国泰海通发布研报称，截至10月29日，10月70g木浆高白双胶纸市场均价为4735元/吨，环比下跌66元/ 吨，跌幅1.37%，9月底华南地区投产的40万吨新产能逐渐放量，局部供给压力增加，对纸价利空为 主，国庆假期后，华南地区30万吨新产能试机，加重业者偏空心态。箱瓦纸方面，截至10月29日，中国 AA级瓦楞纸120g市场月均价2962元/吨，环比涨幅6.51%，同比涨幅12.88%，主要原料废纸市场表现偏 紧，原料结构性问题难以缓解，纸厂采购成本增加明显，纸厂多轮上调价格以缓解亏损压力 木浆：阔叶浆外盘继续报涨，国内价格上涨放缓 10月进口木浆现货市场均价涨跌各异，浆市交投偏刚需。第一，上海期货交易所纸浆期货市场偏弱运行 与终端需求不振共同拖累针叶浆价格震荡下行。第二，阔叶浆外盘连续报涨带来成本支撑，叠加国庆节 后有规模纸厂采购推动阔叶浆均价微幅探涨。第三，受再生纤维浆进口检测加严影响，部分需求转向本 色浆，带动其价格上行。第四，进口化机浆因流通货源有限与下游采购意愿低迷相互制约，价格承压走 低。 风险提示 海外木浆供应链扰动、下游消费需求不及预期等。 国泰海通主要观点如下： 文化纸：新投产能释放，需求疲 ...

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].

Group 1: Report Information - The report is a pulp morning report released on November 14, 2025, by the energy and chemical team of the research center [1] Group 2: SP Main Contract Data - The closing price of the SP main contract on November 13, 2025, was 5534.00 [1] - The closing prices from November 7 - 13, 2025, were 5394.00, 5468.00, 5484.00, 5482.00, and 5534.00 respectively [1] - The corresponding converted US - dollar prices were 661.50, 671.16, 672.85, 672.93, and 672.93 respectively [1] - The daily price changes were 0.48435%, 1.37189%, 0.29261%, - 0.03647%, and 0.94856% respectively [1] - The Shandong Yinxing basis on November 13, 2025, was 6, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 31 [1] Group 3: Import Profit Data - With a 13% VAT calculation and an exchange rate of 7.12, the import profit for Canadian Golden Lion was - 145.57, for Canadian Lion was - 443.29, and for Chilean Yinxing was - 1.01 [2] - The port US - dollar prices were 780, 730, and 680 respectively, and the Shandong region RMB prices were 6200, 5500, and 5540 respectively [2] Group 4: Pulp and Paper Price Averages - From November 7 - 13, 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 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) prices remained unchanged from November 10 - 13, 2025 [2] Group 5: Pulp and Paper Profit Margin Estimates - From November 10 - 13, 2025, the estimated profit margins for double - offset paper were - 0.7226%, - 1.0753%, - 1.0753%, - 1.0753% respectively [2] - For double - copper paper, they were 12.4839%, 12.1935%, 12.1935%, 12.1935% respectively [2] - For white - card paper, they were - 7.9436%, - 8.1551%, - 8.1551%, - 8.1551% respectively [2] - For living paper, they were 5.2551%, 4.7968%, 4.7968%, 4.7968% respectively [2] Group 6: Pulp Price Spreads - From November 7 - 13, 2025, the softwood - hardwood price spread was 1240, 1185, 1180, 1165, 1165 respectively [2] - The softwood - natural price spread was 100, 125, 140, 140, 140 respectively [2] - The softwood - chemimechanical price spread was 1700, 1725, 1740, 1740, 1740 respectively [2] - The softwood - waste paper price spread was 3924, 3949, 3964, 3964, 3964 respectively [2]

Core Insights - On November 5, Yuegui Co., Ltd. saw a stock price increase of 5.17%, reaching 16.47 CNY per share, with a trading volume of 805 million CNY and a turnover rate of 11.27%, resulting in a total market capitalization of 13.21 billion CNY [1] Company Overview - Yuegui Co., Ltd. was established on October 5, 1994, and listed on November 11, 1998. The company is based in Liwan District, Guangzhou, Guangdong Province [1] - The main business activities include the production and sale of refined sugar (white sugar, brown sugar), pulp (unbleached pulp, bleached pulp), and paper (cultural paper, specialty paper), as well as the mining, processing, and sale of sulfur iron ore, sulfuric acid, reagent acid (refined sulfuric acid), iron ore powder (sulfur iron ore slag), and phosphate fertilizer (ordinary calcium phosphate) [1] Revenue Composition - The revenue composition of Yuegui Co., Ltd. is as follows: sulfur concentrate 37.15%, refined sugar 21.46%, pulp 13.92%, others 7.53%, sulfuric acid 5.79%, iron ore powder 4.79%, silver powder 2.30%, phosphate fertilizer 1.89%, lump ore 1.40%, trading business 0.97%, -3mm ore 0.96%, cultural paper 0.67%, amino sulfonic acid 0.58%, reagent sulfuric acid 0.50%, and exported hand-picked ore 0.08% [1] Shareholder Information - Tianhong Fund has a fund that ranks among the top ten circulating shareholders of Yuegui Co., Ltd. The Tianhong CSI Food and Beverage ETF (159736) entered the top ten circulating shareholders in the third quarter, holding 1.5864 million shares, which accounts for 0.35% of the circulating shares [2] - The Tianhong CSI Food and Beverage ETF (159736) was established on September 9, 2021, with a current scale of 5.525 billion CNY. Year-to-date, it has incurred a loss of 2.82%, ranking 4173 out