Report Overview - The report is a pulp morning report released by the Research Center's Energy and Chemicals Team on January 20, 2026 [2] SP Main Contract Information - The closing price of the SP main contract on January 19, 2026, was 5362.00. The closing prices on January 16, 15, 14, and 13 were 5362.00, 5436.00, 5494.00, and 5492.00 respectively. The corresponding dollar prices were 672.52, 672.00, 681.32, 688.33, and 687.77. The daily changes were 0.00000%, -1.36130%, -1.05570%, 0.03642%, and 0.03643% respectively. The Shandong Yinxing basis was 48, 48, 79, 56, and 58, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 48, 48, 74, 66, and 68 [3] Import Profit Information - With a 13% VAT calculation, the Canadian Golden Lion (CFR) had a port dollar price of 780, a Shandong region RMB price of 6300, and an import profit of 95.46. The Canadian Lion (CFR) had a port dollar price of 730, a Shandong region RMB price of 5365, and an import profit of -401.30. The Chilean Yinxing (CFR letter of credit 90 days) had a port dollar price of 700, a Shandong region RMB price of 5410, and an import profit of -165.36 [4] Pulp and Paper Price Information - From January 13 to January 19, 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. The cultural paper (double-offset index, double-copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged. The profit margins of double-offset paper, double-copper paper, white card paper, and living paper changed to -4.5583%, 5.9250%, -9.2032%, and 6.2044% respectively, with the living paper profit margin increasing by 0.1437 [5] Price Difference Information - On January 19, 2026, the price differences between softwood and hardwood pulp, softwood and unbleached pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper were 730.00, 10, 1535, and 3834 respectively [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary According to Relevant Content - **SP Main Contract Information**: On January 15, 2026, the closing price of the SP main contract was 5436.00, the converted US dollar price was 681.32, with a daily decline of -1.05570%. The basis of Shandong Yinxing was 79, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 74 [3]. - **Import Profit Information**: Calculated with 13% VAT, the import profit of Canadian Golden Lion was 86.64, while that of Canadian Lion was -294.55, and that of Chilean Silver Star was -68.27 [4]. - **Price and Profit Margin Information**: From January 9 - 15, 2026, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged, as did the average prices in Shandong. The prices of cultural paper, packaging paper, and living paper also remained stable. However, the profit margins of double - offset paper, double - copper paper, white cardboard, and living paper all showed slight increases [4]. - **Price Difference Information**: On January 15, 2026, the price difference between coniferous and broad - leaf pulp was 785.00, between coniferous and natural pulp was 115, between coniferous and chemical mechanical pulp was 1640, and between coniferous pulp and waste paper was 3939 [4].

Group 1: SP Main Contract Information - The closing price of the SP main contract on December 17, 2025, was 5506.00 [4] - The closing prices of the main contract from December 11 - 17, 2025, were 5586.00, 5534.00, 5572.00, 5468.00, and 5506.00 respectively, with corresponding percentage changes of 2.75938%, -0.93090%, 0.68666%, -1.86648%, and 0.69495% compared to the previous day [4] - The Shandong Yinxing basis and the Jiangsu - Zhejiang - Shanghai Yinxing basis on December 17, 2025, were both 34 [4] Group 2: Import Profit and Price Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion was 16.13, for Canadian Lion was -360.55, and for Chilean Yinxing was 52.78. The corresponding port dollar prices were 780, 730, and 680, and the Shandong region RMB prices were 6300, 5525, and 5540 respectively [5] Group 3: Pulp Price and Index Information - From December 11 - 17, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemi - mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged [5] - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and life paper (life index) prices showed little change from December 12 - 17, 2025. The life index changed from 846 to 850 and then back to 846 [5] - The profit margins of double - offset paper, double - copper paper, white - card paper, and life paper changed from December 12 - 17, 2025. The life paper profit margin changed from 1.6602% to 2.0354%, 2.9505%, and then 2.8389%, with a change of -0.1116 [5] Group 4: Pulp Price Difference Information - From December 11 - 17, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemi - mechanical pulp, and softwood and waste paper pulp changed. For example, the softwood - hardwood price difference decreased from 900 to 875 [5]