Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Key Points from the Report SP Main Contract Information - The closing price of the SP main contract on March 20, 2026, was 5164.00 [3] - The closing prices and related data from March 16 - 20, 2026, are presented, showing price fluctuations and percentage changes [3] Import Profit and Price Information - Import profit calculations for different pulp brands (Canadian Golden Lion, Canadian Lion, Chilean Silver Star) are provided, with values of 165.97, -605.31, and -419.82 respectively [4] - The exchange rate on the previous day was 6.88, and prices are calculated with a 13% VAT [4] Pulp Price Averages - National and Shandong regional average prices for different types of pulp (coniferous, broad - leaf, natural color, chemical mechanical) from March 16 - 20, 2026, are presented, with no changes during this period [4] Paper Index and Profit Margin Information - Index values for cultural paper (double - offset, double - copper), packaging paper (white card), and living paper from March 17 - 20, 2026, are presented, with no changes in most cases [4] - Profit margin estimates for different types of paper from March 17 - 20, 2026, are provided, with a -0.5210 change in the living paper profit margin [4] Pulp Price Spreads - Price spreads between different types of pulp (coniferous - broadleaf, coniferous - natural color, coniferous - chemical mechanical, coniferous - waste paper) from March 16 - 20, 2026, are presented [4]

Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team at the Research Center - Date: March 20, 2026 [2] 1. SP Main Contract Closing Price - On March 19, 2026, the closing price of the SP main contract was 5104.00 [3] - The price showed fluctuations from March 13 - 19, with a 1.26984% increase on March 19 compared to the previous day [3] - The corresponding US dollar price on March 19 was 645.51, also with daily fluctuations [3] 2. Basis - The Shandong Yinxing basis on March 19 was 21, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 16 [3] - These bases also fluctuated from March 13 - 19 [3] 3. Import Profit - Calculated with 13% VAT, the import profit of Canadian Golden Lion pulp was 148.34, while that of Canadian Lion pulp was - 696.81, and Chilean Silver Star pulp was - 480.87 [4] - The US dollar price and RMB price used Zhuochuang data, with the previous day's exchange rate at 6.90 [4] 4. Market Average Prices - From March 13 - 19, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged [4] - The average prices in Shandong region for these pulp types also remained stable during this period [4] 5. Paper Index and Profit Margin - The cultural paper (double - offset and double - copper), packaging paper (white card), and living paper indexes showed little change from March 13 - 19 [4] - The profit margins of these papers changed slightly, with the double - offset profit margin changing by - 0.2032, double - copper by - 0.2000, white card by - 0.1402, and living paper by - 0.1617 from March 16 - 19 [4] 6. Price Spreads - The price spreads between different pulp types (softwood - hardwood, softwood - natural color, softwood - chemimechanical, softwood - waste paper) fluctuated from March 13 - 19 [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary According to the Directory SP Main Contract Information - On March 3, 2026, the closing price of the SP main contract was 5220.00, with a decrease of 0.60929% from the previous day. The corresponding dollar price was 660.54. The Shandong Yinxing basis was 70, and the Jiangsu-Zhejiang-Shanghai Yinxing basis was also 70 [3]. Import Profit Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp was 148.34 yuan, while the import profit of Canadian Lion pulp was -501.81 yuan, and the import profit of Chilean Yinxing pulp was -237.90 yuan [4]. Price and Profit Margin Information - From February 25 to March 3, 2026, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong. The prices of cultural paper, packaging paper, and tissue paper also remained stable, and the profit margins of double - offset paper, double - copper paper, white cardboard, and tissue paper did not change either [5]. Price Spread Information - On March 3, 2026, the spread between softwood and hardwood pulp was 700.00, the spread between softwood and natural pulp was -110, the spread between softwood and chemimechanical pulp was 1415, and the spread between softwood and waste paper was 3714 [5][6].

Group 1: Report Information - The report is the Pulp Morning Report by the Energy and Chemicals Team of the Research Center on December 22, 2025 [2] Group 2: SP Main Contract Information - The closing price of the SP main contract on December 19, 2025, was 5506.00 [3] - The closing prices on December 15 - 18, 2025, were 5572.00, 5468.00, 5506.00, and 5500.00 respectively [3] - The exchange - rate - converted US dollar prices on December 15 - 19, 2025, were 690.59, 678.31, 682.74, 682.39, and 683.23 respectively [3] - The daily price changes from December 15 - 19, 2025, were 0.68666%, - 1.86648%, 0.69495%, - 0.10897%, and 0.10909% respectively [3] - The Shandong Yinxing basis on December 15 - 19, 2025, was - 7, 72, 34, 40, and 19 respectively [3] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis on December 15 - 19, 2025, was - 22, 82, 34, 40, and 29 respectively [3] Group 3: Import Profit Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US dollar price is 780, the Shandong region RMB price is 6300, and the import profit is 24.94 [4] - For Canadian Lion (CFR), the port US dollar price is 730, the Shandong region RMB price is 5525, and the import profit is - 352.30 [4] - For Chilean Yinxing (CFR letter of credit 90 days), the port US dollar price is 700, the Shandong region RMB price is 5525, and the import profit is - 113.64 [4] Group 4: Pulp and Paper Price and Margin Information - From December 15 - 19, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - From December 16 - 19, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) prices remained unchanged at 5725, 5670, 4350, and 850 respectively [4] - From December 16 - 19, 2025, the double - offset profit margin remained at - 4.2524%, the double - copper profit margin remained at 6.1333%, and the white - card profit margin remained at - 8.8568% [4] - The living paper profit margin changed from 2.9505% on December 16 to 3.2295% on December 19, with a change of 0.1302 [4] - From December 15 - 19, 2025, the softwood - hardwood price difference was 900, 875, 875, 890, and 875 respectively [4] - The softwood - natural price difference was 165, 140, 140, 140, and 125 respectively [4] - The softwood - chemimechanical price difference was 1715, 1690, 1690, 1690, and 1675 respectively [4] - The softwood - waste paper price difference was 3989, 3964, 3964, 3964, and 3949 respectively [4]

