Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - For double - offset paper, with weak fundamentals and low prices, it is recommended to treat it with a weak - oscillating outlook. For pulp futures, a short - selling on rallies approach is suggested [6][13] Group 3: Summary According to Related Catalogs Double - Offset Paper - **Price**: The average enterprise price of double - offset paper was weakly adjusted. The tax - inclusive average price of 70g double - offset paper was 4,785.7 yuan/ton, with a month - on - month decline of 1.2% [3] - **Supply**: The output was 195,000 tons, a decrease of 10,000 tons (4.9% decline) from the previous period. The capacity utilization rate was 52.9%, a 2.7% drop from the previous period. Although the industry's profitability was low and there was production conversion, new installations increased the supply [4] - **Cost**: The prices of softwood pulp and hardwood pulp were flat, providing limited cost support [5] - **Demand**: Dealers were cautious in stockpiling. Downstream printing factories had average orders, and the overall demand was mainly for essential needs [5] - **Inventory**: The production enterprise inventory was 1.196 million tons, with a month - on - month increase of 0.4%. The inventory continued a slight upward trend and was at a multi - year high [7] - **Strategy**: As some suspended production enterprises had not fully resumed production and the industry's profitability was under pressure, it was expected that the supply increase next week would be limited [6] Pulp Futures - **Basic Situation**: The price of Silverleaf pulp in Shandong dropped. The spot price was stable, but downstream procurement demand did not improve. The industry operating rate remained low, and the support at the 5,000 - point level was weakening [13] - **主力动向**: The short - side main force reduced positions, which was bullish; the long - side main force of double - offset paper reduced positions, which was bearish [16]