume continues to decline year - on - year. According to PPPC, in December, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries was 1.9 million tons, a month - on - month increase of 14.80% and a year - on - year decrease of 2.27%; the shipment volume of hardwood pulp was 3.28 million tons, a month - on - month increase of 14.93% and a year - on - year decrease of 0.91%. In December, the ratio of the global commodity chemical pulp shipment volume to production capacity seasonally rebounded to a neutral level in recent years, an increase of 8.16% compared to the previous month and a decrease of 1.81% compared to the same period last year. In December, the inventory days of softwood pulp for global producers were 47 days, an increase of 1 day compared to the previous month and an increase of 5 days compared to the same period last year; for hardwood pulp, it was 37 days, a decrease of 5 days compared to the previous month and a decrease of 2 days compared to the same period last year [17]. - China's pulp import volume decreased both month - on - month and year - on - year in December. In December, China imported 3.11 million tons of pulp, a month - on - month decrease of 4.3% and a year - on - year decrease of 4.0%. From January to December, the cumulative pulp import was 36.04 million tons, a year - on - year increase of 4.9%. By variety, in December, 780,000 tons of softwood pulp were imported, a year - on - year increase of 5.3%; 1.35 million tons of hardwood pulp were imported, a year - on - year decrease of 20.4% [17]. - In February, the inventory in major ports increased significantly month - on - month. As of late February, the inventory in major domestic ports and regions was about 2.3551 million tons, an increase of 11.09% compared to the previous month. Among them, the inventory in Qingdao Port increased by 11.17% compared to the previous month, and that in Changshu Port increased by 6.86% compared to the previous month [18]. 3.3 Downstream Market Demand is in the Post - Festival Recovery Stage - China's machine - made paper production increased both month - on - month and year - on - year. In December 2025, the production of machine - made paper and paperboard in China was 14.928 million tons, a year - on - year increase of 2.8%. From January to December, the cumulative production was 164.0535 million tons, a year - on - year increase of 2.9% [37]. - The finished product inventory of China's papermaking and paper products industry accumulated again. In December, the inventory of the papermaking and paper products industry increased by 4.6% year - on - year and 2.6% month - on - month; the finished product inventory increased by 8.2% year - on - year and 1.7% month - on - month [37]. - In February, raw paper enterprises completed their raw material stockpiling, and market demand weakened [37]. - **White Cardboard**: As of February 27th, the monthly average price of the white cardboard market was 4,269 yuan per ton, a 0.02% increase compared to the previous month. In February, paper mills mostly adopted a stable - market attitude under cost pressure, and some implemented price - protection policies. Affected by the Spring Festival holiday, the overall market transactions were limited, and the motivation for price adjustment was weak [37]. - **Tissue Paper**: As of February 27th, the monthly average price of the tissue paper market was 5,850 yuan per ton, a 0.07% increase compared to the previous month. In February, affected by the Spring Festival holiday, the supply and demand of the tissue paper market were operating at a low level with limited transactions, and the paper price basically remained stable [37]. - **Double - Offset Paper**: As of February 27th, the monthly average price of the natural - white double - offset paper market was 4,459 yuan per ton, the same as the previous month. In February, the offers of paper enterprises were basically stable, and the overall shipment became lighter during the month. Some production lines were shut down, and the market supply decreased month - on - month. In the middle and late ten - days, the Spring Festival holiday began one after another, and the purchase of raw paper almost stopped. The post - festival demand recovery was relatively slow [38]. - **Double - Coated Paper**: As of February 27th, the monthly average price of the double - coated paper market was 4,660 yuan per ton, a 0.38% decrease compared to the previous month. In February, the offers of paper mills were basically stable, and the supply of goods was abundant. Before the Spring Festival, the market gradually went on holiday, and logistics stopped operating. The downstream purchasing demand decreased. After the Spring Festival, the market recovery rhythm was inconsistent, and the improvement of trading activity was limited [38]. 3.4 The Gross Margin Trend of Wood - Pulp - Based Paper Products is Slightly Better and Stable - The overall gross margin trend of wood - pulp - based paper products is slightly better and stable. According to the National Bureau of Statistics, from January to December 2025, the cumulative year - on - year decrease in the operating income of the papermaking and paper products industry was 2.6%, and the cumulative year - on - year decrease in the total profit was 13.6%, and the overall decline expanded again. In February, the monthly average value of the main raw material cost was weaker than the previous month, and the price adjustment of terminal paper products was limited. The overall gross margin trend fluctuated slightly and recovered slowly. By variety, in January, the gross margin of white cardboard increased by 0.11 percentage points compared to the previous month; the gross margin of tissue paper decreased by 0.06 percentage points compared to the previous month; the gross margin of double - offset paper increased by 0.06 percentage points compared to the previous month; the gross margin of double - coated paper increased by 0.07 percentage points compared to the previous month [49].

