双胶纸数据日报-20251105

Group 1: Report Information - Researcher: Yang Lulin from the Agricultural Products Research Center of Guomao Futures Research Institute [2] - Date: November 5, 2025 [2] - Data Sources: Zhuochuang Information, Steel Union Data [5] Group 2: Investment Rating - No investment rating information provided in the report Group 3: Core Viewpoints - The fundamentals of the double-offset paper market have remained stable recently. Weekly production has increased, and inventory has risen slightly. Some paper mills have issued price increase letters, and the implementation of these letters needs to be closely monitored [5]. - In the short term, the positions and trading volume in the futures market are low, and it is recommended to stay on the sidelines [5]. Group 4: Double-Offset Paper Futures Data - On November 4, 2025, the price of OP2601 was 4,266, a day-on-day decrease of 0.42% compared to November 3. The position of the main contract was 943, a day-on-day increase of 0.11% [3]. Group 5: Spot Price Data Double-Offset Paper - Shandong High-White Swan: 4,675 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Ben-White Tianyang: 4,475 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Ben-White Peony: 4,450 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong High-White Blue Leaf: 4,600 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Beijing High-White Ruixue: 4,725 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. Coated Paper - Guangdong Chenming Snow Rabbit: 4,650 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong Huaxia Sun: 4,900 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong Jindong Dongfan: 5,300 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Chenming Snow Rabbit: 4,650 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Sun Tianyang: 4,800 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. Group 6: Papermaking Raw Material Data - Shandong Broadleaf Goldfish: 5,500 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Silver Star: 4,250 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Russian Needle: 5,100 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Guangdong Broadleaf Goldfish: 4,300 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Moon: 3,700 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Chemical Mechanical Kunhe: 5,350 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. Group 7: Double-Offset Paper Supply and Demand Data Production - On September 19, 2025: 20.7 million tons [4]. - On October 24, 2025: 20.3 million tons [4]. - On October 17, 2025: 21 million tons [4]. - On September 26, 2025: 20.87 million tons [4]. - On September 12, 2025: 20.5 million tons [4]. - On September 5, 2025: 19.48 million tons [4]. Capacity Utilization - On September 19, 2025: 53% [4]. - On October 24, 2025: 56.9% [4]. - On October 17, 2025: 55.7% [4]. - On September 26, 2025: 52.93% [4]. - On September 12, 2025: 54% [4]. - On September 5, 2025: 56.69% [4]. Factory Inventory - On September 19, 2025: 131.5 million tons [4]. - On October 24, 2025: 122.7 million tons [4]. - On October 17, 2025: 122.7 million tons [4]. - On September 26, 2025: 130 million tons [4]. - On September 12, 2025: 121 million tons [4]. - On September 5, 2025: 119.6 million tons [4]. Social Inventory - On September 19, 2025: 58 million tons [4]. - On October 24, 2025: 53.2 million tons [4]. - On October 17, 2025: 53.4 million tons [4]. - On September 26, 2025: 54 million tons [4]. - On September 12, 2025: 53.1 million tons [4]. - On September 5, 2025: 53.6 million tons [4]. Production Gross Margin - Chemical Mechanical Pulp-Based: On September 19, 2025, it was 437; on October 24, 2025, it was 512; on October 17, 2025, it was 572; on September 26, 2025, it was 528; on September 12, 2025, it was 541.25; on September 5, 2025, it was 614 [4]. - Broadleaf Pulp-Based: On September 19, 2025, it was 270; on October 24, 2025, it was 329; on October 17, 2025, it was 203; on September 26, 2025, it was 240; on September 12, 2025, it was 264; on September 5, 2025, it was 360 [4].