| | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 纸浆 | 4750-5600 | 9.14% | 5.86% | | 胶版印刷纸 | 4150-4350 | 8.72% | 50.00% | source： Wind、同花顺iFinD、南华研究 造纸产业风险管理日报 俞俊臣 投资咨询证号：Z0021065 联系邮箱：yjc@nawaa.com 南华研究院投资咨询业务资格：证监许可【2011】1290号 2025年11月12日 纸浆、胶版印刷纸近期价格区间预测 纸浆、胶版印刷纸风险管理策略建议 | 行为 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 导向 | | 敞口 | | SP2601 | 卖出 | 25% | 5500-5600 | | 管理 | 纸）库存高位，担心 | 多 | 做空纸浆/胶版印刷纸期货来锁定 利润，弥补企业的生产成本 | ...

造纸产业风险管理日报 2025/11/03 俞俊臣（投资咨询证号：Z0021065） 南华研究院投资咨询业务资格：证监许可【2011】1290号 纸浆、胶版印刷纸近期价格区间预测 | | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 纸浆 | 4750-5350 | 12.19% | 16.95% | | 胶版印刷纸 | 4150-4350 | 7.96% | 39.39% | source： Wind、同花顺iFinD、南华研究 纸浆、胶版印刷纸风险管理策略建议 | 行为 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例（%） | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 导向 | | 敞口 | | SP2601 | 卖出 | 25% | 5400-5500 | | 库存 管理 | 纸）库存高位，担心 | 多 | 做空纸浆/胶版印刷纸期货来锁定 利润，弥补企业的生产成本 | | | | | | | 产 ...

Core Viewpoint - The launch of the world's first cultural paper futures options, specifically the胶版印刷纸期货期权, marks a significant milestone in China's paper industry risk management and supports the green and low-carbon transformation of the sector [2]. Group 1: Market Impact - The introduction of胶版印刷纸期货 and期权 is expected to enhance price transparency, continuity, and public accessibility, providing better market references and risk management tools for production companies and end customers [2]. - The new financial derivatives will create a linkage with pulp futures, increasing operational flexibility and cost control for companies within the industry [2]. Group 2: Company Involvement - 建发股份 has actively participated in the initial trading of胶版印刷纸期货 and期权, demonstrating its commitment to the futures market [2]. - The company has established a comprehensive delivery network, with its subsidiaries receiving approval for胶版印刷纸期货 delivery warehouses and delivery factory qualifications [2]. Group 3: Future Outlook - 建发股份 aims to maintain a "professional, efficient, and stable" operational philosophy, ensuring the safe, standardized, and efficient operation of delivery services while promoting the prosperity of the pulp and paper futures market [3].