Group 1: Report Information - Report title: Pulp Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [2] - Date: March 2, 2026 [2] Group 2: SP Main Contract Closing Price - Closing price on February 27, 2026: 5246.00 [3] - Closing prices from February 13 to February 27, 2026: 5260.00, 5340.00, 5348.00, 5312.00, 5246.00 respectively [3] - Dollar - converted prices from February 13 to February 27, 2026: 664.54, 677.38, 680.16, 678.24, 668.12 respectively [3] - Daily price changes from February 13 to February 27, 2026: 0.42001%, 1.52091%, 0.14981%, - 0.67315%, - 1.24247% respectively [3] - Shandong Yinxing basis from February 13 to February 27, 2026: 50, 25, 27, 28, 79 respectively [3] - Jiangsu - Zhejiang - Shanghai Yinxing basis from February 13 to February 27, 2026: 50, 25, 17, 43, 79 respectively [3] Group 3: Import Profit and Price Information - Import profit calculation based on 13% VAT [4] - Import profit for Canadian Golden Lion, Lion and Chilean Yinxing: 183.60, - 403.81, - 171.26 respectively [4] - Port dollar prices for Canadian Golden Lion, Lion and Chilean Yinxing: 780, 730, 700 respectively [4] - Shandong region RMB prices for Canadian Golden Lion, Lion and Chilean Yinxing: 6300, 5310, 5325 respectively [4] Group 4: National and Regional Average Prices - From February 13 to February 27, 2026, national and Shandong regional average prices of coniferous pulp, broad - leaf pulp, natural pulp and chemimechanical pulp remained unchanged [4] - From February 13 to February 27, 2026, prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index) and living paper (living index) remained unchanged [4] Group 5: Profit Margin Estimates - Double - offset profit margin estimates from February 24 to February 27, 2026: - 2.9070%, - 2.9412%, - 2.8214%, - 2.8214% respectively [4] - Double - copper profit margin estimates from February 24 to February 27, 2026: 7.3250%, 7.2917%, 7.4083%, 7.4083% respectively [4] - White - card profit margin estimates from February 24 to February 27, 2026: - 8.2333%, - 8.2564%, - 8.1755%, - 8.1755% respectively [4] - Living paper profit margin estimates from February 24 to February 27, 2026: 6.7434%, 6.6356%, 6.6895%, 6.9949% respectively, with a change of 0.3054 on February 27 compared to February 24 [4] Group 6: Price Spreads - Coniferous - broadleaf spreads from February 13 to February 27, 2026: 755, 700, 710, 675, 675 respectively [4] - Coniferous - natural spreads from February 13 to February 27, 2026: - 90, - 35, - 25, - 60, - 75 respectively [4] - Coniferous - chemimechanical spreads from February 13 to February 27, 2026: 1435, 1490, 1500, 1465, 1450 respectively [4] - Coniferous - wastepaper spreads from February 13 to February 27, 2026: 3734, 3789, 3799, 3764, 3749 respectively [4]

Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on February 25, 2026, was 5348.00 [3] - The closing prices on February 24, 13, 12, and 11, 2026, were 5340.00, 5260.00, 5238.00, and 5236.00 respectively [3] - The corresponding dollar - converted prices were 680.16, 677.38, 664.54, 662.67, and 661.46 respectively [3] - The daily percentage changes were 0.14981%, 1.52091%, 0.42001%, 0.03820%, and 0.65359% respectively [3] - The Shandong Yinxing basis on February 25, 2026, was 27, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 17 [3] Group 2: Import Profit and Price Data - With a 13% VAT calculation, for Canadian brands, the CFR price of Golden Lion was 780 dollars, the Shandong RMB price was 6300, and the import profit was 174.78; for Lion, the CFR price was 730 dollars, the Shandong RMB price was 5370, and the import profit was - 402.06 [4] - For the Chilean brand Yinxing with a 90 - day CFR letter of credit, the port dollar price was 700, the Shandong RMB price was 5375, and the import profit was - 129.17 [4] Group 3: Pulp and Paper Price Averages - From February 11 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 [4] - The Shandong regional average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - The cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged from February 12 to 25, 2026 [4] Group 4: Pulp Profit Margin Estimates - The double - offset profit margin estimates on February 12, 13, 24, and 25, 2026, were - 2.1797%, - 2.1797%, - 2.9070%, and - 2.9412% respectively, with a change of - 0.0342 [4] - The double - copper profit margin estimates were 7.9583%, 7.9583%, 7.3250%, and 7.2917% respectively, with a change of - 0.0333 [4] - The white card profit margin estimates were - 7.7945%, - 7.7945%, - 8.2333%, and - 8.2564% respectively, with a change of - 0.0231 [4] - The living paper profit margin estimates were 8.5041%, 8.5041%, 6.7434%, and 6.6356% respectively, with a change of - 0.1078 [4] Group 5: Pulp Price Spreads - The softwood - hardwood price spreads on February 25, 24, 13, 12, and 11, 2026, were 710.00, 700, 755, 755, and 755 respectively [4] - The softwood - natural price spreads were - 25, - 35, - 90, - 90, and - 90 respectively [4] - The softwood - chemimechanical price spreads were 1500, 1490, 1435, 1435, and 1435 respectively [5] - The softwood - waste paper price spreads were 3799, 3789, 3734, 3734, and 3734 respectively [5]