Group 1: Report Title and Date - The report is titled “Pulp: Oscillating with an Upward Bias 20260225” and was published on February 25, 2026 [1] Group 2: Industry Investment Rating - The pulp trend strength is 1, indicating a “moderately bullish” outlook. The range of trend strength is from -2 (most bearish) to 2 (most bullish) [3] Group 3: Core View - The short - term pulp market is mainly driven by sentiment and expectations. The market fundamentals have not changed significantly compared to before the festival. It is recommended to focus on the inventory accumulation at major ports after the festival and the purchasing sentiment in the downstream base paper market [4][5] Group 4: Fundamental Data Summary Futures Market - The daytime closing price of the pulp main contract increased by 80 yuan/ton to 5,340 yuan/ton, and the night - time closing price was 5,378 yuan/ton. The trading volume increased by 11,098 lots to 175,423 lots. The open interest of the 05 contract decreased by 20,002 lots to 249,662 lots. The number of warehouse receipts increased by 1,009 tons to 155,621 tons. The net position of the top 20 members decreased by 1,327 lots to -19,406 lots [3] Spread Data - The basis of “Yinxing - Futures Main Contract” increased by 20 to 10, the basis of “Jinyu - Futures Main Contract (non - standard)” decreased by 60 to -740, and the monthly spread of SP03 - SP05 decreased by 18 to -50 [3] Spot Market - Among coniferous pulps, the domestic prices of Beimu and Kalip were 5,550 yuan/ton, the price of Yueliang was 5,250 yuan/ton, and the domestic and international prices of Yinxing were 5,350 yuan/ton and 710 US dollars/ton respectively. Among broad - leaf pulps, the prices of Jindao and Mingxing were 4,600 yuan/ton, the price of Taibai was 4,580 yuan/ton, and the price of Buzhi was 4,500 yuan/ton. The price of Kunhe chemical mechanical pulp was 3,800 yuan/ton, and the domestic and international prices of Jinxing natural color pulp were 4,900 yuan/ton and 620 US dollars/ton respectively [3] Group 5: Industry News Summary - The pulp futures market rose actively after opening yesterday, driving the spot market traders to raise their quotes. The price of coniferous pulp was boosted by market sentiment, and the price of broad - leaf pulp was also affected by the news of foreign price increases. However, downstream demand needs to be restored, paper mills' procurement is limited, and the actual acceptance of the current price increase remains to be seen [4] Group 6: Downstream Market Summary - The mainstream price of 70g natural white offset paper was 4,350 yuan/ton, and the average price of 70g high - white offset paper remained unchanged at 4,650 yuan/ton. Most maintenance devices have returned to normal production, and the inventory of enterprises has increased during the Spring Festival. The supply of market goods is abundant. Some enterprises have conveyed the intention of price increases, but consumer demand is still weak, and downstream printing factories and traders have no obvious intention of stockpiling. Attention should be paid to the recovery of downstream orders and pulp price changes [5]

Group 1: Report Industry Investment Rating - The investment rating for the pulp industry is "shockingly weak" [1] Group 2: Core View of the Report - The pulp market is currently in a state of weakening trends, with the spot prices of softwood pulp following the decline of the futures market. The hardwood pulp market has also shown signs of weakness, and the downstream demand is sluggish, intensifying the bearish sentiment [1][4] Group 3: Summary Based on Related Catalogs Fundamental Data - **Futures Market**: The closing prices of the pulp main contract in both the day and night sessions decreased compared to the previous day. The trading volume and open interest increased, while the number of warehouse receipts remained unchanged. The net position of the top 20 members increased [3] - **Spread Data**: The basis of silver star - futures main contract decreased, while the basis of goldfish - futures main contract (non - standard) increased. The month - spread of SP03 - SP05 also increased [3] - **Spot Market**: Different pulp varieties have different prices. For example, the domestic price of northern softwood pulp is 5700 yuan/ton, and the international price of silver star is 710 US dollars/ton [3] Industry News - Last week, the decline in the futures market led to a decline in the spot price of softwood pulp. The hardwood pulp market also showed signs of weakness. The downstream demand is weak, with low purchasing willingness, and the bearish sentiment is intensifying. Attention should be paid to whether the futures market can stop falling and stabilize, whether the low - price rumors in the hardwood pulp market will become a general price - reduction behavior, and whether there are changes in the downstream's willingness to replenish stocks at low prices [4] Paper Product Market - The mainstream price of 70g natural white offset paper is 4450 yuan/ton, and the average price of 70g high - white offset paper is 4750 yuan/ton, which is the same as the previous working day. Factory production has not increased, and the market supply is abundant. The high pulp cost squeezes the industry's profit, and paper mills are determined to maintain prices. The market demand from consumers is weak, and it is difficult to effectively transmit the price downstream. Traders generally adopt a fast - turnover strategy, and there are price concessions in regional transactions. Attention should be paid to downstream orders and pulp price changes [5]

Report Summary 1. Report Title and Date - Title: "Paper Pulp: Wide - range Fluctuation 20260113" - Date: January 13, 2026 [1] 2. Investment Rating - Not provided in the report 3. Core Viewpoints - The paper pulp market is in a wide - range fluctuation state. The market supply - demand structure has not changed significantly, and downstream demand remains weak, failing to provide new driving forces. Attention should be paid to the capital trends in the futures market, the actual transaction changes of high - priced broadleaf pulp, port inventory data, downstream orders, and pulp price changes [4][5] 4. Summary by Directory 4.1 Fundamental Data - **Futures Market**: The daily - session closing price of the paper pulp main contract was 5,490 yuan/ton (down 60 yuan from the previous day), and the night - session closing price was 5,514 yuan/ton (down 34 yuan). The trading volume was 283,615 lots (down 66,346 lots), the holding volume of the 05 contract was 219,104 lots (up 3,624 lots), the warehouse receipt quantity was 142,363 tons (up 5,874 tons), and the net holding volume of the top 20 members was - 29,805 lots (down 2,872 lots) [3] - **Spread Data**: The basis of "Yinxing - Futures Main" was 60 (up 10), the basis of "Jinyu - Futures Main (Non - standard)" was - 740 (up 60), and the month - spread of SP03 - SP05 was - 30 (up 4) [3] - **Spot Market**: The domestic prices of coniferous pulp brands such as Beimu, Kailipu, Shipai, and Yinxing were 5,800 yuan/ton, 5,750 yuan/ton, 5,700 yuan/ton, and 5,550 yuan/ton respectively; the domestic prices of broadleaf pulp brands such as Jindao, Mingxing, and Tai were 4,750 yuan/ton, 4,750 yuan/ton, and 4,700 yuan/ton respectively; the domestic price of chemical mechanical pulp brand Kunhe was 3,800 yuan/ton; and the domestic price of natural color pulp brand Jinxing was 5,050 yuan/ton [3] 4.2 Industry News - The futures market fluctuated downward yesterday. The price of coniferous pulp in the spot market weakened, while the price of broadleaf pulp remained at a high - level offer. The actual transactions of high - priced broadleaf pulp were light, and the terminal's acceptance of the current price was gradually weakening [4] - The mainstream price of 70g white offset paper was 4,450 yuan/ton, and the average price of 70g high - white offset paper was 4,750 yuan/ton, remaining flat from the previous day. Factory production did not increase, and the market supply was abundant. Supported by pulp factors, enterprises mostly maintained a price - holding strategy. Downstream consumption was mainly social orders, with low user purchasing enthusiasm, leading to cautious operations by traders [5]