Group 1: Report Industry Investment Rating - Hold short positions and reverse spread positions for offset printing paper [1] Group 2: Core View of the Report - The trend strength of double - offset paper is - 1, indicating a bearish view [1] Group 3: Summary According to the Catalog 1. Fundamental Tracking - **Spot Market**: In the Shandong market, prices of 70g Tianyang, 70g Chenming Yunjing, 70g Huaxia Taiyang, and 70g Benbai Mudan remained unchanged on February 3, 2026, compared to the previous day. In the Guangdong market, prices of 70g Tianyang, 70g Chenming Yunbao, and 70g Huaxia Taiyang also remained the same [1] - **Cost and Profit**: The pre - tax cost decreased by 6 yuan/ton, and 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] - **Futures**: The closing price of OP2603.SHF increased by 52 yuan/ton, while the closing price of OP2604.SHF decreased by 4 yuan/ton. The 3 - 4 spread increased by 56 yuan/ton [1] - **Basis**: The basis of Tianyang - 03 and Mudan - 03 in the Shandong market decreased by 52 yuan/ton, and the basis of Tianyang - 03 in the Guangdong market also decreased by 52 yuan/ton [1] 2. Industry News - **Shandong Market**: The mainstream transaction price of high - white double - offset paper is 4650 - 4750 yuan/ton, and that of some ben - white double - offset paper is 4400 - 4500 yuan/ton. Paper mills' orders are average, some production lines are shut down, and dealers' sales are poor [2] - **Guangdong Market**: The mainstream transaction price of high - white double - offset paper is 4600 - 4700 yuan/ton, and that of ben - white double - offset paper is 4400 yuan/ton. Some production lines in the South China region are shut down, paper enterprises' sales are average, dealers are cautious in purchasing, and downstream printing factories continue to make rigid - demand purchases [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 9 日 胶版印刷纸：逢高布空 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 | 2026/1/8 4475 | 2026/1/7 4475 | 环比 0 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | | | 0 | | | 山东市场 | 70g晨鸣云镜 | 4675 | 4675 | | | | | 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 | 5294 | 5298 | -4 | | 成本利润 | | 税前毛利 | -569 | ...

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) 2025 年 12 月 05 日 胶版印刷纸：多单择机止盈 | 市场 | 区域 | 纸种 | 2025/12/4 | 2025/12/3 | 环比 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | 4475 4675 | 4475 4675 | 0 | | | 山东市场 | 70g晨鸣云镜 | | | 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 | 4738 | 4738 | 0 | | | 税前 | 含税成本 | 5207 | 5170 | 37 | | | | 税前毛利 | -469 ...

2025 年 11月 17 日 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 | 2025/11/14 | 2025/11/13 | 环比 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | 4475 | 64475 | 20 0 | | | | 70g晨鸣云镜 | 4650 | 4650 | 0 | | | 山东市场 | 70g华夏太阳 | 4725 | 4725 | 0 | | 现货市场 | | 70g本白牡丹 | 4450 | 4450 | 0 | | | | 70g天阳 | 4450 | 4450 | 9 | | | 广东市场 | 70g晨鸣云豹 | 4600 | 4600 | 0 | | | | 70g华夏太阳 | 4700 | 4700 | O | | | | 含税收入 | 4731 | 4731 | 0 | | | 税前必 | 含税成本 | 5132 | 5120 | 12 | | | | 税前毛利 | -401 | -389 | -12 ...