Group 1: SP Main Contract Information - The closing price of the SP main contract on September 12, 2025, was 4990.00, with a previous day's closing price of 5016.00 and a decline of -0.51834% [3] - The corresponding US dollar price was 611.31, and the basis for Shandong Yinxing was 675, while that for Jiangsu, Zhejiang, and Shanghai Yinxing was 690 [3] Group 2: Pulp Price and Profit Information - For pulp from different origins and brands, such as Golden Lion from Canada (CFR price of 780), Lion from Canada (CFR price of 730), and Yinxing from Chile (CFR letter of credit 90 - day price of 720), the import profits were -145.57, -533.29, and -197.83 respectively [4] Group 3: Pulp and Paper Price Averages - From September 8 to September 12, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The same was true for the Shandong region [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) also remained unchanged during this period [4] Group 4: Paper Profit Margin Information - The estimated profit margins of double - offset paper, double - copper paper, white - card paper, and living paper on September 12, 2025, were 2.9521%, 18.9325%, -12.6626%, and 8.0245% respectively. The living paper profit margin increased by 0.2674 compared to previous days [4] Group 5: Pulp Price Spread Information - On September 12, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper were 1505.00, 265, 1840, and 4089 respectively [4]

Group 1: Report Information - Report title: Pulp Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [2] - Report date: August 25, 2025 [2] Group 2: SP Main Contract Closing Price - Closing price on August 22, 2025: 5108.00 [3] - Closing prices from August 18 - 22, 2025: 5252.00, 5178.00, 5136.00, 5130.00, 5108.00 respectively [3] - Dollar - converted prices from August 18 - 22, 2025: 638.77, 629.40, 624.46, 623.85, 620.90 respectively [3] - Daily price changes from August 18 - 22, 2025: - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682%, - 0.42885% respectively [3] - Shandong Yinxing basis from August 18 - 22, 2025: 598, 672, 674, 670, 652 respectively [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis from August 18 - 22, 2025: 633, 707, 704, 685, 692 respectively [3] Group 3: Import Information - Import profit calculation based on 13% VAT: Canada's Golden Lion (CFR, port price 780 dollars, Shandong RMB price 6350, profit - 48.45); Canada's Lion (CFR, port price 730 dollars, Shandong RMB price 5500, profit - 492.78); Chile's Yinxing (CFR letter of credit 90 days, port price 720 dollars, Shandong RMB price 5760, profit - 151.65) [4] - Exchange rate on the previous day: 7.18 [4] Group 4: Pulp and Paper Price Averages - National and Shandong regional pulp price averages from August 18 - 22, 2025 (including softwood, hardwood, natural color pulp, and chemimechanical pulp) showed no change [4] - Paper price indices (cultural paper, packaging paper, and tissue paper) from August 19 - 22, 2025 showed no change [4] Group 5: Paper Profit Margins - Profit margins of different types of paper from August 19 - 22, 2025: double - offset paper (4.8673%, 4.9980%, 5.0306%, 5.0306%), double - copper paper (22.6786%, 22.7929%, 22.8214%, 22.8214%), white cardboard (- 13.4568%, - 13.3580%, - 13.3333%, - 13.3333%), tissue paper (6.9550%, 7.1459%, 7.4515%, 7.7571%) [4] - Tissue paper profit margin change: 0.3056 [4] Group 6: Pulp Price Spreads - Price spreads between different types of pulp on August 22, 2025: softwood - hardwood 1600.00, softwood - natural color 360, softwood - chemimechanical 1935, softwood - waste paper 4184 [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View No clear core view is presented in the given content. It mainly offers data on the pulp market. 3. Summary According to Related Catalogs SP Main Contract Data - The closing price of the SP main contract on July 7, 2025, was 5074.00 [3]. - The closing prices, converted US - dollar prices, daily price changes, and basis differences in Shandong and Jiangsu - Zhejiang - Shanghai regions from July 1 to July 7, 2025, are presented in a table [3]. Pulp Price and Profit Data - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp is 110.36 yuan, Canadian Lion pulp is - 384.53 yuan, and Chilean Silver Star pulp is 46.49 yuan [4]. - The national and Shandong regional average prices of different types of pulp (softwood, hardwood, natural, and chemimechanical) from July 1 to July 7, 2025, remained unchanged [4]. Paper Product Index and Profit Margin Data - The indices of cultural paper (offset and coated paper), packaging paper (white cardboard), and living paper from July 2 to July 7, 2025, remained mostly unchanged, with the living paper index showing no change overall [4]. - The estimated profit margins of different types of paper from July 2 to July 7, 2025, remained mostly unchanged, except for the living paper profit margin which decreased by 0.0573 on July 7 compared to previous days [4]. Pulp Price Difference Data - The price differences between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper remained constant from July 1 to July 7, 2025 [4].

