Report Information - Report Title: Pulp Daily Report [1] - Date: January 22, 2025 [2] Industry Investment Rating - Not provided Core View - Short - term pulp is restricted by the sector and weak downstream procurement, showing a wide - range oscillatory trend with both upward pressure and downward support [8] Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 05 had a previous settlement price and closing price of 5376 yuan/ton, with an overall decline of 0.00%. The intended transaction price range of softwood pulp in the Shandong market was 4900 - 5700 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing was quoted at 5400 - 5420 yuan/ton [7] - Arauco's January pulp export prices: softwood pulp Yinxing increased by 10 dollars/ton to 710 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing increased by 20 dollars/ton to 590 dollars/ton [8] - In November, the chemical pulp shipments of 20 pulp - producing countries decreased by 6.9% year - on - year, softwood pulp by 7.6%, and hardwood pulp by 7.3%. Shipments to the Chinese market decreased significantly [8] - In December 2025, the European pulp inventory was 759,600 tons, up 7.6% month - on - month and 2.4% year - on - year; the European pulp consumption was 722,400 tons, down 10.9% month - on - month and up 0.6% year - on - year [8] - In December 2025, the total pulp imports were 3.113 million tons, down 4.1% month - on - month and 3.8% year - on - year [8] - As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - In the cultural paper market, some idle production lines in South China plan to resume production. Some publishing orders have been picked up, weakening the rigid demand support for offset paper, and the mainstream quotes remained stable [8] 2. Industry News - On January 21, the 6600 paper machine of Yunnan Dongsheng Paper was successfully put into operation. It is the first 6600 paper machine of Sichuan Chengfa Papermaking Machinery Co., Ltd., with a high - speed output of packaging paper and stable product quality [9] 3. Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, warehouse receipt totals, domestic main port pulp inventories, European main port pulp inventories, copperplate paper and offset paper prices and differences, white cardboard and whiteboard paper prices and differences, and the US dollar to RMB exchange rate [15][26][31]

1. Report Information - Report Name: Pulp Daily Report - Date: January 20, 2025 - Industry: Pulp [1][2] 2. Core Viewpoint - Short - term pulp prices are restricted by the sector and weak downstream procurement, showing a wide - range oscillating trend with both upward pressure and downward support [8] 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures 05 contract was 5,374 yuan/ton, and the closing price was 5,362 yuan/ton, a decline of 0.22% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,900 - 5,700 yuan/ton, remaining stable compared to the previous trading day's closing price. The price of Shandong Yinxing was quoted at 5,400 - 5,420 yuan/ton [7] - **Foreign Offers**: In January, Chile's Arauco Company's foreign offers for wood pulp showed that softwood pulp Yinxing rose by 10 US dollars/ton to 710 US dollars/ton, natural pulp Jinxing remained flat at 620 US dollars/ton, and hardwood pulp Mingxing rose by 20 US dollars/ton to 590 US dollars/ton [8] - **Production and Sales Data**: In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly [8] - **Inventory and Consumption Data**: In December 2025, the European wood pulp inventory was 759,600 tons, a month - on - month increase of 7.6% and a year - on - year increase of 2.4%; the European wood pulp consumption was 722,400 tons, a month - on - month decrease of 10.9% and a year - on - year increase of 0.6%. In December 2025, the total pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% month - on - month [8] - **Demand Side**: In the cultural paper market, some idle production lines in South China plan to resume production. Some publishing orders have been picked up, weakening the rigid demand support for offset paper, and the mainstream quotes remain stable [8] 3.2. Industry News - Inner Mongolia Linle Bio - Energy Co., Ltd. plans to construct a pulp and paper integration industry upgrade project, increasing the production capacity from 100,000 tons/year to 200,000 tons/year. The project is divided into three phases: the first - phase project, starting in 2026 with an investment of 30 million yuan, will introduce a reel pulp board production line; the second - phase project, starting in 2027 with an investment of 50 million yuan, will build supporting power facilities; the third - phase project, starting in 2029 with an investment of 200 million yuan, will build a new production workshop and supporting facilities [9][10] 3.3. Data Overview - The report includes multiple data charts, such as import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences in Shandong Yinxing, softwood - hardwood price differences in Shandong, inter - delivery 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 whiteboard paper, and the US dollar - RMB exchange rate [16][27][31]

