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 行业 纸浆日报 日期 2025 年 12 月 5 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 研究员:李捷,CFA（原油沥青） 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 fengzeren@ccb.ccbfutures.com 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 期货从业资格号：F03134307 ＃summary＃ 每日报告 一、行情回顾 ...

Report Information - Report Name: Pulp Daily Report [1] - Date: December 4, 2025 [2] Industry Investment Rating - Not provided Core View - The short - term suspension of overseas pulp mills boosts the futures price. The main contract is mainly a game between new and old warehouse receipts. The fundamentals have not formed a trend - setting force, and the pulp market is still expected to fluctuate within a wide range at a low level [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,272 yuan/ton, and the closing price was 5,458 yuan/ton, a rise of 3.53%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,750 - 6,300 yuan/ton, up 20 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5,500 - 5,550 yuan/ton [7] - In November, Arauco's FOB prices for wood pulp were: softwood pulp Silver Star at $680/ton (unchanged from last month), natural pulp Venus at $620/ton (up $30/ton from last month), and hardwood pulp Star at $550/ton (up $10/ton from last month). In October, the chemical pulp shipments of 20 major pulp - producing countries decreased by 3.5% year - on - year, with softwood pulp down 7.1% and hardwood pulp down 1.9%. Shipments to the Chinese market decreased significantly. In October 2025, the total wood pulp inventory in European ports decreased by 10.2% month - on - month and 6.5% year - on - year. As of November 27, 2025, the weekly pulp inventory in major regions and ports increased by 1.51% month - on - month. The downstream paper prices adjusted slightly, and the processing cost pressure remained high. Some cultural paper mills issued price increase letters for December, boosting market confidence [8] 2. Industry News - On December 3, several ministries and commissions jointly issued the Implementation Plan on Enhancing the Adaptability of Consumer Goods Supply and Demand and Further Promoting Consumption. The plan aims to optimize the supply structure of consumer goods, form 3 trillion - level consumption areas and 100 - billion - level consumption hotspots by 2027, and establish a high - quality development pattern of positive interaction between supply and consumption by 2030 [9] 3. Data Overview - The report provides multiple figures related to pulp market data, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19]

Group 1: Report Overview - Report Name: Paper Pulp Daily Report [1] - Date: November 14, 2025 [2] Group 2: Investment Rating - No investment rating information is provided in the report. Group 3: Core Viewpoint - In the short - term, pulp prices are strong due to low warehouse receipt quantities and rising overseas November quotes. It is recommended to observe the cost digestion performance of downstream paper enterprises and adopt a wait - and - see approach [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 01: The previous settlement price was 5486 yuan/ton, the closing price was 5534 yuan/ton, with an overall increase of 0.87% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4900 - 6500 yuan/ton, remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5550 - 5580 yuan/ton [7] - Overseas quotes: Finnforest Metsa notified Chinese customers that the November quote for softwood pulp was raised by $20 [7] - Production and sales data: In September, the chemical pulp shipments of 20 major pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market also increased [7] - Inventory data: As of November 6, 2025, the weekly pulp inventory in major regions and ports decreased by 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [7] - Downstream paper market: The performance of downstream base papers remained differentiated. The packaging paper market continued to be favorable, while other base papers mainly replenished inventory as needed. Tendering for offset paper publication was ongoing, but social demand was limited [7] 2. Industry News - During the 8th CIIE, the sub - forum "Promoting Green Trade Liberalization and Accelerating Global Green Transformation" of the 8th Hongqiao International Economic Forum was held. Zhai Jingli, vice - president of APP, was invited to attend and share the company's innovation exploration in technology and full - industry chain collaboration [8] 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, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood 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 [14][16][18][24][25][27]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: November 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core View - In the short term, pulp prices are trending stronger due to low warrant quantities and rising overseas quotes in November. It is recommended to monitor the cost digestion performance of downstream paper mills and adopt a wait - and - see approach [7]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,492 yuan/ton, and the closing price was 5,482 yuan/ton, a decline of 0.18%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,870 - 6,500 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing quotation was 5,520 - 5,530 yuan/ton [7]. - Finnforest Metsa notified Chinese customers that the November quote for softwood pulp would be raised by $20. In September, the chemical pulp shipments of the world's top 20 pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market continued to grow [7]. - As of November 6, 2025, the weekly pulp inventory in major regions and ports decreased by 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [7]. - The performance of downstream base papers remained differentiated. The packaging paper market continued to be favorable, while other base papers mainly replenished inventory as needed. Tendering for offset paper publications was ongoing, but social demand was limited [7]. 2. Industry News - On November 12, during the 8th CIIE, the sub - forum "Promoting Green Trade Liberalization and Accelerating Global Green Transformation" of the 8th Hongqiao International Economic Forum was held. Zhai Jingli, Vice President of Asia Pulp & Paper (APP), was invited to attend and discuss with domestic and foreign political, business, academic, and research guests [8]. 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price spreads, needle - broadleaf price spreads, inter - delivery spreads, warrant totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [14][16][18][25][26][27]