Report Information - Report Name: Pulp Daily Report [1] - Date: June 17, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - Pulp prices are oscillating in a wide range at a low level due to the loose supply in domestic and foreign pulp markets, slow de - stocking at ports, continuous optimization of raw material cost structure by downstream paper mills, and intensified competition between domestic and imported pulp [7] Summary by Section 1. Market Review and Operation Suggestions - The previous settlement price of the 09 - contract of pulp futures was 5,204 yuan/ton, and the closing price was 5,232 yuan/ton, with an overall decline of 0.99%. 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 dropped by 70 compared with the closing price of the previous working day. The quotation of Shandong Arauco Silver Star was 6,120 - 6,150 yuan/ton [7] - Arauco of Chile announced its June prices: Silver Star at 740 US dollars/ton and Venus at 620 US dollars/ton, remaining the same as the previous quotation [7] - According to PPPC data, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world decreased by 7.2% year - on - year in April, and the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in May were 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - 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 or slightly increased compared with last week, only the inventory in Tianjin Port decreased compared with last week, and the overall shipment speed was moderate. Downstream paper mills mainly consumed their previous raw material inventories, and their short - term enthusiasm for pulp procurement was insufficient [7] 2. Industry News - On June 6, relevant technical personnel from the World Bank Office of the Fujian Forestry Bureau and the Fast - growing and High - yielding Forest Office of 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 national reserve forest construction project was a way to ensure raw material supply, achieve green government - enterprise linkage, and seek new opportunities for the development of the national reserve forest. Qingshan Paper Industry, as a state - owned leading enterprise, has the unique advantage of "integration of primary, secondary, and tertiary industries", adheres to the principle of "scientific planning and industrial synergy", and is committed to becoming a model for the efficient use of forestry resources in Fujian Province [8] 3. Data Overview - The report provides various data charts including pulp futures prices, spot prices, spreads, inventory, and paper product prices, with data sources from Wind, Zhuochuang Information, and the Research and Development Department of CCB Futures [7][24][27]

Group 1: Report General Information - Report Name: Pulp Daily Report [1] - Report Date: May 29, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operational Suggestions - Pulp Futures: The previous settlement price of Pulp Futures Contract 09 was 5,210 yuan/ton, and the closing price was 5,214 yuan/ton, a 0.08% increase. The intended transaction price range of softwood pulp in the Shandong market was 5,400 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day. The Shandong Yinxing was quoted at 6,300 yuan/ton [7]. - Import Quotes: Chile's Arauco announced its May quotes, with Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, still lower than the previous quotes [7]. - Supply - side Data: 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% year - on - year. China's pulp imports in April were 2.89 million tons, a 11.1% decrease month - on - month and a 10.2% decrease year - on - year. As of May 22, 2025, the weekly pulp inventory in major regions and ports was 2.2164 million tons, a 0.98% increase month - on - month [7]. - Market Outlook: The new round of import pulp quotes is mainly decreasing, the de - stocking speed at ports is still slow. Downstream paper mills have issued price - increase notices, boosting market confidence, but their raw material procurement attitude is cautious. Pulp may maintain a low - range oscillatory adjustment in the future [7]. Group 3: Industry News - Zhanjiang Zhongzhi Paper Co., Ltd. plans to make major adjustments to the construction scale of its high - end packaging new materials project at the China Paper Southern Base. The original plan was to build 1 production line of coated white cardboard with an annual output of 1.02 million tons and 2 chemical mechanical pulp production lines with a total annual output of 612,000 tons. The new plan includes 1 chemical mechanical pulp production line with an annual output of 400,000 tons, 1 chemical pulp production line with an annual output of 400,000 tons, and 2 special paper production lines with a total annual output of 190,000 tons. The project will also build solid waste resource comprehensive utilization facilities to improve resource utilization efficiency and achieve green and sustainable development [8]. Group 4: Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp futures - spot price differences, needle - broadleaf price differences, cross - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper, offset paper, white cardboard, and white board paper, and the US dollar - RMB exchange rate [14][16][24][26][28]