Group 1 - The paper sector experienced a rise of 2.07% on January 22, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the paper sector showed significant increases, with Minshida rising by 7.07% to a closing price of 56.80, and Yueyang Lin Paper increasing by 6.41% to 4.98 [1] Group 2 - The paper sector saw a net inflow of 108 million yuan from main funds, while retail investors experienced a net outflow of 66.98 million yuan [1] - Among individual stocks, Qing Shan Paper had a main fund net inflow of 67.75 million yuan, while it faced a retail net outflow of 47.15 million yuan [2] - Minshida recorded a main fund net inflow of 24.93 million yuan, with a minor retail net outflow of 0.47 million yuan [2]

Group 1 - The trend of self-built power plants in the AIDC sector in the US is emerging, with major AI labs like OpenAI and Google opting to bypass public grids and establish gas power plants within data center parks [4][20][23] - The total market capitalization of 14 electric equipment-related companies listed on the Beijing Stock Exchange reached 44.517 billion yuan as of January 16, 2026, highlighting investment opportunities in companies like Guangxin Technology and Minshida [4][24] - Guangxin Technology specializes in insulation fiber materials and is one of the few companies capable of producing insulation materials for ultra/high voltage applications above 750kV, while Minshida is the first domestic manufacturer of aramid paper, holding a significant global market share [4][25][30] Group 2 - The information technology sector on the Beijing Stock Exchange saw an average weekly increase of 4.16%, with notable performance in high-end equipment and chemical new materials [5][35] - The average price-to-earnings (P/E) ratio for the information technology sector rose to 84.0X, indicating strong investor interest and valuation growth [5][39] - The semiconductor manufacturing sector experienced a significant weekly increase of 10.01%, reflecting robust demand and market dynamics [42] Group 3 - The median P/E ratio for the 159 companies in the new technology sector on the Beijing Stock Exchange increased from 43.6X to 44.3X, indicating a positive market sentiment [6][55] - The total market capitalization of these companies rose from 533.325 billion yuan to 546.417 billion yuan, demonstrating overall growth in the sector [6][56] - Companies like Yinen Power and Liujin Technology reported substantial weekly gains of 33.47% and 33.20%, respectively, showcasing strong performance within the sector [60] Group 4 - Guangxin Technology announced a change in the use of raised funds to support the construction of a new industrial park for ultra/high voltage electrical insulation materials, reflecting strategic adjustments to meet market demands [26][73] - Minshida reported a revenue increase of 21.77% and a net profit growth of 28.88% in the first three quarters of 2025, driven by rising demand in the electrical insulation sector [31][33] - The electric equipment sector's performance is closely tied to the growing needs of AI data centers, which require advanced power solutions to support increasing computational demands [4][30][31]

Group 1: Chaohongji (潮宏基) Overview - Chaohongji is expected to achieve a net profit attributable to shareholders of 436-533 million yuan in 2025, representing a year-on-year growth of 125%-175% [2][8] - The company plans to reach a total of 1,668 jewelry stores by the end of 2025, with a net increase of 163 stores during the year [2][8] - The brand focuses on young consumers by emphasizing "non-heritage," "beading," and "trending" categories, which is expected to enhance its market performance [2][9] Group 2: Babi Food (巴比食品) Overview - Babi Food is a leading chain brand in the breakfast bun market, expanding from 2,074 stores in 2016 to 5,685 stores in the first half of 2025 [11][12] - The national bun market is projected to grow from 704 billion yuan in 2024 to 740 billion yuan in 2025, with a year-on-year increase of 5.1% [12][14] - The competitive landscape is fragmented, providing significant room for consolidation, with Babi Food being the largest player in the market [13][14] Group 3: Minshida (民士达) Overview - Minshida is positioned to benefit from the growing demand for aramid paper in the aerospace sector, with China applying for frequency and orbital resources for 203,000 new satellites [3][15] - The company’s aramid paper is recognized for its high strength, lightweight, heat resistance, and insulation properties, making it suitable for various aerospace applications [15][16] - The demand for transformers is expected to rise due to the aging power grids in North America and Europe, which will further drive the need for Minshida's products [16][17] Group 4: Nakanor (纳科诺尔) Overview - Nakanor has successfully delivered dry electrode equipment for space power applications, enhancing its technological innovation capabilities [20][21] - The company is advancing its production capacity with a new 1,500-ton production line that began trial production in June 2025, achieving a 50% operating rate by September 2025 [18][21] - Nakanor is establishing a regional headquarters in Hainan to facilitate global strategic layout and enhance its international market competitiveness [22][23]

