Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The pulp futures market maintains a weak fundamental pattern, with limited upside potential in the short - term due to recent position - reduction. It is expected to fluctuate weakly in the near future [6]. 3. Summary by Related Catalogs Price Data - **Futures Prices**: On March 30, 2026, SP2701 was 5528 yuan/ton, down 0.14% day - on - day and up 0.25% week - on - week; SP2609 was 5264 yuan/ton, down 0.30% day - on - day and week - on - week; SP2605 was 5182 yuan/ton, down 0.38% day - on - day and 0.12% week - on - week [5]. - **Spot Prices**: On March 30, 2026, the price of coniferous pulp Silver Star was 5200 yuan/ton, unchanged day - on - day and week - on - week; Russian coniferous pulp was 5050 yuan/ton, unchanged; broadleaf pulp was 4600 yuan/ton, unchanged [5]. - **Outer - disk Quotes**: In March 2026, the outer - disk quote of Chilean Silver Star was 680 dollars/ton, down 4.23% month - on - month; Chilean Star was 620 dollars/ton, up 3.33% month - on - month; Chilean Venus was 620 dollars/ton, unchanged [5]. - **Import Costs**: The import cost of Chilean Silver Star was 5559 yuan/ton, down 4.19% month - on - month; Chilean Star was 5073 yuan/ton, up 3.30% month - on - month; Chilean Venus was 5073 yuan/ton, unchanged [5]. Supply - side Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 tons, down 30.86% month - on - month; broadleaf pulp was 147.13 tons, down 2.94% month - on - month [5]. - **Domestic Production**: The domestic production of broadleaf pulp in March 2026 (as of March 26) was 26.2 tons; chemical mechanical pulp was 25.3 tons [5]. - **Supply Information**: In March, Chile's Arauco Company adjusted its wood pulp quotes, with coniferous pulp at 680 dollars/ton, broadleaf pulp Star at 620 dollars/ton (75% supply), and natural pulp Venus at 620 dollars/ton [5]. Demand - side Data - **Finished Paper Production**: In March 2026 (as of March 26), the production of offset paper was 21.60 tons, coated paper was 8.20 tons, tissue paper was 31.21 tons, and white cardboard was 38.50 tons. The demand for pulp has been stable recently, with stable finished paper prices and increased production this week. Price increase letters issued by paper mills are expected to be difficult to implement [5]. Inventory - side Data - **Port Inventory**: As of March 26, 2026, the inventory of China's mainstream pulp ports was 239.5 tons, an increase of 9.8 tons from the previous period, a 4.3% increase. The pulp inventory at the main ports has shown a trend of accumulation, turning from two consecutive weeks of de - stocking to stocking [5]. - **Futures Delivery Warehouse Inventory**: As of March 26, 2026, the inventory in the futures delivery warehouse was 18.6 tons [5].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - The weak pattern of the pulp futures fundamentals continues. The upside space for short - term position reduction is limited, and it is expected to fluctuate weakly in the short term [6]. 3. Summary According to Relevant Catalogs Pulp Futures and Spot Prices - On March 26, 2026, for pulp futures, SP2701 had a price of 5492 yuan/ton, with a daily -环比 of - 1.05% and a weekly -环比 of 0.66%; SP2609 was 5242 yuan/ton, with a daily -环比 of - 1.43% and a weekly -环比 of 0.38%; SP2605 was 5156 yuan/ton, with a daily -环比 of - 1.30% and a weekly -环比 of 1.02% [5]. - For spot prices, the price of coniferous pulp Silver Star was 5200 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 2.97%; coniferous pulp Russian Needle was 5050 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 3.06%; broad - leaf pulp Goldfish was 4600 yuan/ton, with a daily -环比 of 0.00% and a weekly -环比 of 1.10% [5]. Pulp Outer - disk Quotes and Import Costs - The outer - disk quote of Chilean Silver Star was 680 dollars/ton, with a month -环比 of - 4.23%, and its import cost was 5559 yuan/ton, with a month -环比 of - 4.19%. The outer - disk quote of Chilean Star was 620 dollars/ton, with a month -环比 of 3.33%, and its import cost was 5073 yuan/ton, with a month -环比 of 3.30%. The outer - disk quote of Chilean Venus was 620 dollars/ton, with a month -环比 of 0.00%, and its import cost was 5073 yuan/ton, with a month -环比 of 0.00% [5]. Pulp Supply - side Data - In February 2026, the import volume