公告称，公司于近日收到公司实际控制人、董事长、总裁陆勇家属的通知，被告知其收到启东市监察委员会签发的《留置通知书》，陆勇因江苏半步堂置 业有限公司相关事宜被实施留置，本次留置为陆勇个人事务，与公司无关。 截至本公告披露日，公司未收到相关机关的其他通知。 7月28日晚间，世名科技（300522.SZ）披露关于公司实际控制人、董事长、总裁被采取留置措施的公告。 总市值54亿元的上市公司 资料显示，苏州世名科技股份有限公司成立于2001年12月11日，是国内专业从事色浆、功能添加剂及电脑调色一体化系统研发生产的科技企业。公司2016 年登陆创业板，截至7月28日收盘，世名科技报16.77元/股，总市值约54.08亿元。 公司位于苏州昆山。作为国内纳米着色材料、功能性纳米分散体、特种添加剂供应服务商，世名科技目前有江苏昆山、江苏常熟、湖南岳阳、辽宁盘锦四 大产业基地。 世名科技此前披露的2024年年报显示，2024年公司全年实现营业收入6.97亿元，同比增长2.30%；归属于上市公司股东的净利润为2262万元，同比增长 25.61%。 2025年一季报显示，报告期内营业总收入为1.59亿元，较去年同报告期营业总收入减 ...

研究所 基本面偏弱，或制约反弹空间 ——国信期货纸浆周报 2025年7月20日 3 后市展望 目 录 CONTENTS 研究所 1 本周行情回顾 2 基本面分析 研究所 第 P 一 a 部 r 分 t1 行情回顾 一、本周行情回顾 研究所 研究所 第 P 二 a 部 纸浆期货主力合约SP2509低位反弹。 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 数据来源：文华财经 国信期货 4 r 分 t2 基本面分析 二、基本面分析：纸浆市场价格 研究所 卓创资讯监测数据显示，截至7月17日，本周进口针叶浆周均价5835元/吨，较上周上涨0.50%，由跌转涨；进口阔叶浆周均价4080元/吨，较上周上涨 0.34%，涨幅较上期扩大0.14个百分点；进口本色浆周均价5013元/吨，较上周下跌1.99%，跌幅较上期扩大1.21个百分点；进口化机浆周均价3777元/吨 ，较上周上涨0.27%，由跌转涨。 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 数据来源：Choice 卓创资讯 国信期货 6 二、基本面分析：1-6月纸浆累计进口量增加 研究所 据中华人民共和国海关总署数据显示，2025年6月，我国 ...

Core Viewpoint - The establishment of Changshu Shihehua New Materials Co., Ltd. represents a strategic partnership between Shiming Technology and TCL Technology's subsidiary, focusing on the development and sales of display photoresist color paste, enhancing competitive advantages in the display panel industry [1][2]. Company Establishments - Changshu Shihehua New Materials Co., Ltd. has a registered capital of 20 million RMB, with Shiming Technology holding 66% and TCL's subsidiary holding 34% [2]. - TCL Technology also established Wuxi Hongchuan Intelligent Technology Co., Ltd. in January 2025, focusing on artificial intelligence application software development, with a registered capital of 2 million RMB [2]. Industry Trends - The formation of new companies in the display industry during the first half of 2025 indicates a trend of focusing on niche markets, risk diversification, and market expansion among major display manufacturers [3][5]. - Companies like JDI and TCL are restructuring their operations to enhance management autonomy and decision-making agility, which is crucial for their growth in specific sectors [4][5]. Strategic Intentions - The establishment of subsidiaries allows companies to better capture market demands and optimize product upgrades, as seen with Shiming Technology's collaboration with TCL [2][5]. - The trend of forming joint ventures and subsidiaries is a strategic move to mitigate operational risks and financial pressures, as demonstrated by JDI's transfer of patent assets to newly established companies [5][6]. Market Expansion - Companies like Deep Tianma are expanding internationally by establishing subsidiaries in Thailand to enhance their global competitiveness through localized production and services [5]. - The collaboration between AU Optronics and E Ink Holdings to create a large electronic paper module production line exemplifies efforts to tap into new market opportunities [5].

