Group 1: Report Overview - Report date: March 4, 2026 [2] - Report type: Pulp Daily [1] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The supply - demand pressure of pulp has insufficient improvement, and it is mainly in a low - level wide - range shock adjustment, pending a further decline in overseas market shipments or a continuous improvement in the profitability of the papermaking industry [8] Group 4: Market Review and Operation Suggestions Market Review - Pulp futures 05 contract: The previous settlement price was 5,244 yuan/ton, the closing price was 5,220 yuan/ton, a decline of 0.46%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,700 - 5,550 yuan/ton, and the high - end price dropped by 50 yuan/ton compared with the previous working day's closing price. The quotation of Shandong Yinxing was 5,280 - 5,300 yuan/ton [7] - Pulp futures 09 contract: The price related data shows a decline of 0.42% [7] Industry Data - Asia - Pacific Senbo announced a 150 - yuan increase per ton of hardwood pulp in March [8] - According to the January report released by PPPC, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 0.9% year - on - year, softwood pulp decreased by 5.5% year - on - year, and hardwood pulp increased by 3.5% year - on - year [8] - According to UTIPULP data, in January 2026, the European wood pulp inventory was 681,500 tons, a month - on - month decrease of 12.7% and a year - on - year decrease of 5.5%; the European wood pulp consumption was 802,400 tons, a month - on - month increase of 12.5% and a year - on - year decrease of 3.0% [8] - In December 2025, the total pulp import volume was 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8% [8] - As of February 26, the total inventory of major domestic regions and ports was 2.3551 million tons, an increase of 13.3% compared with the week before the holiday, and the overall shipment speed was gradually recovering [8] - Downstream paper enterprises had a process of rigid - demand inquiries, but the overall inventory replenishment rhythm was relatively gentle, and double - offset paper enterprises had a relatively strong willingness to hold prices [8] Group 5: Industry News - On March 3, it was reported that the Jiangxi Hukou High - tech Park was expanding a paper project with a scale of over one million tons. The project planned to produce 400,000 tons of high - grade information paper, 700,000 tons of paper, and 100,000 tons of coated paper annually, without a pulping link, and all the required pulp came from the project's chemimechanical pulp and purchased commercial pulp. Multiple production lines would be newly built [9] Group 6: Data Overview - Multiple figures are presented, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood price difference, inter - delivery price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, double - offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate, with data sources mainly from Wind and Zhuochuang Information [15][17][19][24][25][27]

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].

