Group 1: Report Overview - Report Name: Pulp Daily Report [1] - Date: July 8, 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 09 contract was 5080 yuan/ton, and the closing price was 5074 yuan/ton, with an overall increase of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5220 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 6100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, unchanged from the previous quote [7] - Supply - side Data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6%. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp imports in May were 302 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Data: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only Qingdao Port's inventory decreasing compared to the previous week, and the overall shipment speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. Currently, the port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and it was oscillating in the low - level range [7] Group 3: Industry News - On July 4, Finland's Stora Enso announced that its Kemi pulp mill and the adjacent paper mill would resume production after weeks of maintenance and repair. Production would resume in stages, and the factory startup would take about two days. During the five - week annual maintenance shutdown, its subsidiary changed the digester damaged in the explosion in March 2024. The new Kemi pulp mill, put into use in Q4 2023, had the world's largest softwood pulp production line, with an annual production capacity of about 1.5 million tons, including about 1.1 million tons of market pulp [8] Group 4: Data Overview - The report presented various data charts, including pulp spot and futures prices, price spreads, warehouse receipts, and inventory in different regions [14][16][18][25][27][29]

Group 1: Report Information - Report Type: Pulp Daily Report [1] - Date: July 4, 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 09 contract was 5,048 yuan/ton, and the closing price was 5,094 yuan/ton, a rise of 0.91% [7] - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5,220 - 6,750 yuan/ton, with the low - end price unchanged from the previous trading day. The price of Shandong Yinxing was 6,100 yuan/ton [7] - Chilean Arauco's June Quotes: Yinxing was 740 US dollars/ton, and Jinxing was 620 US dollars/ton, the same as the previous quote [7] - Supply - side Data: In May, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 8.2% year - on - year, and the cumulative decrease from January to April was 0.6% year - on - year. In May, the total wood pulp inventory in European ports increased by 13.3% month - on - month and 22% year - on - year. China's pulp import volume in May was 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - Inventory Status: As of July 3, 2025, the weekly pulp inventory in major regions and ports increased by 3.11% month - on - month, with only the inventory in Qingdao Port decreasing compared to the previous week. The overall shipping speed was stable [7] - Downstream Market: The market orders of downstream paper mills had no obvious improvement, and the prices of finished paper remained stable. The port de - stocking speed was slow, the supply of imported wood pulp market was relatively loose, and the price was oscillating in the low - end range [7] Group 3: Industry News - On July 3, the 650,000 - ton/year bleached chemical pulp production line of Nine Dragons Paper Co., Ltd. in Jianli Bailuo Industrial Park, Jingzhou was successfully put into operation, marking a key breakthrough in the 20.5 - billion - yuan forest - pulp - paper integration project. The supporting 1.2 - million - ton/year white cardboard production line plans to be installed and debugged in the fourth quarter of 2025. After the project is fully completed, a complete industrial chain from pulping to packaging and printing will be formed in Jingzhou [8]

Report Information - Report Title: Pulp Daily Report [1] - Date: June 27, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - No information provided Core Viewpoints - The pulp market is facing a situation where the supply is relatively loose, and the improvement of the pulp fundamentals is limited. Although the suspension of the warehousing of Russian spruce pulp has begun this week, the current port inventory reduction speed is slow. The paper mills' raw material procurement mentality remains cautious, mainly replenishing stocks with low - level rigid demand [8] Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: The previous settlement price of the 09 - contract of pulp futures was 5080 yuan/ton, and the closing price was 5066 yuan/ton, a decline of 0.28%. The intended transaction price range of softwood pulp in the Shandong market was 5220 - 6750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Silver Star was 6100 yuan/ton [7] - **Supply - related Data**: Chile's Arauco announced its June prices, with Silver Star at $740/ton and Venus at $620/ton, the same as the previous quotation. According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. According to UTIPULP data, the European wood pulp inventory in May decreased by 2.4% month - on - month and increased by 2.5% year - on - year; the consumption increased by 7.9% month - on - month and 0.3% year - on - year. In May, China's total pulp imports were 3.02 million tons, an increase of 4.3% month - on - month and 6.9% year - on - year. As of June 19, 2025, the weekly pulp inventory in major regions and ports increased by 0.7% month - on - month, and the inventory in major ports increased compared to the previous week, with the overall shipment speed being gentle [8] 2. Industry News - On June 24, Rizhao Asia Symbol was investigated for the progress of its enterprise project construction. The enterprise is required to accelerate technological transformation and industrial chain extension, focus on the "pulp - paper - fiber integration", and continue to deepen the entire industrial chain from raw materials to finished products to better drive local economic development [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [15][17][19]