Report Overview - Report Title: Pulp Weekly Report (Week 2, July 2025) [1] - Analyst: Pan Shengjie from the Commodity Research Institute [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - The pulp market fundamentals are stabilizing [3] - The supply - demand relationship in the pulp market has not improved significantly, and weak demand restricts the rebound of pulp prices [4] - Global pulp market shows a growth trend in the past five months, especially the domestic market [4] Summary by Directory Pulp Market Fundamentals - This week, the spot prices of imported wood pulp varied. Imported softwood pulp prices rebounded from the bottom, narrowing the decline of the average price; imported hardwood pulp prices rose due to non - standard basis quotes and low - price reluctance to sell; the supply - demand relationship did not improve significantly, and the demand was weak; imported natural pulp and chemimechanical pulp prices followed the decline of imported softwood pulp prices [4] - From the monthly hardwood pulp balance data, the current fundamentals are favorable for the relative strength of hardwood pulp. The cost support for the hardwood - softwood price spread in July has improved [4] - Trump's new tariff policies push the US economic policy uncertainty index to a record high. The US tariff policy on Brazil may increase Brazil's hardwood pulp exports to other regions and is negative for the basis of Brazilian hardwood pulp. The US tariff on Canada is expected to be negative for the basis of Canadian softwood pulp [4] - As of May, global pulp shipments decreased by 1.7% year - on - year. Softwood pulp shipments decreased by 8.2% year - on - year, while hardwood pulp shipments increased by 3.1% year - on - year. However, the cumulative shipments in 2025 still had a nearly 10% year - on - year increase. The global pulp industry's operating rate was close to 90% for the second consecutive month in May, but it also brought inventory pressure. In May, softwood pulp inventory increased by 5 days to 46 days, and hardwood pulp inventory increased by 4 days to 51 days. The domestic paper - making enterprises' finished - product inventory decreased by 0.2% year - on - year in May, the first year - on - year decrease since April 2024 [4] Impact of Softwood Supply on SP Unilateral - As of May 2025, European bleached softwood kraft pulp inventory decreased by 238,000 tons month - on - month, consumption increased by 269,000 tons month - on - month, and the inventory - to - sales ratio was 0.89 times. The average value in the past 12 months increased by 4.7% year - on - year, with continuous marginal inventory accumulation for 6 months, which is negative for SP unilateral but with limited impact [11] - Domestic softwood chip imports increased for two consecutive months, reaching 21,000 tons (equivalent to 11,000 tons of pulp). Softwood pulp imports decreased for two consecutive months, reaching 821,000 tons. The total long - fiber imports were 832,000 tons, with a 4.3% year - on - year decrease in the cumulative value in the past 6 months, and the decline has been narrowing for 7 months, which is negative for SP unilateral but with limited impact [11] Impact of Hardwood Supply on Hardwood - Softwood Price Spread - As of May 2025, hardwood chip imports increased by 1.289 million tons month - on - month, equivalent to 644,000 tons of pulp; hardwood pulp imports increased by 1.309 million tons month - on - month. Softwood chip imports increased for two consecutive months, reaching 21,000 tons, equivalent to 11,000 tons of pulp; softwood pulp imports decreased for two consecutive months, reaching 821,000 tons. The short - fiber to long - fiber import ratio was 2.35 times, with a 10.5% year - on - year increase in the average value in the past 12 months, and the growth has been narrowing for 4 months, which is positive for the hardwood - softwood price spread [18] - The use of hardwood pulp in domestic paper decreased by 2.224 million tons month - on - month, and the use of softwood pulp decreased for three consecutive months, reaching 523,000 tons. The consumption ratio was 4.26 times, with an 8.0% year - on - year increase in the average value in the past 9 months, and the growth has been expanding for 8 months, which is positive for the hardwood - softwood price spread [18] Impact of International Pulp and Paper Trade on SP Unilateral - As of May 2025, domestic pulp import value increased by $1.906 billion month - on - month, and the US pulp import value decreased by $308 million month - on - month in April. The combined value (with a one - month lag) was $2.214 billion, with a 3.6% year - on - year decrease in the cumulative value in the past 3 months, and the decline has been expanding for 2 months, which is negative for SP unilateral but with limited impact [23] - The total export value of paper products from Japan, South Korea, and Brazil was $565 million, with a 5.4% year - on - year decrease in the