行业 纸浆日报 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 日期 2025 年 9 月 30 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾 ...

行业 纸浆日报 日期 2025 年 9 月 29 日 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp fundamentals still show no signs of recovery, with no significant reduction in pulp port inventories and the number of warehouse receipts. The pulp futures are expected to fluctuate, and an 11 - 1 reverse spread is recommended [5][6]. 3. Summary by Relevant Catalog Price Data - **Futures Prices**: On September 25, 2025, SP2601 was 5314 with a daily increase of 0.34% and a weekly decrease of 0.15%; SP2511 was 5060 with a daily increase of 0.32% and a weekly increase of 0.92%; SP2505 was 5328 with a daily increase of 0.30% and a weekly decrease of 0.34% [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5650, Russian Needle was 5200; Broad - leaf pulp Goldfish was 4220, all with no daily or weekly changes [5]. - **Outer - disk Quotes**: Chilean Silver Star decreased by 2.78% to 700 dollars; Japanese quotes increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - **Import Costs**: Chilean Silver Star decreased by 2.75% to 5721; Brazilian Goldfish increased by 3.87% to 4344; Chilean Venus remained unchanged at 4830 [5]. Fundamental Data - **Supply**: In August 2025, coniferous pulp imports were 61.4 tons, a month - on - month decrease of 4.95%; broad - leaf pulp imports were 125.8 tons, a month - on - month decrease of 6.88%. The pulp shipment volume to China in August was 162 tons, a 4.50% increase [5]. - **Production**: Domestic broad - leaf pulp production on September 25, 2025, was 23.8 tons; chemimechanical pulp production was 22.3 tons [5]. - **Inventory**: As of September 25, 2025, the pulp port inventory was 203.3 tons, a decrease of 7.9 tons from the previous period, a 3.7% decrease. The futures delivery warehouse inventory was 23.5 tons [5]. - **Demand**: On September 25, 2025, double - offset paper production was 21.00 tons; coated paper production was 8.50 tons; tissue paper production was 28.07 tons; white cardboard production was 35.90 tons [5]. Valuation Data - **Basis**: On September 25, 2025, the Russian Needle basis was 140 with a quantile level of 0.867; the Silver Star basis was 590 with a quantile level of 0.86 [5]. - **Import Profit**: Coniferous pulp Silver Star had an import profit of - 71 with a quantile level of 0.497; broad - leaf pulp Goldfish had an import profit of - 124 with a quantile level of 0.523 [5]. Market Analysis - **Supply Side**: Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in broad - leaf pulp quotes [5]. - **Demand Side**: Current paper product demand is stable, prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on pulp demand has not been reflected [5]. - **Inventory Side**: As of September 25, 2025, the pulp inventory showed a de - stocking trend [5].

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: September 23, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract of pulp futures was 5,320 yuan/ton, and the closing price was 5,288 yuan/ton, a decline of 0.60%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,600 yuan/ton, with prices remaining stable compared to the previous trading day's closing price. The offer price of Shandong Yinxing was 5,600 - 5,620 yuan/ton [7]. - Overseas Quotes: Chile's Arauco Company announced the new September wood pulp overseas quotes. The price of softwood pulp Yinxing was 700 US dollars/ton, a decrease of 20 US dollars/ton from the previous month; the price of natural pulp Venus was 590 US dollars/ton, unchanged from the previous month; the price of hardwood pulp Mingxing was 520 US dollars/ton, an increase of 20 US dollars/ton from the previous month [8]. - European Inventory and Consumption: In August, the European wood pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%. The European wood pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4% [8]. - China's Imports: In August, China's total pulp imports were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6% [8]. - Inventory in China: As of September 18, 2025, the weekly pulp inventory in major regions and ports was 2.0832 million tons, an increase of 0.54% from the previous week [8]. - Downstream Market: The cultural paper market continued to recover in terms of industry operation, with an expected increase in market supply, showing a weak and volatile trend. In the short term, overseas quotes showed mixed trends. The tightening of the supply side still needed to be reflected in shipments. Port inventories remained at a high level, and downstream paper mills still aimed to reduce costs and increase efficiency, so the market continued to adjust with low - level fluctuations [8]. Group 3: Industry News - Chenming Paper: On September 15, Chenming Paper stated during a specific - object research reception that the Shouguang base had fully resumed production, and the Huanggang base and the second plant of the Jiangxi base were operating normally. The first plant of the Jiangxi base, the Jilin base, and the Zhanjiang base were still under maintenance and aimed to resume production as soon as possible. Regarding the question of whether to reduce the production capacity of white cardboard, the company said it had three white cardboard production lines. The second plant in Jiangxi mainly produced poker cards with stable profits; the fourth plant in Shouguang planned to produce high - value - added copper - plated cards, game cards, food cards, etc. to improve profitability; after the fourth plant in Zhanjiang resumed production, it would mainly reduce costs and improve profit margins by reducing the cost of self - made pulp and improving production efficiency [9]

