双胶纸数据日报-20251015

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View of the Report - The current spot price of offset paper has not stopped falling and stabilizing, most double - rotary papers are still slightly declining, and the benefits of the "Golden September and Silver October" have not been reflected. The pulp price increased during the week, compressing the production profit of offset paper. The output increased due to the resumption of production by Chenming Paper, and the inventory increased slightly. The futures market currently has poor capital participation and is generally in a volatile state. The offset paper market is basically in a reasonable operating range, and short - term observation is recommended [7]. 3. Summary by Relevant Catalogs 3.1 Futures Data - On October 14, 2025, the price of OP2601 was 4216, with a daily increase of 0.14% compared to the previous day. The position of the main contract was 1140, a decrease of 2.48% compared to the previous day [5]. 3.2 Spot Price Data - Offset Paper: The prices of various brands of offset paper in different regions showed little daily change. For example, the price of Shandong High - white Swan was 4675 yuan/ton, with a daily and weekly change of 0.00%. However, some products had negative weekly changes, such as Yidong High - white Blue Leaf with a weekly decrease of 1.08% [5]. - Coated Paper: Similar to offset paper, the daily price changes of coated paper were mostly 0.00%. For instance, the price of Guangdong Chenming Snow Rabbit was 4650 yuan/ton, with a daily and weekly change of 0.00%. Some products also had negative weekly changes, like Shandong Chenming Snow Rabbit with a weekly decrease of 2.11% [5]. 3.3 Papermaking Raw Material Data - The prices of different types of pulp in Shandong and Guangdong regions had different daily and weekly changes. For example, the price of Shandong Coniferous Silver Star was 5600 yuan/ton, with a daily decrease of 0.88% and a weekly increase of 0.71% [6]. 3.4 Supply - Demand Data - Production and Capacity Utilization: From August 22, 2025, to September 26, 2025, the output of offset paper increased from 19.48 tons to 21 tons, and the capacity utilization rate fluctuated between 52.93% and 56.9% [6]. - Inventory: Both the factory - level inventory and social inventory showed little change during the period from August 22, 2025, to September 26, 2025. The factory - level inventory was around 117.81 - 122.7 tons, and the social inventory was around 53 - 53.8 tons [6]. - Profit: The production profit of offset paper using chemimechanical pulp as the main raw material was between 541.25 - 629 yuan/ton, and that using hardwood pulp as the main raw material was between 264 - 392 yuan/ton during the period from August 22, 2025, to September 26, 2025 [6].