1. Report Information - Report Title: Pulp Daily Report [1] - Date: June 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Pulp Futures: The previous settlement price of the 09 contract was 5,210 yuan/ton, and the closing price was 5,228 yuan/ton, a 0.35% increase [7]. - Shandong Wood Pulp Market: The intended transaction price range of softwood pulp was 5,280 - 6,750 yuan/ton, with the low - end price down 70 yuan from the previous trading day. The quotation of Shandong Yinxing was 6,120 - 6,150 yuan/ton [7]. - Arauco's June Quotes: Silver Star was quoted at 740 US dollars/ton, and Venus at 620 US dollars/ton, unchanged from the previous period [7]. - Supply: In April, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries decreased by 7.2% year - on - year, and the cumulative volume from January to April increased by 1.4% year - on - year. In May, China's pulp imports were 3.02 million tons, a 4.3% increase from the previous month and a 6.9% increase year - on - year [7]. - Inventory: As of June 12, 2025, the weekly pulp inventory in major regions and ports increased by 2.1% month - on - month. The inventory in major ports was stable with a slight increase, except for Tianjin Port. The overall shipment speed was moderate [7]. - Market Outlook: The new round of imported pulp quotes remained stable. The domestic and international pulp markets had a loose supply, the port de - stocking speed was still slow, downstream paper mills continued to optimize the raw material cost structure, and the competition between domestic and imported pulp intensified. Pulp prices fluctuated widely in a low - level range [7]. 3. Industry News - On June 6, relevant personnel from the Fujian Forestry Bureau and the Sanming Forestry Bureau visited Qingshan Paper Industry to guide the construction planning of the national reserve forest project. They believed that Qingshan Paper Industry's promotion of the project could ensure raw material supply and achieve green government - enterprise linkage. Qingshan Paper Industry, as a state - owned leading enterprise, has the unique advantage of "integration of primary, secondary, and tertiary industries" and adheres to the principle of "scientific planning and industrial collaboration" [8].

1. Report Information - Report Type: Pulp Daily Report [1] - Date: June 11, 2025 [2] 2. Industry Investment Rating - No information provided. 3. Core Viewpoints - The new round of imported pulp quotes remained stable, the port destocking speed was still slow, the implementation effect of downstream price increase letters was average, and the shutdown of the 690,000 - ton per - annum softwood pulp mill Joutseno in Finland due to poor orders boosted the market trend, leading to a wide - range rebound in pulp prices [8]. 4. Summary by Section 4.1 Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the 09 - contract of pulp futures was 5,256 yuan/ton, and the closing price was 5,284 yuan/ton, a rise of 0.53%. The 01 - contract and 05 - contract also showed different price changes [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,280 - 6,750 yuan/ton, and the low - end price remained stable compared with the previous trading day. The quotation of Shandong Yinxing was 6,150 - 6,170 yuan/ton [7]. - **Supply and Demand**: Chilean Arauco announced its June quotes, with Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, unchanged from the previous period. The shipment volume of softwood pulp from 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative year - on - year increase from January to April was 1.4%. China's pulp imports in May were 3.02 million tons, a month - on - month increase of 4.3% and a year - on - year increase of 6.9%. As of June 5, 2025, the weekly pulp inventory in major regions and ports decreased by 2.6% month - on - month. The downstream market had a clear demand for improving profitability, but the follow - up of terminal orders was limited, and the raw material procurement mentality was cautious [8]. 4.2 Industry News - Jiulong Paper is promoting a forest - pulp - paper integration project in Beihai, Guangxi. The first production line is planned to be put into operation in June 2025, and the other two production lines will be put into operation in stages in September and December. The project aims to achieve full production in 2025, with a total investment of 35 billion yuan, covering an area of 5,120 mu. After the project is put into operation, the annual output value is expected to reach 70 billion yuan, and the annual tax will increase by 3 billion yuan. The pulp production capacity is expected to reach 14.4 million tons [9]. 4.3 Data Overview - The report presents multiple data charts, including pulp futures price, spot price, price difference, inventory, and other data, with data sources mainly from Wind, Zhuochuang Information, and the Research and Development Department of Jianxin Futures [7][11][20]

