金信期货纸业日刊-20251013

Report Overview - Report Name: Jinxin Futures Paper Industry Daily - Date: October 13, 2025 - Research Focus: Double - offset paper and pulp futures 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report 2. Report's Core View - The double - offset paper market has an obvious over - capacity pattern with low industry operating rate and mainly rigid - demand procurement. With pulp futures oscillating downward, it is recommended to short at high prices in the short term [3] - The pulp market has seen a decline in prices in Shandong, high cumulative imports from January to September, and high port inventories. The peak season was not prosperous, and it is expected to remain weak. It is recommended to short on rebounds [8] 3. Summary by Relevant Catalogs Double - offset Paper Futures Fundamental Analysis - Market Situation: The domestic double - offset paper price remained stable today with light market transactions. The industry operating rate is only 55%, and there will be new production capacity put into operation in 2025, showing an obvious over - capacity pattern. The demand side is mainly for rigid - demand procurement [3] - Cost Factor: The pulp futures are oscillating downward [3] - Investment Suggestion: Short at high prices in the short term [3] Pulp Futures Fundamental Analysis - Market Situation: The pulp price in Shandong decreased today. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. The domestic port inventory remained high, and the peak season in September was not prosperous [8] - Investment Suggestion: Short on rebounds [8] Main Force Trends - Pulp: The short - side main force reduced positions, which is bullish [11] - Double - offset Paper: The long - side main force increased positions, which is bullish [11]