轻工制造 | 造纸 北交所|公司点评报告 hyzqdatemark 2026 年 01 月 15 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com 市场表现： | | | | | | 53.00 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年 / 最 | 高 | | | | | | 低 | | 内 | 最 | | 一 | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | 7,751.25 | | | | | | | | | 流通市值（百万元） | | | | | 7,694.16 | | | | | | | | | 总股本（百万股） | | | | | 146.25 | | | | | | | | | 资产负债率（%） | | | | | 22.03 | | | | | | | | | ...

Market Overview - The paper sector experienced a decline of 0.61% on January 15, with Minshida leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Notable gainers in the paper sector included: - Rongsheng Environmental: closed at 13.40, up 1.21% with a trading volume of 29,700 lots [1] - Qifeng New Materials: closed at 8.60, up 0.82% with a trading volume of 78,600 lots [1] - Significant decliners included: - Minshida: closed at 53.00, down 7.70% with a trading volume of 62,500 lots [2] - Zhishi Paper: closed at 5.39, down 3.23% with a trading volume of 735,700 lots [2] Capital Flow - The paper sector saw a net outflow of 268 million yuan from institutional investors, while retail investors contributed a net inflow of 151 million yuan [2] - The capital flow for specific stocks showed: - Sun Paper: net inflow of 15.85 million yuan from institutional investors [3] - Bohui Paper: net inflow of 5.85 million yuan from institutional investors [3] - Qifeng New Materials: net inflow of 1.68 million yuan from institutional investors [3]

中泰证券股份有限公司（以下简称"中泰证券"或"保荐机构"）作为烟台 民士达特种纸业股份有限公司（以下简称"民士达"或"公司"）的保荐机构, 负责公司的持续督导工作。根据《证券发行上市保荐业务管理办法》《北京证券 交易所股票上市规则》《北京证券交易所上市公司持续监管指引第 14 号——保荐 机构持续督导》等有关法律法规、规范性文件的规定,对公司进行定期现场核查 并出具定期现场核查报告。 一、本次现场核查的基本情况 (一) 现场核查时间 2025 年 12 月 24 日 (二) 现场核查地点 中泰证券股份有限公司 关于烟台民士达特种纸业股份有限公司 2025 年度定期现场核查报告 | 一、现场检查事项 | | 现场检查意见 | | | --- | --- | --- | --- | | (一)公司治理,股东会、董事会运作情况 | 是 | 合 | 不造 | | | | | 用 | | 现场检查手段及获取的资料: | | | | | (1)查阅公司章程、三会规则及各项公司治理制度; | | | | | (2) 查阅公司公开信息披露文件: | | | | | (3)查阅公司历次董事会、监事会、股东会会议材料。 | | ...

Core Viewpoint - Today, 11 stocks received buy ratings from institutions, with Tian Ci Materials having its rating upgraded and Min Sida and China National Foreign Trade being newly covered by institutions [1] Group 1: Institutional Ratings - A total of 13 buy ratings were issued today, covering 11 stocks, with Tian Ci Materials and Guizhou Moutai receiving the highest attention, each having 2 buy ratings [1] - Among the stocks rated, 6 provided future target prices, with 5 stocks showing an upside potential exceeding 20%. Guizhou Moutai has the highest upside potential at 82.33%, with a target price of 2600.00 yuan set by Huachuang Securities [1][2] - Other stocks with significant upside potential include Qibin Group and Shiji Information, with upside potentials of 73.03% and 30.30% respectively [1] Group 2: Market Performance - The average increase for stocks with buy ratings today was 2.96%, outperforming the Shanghai Composite Index. Ten stocks saw price increases, with Min Sida, Qibin Group, and Shiji Information leading the gains at 8.72%, 5.06%, and 4.52% respectively [1] Group 3: Individual Stock Ratings - Guizhou Moutai received a strong buy rating from Huachuang Securities with a target price of 2600.00 yuan and a latest closing price of 1426.00 yuan [2] - Min Sida was rated as "Increase" by GF Securities with a target price of 54.34 yuan and a latest closing price of 44.49 yuan [2] - Tian Ci Materials received buy ratings from both CITIC Securities and Western Securities, with a latest closing price of 48.04 yuan [2]

