金信期货纸业日刊-20250917

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The double - offset paper market shows a pattern of supply - demand weakness. The spot price in Shandong is stable, downstream demand is weak, and the industry profit has narrowed below the cost line. It is expected to remain volatile in the short term, with attention to device operation and pulp price changes [8]. - The pulp market also has a supply - demand weakness. The price of silver leaf pulp in Shandong is stable with a downward trend, the industry's operating rate is low, and the futures price has fallen. It is expected to maintain range - bound fluctuations, suggesting a high - selling and low - buying strategy [13]. - For both pulp and double - offset paper, the long - position main force has reduced positions, which is bearish [16]. 3. Summary by Related Catalogs Double - Offset Paper - Supply and Inventory: Some停产 enterprises have resumed production this week, and the capacity utilization rate has increased month - on - month. However, downstream consumption has not improved, and users mainly make rigid - demand purchases. Traders mostly follow a just - in - time inventory strategy. Enterprise inventory has slightly increased compared to last week, and on - site inventory has continued a small rebound, remaining at a high level in recent years [2]. - Price and Market Outlook: The spot price of double - offset paper in Shandong remains stable today. With weak supply and demand, the shut - down factories have not resumed production on a large scale. The industry profit has continued to narrow below the cost line. In the short term, it is expected to remain volatile, and future focus should be on device operation and pulp price changes [8]. Pulp - Price and Market Outlook: The price of silver leaf pulp in Shandong is stable with a downward trend today. With weak supply and demand, the industry's operating rate remains low, and the futures price has fallen. It is expected to maintain range - bound fluctuations, and a high - selling and low - buying strategy is recommended [13]. - Main Force Trend: The long - position main force in the pulp market has reduced positions, which is bearish [16].