of 4216 in its category; over the past year, it has lost 2.94%, ranking 3840 out of 3901; since inception, it has lost 29.3% [2] Fund Management - The fund manager of Tianhong CSI Food and Beverage ETF (159736) is Sha Chuan, who has been in the position for 7 years and 294 days. The total asset scale of the fund is 27.922 billion CNY, with the best fund return during the tenure being 126.66% and the worst being -69.41% [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report In November, there will still be a differentiation phenomenon in the spot market. Hardwood pulp will be relatively firm under cost support, while softwood pulp will be weaker than hardwood pulp due to high inventory and demand substitution. Downstream base paper issued price increase letters in November, which is beneficial to market sentiment. The overall demand has slightly improved, and it is expected that the futures market will fluctuate within a range [5]. 3. Summary According to the Directory 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: In October, the spot market price of pulp showed a pattern of weak softwood pulp and stable hardwood pulp. The prices of softwood pulp such as Silver Star, Cariboo, and Northern Wood decreased, while the price of hardwood pulp such as Goldfish remained stable, and the price of Bird increased slightly. The price of chemical mechanical pulp remained stable, while the price of natural color pulp and bagasse pulp increased [11][14]. - **Pulp Futures Market Technical Chart Analysis**: Since its listing in November 2018, the weighted monthly K - line chart of pulp futures has basically shown a convergent triangle consolidation pattern. It is expected that the pulp price will continue to fluctuate and rebound within the convergent triangle in November [17]. - **Pulp Futures - Spot Basis Comparison**: In October, the main - continuous contract of pulp futures increased, while the overall increase of wood pulp spot price was less than that of pulp futures, so the basis discount decreased significantly [20]. - **Log Futures Market Review**: In October, the main - continuous contract of log futures first rose and then fell, with a monthly decline of 3.61%. The weighted trading volume increased, and the weighted open interest decreased [22]. 3.2 Pulp Supply - Side Analysis - **Pulp Supply - Demand Balance Forecast**: It is expected that the total pulp production in November will be 231.7 million tons, a month - on - month decrease of 2.7%. The total supply will be 736.7 million tons, a month - on - month decrease of 0.9%. The demand is expected to increase slightly [24][25]. - **Monthly Pulp Production**: In October 2025, the domestic pulp production increased. It is expected that the pulp production will decrease in November [26]. - **Pulp Import Volume**: In September 2025, the pulp import volume increased both month - on - month and year - on - year. The import volumes of softwood pulp, hardwood pulp, and chemical mechanical pulp increased, while the import volume of natural color pulp decreased. The import average price of pulp continued to decline [32][35][38][40]. 3.3 Pulp Demand - Side Analysis - **Domestic Pulp Actual Consumption**: In October 2025, the actual consumption of domestic pulp continued to rise [46][48]. - **Wood Pulp Usage**: The wood pulp usage of household paper and white cardboard increased both month - on - month and year - on - year. The wood pulp usage of offset paper increased slightly, while that of coated paper decreased slightly [50][53]. - **Downstream Paper Production**: In October 2025, the production of household paper, offset paper, and white cardboard increased, while the production of coated paper decreased slightly. It is expected that the production of offset paper, coated paper, and white cardboard will increase in November [56][58][60][64]. - **Downstream Base Paper Spot Price Analysis**: In October, the price of household paper remained stable, the price of cultural paper continued to decline, the prices of white board paper and white cardboard increased, and the prices of corrugated paper and boxboard paper also increased [67][69][71]. 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: In October, the overall port inventory increased, with Qingdao Port reducing inventory, Changshu Port increasing inventory, and Gaolan Port reducing inventory. It is expected that the inventory will slightly decrease in November [73][77]. - **Futures Pulp Warehouse Receipts**: In October, the pulp futures warehouse receipts decreased [78].