of coniferous pulp was 58.02 tons, a month -环比 decrease of 30.86% compared to January; the import volume of broad - leaf pulp was 147.13 tons, a month -环比 decrease of 2.94% [5]. - The shipment volume of pulp to China in January 2026 was 170 thousand tons, a decrease of 19.80% [5]. - On March 26, 2026, the domestic production of broad - leaf pulp was 26.2 tons, and that of chemimechanical pulp was 25.3 tons [5]. Pulp Inventory - side Data - As of March 26, 2026, the inventory of China's main pulp ports was 239.5 tons, an increase of 9.8 tons from the previous period, a 4.3% increase [5]. - The inventory of futures delivery warehouses was 18.6 tons [5]. Pulp Demand - side Data - On March 26, 2026, the production of double - offset paper was 21.60 tons, copper - plate paper was 8.20 tons, tissue paper was 31.21 tons, and white cardboard was 38.50 tons [5]. - The demand side of pulp has been stable recently. The price of finished paper is stable, and the production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Current logic: The cancellation of warehouse receipts and the destocking of ports have improved the spot market sentiment, leading to a rebound in the futures market as short - sellers reduce their positions. The market is in a state of long - short game, with the pressure of high inventory and weak demand for softwood pulp in the real - world market and the supply cuts by overseas pulp mills due to cost and energy pressures being the key points of the game. The stable domestic fundamentals and historically low valuations support the spot and futures prices of pulp, but the主动 price cuts by overseas suppliers and the appreciation of the RMB have lowered the forward import cost, suppressing the upside potential of the futures market [16]. - Long - term outlook: The traditional consumption peak seasons in March and April are expected to provide seasonal support for the pulp market. Although there is a slight increase in shipments from overseas pulp mills, there is no large - scale new supply. The downstream factories continue their just - in - time procurement strategy, but the peak season will boost production and demand. The increased bargaining power of domestic downstream buyers has forced international pulp suppliers to lower their US - dollar quotes. With the appreciation of the RMB, the import cost has decreased, expanding the profit margin for downstream industries. If the price increase of finished paper can be successfully implemented, the industry's profit and price space will be further expanded, providing room for pulp price increases. However, the high port inventory and the decrease in forward import and warehouse - receipt costs may limit the upside potential of the near - and far - term futures markets, and the abundant supply in the spot and trading markets may lead to price and basis competition, making it difficult for the market to have a significant unilateral upward trend [17]. Summary According to the Directory Part 1: Pulp Overview Supply Side - Domestic production: In this cycle, the sample production of domestic hardwood pulp was 261,000 tons, an increase of 23,000 tons from the previous cycle. The price of domestic hardwood pulp remained stable, but the market sentiment was weak, and the price was unlikely to fluctuate significantly. The production of chemimechanical pulp was 245,000 tons, unchanged from the previous cycle [7]. - Imports: In March, the total pulp import volume was 2.8 million tons, a decrease of 444,000 tons from the previous month, with a year - on - year decrease of 5.56%. The import volume of hardwood pulp was 1.471 million tons, a decrease of 43,900 tons from the previous month, with a year - on - year decrease of 5.08%. The import volume of softwood pulp was 580,000 tons, a decrease of 259,400 tons from the previous month, with a year - on - year decrease of 6.96%. The import volume of softwood chips was 27,000 tons, a decrease of 18,000 tons from the previous month, with a year - on - year increase of 20%. The import volume of hardwood chips was 1.146 million tons, a decrease of 382,000 tons from the previous month, with a year - on - year increase of 11.14% [7]. Demand and Inventory Side - Demand: The production of downstream products such as tissue paper, offset