以13%增值税计算 纸浆早报 | 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 | 6350 | -48.45 | | | 雄狮 | CFR | 730 | 5500 | -492.78 | | 智利 | 银星 | CFR信用证 90天 | 720 | 5760 | -151.65 | 注：上一日汇率 - 7.18 研究中心能化团队 2025/08/25 SP主力合约收盘价： 5108.00 | 日期 | 2025/08/22 | 2025/08/21 | 2025/08/20 | 2025/08/19 | 2025/08/18 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5108.00 | 5130.00 | 5136.00 | 5178.00 | 5252.00 | | 折美元价 | 620.90 | 623.85 | 624.46 | 629.40 | 638.77 | | 距上一 ...

Group 1: SP Main Contract Information - The closing price of the SP main contract on August 19, 2025, was 5178.00, showing a -1.40899% change from the previous day [3] - The corresponding converted US dollar price was 629.40 [3] - The basis for Shandong Yinxing was 672, and for Jiangsu, Zhejiang, and Shanghai Yinxing was 707 [3] Group 2: Import Profit and Price Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US dollar price was 780, the Shandong region RMB price was 6350, and the import profit was -48.45; for Canadian Lion (CFR), the port US dollar price was 730, the Shandong region RMB price was 5580, and the import profit was -392.78; for Chilean Yinxing (CFR with 90 - day letter of credit), the port US dollar price was 720, the Shandong region RMB price was 5850, and the import profit was -61.65 [4] Group 3: Pulp and Paper Price Averages - From August 13 - 19, 2025, the national and Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper also remained unchanged during this period [4] Group 4: Profit Margin Information - The estimated profit margins of double - offset paper, double - copper paper, white card paper, and living paper showed little change from August 14 - 19, 2025, except for the living paper which had a 0.1528 change [4] Group 5: Price Spread Information - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper showed minor changes from August 13 - 19, 2025 [4]

Group 1: Report Information - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on August 18, 2025 [2] Group 2: SP Main Contract Closing Price - On August 15, 2025, the closing price of the SP main contract was 5306.00 [3] - From August 11 - 15, 2025, the closing price, converted US - dollar price, daily change, Shandong Yinxing basis, and Jiangsu - Zhejiang - Shanghai Yinxing basis of the main contract are presented in a table [3] Group 3: Import Information - Calculated with a 13% VAT, for Canadian brands (Jinshi and Xiongshi) and Chilean brand (Yinxing), port US - dollar prices, Shandong region RMB prices, and import profits are provided [4] - The exchange rate on the previous day was 7.18, and US - dollar and RMB prices are from Zhuochuang data [4] Group 4: Price Averages - From August 11 - 15, 2025, the national and Shandong region price averages of different pulp types (coniferous, broad - leaf, natural color, and chemimechanical pulp) remained unchanged [4] - During the same period, the price indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper (living index) remained unchanged [4] - The profit margins of different paper types (double - offset, double - copper, white card, and living paper) also remained unchanged from August 12 - 15, 2025 [4] Group 5: Price Spreads - From August 11 - 15, 2025, the price spreads between coniferous and broad - leaf pulp, coniferous and natural color pulp, coniferous and chemimechanical pulp, and coniferous pulp and waste paper are presented in a table [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Content Summaries by Relevant Aspects SP Main Contract Price - The closing price of the SP main contract on August 14, 2025, was 5318.00, with a daily increase of 0.30177%. The closing prices on previous days were 5302.00 (Aug 13), 5264.00 (Aug 12), 5246.00 (Aug 11), and 5162.00 (Aug 08) [3]. - The converted US - dollar prices on these days were 647.46 (Aug 14), 645.26 (Aug 13), 639.19 (Aug 12), 637.80 (Aug 11), and 627.38 (Aug 08) [3]. - The basis for Shandong Yinxing on these days were 542 (Aug 14), 558 (Aug 13), 586 (Aug 12), 604 (Aug 11), and 673 (Aug 08), and for Jiangsu, Zhejiang, and Shanghai Yinxing were 582 (Aug 14), 598 (Aug 13), 636 (Aug 12), 654 (Aug 11), and 738 (Aug 08) [3]. Pulp Import Price and Profit - With a 13% VAT calculation, for Canadian pulp, the CFR price of Golden Lion was 780 US dollars, with an import profit of 60.36 yuan in Shandong; the CFR price of Lion was 730 US dollars, with an import loss of 359.53 yuan in Shandong. For Chilean pulp, the CFR price of Yinxing (90 - day letter of credit) was 720 US dollars, with an import loss of 43.51 yuan in Shandong [4]. Pulp and Paper Product Prices and Margins - From August 8 to August 14, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong [4]. - The indices of cultural paper (double - offset, double - copper), packaging paper (white card), and living paper remained unchanged from August 11 to August 14, 2025 [4]. - The estimated profit margins of double - offset paper decreased from 6.3015% on August 11 to 4.8347% on August 14; double - copper paper decreased from 24.1238% to 22.6500%; white card paper remained at a loss of around - 12%; and living paper decreased from 7.7189% to 6.7640% [4]. Pulp Price Spreads - From August 8 to August 14, 2025, the price spreads between softwood and hardwood pulp decreased from 1700 to 1660; between softwood and natural pulp increased from 435 to 460; between softwood and chemimechanical pulp increased from 2010 to 2035; and between softwood pulp and waste paper increased from 4259 to 4284 [4].

