方正中期期货 双胶纸整体需求仍承压 1月20日盘中，胶版印刷纸期货主力合约呈现震荡走势，最低下探至4004.00元。截止发稿，胶版印刷纸 主力合约报4048.00元，跌幅0.20%。 胶版印刷纸期货主力小幅下跌0.20%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 根据卓创数据，双胶纸企业开工率继续上升，厂家库存下降，纸厂近期积极供应出版社订单，但现货波 动不大，前期有纸厂提价情况，目前尚未落地，成本端木浆涨势放缓，美金报价上调，而国内及期货均 高位回落，成本向上驱动减弱。短期需求有出版订单支撑，不过后期伴随需求减弱，双胶纸整体需求仍 承压，同时国内双胶纸总产能较高，产能利用率偏低，也很难给出较高的行业利润，进而限制价格上涨 高度，短期在盘面回落、现货持稳之下，基差扩大可能对前者形成支撑。 瑞达期货（002961）：预计双胶纸维持区间偏弱震荡 供应端，(20260109-0115)双胶纸产量20.3万吨，较上期减少0.1万吨，降幅0.5%，产能利用率52.0%，较 上期下降0.2%。库存端，本期双胶纸生产企业库存140.3万吨，环比增幅0.4%。下游消费将趋于平淡， 工厂生产变化不大。双胶纸产业库 ...

Core Viewpoint - The futures contract for coated printing paper is experiencing a slight decline, with a current price of 4192.00 yuan, reflecting a decrease of 0.24% [1] Group 1: Market Analysis - New Century Futures predicts that the price of double-coated paper will remain weak and fluctuate [2] - The previous trading day saw stable prices in the spot market, with double-coated paper production remaining relatively stable and operating rates decreasing compared to the previous week [2] - Demand is described as average, with some publishing tenders starting, leading to a cautious market sentiment [2] Group 2: Supply and Inventory - For the period from October 17 to October 23, 2025, the production of double-coated paper was 20.7 million tons, an increase of 0.4 million tons or 2.0% compared to the previous period [2] - The capacity utilization rate rose to 53.9%, an increase of 0.9% from the previous period [2] - As of October 23, 2025, the inventory of double-coated paper in production enterprises was 133.1 million tons, reflecting a month-on-month increase of 1.2% [2] Group 3: Trading Recommendations - OP2601 contract suggests monitoring support around 4150 yuan and resistance around 4250 yuan, indicating a range trading strategy [2]