纸浆早报 研究中心能化团队 2025/11/24 SP主力合约收盘价： 5228.00 | 日期 | 2025/11/21 | 2025/11/20 | 2025/11/19 | 2025/11/18 | 2025/11/17 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5228.00 | 5298.00 | 5396.00 | 5408.00 | 5474.00 | | 折美元价 | 650.10 | 650.10 | 662.95 | 664.17 | 673.11 | | 距上一日涨跌 | -1.32125% | -1.81616% | -0.22189% | -1.20570% | -0.10949% | | 山东银星基差 | 262 | 212 | 154 | 142 | 76 | | 江浙沪银星基差 | 272 | 212 | 144 | 132 | 76 | 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 SP主力合约收盘价： 5298.00 | 日期 | 2025/11/20 | 2025/11/19 | 2025/11/18 | 2025/11/17 | 2025/11/14 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5298.00 | 5396.00 | 5408.00 | 5474.00 | 5480.00 | | 折美元价 | 662.95 | 662.95 | 664.17 | 673.11 | 674.24 | | 距上一日涨跌 | -1.81616% | -0.22189% | -1.20570% | -0.10949% | -0.97579% | | 山东银星基差 | 212 | 154 | 142 | 76 | 70 | | 江浙沪银星基差 | 212 | 144 | 132 | 76 | 70 | 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 | | --- | --- | --- | --- | --- | --- | | | 金狮 | CFR | 78 ...

Group 1: SP Main Contract Information - The closing price of the SP main contract on November 19, 2025, was 5396.00, with a change of -0.22189% from the previous day [3]. - The closing prices and related data from November 13 - 19, 2025, are presented, showing price fluctuations and changes in basis and dollar - converted prices [3]. Group 2: Import Profitability - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp is - 136.75, for Canadian Lion pulp is - 425.04, and for Chilean Silver Star pulp is 16.68 [4]. - The calculation is based on port dollar prices, Shandong region RMB prices, and the previous day's exchange rate of 7.11 [4]. Group 3: Pulp and Paper Price Averages - From November 13 - 19, 2025, the national and Shandong region average prices of different types of pulp (coniferous, broad - leaf, etc.) remained unchanged [4]. - The prices of cultural paper, packaging paper, and living paper also showed no change during this period [4]. Group 4: Profit Margin Estimates - The profit margin estimates for different types of paper (double - offset, double - copper, etc.) remained stable from November 14 - 19, 2025 [4]. Group 5: Price Spreads - The price spreads between different types of pulp (coniferous - broadleaf, coniferous -本色, etc.) are presented, with some showing minor changes from November 13 - 19, 2025 [4].

纸浆早报 研究中心能化团队 2025/11/19 | 日期 | 2025/11/18 | 2025/11/17 | 2025/11/14 | 2025/11/13 | 2025/11/12 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5408.00 | 5474.00 | 5480.00 | 5534.00 | 5482.00 | | 折美元价 | 673.11 | 673.11 | 674.24 | 681.44 | 672.93 | | 距上一日涨跌 | -1.20570% | -0.10949% | -0.97579% | 0.94856% | -0.03647% | | 山东银星基差 | 142 | 76 | 70 | 31 | 58 | | 江浙沪银星基差 | 132 | 76 | 70 | 66 | 83 | 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 | 78 ...

| 示 亦安期货 | | --- | 纸浆早报 研究中心能化团队 2025/11/17 SP主力合约收盘价： 5480.00 注：上一日汇率 - 7.10 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 | | 2025/11/10 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | 3600.00 | | 2025/11/11 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 | 5400.00 | 3600.00 | | 2025/11/12 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 4775.00 ...