cumulative value in the past 3 months, and the decline has been expanding for 2 months, which is negative for SP unilateral with full impact [23] Impact of Port Inventory on SP Unilateral - As of July 11, 2025, the total inventory of four ports and warehouse receipts was 2.378 million tons, with a 9.3% year - on - year increase, and continuous marginal inventory accumulation for 9 months, which is negative for SP unilateral [29] Impact of Port Inventory on Hardwood - Softwood Price Spread - As of July 11, 2025, the ratio of the four - port inventory to warehouse receipt inventory increased for four consecutive months, reaching 8.94 times. The average value in the past 6 months increased by 60.7% year - on - year, and the marginal inventory decreased for 3 months, which is relatively negative for hardwood pulp [34] Impact of Manufacturing PMI on SP Unilateral - As of June 2025, China's manufacturing PMI increased for two consecutive months, reaching 49.7 points, with a 0.2% year - on - year increase in the 12 - month average value, and the growth has been narrowing for 3 months. The US manufacturing PMI increased month - on - month, reaching 49.0 points, with a 1.3% year - on - year increase in the 12 - month average value, and the growth has been narrowing for 10 months, which is negative for SP unilateral [42] Impact of Domestic Paper Production and Inventory on SP Unilateral - As of April 2025, domestic paper industry electricity consumption decreased month - on - month, reaching 838 million kWh, with a 0.6% year - on - year increase in the cumulative value in the past 12 months, and the growth has been narrowing for 9 months, which is negative for SP unilateral [50] - Domestic paper industry finished - product inventory increased for four consecutive months, reaching 77.57 billion yuan, with a 5.6% year - on - year increase in the average value in the past 12 months, and continuous marginal inventory accumulation for 13 months, which is negative for SP unilateral [50] Impact of US Economic Policy and International Oil Price on SP Unilateral - As of July 2025, the US economic policy uncertainty index increased month - on - month, reaching 435.3 points, with an 82.8% year - on - year increase in the average value in the past 12 months, and the growth has been narrowing. Brent crude oil price decreased month - on - month, reaching $69.1 per barrel, with a 20.9% year - on - year decrease in the average value in the past 3 months, and the decline has been narrowing, with marginal strengthening, which is positive for SP price [56] Impact of International Trade and US Dollar Index on SP Unilateral - In May, China's total import and export volume decreased month - on - month, reaching $529 billion, with a 2.1% year - on - year increase in the cumulative value in the past 6 months, and the growth has been narrowing for 2 months, which is positive for SP valuation [57] - In June, the real broad - based US dollar index decreased for five consecutive months, reaching 114.9 points, with a 5.7% year - on - year increase in the average value in the past 9 months, and continuous marginal increase for 16 months, which is negative for SP unilateral. The general cycle of the US dollar index is 22 months [63]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The pulp futures main contract SP2509 rebounded from a low level. However, the overall demand improvement in the pulp market is still poor. The port inventory is at a high level in recent years, and the de - stocking rhythm is slow. It is in the traditional off - season of the papermaking industry, and the downstream paper mills' enthusiasm for purchasing raw materials is insufficient. The market is in a dynamic game with cost support at the bottom, and it is recommended to adopt an interval - oscillation approach [7][36]. 3. Summary by Relevant Catalogs 3.1 This Week's Market Review - The pulp futures main contract SP2509 rebounded from a low level [7]. 3.2 Fundamental Analysis - **Pulp Market Prices**: As of July 10, the weekly average price of imported softwood pulp was 5,806 yuan/ton, down 0.31% from last week, with the decline narrowing by 0.88 percentage points; the weekly average price of imported hardwood pulp was 4,066 yuan/ton, up 0.20% from last week, turning from a decline to an increase; the weekly average price of imported unbleached pulp was 5,115 yuan/ton, down 0.78% from last week, with the decline widening by 0.16 percentage points; the weekly average price of imported chemi - mechanical pulp was 3,767 yuan/ton, down 0.21% from last week, with the decline remaining the same as last week [12]. - **Pulp Import Volume in May**: According to the General Administration of Customs of the People's Republic of China, the pulp import volume in May was 3.016 million tons, and the cumulative import volume from January to May 2025 was 15.55 million tons, a year - on - year increase of 2.1%. Among them, the cumulative import volume of softwood pulp from January