Group 1: SP Main Contract Information - The closing price of the SP main contract on November 19, 2025, was 5396.00, with a change of -0.22189% from the previous day [3]. - The closing prices and related data from November 13 - 19, 2025, are presented, showing price fluctuations and changes in basis and dollar - converted prices [3]. Group 2: Import Profitability - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp is - 136.75, for Canadian Lion pulp is - 425.04, and for Chilean Silver Star pulp is 16.68 [4]. - The calculation is based on port dollar prices, Shandong region RMB prices, and the previous day's exchange rate of 7.11 [4]. Group 3: Pulp and Paper Price Averages - From November 13 - 19, 2025, the national and Shandong region average prices of different types of pulp (coniferous, broad - leaf, etc.) remained unchanged [4]. - The prices of cultural paper, packaging paper, and living paper also showed no change during this period [4]. Group 4: Profit Margin Estimates - The profit margin estimates for different types of paper (double - offset, double - copper, etc.) remained stable from November 14 - 19, 2025 [4]. Group 5: Price Spreads - The price spreads between different types of pulp (coniferous - broadleaf, coniferous -本色, etc.) are presented, with some showing minor changes from November 13 - 19, 2025 [4].

Group 1: SP Main Contract Information - The closing price of the SP main contract on August 13, 2025, was 5302.00 [3] - The conversion to US dollars was 645.26, with a daily increase of 0.72188% [3] - The basis of Shandong Yinxing was 558, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 598 [3] Group 2: Import Profit and Price Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion was 51.55, while that of Lion was -392.78, and that of Chilean Yinxing was -51.65 [4] - The exchange rate on the previous day was 7.18 [4] Group 3: Pulp and Paper Price Trends - From August 7 to August 13, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [4] - The prices of cultural paper, packaging paper, and household paper also remained unchanged during this period [4] - The profit margins of cultural paper, packaging paper, and household paper showed varying degrees of decline [4] Group 4: Price Spreads - On August 13, 2025, the price spread between softwood and hardwood pulp was 1670.00, the spread between softwood and natural pulp was 460, the spread between softwood and chemimechanical pulp was 2035, and the spread between softwood pulp and waste paper was 4284 [4]

Group 1: Report Information - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on May 8, 2025 [1] Group 2: SP Main Contract Data - The closing price of the SP main contract on May 7, 2025, was 5138.00. The closing prices on May 6, April 30, April 29, and April 28 were 5036.00, 5120.00, 5178.00, and 5344.00 respectively [2] - The converted US dollar prices on these dates were 620.72, 608.94, 615.30, 622.18, and 639.39 respectively [2] - The daily price changes were 2.02542%, -1.64063%, -1.12012%, -3.10629%, and -0.59524% respectively [2] - The Shandong Yinxing basis on these dates was 1072, 1174, 1115, 1072, and 991 respectively, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 1062, 1164, 1145, 1107, and 956 respectively [2] Group 3: Pulp Import Data - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was -132.72, for Canadian Lion pulp was -1119.32, and for Chilean Yinxing pulp was -600.17 [3] - The port US dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 840, 820, and 825 respectively, and the Shandong region RMB prices were 6800, 5650, and 6210 respectively [3] Group 4: Pulp Price Averages - From April 28 to May 7, 2025, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemi - mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The Shandong region average prices also remained unchanged [3] - The cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged during this period [3] Group 5: Pulp Profit Margin Data - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper on April 29, 2025, were 9.7264%, 25.5692%, -10.2353%, and 11.3068% respectively. On May 7, they were 10.9038%, 26.4799%, -10.7381%, and 12.5419% respectively, with a change of 0.0000, 0.0000, 0.0000, and -0.6160 respectively [3] Group 6: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural color, softwood and chemi - mechanical, and softwood and waste paper on May 7, 2025, were 2060.00, 810, 2335, and 4634 respectively [3]