小家电代工龙头造纸行业专家周日双交流 20251116 摘要 四季度销量预计与去年持平，约为 3,120 万台，但欧美市场疲软导致利 润率环比下降 0.5%。公司预计 2026 年外销市场乐观，销售额和销量 有望增长 10%左右，但需关注黑五、圣诞促销及中国春节对订单的影响。 双十一期间，摩飞、东菱、百胜图等品牌内销表现良好，均实现同比增 长。摩飞和百胜图通过创新和产品单价提升实现了盈利增长，但东菱的 盈利能力未见显著提升。公司预计内销市场仍面临挑战，将加大对外销 市场的投入。 公司与泡泡玛特合作的水壶和咖啡类产品预计明年 2 月上市，目标市场 包括中国和东亚跨境电商渠道。水壶零售价预计在 700-1,000 元人民币， 咖啡机可能在 1,000-1,500 元人民币左右，属于中高端水平。 与泡泡玛特的代工合作盈利能力高于传统内销代工，盈利能力至少提高 了 10%-15%，甚至高于一些外销高端品牌 4%-5%。中国小家电出口 美国关税税率为 20%-25%，国内工厂出货盈利水平更高，但海外基地 仍需维持运营。 10 月至 11 月期间，造纸行业价格上涨超预期，瓦楞纸价格突破 3,000 元/吨，木浆价格上涨约 ...

Group 1: Report Summary - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center, dated November 13, 2025 [1] Group 2: SP Main Contract Information - The closing price of the SP main contract on November 12, 2025, was 5482.00 [1] - The closing prices on previous days were 5484.00 (November 11), 5468.00 (November 10), 5394.00 (November 7), and 5368.00 (November 6) [1] - The corresponding dollar - converted prices were 672.85 (November 12 and 11), 671.16 (November 10), 661.50 (November 7), and 658.32 (November 6) [1] - The daily price changes were - 0.03647% (November 12), 0.29261% (November 11), 1.37189% (November 10), 0.48435% (November 7), and 0.14925% (November 6) [1] - The Shandong Yinxing basis was 58 (November 12), 56 (November 11), 57 (November 10), 106 (November 7), and 132 (November 6) [1] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 83 (November 12), 81 (November 11), 57 (November 10), 131 (November 7), and 157 (November 6) [1] Group 3: Import Information - For Canadian pulp, the CFR price of Golden Lion was 780 dollars, with a Shandong - area RMB price of 6200 and an import profit of - 145.57; the CFR price of Lion was 730 dollars, with a Shandong - area RMB price of 5500 and an import profit of - 443.29 [2] - For Chilean pulp, the CFR price of Silver Star (90 - day letter of credit) was 680 dollars, with a Shandong - area RMB price of 5540 and an import profit of - 1.01 [2] Group 4: Pulp Price Averages - From November 6 to November 12, 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 [2] - The Shandong - area average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2] Group 5: Paper Index and Profit Margin - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from November 7 to November 12, 2025 [2] - The profit margins of double - offset, double - copper, white - card, and living paper changed from November 7 to November 12, and remained unchanged on November 11 and 12 [2] Group 6: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper changed from November 6 to November 12, 2025 [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Content SP Main Contract Information - The closing price of the SP main contract on November 11, 2025, was 5484.00. The closing prices from November 5 - 11 showed fluctuations, with the highest increase of 1.37189% on November 10 compared to the previous day [3]. - The discount to US dollar prices also fluctuated during this period, with the price on November 11 being 671.16 [3]. - The basis of Shandong Yinxing and Jiangsu - Zhejiang - Shanghai Yinxing also changed daily, with the Shandong Yinxing basis on November 11 being 56 and the Jiangsu - Zhejiang - Shanghai Yinxing basis being 81 [3]. Import Pulp Information - For imported pulp from different origins and brands, taking a 13% VAT calculation, the Canadian Golden Lion had a port US dollar price of 780, a Shandong - area RMB price of 6200, and an import profit of - 145.57; the Canadian Lion had a port US dollar price of 730, a Shandong - area RMB price of 5500, and an import profit of - 443.29; the Chilean Silver Star had a port US dollar price of 680, a Shandong - area RMB price of 5540, and an import profit of - 1.01 [4]. Pulp and Paper Price and Margin Information - From November 5 - 11, 2025, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged, and so did the Shandong - area 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 from November 6 - 11 [4]. - However, the estimated profit margins of these papers changed. For example, the double - offset profit margin decreased from - 0.2151% on November 6 to - 1.0753% on November 11, a decrease of 0.3527; the double - copper profit margin decreased from 12.9032% to 12.1935%, a decrease of 0.2904; the white - card profit margin decreased from - 7.6381% to - 8.1551%, a decrease of 0.2115; and the living paper profit margin decreased from 6.5730% to 4.7968%, a decrease of 0.4583 [4]. Pulp Price Difference Information - From November 5 - 11, 2025, the price differences between softwood and hardwood pulp, softwood and natural color pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp all showed certain changes. For example, the softwood - hardwood price difference decreased from 1250 on November 5 to 1180 on November 11 [4].

