胶版印刷纸：节前观望

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The report indicates that the market for offset printing paper is in a pre - holiday wait - and - see state, with prices generally stable and weak demand. The trend strength of double - offset paper is neutral [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Spot Market: In the Shandong market, prices of 70g Tianyang, 70g Chenming Yunjing, 70g Huaxia Taiyang, and 70g Benbai Mudan remained unchanged at 4475, 4675, 4725, and 4450 yuan/ton respectively compared to February 6th. In the Guangdong market, 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also had no price changes, at 4400, 4600, and 4700 yuan/ton respectively [1]. - Cost and Profit: The pre - tax and after - tax costs and profits remained unchanged. The pre - tax cost was 5165 yuan/ton, the pre - tax profit was - 440 yuan/ton, the after - tax cost was 4743 yuan/ton, and the after - tax profit was - 562 yuan/ton [1]. - Futures: The closing prices of OP2603.SHF and OP2604.SHF increased by 28 and 24 respectively compared to February 6th, and the 3 - 4 spread increased by 4 [1]. - Basis: The basis in the Shandong and Guangdong markets decreased by 28 [1]. Trend Strength The trend strength of double - offset paper is 0, indicating a neutral outlook. The range of trend strength is an integer in the [-2, 2] interval, where - 2 is the most bearish and 2 is the most bullish [1]. Industry News - Shandong Market: The mainstream negotiated price of high - brightness double - offset paper in the Shandong market is 4650 - 4750 yuan/ton, and some natural - white double - offset paper is priced at 4400 - 4500 yuan/ton. The prices are stable compared to the previous day. Large - scale paper mills are operating stably, some small and medium - sized paper mills have shut down, and dealers' order - receiving is poor. As the Spring Festival approaches, the market is gradually on holiday [2]. - Guangdong Market: The mainstream negotiated price of high - brightness double - offset paper in the Guangdong market is 4600 - 4700 yuan/ton, and the natural - white double - offset paper is 4400 yuan/ton. The prices are unchanged from the previous day. Paper companies' shipments are average, small and medium - sized printing factories are shutting down one after another, and the demand for base paper is weak [4].