Group 1: Report Information - The report is a daily paper pulp report dated June 10, 2025 [1][2] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - The paper pulp market shows that the new round of imported pulp quotes remains stable, the port de - stocking speed is still slow, the implementation effect of downstream price increase letters is average, and the shutdown of a 690,000 - ton coniferous pulp mill in Finland due to poor orders boosts the market trend, with the pulp rebounding in a wide range [8] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the 09 contract of pulp futures was 5,226 yuan/ton, and the closing price was 5,290 yuan/ton, a rise of 1.22%. For SP2601, the increase was 0.91%, and for SP2605, it was 0.19% [7] - **Spot Market**: The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5,280 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 6,150 - 6,170 yuan/ton [7] - **Supply - related Data**: Chile's Arauco announced its June quotes, with Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, unchanged from the previous period. The shipment volume of coniferous pulp from 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. China's pulp imports in May were 3.02 million tons, a month - on - month increase of 4.3% and a year - on - year increase of 6.9%. As of June 5, 2025, the weekly pulp inventory in major regions and ports decreased by 2.6% month - on - month [8] - **Downstream Market**: The downstream market has a clear demand for improved profitability, but the follow - up of terminal orders is limited, and the raw material procurement mentality is cautious [8] 2. Industry News - On June 9, in Xingning, Meizhou, Guangdong, 33 key industrial projects were signed, started, and completed in the first half of 2025, with a total planned investment of 7.087 billion yuan. After reaching production capacity, the expected annual output value is 8.857 billion yuan, and the annual tax is 376 million yuan. Among them, there are 3 packaging projects with different planned investments, trial - production times, expected annual output values, and annual taxes [9] 3. Data Overview - The report provides multiple data charts, including cross - period spreads, import floating needle pulp spot prices, pulp futures prices, pulp spot - futures spreads, needle - broadleaf spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of white cardboard and whiteboard paper, copperplate paper and offset paper, and the US dollar - RMB exchange rate [14][15][17][26][28][30]