Report Industry Investment Rating No information provided in the document. Core Viewpoints of the Report - In October 2025, the pulp market had a pattern of strong supply and weak demand for softwood pulp, with high inventory and slow de - stocking suppressing the rebound. The double - offset paper was in the off - season, and it was difficult to implement price increases. The pulp market's "structural increment" was still concentrated in hardwood pulp [4][5]. - For the pulp market in November, the upper limit was suppressed by high inventory and old warehouse receipts, while the lower limit was supported by the foreign market quotation and the price increase of white cardboard. For double - offset paper, prices were expected to continue to hover at low levels, and inventory reduction still relied on paper mills' active production cuts [5]. Summary According to the Table of Contents 1. Paper Pulp Market Review - In October, the domestic spot pulp price showed a pattern of "differentiated oscillations, weak softwood and stable hardwood". Softwood pulp led the decline due to high port inventory, weak demand, and financial market pressure. Hardwood pulp rose slightly supported by foreign market price increases and tight immediate supply. Unbleached pulp and chemimechanical pulp showed sideways movements, and domestic chemimechanical pulp rose rapidly in the second half of the month due to wood chip shortages, while non - wood pulp fluctuated slightly with wood pulp [10]. - The pulp futures 01 contract in October showed a "first - down - then - up" oscillating trend. Influenced by factors such as factory shutdowns, paper mill price increases, and exchange rate changes, the closing price at the end of the month increased by about 1.5% compared to the beginning of the month, and the daily average amplitude of the main contract was about 1.2% [15][17]. 2. Paper Pulp Supply - **Import**: In September, China's paper pulp imports reached 295.2 million tons, a historical peak for the same period. The forecast for October arrivals remained at around 3 million tons. It was expected that the annual imports would exceed 36 million tons, a year - on - year increase of 4.5% [21]. - **Domestic Production**: In October, domestic paper pulp production was 2.38 million tons, a month - on - month increase of 8.4%. It was expected that the annual production would reach 25.2 million tons, a year - on - year increase of about 4% [21][22]. - **Inventory**: As of October 23, the sample inventory of mainstream ports was 2.055 million tons, a month - on - month decrease of 0.9%. If the November imports decreased as expected, the inventory was expected to continue to decline slightly, but it was difficult to fall below the critical level of 1.9 million tons [23][24]. 3. Paper Pulp Demand - **Cultural Paper**: In October, the apparent consumption of cultural paper decreased, and the demand for pulp continued to decline. It was expected that the annual pulp consumption would decrease by about 5% [27]. - **Packaging Paper**: In October, the consumption of hardwood pulp in packaging paper increased rapidly. It was expected that the annual pulp consumption would increase by 8 - 10% [27][28][29]. - **Household Paper**: In October, household paper maintained high - level production and sales. It was expected that the annual pulp consumption would increase by about 6% [30][31]. 4. Cultural Paper Market Review - **Double - Offset Paper**: In October, the average market price of double - offset paper was 4,643 yuan/ton, a month - on - month decrease of 2.1%. In November, there was still a risk of price decline [32]. - **Coated Paper**: In October, the average price of coated paper was 4,975 yuan/ton, a month - on - month decrease of 3.9%. In November, prices were expected to continue to hover at low levels [32][34]. 5. Cultural Paper Price Analysis - **Production**: In October, the production of double - offset paper was 890,000 tons, with a capacity utilization rate of 52.3%. The production of coated paper was 353,000 tons, with a utilization rate of 58.8%. In November, the planned production of both was expected to increase slightly [36][37]. - **Inventory**: At the end of October, the enterprise inventory of double - offset paper was 1.341 million tons, a month - on - month increase of 7.3%. The inventory of coated paper was 371,000 tons, a month - on - month increase of 6.4%. If the price increase letters were not implemented in November, the inventory would continue to rise [38]. - **Profit**: In October, the losses of double - offset paper and coated paper expanded. In November, although paper mills issued price increase letters, it was difficult to reverse the loss situation [39]. - **Cost**: In October, the cost of wood pulp and energy increased, squeezing the profit space of paper mills. In November, there was still upward pressure on costs [40]. - **Import and Export**: In September, the imports and exports of double - offset paper and coated paper decreased. In October, the export volume was expected to remain low [40][41]. - **Downstream Demand**: In October, the demand for cultural paper was weak. In November, the spring textbook tender volume was expected to decline, and the demand was difficult to provide upward momentum [42]. 