Report Information - Report Name: Pulp Daily Report [1] - Date: January 16, 2025 [2] Investment Rating - No investment rating information provided Core Viewpoint - The fundamentals of the pulp market have limited changes and are expected to fluctuate and adjust [8] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures contract 05 was 5,508 yuan/ton, and the closing price was 5,436 yuan/ton, a decline of 1.31% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,900 - 6,300 yuan/ton, a decrease of 20 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,530 - 5,550 yuan/ton [7] - **Foreign Offers**: Arauco's January foreign offers for pulp: Silver Star (softwood pulp) increased by $10/ton to $710/ton; Venus (natural pulp) remained unchanged at $620/ton; Star (hardwood pulp) increased by $20/ton to $590/ton [8] - **Supply - Related Data**: In November, the chemical pulp shipments of 20 major pulp - producing countries decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% decrease month - on - month and a 6.3% increase year - on - year; the consumption was 805,600 tons, a 6.2% decrease month - on - month and a 4.6% decrease year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a 4.1% decrease month - on - month and a 3.8% decrease year - on - year. As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - **Demand Situation**: Large - scale cultural paper enterprises are operating normally, while some small and medium - sized production lines in the north are shut down. Downstream publishing orders for pick - up are almost finished, and social orders have limited changes. Dealers are mainly selling at stable prices with little intention to adjust prices [8] 2. Industry News - On January 15, it was reported that the 2025 China Paper Industry Top Ten News Selection Conference was held in Beijing. Gold East Paper under APP (China) was listed on the "2025 Excellent - level Smart Factory Project List" for its "Full - process Digital and Intelligent High - end Cultural Paper Smart Factory" and ranked first in the 2025 China Paper Industry Top Ten News, setting a benchmark for the industry [9] 3. Data Overview - The report provides various 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 inventory, European main port wood pulp inventory, 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][23][25][27]

Report Information - Report Title: Pulp Daily Report - Report Date: December 19, 2025 [2] 1. Industry Investment Rating - No relevant information provided 2. Core观点 - The pulp market has limited fundamental changes. After the December delivery, the market focuses on the new warehouse receipt pricing and is mainly in a state of shock adjustment [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures contract 05 was 5,478 yuan/ton, and the closing price was 5,500 yuan/ton, with an overall increase of 0.40%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,800 - 6,300 yuan/ton, and the price remained stable compared with the closing price of the previous working day. Among them, the offer price of Arauco's Silver Star in Shandong was 5,550 yuan/ton [7] - Arauco's December pulp export quotes: Silver Star softwood pulp increased by $20/ton to $700/ton; Venus natural pulp remained flat at $620/ton; Star hardwood pulp increased by $20/ton to $570/ton [8] - According to PPPC, in October, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 3.5% year - on - year, softwood pulp by 7.1% year - on - year, and hardwood pulp by 1.9% year - on - year. Shipments to the Chinese market decreased significantly [8] - According to UTIPULP data, in November 2025, the European wood pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European wood pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6%. In November 2025, the total pulp import volume was 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of December 18, 2025, the weekly pulp inventory in major regions and ports decreased by 1.73% month - on - month [8] - The cultural paper market is mainly driven by rigid demand. Publishing orders continue to be picked up. The inventory of some paper mills has decreased compared with the previous period, and the price has not changed much [8] 3.2 Industry News - On December 17, it was reported that the household tissue consumption characteristic park in Linyi County, Shanxi Province, has achieved a leap - forward improvement from spontaneous agglomeration to cluster development in recent years. The park currently has an annual production capacity of 400,000 tons of high - grade household tissue and 50,000 tons of flushable and degradable non - woven fabrics. The degradable non - woven fabric project fills the technological gap in the province, achieving a virtuous cycle of guaranteed upstream raw material supply and supported downstream market expansion [9] 3.3 Data Overview - Multiple data charts are provided, including import bleached softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference (Shandong Silver Star), softwood - hardwood price difference in Shandong, inter - delivery spread (SP1 - 5, SP5 - 9), warehouse receipt total, domestic main port area pulp inventory, European main port wood pulp inventory, coated paper and offset paper price and price difference, white cardboard and white board paper price and price difference, and US dollar to RMB exchange rate. The data sources are mainly Wind and Zhuochuang Information [15][17][19][24][25][29]

