投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 y 期 国贸期货有限公司 流的衍生品综合服务商 司不少年 市 市 官 方 网 服 线 站 需 有 谨 风 www.itf.com.cn 400-8888-598 慎 险 2025/11/26 ,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 | | 2025年11月25日 | | 日环比 | 周环比 | | | 2025年11月25日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货价格 | SP2601 | 5212 | -0. 15% | -3.62% | 现货价格 | 针叶浆银星 | 5400 | 0.00% | -2. 70% | | (元/吨) | SP2512 | 4724 | 0. 25% | -3.55% | (元/吨) | 针叶浆俄针 | 5170 | 0.00% | -4. 26% | | | SP2605 | 5272 | -0.11% | -2 ...

ITGE 图解货 投资咨询业务资格:证监许可【2012】31号 ITC国贸期货 正示 500 年龄 3 12 1 E 突期货有限公司 流的衍生品综合服务商 司不要 市 市 官 方 网 站 ll and 打 线 需 有 谨 风 www.itf.com.cn 400-8888-598 慎 险 2025/11/21 2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 | 2025年11月20日 | | | 日环比 | 周环比 | | | 2025年11月20日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SP2601 | | 5298 | -1.82% | -4. 26% | | 针叶浆银星 | 5500 | -0. 90% | -0. 90% | | 期货价格 | SP2512 | 4786 | -1.48% | -2.13% | 现货价 | 针叶浆俄针 | 5350 | -0. 93% | -0. 93% | | SP2605 | ...

ITGE 图解货 投资咨询业务资格:证监许可【2012】31号 之教据 正示 500 年龄 3 12 1 E 突期货有限公司 流的衍生品综合服务商 司不要 市 市 官 方 网 站 ll and 打 线 需 有 谨 风 www.itf.com.cn 400-8888-598 慎 险 2025/11/20 总结 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11月19日 | | | 日环比 | 周环比 | | | 2025年11月19日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SP2601 | | 5396 | -0.22% | -1.57% | | 针叶浆银星 | 5550 | 0. 00% | 0.00% | | 期货价格 | SP2512 | 4858 | -0. 29% | -0.61% | 现货价 | 针叶浆俄针 | 5400 | 0. 00% | 0.00% | | SP2605 | | 5398 | - ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for the 26-year Russian needle pulp. The futures price may be priced based on Russian needle pulp and high-quality softwood pulp. The current futures price is close to the import cost of the delivery product, and the room for further increase is limited. It is recommended to close the 12 - 1 reverse spread position [10] Group 3: Summary Based on Related Catalogs 1. Pulp Price Data - **Futures Prices**: On November 16, 2025, SP2601 was 5480, down 0.98% day - on - day and up 1.59% week - on - week; SP2511 was 4900, down 0.12% day - on - day and up 0.41% week - on - week; SP2605 was 5462, down 0.73% day - on - day and up 1.19% week - on - week [5] - **Spot Prices**: On November 16, 2025, the spot price of softwood pulp Silver Star was 5550, unchanged day - on - day and up 0.91% week - on - week; that of Russian Needle was 5400, unchanged day - on - day and up 5.88% week - on - week; that of hardwood pulp Goldfish was 4400, unchanged day - on - day and up 3.53% week - on - week [5] - **Foreign Quotes**: The quotes of Chilean Silver Star and Brazilian Goldfish were 680 and 530 dollars respectively, down 2.86% and up 3.92% month - on - month; that of Chilean Venus was 590 dollars, unchanged month - on - month [5] - **Import Costs**: The import costs of Chilean Silver Star and Brazilian Goldfish were 5559 and 4344 respectively, down 2.83% and up 3.87% month - on - month; that of Chilean Venus was 4830, unchanged month - on - month [5] 2. Pulp Fundamental Data - **Supply**: In September 2025, the import volume of knitting pulp was 69.1 tons, up 12.54% month - on - month; that of hardwood pulp was 135.6 tons, up 7.79% month - on - month. The domestic production of hardwood pulp and chemimechanical pulp fluctuated in different periods. The pulp shipment volume in China in September 2025 was 187 tons, up 13.50% [5] - **Inventory**: As of November 13, 2025, the pulp port inventory was 211 tons, up 6.1% from the previous period; the futures delivery warehouse inventory was 22.2 tons [5] - **Demand**: The production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard also fluctuated in different periods [5] 3. Pulp Valuation Data - **Basis**: On November 16, 2025, the basis of Russian Needle was 500 with a quantile level of 0.951; that of Silver Star was 650 with a quantile level of 0.88 [5] - **Import Profit**: On November 16, 2025, the import profit of softwood pulp Silver Star was - 9 with a quantile level of 0.594; that of hardwood pulp Goldfish was 56 with a quantile level of 0.704 [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The fundamentals of the pulp market have not improved significantly, but there may be a shortage of delivery resources for the 2026 contract, and the futures price may be priced based on Russian pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [5][10] - The overall demand for pulp remains weak, although white cardboard has shown a significant increase in both volume and price, and there have been frequent price increase letters for cultural paper, but whether the price increases can be implemented remains to be observed [10] 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices**: On November 10, 2025, SP2601 was 5468 with a daily increase of 1.37% and a weekly increase of 3.05%; SP2511 was 4870 with a daily decrease of 0.04% and a weekly increase of 0.66%; SP2605 was 5452 with a daily increase of 1.00% and a weekly increase of 1.98% [5] - **Spot Prices**: On November 10, 2025, the price of softwood pulp Silver Star was 5500 with no daily or weekly change; Russian softwood pulp was 5100 with no change; hardwood pulp Goldfish was 4250 with no change [5] - **Foreign Quotes**: In November 2025, the quote for Chilean Silver Star was 680 dollars/ton, down 2.86% from the previous period; Brazilian Goldfish was 530 dollars/ton, up 3.92%; Chilean Venus was 590 dollars/ton, unchanged [5] - **Import Costs**: The import cost of Chilean Silver Star was 5559, down 2.83% from the previous period; Brazilian Goldfish was 4344, up 3.87%; Chilean Venus was 4830, unchanged [5] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons, a month - on - month increase of 12.54%; hardwood pulp was 135.6 tons, a month - on - month increase of 7.79%. The domestic production of hardwood pulp in November 6, 2025 was 25 tons, and chemimechanical pulp was 23.5 tons [5] - **Inventory**: As of November 6, 2025, the pulp port inventory was 200.8 tons, a decrease of 5.3 tons from the previous period, a month - on - month decrease of 2.6%. The futures delivery warehouse inventory was 22.4 tons [5] - **Demand**: In terms of finished paper production, on November 6, 2025, double - offset paper was 20.80 tons, coated paper was 8.50 tons, tissue paper was 28.36 tons, and white cardboard was 35.70 tons [5] Pulp Valuation Data - **Basis**: On November 10, 2025, the basis of Russian pulp was 230 with a quantile level of 0.906; the basis of Silver Star was 630 with a quantile level of 0.873 [5] - **Import Profit**: On November 10, 2025, the import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.513; the import profit of hardwood pulp Goldfish was - 94 with a quantile level of 0.558 [5]

Report Industry Investment Rating - Not provided in the given content Core Views - The supply of pulp is relatively loose, with the import quotes showing a decrease in softwood pulp and an increase in hardwood pulp. The domestic pulp production in October 2025 was 208.4 million tons, a 10.2% increase from the previous month [4]. - The demand is weak. Except for white cardboard, the production and prices of other wood - pulp papers have not risen significantly. Paper mills maintain just - in - time replenishment, which does not boost the pulp price [4]. - The inventory has a narrow - range accumulation trend. As of October 30, 2025, the inventory of mainstream pulp ports in China was 206.1 million tons, a 0.3% increase from the previous period [4]. - The investment view is to adopt a 12 - 1 reverse arbitrage strategy for pulp futures. The pulp futures have reached an absolute low, but there is no upward driving force and the pressure of old warehouse receipts is high, so it is recommended to wait and see [4]. Summary by Directory 1. Main Views and Strategy Overview - **Supply**: The import quotes from Chile's Arauco in October showed a decline in softwood pulp and an increase in hardwood pulp. The domestic pulp production in October 2025 was 208.4 million tons, a 10.2% month - on - month increase, indicating a relatively loose supply [4]. - **Demand**: Except for