1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the pulp price corrected, and the paper profit slightly recovered. The market price of double - offset paper declined slightly, and the decline rate narrowed. It is expected that the demand will not improve significantly next week, and the market price will decline slightly. The current pre - tax and after - tax gross margins of double - offset paper are negative, but the paper mill's profit has slightly recovered with the pulp price correction [51]. 3. Summary by Directory 3.1 Industry News - The inventory days of domestic double - offset paper decreased by 0.90% compared with last Thursday, and the decline rate narrowed by 0.41 percentage points week - on - week. Social orders changed little, and dealers were cautious in stocking up, with the paper mill's shipment rhythm being average [6]. - The operating load rate of domestic double - offset paper was 49.18%, a decrease of 0.95 percentage points compared with last week. Most paper mills were operating normally, but some production lines in Jiangsu were shut down, leading to a decline in the industry's operating rate [6]. - Asia Pulp & Paper Co., Ltd. announced an increase of 150 yuan/ton in the order - taking price of broad - leaf pulp, only for long - term contract customers [6]. - Suzano announced a 20 - dollar/ton increase in the FOB price of bleached eucalyptus broad - leaf pulp "Goldfish" in the Asian market in August 2025 [6]. 3.2 Market Trends - On August 8, the average price of 70g high - white double - offset paper was 4993.75 yuan/ton, with no change compared with the previous day and last week [9]. - In the spot market, the prices of some double - offset paper products in Shandong and Guangdong markets decreased or remained unchanged. The pre - tax and after - tax gross margins of double - offset paper increased by 17 yuan/ton and 15 yuan/ton respectively [10]. 3.3 Supply and Demand Data 3.3.1 Industry Capacity - In 2024, the domestic double - offset paper industry's capacity was about 16.52 million tons, a year - on - year increase of 7%. The annual output was about 9.478 million tons, with a capacity utilization rate of 57% [19]. 3.3.2 Weekly Production and Capacity Utilization - This week, the domestic double - offset paper industry's output was 165,300 tons, and the capacity utilization rate was 49.2% [24]. 3.3.3 Weekly Sales and Inventory - This week, the domestic double - offset paper industry's sales volume was 168,400 tons, and the enterprise inventory was 343,600 tons [28]. 3.3.4 Import and Export - In June, the domestic double - offset paper import volume was about 15,000 tons, and the export volume was about 66,000 tons [36]. 3.3.5 Inventory Situation - In terms of inventory days, Central China > East China > South China; the social inventory pressure is higher than the enterprise inventory [42]. 3.3.6 Terminal Consumption - In recent years, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down [47]. 3.4 Market Judgment - **Supply**: Domestically, the output this week was 165,300 tons, and the capacity utilization rate was 49.2%. In June, the import volume was about 15,000 tons [51]. - **Demand**: Domestically, the sales volume this week was 168,400 tons. In June, the export volume was about 66,000 tons [51]. - **Price**: The average market price of 70g wood - pulp high - white double - offset paper decreased by 0.08% week - on - week, and the decline rate narrowed by 1.82 percentage points. The average price of 70g wood - pulp natural - white double - offset paper decreased by 0.39% week - on - week, and the decline rate narrowed by 0.80 percentage points [51]. - **Outlook**: It is expected that the demand will not improve significantly next week, dealers will sell goods flexibly, and the market price will decline slightly [51]. - **Valuation**: Based on the current pulp price, the pre - tax gross margin of double - offset paper is about - 36 yuan/ton, and the after - tax gross margin is about - 205 yuan/ton [51]. - **Strategy**: The futures variety has not been launched yet [51].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - This week, the macro - level positive factors have limited impact on the spot market, and the paper price is weak. In the future, due to the increase in market supply pressure and the weakening of market support, the price of offset printing paper is expected to decline, and the paper mill's profit will be adjusted [51]. 3. Summary by Relevant Catalogs 3.1 Industry News - The inventory days of domestic offset printing paper this Thursday decreased by 2.14% compared to last Thursday, and the decline rate narrowed by 0.22 percentage points week - on - week. The overall inventory reduction rhythm of the market slowed down [6]. - The operating load rate of domestic offset printing paper this week was 50.13%, an increase of 0.47 percentage points from last week, and the growth rate narrowed by 0.94 percentage points [6]. 3.2 Market Trends - On July 25, the average price of 70g high - white offset printing paper was 5012.5 yuan/ton, with a week - on - week decrease of 62.5 yuan/ton and a year - on - week decrease of 87.5 yuan/ton [9]. - The prices of various types of offset printing paper in the Shandong and Guangdong markets generally decreased, and the pre - tax and after - tax gross profits also decreased [10]. 3.3 Supply and Demand Data 3.3.1 Supply - In 2024, the domestic offset printing paper industry's production capacity was about 16.52 million tons, a year - on - year increase of 7%; the annual output was about 9.478 million tons, and the capacity utilization rate was 57% [19]. - This week, the domestic offset printing paper industry's output was 168,500 tons, and the capacity utilization rate was 50.1% [24]. - In June, the domestic offset printing paper import volume was about 15,000 tons [37]. 3.3.2 Demand - This week, the domestic offset printing paper sales volume was 176,100 tons [29]. - In June, the domestic offset printing paper export volume was about 66,000 tons [37]. - In recent years, the growth rate of retail sales of books, newspapers, and magazines has gradually slowed down [48]. 3.3.3 Inventory - This week, the enterprise inventory of domestic offset printing paper was 351,300 tons [29]. - In terms of inventory days, Central China > East China > South China; the social inventory pressure is higher than the enterprise inventory [43]. 3.4 Market Judgment - Supply: Domestic production is stable, and the import volume remains low. With the increase in the operating rate of new production capacity in South China, the market supply pressure will increase [51]. - Demand: The demand for publication orders will decrease next week, the rigid demand support in the market will weaken, and the social demand is difficult to improve [51]. - Price: Due to the contradiction between supply and demand, there is still room for negotiation in the market transaction next week, and the paper price is expected to decline [51]. - Valuation: According to the current pulp price, the pre - tax gross profit of offset printing paper is about - 26 yuan/ton, and the after - tax gross profit is about - 196 yuan/ton, and the paper mill's profit has been adjusted [51]. - Strategy: The futures variety has not been launched yet [51].

Report Industry Investment Rating - The investment rating for the offset printing paper industry is "volatile and weak" [1] Core View - The double - offset paper trend strength is -1, indicating a bearish view on the market [2] Summary by Relevant Catalogs Fundamental Tracking - In the Shandong spot market on May 6, 2025, the prices of 70g Tianyang, 70g Chenming Yunjing, and 70g Huaxia Taiyang remained unchanged from April 30, 2025. Similarly, in the Guangdong spot market, the prices of relevant paper types also remained stable [2] - In terms of cost - profit, the pre - tax cost decreased by 45 yuan/ton, and the pre - tax gross profit increased by 45 yuan/ton. The after - tax cost decreased by 40 yuan/ton, and the after - tax gross profit increased by 40 yuan/ton [2] Industry News - In the Shandong market, the mainstream transaction prices of high - white double - offset paper and some natural - white double - offset paper remained flat compared to the previous workday. Paper mills' transactions were flexible, dealers were cautious, and downstream inventory - building willingness was weak [3] - In the Guangdong market, the mainstream transaction prices of high - white and natural - white double - offset paper were stable. During the holiday, market transactions were light, dealers mainly sold at stable prices, and the overall procurement demand of downstream printing factories was average [3]