Report Information - Report Type: Pulp Daily Report [1] - Date: December 16, 2025 [2] - Research Team: Energy and Chemical Research Team [3] - Researchers: Liu Youran, Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Feng Zeren [4] Industry Investment Rating - Not provided in the report Core Viewpoint - The pulp market shows a situation of strong pulp and weak paper. Recently, the excessive increase in raw material prices has increased the processing pressure on downstream paper mills, and the cultural paper market price is still under pressure. In the short term, funds are gambling on the pricing of old and new warehouse receipts, and it is recommended to wait and see [8] Section Summaries 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,548 yuan/ton, and the closing price was 5,572 yuan/ton, a overall increase of 0.43%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,850 - 6,300 yuan/ton, a price increase of 100 yuan/ton compared to the previous trading day's closing price. Among them, the quotation of Shandong Arauco Silver Star was 5,550 - 5,580 yuan/ton [7] - Arauco's December pulp export quotation: the price of softwood pulp Silver Star increased by 20 US dollars/ton to 700 US dollars/ton; the price of unbleached pulp Venus remained flat at 620 US dollars/ton; the price of hardwood pulp Star increased by 20 US dollars/ton to 570 US dollars/ton. According to PPPC, in October, the chemical pulp shipments of the world's top 20 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 year-on-year. According to Europulp data, in October 2025, the total inventory of wood pulp in European ports decreased by 10.2% month-on-month and 6.5% year-on-year. In November 2025, the total pulp imports were 3.246 million tons, a month-on-month increase of 24% and a year-on-year increase of 15.9%. As of December 11, 2025, the weekly pulp inventory in major regions and ports was 1.9817 million tons, a decrease of 3.00% from the previous week [8] 2. Industry News - On December 11th, Suzano's board of directors approved a capital increase plan of 5 billion Brazilian reals, which was achieved by capitalizing the remaining capital increase reserve and part of the investment reserve without issuing new shares. After this capital increase, the company's share capital increased to 24.27 billion Brazilian reals, with a total of more than 1.26 billion shares. At the same time, the pulp producer released its latest cost estimate for its pulp business in 2027, which considered the expected currency adjustment next year, the change in the inflation rate in 2025, and the adjustment related to the previous scenario [9] - On December 11th, according to the previous project announcement of Nine Dragons Paper, in order to further improve the product raw material structure, it plans to carry out technological transformation on the existing project at the Beihai base, and build a 800,000-ton unbleached chemical pulp production line, a 500,000-ton kraft linerboard production line, and supporting alkali recovery systems (including lime kilns), environmental protection supporting projects, etc. After the expansion and renovation, the newly added unbleached chemical pulp will replace part of the waste paper raw materials of the existing papermaking lines, produce higher-quality papermaking products that better meet market demand, achieve the balance of pulp and paper in the whole plant, and lay a foundation for expanding high-end paper types [9] 3. Data Overview - The report provides multiple data charts, including the spot price of imported bleached softwood pulp 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, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar to RMB exchange rate. The data sources are mainly Wind and Zhuochuang Information [7][15][24]

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: December 12, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core Viewpoints - The pulp futures 05 contract rose 2.95% to 5586 yuan/ton. The intended transaction price range of softwood pulp in the Shandong wood pulp market increased by 100 yuan/ton. The price of Arauco's pulp in December showed a mixed trend. The shipment volume of chemical pulp from 20 pulp - producing countries in October decreased year - on - year. European port pulp inventory decreased in October 2025. Pulp imports in November 2025 increased. The weekly pulp inventory in major areas and ports as of December 4, 2025, increased slightly. Downstream paper prices had narrow adjustments, with cost pressure remaining. Due to the strong pulp and weak paper situation and short - term capital speculation, it is advisable to wait and see [7][8] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The pre - settlement price of the pulp futures 05 contract was 5426 yuan/ton, and the closing price was 5586 yuan/ton, a 2.95% increase. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4850 - 6300 yuan/ton, up 100 yuan/ton. The Shandong Yinxing quotation was 5580 - 5600 yuan/ton. Arauco's December pulp quotes: softwood pulp Yinxing rose 20 dollars/ton to 700 dollars/ton; unbleached pulp Jinxing remained at 620 dollars/ton; hardwood pulp Mingxing rose 20 dollars/ton to 570 dollars/ton [7][8] - **Industry Data**: In October, the shipment volume of chemical pulp from 20 world pulp - producing countries decreased 3.5% year - on - year, softwood pulp decreased 7.1% year - on - year, and hardwood pulp decreased 1.9% year - on - year, with a significant decline in shipments to the Chinese market. In October 2025, the total wood pulp inventory in European ports decreased 10.2% month - on - month and 6.5% year - on - year. In November 2025, pulp imports were 324.6 million tons, a 24% month - on - month and 15.9% year - on - year increase. As of December 4, 2025, the weekly pulp inventory in major regions and ports was 2.0429 billion tons, a 0.09% month - on - month increase [8] - **Operation Suggestions**: Downstream base paper prices had narrow adjustments, with processing cost pressure remaining. The spot transaction center of cultural paper remained stable, and social demand was still limited. Due to the strong pulp and weak paper situation and short - term capital speculation, it is advisable to wait and see [8] 2. Industry News - On December 3, the Ministry of Ecology and Environment solicited opinions on the revised draft of the "Catalogue for the Classification Management of Environmental Impact Assessments of Construction Projects". Compared with the 2021 version, there are 56 first - level categories, 199 second - level industry categories, and 4 general processes after the revision. The second - level industry categories increased by 30. The "paper products manufacturing" is no longer in the catalogue, which is a major benefit for the base paper processing industry and will expand paper consumption. The opinion - soliciting period ends on January 5, 2026 [9] 3. Data Overview - Multiple data charts are provided, 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 volume, domestic main port pulp inventory, European main port wood pulp inventory, 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. The data sources are mainly Wind and Zhuo Chuang Information [15][17][19]