Report Summary 1. Investment Rating of the Industry - No investment rating of the industry is provided in the report. 2. Core Viewpoint of the Report - This week, the value of short - selling the offset printing paper is low, and the market will mainly move sideways. The current bearish factors have been fully priced in, and there may be short - term marginal improvements in the supply - demand situation. The price is expected to move sideways, and investors should pay attention to opportunities for buying at lows and selling at highs [54]. 3. Summary by Directory Industry News - The inventory days of domestic double - coated paper on Thursday this week increased by 1.01% compared to last Thursday, and the weekly increase widened by 0.14 percentage points. The market demand has not improved significantly, and paper mills are facing inventory pressure [6]. - The operating load rate of the domestic double - coated paper industry this week was 50.78%, a month - on - month increase of 0.66 percentage points, and the weekly increase narrowed by 1.24 percentage points. Some production lines in Shandong and Jiangsu have resumed normal production, but the overall increase in industry operation is limited [6]. - Chile's Arauco announced its new September pulp export prices: coniferous pulp Silver Star at $700/ton, natural pulp Venus at $590/ton, and broad - leaf pulp Star up $20/ton to $540/ton [6]. Market Trends - The average daily price of 70g high - white double - coated paper in the mainstream market on September 19 was 4,800 yuan/ton, with a week - on - week decrease of 0.37% and a year - on - year decrease of 18.75%. The prices of some brands in some regions have declined [9][11]. - In terms of cost - profit, the pre - tax and after - tax profits of double - coated paper have decreased week - on - week [12]. Supply - Demand Data - **Industry Capacity**: In 2024, the domestic double - coated paper industry capacity was about 16.52 million tons, a year - on - year increase of 7%, with an overall oversupply in the industry [17][21]. - **Production and Capacity Utilization**: This week, the domestic double - coated paper industry output was 170,600 tons, and the capacity utilization rate was 50.8% [27]. - **Sales and Inventory**: This week, the domestic double - coated paper sales volume was 167,000 tons, and the weekly enterprise inventory was 359,000 tons. In August, both social and enterprise inventories showed a slight increase [32][45]. - **Imports and Exports**: In July, the domestic double - coated paper imports were about 12,000 tons, and exports were about 62,000 tons [39]. - **Terminal Consumption**: In recent years, the growth rate of retail sales of books, newspapers, and magazines has gradually slowed down [51]. Market Judgment - **Supply**: Domestic production this week was 170,600 tons with a capacity utilization rate of 50.8%. In July, imports were about 12,000 tons, maintaining a low level [54]. - **Demand**: Domestic sales this week were 167,000 tons. In July, exports were about 62,000 tons [54]. - **Viewpoint**: The futures market moved sideways last week, closing at 4,234 yuan/ton on Friday night. The spot market has shown little overall fluctuation. Although prices of some brands in some regions have weakened, the futures price is at a large discount, fully pricing in long - term bearish expectations. The supply - demand situation in the spot market may remain weak, but there may be short - term marginal improvements [54]. - **Valuation**: Based on the current spot price, the valuation does not provide delivery profit, and the overall valuation is low. The futures price is close to the production cost of some less - integrated enterprises [54]. - **Strategy**: The price will mainly move sideways. Pay attention to opportunities for buying at lows and selling at highs [54].

