投资咨询业务资格:证监许可【2012】31号 | (G国贸期货 双胶纸数据日报 国贸期货研究院 农产品研究中心 杨璐琳 投资咨询号: Z0015194 从业资格号:F3042528 2025/10/17 | | | | | 双胶纸期货数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年10月16日 | | 2025年10月15日 | 日环比 | | 2025年10月16日 | 2025年10月15日 | 日环比 | | 0P2601 | 4210 | 4206 | 0. 10% | 主力合约持仓量 | 1107 | 1153 | -3.99% | | | | | | 现货价格数据(元/吨) | | | | | 双胶纸价格数据 | | | | | | 铜版纸价格数据 | | | 价格 | | 日环比 | 周环比 | | 价格 | 日环比 | 周环比 | | 山东高白天鹅 | 4675 | 0. 00% | 0. 00% | 广东晨鸣雪兔 | 4650 | 0.00% | 0.00% | | 山东本白天阳 | 4475 | 0. ...

行情分析，当前双胶纸现货价格仍未止跌企稳，大部分双旋纸仍有阴跌，金九银十利好尚未体现。原料端周中浆价格有所上涨。双胶纸生产利润 受到压缩，产量受晨鸣纸业复产有所上涨,库存略有上涨;但期货市场目前资金参与度较差。整体震荡运行，目前双胶纸盘面基本处于合理运行 区间,建议短期观望。 投资咨询业务资格:证监许可【2012】31号 | (G国贸期货 双胶纸数据日报 国贸期货研究院 农产品研究中心 杨璐琳 | 投资咨询号:Z0015194 | | --- | | 从业资格号:F3042528 | 2025/10/15 | 双胶纸期货数据 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年10月14日 2025年10月13日 | | | 日环比 | | 2025年10月14日 | 2025年10月13日 | 日环比 | | OP2601 | 4216 | 4210 | 0.14% | 主力合约持仓量 | 1140 | 1169 | -2. 48% | | 现货价格数据(元/吨) | | | | | | | | | 双胶纸价格数据 ...

2 国泰君安期货·能源化工 胶版印刷纸周度报告 国泰君安期货研究所·石忆宁 投资咨询从业资格号：Z0022533 日期：2025年9月14日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情走势 02 供需数据 03 行情研判 04 行业资讯 现货价格 成本利润 季节性特征 供给 需求 库存 进出口 行情研判 Special report on Guotai Junan Futures 4 行情走势 02 行业资讯 1 行业资讯 1.【国内双胶纸周度企业库存分析】据卓创资讯数据监测统计，本周四双胶纸库存天数较上周四上升0.87%，本周增幅环比收窄0.45个百分 点。个别停机产线复产，供应端压力增加，但下游需求未见明显好装，经销商备库仍偏谨慎，纸企库存暂无明显去化。 2.【国内双胶纸周度企业开工负荷分析】据卓创资讯数据统计，本周双胶纸开工负荷率在50.12%，环比上升1.90个百分点，本周趋势由降转 升。周内山东地区个别规模产线复产，叠加河南地区部分纸厂开工提升，行业开工负荷高于上周水平。 3. ...

Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of CNY 19.113 billion and a net profit attributable to shareholders of CNY 1.780 billion [3] - As of the end of the reporting period, total assets amounted to CNY 56.445 billion, with net assets attributable to shareholders at CNY 30.356 billion, resulting in a debt-to-asset ratio of 46.01% [3] Group 2: Operational Strategies - The company implemented a differentiated strategy focusing on "raw materials, processes, and products" to enhance overall competitiveness [3] - The company achieved a 3.3% reduction in unit comprehensive energy consumption for pulp and paper products in the first half of 2025 [3] Group 3: Project Developments - The 37,000-ton specialty paper project at the Yandian plant began trial production in April 2025 and entered stable operation in May 2025 [4] - The 600,000-ton bleached chemical pulp project and the 700,000-ton high-end packaging paper project are set to enhance production capacity and reduce reliance on external purchases [5][6] Group 4: Market Expansion - The company reported a 72% year-on-year increase in overseas sales revenue in the first half of 2025, indicating a strong focus on expanding international markets [7] - Plans to enhance product exports, particularly in cultural paper, life paper, and specialty paper, are a key focus for future growth [7] Group 5: Industry Impact - The introduction of double-glue paper futures is expected to increase price transparency and stabilize market prices, although it may also lead to increased volatility in the short term [8] - The company is strategically expanding its operations in Shandong to enhance its competitive edge in the northern market [9]