Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - The offset printing paper futures will be listed on the Shanghai Futures Exchange on September 10, 2025. The initial trading contracts are OP2601 - OP2608. The trading margin is 8% of the contract value (7% for hedging), and the daily price limit is ±6%, with the limit on the first trading day being twice that amount [1][12]. - The futures use a (production - type + trading - type) warehouse + depot delivery method, which is more suitable for the spot trading habits and can meet customized needs. The delivery rules may be more favorable to sellers [2][24][33]. 3. Summary by Directory 3.1. Interpretation of Offset Printing Paper Futures Contract Parameters - The futures will be listed on September 10, 2025, with an opening call auction from 08:55 - 09:00 and trading starting at 09:00. The initial contracts are OP2601 - OP2608. The trading margin is 8% (7% for hedging), and the daily price limit is ±6% (12% on the first day) [1][12]. - The trading unit is 40 tons/hand, the quotation unit is RMB/ton, and other contract details are provided. When conducting cross - variety arbitrage, attention should be paid to the contract ratio. The contract value is at a medium - to - high level in the futures market, which helps optimize the trader structure [13][16]. 3.2. Offset Printing Paper Futures Delivery Rules and Interpretation - **Delivery Unit**: The trading unit is 40 tons/hand, and the delivery unit is 40 tons per standard warehouse receipt, with delivery in integer multiples of the standard warehouse receipt. This setting matches downstream procurement habits and mainstream transportation methods [17][18]. - **Delivery Standards**: The paper should have specific quantitative, thickness, whiteness, width, and quality requirements, and meet or exceed relevant national standards. The delivery brand should be an exchange - certified product. The initial registered brands are expected to be mainly from large manufacturers [19][20][23]. - **Delivery Method**: It uses a combination of warehouse and depot delivery. Depot delivery is more in line with spot trading habits and can meet customized needs, while warehouse delivery ensures smooth delivery [24][25][29]. - **Delivery - related Fees**: The delivery fee is 1 RMB/ton, and it is waived until December 31, 2025 (except for high - frequency traders). Warehouse storage rent is 1 RMB/ton·day, and in - and out - of - warehouse fees are 20 RMB/ton. Depot storage rent is 0.9 RMB/ton·day, and the out - of - warehouse fee is 20 RMB/ton [31][32][33]. 3.3. Offset Printing Paper Futures Delivery Rules May Favor Sellers - For sellers, it is not difficult to meet the quality requirements, and they can increase sales channels and lock in profits through selling delivery. Depot delivery is more flexible and reduces capital and resource occupation [33][34]. - For buyers, it is difficult to participate directly in buying delivery due to issues such as the inability of some delivery product standards to meet requirements, the existing procurement model of publishers, and concerns about after - sales service [34]. 3.4. Risk Management of Offset Printing Paper Futures - **Trading Margin**: The minimum margin is 5% of the contract value, and different margins are charged at different stages of the contract's operation [35]. - **Position Limit System**: There is a position limit system, and hedging positions are subject to approval and not restricted by the limit. Different limits apply to different types of members and clients at different times [35][36]. 3.5. Offset Printing Paper Futures Options Contract - The Shanghai Futures Exchange has launched offset printing paper futures options contracts. They use the American exercise method, with a trading unit of 1 hand of the futures contract, a minimum price change of 1 RMB/ton, and a price limit the same as that of the underlying futures contract. The strike price range and intervals are designed to adapt to market fluctuations [38][39][42].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Views of the Report - The report provides a comprehensive overview of macro - economic data, commodity investment trends, financial news, and stock market developments. It indicates that the government is taking measures to boost the economy, and various markets are influenced by factors such as geopolitical events, policy changes, and supply - demand dynamics. For the bond market, different research institutions have different outlooks, with some expecting a downward trend in interest rates, while others are cautious about short - term fluctuations [1][2][22]. 3. Summary by Relevant Catalogs **Macro Data** - GDP growth in Q2 2025 was 5.2% year - on - year, slightly lower than the previous quarter. Manufacturing PMI in July 2025 was 49.3%, down from 49.7% in the previous month. Non - manufacturing PMI for business activities in July was 50.1%, also a decline from the previous month. Social financing scale in July was lower than the previous month and the same period last year. M1 and M2 growth rates increased in July compared to the previous month and the same period last year, while M0 growth decreased slightly. Financial institution RMB loans decreased in July. CPI was flat in July, and PPI remained negative. Fixed - asset investment growth slowed down, while social consumption and export and import growth showed positive trends [1]. **Commodity Investment** **Comprehensive** - The government aims to enhance macro - policy effectiveness, stimulate consumption, expand investment, and stabilize the real estate market. The central bank will boost the development of the movable - property financing market to support small and medium - sized enterprises. New futures and options contracts have been launched by the Shanghai Futures Exchange [2][3]. **Metals** - Geopolitical developments may ease tensions and reduce safe - haven demand. A company agreed to acquire gold and copper assets from BHP for $465 million. Peru's copper production increased by 7.1% in June. Some institutions raised the gold price target. Metal inventories at the London Metal Exchange generally decreased [4][5][6]. **Coal, Coke, Steel, and Minerals** - Some regions in Shandong plan to raise coke prices. The prices of coking coal and coke in the circulation field increased in early August. Glencore applied to include two copper projects worth over $13 billion in Argentina's investment incentive program [7]. **Energy