商 品 研 究 2026 年 03 月 02 日 纸浆：震荡偏强 20260302 | | | 表 1：基本面数据 | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纸浆主力 | 日盘收盘价(元/吨) | 5.246 | 5, 312 | -66 | | | | 夜盘收盘价(元/吨) | 5.240 | 5, 272 | -32 | | | | 成交量(手) | 172, 356 | 178, 329 | -5, 973 | | | (05合约) | 持仓量 (手) | 253.941 | 243.577 | +10. 364 | | | | 仓单数量(吨) | 153, 011 | 152, 537 | +474 | | | | 前20名会员净持仓(手) | -32.812 | -29.329 | -3.483 | | 价差数据 | 基差 | 银星-期货主力 | ব | 38 | -34 | | | | 金鱼-期货主力(非标) | -646 | -712 | +66 | | | 月差 | S ...

纸浆早报 研究中心能化团队 2026/03/02 SP主力合约收盘价： 5246.00 | 日期 | 2026/02/27 | 2026/02/26 | 2026/02/25 | 2026/02/24 | 2026/02/13 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5246.00 | 5312.00 | 5348.00 | 5340.00 | 5260.00 | | 折美元价 | 668.12 | 678.24 | 680.16 | 677.38 | 664.54 | | 距上一日涨跌 | -1.24247% | -0.67315% | 0.14981% | 1.52091% | 0.42001% | | 山东银星基差 | 79 | 28 | 27 | 25 | 50 | | 江浙沪银星基差 | 79 | 43 | 17 | 25 | 50 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 ...

太阳纸业（002078.SZ）2025 年业绩快报点评 Q4 盈利环比改善，龙头α属性凸显 glmszqdatemark 太阳纸业发布 2025 年业绩快报： 2025 年公司实现营收 391.84 亿元（同比- 3.79%），归母净利润 32.58 亿元（同比+5.05%），扣非归母净利润 32.00 亿元 （同比-1.07%）；其中 Q4 公司实现营收 102.48 亿元（同比+5.10%），归母净利 润 7.58 亿元（同比+18.01%），扣非归母净利润 7.29 亿元（同比+13.29%）。 南宁新产能投产，2025Q4 收入同比/环比分别增加 5.10%/4.33%。价：25Q4 双胶纸/铜版纸/箱板纸/瓦楞纸/阔叶浆（内盘）/针叶浆（内盘）吨均价环比分别 变动-3.26%/-8.42%/+7.34%/+16.56%/+6.65%/-4.71%，文化纸价格承压，废 纸成本支撑下箱板瓦楞纸价格走强。量：广西基地2条高档包装纸（南宁园区PM11 和 PM12）、4 条生活用纸生产线（南宁园区 PM16、PM17、PM18 和 PM19）、 40 万吨特种纸（南宁园区 PM9）、35 万吨化学浆、15 ...

商 品 研 究 2026 年 02 月 27 日 纸浆：震荡运行 20260227 | | | 表 1：基本面数据 | 项目 | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纸浆主力 | 日盘收盘价(元/吨) | 5. 312 | 5, 348 | -36 | | | | 夜盘收盘价(元/吨) | 5.272 | 5. 320 | -48 | | | | 成交量(手) | 178. 329 | 175, 844 | +2. 485 | | | (05合约) | 持仓量(手) | 243.577 | 239.802 | +3.775 | | | | 仓单数量(吨) | 152, 537 | 155. 621 | -3.084 | | | | 前20名会员净持仓(手) | -29.329 | -24.732 | -4.597 | | 价差数据 | 基差 | 银星-期货主力 | 38 | 2 | +36 | | | | 金鱼-期货主力(非标) | -712 | -748 | +36 | | | 月差 | S ...

IICE超越 投资咨询业务资格:证监许可【2012】31号 数据 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 | | 2026年2月25日 | | 日环比 | 周环比 | | | 2026年2月25日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5540 | -0. 25% | 2. 29% | 现货价格 | 针叶浆银星 | 5350 | 0.00% | 1.90% | | (元/吨) | SP2609 | 5400 | 0.07% | 2. 86% | (元/吨) | 针叶浆俄针 | 5150 | 0. 00% | 1.98% | | | SP2605 | 5348 | 0. 15% | 2. 81% | | 阔叶浆金鱼 | 4600 | 0. 00% | 0. 44% | | | | 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 ...

纸浆早报 研究中心能化团队 2026/02/26 SP主力合约收盘价： 5348.00 | 日期 | 2026/02/25 | 2026/02/24 | 2026/02/13 | 2026/02/12 | 2026/02/11 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5348.00 | 5340.00 | 5260.00 | 5238.00 | 5236.00 | | 折美元价 | 680.16 | 677.38 | 664.54 | 662.67 | 661.46 | | 距上一日涨跌 | 0.14981% | 1.52091% | 0.42001% | 0.03820% | 0.65359% | | 山东银星基差 | 27 | 25 | 50 | 72 | 74 | | 江浙沪银星基差 | 17 | 25 | 50 | 72 | 74 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | ...

