格林大华期货研究院专题报告：胶板印刷纸期货上市系列报告（一）

Group 1: General Information - On August 15, 2025, the China Securities Regulatory Commission approved the Shanghai Futures Exchange to launch the world's first financial derivatives for cultural paper - offset printing paper futures and options, which will be officially listed for trading on September 10 [2] Group 2: Product Introduction - Offset printing paper is a type of cultural paper, mainly used in teaching materials, books, periodicals, flyers, etc. Most of the offset printing paper on the market is double - coated paper, and the futures of offset printing paper listed on the Shanghai Futures Exchange is also referred to as double - coated paper futures [3] - Double - coated paper is a variant of offset paper, with glue coated on both sides, which has better printability [4] - In terms of production cost, wood pulp accounts for about 60 - 70% of the cost, chemical additives account for 10 - 25%, energy cost accounts for about 10%, and other costs account for about 10% [5] Group 3: Product Classification - Double - coated paper is mainly distinguished by quantitative, brightness and other quality indicators. The most common quantitative is between 60 - 90g/m², and it can be classified by size, quantitative, brightness and calendering grade [12] - By size, there are positive degree (787mmx1092mm) and large degree (889mmx1194mm); by quantitative, it ranges from 60 - 180g/㎡, with different quantitatives suitable for different printing fields; by brightness, it can be divided into high - white, natural - white, elegant - white, off - white, etc.; by calendering grade, it can be divided into super - calendered and ordinary - calendered [12][13][14] Group 4: Delivery Standards - For physical delivery, the offset printing paper should be double - coated paper with a quantitative of 65g/m², 70g/m², 75g/m², 80g/m², and meet relevant technical indicators in GB/T 30130 - 2023 [18] - The delivery double - coated paper is reel paper with a width of 780mm, 787mm, 880mm, 889mm, and the size deviation should not exceed ±3mm [18] Group 5: Packaging, Storage and Logistics - The mainstream packaging methods are reel packaging and flat - plate packaging. Reel packaging uses multi - layer high - quantitative materials for protection, and flat - plate packaging has two forms: ream packaging and piece packaging [19] - The storage and logistics system of double - coated paper is highly stable. There are professional storage facilities in each link, and large paper mills generally use intensive distribution, while small and medium - sized enterprises prefer self - pick - up. Road transport is the mainstream, and multi - modal transport such as water and rail is also used for medium - and long - distance transport [20]