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - 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 external market fails to be effectively transmitted to the domestic market due to weak demand. The price of softwood pulp is dominated by the sentiment of the futures market, and the actual downstream demand in the spot market is relatively weak, putting pressure on the pulp price. The buyer is dominant in the current supply - demand relationship, and the weak demand suppresses the pulp market. The production activities in the downstream base paper market slow down before the festival, and the near - stagnant procurement market makes the price lack support [98][99]. 3. Summary by Relevant Catalogs 3.1 Industry News - As of February 5, 2026, the pulp inventory in Changshu Port was 612,000 tons, a decrease of 13,000 tons from the previous period, a 2.1% month - on - month decrease; the pulp inventory in Qingdao Port was 1.41 million tons, an increase of 20,000 tons from the previous week, a 1.4% month - on - month increase; the pulp inventory in Gaolan Port was 42,000 tons, a decrease of 3,000 tons from the previous week, a 6.7% month - on - month decrease. The total inventory of mainstream port samples in China was 2.182 million tons, an increase of 13,000 tons from the previous period, a 0.6% month - on - month increase, showing a continuous inventory accumulation trend for five weeks [5][6]. - According to Longzhong Information on February 5, Chile's Arauco Company's February offer for softwood pulp was $710/ton, unchanged; the offer for broad - leaf pulp Star was $600/ton, an increase of $10/ton; the offer for natural pulp Venus was $620/ton, unchanged [6]. - Wuzhou Special Paper (Jiangxi) Co., Ltd.'s environmental impact assessment for a project with an annual output of 400,000 tons of high - grade information paper, 700,000 tons of paper, and 100,000 tons of coated paper is in its second public notice stage [7]. - On February 2, Guanhao High - tech (600433.SH) responded to investors' concerns. The land acquisition of Hongta Renheng's Qianshan Factory and the progress of key projects have entered the substantive stage. The 400,000 - ton chemi - mechanical pulp project of Zhanjiang Zhongzhi was put into production ahead of schedule, and the substitution rate of similar pulp types is close to 80%. The pilot test line of special fiber composite materials has been put into trial operation [8]. 3.2 Market Data - **Base Difference and Month - to - Month Difference** - On February 6, 2026, the base difference of Silver Star was 66 yuan/ton, a 230% month - on - month increase; the base difference of Russian Needle was - 134 yuan/ton, a 10.67% month - on - month increase; the price difference between Silver Star and Russian Needle was 200 yuan/ton, a 17.65% month - on - month increase [15]. - On February 6, 2026, the 03 - 05 month - to - month difference was - 20 yuan/ton, and the 05 - 07 month - to - month difference was - 22 yuan/ton, with month - on - month increases of 9.09% and 38.89% respectively [20]. 3.3 Fundamental Data - **Price** - The price difference between Silver Star and Goldfish remained stable, while the price difference between Russian Needle and Goldfish decreased. 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 5.45% month - on - month decrease [25][27]. - The import profits of softwood and broad - leaf pulp continued to decline. On February 6, 2026, the import profit of softwood pulp (Silver Star) was - 363 yuan/ton, a 3.69% month - on - month decrease; the import profit of broad - leaf pulp (Star) was - 218 yuan/ton, a 73.96% month - on - month decrease [31]. - The price of the main pulp contract fluctuated weakly. The spot price of imported softwood pulp declined due to insufficient market confidence and lack of support from the demand side. The spot price of imported broad - leaf pulp also declined as the downstream base paper price was stable, the enterprise's pre - festival processing intention weakened, and the raw material stocking was coming to an end [33][35]. - The price of natural pulp and chemi - mechanical pulp: 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 [40]. - **Supply** - The wood chip purchase price of paper enterprises in East China was generally stable this week, with individual increases [42]. - The price of domestic chemi - mechanical pulp decreased slightly this period, and the supply increased. On February 5, 2026, the weekly production of domestic chemi - mechanical pulp was 86,000 tons, a 1.18% month - on - month increase [46][48]. - In December 2025, the pulp port inventory in Europe increased, and the global pulp outbound volume continued to decline in November [51]. - In November 2025, the shipment volume of W20 softwood pulp was at a low level, 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 [53]. - In December 2025, the export volume of Chilean softwood pulp to China increased significantly month - on - month. In November 2025, the total export volume of softwood pulp from four countries (Canada, Chile, Finland, and the United States) to China decreased significantly month - on - month [57][60]. - In December 2025, the total export volume of broad - leaf pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China increased significantly month - on - month. In January 2026, the export volume of Brazilian and Uruguayan broad - leaf pulp to China decreased month - on - month [64]. - In December 2025, China's pulp imports were differentiated. 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 natural and chemi - mechanical pulp increased significantly [66]. - **Demand** - **Double - offset paper**: The domestic double - offset paper market was slightly adjusted this period, with a weakening trading atmosphere. The supply was abundant, the production was under pressure, and the demand from the consumer side was weak. Some enterprises implemented a profit - sharing strategy to relieve the shipment pressure [70]. - **Coated paper**: The price of the domestic coated paper market was stable this period. The industry faced the dual pressures of high costs and weak demand, and the trading atmosphere was weak. The supply was abundant, and the downstream consumption was flat [74]. - **White cardboard**: The price of the white cardboard market was stable this period. The impact of cost on the white cardboard market weakened. 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' production and sales pressure increased [78]. - **Household paper**: The price of the household paper market was stable. The overall trading atmosphere was light, and the demand improvement was limited. The industry's overall operating rate decreased [82]. - **Terminal demand**: In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products, as well as the production of dairy products, increased significantly month - on - month. The retail sales of cosmetics decreased significantly month - on - month. Year - on - year, the retail sales of cultural office supplies and cosmetics were at a high level [88]. 3.4 Inventory - **Futures inventory**: On February 6, 2026, the total warehouse receipt quantity of pulp (warehouse) was 131,400 tons, unchanged from the previous period; the total warehouse receipt quantity of pulp (factory warehouse) was 15,000 tons, a 36.36% month - on - month increase [89]. - **Spot inventory**: The port inventory was at a medium - to - high level within the year. The inventory of Qingdao Port continued to increase, the inventory of Changshu Port decreased slightly, and the overall inventory of mainstream port samples in China increased this period [95].

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].