胶版印刷纸：低位震荡

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The report indicates that the price of offset printing paper is in a low - level shock. The trend strength of double - offset paper is - 1, suggesting a bearish outlook [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Spot Market: In the Shandong market, the prices of 70g Tianyang, 70g Chenming Yunjing, 70g Huaxia Taiyang, and 70g Benbai Mudan remained unchanged at 4550, 4800, 4800, and 4550 yuan/ton respectively on September 10, 2025, compared to the previous day. In the Guangdong market, the prices of 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also remained stable at 4500, 4650, and 4750 yuan/ton respectively [1]. - Cost and Profit: The pre - tax and after - tax costs and profits of offset printing paper remained unchanged on September 10, 2025. The pre - tax cost was 5046 yuan/ton, the pre - tax gross profit was - 228 yuan/ton, the after - tax cost was 4638 yuan/ton, and the after - tax gross profit was - 374 yuan/ton [1]. - Futures and Basis: The closing prices of OP2601.SHF and OP2603.SHF were 4208 and 4218 respectively, with a 1 - 3 spread of - 10. The basis in the Shandong market for Tianyang - 01 and Mudan - 01 was 342, and in the Guangdong market, the basis for Tianyang - 01 was 292 [1]. Industry News - Shandong Market: The mainstream negotiated price of high - white double - offset paper in the Shandong market was 4750 - 4800 yuan/ton, and the price of some ben - white double - offset paper was in the range of 4300 - 4600 yuan/ton, remaining stable compared to the previous day. Large - scale paper mills were operating normally, while small and medium - sized mills adjusted production flexibly. Dealers maintained stable prices and were cautious about inventory, and downstream printing factories had average procurement demand [2]. - Guangdong Market: The mainstream negotiated price of high - white double - offset paper in the Guangdong market was 4600 - 4800 yuan/ton, and the price of ben - white double - offset paper was 4500 yuan/ton, remaining unchanged from the previous day. Paper mills' quotes were stable, dealers' inventory was rational, and printing factories' orders were limited, resulting in a general trading atmosphere [3][4]. Trend Intensity The trend intensity of double - offset paper is - 1, indicating a bearish view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [1].