纸浆早报 研究中心能化团队 2026/03/02 SP主力合约收盘价： 5246.00 | 日期 | 2026/02/27 | 2026/02/26 | 2026/02/25 | 2026/02/24 | 2026/02/13 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5246.00 | 5312.00 | 5348.00 | 5340.00 | 5260.00 | | 折美元价 | 668.12 | 678.24 | 680.16 | 677.38 | 664.54 | | 距上一日涨跌 | -1.24247% | -0.67315% | 0.14981% | 1.52091% | 0.42001% | | 山东银星基差 | 79 | 28 | 27 | 25 | 50 | | 江浙沪银星基差 | 79 | 43 | 17 | 25 | 50 | 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 ...

纸浆早报 研究中心能化团队 2026/02/26 SP主力合约收盘价： 5348.00 | 日期 | 2026/02/25 | 2026/02/24 | 2026/02/13 | 2026/02/12 | 2026/02/11 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5348.00 | 5340.00 | 5260.00 | 5238.00 | 5236.00 | | 折美元价 | 680.16 | 677.38 | 664.54 | 662.67 | 661.46 | | 距上一日涨跌 | 0.14981% | 1.52091% | 0.42001% | 0.03820% | 0.65359% | | 山东银星基差 | 27 | 25 | 50 | 72 | 74 | | 江浙沪银星基差 | 17 | 25 | 50 | 72 | 74 | 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 | ...

纸浆早报 研究中心能化团队 2026/02/24 SP主力合约收盘价： 5260.00 | | 文化用纸 | | 包装纸 | | 生活用纸 | | --- | --- | --- | --- | --- | --- | | | 双胶指数 | 双铜指数 | 白卡指数 | | 生活指数 | | 2026/02/10 | 5725 | 5670 | 4350 | | 867 | | 2026/02/11 | 5725 | 5670 | 4350 | | 867 | | 2026/02/12 | 5725 | 5670 | 4350 | | 867 | | 2026/02/13 | 5725 | 5670 | 4350 | | 867 | | 变化 | 0 | 0 | 0 | | 0 | | | 双胶利润率估算 双铜利润率估算 | | 白卡利润率估算 | | 生活利润率估算 | | 2026/02/10 | -2.1797% | 7.9583% | -7.7945% | | 8.5041% | | 2026/02/11 | -2.1797% | 7.9583% | -7.7945% | | 8.5041% | | 2 ...

Group 1: SP Main Contract Information - The closing price of the SP main contract on February 12, 2026, was 5238.00 [2] - The closing prices of the main contract from February 6 to February 12, 2026, were 5234.00, 5200.00, 5202.00, 5236.00, and 5238.00 respectively [2] - The corresponding discount US - dollar prices were 658.48, 655.25, 656.97, 661.46, and 662.67 respectively [2] - The daily price changes were - 0.38066%, - 0.64960%, 0.03846%, 0.65359%, and 0.03820% respectively [2] - The Shandong Yinxing basis from February 6 to February 12, 2026, was 76, 110, 108, 74, and 72 respectively [2] - The Jiangsu - Zhejiang - Shanghai Yinxing basis from February 6 to February 12, 2026, was 106, 140, 138, 74, and 72 respectively [2] Group 2: Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp: the port US - dollar price of Golden Lion (CFR) was 780, the Shandong region RMB price was 6300, and the import profit was 148.34; the port US - dollar price of Lion (CFR) was 730, the Shandong region RMB price was 5270, and the import profit was - 491.81 [3] - For Chilean pulp, the port US - dollar price of Yinxing (CFR, 90 - day letter of credit) was 700, the Shandong region RMB price was 5310, and the import profit was - 217.90 [3] Group 3: Pulp and Paper Price and Margin Information - From February 6 to February 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 Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [3] - From February 9 to February 12, 2026, the indices of cultural paper (double - offset and double - copper), packaging paper (white card), and tissue paper remained unchanged at 5725, 5670, 4350, and 867 respectively [3] - From February 9 to February 12, 2026, the estimated profit margins of double - offset paper, double - copper paper, white card paper, and tissue paper remained unchanged at - 2.1797%, 7.9583%, - 7.7945%, and 8.5041% respectively [3] - From February 6 to February 12, 2026, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper remained unchanged at 755.00, - 90, 1435, and 3734 respectively [3]