white cardboard, other wood - pulp papers' production and prices did not rise significantly. Paper mills maintained just - in - time replenishment, having no positive impact on the pulp price [4]. - **Inventory**: As of October 30, 2025, the inventory of mainstream pulp ports in China was 206.1 million tons, a 0.6 - million - ton increase from the previous period and a 0.3% month - on - month increase, showing a narrow - range accumulation trend [4]. - **Investment View**: A 12 - 1 reverse arbitrage strategy is recommended for pulp futures. The pulp futures are at an absolute low, but there is no upward driving force and high pressure from old warehouse receipts, so it is advisable to wait and see. The risk to focus on is the de - stocking of pulp warehouse receipts [4]. 2. Review of Futures and Spot Market - **Market Trend**: Pulp prices fluctuated at a low level this week. The fundamentals remained stable, and some spot price bases increased slightly. The problem of old warehouse receipts was not resolved, suppressing the near - month contract prices. The 01 contract was close to the cost of Canadian softwood pulp warehouse receipts, with limited upward space [7]. - **Spot Prices**: The price of softwood pulp Silver Star was 5,520 yuan/ton, unchanged from the previous week and down 100 yuan/ton from the previous month. The price of softwood pulp Buzhen was 4,880 yuan/ton, up 30 yuan/ton from the previous week and down 50 yuan/ton from the previous month. The price of hardwood pulp Jinyu was 4,250 yuan/ton, unchanged from the previous week and the previous month [16]. - **External Quotes**: In October, the price of hardwood pulp increased, while the external quotes of softwood pulp decreased. Chile's Arauco quoted 680 US dollars/ton for softwood pulp Silver Star, 540 US dollars/ton for hardwood pulp Star, and 590 US dollars/ton for natural pulp Venus [19]. - **Open Interest**: As of October 31, 2025, the total open interest of pulp futures contracts was 325,633, a 7.73% decrease from the previous week. The open interest of the main pulp futures contract was 155,284 lots, a 1.97% decrease from the previous week [24]. 3. Pulp Supply - Demand Fundamental Data - **Import Volume**: In September, the import volume of pulp and wood chips increased. The total pulp import volume was 2.952 billion tons, a 11.27% increase. The softwood pulp import volume was 691 million tons, a 12.54% increase, and the hardwood pulp import volume was 1.356 billion tons, a 7.79% increase [5]. - **Inventory**: The pulp port inventory slightly decreased, and the number of warehouse receipts was stable. Overseas, the inventory of softwood pulp mills increased, while that of hardwood pulp mills remained stable. As of the end of August, the inventory of commodity pulp suppliers in 20 countries was 48 days, with 52 days for bleached softwood pulp and 46 days for bleached hardwood pulp [35][40]. - **Downstream Demand**: The price of white cardboard increased, while other paper types remained stable. In September 2025, the production of double - offset paper was 729 million tons, a 0.7% month - on - month increase; copperplate paper was 385 million tons, a 2.7% month - on - month increase; tissue paper was 840 million tons, a 14.8% month - on - month increase; and white cardboard was 984 million tons, a 2.8% month - on - month increase. The inventory of white cardboard decreased, while other paper types remained stable [41][48]. 4. Pulp Futures Valuation - **Basis and Spread**: As of October 31, 2025, the basis of Shandong Russian softwood pulp was - 332 yuan/ton, up 58 yuan/ton from the previous week. The basis of Shandong Silver Star was 308 yuan/ton, up 28 yuan/ton from the previous week. The 11 - 1 spread of pulp was - 374 yuan/ton, up 14 yuan/ton from the previous week [82]. - **Import Profit**: As of October 31, 2025, the import profit of softwood pulp was 3.58 yuan/ton, unchanged from the previous week. The import profit of hardwood pulp was 35 yuan/ton, up 3 yuan/ton from the previous week [87].

