Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Views - The pulp market continues to have a supply - demand imbalance with increasing domestic production and port inventory, while downstream demand from paper mills is weak. The offset printing paper market is in a weak balance, with increased production but a decline in downstream consumption and an increase in enterprise inventory [8][14] Group 3: Summary by Directory Part 1: Data Analysis - **Offset Printing Paper**: Spot prices of various types of offset printing paper remained unchanged on a daily and weekly basis. In the futures market, the 04 contract's closing price rose 0.44% daily, with a 1.32% weekly decline; the 05 and 06 contracts' closing prices rose 0.44% daily, with 0.98% and 0.69% weekly increases respectively. The 04 contract's trading volume increased 85.49% daily but decreased 0.98% weekly, and its open interest decreased 5.70% daily and 0.43% weekly [2] - **Pulp**: Spot prices of some pulp varieties decreased on a weekly basis. In the futures market, the 03 contract's closing price rose 0.58% daily and decreased 1.62% weekly; the 05 contract's closing price rose 0.65% daily and decreased 1.65% weekly; the 07 contract's closing price rose 0.61% daily and decreased 1.83% weekly. The 03 contract's trading volume decreased 31.56% daily and 36.32% weekly, and its open interest decreased 3.77% daily and 14.95% weekly [2] Part 2: Market Analysis Pulp - **Market Review**: Futures contracts rebounded slightly. In the spot market, the willingness of traders to sell was strong, but the enthusiasm of downstream paper enterprises to purchase pulp further declined. The prices of some grades in some markets were loose, and the prices of imported pulp were mainly stable [4] - **Important Information**: As of February 5, 2026, the inventory in China's main pulp ports was 218.2 million tons, a 0.6% increase from the previous period. The production of domestic broad - leaf pulp was 24.9 million tons, a 0.9 - million - ton increase from the previous week, and the production of chemical mechanical pulp was 23.9 million tons, a 0.2 - million - ton increase [8] - **Logic Analysis**: The pulp market has a pattern of oversupply. The supply side has increasing production and inventory, while the demand side has weak support [8] - **Trading Strategies**: For single - sided trading, use range - bound operations. Aggressive investors can lay out a small number of long positions near the previous low. For arbitrage, stay on the sidelines. Sell the SP2605 - P - 5150 option [9][10][11] Offset Printing Paper - **Market Review**: The OP2604 futures contract rebounded slightly. The double - offset paper market changed little, with a decrease in both supply and demand and stable paper prices. The prices of raw materials such as pulp and wood chips were mainly stable [13][14] - **Important Information**: The inventory of double - offset paper production enterprises was 142.2 million tons, a 1.1% increase. The production was 20.1 million tons, a 7.5% increase, and the capacity utilization rate was 51.4%, a 3.5% increase [14] - **Logic Analysis**: The supply and demand of double - offset paper are in a weak balance. The supply side has sufficient supply, while the demand side has weak consumption and an increase in enterprise inventory [14] - **Strategies**: For single - sided trading, short at high prices. For arbitrage, stay on the sidelines. Sell the OP2604 - C - 4200 option [15][16][17] Part 3: Relevant Attachments - The attachments include graphs showing the production volume of domestic pulp, pulp inventory, production profit of broad - leaf pulp, production profit of chemical mechanical pulp, production volume of double - offset paper, inventory of double - offset paper, social inventory of double - offset paper, and production profit of double - offset paper [20][22][26]