paper, coated paper, and white cardboard increased slightly, and the pulp consumption also increased. The weekly pulp demand was 938,300 tons, an increase of 50,300 tons from the previous week, with a year - on - year increase of 5.69% [9]. - Inventory: Port inventory showed a destocking trend as downstream buyers replenished their stocks at low prices. The total port inventory was 2.229 million tons, a decrease of 102,000 tons from the previous week, with a year - on - year increase of 23.8%. The warehouse - receipt inventory was in the process of continuous registration with a small amount of cancellation. The total inventory (port + warehouse - receipt) was 2.4003 million tons, a decrease of 102,900 tons from the previous week, with a year - on - year increase of 4.34%. The finished - product inventory of downstream products such as tissue paper, offset paper, coated paper, and white cardboard increased at a slower pace as terminal consumption gradually recovered [9]. Price and Spread - Quotations: Some foreign quotes for softwood pulp decreased by $10 per ton. - Spot prices: Supported by the expectation of inventory replenishment and the peak season, the spot prices had some support, but the high port inventory limited the upside potential. - Futures prices: The cancellation of warehouse receipts and port destocking improved the spot sentiment, leading to a rebound in the futures market. However, the active price cuts by overseas suppliers and the weak demand led to short - sellers increasing their positions. The market was in a long - short game, with high inventory and weak demand in the real - world market and supply cuts by overseas pulp mills being the key points of the game. The stable domestic fundamentals and low valuations provided some support for the spot and futures prices [11]. - Spreads: The difference between softwood and hardwood pulp prices continued to shrink to a relatively low level, which might drive the digestion of old softwood pulp. The spreads between different futures contracts were relatively stable, and the basis was also relatively stable [11]. Cost and Profit - Cost: The domestic production cost of hardwood pulp was relatively stable, while the import cost of pulp decreased due to the decrease in foreign quotes and the appreciation of the RMB. - Profit: The profit of domestic pulp production remained stable. The profit of imported pulp was expected to improve continuously. The profit of finished paper improved due to the price increase of finished products and the decrease in raw material costs caused by the appreciation of the RMB [13]. Part 2: Pulp Balance Sheet - The balance sheet shows the supply, demand, inventory, and other data of pulp from January 2025 to April 2026, including domestic production, imports, downstream production, pulp consumption, inventory, and other indicators, which can be used to analyze the supply - demand relationship and market trends of the pulp market [21]. Part 3: Pulp Supply - Demand Analysis Global Pulp Supply - Demand Analysis - Supply: The shipment of W20 global pulp to China is analyzed, but specific data is not provided in the given content. - Demand and Inventory: The apparent demand and inventory in Europe are analyzed, but specific data is not provided in the given content. Domestic Pulp Supply - Demand Analysis - Supply Side - Pulp imports: The import volume of pulp, including softwood pulp, hardwood pulp, chemimechanical pulp, and本色 pulp, is analyzed, and the import volume and year - on - year changes of different types of pulp from 2022 to 2025 are presented through charts [36][39][59]. - Wood chip imports: The import volume of softwood chips and hardwood chips from 2022 to 2025 is analyzed, and the import volume and year - on - year changes are presented through charts [67]. - Demand Side - Pulp apparent demand: The apparent demand of pulp is analyzed, but specific data is not provided in the given content. - Downstream finished - paper analysis: The production, supply, demand, and other aspects of downstream finished papers such as tissue paper, offset paper, coated paper, and white cardboard are analyzed, and the production capacity and expected commissioning time of some paper mills are also provided [90]. - Inventory Side: