Core Viewpoint - The double-sided coated paper industry is facing challenges due to declining demand, high inventory levels, and low production margins, despite an increase in production capacity and some recovery in supply from major producers [3][4][10]. Industry Overview - Double-sided coated paper, also known as "Dawlin paper," is a major type of cultural printing paper, primarily used in book printing [1]. - The upstream products for double-sided coated paper are pulp, with production costs heavily reliant on various types of pulp, which account for 60%-70% of the total cost [2]. - The domestic production capacity of double-sided coated paper has grown significantly from 7.89 million tons in 2010 to an expected 18 million tons by the end of 2025 [2]. Supply and Demand Dynamics - The main downstream application for double-sided coated paper is book printing, which accounts for 88% of its usage [3]. - In 2024, the domestic production of double-sided coated paper is projected to be 10.49 million tons, reflecting a slight increase from the previous year [4]. - However, the production capacity utilization rate is low, averaging 62% in 2024, with a significant drop in production observed in early 2025 due to weak market demand [7][8]. Export and Import Trends - In 2024, the import volume of double-sided coated paper is expected to be 200,000 tons, while exports are projected at 968,000 tons, resulting in a net export of 770,000 tons [3][9]. - The net export volume has decreased in 2025 compared to the previous year, indicating a slowdown in overseas demand [9]. Inventory Levels - As of September 12, 2024, the total inventory of double-sided coated paper reached a record high of 1.744 million tons, with manufacturers and traders actively reducing stock levels [10]. Profitability and Pricing - As of September 12, 2024, domestic producers are facing losses of 135 yuan per ton, with historical price fluctuations showing a maximum profit of 1,562 yuan and a minimum loss of 874 yuan per ton [11][15]. - The price of high-quality double-sided coated paper is currently between 4,500 and 4,800 yuan per ton, with expectations of continued low prices due to high supply and inventory levels [15].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The LPG market is expected to continue its weak and volatile consolidation trend. Although there are some improvements in the international spot market and the market sentiment has improved due to low valuation, the overall supply exceeds demand, and the weak combustion demand persists, despite being gradually approaching the end [1]. 3. Summary by Relevant Information 3.1. Price Data - **Daily Price Changes**: On August 18, 2025, compared with the previous day, the price of South China LPG increased by 50 to 4450, the price of Shandong LPG increased by 20 to 4440, the price of propane CFR South decreased by 2 to 561, the price of propane CIF Japan decreased by 7 to 520, and the CP forecast contract price decreased by 2 to 517. The price of Shandong ether - post - carbon four decreased by 40 to 4890, and the price of Shandong alkylated oil decreased by 30 to 7800. The paper import profit increased by 65 to - 188, and the main basis increased by 60 to 599 [1]. - **Weekly Price and Market Indicators**: The basis strengthened to 539 (+67), the 9 - 10 spread was - 471 (+9), the number of registered warehouse receipts was 12888 lots (+2709). PG - CP reached 8.9 (+12), PG - FEI reached 20.7 (+12), FEI - MOPJ was 39.6 (-1.6), and the naphtha crack spread strengthened slightly [1]. 3.2. Market Conditions - **Domestic Market**: The cheapest deliverable was East China civil LPG at 4410. The PG futures market was volatile. The rebound was due to the improvement of the international spot market and low valuation. The domestic supply increased while demand was weak, the spot price center shifted downward, and the port inventory decreased by 2.06%, the refinery commodity volume decreased by 1.68%, and the refinery inventory increased by 0.07%. The PDH operating rate was 76.33% (+2.49pct) [1]. - **International Market**: The international market was volatile, freight rates were generally high and volatile, and the waiting time for VLGCs at the Panama Canal decreased. FEI and CP discounts strengthened significantly [1]. 3.3. Profit Situation - The production profit of PP made from FEI and CP strengthened slightly, and the CP production cost was lower than that of FEI. The spot profit of PDH - made PP weakened, and the paper profit fluctuated. The production gross profit of alkylated oil and MTBE decreased [1].

Report Industry Investment Rating - The investment rating for the energy and chemical industry (specifically for bottle chips) is "Oscillating Weakly" [1] Report's Core View - The price of bottle chips is expected to be weakly oscillating in the short - term due to large spot inventory pressure and the downstream entering the off - season, despite factors like the end of the Israel - Iran conflict, a rebound in crude oil prices, a significant decline in bottle chip production this week, strong expectations for the terminal consumption peak season with rising temperatures, high export volume in May, and expected increases in the开工 rate of downstream industries [1] Summary by Relevant Catalog Market Review - On Thursday night, the futures price of the main contract PR2509 of bottle chips dropped by 8 yuan to 5908 yuan/ton. The open interest of the main contract 2509 was 42,300 lots, a decrease of 618 lots. In the spot market, the price of water - grade bottle chips in the East China market fell by 5 yuan to 6000 yuan/ton, and in the South China market, it dropped by 10 yuan to 6050 yuan/ton [1] Important Information - Supply and cost - profit: Domestic polyester bottle chip production was 354,200 tons, a decrease of 11,400 tons from last week. The weekly average capacity utilization rate of domestic polyester bottle chips was 77.5%, a decrease of 2.4% from last week. The production cost of polyester bottle chips was 5725 yuan, a decrease of 3.1%. The weekly production gross profit of polyester bottle chips was - 300 yuan/ton, a month - on - month increase of 70.9 yuan/ton [1] - Demand: In May 2025, China's polyester bottle chip exports were 619,000 tons, an increase of 38,200 tons from the previous month. The cumulative export volume in 2025 was 2.6955 million tons [1] - OPEC decision: Eight OPEC and non - OPEC oil - producing countries including Saudi Arabia and Russia decided to increase daily production by 411,000 barrels starting from June this year [1] - Oil price: Uncertainty in US tariff policies and the likelihood of OPEC+ continuing to increase production in August led to a decline in international oil prices. The NYMEX crude oil futures 08 contract was at 67.00, down 0.45 dollars/barrel, a month - on - month decrease of 0.67%. The ICE Brent crude oil futures 09 contract was at 68.80, down 0.31 dollars/barrel, a month - on - month decrease of 0.45%. The main contract 2508 of China's INE crude oil futures rose 5.2 to 503.7 yuan/barrel and 3.3 to 507 yuan/barrel at night [1] Market Logic - Geopolitical factors led to a rebound in crude oil prices. This week, bottle chip production decreased significantly. With rising temperatures, there are strong expectations for the terminal consumption peak season, and the downstream industries'开工 rate is expected to increase. However, large spot inventory pressure and the downstream entering the off - season lead to a short - term weakly oscillating price of bottle chips [1] Trading Strategy - The recommended trading strategy is to wait and see [1]