to May 2025 was 3.803 million tons, a year - on - year decrease of 1.88%; the cumulative import volume of hardwood pulp from January to May 2025 was 7.1081 million tons, a year - on - year increase of 8.03% [16]. - **Port Inventory Situation**: As of July 10, 2025, the weekly pulp inventory in major Chinese regions and ports such as Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 2.1857 million tons, up 0.45% from last week, with the growth rate narrowing by 1.87 percentage points [20]. - **European Port Inventory in May**: According to Europulp data, the total European port inventory in May 2025 increased by 13.26% month - on - month and 22.04% compared with May 2024. The port inventories in the UK and Spain decreased by 39.93% and 3.92% month - on - month respectively, while the port inventories in the Netherlands/Belgium/France/Switzerland, Germany, and Italy increased by 21.74%, 5.12%, and 16.36% month - on - month respectively. Overall, the port inventories in most European countries increased month - on - month, leading to an increase in the total European port inventory in May [23]. - **Consumption Situation**: Waste pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption; wood pulp consumption accounts for 31% of the total pulp consumption, and imported wood pulp consumption accounts for 21% of the total pulp consumption; non - wood pulp consumption accounts for 6% of the total pulp consumption. As of July 10, the operating load rate of double - copper paper remained the same as last week; the operating load rate of double - offset paper decreased by 0.85 percentage points from last week; the operating load rate of white cardboard increased by 1.01 percentage points from last week; the operating load rate of household paper increased by 4.44 percentage points from last week [29]. 3.3 Future Outlook - As of July 10, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.1857 million tons, up 0.45% from last week, with the growth rate narrowing by 1.87 percentage points. The port has been accumulating inventory in the past two weeks, and the pulp port inventory is at a high level in recent years, with a slow de - stocking rhythm. Currently, it is the traditional off - season of the papermaking industry, and the profitability improvement of paper enterprises is poor. The downstream paper mills' enthusiasm for purchasing raw materials is insufficient, and the spot market trading is not active. There is also certain cost support at the bottom, and it is recommended to adopt an interval - oscillation approach [36].

Report Summary 1) Industry Investment Rating No information provided. 2) Core View - The pulp futures are expected to rebound slightly in the short - term under the background of macro - positive factors [2]. 3) Summary by Directory Price Data - **Futures Prices**: On July 10, 2025, SP2601 was 5386 with a daily increase of 1.28% and a weekly increase of 1.51%; SP2507 was 5150 with a daily increase of 1.58% and a weekly increase of 1.66%; SP2509 was 5196 with a daily increase of 1.76% and a weekly increase of 2.00% [1]. - **Spot Prices**: On July 10, 2025, the spot price of coniferous pulp Silver Star was 5920 with a daily and weekly increase of 0.34%; Russian Needle was 5200 with a daily and weekly increase of 1.56%; Eucalyptus pulp Goldfish was 4020 with no change [1]. - **Outer - plate Quotes and Import Costs**: The outer - plate quotes of Chilean Silver Star decreased by 2.70% month - on - month, Chilean Star decreased by 10.71% month - on - month, and Chilean Venus remained unchanged. The import costs of Chilean Silver Star decreased by 2.68% month - on - month, Chilean Star decreased by 10.60% month - on - month, and Chilean Venus remained unchanged [1]. Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%; the import volume of eucalyptus pulp was 129.3 tons, a month - on - month increase of 7.84%. The W20 shipment volume to China in May increased by 3.3% month - on - month. The supply side showed an increase in quantity and a decrease in price [1]. - **Demand**: The output of major finished paper increased slightly this week, but the price of finished paper remained low, providing weak support for pulp [2]. - **Inventory**: As of July 10, 2025, the inventory of China's major pulp ports was 217.9 tons, a decrease of 3.4 tons from the previous period, a month - on - month decrease of 1.5%, showing a de - stocking trend [2]. Valuation Data - **Basis**: On July 10, 2025, the Russian Needle basis was 4 with a quantile level of 0.71, and the Silver Star basis was 724 with a quantile level of 0.925 [1]. - **Import Profit**: On July 10, 2025, the import profit of coniferous pulp Silver Star was 36 with a quantile level of 0.686, and that of eucalyptus pulp Goldfish was - 81 with a quantile level of 0.564 [1].