The total inventory of pulp, including warehouse - receipt inventory and port inventory, is analyzed, but specific data is not provided in the given content. Part 4: Cost and Profit - Pulp import cost and profit: The import cost and profit of pulp are analyzed, but specific data is not provided in the given content. - Domestic pulp production cost and profit: The production cost and profit of domestic pulp are analyzed, but specific data is not provided in the given content. Part 5: Pulp Price and Spread Analysis - Pulp foreign quotes: The foreign quotes of pulp are analyzed, but specific data is not provided in the given content. - Spot price seasonality: The seasonality of spot prices is analyzed, but specific data is not provided in the given content. - Spot spread seasonality: The seasonality of spot spreads is analyzed, but specific data is not provided in the given content. - Basis: The basis is analyzed, but specific data is not provided in the given content. - SP main - contract seasonal chart and inter - month spread: The seasonal chart and inter - month spread of the SP main contract are analyzed, but specific data is not provided in the given content.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The weak pattern of the pulp futures fundamentals continues, with limited upside potential for short - term position - reduction rallies. It is expected to fluctuate weakly in the short term [6]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On March 23, 2026, SP2701 was 5514 yuan/ton with a daily increase of 0.07% and a weekly increase of 0.29%; SP2609 was 5280 yuan/ton with a daily increase of 0.15% and a weekly decrease of 0.53%; SP2605 was 5188 yuan/ton with a daily increase of 0.46% and a weekly decrease of 0.84% [5]. - **Spot Prices**: Coniferous pulp Silver Star was 5200 yuan/ton with a daily increase of 0.97% and a weekly decrease of 1.89%; Coniferous pulp Russian Needle was 5050 yuan/ton with a daily increase of 1.00% and a weekly decrease of 1.94%; Broad - leaf pulp Goldfish was 4600 yuan/ton with a daily increase of 1.10% and no weekly change [5]. - **External Quotes and Import Costs**: Chilean Silver Star's external quote was 710 dollars/ton with no change, and its import cost was 5802 yuan/ton with no change; Chilean Star's external quote was 600 dollars/ton with no change, and its import cost was 4911 yuan/ton with no change; Chilean Venus's external quote was 620 dollars/ton with no change, and its import cost was 5073 yuan/ton with no change [5]. Pulp Fundamental Data - **Import Volume**: In February 2026, the import volume of coniferous pulp was 58.02 tons, a month - on - month decrease of 30.86% compared to January; the import volume of broad - leaf pulp was 147.13 tons, a month - on - month decrease of 2.94% [5]. - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170 thousand tons, a decrease of 19.80% [5]. - **Domestic Production**: The domestic production of broad - leaf pulp on March 19, 2026, was 26.3 tons; the domestic production of chemimechanical pulp was 24.5 tons [5]. - **Inventory**: As of March 19, 2026, the pulp port inventory was 229.7 tons, a decrease of 7.6 tons from the previous period, a month - on - month decrease of 3.2%; the futures delivery warehouse inventory was 18.2 tons [5]. - **Finished Paper Production**: On March 19, 2026, the production of double - offset paper was 20.60 tons, coated paper was 7.60 tons, tissue paper was 31.00 tons, and cardboard was 37.50 tons [5]. Supply and Demand - **Supply**: Chile's Arauco Company's March coniferous pulp offer was 710 dollars/ton, unchanged; the broad - leaf pulp Star's offer was 620 dollars/ton, up 20 dollars/ton; the natural pulp Venus's offer was 620 dollars/ton, unchanged [5]. - **Demand**: The demand side of pulp has been stable recently. The prices of finished paper are stable, and the production volume has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5].

