Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The pulp supply side has recent disturbances, but the demand side shows weakness, lacking a clear trading logic, and is expected to fluctuate weakly [6] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices (Yuan/ton) on Feb 9, 2026**: SP2601 at 5414, -0.66% day-on-day, -0.48% week-on-week; SP2609 at 5248, -0.57% day-on-day, -1.09% week-on-week; SP2605 at 5200, -0.65% day-on-day, -1.25% week-on-week [5] - **Spot Prices (Yuan/ton) on Feb 9, 2026**: Coniferous pulp Silver Star at 5250, -0.94% day-on-day, -1.32% week-on-week; Coniferous pulp Russian Needle at 5050, -0.98% day-on-day, -1.94% week-on-week; Hardwood pulp Goldfish at 4580, 0.00% day-on-day, -0.43% week-on-week [5] - **Foreign Offer Prices (USD/ton)**: Chilean Silver Star at 710, 1.43% month-on-month; Chilean Star at 590, 3.51% month-on-month; Chilean Venus at 620, 0.00% month-on-month [5] - **Import Costs (Yuan/ton)**: Chilean Silver Star at 5802, 1.42% month-on-month; Chilean Star at 4830, 3.47% month-on-month; Chilean Venus at 5073, 0.00% month-on-month [5] Pulp Fundamental Data Supply - **Import Volume (10,000 tons)**: In Dec 2025, coniferous pulp at 77.8, 7.31% month-on-month compared to Nov 2025; hardwood pulp at 135.2, -23.40% month-on-month compared to Nov 2025 [5] - **Shipments to China (1000 tons)**: In Nov 2025, at 178, 3.00% month-on-month [5] - **Domestic Production (10,000 tons)**: Hardwood pulp and chemimechanical pulp production data from Jan 8, 2025, to Feb 5, 2026, are provided [5] Inventory - **Pulp Port Inventory (10,000 tons)**: As of Feb 5, 2026, at 218.2, 0.6% month-on-month increase, with five consecutive weeks of inventory accumulation [5] - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of Feb 5, 2026, at 14.2 [5] Demand - **Finished Paper Production (10,000 tons)**: Production data of offset paper, coated paper, tissue paper, and white cardboard from Dec 18, 2025, to Feb 5, 2026, are provided, with a slight increase in production this week [5] Summary - The pulp market continues to show an inventory accumulation trend this period, with port sample inventory accumulating for five consecutive weeks [5] Strategy - The pulp market is expected to fluctuate weakly due to supply disturbances and weak demand [6]

Report Industry Investment Rating - Not provided Core View of the Report - The pulp supply side has disturbances again recently, but the demand side shows a decline. Pulp lacks a clear trading logic and is expected to fluctuate weakly [6] Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On February 5, 2026, SP2601 was 5464 yuan/ton, down 1.01% day-on-day and 2.60% week-on-week; SP2609 was 5302 yuan/ton, down 1.34% day-on-day and 2.54% week-on-week; SP2605 was 5254 yuan/ton, down 1.31% day-on-day and 2.49% week-on-week [5] - **Spot Prices**: On February 5, 2026, the price of coniferous pulp Silver Star was 5320 yuan/ton, unchanged day-on-day and down 1.12% week-on-week; the price of coniferous pulp Russian Needle was 5100 yuan/ton, unchanged day-on-day and down 1.92% week-on-week; the price of broadleaf pulp Goldfish was 4600 yuan/ton, unchanged day-on-day and week-on-week [5] - **Outer Disk Quotes**: In February 2026, the outer disk quote of Chilean Silver Star was 710 dollars/ton, up 1.43% month-on-month; the quote of Chilean Star was 590 dollars/ton, up 3.51% month-on-month; the quote of Chilean Venus was 620 dollars/ton, unchanged month-on-month [5] - **Import Costs**: In February 2026, the import cost of Chilean Silver Star was 5802 yuan/ton, up 1.42% month-on-month; the import cost of Chilean Star was 4830 yuan/ton, up 3.47% month-on-month; the import cost of Chilean Venus was 5073 yuan/ton, unchanged month-on-month [5] Pulp Fundamental Data - **Supply**: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month-on-month; the import volume of broadleaf pulp was 135.2 tons, down 23.40% month-on-month. The domestic production volume of broadleaf pulp on February 5, 2026, was 24.9 tons; the domestic production volume of chemimechanical pulp was 23.9 tons [5] - **Inventory**: As of February 5, 2026, the pulp port inventory was 218.2 tons, up 0.6% from the previous period; the futures delivery warehouse inventory was 14.2 tons [5] - **Demand**: The production volume of double-coated paper on February 5, 2026, was 21.10 tons; the production volume of coated paper was 8.40 tons; the production volume of tissue paper was 29.83 tons; the production volume of white cardboard was 35.00 tons [5] Summary - The pulp market continued to show a trend of inventory accumulation this period, and the port sample inventory has shown a trend of inventory accumulation for five consecutive weeks [5] Strategy - The pulp supply side has disturbances again recently, but the demand side shows a decline. Pulp lacks a clear trading logic and is expected to fluctuate weakly [6]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp is currently pulled by the trading logic of "strong supply" and "weak demand", lacking a clear short - term direction. The 05 contract is expected to fluctuate in the range of 5400 - 5700 yuan/ton [6] Group 3: Summary by Relevant Content Pulp Price Data - **Futures Prices**: On January 5, 