1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The introduction of offset printing paper futures and options precisely meets the risk management needs of China's cultural paper market, improves the full - cycle risk management system of the pulp and paper industry, and enhances the quality and efficiency of the commodity futures market in serving the real economy. After the listing of offset printing paper futures and options, they are expected to become the "price anchor" of the industry, providing tools for price discovery and risk control for enterprises, helping to form an open, transparent, and authoritative market price, and improving the pricing efficiency of spot trading to guide enterprises to scientifically and reasonably formulate production plans [92]. 3. Summaries According to Relevant Catalogs 3.1 Market Review - Spot prices oscillated and rebounded, and the basis widened (no detailed content provided) [1]. - Futures prices rose, and the monthly spread turned to contango (no detailed content provided) [5]. 3.2 Rubber Market Supply and Demand - The output of rubber - producing countries steadily rebounded, increasing supply pressure (no detailed content provided) [2.1]. - Tire开工率 slightly rebounded (no detailed content provided) [2.2]. - Automobile market sales significantly improved [2.3]. - The inventory of the Shanghai Futures Exchange and the bonded area in Qingdao increased [2.4]. 3.3 Offset Printing Paper Basics - Paper is mainly divided into four categories: cultural paper, packaging paper, tissue paper, and specialty paper. Cultural paper is used for cultural dissemination and includes offset printing paper, which has single - sided and double - sided types. Double - sided offset printing paper (double - gum paper) is the mainstream, with a difference in glue layers compared to single - sided paper. Offset paper has good properties such as tight texture, low stretch, and strong water resistance [10]. 3.4 Double - Gum Paper Basic Characteristics - Quantitative: Generally between 60 - 120 grams, with 70 - 120 grams being the most widely used, and there are also high - quantitative ones like 150, 180, and 300 grams. - Appearance: The cut edges should be neat and clean, with a uniform fiber structure, a flat paper surface, and no defects such as folds, holes, or powder - shedding. - Whiteness: Divided into high - white, natural - white, ivory - white, and beige, with different whiteness ranges. - Size: Flat - paper has domestic and international standard sizes, and can be cut into various specifications; reel - paper has common widths such as 787mm, 1092mm, and 850mm [19][20][21]. 3.5 Offset Printing Paper Quality Standards - The current national standard for offset paper is GB/T30130 - 2023, which came into effect on July 1, 2024. It has made some changes compared to the previous standard, such as modifying some technical terms and adding technical requirements for primary and secondary school students' paper [22]. 3.6 Double - Gum Paper Industry Chain - Upstream: Main raw materials are pulp (including coniferous, broad - leaved, and chemical mechanical pulp), accounting for 70% - 75% of production costs. Chemical auxiliary materials and energy also contribute to costs [24]. - Mid - stream: Through processes such as cooking, washing, screening, bleaching, and coating, pulp is made into double - gum paper [25]. - Downstream: Mainly used in books, brochures, notebooks, and periodicals, with book demand accounting for about 90%. Key demand entities include cultural and media companies and printing factories [26]. 3.7 Double - Gum Paper Supply - Since 2020, domestic double - gum paper production capacity has expanded rapidly. In 2024, the production capacity growth rate was about 9.7%, reaching 1608 million tons. Production is mainly concentrated in East, South, and Central China, with East China having the largest share. - In 2024, the output was about 10.49 million tons, with a capacity utilization rate of about 65%. There is a seasonal pattern in monthly output, with lower production in January and February due to the Spring Festival and higher production from March to May and September to December due to increased demand for teaching materials. - Some paper mills' expansion plans are more inclined to South China in recent years. There is still about 1.75 million tons of new production capacity to be put into production this year, with 1 million tons in South China. The industry concentration is increasing, and the CR4 in 2024 was about 48% [29][30]. 3.8 Double - Gum Paper Demand - China's pulp consumption shows a slow - growing but unstable trend. The apparent consumption of double - gum paper exceeded 9 million tons in 2023 and 2024, reaching 9.72 million tons in 2024. - Export volume is relatively small, accounting for about 10% of annual consumption in 2024. Demand for teaching materials accounts for about 40% of double - gum paper demand. There are obvious seasonal characteristics, with peak demand from March to May and September to December [38]. 3.9 Double - Gum Paper Import and Export - Import policy: Since January 1, 2023, the temporary import tariff rate for double - gum paper has been 0%. - Export policy: The export tax - refund policy for paper and cardboard was cancelled in 2004. - From 2017 - 2024, China generally had a net - export pattern in double - gum paper, except for 2020 - 2021 when it turned to net - import due to the pandemic. In 2024, the import volume was 199,000 tons, and the export volume was 967,600 tons [46][47]. 3.10 Double - Gum Paper Inventory - There are two types of inventory: enterprise inventory and social inventory, with social inventory being much larger. In the past five years, enterprise inventory was generally between 40 - 100 million tons, and social inventory was between 100 - 170 million tons. As of December 2024, both were at relatively low levels year - on - year [51]. 3.11 Double - Gum Paper Spot Price - From 2022 to April 2023, prices oscillated upward due to high raw material prices and stable order release. From April to July 2023, prices回调 due to falling pulp prices and downstream hesitation. After July 2023, prices rebounded, and then fluctuated due to various factors such as production line shutdowns, order releases, and trade - capital recovery. In 2024, prices showed a downward trend with some rebounds [55]. 3.12 Offset Printing Paper Futures and Options Contracts and Business Rules - Futures contract: The trading unit is 20 tons/hand, the last trading day is the 15th of the contract month, and the delivery grade is double - gum paper with specific quantitative specifications. - Options contract: The underlying is the offset printing paper futures contract, with call and put options available. - Business rules cover trading, delivery, and risk management aspects, including regulations on trading time, margin, position limits, and delivery procedures [57][59][91].