1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report suggests to close out short positions in offset printing paper [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - In the Shandong market, the prices of 70g Tianyang, 70g Chenming Yunjing, 70g Huaxia Taiyang, and 70g Benbai Mudan remained unchanged on February 6, 2026, compared to February 5, 2026. The prices were 4475 - 4675 yuan/ton, 4725 yuan/ton, and 4450 yuan/ton respectively [1] - In the Guangdong market, the prices of 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also remained unchanged on February 6, 2026, compared to February 5, 2026, at 4400 yuan/ton, 4600 yuan/ton, and 4700 yuan/ton respectively [1] - In terms of cost - profit, the pre - tax cost decreased by 6 yuan/ton, the pre - tax gross profit increased by 6 yuan/ton, the after - tax cost decreased by 5 yuan/ton, and the after - tax gross profit increased by 5 yuan/ton [1] - For futures, the closing price of OP2603.SHF increased by 10 yuan/ton, and OP2604.SHF increased by 34 yuan/ton. The 3 - 4 spread decreased by 24 yuan/ton [1] - Regarding the basis, in the Shandong market, the Tianyang - 03 basis decreased by 10 yuan/ton, and the Mudan - 03 basis decreased by 10 yuan/ton. In the Guangdong market, the Tianyang - 03 basis decreased by 10 yuan/ton [1] 3.2 Trend Intensity - The trend intensity of double - offset paper is 0, indicating a neutral trend. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [1] 3.3 Industry News - In the Shandong market, the mainstream transaction price of high - white double - offset paper is 4650 - 4750 yuan/ton, and that of some white double - offset paper is 4400 - 4500 yuan/ton. The price is stable compared to the previous working day. Large - scale paper mills maintain normal production, some small and medium - sized paper mills are shut down, and most dealers sell at stable prices. The market sales are average [2] - In the Guangdong market, the mainstream transaction price of high - white double - offset paper is 4600 - 4700 yuan/ton, and that of white double - offset paper is 4400 yuan/ton. The price is the same as the previous working day. Paper enterprises' sales are average, dealers purchase cautiously, and downstream printing factories continue to make rigid - demand purchases. The market transaction center is temporarily stable [4]

2026 年 1 月 29 日 胶版印刷纸：空单持有，3-4 反套 | | | 【基本面跟踪】 表 1：基本面数据(元/吨) | 市场 | 区域 | 纸种 | 2026/1/28 | 2026/1/27 | 环比 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | 4475 | 4475 | 0 | | | 山东市场 | 70g晨鸣云镜 | 4675 | 4675 | 0 | | | | 70g华夏太阳 | 4725 | 4725 | 0 | | 现货市场 | | 70g本白牡丹 | 4450 | 4450 | 0 | | | | 70g天阳 | 4400 | 4400 | 0 | | | 广东市场 | 70g晨鸣云豹 | 4600 | 4600 | 0 | | | | 70g华夏太阳 | 4700 | 4700 | 0 | | | | 含税收入 | 4725 | 4725 | 0 | | | 税前 | 含税成本 | 5207 | 5207 | 0 | | | | 税前毛利 | -482 | -482 | 0 | | 成本利润 | | 不含税收入 | 4 ...

胶版印刷纸：空单离场 2026 年 1 月 21 日 石忆宁 投资咨询从业资格号：Z0022533 shiyining@gtht.com 【基本面跟踪】 表 1：基本面数据(元/吨) 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 【趋势强度】 双胶纸趋势强度：0 注 ：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示最看空，2 表示最看多。 【行业新闻】 山东市场：高白双胶纸山东市场主流意向成交价格在 4650-4750 元/吨，部分本白双胶纸价格在 4400- 4500 元/吨区间，价格较上一工作日稳定，另有部分小厂货源价格偏低。规模纸厂维持正常开工，部分中 小厂排产意愿一般；市场新签订单有限，经销商去库节奏偏慢。 期货研究 | 市场 | 区域 | 纸种 | 2026/1/20 | 2026/1/19 | 环比 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | 4475 4675 | 4475 4675 | 0 0 | | | 山东市场 | 70g晨鸣云镜 | | | | | ...

2026 年 1 月 15 日 胶版印刷纸：空单持有 石忆宁 投资咨询从业资格号：Z0022533 shiyining@gtht.com 【基本面跟踪】 表 1：基本面数据(元/吨) | 市 场 | 区 域 | 纸 种 | 2026/1/13 | 2026/1/12 | 环 比 | | --- | --- | --- | --- | --- | --- | | | | 70g天 阳 | 4475 | 4475 | 0 | | | 山东市场 | 70g晨鸣云镜 | 4675 | 4675 | 0 | | | | 70g华夏太阳 | 4725 | 4725 | 0 | | 现货市场 | | 70g本白牡丹 | 4450 | 4450 | 0 | | | | 70g天 阳 | 4400 | 4400 | 0 | | | 广东市场 | 70g晨鸣云豹 | 4600 | 4600 | 0 | | | | 70g华夏太阳 | 4700 | 4700 | 0 | | | | 含税收入 | 4725 | 4725 | 0 | | | 税 前 | 含税成本 | 5292 | 5293 | -1 | | 成本利润 | | 税前毛 ...

Report Summary Industry Investment Rating - The trend strength of double-offset paper is 0, indicating a neutral stance on the market [1]. Core View - The offset printing paper market is experiencing a low-level oscillation with limited upward momentum. The cost has increased, leading to a decline in both pre - tax and post - tax gross margins [1]. Summary by Category Fundamental Data - In the Shandong market, the prices of 70g Tianyang, 70g Chenming Yunjing, and 70g Huaxia Taiyang remained unchanged at 4850 yuan/ton, 5150 yuan/ton, and 5150 yuan/ton respectively from July 18th to July 21st, 2025. In the Guangdong market, the prices of 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also remained stable [1]. - Pre - tax, the含税收入 remained at 5100 yuan/ton, the含税 cost increased from 5014 yuan/ton to 5028 yuan/ton, and the pre - tax gross margin decreased from 86 yuan/ton to 72 yuan/ton. Post - tax, the non - taxable income was stable at 4513 yuan/ton, the non - taxable cost increased from 4610 yuan/ton to 4622 yuan/ton, and the post - tax gross margin decreased from - 96 yuan/ton to - 109 yuan/ton [1]. Industry News - In the Shandong market, the mainstream negotiated price of high - white double - offset paper is 5000 - 5200 yuan/ton, and some natural - white double - offset paper is priced at 4600 - 4900 yuan/ton. The price is stable compared to the previous day. Large - scale paper mills are operating normally, while small and medium - sized mills have flexible production schedules. Dealers' inventory reduction progress is average, and their purchasing attitude is cautious. Publication orders are being delivered, while social orders are in the off - season [2]. - In the Guangdong market, the mainstream negotiated price of high - white double - offset paper is 4900 - 5100 yuan/ton, and the price of natural - white double - offset paper is 4700 yuan/ton, remaining unchanged from the previous day. Social orders are weak, and dealers still face sales pressure. The recent commissioning of new production capacity in the South China region has led to a bearish market sentiment, but paper prices remain stable for now [2].