胶版印刷纸：震荡偏弱

Report Industry Investment Rating - The investment rating for the offset printing paper industry is "volatile and weak" [1] Core View - The double - offset paper trend strength is -1, indicating a bearish view on the market [2] Summary by Relevant Catalogs Fundamental Tracking - In the Shandong spot market on May 6, 2025, the prices of 70g Tianyang, 70g Chenming Yunjing, and 70g Huaxia Taiyang remained unchanged from April 30, 2025. Similarly, in the Guangdong spot market, the prices of relevant paper types also remained stable [2] - In terms of cost - profit, the pre - tax cost decreased by 45 yuan/ton, and the pre - tax gross profit increased by 45 yuan/ton. The after - tax cost decreased by 40 yuan/ton, and the after - tax gross profit increased by 40 yuan/ton [2] Industry News - In the Shandong market, the mainstream transaction prices of high - white double - offset paper and some natural - white double - offset paper remained flat compared to the previous workday. Paper mills' transactions were flexible, dealers were cautious, and downstream inventory - building willingness was weak [3] - In the Guangdong market, the mainstream transaction prices of high - white and natural - white double - offset paper were stable. During the holiday, market transactions were light, dealers mainly sold at stable prices, and the overall procurement demand of downstream printing factories was average [3]