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [4]. Core Insights - Leshu Comfort's 2025 annual report slightly exceeded market expectations, with revenue of $567 million, a year-on-year increase of 24.9%, and a profit of $121 million, up 27.4% [3][10]. - Recent product launches from leading companies in the soft furniture sector, including Kuka Home and Minsun Holdings, indicate a trend towards smart product upgrades, suggesting a potential concentration of market share among top players [3]. - The light industry sector has recently experienced a pullback, with many companies' valuations returning to attractive levels, prompting recommendations to focus on stocks like Zhongxin Co., Jiu Long Paper, and Leshu Comfort [3]. Summary by Sections Home Furnishing - Kuka Home launched four smart flagship products, including the Hertz S9 smart sofa and the Moon Shadow M8 smart mattress, enhancing their AI capabilities [8]. - Kuka Home is also investing $160 million in a new production base in Indonesia, expected to generate an annual output value of approximately $220 million upon completion [8]. - The home furnishing sector's valuations and institutional holdings are at historical lows, with expectations for gradual improvement in fundamentals post-Q2 [8]. Paper Industry - As of March 20, 2026, prices for various paper types showed mixed trends, with double glue paper at 4,737.5 CNY/ton (+12.5 CNY), while white card paper decreased to 4,218 CNY/ton (-26 CNY) [8][52]. - Jiu Long Paper announced a price increase for April, maintaining a bullish outlook on paper prices supported by strong pulp prices [8]. - The paper industry is expected to see a recovery in prices due to strong support from wood pulp prices and a favorable exchange rate for imported pulp [8]. Packaging - Dazhengda announced an investment of 550 million CNY to acquire a stake in Chipton Semiconductor, enhancing its capabilities in high-performance graphics processing [10]. - The packaging sector is advised to focus on companies with stable operations and attractive dividend yields, such as Yutong Technology and Meiyingsen [10]. Export Chain - In the first two months of 2026, China's exports increased by 21.8% year-on-year, with trade with ASEAN and EU growing significantly [12]. - Recommendations for export chain companies include Zhongxin Co., Zhiou Technology, and others with strong production capabilities in the U.S. market [12]. Light Industry Consumption - Leshu Comfort's strategic expansion into Africa and Latin America, along with a 4%-7% increase in average selling prices, positions it well for future growth [12]. - The company reported a gross margin of 35.9%, benefiting from favorable currency exchange rates and product optimization [12].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pulp market shows a trend of inventory reduction at major ports. The demand side is currently stable, with stable prices of finished paper and an increase in production this week. The price increase notices issued by paper mills are expected to be difficult to implement. For pulp futures, after a sharp decline with increasing positions, there has been a small rebound with decreasing positions. Short - term investors can consider buying on dips but need to strictly control stop - losses [5][6] 3. Summary According to Relevant Contents Pulp Price Data - **Futures Prices**: On March 19, 2026, SP2701 was 5456 yuan/ton, with a daily increase of 1.19% and a weekly decrease of 0.76%; SP2609 was 5222 yuan/ton, with a daily increase of 1.16% and a weekly decrease of 1.51%; SP2605 was 5104 yuan/ton, with a daily increase of 1.27% and a weekly decrease of 2.82% [5] - **Spot Prices**: Coniferous pulp Silver Star was 5050 yuan/ton, unchanged daily and down 4.72% weekly; Coniferous pulp Russian Needle was 4900 yuan/ton, unchanged daily and down 4.85% weekly; Broadleaf pulp Goldfish was 4550 yuan/ton, unchanged daily and down 1.09% weekly [5] - **Foreign Quotes and Import Costs**: Chilean Silver Star's foreign quote was 710 dollars/ton, unchanged; its import cost was 5802 yuan/ton, unchanged. Chilean Star's foreign quote was 600 dollars/ton, unchanged; its import cost was 4911 yuan/ton, unchanged. Chilean Venus's foreign quote was 620 dollars/ton, unchanged; its import cost was 5073 yuan/ton, unchanged [5] Pulp Fundamental Data - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, a month - on - month increase of 7.31% compared to November 2025; the import volume of broadleaf pulp was 135.2 tons, a month - on - month decrease of 23.40% compared to November 2025 [5] - **Shipment Volume to China**: In January 