Group 1: Report Information - Report title: Pulp Daily Report [1] - Report date: October 29, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The pulp market is in a low - level wide - range oscillation, waiting for the boost of peak - season demand. The downstream paper market shows a differentiated performance, and the demand side of the pulp market has a gentle increase, with the traditional peak season starting slowly [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 01: The previous settlement price was 5238 yuan/ton, and the closing price was 5226 yuan/ton, a decline of 0.23% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4830 - 6500 yuan/ton, remaining stable. The price of Shandong Yinxing was 5500 yuan/ton [7] - Arauco's October offer: Softwood pulp Yinxing was 680 US dollars/ton, a decrease of 20 US dollars/ton from last month; unbleached pulp Jinxing was 590 US dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 US dollars/ton, unchanged from last month [7] - European wood pulp inventory in September: 722,300 tons, a month - on - month increase of 3% and a year - on - year increase of 16.1% [7] - European wood pulp consumption in September: 813,200 tons, a month - on - month increase of 16.3% and a year - on - year decrease of 1.6% [7] - Main regional and port pulp inventory as of October 23, 2025: 1,958,000 tons, a 1.23% increase from last week [7] - Downstream paper market: The performance of downstream base paper was still differentiated, the demand side of the pulp market increased gently, and the traditional peak season started slowly. The social demand for offset paper was average, and the market was generally concerned about the publishing tender situation, with limited demand improvement at present. The cumulative year - on - year decline in the total profit of the papermaking and paper products industry continued to narrow in September [7] 2. Industry News - From January to September 2025, the total profit of industrial enterprises above designated size in China was 5.3732 trillion yuan, a year - on - year increase of 3.2% [8] - From January to September 2025, the operating income of the papermaking and paper products industry was 1.03757 trillion yuan, a year - on - year decrease of 2.1%; the operating cost was 916.95 billion yuan, a year - on - year decrease of 2.1%; the total profit was 27.12 billion yuan, a year - on - year decrease of 15.6% [8] 3. Data Overview - Multiple data charts are presented, including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, paper price and price difference, and USD - CNY exchange rate [14][16][18][20][26][28]

Group 1: Report Information - Report Title: Pulp Daily Report [1] - Date: October 13, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - Pulp futures contract 01 decreased by 0.59%, and the pulp market showed a low - level volatile adjustment. The downstream demand was weak, and the supply pressure of double - offset paper remained due to new capacity [7]. Group 4: Summary by Section 1. Market Review and Operation Suggestions - Pulp futures 01 contract: The previous settlement price was 5108 yuan/ton, and the closing price was 5078 yuan/ton, a decline of 0.59% [7]. - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4810 - 6600 yuan/ton, up 10 yuan/ton from the previous trading day. The quotation of Shandong Yinxing was 5520 - 5550 yuan/ton [7]. - Arauco's September offer: Coniferous pulp Yinxing was 700 dollars/ton, down 20 dollars/ton from last month; natural pulp Venus was 590 dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 dollars/ton, up 20 dollars/ton from last month [7]. - August production and import data: The chemical pulp shipments of 20 major pulp - producing countries increased by 10.3% year - on - year. China's pulp import volume was 265.3 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6% [7]. - Inventory data: As of October 9, 2025, the weekly pulp inventory in major regions and ports decreased by 0.51% month - on - month [7]. - Downstream market: The enthusiasm of downstream paper mills to purchase pulp was low, and most maintained just - in - time purchases. The offer of double - offset paper still declined after the festival, and there was still supply pressure [7]. 2. Industry News - On October 10, the import of waste pulp attracted the attention of customs. Customs required importers to indicate the production process of recycled pulp in the customs declaration form from October 10, 2025 [8]. 3. Data Overview - Multiple data charts were provided, including import softwood pulp spot price, pulp futures price, pulp spot - futures price difference, etc., with data sources from Wind and Zhuochuang Information [14][16][18]

