1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The pulp market is expected to be weak in the short - term. As the Spring Festival approaches, the market enters a seasonal lull under the pattern of weak supply and demand. The increase in the cost of broad - leaf pulp in the international market cannot be effectively transmitted to the domestic market due to weak demand. The price of softwood pulp is dominated by the futures market sentiment, and the actual downstream demand in the spot market is also relatively weak, putting pressure on the pulp price. With the shrinking demand, the price - holding strategy in the international market has not been smoothly transmitted to the domestic market, and buyers are dominant in the current supply - demand relationship, so the weak demand suppresses the pulp market. Before the festival, the production activities in the downstream base paper market slow down, and the near - stagnant procurement market makes the price lack support [102]. 3. Summary According to the Table of Contents 3.1 Industry News - As of February 5, 2026, the inventory of pulp in Changshu Port was 612,000 tons, a decrease of 13,000 tons from the previous period, a month - on - month decrease of 2.1%. The inventory in Qingdao Port was 1.41 million tons, an increase of 20,000 tons from the previous week, a month - on - month increase of 1.4%. The inventory in Gaolan Port was 42,000 tons, a decrease of 3,000 tons from the previous week, a month - on - month decrease of 6.7%. The sample inventory of China's main pulp ports was 2.182 million tons, an increase of 13,000 tons from the previous period, a month - on - month increase of 0.6%, showing a continuous inventory accumulation trend for five weeks [5][6]. - Arauco of Chile offered softwood pulp at $710 per ton in February, unchanged; broad - leaf pulp Star at $600 per ton, up $10 per ton; and unbleached pulp Venus at $620 per ton, unchanged [6]. - Wuzhou Special Paper (Jiangxi) Co., Ltd.'s project environmental impact report solicitation draft has been completed [7]. - On February 2, Guanhao High - tech responded to investors' concerns. The land acquisition of Hongta Renheng's Qianshan Factory and the core construction projects are in progress. The 400,000 - ton chemi - mechanical pulp project in Zhanjiang Zhongzhi was put into production ahead of schedule, and the self - made pulp substitution rate is close to 80%. The pilot test line of special fiber composite materials was put into trial operation in December 2025 [8]. 3.2 Market Data 3.2.1 Market Trends - On February 6, 2026, the basis of Silver Star was 66 yuan/ton, a month - on - month increase of 230.00%; the basis of Russian Needle was - 134 yuan/ton, a month - on - month increase of 10.67%; the price difference between Silver Star and Russian Needle was 200 yuan/ton, a month - on - month increase of 17.65% [15]. - On February 6, 2026, the 03 - 05 month - spread was - 20 yuan/ton, a month - on - month increase of 9.09%; the 05 - 07 month - spread was - 22 yuan/ton, a month - on - month increase of 38.89% [20]. 3.3 Fundamental Data 3.3.1 Price - The price difference between Silver Star and Goldfish was stable this week, while the price difference between Russian Needle and Goldfish narrowed. On February 6, 2026, the price difference between Silver Star and Goldfish was 720 yuan/ton, unchanged from the previous period; the price difference between Russian Needle and Goldfish was 520 yuan/ton, a month - on - month decrease of 5.45% [24][26]. - The import profit of softwood and broad - leaf pulp continued to decline this period. On February 6, 2026, the import profit of softwood pulp (Silver Star) was - 363.21 yuan/ton, a month - on - month decrease of 3.69%; the import profit of broad - leaf pulp (Star) was - 218.20 yuan/ton, a month - on - month decrease of 73.96% [31][32]. - The price of the main pulp contract was weak and fluctuating. The spot price of imported softwood pulp declined this week. The downstream base paper price was stable, and the spot price of imported broad - leaf pulp declined [34][36]. - On February 6, 2026, the price of Venus was 4,950 yuan/ton, unchanged from the previous period; the price of Kunhe was 3,800 yuan/ton, unchanged from the previous period [41]. 3.3.2 Supply - The purchase price of wood chips by paper enterprises in East China was generally stable this week, with individual increases [43]. - The price of domestic chemi - mechanical pulp decreased slightly this period, and the supply increased. On February 5, 2026, the weekly operating load rate of domestic chemi - mechanical pulp was 70%, a month - on - month increase of 1.45%; the weekly output was 86,000 tons, a month - on - month increase of 1.18% [48][50]. - European pulp port inventory increased in December 2025, and the global pulp outbound volume continued to decline in November 2025 [53]. - In November 2025, the shipment volume of W20 softwood pulp was low and the inventory was high; the inventory of broad - leaf pulp was at a high level, the shipment volume decreased, and the inventory days returned to a year - on - year high [55]. - The export volume of Chilean softwood pulp to China increased significantly in December 2025. The export volume of softwood pulp from four countries (Canada, Chile, Finland, and the United States) to China decreased significantly in November 2025 [59][62]. - The export volume of broad - leaf pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China increased significantly in December 2025. The export volume of Brazilian and Uruguayan broad - leaf pulp to China decreased in January 2026 [66]. - China's pulp imports were divided in December 2025. The import volume of softwood pulp increased by 7.27% month - on - month, the import volume of broad - leaf pulp decreased by 23.38% month - on - month, and the import volume of unbleached and chemi - mechanical pulp increased significantly [68]. 3.3.3 Demand - The domestic offset paper market was slightly adjusted this period, with a weakening trading atmosphere. The supply of goods in the market was abundant, and the demand from the consumer side was weak [72]. - The price of the domestic coated paper market was stable this period, facing the dual pressures of high costs and weak demand, with a weakening trading atmosphere. The supply of goods in the market was abundant, and the downstream consumption was flat [76]. - The price of the white cardboard market was mainly stable this period. The production of white cardboard increased by 5.74% month - on - month, which had a negative impact on the price. The demand decreased, and the paper mills faced increased production and sales pressure and inventory risks [80]. - The price of the household paper market was mainly stable, with a slightly weak trading atmosphere. As the Spring Festival approached, the downstream stocking of household paper was coming to an end, and the demand improvement was limited [84]. - In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, tobacco and alcohol products, and the output of dairy products increased significantly month - on - month, while the retail sales of cosmetics decreased significantly month - on - month. The retail sales of cultural office supplies and cosmetics were at a year - on - year high [90]. 3.3.4 Inventory - On February 6, 2026, the total number of pulp warehouse receipts was 146,400 tons, including 131,400 tons in warehouses and 15,000 tons in factories. The number of factory warehouse receipts increased by 36.36% month - on - month [91]. - The port inventory was at a moderately high level this year, showing a continuous inventory accumulation trend. The inventory in Qingdao Port continued to accumulate, and the inventory in Changshu Port decreased slightly [98].