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating in the given content. 2. Report Core View No explicit core view is presented in the provided content. It mainly contains data on pulp prices, import profits, and related industry indices. 3. Content Summary by Category Pulp Futures Data - The closing price of the SP main contract on November 7, 2025, was 5394.00 [1]. - From November 3 - 7, 2025, the closing prices of the main contract were 5306.00, 5288.00, 5360.00, 5368.00, and 5394.00 respectively, with daily percentage changes of 1.80353%, -0.33924%, 1.36157%, 0.14925%, and 0.48435% [1]. - The corresponding converted US - dollar prices were 650.56, 648.25, 657.08, 658.32, and 658.32 respectively [1]. - The Shandong Yinxing basis was 194, 212, 140, 132, and 106 from November 3 - 7, 2025, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 219, 227, 155, 157, and 131 respectively [1]. Pulp Import Data - With a 13% VAT calculation, the import profit of Canadian Golden Lion was -145.57, the Canadian Lion was -493.29, and the Chilean Yinxing was -41.01 [2]. - The port US - dollar prices of Golden Lion, Lion, and Yinxing were 780, 730, and 680 respectively, and the Shandong region RMB prices were 6200, 5450, and 5500 respectively [2]. Pulp and Paper Industry Price Indices - From November 3 - 7, 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 [2]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2]. - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from November 4 - 7, 2025, at 5725, 5670, 4350, and 841 respectively [2]. Pulp Price Difference Data - From November 3 - 7, 2025, the price differences between softwood and hardwood pulp were 1250, 1250, 1250, 1240, and 1240 respectively; between softwood and natural pulp were 100; between softwood and chemimechanical pulp were 1700; and between softwood pulp and waste paper were 3924 [2]. Pulp Product Profit Margin Data - From November 4 - 7, 2025, the estimated profit margins of double - offset paper were -0.2151%, double - copper paper were 12.9032%, white - card paper were -9.5694% on November 4 - 5 and -7.6381% on November 6 - 7, and living paper were 6.7831% on November 4 - 5 and 6.5730% on November 6 - 7 [2].

Report Summary 1. Report Industry Investment Rating - No relevant information provided 2. Core View - No clear core view presented in the provided content 3. Summary by Related Catalogs SP Main Contract Closing Price - On November 6, 2025, the SP main contract closing price was 5368.00 [3] - The price fluctuations from October 31 to November 6 were -0.22971%, 1.80353%, -0.33924%, 1.36157%, and 0.14925% respectively [3] - The corresponding discount US dollar prices were 639.69, 650.56, 648.25, 657.08, and 657.08 [3] - The Shandong Yinxing basis was 263, 194, 212, 140, and 132; the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 298, 219, 227, 155, and 157 respectively [3] Pulp Price and Profit - With a 13% VAT calculation, the import profits of Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were -145.57, -533.29, and -41.01 respectively [4] - From October 31 to November 6, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged; the same was true for the Shandong region [4] - During the same period, the prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged [4] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper changed, with the white card paper profit margin increasing by 1.9313 and the living paper profit margin decreasing by 0.2101 from November 3 to November 6 [4] Pulp Price Spreads - From October 31 to November 6, 2025, the softwood - hardwood spread was 1225, 1250, 1250, 1250, and 1240; the softwood - natural spread was 75, 100, 100, 100, and 100; the softwood - chemimechanical spread was 1675, 1700, 1700, 1700, and 1700; the softwood - waste paper spread was 3899, 3924, 3924, 3924, and 3924 respectively [4]