Group 1: Report Information - Report title: Pulp Daily Report [1] - Report date: October 29, 2025 [2] - Research team: Energy and Chemical Research Team [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The pulp market is in a low - level wide - range oscillation, waiting for the boost of peak - season demand. The downstream paper market shows a differentiated performance, and the demand side of the pulp market has a gentle increase, with the traditional peak season starting slowly [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Pulp futures contract 01: The previous settlement price was 5238 yuan/ton, and the closing price was 5226 yuan/ton, a decline of 0.23% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4830 - 6500 yuan/ton, remaining stable. The price of Shandong Yinxing was 5500 yuan/ton [7] - Arauco's October offer: Softwood pulp Yinxing was 680 US dollars/ton, a decrease of 20 US dollars/ton from last month; unbleached pulp Jinxing was 590 US dollars/ton, unchanged from last month; hardwood pulp Mingxing was 540 US dollars/ton, unchanged from last month [7] - European wood pulp inventory in September: 722,300 tons, a month - on - month increase of 3% and a year - on - year increase of 16.1% [7] - European wood pulp consumption in September: 813,200 tons, a month - on - month increase of 16.3% and a year - on - year decrease of 1.6% [7] - Main regional and port pulp inventory as of October 23, 2025: 1,958,000 tons, a 1.23% increase from last week [7] - Downstream paper market: The performance of downstream base paper was still differentiated, the demand side of the pulp market increased gently, and the traditional peak season started slowly. The social demand for offset paper was average, and the market was generally concerned about the publishing tender situation, with limited demand improvement at present. The cumulative year - on - year decline in the total profit of the papermaking and paper products industry continued to narrow in September [7] 2. Industry News - From January to September 2025, the total profit of industrial enterprises above designated size in China was 5.3732 trillion yuan, a year - on - year increase of 3.2% [8] - From January to September 2025, the operating income of the papermaking and paper products industry was 1.03757 trillion yuan, a year - on - year decrease of 2.1%; the operating cost was 916.95 billion yuan, a year - on - year decrease of 2.1%; the total profit was 27.12 billion yuan, a year - on - year decrease of 15.6% [8] 3. Data Overview - Multiple data charts are presented, including import softwood pulp spot price in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, paper price and price difference, and USD - CNY exchange rate [14][16][18][20][26][28]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Views - The current demand for paper products remains at a stable level, with no obvious rebound in paper prices, and the positive impact of the "Golden September and Silver October" period on the pulp demand side has not been reflected [5][10] - The fundamentals of pulp have not improved significantly, but there is a potential shortage of delivery resources for Ural pulp in 2026, and the futures market may be priced based on Ural pulp and high - quality softwood pulp. The 12 - 1 reverse spread strategy is maintained [10] 3. Summary by Relevant Catalogs 3.1 Pulp Price Data - **Futures Prices**: On October 24, 2025, SP2601 was 5240, down 0.19% day - on - day and up 2.30% week - on - week; SP2511 was 4852, down 0.21% day - on - day and down 0.08% week - on - week; SP2605 was 5278, down 0.23% day - on - day and up 1.81% week - on - week [5] - **Spot Prices**: On October 24, 2025, the spot price of softwood pulp Silver Star was 5500, unchanged day - on - day and week - on - week; Russian Needle was 5100, unchanged day - on - day and up 2.00% week - on - week; hardwood pulp Goldfish was 4250, unchanged day - on - day and week - on - week [5] - **Foreign Quotes**: The foreign quote for Chilean Silver Star was 680 dollars/ton, down 20 dollars/ton from the previous period, a decrease of 2.86%; Brazilian Goldfish was 530 dollars/ton, up 20 dollars/ton from the previous period, an increase of 3.92%; Chilean Venus was 590 dollars/ton, unchanged [5] - **Import Costs**: The import cost of Chilean Silver Star was 5559, down 2.83% month - on - month; Brazilian Goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged [5] 3.2 Pulp Fundamental Data - **Import Volume**: In September 2025, the import volume of softwood pulp was 69.1 tons, up 12.54% month - on - month; hardwood pulp was 135.6 tons, up 7.79% month - on - month [5] - **Domestic Production**: On October 23, 2025, the domestic production of hardwood pulp was 23.5 tons; chemimechanical pulp was 23.6 tons [5] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a decrease of 1.9 tons from the previous period, a 0.9% decrease; the futures delivery warehouse inventory was 22.6 tons [5][10] - **Demand**: On October 23, 2025, the production of offset paper was 20.70 tons; coated paper was 8.50 tons; tissue paper was 28.46 tons; white cardboard was 36.00 tons [5] 3.3 Pulp Valuation Data - **Basis**: On October 