胶版印刷纸上市首日点评 新品种上市点评 9月10号，胶版印刷纸（简称双胶纸）上市首日,上海交易所公布的胶版印刷纸期货合约上市挂牌基准价为 4218元/吨，涵盖合约OP2601、OP2602、OP2603、OP2604、OP2605、OP2606、OP2607、OP2608，截至收盘各个合 约涨跌不一。截至收盘，双胶纸指数的持仓为2945手，成交量21850手，其中主力2601合约的持仓量为2610手， 持仓和成交表现一般。 双胶纸的基本面总体偏弱,近几年供需整体呈现过剩的状态。文化纸产能持续投放,未来产能投放或达到 峰值,供给的过剩的压力仍将持续释放,短期暂无新增停产检修计划,山东地区前期停机生产线计划复产。各 家纸厂的双胶纸的成本范围较大,因使用纸浆原料配比问题、是否具有自备浆厂等,再加上用电成本的差异 (是否具有自备电厂)。目前双胶纸的成本范围在4000-5000元/吨左右,目前市场统厂出货最低价在4200-4300 元/吨，考虑到未来偏弱的基本面，接货方更倾向于期货贴水状态下去接货。关于盘面的交割标的，下游用户出 版社或更多通过季节性招标来采购,保证产品符合自身使用需求,由于基本面预期偏弱,终端对于接货 ...

Group 1 - The core viewpoint of the article is the upcoming launch of futures and options for coated printing paper on September 10, 2025, by the Shanghai Futures Exchange [1] - The coated printing paper industry is characterized by a significant market size, high standardization, stable product quality, and sufficient market competition, making it suitable as a futures underlying asset [5][37] - The production and consumption of coated printing paper in China are projected to be 948,000 tons and 871,000 tons respectively in 2024, with coated paper accounting for approximately 7% of the total paper and board production [10][21] Group 2 - The global production of coated paper in 2023 was approximately 45.72 million tons, a decrease of 5.1% year-on-year, representing 11.2% of the total global paper and board production [7] - The main production regions for coated paper are Asia, accounting for 66.2% of global production, followed by Europe (15.6%), North America (10.1%), and South America (5.8%) [7] - The production cost structure of coated printing paper indicates that pulp accounts for over 70% of production costs, significantly impacting pricing [26][29] Group 3 - The futures contract for coated printing paper will have a trading unit of 40 tons per contract, with a minimum price fluctuation of 2 yuan per ton and a daily price limit of ±4% [31] - The delivery method will be physical delivery, with a certification management system for deliverable products to ensure quality [5][33] - The introduction of coated printing paper futures and options is expected to enhance market liquidity, improve price discovery, and support the risk management needs of the paper industry [37]