2026, the shipment volume of pulp to China was 170,000 tons, a month - on - month decrease of 19.80% [5] - **Domestic Production Volume**: On March 19, 2026, the domestic production volume of broadleaf pulp was 26.3 tons; the domestic production volume of chemimechanical pulp was 24.5 tons [5] - **Inventory Data**: As of March 19, 2026, the pulp port inventory was 229.7 tons, a decrease of 7.6 tons from the previous period, a month - on - month decrease of 3.2%; the futures delivery warehouse inventory was 18.2 tons [5] - **Finished Paper Production Volume**: On March 19, 2026, the production volume of offset paper was 20.6 tons; the production volume of coated paper was 7.6 tons; the production volume of tissue paper was 31.0 tons; the production volume of white cardboard was 37.5 tons [5] Supply and Demand - **Supply Side**: Chile's Arauco Company's March offer for coniferous pulp was 710 dollars/ton, unchanged; the offer for broadleaf pulp Star was 620 dollars/ton, up 20 dollars/ton; the offer for natural pulp Venus was 620 dollars/ton, unchanged [5] - **Demand Side**: The demand side of pulp has been stable recently. The prices of finished paper are stable, and the production volume has increased this week. The price increase notices issued by paper mills are expected to be difficult to implement [5] Strategy - Pulp futures have seen a small rebound with decreasing positions after a sharp decline with increasing positions. Short - term investors can consider buying on dips but need to strictly control stop - losses [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - Pulp futures have significantly increased positions and declined. The main reason is the weak current situation leading to the expectation of further decline in foreign market quotes. The bearish sentiment has not been fully released, so short - term bottom - fishing is not recommended [5]. 3. Summary by Related Catalogs Pulp Price Data - Futures prices: SP2701 is 5392 yuan/ton, with a daily decline of 0.52% and a weekly decline of 1.75%; SP2609 is 5162 yuan/ton, with a daily decline of 0.69% and a weekly decline of 2.93%; SP2605 is 5040 yuan/ton, with a daily decline of 0.94% and a weekly decline of 4.18% [5]. - Spot prices: Coniferous pulp Silver Star is 5050 yuan/ton, with a daily decline of 1.94% and a weekly decline of 5.61%; Coniferous pulp Russian Needle is 4900 yuan/ton, with a daily decline of 2.00% and a weekly decline of 4.85%; Broad - leaf pulp Goldfish is 4550 yuan/ton, with no daily change and a weekly decline of 1.09% [5]. - Foreign market quotes: Chilean Silver Star is 710 dollars/ton, Chilean Star is 600 dollars/ton, and Chilean Venus is 620 dollars/ton, all with no monthly change [5]. - Import costs: Chilean Silver Star is 5802 yuan/ton, Chilean Star is 4911 yuan/ton, and Chilean Venus is 5073 yuan/ton, all with no monthly change [5]. Pulp Fundamental Data - Import volume: In December 2025, coniferous pulp import volume was 72.5 tons, a month - on - month increase of 7.31% compared to November; broad - leaf pulp import volume was 176.5 tons, a month - on - month decrease of 23.40% [5]. - Shipment volume to China: In January 2026, the shipment volume of pulp to China was 170 thousand tons, a decline of 19.80% [5]. - Domestic production: On March 12, 2026, broad - leaf pulp domestic production was 23.8 tons, and chemimechanical pulp domestic production was 24.5 tons [5]. - Port inventory: As of March 12, 2026, the inventory of China's main pulp ports was 237.3 tons, a decrease of 3.5 tons compared to the previous period, a month - on - month decline of 1.5% [5]. - Futures delivery warehouse inventory: As of March 12, 2026, it was 18.0 tons [5]. - Finished paper production: On March 12, 2026, double - offset paper production was 20.10 tons, coated paper production was 7.80 tons, tissue paper production was 30.07 tons, and cardboard production was 33.40 tons [5]. Supply and Demand - Supply: Chilean Arauco's March coniferous pulp offer is 710 dollars/ton, unchanged; broad - leaf pulp Star is quoted at 620 dollars/ton, up 20 dollars/ton; natural pulp Venus is quoted at 620 dollars/ton, unchanged [5]. - Demand: The demand side of pulp has been stable recently. Finished paper prices are stable, and production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The