金信期货纸业日刊-20251017

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The price of double - offset paper futures is expected to remain volatile and weak due to increased industry supply, lack of significant boost in downstream consumption, and an upward trend in enterprise inventory [4]. - The price of pulp futures is expected to continue to run weakly, with the previous suggestion of short - selling on rebounds remaining valid, and it should still be regarded as volatile and weak [9]. - For both pulp and double - offset paper, the reduction of long - position main players is a bearish signal [11]. 3. Summary by Related Catalogs Double - Offset Paper Futures - Basic Situation: The inventory of double - offset paper production enterprises is 131.5 million tons, with a month - on - month increase of 1.2%. The shutdown devices have basically resumed production, new production devices are gradually stabilizing, and downstream users mainly make replenishment orders based on rigid demand. Traders mostly maintain a just - in - time inventory rhythm, leading to an increase in enterprise inventory compared to last week [4]. Pulp Futures - Basic Situation: The price of pulp in Shandong is stable. From January to September, China's cumulative pulp imports were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventories remain high, and the peak season in September was lackluster [9].