| 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 | 金狮 | CFR | 780 | 6300 | 69.01 | | | 雄狮 | CFR | 730 | 5590 | -246.05 | | 智利 | 银星 | CFR信用证 90天 | 700 | 5590 | -9.09 | 注：上一日汇率 - 6.99 美元价格以及人民币价格均采用卓创数据，以13%增值税计算 | 日期 | | | 全国均价 | | | | 山东地区均价 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 针叶浆 | 阔叶浆 | 本色浆 | 化机浆 | 针叶浆 | 阔叶浆 | 本色浆 | 化机浆 | | 2025/12/30 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | 3600.00 | | 2025/12/31 | 6073.7 ...

纸浆早报 研究中心能化团队 2026/01/07 SP主力合约收盘价： 5612.00 | 日期 | 2026/01/06 | 2026/01/05 | 2025/12/31 | 2025/12/30 | 2025/12/29 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5612.00 | 5530.00 | 5532.00 | 5568.00 | 5510.00 | | 折美元价 | 702.51 | 692.18 | 691.61 | 696.05 | 686.78 | | 距上一日涨跌 | 1.48282% | -0.03615% | -0.64655% | 1.05263% | -2.13144% | | 山东银星基差 | -22 | 35 | 58 | 22 | 80 | | 江浙沪银星基差 | -22 | 30 | 28 | -8 | 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 ...

Core Viewpoint - The straw industry in China is deeply integrated with agriculture, energy, chemicals, and building materials, forming various industrial chains that enhance rural employment and farmers' income while creating indirect economic value through the substitution of petrochemical and wood resources [2][10]. Market Policy - The Chinese government has implemented a series of policies to promote comprehensive utilization of straw, including subsidies, market construction, and incentive measures, providing a favorable policy environment for the development of the straw recycling and processing industry [2][10][12]. - Key policies include the "Air Quality Continuous Improvement Action Plan," which emphasizes the comprehensive utilization of straw and the prohibition of burning, aiming to stabilize the comprehensive utilization rate of straw above 86% [12][10]. Utilization Volume and Rate - The comprehensive utilization of straw in China is projected to increase from 555 million tons in 2024 to 647 million tons, with feed usage accounting for approximately 18.4%, raw material and substrate fields about 1.8%, edible fungus substrate around 2.3%, and fuel fields about 8.2% [2][10]. - The comprehensive utilization rate of straw is expected to rise from 77.7% in 2024 to 88.3%, with the market size growing from 147.63 billion yuan to 205.10 billion yuan [2][10]. Industry Chain - The straw industry chain in China consists of three levels: upstream resource supply and equipment manufacturing, midstream processing and technology conversion, and downstream diversified applications, moving towards scale, high value, and intelligence [13][14]. - The upstream includes straw resource sources, collection, storage, and machinery, while the midstream focuses on processing and technology conversion, leading to applications in agriculture, energy, building materials, and environmental protection [13][14]. Related Companies - Listed companies involved in the straw industry include Sierte (002538), Yili Group (600887), Huarui Agriculture (833462.NQ), Xuerong Biological (300511), Shouxiangu (603896), Disen Co. (300335), Changqing Group (002616), Sun Paper (002078), and Shengquan Group (605589) [2].

纸浆早报 研究中心能化团队 2026/01/06 SP主力合约收盘价： 5530.00 | 日期 | 2026/01/05 | 2025/12/31 | 2025/12/30 | 2025/12/29 | 2025/12/26 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5530.00 | 5532.00 | 5568.00 | 5510.00 | 5630.00 | | 折美元价 | 692.18 | 691.61 | 696.05 | 686.78 | 702.06 | | 距上一日涨跌 | -0.03615% | -0.64655% | 1.05263% | -2.13144% | 0.46395% | | 山东银星基差 | 35 | 58 | 22 | 80 | -40 | | 江浙沪银星基差 | 30 | 28 | -8 | 50 | -70 | | 日期 | | | 全国均价 | | | | 山东地区均价 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 针叶浆 ...