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2026年2月8日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 1 6.【五洲特纸（江西）40万吨高档信息纸、70万吨纸及10万吨涂布纸项目环评第二次公示】五洲特种纸业（江西）有限公司年产40万吨高档信息纸、70万吨纸及10 万吨涂布纸项目环境影响报告书征求意见稿现已编制完成，即将报送环境保护行政主管部门审批。按照生态环境部部令第4号《环境影响评价公众参与办法》的规 定要求，现向公众公开项目有关环境保护的信息。 行业资讯 7.【浆自给率近80%！冠豪高新土地收储＋项目投产齐推进】2月2日，冠豪高新（600433.SH）就投资者关注的红塔仁恒土地收储及在建项目进展作出回应，多项重 ...

Core Viewpoint - Minfeng Special Paper announced the failure of its second asset auction, indicating challenges in asset liquidation and operational adjustments following the closure of its Nanhu plant [2][3] Group 1: Asset Auction Details - The company attempted to sell unused equipment from the Nanhu plant through public auction but failed to attract any bidders in both the first and second rounds [2] - The initial auction price was set at 169,968,254.00 yuan, which was reduced by 10% to 152,971,428.60 yuan for the second auction after the first round ended in failure [2] - The assets for sale included multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [3] Group 2: Operational Changes - The Nanhu plant was fully shut down by the end of June this year, with production operations shifting to a modernized facility in Haiyan [2] - The company aims to enhance asset efficiency and liquidity through the sale of these unused assets [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit of 18.64 million yuan, down 69.43% year-on-year [3] - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3]

Core Viewpoint - Minfeng Special Paper's assets are being auctioned off due to operational shifts, with two rounds of auctions resulting in no buyers, prompting a price reduction for the second attempt [1][2]. Group 1: Auction Details - The company announced a second auction for unused assets from the Nanhu plant, which has been fully shut down since June 2023, with the initial auction price set at 169,968,254.00 yuan, later reduced by 10% to 152,971,428.60 yuan after the first auction failed [1][2]. - The assets for sale include multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit attributable to shareholders of 18.64 million yuan, down 69.43% compared to the previous year [2]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3].