纸浆早报 研究中心能化团队 2026/02/11 SP主力合约收盘价： 5202.00 | 日期 | 2026/02/10 | 2026/02/09 | 2026/02/06 | 2026/02/05 | 2026/02/04 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5202.00 | 5200.00 | 5234.00 | 5254.00 | 5324.00 | | 折美元价 | 656.97 | 655.25 | 658.48 | 660.96 | 670.20 | | 距上一日涨跌 | 0.03846% | -0.64960% | -0.38066% | -1.31480% | 0.90978% | | 山东银星基差 | 108 | 110 | 76 | 81 | 51 | | 江浙沪银星基差 | 138 | 140 | 106 | 136 | 66 | 以13%增值税计算 | 日期 | | | 全国均价 | | | | 山东地区均价 | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

1 月行业提价逐步落地，盈利进入改善通道 [Table_Industry] 造纸业 造纸行业月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 1 月阔叶浆价格上涨，白卡纸继续发布提价函，文化纸价格企稳，盈利略有承压，预 计木浆市场供应先降后增，需求跟进不足，白纸价格逐步传导，黑纸价格承压。 投资要点： [Table_Report] 相关报告 造纸业《12 月包装纸延续上涨，文化纸待回暖》 2026.01.07 造纸业《11 月包装纸延续上涨，文化纸待回暖》 2025.12.10 造纸业《10 月包装纸表现较好，文化纸需求较 弱》2025.11.16 造纸业《全球视角看阔叶木材供需变化趋势》 2025.10.26 造纸业《9 月多数纸种价格上涨，文化纸 ...

1 月行业提价逐步落地，盈利进入改善通道 [Table_Industry] 造纸业 造纸行业月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 1 月阔叶浆价格上涨，白卡纸继续发布提价函，文化纸价格企稳，盈利略有承压，预 计木浆市场供应先降后增，需求跟进不足，白纸价格逐步传导，黑纸价格承压。 投资要点： [Table_Report] 相关报告 造纸业《12 月包装纸延续上涨，文化纸待回暖》 2026.01.07 造纸业《11 月包装纸延续上涨，文化纸待回暖》 2025.12.10 造纸业《10 月包装纸表现较好，文化纸需求较 弱》2025.11.16 造纸业《全球视角看阔叶木材供需变化趋势》 2025.10.26 造纸业《9 月多数纸种价格上涨，文化纸 ...

纸浆早报 研究中心能化团队 2026/02/10 SP主力合约收盘价： 5200.00 | 日期 | 2026/02/09 | 2026/02/06 | 2026/02/05 | 2026/02/04 | 2026/02/03 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5200.00 | 5234.00 | 5254.00 | 5324.00 | 5276.00 | | 折美元价 | 655.25 | 658.48 | 660.96 | 670.20 | 664.21 | | 距上一日涨跌 | -0.64960% | -0.38066% | -1.31480% | 0.90978% | 0.18990% | | 山东银星基差 | 110 | 76 | 81 | 51 | 99 | | 江浙沪银星基差 | 140 | 106 | 136 | 66 | 114 | 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 2026/02/06 SP主力合约收盘价： 5254.00 | 日期 | 2026/02/05 | 2026/02/04 | 2026/02/03 | 2026/02/02 | 2026/01/30 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5254.00 | 5324.00 | 5276.00 | 5266.00 | 5300.00 | | 折美元价 | 660.96 | 670.20 | 664.21 | 661.49 | 666.08 | | 距上一日涨跌 | -1.31480% | 0.90978% | 0.18990% | -0.64151% | -1.63326% | | 山东银星基差 | 81 | 51 | 99 | 109 | 75 | | 江浙沪银星基差 | 136 | 66 | 114 | 124 | 90 | 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 | | --- | --- | --- | --- | --- | --- | | ...

研究中心能化团队 2026/01/27 SP主力合约收盘价： 5374.00 纸浆早报 | 日期 | 2026/01/26 | 2026/01/23 | 2026/01/22 | 2026/01/21 | 2026/01/20 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5374.00 | 5398.00 | 5380.00 | 5360.00 | 5376.00 | | 折美元价 | 674.67 | 677.04 | 674.89 | 672.13 | 674.62 | | 距上一日涨跌 | -0.44461% | 0.33457% | 0.37313% | -0.29762% | 0.26110% | | 山东银星基差 | 26 | 12 | 30 | 50 | 34 | | 江浙沪银星基差 | 26 | 12 | 30 | 50 | 34 | 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 ...