fundamentals of pulp are weak, with "Golden March and Silver April" failing to effectively boost papermaking demand. However, the chemical price increase due to the US - Iran war has a driving effect on the pulp futures market, so the overall situation is seen as oscillating [5] 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On March 13, 2026, SP2701 futures price was 5526 yuan/ton, up 0.51% day - on - day and 0.11% week - on - week; SP2609 was 5330 yuan/ton, up 0.53% day - on - day and down 0.71% week - on - week; SP2605 was 5272 yuan/ton, up 0.38% day - on - day and down 0.94% week - on - week [5] - **Spot Prices**: Coniferous pulp Silver Star was 5300 yuan/ton, unchanged day - on - day and week - on - week; Coniferous pulp Russian Needle was 5150 yuan/ton, unchanged day - on - day and up 0.98% week - on - week; Broadleaf pulp Goldfish was 4600 yuan/ton, unchanged day - on - day and week - on - week [5] - **External Quotes and Import Costs**: Chilean Silver Star's external quote was 710 dollars/ton, unchanged; its import cost was 5802 yuan/ton, unchanged. Chilean Star's external quote was 600 dollars/ton, unchanged; its import cost was 4911 yuan/ton, unchanged. Chilean Venus's external quote was 620 dollars/ton, unchanged; its import cost was 5073 yuan/ton, unchanged [5] Pulp Fundamental Data - **Import Volume**: In November 2025, coniferous pulp import volume was 72.5 tons, and in December 2025, it was 77.8 tons, up 7.31% month - on - month. In December 2025, broadleaf pulp import volume was 176.5 tons, and in the subsequent period, it was 135.2 tons, down 23.40% [5] - **Domestic Production Volume**: On March 12, 2026, broadleaf pulp domestic production volume was 23.8 tons; chemical mechanical pulp was 24.5 tons [5] - **Inventory**: As of March 12, 2026, pulp port inventory was 237.3 tons, down 3.5 tons from the previous period, a 1.5% decline. Futures delivery warehouse inventory was 18.0 tons [5] - **Finished Paper Production Volume**: On March 12, 2026, double - offset paper production volume was 20.10 tons; coated paper was 7.80 tons; daily production of tissue paper was 30.07 tons (with another value of 33.40 tons mentioned) [5] Supply - Demand and Strategy - **Supply**: Chilean Arauco's March coniferous pulp offer was 710 dollars/ton, unchanged; broadleaf pulp Star's quote was 620 dollars/ton, up 20 dollars/ton; natural pulp Venus's quote was 620 dollars/ton, unchanged [5] - **Demand**: Pulp demand has been stable recently, finished paper prices are stable, and production volume increased this week. Price - increase letters issued by paper mills are expected to be difficult to implement [5] - **Strategy**: This week, pulp futures warrants increased significantly, and port inventory, especially coniferous pulp, is still at an absolute high. Overall, the situation is seen as oscillating [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The pulp futures main contract SP2605 continued its low - level oscillation pattern. The weak downstream demand restricted the upward movement of the market. Although the downstream paper mills' demand for pulp has improved slightly, the pace is slow. The domestic pulp port inventory is still at a relatively high historical level. The external market price continues to rise, providing some support for the cost of pulp prices. If the demand improves, it is recommended to consider buying on dips [7][36]. 3. Summary by Directory 3.1 This Week's Market Review - The pulp futures main contract SP2605 continued its low - level oscillation. Weak downstream demand made it difficult for the market to rise [7]. 3.2 Fundamental Analysis - **Price**: As of March 10, the monthly average prices of imported softwood pulp, imported chemimechanical pulp, and imported hardwood pulp were 5,251.24 yuan/ton, 3,883.33 yuan/ton, and 4,564.70 yuan/ton respectively, with month - on - month changes of - 0.61%, - 0.01%, and +0.20% [12]. - **Import Volume**: From January to February 2026, China's pulp imports were 6.044 billion tons, with an import value of 3.48 billion US dollars and an average unit price of 575.78 US dollars/ton. The cumulative import volume and value decreased by 5.4% and 12.8% respectively compared with the same period last year [16][36]. - **Domestic