胶版印刷纸：空单持有，反套持有

Group 1: Report Industry Investment Rating - Hold short positions and reverse spread positions for offset printing paper [1] Group 2: Core View of the Report - The trend strength of double - offset paper is - 1, indicating a bearish view [1] Group 3: Summary According to the Catalog 1. Fundamental Tracking - Spot Market: In the Shandong market, prices of 70g Tianyang, 70g Chenming Yunjing, 70g Huaxia Taiyang, and 70g Benbai Mudan remained unchanged on February 3, 2026, compared to the previous day. In the Guangdong market, prices of 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also remained the same [1] - Cost and Profit: The pre - tax cost decreased by 6 yuan/ton, and the pre - tax gross profit increased by 6 yuan/ton. The after - tax cost decreased by 5 yuan/ton, and the after - tax gross profit increased by 5 yuan/ton [1] - Futures: The closing price of OP2603.SHF increased by 52 yuan/ton, while the closing price of OP2604.SHF decreased by 4 yuan/ton. The 3 - 4 spread increased by 56 yuan/ton [1] - Basis: The basis of Tianyang - 03 and Mudan - 03 in the Shandong market decreased by 52 yuan/ton, and the basis of Tianyang - 03 in the Guangdong market also decreased by 52 yuan/ton [1] 2. Industry News - Shandong Market: The mainstream transaction price of high - white double - offset paper is 4650 - 4750 yuan/ton, and that of some ben - white double - offset paper is 4400 - 4500 yuan/ton. Paper mills' orders are average, some production lines are shut down, and dealers' sales are poor [2] - Guangdong Market: The mainstream transaction price of high - white double - offset paper is 4600 - 4700 yuan/ton, and that of ben - white double - offset paper is 4400 yuan/ton. Some production lines in the South China region are shut down, paper enterprises' sales are average, dealers are cautious in purchasing, and downstream printing factories continue to make rigid - demand purchases [4]