Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The implementation of the new round of price increase letters is good, domestic inventory has been reduced, and the market should be viewed with a bullish bias in a volatile manner [5][6] 3. Summary by Relevant Catalog Paper Pulp Price Data - **Futures Prices**: On December 26, 2025, SP2601 was at 5564 yuan/ton with a 0.58% daily and 2.47% weekly increase; SP2609 was at 5662 yuan/ton with a 0.21% daily and 2.54% weekly increase; SP2605 was at 5630 yuan/ton with a 0.46% daily and 2.25% weekly increase [6] - **Spot Prices**: Coniferous pulp silver star was at 5600 yuan/ton, coniferous pulp Russian needle was at 5400 yuan/ton, and broadleaf pulp Golden was at 4670 yuan/ton, with no daily change for silver star and Russian needle, and a 0.43% weekly increase for Golden [6] - **Foreign Quotes**: Chilean silver star was at 700 dollars/ton with a 2.94% monthly increase, Japanese Meigeng was at 580 dollars/ton with a 3.57% monthly increase, and Chilean Venus was at 620 dollars/ton with no change [6] - **Import Costs**: Chilean silver star was at 5721 yuan/ton with a 2.91% monthly increase, Brazilian Goldfish was at 4749 yuan/ton with a 3.53% monthly increase, and Chilean Venus was at 5073 yuan/ton with no change [6] Paper Pulp Fundamental Data - **Supply**: In November 2025, the import volume of coniferous pulp was 72.5 tons and broadleaf pulp was 176.5 tons, with monthly increases of 4.92% and 33.92% respectively. Suzano announced a global price increase for broadleaf pulp in January 2026, with a 20 - dollar increase in Asia and a 120 - dollar increase in Europe and North America for Goldfish broadleaf pulp [6] - **Inventory**: As of December 25, 2025, the sample inventory of China's major pulp ports was 190.6 tons, a decrease of 8.7 tons from the previous period, a 4.4% decrease. The inventory has been decreasing for five consecutive weeks [6] - **Demand**: The demand side remains weak. Among mainstream wood - pulp papers, the price of cultural paper continues to decline, while the prices of tissue paper and white cardboard have slightly increased [6]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp is expected to move in a volatile manner recently as there has been a certain amount of cancellation of warehouse receipts and registration of new warehouse receipts [6] Group 3: Summary According to Relevant Catalogs Pulp Price Data - **Futures Prices**: On November 28, 2025, SP2601 was 5198 yuan/ton (up 0.27% day-on-day, down 0.57% week-on-week), SP2512 was 4704 yuan/ton (up 0.73% day-on-day, down 1.71% week-on-week), and SP2605 was 5248 yuan/ton (up 0.27% day-on-day, down 0.72% week-on-week) [6] - **Spot Prices**: On November 28, 2025, the price of coniferous pulp Silver Star was 5400 yuan/ton (unchanged day-on-day, down 0.92% week-on-week), Russian Needle was 5170 yuan/ton (unchanged day-on-day, down 0.58% week-on-week), and broadleaf pulp Golden Crown was 4400 yuan/ton (unchanged day-on-day and week-on-week) [6] - **Outer - disk Quotes**: In November 2025, the outer - disk quote of Chilean Silver Star was 680 dollars/ton (down 2.86% month - on - month), Brazilian Goldfish was 530 dollars/ton (up 3.92% month - on - month), and Chilean Venus was 590 dollars/ton (unchanged month - on - month) [6] - **Import Costs**: In November 2025, the import cost of Chilean Silver Star was 5559 yuan/ton (down 2.83% month - on - month), Brazilian Goldfish was 4344 yuan/ton (up 3.87% month - on - month), and Chilean Venus was 4830 yuan/ton (unchanged month - on - month) [6] Pulp Fundamental Data - **Supply**: In October 2025, the import volume of coniferous pulp was 69.1 tons (unchanged month - on - month), and broadleaf pulp was 131.8 tons (down 2.80% month - on - month). The domestic production of broadleaf pulp and chemimechanical pulp fluctuated in late October 2025. The pulp shipment volume to China decreased by 7.49% [6] - **Inventory**: As of November 27, 2025, the pulp port inventory was 217.2 tons (down 0.1 tons from the previous period, down 0.05% month - on - month), and the futures delivery warehouse inventory was 21.1 tons [6] - **Demand**: In late November 2025, the production of double - offset paper, coated paper, tissue paper, and white cardboard fluctuated. Recently, wood - pulp paper companies have issued price increase letters, with only white cardboard having a good implementation situation [6] Pulp Valuation Data - **Basis**: On November 28, 2025, the Russian Needle basis was 466 with a quantile level of 0.948, and the Silver Star basis was 696 with a quantile level of 0.911 [6] - **Import Profit**: On November 28, 2025, the import profit of coniferous pulp Silver Star was - 159, and that of broadleaf pulp Goldfish was 56 [6]