Port Inventory**: As of March 12, 2026, the weekly total inventory of pulp in major Chinese regions and ports decreased by 5.52% month - on - month, changing from an upward trend to a downward one. The destocking situation of domestic pulp ports needs to be observed [20]. - **European Port Inventory**: In January 2026, the total inventory in European ports decreased by 14.72% month - on - month and 11.34% compared with January 2025. The port inventories in most European countries showed a reduction trend [23]. - **Downstream Capacity and Start - up Rate**: Waste paper pulp accounts for 63% of China's total pulp consumption. In March, there is no new production capacity for white cardboard and coated paper. Double - offset paper has an expected trial run of 300,000 tons of new capacity at the end of the month, and tissue paper has an expected production of 120,000 tons of new capacity. The operating rate of downstream enterprises has increased, but the pace is slow [30]. 3.3 Future Outlook - The import volume and value from January to February 2026 decreased compared with the same period last year. In March, the operating rate of most downstream paper mills has returned to normal, and the demand for pulp has improved slightly but slowly. The domestic pulp port inventory is still at a relatively high level. The external market prices of major producing countries continue to rise, increasing the subsequent import cost and providing some support for pulp prices. If the demand improves, it is recommended to consider buying on dips [36].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp futures inventory decreased slightly this week, but the port inventory, especially for softwood pulp, remains at an absolute high. The "Golden March and Silver April" period is unlikely to effectively boost papermaking demand, and the overall market is expected to fluctuate weakly [5] Group 3: Summary of Related Catalogs Pulp Price Data - **Futures Prices**: On March 12, 2026, SP2701 was 5498 yuan/ton with a daily increase of 0.18% and a weekly increase of 0.33%; SP2609 was 5302 yuan/ton with a daily decrease of 0.30% and a weekly decrease of 0.08%; SP2605 was 5252 yuan/ton with a daily decrease of 0.15% and a weekly increase of 0.04% [5] - **Spot Prices**: Coniferous pulp Silver Star was 5300 yuan/ton with a daily decrease of 0.93% and no weekly change; Coniferous pulp Russian Needle was 5150 yuan/ton with no daily change and a weekly increase of 0.98%; Broadleaf pulp Goldfish was 4600 yuan/ton with no daily or weekly change [5] - **Foreign Offers and Import Costs**: Chilean Silver Star's foreign offer was 710 dollars/ton with no change, and its import cost was 5802 yuan/ton with no change; Chilean Star's foreign offer was 600 dollars/ton with no change, and its import cost was 4911 yuan/ton with no change; Chilean Venus's foreign offer was 620 dollars/ton with no change, and its import cost was 5073 yuan/ton with no change [5] Pulp Fundamental Data - **Import Volume and Shipment**: In December 2025, the import volume of softwood pulp was 72.5 tons, a 7.31% increase from November; the import volume of hardwood pulp was 176.5 tons, a 23.40% decrease from November. The pulp shipment to China in January 2026 was 170 thousand tons, a 19.80% decrease [5] - **Domestic Production**: On March 12, 2026, the domestic production of broadleaf pulp was 23.8 tons, and that of chemimechanical pulp was 24.5 tons [5] - **Inventory**: As of March 12, 2026, the pulp port inventory was 237.3 tons, a decrease of 3.5 tons from the previous period, a 1.5% decrease; the futures delivery warehouse inventory was 18.0 tons [5] - **Demand**: The production of offset paper was 19.80 tons, coated paper was 8.30 tons, and the daily production of tissue paper was 28.76 tons [5] Supply and Demand - **Supply**: Chile's Arauco Company's March softwood pulp offer was 710 dollars/ton, unchanged; the hardwood pulp Star's offer was 620 dollars/ton, up 20 dollars/ton; the natural pulp Venus's offer was 620 dollars/ton, unchanged [5] - **Demand**: The pulp demand has been stable recently, the finished paper prices are stable, and the production has increased this week. The price increase letters issued by paper mills are expected to be difficult to implement [5]