Report on the Investment Rating of the Industry No information about the industry investment rating is provided in the content. Core Views of the Report - This week, the market price of offset printing paper decreased slightly. In the short term, the supply side will remain stable next week. Although the pick - up of publication orders will support paper prices, social orders are in the off - season, and there may be individual price cuts to promote orders. It is expected that the weekly average price of the offset printing paper market will decline next week. In the long - term, the overall capacity of the offset printing paper industry is still in excess, and a bearish view is maintained [5][53]. Summary According to the Table of Contents 1. Overview No specific overview content is provided in the content other than the title. 2. Market Trends - This week, the 70g wood - pulp high - white offset printing paper market average price was 5,133 yuan/ton, a 0.58% week - on - week decrease, and the trend changed from stable to downward. The 70g wood - pulp natural - white offset printing paper market average price was 4,795 yuan/ton, a 26 yuan/ton decline or 0.54% decrease, and the decline rate increased by 0.15 percentage points week - on - week [5][53]. - In the spot market, prices of some paper types in Shandong and Guangdong markets remained stable, while prices of some decreased. In terms of cost - profit, pre - tax and after - tax gross margins changed slightly [12]. 3. Supply - Demand Data Supply - In 2024, the domestic offset printing 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% [21]. - This week, the domestic offset printing paper industry's output was 165,100 tons, and the capacity utilization rate was 50.0% [26]. Demand - From the perspective of terminal consumption, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down in recent years [49]. Inventory - This Thursday, the offset printing paper inventory days decreased by 0.79% compared with last Thursday, and the trend changed from increasing to decreasing. In terms of inventory days, Central China > East China > South China; social inventory pressure is higher than enterprise inventory [7][44]. Import and Export - In April, the domestic offset printing paper import volume was 15,000 tons, and the export volume was 74,400 tons [38]. 4. Market Judgment - **Review**: This week, the market price of offset printing paper decreased slightly. The reasons include stable supply, cautious purchasing by dealers, slow consumption of downstream base paper, and weakening cost support [5][53]. - **Outlook**: In the short term, supply will be stable next week. Although publication orders will support paper prices, social orders are in the off - season, and prices may decline. From the pulp market perspective, there is insufficient positive support from the cost side. In the long - term, the overall capacity of the offset printing paper industry is in excess, and a bearish view is maintained [5][53]. 5. Industry News - The weekly enterprise inventory of domestic offset printing paper decreased this week, and the start - up load rate was 49.97%, a 0.68 - percentage - point increase from last week [7][8]. - Arauco in Chile announced a new round of wood - pulp export quotations: coniferous pulp Silver Star at $720/ton, natural - color pulp Venus at $620/ton, and no quotation for hardwood pulp Star [8]. - The Shanghai Futures Exchange solicited public opinions on the futures contracts, option contracts, and relevant business rules of offset printing paper [8].