投资咨询业务资格:证监许可【2012】31号 | | C | | | 2025年10月9日 | 日环比 | 周环比 | | | 2025年10月9日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5104 | -0. 74% | -3.63% | | 针叶浆银星 | 5520 | -0. 54% | -2. 30% | | | SP2511 | 4804 | -0.62% | -4.76% | 现货价 | 针叶浆俄针 | 5050 | -0. 98% | -2. 88% | | | SP2505 | 5146 | -0.73% | -3. 13% | | 阔叶浆等更 | 4250 | 0.00% | 0.71% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 700 | 720 | -2.78% | | 智利银星 | 5721 | 5884 | -2.75% | | (美元) | 巴 ...

投资咨询业务资格:证监许可【2012】31号 | | C == 体张告中的信息均源于公开可获得的资料，国贸期货力求准确可靠，但不对上达信息的准确性及完整性做任何保证。本报告不构成个人投资建议，也未针对个别投资者扬胜的投资目标。 免 责 影影《剧需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，很比投资，责任自负。本报告仅向待定客户推进，未经画贸期货授权许可，任何引用，转载以及向 UH 第三方传播的行为均构成对国贸期货的侵权，我司将视情况追究法律责任。期市有风险，入市需谨慎。 ll C 国贸期货 LET 500 FR 2 1 2 1 国贸期货有限公司 流的衍生品综合服务商 司不要】 影教据 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | | 2025年9月30日 | 日环比 | 周环比 | | | 2025年9月30日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5142 | -0 ...

策略: 纸浆基本面仍无修复迹象, 纸浆港口库存和仓单数量无明显去化, 纸浆期货偏弱运行;考虑11-1反套。 == 体张告中的信息均源于公开可获得的资料，国贸期货力求准确可靠，但不对上达信息的准确性及完整性做任何保证。本报告不构成个人投资建议，也未针对个别投资者扬胜的投资目标。 免 责 影影《剧需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，很比投资，责任自负。本报告仅向待定客户推进，未经画贸期货授权许可，任何引用，转载以及向 UH 第三方传播的行为均构成对国贸期货的侵权，我司将视情况追究法律责任。期市有风险，入市需谨慎。 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 | | | 2025年9月29日 | 日环比 | 周环比 | | | 2025年9月29日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SP2601 | 5174 | -1.86% | -2. 16% | | 针叶浆银星 | 5600 | -0. ...

行业 纸浆日报 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 日期 2025 年 9 月 30 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 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 ＃summary＃ 每日报告 一、行情回顾 ...

| | | 2025年9月26日 | 日环比 | 周环比 | | | 2025年9月26日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SP2601 | 5272 | -0. 79% | -0. 83% | | 针叶浆银星 | 5650 | 0. 00% | 0.00% | | 期货价格 | SP2511 | 5016 | -0. 87% | -0. 04% | 现货价 | 针叶浆俄针 | 5200 | 0. 00% | 0.00% | | | SP2505 | 5296 | -0. 60% | -0. 71% | | 阔叶浆金鱼 | 4220 | 0.00% | 0.00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 700 | 720 | -2. 78% | | 智利银星 | 5721 | 5884 | -2.75% | | (美元) | 日起等更 | 530 | 510 | 3.92% | 进口成本 ...

行业 纸浆日报 日期 2025 年 9 月 29 日 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 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 021-60635727 fengzeren@ccb.ccbfutures.com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 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 ＃summary＃ 每日报告 一、行情回顾 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The pulp fundamentals still show no signs of recovery, with no significant reduction in pulp port inventories and the number of warehouse receipts. The pulp futures are expected to fluctuate, and an 11 - 1 reverse spread is recommended [5][6]. 3. Summary by Relevant Catalog Price Data - **Futures Prices**: On September 25, 2025, SP2601 was 5314 with a daily increase of 0.34% and a weekly decrease of 0.15%; SP2511 was 5060 with a daily increase of 0.32% and a weekly increase of 0.92%; SP2505 was 5328 with a daily increase of 0.30% and a weekly decrease of 0.34% [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5650, Russian Needle was 5200; Broad - leaf pulp Goldfish was 4220, all with no daily or weekly changes [5]. - **Outer - disk Quotes**: Chilean Silver Star decreased by 2.78% to 700 dollars; Japanese quotes increased by 3.92% to 530 dollars; Chilean Venus remained unchanged at 590 dollars [5]. - **Import Costs**: Chilean Silver Star decreased by 2.75% to 5721; Brazilian Goldfish increased by 3.87% to 4344; Chilean Venus remained unchanged at 4830 [5]. Fundamental Data - **Supply**: In August 2025, coniferous pulp imports were 61.4 tons, a month - on - month decrease of 4.95%; broad - leaf pulp imports were 125.8 tons, a month - on - month decrease of 6.88%. The pulp shipment volume to China in August was 162 tons, a 4.50% increase [5]. - **Production**: Domestic broad - leaf pulp production on September 25, 2025, was 23.8 tons; chemimechanical pulp production was 22.3 tons [5]. - **Inventory**: As of September 25, 2025, the pulp port inventory was 203.3 tons, a decrease of 7.9 tons from the previous period, a 3.7% decrease. The futures delivery warehouse inventory was 23.5 tons [5]. - **Demand**: On September 25, 2025, double - offset paper production was 21.00 tons; coated paper production was 8.50 tons; tissue paper production was 28.07 tons; white cardboard production was 35.90 tons [5]. Valuation Data - **Basis**: On September 25, 2025, the Russian Needle basis was 140 with a quantile level of 0.867; the Silver Star basis was 590 with a quantile level of 0.86 [5]. - **Import Profit**: Coniferous pulp Silver Star had an import profit of - 71 with a quantile level of 0.497; broad - leaf pulp Goldfish had an import profit of - 124 with a quantile level of 0.523 [5]. Market Analysis - **Supply Side**: Arauco's September quotes showed a decrease in coniferous pulp outer - disk quotes and an increase in broad - leaf pulp quotes [5]. - **Demand Side**: Current paper product demand is stable, prices have not rebounded significantly, and the positive impact of the "Golden September and Silver October" on pulp demand has not been reflected [5]. - **Inventory Side**: As of September 25, 2025, the pulp inventory showed a de - stocking trend [5].