Report Information - Report Title: Pulp Daily Report [1] - Date: September 19, 2025 [2] Industry Investment Rating - No information provided Core Viewpoints - The pulp futures 01 contract decreased by 0.41%, with the previous settlement price at 5344 yuan/ton and the closing price at 5322 yuan/ton. The intended transaction price range of softwood pulp in the Shandong market is 5020 - 6600 yuan/ton, and the low - end price remained stable compared to the previous trading day. The quoted price of Arauco's Silver Star in Shandong is 5630 - 5650 yuan/ton [7]. - Arauco's new September pulp export prices: Silver Star (softwood pulp) is 700 US dollars/ton, down 20 US dollars/ton from last month; Venus (unbleached pulp) is 590 US dollars/ton, unchanged from last month; Star (hardwood pulp) is 520 US dollars/ton, up 20 US dollars/ton from last month. UPM extended the shutdown and maintenance of two Finnish pulp mills by two weeks [8]. - In August, the European pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%; the European pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4%. China's pulp import volume in August was 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6%. As of September 18, 2025, the weekly pulp inventory in major regions and ports increased by 0.54% month - on - month [8]. - In the downstream cultural paper market, the supply increased due to the resumption of previously shut - down production lines, and the inventory pressure of paper enterprises increased recently, showing a weak and volatile trend. In the short term, pulp supply is relatively abundant. Although the start - up rate of downstream paper mills has increased, they mainly purchase at low prices under cost pressure, and the pulp market will continue to adjust with low - level fluctuations [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The pulp futures 01 contract (SP2601) had an opening price of 5344 yuan/ton, a high of 5354 yuan/ton, a low of 5290 yuan/ton, and a closing price of 5322 yuan/ton, down 0.41%. The trading volume was 36,585 lots, and the open interest decreased by 504 lots to 30,131 lots. For SP2605, the closing price was 5346 yuan/ton, down 0.19%. The Shandong softwood pulp market had an intended transaction price range of 5020 - 6600 yuan/ton, and the Silver Star was quoted at 5630 - 5650 yuan/ton [7]. - **Industry News Impact**: Arauco's price adjustments and UPM's extended shutdown, along with European and Chinese pulp inventory and consumption data, as well as the situation in the downstream cultural paper market, all affect the short - term pulp market, which is expected to remain in a low - level volatile adjustment [8]. 2. Industry Highlights - On September 18, the Shanghai Futures Exchange announced the first batch of delivery warehouses for offset printing paper futures. Jianfa Warehousing and Jianfa Pulp & Paper, subsidiaries of Jianfa Co., Ltd., obtained the qualifications for delivery warehouses and delivery factories respectively. Offset printing paper, mainly made of bleached wood pulp, is widely used in books, textbooks, and magazines, and double - sided offset printing paper accounts for about 40% of domestic cultural paper consumption. This is significant for stabilizing the industrial supply chain and promoting market development [9] 3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and white board paper, and the US dollar - RMB exchange rate. The data sources are Wind and Zhuochuang Information [15][25][27]

021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 行业 纸浆日报 日期 2025 年 9 月 18 日 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾 ...

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The pulp fundamentals show no signs of repair, with no obvious reduction in pulp port inventory and the number of warehouse receipts. However, benefiting from the warming of commodity sentiment, pulp futures are expected to run strongly in the short term [5]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On September 16, 2025, SP2601 was 5324 with a daily increase of 0.87% and a weekly increase of 0.64%; SP2511 was 5056 with a daily increase of 1.32% and a weekly increase of 0.60%; SP2509 was 4970 with a daily increase of 0.69% and a weekly decrease of 0.04% [5]. - **Spot Prices**: On September 16, 2025, the price of coniferous pulp Silver Star was 5650 with no daily change and a weekly decrease of 0.88%; Russian Needle was 5200 with a daily and weekly increase of 0.58%; Eucalyptus pulp Goldfish was 4180 with no daily and weekly change [5]. - **Outer - disk Quotes**: The outer - disk quote of Chilean Silver Star was 720 dollars, a decrease of 2.70% compared to the previous period; Japanese Quote increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - **Import Costs**: The import cost of Brazilian Goldfish was 4344, an increase of 3.87% compared to the previous period; Chilean Silver Star was 5884, a decrease of 2.68%; Chilean Venus remained unchanged at 4830 [5]. Pulp Fundamental Data - **Supply**: In July 2025, the import volume of coniferous pulp was 64.6 tons, a decrease of 4.72% compared to June; the import volume of eucalyptus pulp was 135.1 tons, a decrease of 5.85%. The pulp shipment volume to China was 158 tons, a year - on - year increase of 23% [5]. - **Production**: The domestic production of eucalyptus pulp and chemimechanical pulp remained relatively stable from July 31 to September 11, 2025 [5]. - **Inventory**: As of September 11, 2025, the inventory of mainstream pulp ports in China was 206.2 tons, a decrease of 0.4 tons compared to the previous period, a 0.2% decrease. The inventory of futures delivery warehouses was 24.5 tons [5]. - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard remained relatively stable. Some offset paper and white cardboard manufacturers issued price increase letters, but the implementation remains to be observed [5]. Pulp Valuation Data - **Basis**: On September 16, 2025, the basis of Russian Needle was 144 with a quantile level of 0.871; the basis of Silver Star was 594 with a quantile level of 0.865 [5]. - **Import Profit**: On September 16, 2025, the import profit of coniferous pulp Silver Star was - 234 with a quantile level of 0.27; the import profit of eucalyptus pulp Goldfish was - 164 with a quantile level of 0.479 [5].

行业 纸浆日报 日期 2025 年 9 月 12 日 能源化工研究团队 研究员：刘悠然（纸浆） 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 期货从业资格号：F03134307 ＃summary＃ 每日报告 一、行情回顾 ...

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: August 29, 2025 [2] - Research Team: Energy and Chemical Research Team [3] Group 2: Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 01 contract was 5316 yuan/ton, and the closing price was 5308 yuan/ton, a decrease of 0.15% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5000 - 6650 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Shandong Silver Star was 5720 - 5730 yuan/ton [7] - Arauco's August Offer: Coniferous pulp Silver Star at 720 US dollars/ton, natural pulp Venus at 590 US dollars/ton, and hardwood pulp Star at 520 US dollars/ton, stable compared to June [8] - Global Pulp Shipment: In July, the chemical pulp shipment of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1% [8] - European Pulp Inventory and Consumption: In July 2025, European pulp inventory was 683,200 tons, down 0.3% month - on - month and up 8.7% year - on - year; consumption was 814,200 tons, up 6.8% month - on - month and down 2.1% year - on - year [8] - China's Pulp Import: In July, China's pulp import volume was 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year [8] - Main Region and Port Inventory: As of August 28, 2025, the weekly pulp inventory in major regions and ports increased by 1.23% month - on - month [8] - Paper Industry Profit: In July, the cumulative year - on - year profit of the paper and paper products industry decreased by 21.9%, with a slightly expanded decline [8] - Market Outlook: Cost guidance is limited, supply remains loose, and the pulp market is in a low - level shock adjustment, waiting for peak - season demand [8] Group 3: Industry News - On August 25, 2025, the Inaugural Meeting of the Offset Printing Paper Working Committee of the China National Pulp and Paper Association was successfully held in Beijing. Zhong Tianqi was elected as the first - term director, and ten enterprise leaders were elected as deputy directors [9] Group 4: Data Overview - The report provides multiple data charts, including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, etc., with data sources from Wind and Zhuochuang Information [15][22][29]