Industry Investment Rating - Not provided in the given content Core Viewpoints - The pulp futures 01 contract decreased by 0.60%, and the price of Shandong wood pulp market remained stable. The short - term external market quotes showed mixed trends. The supply - side tightening needs to be reflected in shipments, port inventories are at a high level, and downstream paper mills still aim to reduce costs and increase efficiency. The pulp market will continue to adjust with low - level fluctuations [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the pulp futures 01 contract was 5304 yuan/ton, and the closing price was 5272 yuan/ton, a decline of 0.60% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5000 - 6600 yuan/ton, remaining stable compared to the previous trading day's closing price. The quote for Shandong Silver Star was 5600 - 5620 yuan/ton [7] - **External Quotes**: Chile's Arauco Company announced the new September wood pulp external quotes. The price of softwood pulp Silver Star 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, the same as the previous month; the price of hardwood pulp Star was 520 US dollars/ton, an increase of 20 US dollars/ton from the previous month [8] - **Supply and Demand**: In August, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 10.3% year - on - year, with softwood pulp increasing by 5% and hardwood pulp increasing by 14.7%. China's total pulp imports in August were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6%. As of September 25, 2025, the weekly pulp inventory in major regions and ports decreased by 3.84% month - on - month. The downstream cultural paper market was affected by typhoon weather, with the start - up of individual production lines in South China declining, production in some downstream enterprises stagnating, and the trading in the base paper market weakening, showing a weak and volatile operation [8] 2. Industry News - On September 25, the PM71 paper machine at Shanying's Suzhou base was successfully started up. After the successful start - up of the PM72 at the same base, this was another major milestone achieved by Voith and Shanying. The dual - machine production of PM71&72 at the Suzhou base marked a key step in Shanying's layout in the high - end corrugated base paper market. In the future, both parties will focus on the directions of intelligence and sustainable development and jointly explore the high - quality growth path of the packaging paper industry [9] 3. Data Overview - The report presents multiple data charts, including import bleached 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 major port wood pulp inventories, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][19][24][26][30]

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]

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]

1. Report Industry Investment Rating - No relevant content 2. Core View of the Report - Paper pulp is in a low-level oscillatory adjustment due to limited cost guidance, abundant supply, and the anticipation of peak season demand [8] 3. Summaries by Related Catalogs 3.1行情回顾与操作建议 - The previous settlement price of the pulp futures 01 contract was 5360 yuan/ton, and the closing price was 5402 yuan/ton, a 0.78% increase. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5100 - 6700 yuan/ton, with the low-end price rising 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 5800 yuan/ton [7] - Chilean Arauco Company announced a new round of August wood pulp FOB prices: softwood pulp Yinxing at $720/ton; natural pulp Jinxing at $590/ton; hardwood pulp Mingxing at $520/ton, remaining stable compared to the June quotes. According to PPPC data, the chemical commodity pulp shipments from the world's 20 major pulp-producing countries in June increased by 4.7% year-on-year, with softwood pulp down 2.4% year-on-year and hardwood pulp up 10.1% year-on-year. According to UTIPULP data, the European wood pulp inventory in July 2025 was 683,200 tons, a 0.3% decrease month-on-month and an 8.7% increase year-on-year; the European wood pulp consumption was 814,200 tons, a 6.8% increase month-on-month and a 2.1% decrease year-on-year. The total pulp imports in China in July were 2.877 million tons, a 5.1% decrease month-on-month and a 23.7% increase year-on-year. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month-on-month [8] 3.2行业要闻 - On August 21st, Nine Dragons Paper announced that its estimated annual profit as of June 30, 2025, would be between 2.1 billion and 2.3 billion yuan, a 165% - 190% increase from last year's 794 million yuan. This profit increase was mainly due to increased sales and a significant decrease in raw material costs compared to the product price decline, driving up gross profit. Additionally, the company issued $400 million in perpetual capital securities in June 2024, and the attributable profit for the holders of these securities this year was approximately 400 million yuan. The estimated attributable profit for the company's equity holders this year is between 1.7 billion and 1.9 billion yuan, a 126% - 153% increase from last year's 751 million yuan. The final performance announcement is expected to be released before the end of September 2025 [9]