Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - The pulp market is expected to remain weak, and it is recommended to treat it as a low - level oscillation. The pulp and offset paper futures prices are likely to continue an oscillating and bearish trend, and it is advisable to sell short at high prices [4][14]. 3. Summary by Relevant Catalogs Pulp Futures Fundamental Analysis - Basic Situation: In Shandong, pulp prices are stable. Downstream paper mills' price increases boost pulp prices, but the implementation of price increase letters needs further observation. Some pulp mills are under maintenance, reducing supply - side pressure. In September, the retail sales of books, newspapers, and magazines were about 21.1 billion yuan, a year - on - year decrease of 7% (compared to a 12% year - on - year increase in August), and cultural paper consumption did not continue the positive trend in August. High port inventories limit pulp prices. The supply - demand fundamentals have not changed significantly, port de - stocking is lower than expected, and downstream procurement is cautious [4]. Double - Offset Paper Futures Fundamental Analysis - Basic Situation: In Shandong, double - offset paper prices are stable. Starting from November, many paper products from various manufacturers will increase in price by 200 yuan/ton, which is favorable for futures prices, and the futures prices continue an oscillating and slightly upward trend. It is recommended to continue to monitor the de - stocking situation [14]. Main Force Trends - For pulp, the short - side main force has increased positions, which is bearish. For double - offset paper, the short - side main force has also increased positions, which is bearish [23].
金信期货纸业日刊-20251103