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'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]