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].