Group 1: Report Information - Report Name: Hongye Futures Weekly Report on Double Offset Paper [1] - Date: October 20, 2025 [1] - Author: Liang Mingyue from the Financial Research Institute [1] Group 2: Investment Rating - No investment rating information provided in the report Group 3: Core Views - **Spot Price**: On October 20, the price of 70g regular white double offset paper in the mainstream market was 4400 - 4500 yuan/ton, and that of 70g high - white double offset paper was 4700 - 4900 yuan/ton. Deals were negotiated on a case - by - case basis, and dealers mostly bought and sold in small quantities. There were cases of selling at lower prices in some areas [2]. - **Cost and Profit**: The wood pulp market was consolidating. On October 20, the quoted price of mainstream softwood pulp brands in Shandong was 5100 - 5500 yuan/ton, and that of mainstream hardwood pulp brands was 4250 - 4300 yuan/ton. The market price of Kunhe chemical mechanical pulp was 3700 yuan/ton. According to Steel Union data, the current production cost of double offset paper was about 4890 yuan/ton, and the production gross profit was about - 247.14 yuan/ton [2]. - **Supply**: Last week, the production of large - scale factories was basically stable, and the industry output increased slightly. The output of double offset paper last week was 203,000 tons, an increase of 6.8%. The capacity utilization rate was 53%, a month - on - month increase of 3.6% [2]. - **Demand**: The growth momentum of the downstream consumer end was weak. The operating rate of some printing factories remained low. Market demand mainly came from users' rigid demand for replenishment, and new orders were relatively limited [2]. - **Import and Export**: In July 2025, the export volume of double offset paper was about 63,000 tons, a month - on - month decrease of 5.9% and a year - on - year decrease of 21%. The cumulative export volume from January to July was 503,000 tons, a year - on - year decrease of 14.2%. In July 2025, the import volume of double offset paper was about 11,900 tons, a month - on - month decrease of 19.8% and a year - on - year decrease of 30.8%. The cumulative import volume from January to July was 100,000 tons, a year - on - year increase of 5% [2]. - **Inventory**: Affected by the slight increase in factory output and the weak performance of the downstream consumer end, factory inventories were accumulating. On October 16, the inventory of double offset paper production enterprises was 1.315 million tons, a month - on - month increase of 1.2% [2]. - **Summary and Outlook**: Currently, the wood pulp market is in a narrow - range shock state, and the price fluctuation range has narrowed, providing relatively weak cost support for double offset paper. On the supply side, large - scale production enterprises plan to keep production stable. Although the industry faces high production cost pressure and there are phenomena of paper machine conversion and cross - scheduling, the total domestic output of double offset paper is not expected to fluctuate significantly, and the overall supply of the industry remains sufficient. On the demand side, the release of publishing orders is limited, and the demand for social orders continues to be sluggish. The consumer end lacks the willingness and ability to support the market, making it difficult to provide effective support for the market. In general, the current supply - demand fundamentals of double offset paper are weak, and it may experience weak shocks in the short term [2]. Group 4: Content Summaries by Directory Double Offset Paper Price Data - No specific summary information other than the price data mentioned in the core views [2] Double Offset Paper Cost - The report shows the price trends of mainstream softwood pulp, hardwood pulp, and chemical mechanical pulp in Shandong from 2022 - 2025, as well as the production cost of double offset paper [8][10][14] Double Offset Paper Supply - The report presents the operating rate and output trends of double offset paper from 2021 - 2025 [17][19][21] Double Offset Paper Demand - The report shows the apparent consumption trends of double offset paper from 2020 - 2025 [22] Double Offset Paper Inventory - The report presents the inventory trends of double offset paper production enterprises from 2022 - 2025 [24] Double Offset Paper Import and Export - The report shows the import and export volume trends of double offset paper from 2021 - 2025 [27][28][29] Double Offset Paper Production Gross Profit - The report presents the production gross profit trends of double offset paper from 2021 - 2025 [32]