Core Viewpoint - The paper industry experienced a decline of 0.73% on January 5, with Songyang Resources leading the drop, while the Shanghai Composite Index rose by 1.38% and the Shenzhen Component Index increased by 2.24% [1]. Group 1: Market Performance - The paper sector saw a mixed performance among individual stocks, with Minshida leading with an increase of 8.72% to a closing price of 44.49, while Songyang Resources fell by 3.51% to 19.25 [1][2]. - The trading volume for Minshida was 72,800 shares, resulting in a transaction value of 323 million yuan, while Songyang Resources had a trading volume of 124,100 shares with a transaction value of 240 million yuan [1][2]. Group 2: Capital Flow - The paper sector experienced a net outflow of 178 million yuan from institutional investors, while retail investors saw a net inflow of 195 million yuan [2]. - Notable stocks with significant capital inflows included Minshida with a net inflow of 47.01 million yuan, and Sun Paper with a net inflow of 18.94 million yuan [3].

Investment Rating - The report assigns a rating of "Buy" to the company [4]. Core Insights - The company is the second-largest global supplier of high-end aramid paper, with significant growth potential in various downstream sectors [9]. - The core investment logic includes the company's strong market position, strategic supplier role in commercial aerospace, benefits from overseas power grid upgrades, and the increasing demand in the aviation sector due to new aircraft and maintenance cycles [9]. - The company is expected to achieve substantial earnings growth, with projected EPS of 0.84, 1.21, and 1.93 CNY per share for 2025, 2026, and 2027 respectively, leading to a target price of 54.34 CNY per share based on a 45x PE valuation for 2026 [9]. Summary by Sections Company Overview - The company specializes in aramid paper, a key strategic material for manufacturing, with applications in various critical sectors such as electrical power, aerospace, rail transportation, new energy, and electronic communications [16][17]. Competitive Landscape - The company ranks second in global market share for aramid paper, following DuPont, which has exited the market, potentially allowing the company to capture more market share [38][39]. Power Equipment - Aramid paper is widely used in transformers and other electrical equipment due to its superior thermal insulation properties, which enhance the reliability and safety of electrical devices [41]. Aviation Sector - The demand for aramid paper in the aviation industry is driven by new aircraft and maintenance needs, with the global aviation market expected to recover significantly [56][57]. Commercial Aerospace - The company is positioned as a key supplier of materials for commercial aerospace, benefiting from the increasing requirements for high-performance materials in extreme environments [9]. Earnings Forecast and Valuation - The company is projected to see revenue growth from 340 million CNY in 2023 to 960 million CNY by 2027, with a CAGR of 49.2% [3]. The EBITDA is expected to grow from 105 million CNY in 2023 to 373 million CNY in 2027 [3].

Market Overview - The Shanghai Composite Index closed at 3940.67 points, above the annual line, with a gain of 0.53% [1] - The total trading volume of A-shares reached 15,224.97 million yuan [1] Stocks Breaking Annual Line - A total of 145 A-shares have surpassed the annual line today, with notable stocks including: - Supcon Test (300887) with a deviation rate of 15.30% - New Jingang (300629) with a deviation rate of 10.60% - Yongyue Technology (603879) with a deviation rate of 9.68% [1] Deviation Rate Rankings - The top stocks with significant deviation rates from the annual line include: - Supcon Test: Today's price increased by 19.95% with a turnover rate of 15.61% [1] - New Jingang: Today's price increased by 20.02% with a turnover rate of 23.76% [1] - Yongyue Technology: Today's price increased by 10.09% with a turnover rate of 5.48% [1] Additional Notable Stocks - Other stocks that have recently crossed the annual line include: - Zhenzhen Technology (003007) with a deviation rate of 8.41% and a price increase of 9.99% [1] - Jun Da Co., Ltd. (002865) with a deviation rate of 6.95% and a price increase of 10.01% [1] - Daye Co., Ltd. (603278) with a deviation rate of 6.60% and a price increase of 9.98% [1]