and Chemicals** - Oil prices rose due to geopolitical tensions and supply concerns. Citi expects Russian pipeline gas supply to Europe to potentially resume by the end of 2025, which affects its gas price forecast. Indonesia anticipates an increase in oil and gas production in 2026 [9]. **Agricultural Products** - The price of soybean meal increased in early August. The anti - subsidy investigation on EU dairy products was extended. There are developments in corn, wheat, and ethanol production, and Brazil's competition authority is investigating the "soybean suspension plan" [10]. **Financial News** **Open Market** - The central bank conducted 7 - day reverse repurchase operations, resulting in a net injection of 154.5 billion yuan on August 18. The Ministry of Finance and the central bank carried out treasury cash management operations with a winning bid of 120 billion yuan and an interest rate of 1.78% [12]. **Important News** - The government is committed to economic stability and market confidence. The trading association is investigating the misappropriation of debt - financing funds. There are various government bond operations, and the central bank signed a currency swap agreement with Thailand. There are international political developments and corporate bond - related events [13][14][15]. **Bond Market Review** - Bond yields generally rose, and bond futures prices fell. Different bond - related interest rates showed various trends, and overseas bond yields also had different movements. Some institutions have different outlooks on the bond market [17][18][22]. **Foreign Exchange Market** - The on - shore and offshore RMB showed different trends against the US dollar, and the US dollar index rose, affecting other major currencies [21]. **Research Report Highlights** - Different institutions have different views on the bond market, including expectations of interest - rate decline, focus on structural policies, and suggestions on convertible bond investment [22][23][24]. **Today's Reminders** - Many bonds are scheduled to be listed, issued, and have payments on August 19 [25][26]. **Stock Market News** - The Shanghai Composite Index broke through 3700 points, driven by various types of funds. The number of new accounts at securities brokerages increased, and there is an expected inflow of more funds into the A - share market. The Hong Kong stock market had mixed performance, and the Shenzhen Stock Exchange is researching the feasibility of adding a special voting channel for margin - trading accounts [27][28].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalog 3.1. General Information of Offset Printing Paper Futures - The trading variety is offset printing paper with a trading unit of 20 tons per lot, a quotation unit of RMB per ton, a minimum price change of 2 RMB per ton, and a daily price limit of ±4% of the previous trading day's settlement price [6]. - The contract months are from January to December, and the trading hours are from 9:00 - 11:30 am and 13:30 - 15:00 pm, along with other trading hours specified by the exchange [6]. - The last trading day is the 15th of the contract month (subject to postponement for national legal holidays, and the exchange may make separate adjustments for months like the Spring Festival month), and the delivery date is two consecutive working days after the last trading day [7]. - The delivery grade includes double - sided offset printing paper with a basis weight of 65g/m², 70g/m², 75g/m², and 80g/m², meeting or exceeding the GB/T 30130 - 2023 "Offset Printing Paper" standard [7]. - The delivery location is the exchange - designated delivery location, the minimum trading margin is 5% of the contract value, the delivery method is physical delivery, the delivery unit is 20 tons, the trading code is OP, and the listing exchange is the Shanghai Futures Exchange [7]. 3.2. Offset Printing Paper Futures Option Contract Parameters - The contract underlying is an offset printing paper futures contract (20 tons), with contract types of call options and put options, a trading unit of 1 lot of offset printing paper futures contract, a quotation unit of RMB per ton, and a minimum price change of 1 RMB per ton [9]. - The daily price limit is the same as that of the underlying futures contract. The contract months include the nearest two consecutive - month contracts, and subsequent months are listed on the second trading day after the open interest of the underlying futures contract reaches a certain value after settlement (the specific value will be announced separately by the exchange) [9]. - The trading hours are from 9:00 - 11:30 am and 13:30 - 15:00 pm, along with other trading hours specified by the exchange. The last trading day is the fifth - to - last trading day of the month before the delivery month of the underlying futures contract (the exchange may adjust it according to national legal holidays), and the expiration date is the same as the last trading day [9]. - The exercise price covers a range that is 1.5 times the daily price limit of the previous trading day's settlement price of the underlying futures contract. For exercise prices ≤ 5000 RMB/ton, the exercise price interval is 50 RMB/ton; for 5000 RMB/ton < exercise price ≤ 10000 RMB/ton, the interval is 100 RMB/ton; for exercise prices > 10000 RMB/ton, the interval is 200 RMB/ton [9]. - The exercise method is American. The buyer can submit an exercise application during trading hours on any trading day before the expiration date and can submit an exercise or waiver application before 15:30 on the expiration date. The trading codes for call options are OP - contract month - C - exercise price, and for put options are OP - contract month - P - exercise price [10]. 3.3. Margin and Position Limits - The margin ratio for offset printing paper trading is 5% from the contract listing date, 10% from the first trading day of the month before the delivery month, 15% from the first trading day of the delivery month, and 20% from two trading days before the last trading day [17]. - For position limits, when the open interest of a futures contract of offset printing paper is > 50,000 lots, the position limit ratio for futures company members is 25%, for non - futures company members and clients is 10%, with a position limit of 1000 lots for non - futures company members and 200 lots for clients; when the open interest is < 50,000 lots, the position limit for futures company members is 5000 lots [20].