24, 2025, the Russian Needle basis was 248, with a quantile level of 0.912; Silver Star basis was 648, with a quantile level of 0.879 [5] - **Import Profit**: On October 24, 2025, the import profit of softwood pulp Silver Star was - 59, with a quantile level of 0.511; hardwood pulp Goldfish was - 94, with a quantile level of 0.556 [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The pulp fundamentals have not improved significantly, but there may be a shortage of delivery resources for the 26-year Russian needle pulp, and the futures price may be priced in line with the Russian needle pulp and high-quality softwood pulp. Maintain the 12 - 1 reverse spread strategy [10] 3. Summary by Relevant Catalogs Price Data - **Futures Prices**: On October 23, 2025, SP2601 was 5250, up 0.57% day - on - day and 1.90% week - on - week; SP2511 was 4862, up 0.16% day - on - day and 1.04% week - on - week; SP2605 was 5290, up 0.38% day - on - day and 1.46% week - on - week [5] - **Spot Prices**: Coniferous silver star was 5500, unchanged day - on - day and week - on - week; coniferous Russian needle was 5100, unchanged day - on - day and up 2.00% week - on - week; broadleaf goldfish was 4250, unchanged day - on - day and week - on - week [5] - **Outer - disk Quotes (USD)**: Chilean silver star was 680, down 2.86% month - on - month; Brazilian goldfish was 530, up 3.92% month - on - month; Chilean Venus was 590, unchanged month - on - month [5] - **Import Costs**: The import cost of Chilean silver star was 5559, down 2.83% month - on - month; Brazilian goldfish was 4344, up 3.87% month - on - month; Chilean Venus was 4830, unchanged month - on - month [5] Fundamental Data - **Supply**: In September 2025, the import volume of coniferous pulp was 69.1 tons, up 12.54% month - on - month, and broadleaf pulp was 135.6 tons, up 7.79% month - on - month. The pulp shipment volume to China in August was 162, up 4.50% [5] - **Domestic Production**: On October 23, 2025, the domestic production of broadleaf pulp was 23.5 tons, and chemical mechanical pulp was 23.6 tons [5] - **Inventory**: As of October 23, 2025, the pulp port inventory was 205.5 tons, a decrease of 1.9 tons from the previous period, a 0.9% decline. The futures delivery warehouse inventory was 22.6 tons [5][10] - **Demand**: The production of double - offset paper was 20.70 tons, copperplate paper was 8.50 tons, tissue paper was 28.46 tons, and white cardboard was 36.00 tons [5] Valuation Data - **Basis**: On October 23, 2025, the Russian needle basis was 238, and the silver star basis was 638 [5] - **Import Profit**: The import profit of coniferous silver star was - 59, and broadleaf goldfish was - 94 [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The fundamentals of the pulp market have not improved significantly, but there may be a shortage of delivery resources for the 2026 needle pulp contract, and the futures price may be priced based on Ural needle pulp and high - quality coniferous pulp. The 12 - 1 reverse spread strategy is maintained [5] Group 3: Summary by Relevant Catalogs Price Data - **Futures Prices**: On October 22, 2025, SP2601 was 5220 with a daily and weekly increase of 0.97%, SP2511 was 4854 with no daily change and a weekly decrease of 0.04%, and SP2605 was 5270 with a daily increase of 0.84% and a weekly increase of 0.57% [6] - **Spot Prices**: On the same day, the price of coniferous pulp Silver Star was 2500 with no daily or weekly change, Russian Needle was 5100 with no daily change and a weekly increase of 2.00%, and broad - leaf pulp Goldfish was 4250 with no daily or weekly change [6] - **Outer - Market Quotes**: In October 2025, the outer - market quote for Chilean Silver Star was 680 dollars/ton, down 2.86% from the previous period; Nisshin Goldfish was 530 dollars/ton, up 3.92%; and Chilean Venus was 590 dollars/ton, unchanged [6] - **Import Costs**: The import cost of Brazilian Goldfish was 4344, up 3.87% from the previous period; Chilean Venus was 4830, unchanged [6] Fundamental Data - **Supply**: In September 2025, the import volume of coniferous pulp was 69.1 tons, a month - on - month increase of 12.54%, and that of broad - leaf pulp was 135.6 tons, a month - on - month increase of 7.79%. The pulp shipment volume to China in August was 162 tons, a month - on - month increase of 4.50% [6] - **Inventory**: As of October 16, 2025, the inventory of mainstream pulp ports in China was 207.4 tons, a decrease of 0.3 tons from the previous period, a month - on - month decrease of 0.1%. The inventory showed a narrow - range destocking trend [6] - **Demand**: The production of finished paper has been relatively stable recently. For example, the production of double - offset paper, coated paper, tissue paper, and white cardboard has not shown significant changes [6] Valuation Data - **Basis**: On October 22, 2025, the basis of Russian Needle was 246 with a quantile level of 0.911, and that of Silver Star was 646 with a quantile level of 0.878 [6] - **Import Profit**: The import profit of coniferous pulp Silver Star was - 59 with a quantile level of 0.511, and that of broad - leaf pulp Goldfish was - 94 with a quantile level of 0.556 [6]