| | | 2025年9月24日 | 日环比 | 周环比 | | | 2025年9月24日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SP2601 | 5296 | 0. 46% | -0. 97% | | 针叶浆银星 | 5650 | 0. 00% | 0.00% | | 期货价格 | SP2511 | 5044 | 0.72% | 0. 04% | 现货价 | 针叶浆俄针 | 5200 | 0. 00% | -0. 95% | | | SP2505 | 5312 | 0. 45% | -1.04% | | 阔叶浆金鱼 | 4220 | 0. 00% | 0.00% | | | | 本期价格 | 上期价格 | 月环比 | | | 本期价格 | 上期价格 | 月环比 | | 外盘报价 | 智利银星 | 700 | 720 | -2. 78% | | 智利银星 | 5721 | 5884 | -2.75% | | (美元) | 日起ぞ更 | 530 | 510 | 3.92% | 进口成本 | ...

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 Industry Investment Rating - Not provided Group 2: Report's Core View - The fundamentals of pulp have no signs of recovery, the port inventory and the number of warehouse receipts of pulp have no obvious reduction, and the pulp futures fluctuate [5]. Group 3: Summary by Related Catalogs Futures and Spot Prices - On September 19, 2025, the futures prices of SP2601, SP2511, and SP2505 were 5316, 5018, and 5334 respectively, with day-on-day changes of -0.11%, 0.08%, and -0.22%, and week-on-week changes of 0.72%, 0.56%, and 0.87% [5]. - The spot prices of coniferous pulp Silver Star, Russian Needle, and broadleaf pulp Goldfish were 5650, 5200, and 4220 respectively, with day-on-day changes of 0.00%, 0.00%, and 0.00%, and week-on-week changes of 0.00%, 0.58%, and 0.96% [5]. Outer - disk Quotes and Import Costs - The outer - disk quotes of Chilean Silver Star, Japanese - like, and Chilean Venus were 700, 530, and 590 dollars respectively, with month - on - month changes of -2.78%, 3.92%, and 0.00% [5]. - The import costs of Chilean Silver Star, Brazilian Goldfish, and Chilean Venus were 5721, 4344, and 4830 respectively, with month - on - month changes of -2.75%, 3.87%, and 0.00% [5]. Supply - side Data - In July 2025, the import volumes of coniferous pulp and broadleaf pulp were 64.6 and 135.1 tons respectively, with month - on - month changes of -4.72% and -5.85% [5]. - The pulp shipment volume to China was 158 tons, with a year - on - year increase of 23.00% [5]. - The domestic production volumes of broadleaf pulp and chemimechanical pulp on September 18, 2025 were 23.1 and 22.2 tons respectively [5]. Inventory - side Data - As of September 18, 2025, the pulp port inventory was 211.2 tons, with a week - on - week increase of 2.4% [5]. - The futures delivery warehouse inventory was 24.4 tons [5]. Demand - side Data - The production volumes of offset paper, coated paper, tissue paper, and white cardboard on September 18, 2025 were 20.90, 8.30, 28.04, and 35.60 tons respectively [5]. Valuation Data - On September 19, 2025, the Russian Needle basis was 182 with a quantile level of 0.896, and the Silver Star basis was 632 with a quantile level of 0.878 [5]. - The import profits of coniferous pulp Silver Star and broadleaf pulp Goldfish were -71 and -124 respectively, with quantile levels of 0.496 and 0.522 [5]. Market Situation - On the supply side, Arauco's September coniferous pulp Silver Star quote was 700 dollars/ton, broadleaf pulp Star quote increased by 20 dollars/ton to 540 dollars/ton, and natural pulp Venus quote remained at 590 dollars/ton. Coniferous pulp outer - disk quotes decreased while broadleaf pulp quotes increased [5]. - On the demand side, the current paper product demand remained basically stable. Some offset paper and white cardboard manufacturers issued price increase letters, and the implementation remained to be observed [5]. - On the inventory side, as of September 18, 2025, the inventory showed a narrow - range accumulation trend [5].