6. Future Outlook and Strategy Recommendations - **Paper Pulp Fundamental Analysis**: In November, attention should be paid to the port de - stocking speed. If the inventory fell below 1.9 million tons, the basis would converge, and the futures price would rise; otherwise, the near - low - far - high reverse spread would be maintained [46]. - **Paper Pulp Futures Strategy**: For single - side trading, short the SP2511 contract on rallies and long the SP2601 contract on dips. For arbitrage, mainly use the 12 - 1 reverse spread idea. For options, adopt a wait - and - see approach [47][49]. - **Double - Offset Paper Fundamental Analysis**: In November, the supply and demand of double - offset paper remained loose, prices were expected to continue to hover at low levels, and inventory reduction relied on paper mills' active production cuts [50]. - **Double - Offset Paper Strategy**: For single - side trading, short the OP2601 contract on rallies. For arbitrage and options, adopt a wait - and - see approach [51][54].

Group 1 - The closing price of the SP main contract on October 23, 2025, was 5250.00 [3] - The closing prices of the main contract from October 17 - 23, 2025, were 5122.00, 5156.00, 5170.00, 5220.00, and 5250.00 respectively [3] - The corresponding converted US - dollar prices were 627.35, 631.87, 634.15, 639.70, and 639.70 respectively [3] - The daily price changes were 5.47776%, 0.66380%, 0.27153%, 0.96712%, and 0.57471% respectively [3] - The Shandong Yinxing basis from October 17 - 23, 2025, was 478, 444, 430, 380, and 350 respectively [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis from October 17 - 23, 2025, was 438, 404, 390, 340, and 310 respectively [3] Group 2 - With a 13% VAT calculation, the import profits for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were - 145.57, - 593.29, and - 101.92 respectively [4] - The port US - dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 780, 730, and 700 respectively [4] - The Shandong region RMB prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 6200, 5350, and 5600 respectively [4] Group 3 - From October 17 - 23, 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 remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4 - From October 20 - 23, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the price of household paper (household index) remained unchanged at 5725, 5670, 4350, and 839 respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 20, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.1077% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 21, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.0696% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 22, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 6.9741% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 23, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.1077% respectively [4] - The change in the household paper profit margin from October 20 - 23, 2025, was 0.1336, while the others remained unchanged [4] Group 5 - From October 17 - 23, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper remained unchanged at 1360.00, 200, 1800, and 4024 respectively [4]

Report Summary 1. Report Information - The report is the Pulp Morning Report, released by the Energy and Chemicals Team of the Research Center on October 22, 2025 [2] 2. SP Main Contract Closing Price - On October 21, 2025, the SP main contract closing price was 5170.00. The closing prices and related data from October 15 - 21, 2025, are as follows: - Closing prices: 4856.00 (Oct 15 - 16), 5122.00 (Oct 17), 5156.00 (Oct 20), 5170.00 (Oct 21) - Dollar - converted prices: 594.54 (Oct 15), 594.45 (Oct 16), 627.35 (Oct 17), 631.87 (Oct 20 - 21) - Daily price changes: 0.20636% (Oct 15), 0.00000% (Oct 16), 5.47776% (Oct 17), 0.66380% (Oct 20), 0.27153% (Oct 21) - Shandong Yinxing basis: 734 (Oct 15), 744 (Oct 16), 478 (Oct 17), 444 (Oct 20), 430 (Oct 21) - Jiangsu, Zhejiang, and Shanghai Yinxing basis: 729 (Oct 15 - 16), 438 (Oct 17), 404 (Oct 20), 390 (Oct 21) [3] 3. Import Price and Profit - With a 13% VAT calculation, the import prices and profits of different pulp brands are as follows: - Canadian Golden Lion (CFR): port dollar price 