Report Summary 1. Report Date - The report is dated May 28, 2025 [2] 2. Industry Investment Rating - No investment rating information is provided in the report 3. Core View - New round of imported pulp offers are mainly decreasing, port de - stocking is still slow. Downstream paper mills have issued price - increase notices, boosting market confidence, but their raw material procurement is cautious. Pulp is likely to maintain low - level range - bound adjustment in the future [8] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - **Market Review**: The pre - settlement price of the pulp futures 09 contract was 5306 yuan/ton, and the closing price was 5184 yuan/ton, a decline of 2.30%. The intended transaction price range of softwood pulp in the Shandong market was 5400 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing offer was 6300 yuan/ton [7] - **Supply and Demand Analysis**: Chile's Arauco announced May offers, with Yinxing at 740 dollars/ton and Jinxing at 620 dollars/ton, lower than the previous offers. In March, the shipment volume of softwood pulp from 20 major pulp - producing countries increased by 11.7% year - on - year, and the cumulative increase from January to March was 4.1% year - on - year. In April, China's pulp imports were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 22, 2025, the weekly pulp inventory in major regions and ports was 2.2164 million tons, a month - on - month increase of 0.98%. The downstream market has a clear demand for improved profitability, but terminal orders are limited, and raw material procurement is cautious [8] 4.2 Industry News - On May 23, Shandong Jiefeng Machinery Manufacturing Co., Ltd. announced the launch of the "Intelligent Pulping and Papermaking Production Line Test Workshop" and "Intelligent Manufacturing Digital Production Workshop" construction projects. The projects are planned to start in August 2025 and be put into production in March 2026. Aiming to enhance efficiency, reduce energy consumption, and consolidate the company's leading position in the domestic pulping and papermaking machinery field, the new workshops focus on full - process intelligence, improving product design and processing accuracy, and promoting green production [9]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Pulp futures contract 09 closed at 5300 yuan/ton, down 0.53% from the previous settlement price. The new round of imported pulp offers are mainly lower, the port destocking speed is still slow, downstream paper mills have issued price increase notices to boost market confidence, but the raw material procurement mentality of paper mills is cautious, and the pulp may maintain a low - level range - bound adjustment in the future [7]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - Pulp futures contract 09 had a previous settlement price of 5328 yuan/ton and a closing price of 5300 yuan/ton, a decline of 0.53%. The intended transaction price range of softwood pulp in Shandong wood pulp market was 5400 - 6750 yuan/ton, with the low - end price stable compared to the previous trading day. The price of Shandong Silver Star was 6300 yuan/ton. Arauco in Chile announced May offers: Silver Star at 740 US dollars/ton and Venus at 620 US dollars/ton, still lower than the previous offers. The shipment volume of softwood pulp from 20 major pulp - producing countries in the world in March increased by 11.7% year - on - year, and the cumulative increase from January to March was 4.1%. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 22, 2025, the weekly pulp inventory in major regions and ports was 2.2164 million tons, a month - on - month increase of 0.98%. The downstream market has a clear demand for improved profitability, but the follow - up of terminal orders is limited, and the raw material procurement mentality is cautious [7]. 3.2. Industry News - On May 22, Shandong JinCailun Paper's PM18 was successfully started up. The new equipment will optimize the product structure and improve product quality. Hunan Zhengding Environmental Technology Co., Ltd. provided a complete set of air hood ventilation system and workshop ceiling air supply system for this project, which is technologically advanced and incorporates energy - saving and emission - reduction concepts [8]. 3.3. Data Overview - No specific data summary content provided other than indicating data sources such as Wind and Jianxin Futures Research and Development Department [10][12][13]

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华安证券（600909）股份有限公司邓欣,郑少轩近期对迎驾贡酒（603198）进行研究并发布了研究报告《迎驾贡酒24 年报&25Q1点评：系列酒与省外拖累》，给予迎驾贡酒买入评级。 迎驾贡酒 主要观点： 公司发布2024年报及25Q1季报： 25Q1：收入20.47亿元(-12.35%)，归母净利润8.29亿元(-9.54%)，扣非归母净利润8.16亿元(-9.48%)。 24Q4：收入18.30亿元(-5.00%)，归母净利润5.83亿元(-4.91%)，扣非归母净利润5.69亿元(-8.42%)。 25Q1：分产品结构，公司中高档/普通酒营收分别同比下降8.6%/32.1%，中高档酒占比白酒营收同比提升3.6pct至 87.7%。其中，洞藏系列预计同比实现双位数增长，金星/银星同比大双位数下滑，形成拖累。分区域看，省内/省外 营收分别同比下降7.7%/29.7%，省内占比白酒营收同比提升4.2pct至83.2%，省内表现好于省外。?24年：分产品结 构，公司中高档/普通酒营收分别同比+13.8%/-6.5%，中高档酒占比白酒营收同比提升3.1pct至81.6%。其中，中高档 酒销量/吨价分别同比增长9.3 ...