近期阔叶浆外盘价格再度提涨，叠加节后纸浆主力合约价格反弹，贸易商情绪向好，进口木浆现货报价 上涨。截至2月24日，国内进口针叶浆现货均价5310.96元/吨，较节前涨幅0.87%；进口阔叶浆现货均价 4602.63元/吨，较节前涨幅1.60%。"3.8"促销节即将到来，下游部分生活用纸企业发函促涨，纸浆需求 存在快速复苏预期，且贸易商现货成本偏高，纸浆重心或窄幅上行，重点关注港口去库速度及下游复产 节奏。(卓创资讯) ...

注：上一日汇率 - 6.88 纸浆早报 研究中心能化团队 2026/02/25 SP主力合约收盘价： 5340.00 | 日期 | 2026/02/24 | 2026/02/13 | 2026/02/12 | 2026/02/11 | 2026/02/10 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5340.00 | 5260.00 | 5238.00 | 5236.00 | 5202.00 | | 折美元价 | 677.38 | 664.54 | 662.67 | 661.46 | 656.97 | | 距上一日涨跌 | 1.52091% | 0.42001% | 0.03820% | 0.65359% | 0.03846% | | 山东银星基差 | 25 | 50 | 72 | 74 | 108 | | 江浙沪银星基差 | 25 | 50 | 72 | 74 | 138 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- ...

纸浆早报 研究中心能化团队 2026/02/24 SP主力合约收盘价： 5260.00 | | 文化用纸 | | 包装纸 | | 生活用纸 | | --- | --- | --- | --- | --- | --- | | | 双胶指数 | 双铜指数 | 白卡指数 | | 生活指数 | | 2026/02/10 | 5725 | 5670 | 4350 | | 867 | | 2026/02/11 | 5725 | 5670 | 4350 | | 867 | | 2026/02/12 | 5725 | 5670 | 4350 | | 867 | | 2026/02/13 | 5725 | 5670 | 4350 | | 867 | | 变化 | 0 | 0 | 0 | | 0 | | | 双胶利润率估算 双铜利润率估算 | | 白卡利润率估算 | | 生活利润率估算 | | 2026/02/10 | -2.1797% | 7.9583% | -7.7945% | | 8.5041% | | 2026/02/11 | -2.1797% | 7.9583% | -7.7945% | | 8.5041% | | 2 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pulp supply side has recent disturbances again, but the demand side shows weakness. Pulp lacks a clear trading logic and is expected to fluctuate weakly [6] Group 3: Summary According to Relevant Catalogs Price Data - **Futures Prices**: On February 10, 2026, SP2601 was 5416 yuan/ton with a 0.04% daily and -0.88% weekly change; SP2609 was 5250 yuan/ton with a 0.04% daily and -1.39% weekly change; SP2605 was 5202 yuan/ton with a 0.04% daily and -1.40% weekly change [5] - **Spot Prices**: On February 10, 2026, the spot price of coniferous pulp Silver Star was 5250 yuan/ton with no daily change and a -1.32% weekly change; Russian coniferous pulp was 5050 yuan/ton with no daily change and a -0.98% weekly change; broadleaf pulp Goldfish was 4580 yuan/ton with no daily change and a -0.43% weekly change [5] - **Outer - plate Quotes**: The outer - plate quote of Chilean Silver Star in February 2026 was 710 dollars/ton, up 1.43% month - on - month; Chilean Star was 590 dollars/ton, up 3.51% month - on - month; Chilean Venus was 620 dollars/ton, with no change [5] - **Import Costs**: The import cost of Chilean Silver Star was 5802 yuan/ton, up 1.42% month - on - month; Chilean Star was 4830 yuan/ton, up 3.47% month - on - month; Chilean Venus was 5073 yuan/ton, with no change [5] Supply Data - **Import Volume**: In December 2025, the import volume of coniferous pulp was 77.8 tons, up 7.31% month - on - month compared to November 2025; the import volume of broadleaf pulp was 135.2 tons, down 23.40% month - on - month compared to November 2025 [5] - **Domestic Production**: As of February 5, 2026, the domestic production of broadleaf pulp was 24.9 tons; the production of chemimechanical pulp was 23.9 tons [5] - **Shipments to China**: In November 2025, the pulp shipments to China were 178 thousand tons, up 3.00% [5] Inventory Data - **Port Inventory**: As of February 5, 2026, the pulp port inventory was 218.2 tons, up 1.3 tons from the previous period, a 0.6% increase, and it has been in a cumulative inventory trend for five consecutive weeks [5] - **Futures Delivery Warehouse Inventory**: As of February 5, 2026, the futures delivery warehouse inventory was 14.2 tons [5] Demand Data - **Finished Paper Production**: As of February 5, 2026, the production of offset paper was 21.10 tons; copperplate paper was 8.40 tons; tissue paper was 29.83 tons; white cardboard was 35.00 tons. The pulp demand side has been stable recently, and the finished paper price is stable, with a slight increase in production this week [5]