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - No explicit core view presented in the given content. 3. Summary Based on Related Catalogs SP Main Contract Information - The closing price of the SP main contract on December 30, 2025, was 5568.00 [3]. - The closing prices and related data for the previous days (December 24 - 29, 2025) are also provided, including the closing price, converted US - dollar price, daily change, and basis differences in Shandong and Jiangsu - Zhejiang - Shanghai regions [3]. Import Pulp Information - With a 13% VAT calculation, for Canadian pulp brands like Golden Lion (CFR price 780 in US dollars) and Lion (CFR price 730 in US dollars), and Chilean Silver Star (CFR with 90 - day letter of credit, price 700 in US dollars), their corresponding RMB prices in Shandong and import profits are presented. The import profit for Golden Lion is 69.01, Lion is - 271.05, and Silver Star is - 9.09 [4]. Pulp Price Averages - From December 24 - 30, 2025, the national and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemical mechanical pulp remained unchanged. The changes were all 0.00 [4]. Paper Product Indexes and Margins - The indexes of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) showed little change from December 25 - 30, 2025. The changes were all 0 [4]. - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper also had little change during this period, with the change in living paper profit margin being 0.0000 [4]. Pulp Price Spreads - From December 24 - 30, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemical mechanical pulp, and softwood and waste paper pulp remained constant [4].

Report Overview - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center, dated December 29, 2025 [2] SP Main Contract Close Price - On December 26, 2025, the SP main contract closed at 5630.00 [3] - The daily price changes from December 22 - 26 were 2.10679%, -0.03557%, 0.00000%, -0.28470%, and 0.46395% respectively [3] - The basis for Shandong Yinxing on December 26 was -40, and for Jiangsu, Zhejiang, and Shanghai Yinxing was -70 [3] Import Pulp Prices and Profits - Based on a 13% VAT calculation, the import profit for Canadian Golden Lion was 51.39, for Canadian Lion was -287.55, and for Chilean Yinxing was -24.91 [4] Pulp and Paper Price Averages - From December 22 - 26, 2025, the national and Shandong regional average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper also showed no change during this period [4] - The estimated profit margins of double - offset, double - copper, white card, and living paper remained constant from December 23 - 26 [4] Pulp Price Spreads - The price spreads between coniferous and broad - leaf, coniferous and natural, coniferous and chemical mechanical, and coniferous and waste paper pulp showed little change from December 22 - 26 [4]

SP主力合约收盘价： 5604.00 | 日期 | 2025/12/25 | 2025/12/24 | 2025/12/23 | 2025/12/22 | 2025/12/19 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5604.00 | 5620.00 | 5620.00 | 5622.00 | 5506.00 | | 折美元价 | 698.96 | 700.03 | 698.78 | 698.09 | 683.23 | | 距上一日涨跌 | -0.28470% | 0.00000% | -0.03557% | 2.10679% | 0.10909% | | 山东银星基差 | -14 | -30 | -30 | -17 | 19 | | 江浙沪银星基差 | -44 | -55 | -55 | -47 | 29 | 以13%增值税计算 纸浆早报 研究中心能化团队 2025/12/26 | 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 2025/12/24 SP主力合约收盘价： 5620.00 | 日期 | 2025/12/23 | 2025/12/22 | 2025/12/19 | 2025/12/18 | 2025/12/17 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5620.00 | 5622.00 | 5506.00 | 5500.00 | 5506.00 | | 折美元价 | 698.78 | 698.09 | 683.23 | 682.39 | 682.74 | | 距上一日涨跌 | -0.03557% | 2.10679% | 0.10909% | -0.10897% | 0.69495% | | 山东银星基差 | -30 | -17 | 19 | 40 | 34 | | 江浙沪银星基差 | -55 | -47 | 29 | 40 | 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 | | --- | --- | --- | --- | --- | --- | | ...

021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 行业 纸浆日报 日期 2025 年 12 月 23 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

纸浆早报 研究中心能化团队 2025/12/23 SP主力合约收盘价： 5622.00 | 日期 | 2025/12/22 | 2025/12/19 | 2025/12/18 | 2025/12/17 | 2025/12/16 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5622.00 | 5506.00 | 5500.00 | 5506.00 | 5468.00 | | 折美元价 | 698.09 | 683.23 | 682.39 | 682.74 | 678.31 | | 距上一日涨跌 | 2.10679% | 0.10909% | -0.10897% | 0.69495% | -1.86648% | | 山东银星基差 | -17 | 19 | 40 | 34 | 72 | | 江浙沪银星基差 | -47 | 29 | 40 | 34 | 82 | 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 ...