Group 1: Report Investment Rating - No information provided Group 2: Core View - The recent supply side of pulp has seen disruptions again, but the demand side shows a decline. The overall commodity market has been highly volatile recently. It is recommended to observe cautiously [6] Group 3: Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On February 2, 2026, SP2601 was 5440 yuan/ton, down 1.13% day-on-day and 2.33% week-on-week; SP2609 was 5306 yuan/ton, down 0.82% day-on-day and 2.21% week-on-week; SP2605 was 5266 yuan/ton, down 0.64% day-on-day and 2.01% week-on-week [5] - **Spot Prices**: On February 2, 2026, the price of coniferous pulp Silver Star was 5320 yuan/ton, down 1.12% day-on-day and 1.48% week-on-week; the price of coniferous pulp Russian Needle was 5150 yuan/ton, down 0.96% day-on-day and 1.90% week-on-week; the price of broadleaf pulp Goldfish was 4600 yuan/ton, unchanged day-on-day and down 1.08% week-on-week [5] - **Outer - disk Quotes**: 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**: 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 - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month compared to November; the import volume of broadleaf pulp was 135.2 tons, down 23.40% month - on - month [5] - **Domestic Production**: The production of broadleaf pulp and chemimechanical pulp fluctuated slightly from December 2025 to January 2026 [5] - **Pulp Port Inventory**: As of January 29, 2026, the inventory of Chinese pulp mainstream port samples was 216.9 tons, up 4.9% compared to the previous period, showing a continuous inventory accumulation trend for four weeks [5] - **Futures Delivery Warehouse Inventory**: The inventory of the futures delivery warehouse also fluctuated from December 2025 to January 2026 [5] - **Finished Paper Production**: The production of double - offset paper, coated paper, tissue paper, and white cardboard decreased to varying degrees [5] Supply, Demand and Inventory Analysis - **Supply Side**: In January, Chilean Arauco's coniferous pulp offer was 710 dollars/ton, up 10 dollars/ton; the offer of broadleaf pulp Star was 590 dollars/ton, up 20 dollars/ton; the offer of natural pulp Venus was 620 dollars/ton, unchanged [5] - **Demand Side**: The demand side of pulp has been stable recently. The price of tissue paper has increased slightly, and the prices of other paper products have been stable. The production of major wood - pulp paper has decreased [5] - **Inventory Side**: As of January 29, 2026, the inventory in Chinese pulp mainstream ports continued to accumulate [5]