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The price of pulp has declined, resulting in insufficient cost support and weak paper prices. The expected trend of offset printing paper next week is generally stable with a slight downward bias [1][7]. Summary by Relevant Catalogs Comprehensive Analysis and Trading Strategy - **Price**: The average tax - inclusive price of 70g offset paper enterprises is 5,028.6 yuan/ton, remaining unchanged from the previous period. The average tax - inclusive price of 157g coated paper enterprises is 5,675.0 yuan/ton, also unchanged from the previous period [5][32]. - **Supply**: Offset paper production is 195,000 tons, a decrease of 6,000 tons or 3.0% from the previous period, with a capacity utilization rate of 54.6%, a decrease of 1.8% from the previous period. Coated paper production is 77,000 tons, an increase of 1,000 tons or 1.3% from the previous period, with a capacity utilization rate of 56.6%, an increase of 0.4% from the previous period [5][13][19]. - **Demand**: The release of publishing tender orders is limited, and sporadic low prices suppress market expectations. The release of autumn publishing orders for offset paper is slow, and social orders are still sluggish. The overall terminal consumption fails to meet expectations, and the downstream printing factory's operating level is not high [5][6]. - **Cost**: The average tax - inclusive spot price of broad - leaf pulp is 4,100 yuan/ton, a decrease of 0.5% from the previous period. The average tax - inclusive spot price of coniferous pulp is 6,079 yuan/ton, a decrease of 1.2% from the previous period. The average tax - inclusive spot price of natural pulp is 5,043 yuan/ton, a decrease of 1.8% from the previous period. The average tax - inclusive spot price of chemimechanical pulp is 3,900 yuan/ton, remaining unchanged from the previous period [5][37]. - **Strategy**: The expected trend of offset printing paper next week is generally stable with a slight downward bias [7]. Core Logic Analysis - **Supply**: The profitability of the offset paper industry is still low, with factory conversion occurring, and the market supply tends to be stable. The profitability of the coated paper industry is relatively stable, and other factories mostly schedule production as planned, with little change in capacity utilization, which remains at a low level [6][19]. - **Demand**: The release of autumn publishing orders for offset paper is slow, social orders are still sluggish, overall terminal consumption fails to meet expectations, the downstream printing factory's operating level is not high, and users' consumption of base paper inventory is slow, with no obvious intention to stock up in large quantities. Under the impact of electronic media, social demand for coated paper is still weak, and users mostly make rigid purchases [6][23]. - **Cost**: Rumors of low foreign prices for broad - leaf pulp are spreading again, intensifying the bearish sentiment among industry players and putting pressure on the pulp market trend. The decline in pulp prices has led to a stable and slightly stronger gross profit margin for coated paper [6][19]. Weekly Data Tracking - **Offset Paper Supply**: The production volume has decreased, and the capacity utilization rate has declined. The profitability of offset paper has improved due to the decline in pulp raw material prices [13]. - **Offset Paper Inventory**: The overall on - site inventory has continued to decline slightly but remains at a high level in recent years. The inventory of offset paper production enterprises has decreased by 0.3% compared to the previous period [14][16]. - **Coated Paper Supply**: The production volume has increased slightly, and the capacity utilization rate has increased slightly. The gross profit margin of coated paper is stable and slightly stronger due to the decline in pulp prices [19]. - **Coated Paper Inventory**: The on - site inventory of coated paper has decreased slightly. The inventory of coated paper production enterprises has decreased by 0.3% compared to the previous period [20][23]. - **Paper Prices**: The average prices of offset paper and coated paper enterprises have remained stable [32]. - **Imported Pulp Prices**: The prices of coniferous pulp, broad - leaf pulp, and natural pulp have declined, while the price of chemimechanical pulp has remained unchanged [37].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided. 2. Core View of the Report In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [2]. 