Group 1: SP Main Contract Information - The closing price of the SP main contract on August 13, 2025, was 5302.00 [3] - The conversion to US dollars was 645.26, with a daily increase of 0.72188% [3] - The basis of Shandong Yinxing was 558, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 598 [3] Group 2: Import Profit and Price Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion was 51.55, while that of Lion was -392.78, and that of Chilean Yinxing was -51.65 [4] - The exchange rate on the previous day was 7.18 [4] Group 3: Pulp and Paper Price Trends - From August 7 to August 13, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [4] - The prices of cultural paper, packaging paper, and household paper also remained unchanged during this period [4] - The profit margins of cultural paper, packaging paper, and household paper showed varying degrees of decline [4] Group 4: Price Spreads - On August 13, 2025, the price spread between softwood and hardwood pulp was 1670.00, the spread between softwood and natural pulp was 460, the spread between softwood and chemimechanical pulp was 2035, and the spread between softwood pulp and waste paper was 4284 [4]

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 | 金狮 | CFR | 780 | 6450 | 42.73 | | | 雄狮 | CFR | 730 | 5600 | -401.03 | | 智利 | 银星 | CFR信用证 90天 | 720 | 5850 | -69.78 | 注：上一日汇率 - 7.19 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 | | 2025/08/06 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | 3600.00 | | 2025/08/ ...

Group 1: Report Information - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center dated August 6, 2025 [2] Group 2: SP Main Contract Closing Price - On August 5, 2025, the SP main contract closing price was 5160.00, with a decrease of -0.15480% from the previous day. The closing prices from August 4 to July 30, 2025 were 5168.00, 5186.00, 5232.00, and 5326.00 respectively, showing a downward trend [3] - The corresponding converted US dollar prices were 626.69, 628.64, 627.89, 635.08, and 647.61 respectively [3] - The Shandong Yinxing basis was 650, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 740 on August 5, 2025 [3] Group 3: Import Profit and Price Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was 42.73, while for Canadian Lion pulp it was -366.03, and for Chilean Yinxing pulp it was -109.78 [4] - The national average prices of coniferous pulp, broadleaf pulp, natural pulp, and chemimechanical pulp remained unchanged from July 30 to August 5, 2025. The same was true for the Shandong regional average prices [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) also remained unchanged during this period [4] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper showed an increasing trend from July 31 to August 5, 2025, with changes of 0.1287, 0.1122, 0.0976, and 0.5539 respectively [4] - The price differences between coniferous and broadleaf pulp, coniferous and natural pulp, coniferous and chemimechanical pulp, and coniferous and waste paper pulp all showed a decreasing trend from July 30 to August 5, 2025 [4]

| 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 | | 2025/07/29 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | 3600.00 | | 2025/07/30 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | 3600.00 | | 2025/07/31 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | 3600.00 | | 2025/08/01 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summaries Based on Related Catalogs 3.1 SP Main Contract Closing Price - On August 1, 2025, the SP main contract closing price was 5186.00, with a -0.87920% change from the previous day [3]. - The closing prices from July 28 to July 31, 2025, were 5360.00, 5374.00, 5326.00, and 5232.00 respectively, with corresponding changes of -2.89855%, 0.26119%, -0.89319%, and -1.76493% [3]. - The converted US dollar prices on August 1, 2025, and from July 28 to July 31, 2025, were 627.89, 652.65, 654.05, 647.61, and 635.08 respectively [3]. - The Shandong Yinxing basis on August 1, 2025, was 704, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 739 [3]. 3.2 Pulp Import Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was 25.11, for Canadian Lion pulp was -327.53, and for Chilean Yinxing pulp was -46.06 [4]. - The port US dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6450, 5650, and 5890 respectively [4]. 3.3 Pulp Price Averages - From July 28 to August 1, 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 [4]. - The Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively during the same period [4]. 3.4 Paper Indexes and Margins - From July 29 to August 1, 2025, the cultural paper double - glue index, double - copper index, packaging paper white - card index, and living paper living index remained unchanged at 5725, 5670, 4350, and 828 respectively [4]. - The estimated profit margins of double - glue paper, double - copper paper, white - card paper, and living paper on August 1, 2025, were 6.1407%, 23.9836%, -12.1951%, and 7.6234% respectively, with the living paper profit margin having a change of 0.1719 [4]. 3.5 Pulp Price Spreads - On August 1, 2025, the softwood - hardwood price spread was 1740.00, the softwood - natural price spread was 490, the softwood - chemimechanical price spread was 2065, and the softwood - waste paper price spread was 4314 [4].

纸浆早报 研究中心能化团队 2025/08/01 SP主力合约收盘价： 5232.00 | 日期 | 2025/07/31 | 2025/07/30 | 2025/07/29 | 2025/07/28 | 2025/07/25 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5232.00 | 5326.00 | 5374.00 | 5360.00 | 5520.00 | | 折美元价 | 635.08 | 647.61 | 654.05 | 652.65 | 672.86 | | 距上一日涨跌 | -1.76493% | -0.89319% | 0.26119% | -2.89855% | 1.17302% | | 山东银星基差 | 668 | 614 | 566 | 590 | 430 | | 江浙沪银星基差 | 718 | 649 | 601 | 640 | 480 | 以13%增值税计算 | 日期 | | | 全国均价 | | | | 山东地区均价 | | | --- | --- | --- | --- | --- | --- | --- | - ...