胶版印刷纸：观望为主

Group 1: Report Industry Investment Rating - The investment rating for offset printing paper is to mainly adopt a wait - and - see approach. [1] Group 2: Report's Core View - The price of offset printing paper in the spot market remained unchanged on December 5, 2025, compared with the previous day. The cost increased slightly, and the profit decreased. The futures price declined, and the basis increased. The overall demand in the market is weak. [1] Group 3: Summary by Relevant Catalogs 3.1 Fundamental Tracking - In the spot market of Shandong and Guangdong on December 5, 2025, the prices of various 70g offset printing papers remained unchanged from the previous day. The cost in the cost - profit section increased slightly, with the pre - tax cost rising by 5 yuan/ton and the after - tax cost rising by 4 yuan/ton. The pre - tax and after - tax profits decreased by 5 yuan/ton and 4 yuan/ton respectively. The futures prices of OP2602.SHF and OP2603.SHF decreased by 64 and 72 respectively. The 2 - 3 spread increased by 8, and the basis increased in both Shandong and Guangdong markets. [1] 3.2 Trend Intensity - The trend intensity of double - offset paper is 0, which is in a neutral state, with the range of trend intensity being integers in the [- 2,2] interval. [1] 3.3 Industry News - In the Shandong market, the mainstream transaction price of high - white double - offset paper is 4650 - 4750 yuan/ton, and that of some natural - white double - offset paper is 4300 - 4500 yuan/ton. The price is flat compared with the previous day. Most paper mills are in good production condition, but market demand is weak. In the Guangdong market, the mainstream transaction price of high - white double - offset paper is 4600 - 4700 yuan/ton, and that of natural - white double - offset paper is 4400 yuan/ton. The price is stable. Paper mills' order - receiving situation is average, and downstream procurement demand is weak. [2][4]