3. Summary by Relevant Catalogs Price Data - On July 9, 2025, the futures price of SP2601 was 5318, with a daily - on - daily increase of 0.45% and a weekly - on - weekly increase of 0.64%. The spot price of coniferous pulp Silver Star was 5900, with no daily or weekly change [1]. - The futures price of SP2507 was 5070, with a daily increase of 0.76% and a weekly increase of 0.44%. The spot price of coniferous pulp Russian Needle was 5120, with no change [1]. - The outer - disk quotation of Chilean Silver Star was 720 dollars, a month - on - month decrease of 2.70%, and its import cost was 5884, a month - on - month decrease of 2.68% [1]. Fundamental Data - In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%, and the import volume of broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84% [1]. - The pulp shipment volume to China in May increased by 3.3% month - on - month [1]. Supply - Chilean Arauco announced a new round of July wood pulp outer - disk quotations. The face value of coniferous pulp Silver Star (no new offer after completed transactions), the face value of natural pulp Venus was 590 dollars per ton, and the net price of Uruguayan broad - leaf pulp New Star was 500 dollars per ton (no quantity for Chilean Star). The supply side showed an increase in quantity and a decrease in price [1]. Demand - This week, the output of major finished paper increased slightly, but the price of finished paper remained low, providing weak support for pulp [2]. Inventory - As of July 3, 2025, the inventory of mainstream pulp ports in China was 221.3 tons, an increase of 5.0 tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [2].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View In the off - season of demand and with high inventory, pulp prices are expected to fluctuate at a low level [2]. 3. Summary by Related Catalogs Price Data - On July 8, 2025, the futures price of SP2601 was 5294, with a daily increase of 0.34% and a weekly increase of 1.50%. The spot price of coniferous pulp Silver Star was 5900, with no daily or weekly change. Other futures and spot prices also had corresponding changes, and the foreign - market quotes and import costs of some pulp varieties showed a trend of quantity increase and price decrease [1]. - The foreign - market quote of Chilean Silver Star was 720 dollars, a month - on - month decrease of 2.70%, and its import cost was 5884, a month - on - month decrease of 2.68% [1]. Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, a month - on - month decrease of 4.75%, and that of broad - leaf pulp was 129.3 tons, a month - on - month increase of 7.84%. The pulp shipment volume to China in May increased by 3.3% month - on - month. Chilean Arauco Company announced the new July wood pulp foreign - market quotes, showing an increase in supply volume and a decrease in price [1]. - **Demand**: The output of major finished paper increased slightly this week, but the price of finished paper remained low, providing weak support for pulp [2]. - **Inventory**: As of July 3, 2025, the inventory of China's mainstream pulp ports was 221.3 tons, an increase of 5.0 tons from the previous period, a month - on - month increase of 2.3%, showing a trend of inventory accumulation [2]. Strategy In the off - season of demand and with high inventory, pulp is expected to fluctuate at a low level [2].

Investment Rating - The report rates the paper industry as "Overweight" [1] Core Insights - In June, the prices of pulp and paper have stabilized after a decline, with pulp prices expected to remain low and paper prices showing weakness during the off-season [3] Summary by Sections Cultural Paper - Prices and costs have stabilized with a marginal improvement in supply and demand. As of June 27, the average market price for 70g high white double glue paper was 5153 CNY/ton, down 47 CNY/ton (0.90%) month-on-month and down 573 CNY/ton (10.01%) year-on-year [5][8] - Supply and demand are expected to improve marginally as the publishing order cycle approaches, although the overall demand remains weak [10] - Profitability is stable as the average theoretical gross margin for double glue paper was 1.81%, an increase of 0.17 percentage points from May [21] White Cardboard - Prices initially increased before declining, with the average market price for 250-400g flat white cardboard at 4088 CNY/ton, a 0.29% increase from May but a 6.17% decrease year-on-year [24] - Supply and demand are expected to widen, with a forecast of increased production and limited demand during the traditional off-season [28] - Profitability has improved due to a decrease in costs, with the gross margin rising by 1.46 percentage points from May [37] Boxboard Paper - The market price for boxboard paper has decreased, with an average price of 3503 CNY/ton, down 11 CNY/ton (0.31%) from May and down 3.68% year-on-year [40] - The industry is entering a traditional off-season, leading to increased supply pressure and weak demand [44] - The profitability of the industry is under pressure due to rising costs and declining prices [40] Pulp - External prices for pulp are declining, with a supply-demand imbalance expected to persist. The new external prices for needle pulp are set at 720 USD/ton and for bleached pulp at 620 USD/ton [6][8] - The demand side remains weak, with paper mills adopting price-cutting strategies to optimize raw material procurement costs [6][8] Waste Paper - Prices have fluctuated, with overall supply and demand remaining weak. The market is experiencing a traditional off-season, leading to reduced demand [4][6]