Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - In the off - season of demand and high - inventory situation, pulp is expected to fluctuate at a low level [1]. Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 5, 2025, SP2601 was 5276, down 0.08% day - on - day and up 0.42% week - on - week; SP2507 was 5040, down 0.51% day - on - day and down 0.16% week - on - week; SP2509 was 5074, up 0.12% day - on - day and up 0.20% week - on - week [1]. - **Spot Prices**: On July 5, 2025, the price of coniferous pulp Silver Star was 5900, unchanged day - on - day and week - on - week; Russian Needle was 5120, unchanged; broadleaf pulp Golden was 4020, unchanged [1]. - **Outer - Disk Quotes**: The outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1]. - **Import Costs**: The import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1]. Pulp Fundamental Data - **Supply**: In May 2025, the import volume of coniferous pulp was 72.2 tons, down 4.75% month - on - month; broadleaf pulp was 129.3 tons, up 7.84% month - on - month. The pulp shipment volume to China in June 2025 was 140 tons, up 3.3% from May. The domestic production of broadleaf pulp and chemimechanical pulp showed certain fluctuations from May 22 to July 3, 2025 [1]. - **Inventory**: As of July 3, 2025, the sample inventory of China's mainstream pulp ports was 221.3 tons, a 2.3% increase from the previous period. The delivery - warehouse inventory also had some changes during the period [1]. - **Demand**: From May 22 to July 3, 2025, the production of major finished papers such as offset paper, coated paper, tissue paper, and white cardboard showed small - scale fluctuations, with a slight overall increase this week. However, the finished - paper prices were continuously low, providing weak support for pulp [1]. Pulp Valuation Data - **Basis**: On July 5, 2025, the Russian Needle basis was 46, with a quantile level of 0.795; the Silver Star basis was 826, with a quantile level of 0.956 [1]. - **Import Profit**: On July 5, 2025, the import profit of coniferous pulp Silver Star was 16, with a quantile level of 0.649; broadleaf pulp Goldfish was - 567, with a quantile level of 0.187 [1].

| 投资咨询业务资格:证监许可【2012】31号 | | | | | | | | ITC 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国贸期货研究院 | | | | | | 投资咨询号:Z0015194 从业资格号:F3042528 | | | 2025/6/27 | | | 农产品研究中心 | | | | | 杨璐琳 | 纸浆价格数据 | | | | | | 2025年6月26日 | | | | 日环比 | 周环比 | | | 2025年6月26日 | 日环比 | 周环比 | | SP2601 | | | 5264 | -0. 68% | -0. 04% | | 针叶浆银星 | 5950 | 0. 00% | -1. 65% | | 期货价格 SP2507 | | | 5060 | 0. 00% | -3. 62% | 现货价 | 针叶浆俄针 | 5120 | 0. 00% | -2. 48% | | SP2509 | | | 5066 | -0. 08% | -3.58% | | 阔叶浆金 ...

| 投资咨询业务资格:证监许可【2012】31号 | | | | | | | ITG 国贸期货 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SAL | | | | | | | | | | | 国贸期货研究院 | | | | | 投资咨询号:Z0015194 | | | | | | 农产品研究中心 | | | | 杨璐琳 | 从业资格号:F3042528 | | | 2025/6/13 | | | 纸浆价格数据 | | | | | | | | | | | 2025年6月12日 | | | 日环比 | 周环比 | | | 2025年6月12日 | 日环比 | 周环比 | | SP2601 | | 5244 | -0. 49% | 0. 04% | | 针叶浆银星 | 6150 | 0. 00% | 0. 00% | | 期货价格 | SP2507 | 5268 | -1.46% | -0. 23% | 现货价 | 针叶浆俄针 | 5350 | 0. 00% | 0. 56% | | SP2509 | | 5214 | ...