780, Shandong RMB price 6200, import profit - 145.57 - Canadian Lion (CFR): port dollar price 730, Shandong RMB price 5350, import profit - 593.29 - Chilean Yinxing (CFR letter of credit 90 days): port dollar price 700, Shandong RMB price 5600, import profit - 101.92 [4] 4. Pulp and Paper Price and Margin - Pulp prices (Oct 15 - 21, 2025): - 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 - Shandong average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - Paper prices and margins: - Cultural paper (Oct 16 - 21, 2025): double - offset index and double - copper index remained at 5725 and 5670 respectively; double - offset profit margin remained at - 0.0774%, double - copper profit margin remained at 12.9677% - Packaging paper (Oct 16 - 21, 2025): white - card index remained at 4350, white - card profit margin remained at - 10.3133% - Tissue paper (Oct 16 - 21, 2025): tissue index increased from 839 to 841, tissue profit margin changed from 6.9359% (Oct 16) to 7.0696% (Oct 21) [4] 5. Pulp Price Spreads - From October 15 - 21, 2025, the price spreads between different types of pulp were as follows: - Softwood - hardwood spread: 1330 (Oct 15), 1340 (Oct 16 - 17), 1350 (Oct 20 - 21) - Softwood - natural spread: 190 (Oct 15), 200 (Oct 16 - 21) - Softwood - chemimechanical spread: 1790 (Oct 15), 1800 (Oct 16 - 21) - Softwood - waste paper spread: 4014 (Oct 15), 4024 (Oct 16 - 21) [4]

Group 1: Market Overview - The overall market sentiment is cautious, with limited orders and expectations of futures listings contributing to a wait-and-see attitude among participants [1][2] - Downstream printing factories are experiencing average order volumes, with some manufacturers in South China facing temporary shutdowns due to weather, leading to slower consumption of raw paper [2][3] Group 2: Cultural Paper - As of September 28, the market average price for 70g wood pulp high white double glue paper is 4807 RMB/ton, down 137 RMB/ton or 2.77% month-on-month [2] - The resumption of production lines in Shandong has increased market supply pressure, causing some distributors to lower their order prices [2] Group 3: White Cardboard - As of September 28, the market average price for 250-400g flat white cardboard is 3960 RMB/ton, up 0.35% from August but down 8.08% year-on-year [3] - Cost pressures remain high, with paper mills raising prices by 100 RMB/ton, which has a positive upward impact on the market [3] Group 4: Corrugated Paper - As of September 28, the market average price for AA-grade corrugated paper (120g) is 2777 RMB/ton, with a month-on-month increase of 5.27% and a year-on-year increase of 6.97% [4] - Major paper mills continue to raise factory prices and have announced shutdown plans for the National Day holiday, leading to a shift in market transaction focus [4] Group 5: Wood Pulp - The average price of imported wood pulp in September showed a downward trend, with only broadleaf pulp prices slightly increasing [5] - The Shanghai Futures Exchange's main contract price for wood pulp has been fluctuating downwards, impacting the average price of imported needle wood pulp [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog SP Main Contract Closing Price - On October 15, 2025, the SP main contract closing price was 4856.00, with a 0.20636% increase from the previous day [3]. - The closing prices from October 9 - 15, 2025, along with corresponding fold - dollar prices, daily changes, and basis in Shandong and Jiangsu - Zhejiang - Shanghai regions are presented in a table [3]. Pulp Price and Profitability - With a 13% VAT calculation, for imported pulp, the Canadian Golden Lion has a CFR port price of 780 dollars, a Shandong region RMB price of 6200, and an import profit of - 145.57; the Canadian Lion has a CFR price of 730 dollars, a Shandong price of 5360, and an import profit of - 583.29; the Chilean Silver Star has a CFR letter - of - credit 90 - day price of 700 dollars, a Shandong price of 5590, and an import profit of - 111.92 [4]. - From October 9 - 15, 2025, the national and Shandong regional average prices of different types of pulp (coniferous, broad - leaf, natural, and chemimechanical) remained unchanged [4]. - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from October 10 - 15, 2025 [4]. - The profit margins of different types of paper showed some changes. For example, the double - offset profit margin decreased from 0.1462% on October 10, 2025, to - 0.0430% on October 15, 2025; the living paper profit margin decreased from 7.2414% on October 10, 2025, to 6.8977% on October 15, 2025 [4]. - The price differences between coniferous pulp and other types of pulp (broad - leaf, natural, chemimechanical, and waste paper) are presented in a table from October 9 - 15, 2025 [4].