2026, SP2601 futures price was 5472 yuan/ton, up 0.22% day - on - day and down 1.08% week - on - week; SP2609 was 5562 yuan/ton, down 0.14% day - on - day and down 1.56% week - on - week; SP2605 was 5530 yuan/ton, down 0.04% day - on - day and down 1.32% week - on - week [6] - **Spot Prices**: Coniferous pulp Silver Star was 5600 yuan/ton, unchanged day - on - day and week - on - week; Russian Coniferous pulp was 5400 yuan/ton, unchanged; Broadleaf pulp Goldfish was 4700 yuan/ton, up 0.64% day - on - day and week - on - week [6] - **Foreign Quotes**: Chilean Silver Star's foreign quote was 700 dollars/ton, up 2.94% month - on - month; Brazilian Goldfish was 560 dollars/ton, up 3.70% month - on - month; Chilean Venus was 620 dollars/ton, unchanged [6] - **Import Costs**: Chilean Silver Star's import cost was 5721 yuan/ton, up 2.91% month - on - month; Brazilian Goldfish was 4587 yuan/ton, up 3.66% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged [6] Pulp Fundamental Data - **Import Volume**: In November 2025, coniferous pulp import volume was 72.5 tons, up 4.92% month - on - month compared to October; broadleaf pulp import volume was 176.5 tons, up 33.92% month - on - month [6] - **Shipment Volume**: The pulp shipment volume to China in November 2025 was 178 thousand tons, up 3.00% month - on - month [6] - **Domestic Production**: The broadleaf pulp production of 25 countries showed fluctuations from November 2025 to December 2025; the chemi - mechanical pulp production was relatively stable [6] - **Inventory Data**: Pulp port inventory and futures delivery warehouse inventory also fluctuated during the period from November 2025 to December 2025. As of January 4, 2026, the inventory of China's mainstream pulp ports was 199.7 tons, up 9.1 tons from the previous period, a 4.8% increase [6] - **Finished Paper Production**: The production of various finished papers such as offset paper, coated paper, tissue paper, and white cardboard also fluctuated during the same period [6] Supply, Demand and Inventory Analysis - **Supply**: Suzano announced a full - scale price increase for global broadleaf pulp in January 2026. Goldfish broadleaf pulp increased by 20 dollars in Asia and 120 dollars in Europe and North America [6] - **Demand**: The pulp demand has been stable recently. The price of tissue paper has risen slightly, while the prices of other paper products are stable, and the production of major wood - pulp papers is stable [6] - **Inventory**: As of January 4, 2026, the inventory of China's mainstream pulp ports has shifted to a cumulative inventory trend, ending the continuous five - week destocking phenomenon [6]

Group 1: Report's Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - The implementation of a new round of price increase letters is good, and domestic inventories have decreased. The market is expected to be volatile and bullish [6] Group 3: Summary Based on Related Catalogs Futures and Spot Prices - On December 25, 2025, the futures prices of SP2601, SP2609, and SP2605 were 5,532 yuan/ton, 5,650 yuan/ton, and 5,604 yuan/ton respectively, with day-on-day changes of -0.36%, -0.18%, and -0.28%, and week-on-week changes of 2.03%, 2.32%, and 1.89% [6] - The spot price of coniferous pulp Silver Star was 5,600 yuan/ton, with no change day-on-day or week-on-week. The data of coniferous pulp Russian Needle and broadleaf pulp Goldfish had abnormal changes [6] Outer Disk Quotes and Import Costs - The outer disk quotes of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 700 dollars/ton, 580 dollars/ton, and 620 dollars/ton respectively, with month-on-month changes of 2.94%, 3.57%, and 0.00% [6] - The import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5,721 yuan/ton, 4,749 yuan/ton, and 5,073 yuan/ton respectively, with month-on-month changes of 2.91%, 3.53%, and 0.00% [6] Supply - Import Volume, Domestic Production, and Shipment - In November 2025, the import volume of coniferous pulp was 72.5 tons, with a month-on-month increase of 4.92%. The shipment volume of pulp to China decreased by 7.49% month-on-month [6] - The domestic production volume of broadleaf pulp and chemimechanical pulp had minor fluctuations [6] Inventory - Port and Futures Delivery Warehouse - As of December 25, 2025, the pulp port inventory was 190.6 tons, showing a decreasing trend. The futures delivery warehouse inventory also fluctuated [6] Demand - Finished Paper Production - The production volumes of double - offset paper, coated paper, tissue paper, and white cardboard had different degrees of fluctuations [6] Supply - Side and Demand - Side Situations - Suzano announced a global price increase for broadleaf pulp in January 2026. The Goldfish broadleaf pulp increased by 20 dollars in Asia and 120 dollars in Europe and North America [6] - The demand side remained weak. The prices of cultural paper continued to decline, while tissue paper and white cardboard prices increased slightly [6] Inventory - Side Situation - As of December 26, 2025, the sample inventory of mainstream pulp ports in China was 190.6 tons, a decrease of 8.7 tons from the previous period, a month-on-month decrease of 4.4%. The inventory has been decreasing for five consecutive weeks [6]