Core Viewpoint - The paper industry stocks have seen significant gains due to a price increase trend in the domestic paper sector, driven by rising demand and upcoming holidays [1] Group 1: Stock Performance - Nine Dragons Paper (02689) rose by 10.23% to HKD 6.25 - Chenming Paper (01812) increased by 8.86% to HKD 0.86 - Lee & Man Paper (02314) gained 4.88% to HKD 3.01 [1] Group 2: Price Increase Trend - Since November, the domestic paper industry has experienced a continuous price increase, with Shanying Paper leading the way by raising prices for products like red sand paper and corrugated paper by CNY 30-100 per ton - Core product prices in Guangdong and Zhejiang have increased by CNY 50 per ton - Nine Dragons Paper and other companies have followed suit, with increases in kraft paper and boxboard [1] Group 3: Market Dynamics - Downstream paperboard manufacturers in regions like Zhejiang and Hunan have quickly responded with price increases of 3%-10% in a full-chain pricing adjustment from raw paper to end packaging - Bohai Securities noted that the price increase in packaging paper is spreading downstream, solidifying the basis for paper companies' price hikes, supported by the upcoming "Double Eleven" shopping festival and major holidays like New Year's and Spring Festival [1] Group 4: Industry Outlook - According to Industrial Securities, the period from 2023 to 2025 is expected to be a capacity expansion phase for the industry, with a slowdown in new capacity additions starting in 2026 - The "anti-involution" policy is expected to support the paper industry, potentially leading to an upward turning point from the bottom [1]

Core Viewpoint - The Hong Kong paper industry stocks experienced significant gains, with notable increases in share prices for key companies. Group 1: Company Performance - Nine Dragons Paper and Chenming Paper both saw their stock prices rise by over 10% [1] - Lee & Man Paper also reported a stock price increase of over 4% [1]

Core Viewpoint - The Hong Kong paper industry stocks experienced a strong performance in the afternoon trading session, with notable gains in several companies [1] Company Performance - Nine Dragons Paper Holdings saw its stock price increase by over 10% [1] - Chenming Paper Holdings also reported a rise of more than 10% [1] - Lee & Man Paper Manufacturing recorded an increase of over 4% [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong paper stocks, with notable increases in share prices for several companies [1] Group 2 - Nine Dragons Paper Holdings saw its stock price rise by over 10% [1] - Chenming Paper Holdings also experienced a stock price increase of over 10% [1] - Lee & Man Paper Manufacturing's stock rose by more than 4% [1]

Group 1 - The Hong Kong stock market saw a significant rise in the paper industry stocks in the afternoon session [1] - Chenming Paper surged over 10%, while Nine Dragons Paper increased nearly 10%, and Lee & Man Paper rose over 5% [1]

Group 1 - The Hong Kong paper industry stocks have surged, with Chenming Paper rising over 6%, Nine Dragons Paper up over 5%, and Lee & Man Paper increasing nearly 3% [1] - Since November, the domestic paper industry has experienced a price increase trend, particularly in the packaging paper sector, characterized by a "leading by the head and following by the end" pattern [1] - Recently, Shanying Paper has initiated price adjustments across multiple bases, with products like Sequoia paper and corrugated paper increasing by 30-100 RMB per ton, and core categories in Guangdong and Zhejiang seeing a rise of 50 RMB per ton [1] Group 2 - Nine Dragons Paper and other companies have followed suit with price increases in kraft paper and boxboard paper [1] - Downstream paperboard factories in regions like Zhejiang and Hunan have quickly responded, with single-instance price increases ranging from 3% to 10%, creating a full-chain price adjustment from raw paper to end packaging [1] - The recent demand for packaging due to "Double Eleven" has supported the price increase of packaging paper, while the supply side shows structural optimization [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report analyzes the supply, demand, cost, profit, price, and other aspects of offset printing paper. It shows that the production of offset printing paper is expected to increase slightly next week, with stable demand and inventory likely to accumulate. The cost of offset printing paper has risen due to raw material price increases, and production profit is expected to decline. If the price increase is successfully implemented, it may offset the cost increase. In the short - term, the fundamentals show no significant changes. If the price increase is implemented, appropriate long positions can be established at low prices, but risk control should be noted. 3. Summary by Directory Part 1: Offset Printing Paper Overview - **Supply - Demand - Inventory**: Domestic production in the week of 2025/11/7 was 20.80 million tons, a week - on - week increase of 0.20 million tons. The capacity utilization rate was 53.40%, a week - on - week decrease of 0.40%. The monthly import volume was 1.10 million tons, a month - on - month decrease of 0.79 million tons. The weekly apparent demand was 19.60 million tons, a week - on - week increase of 3.00 million tons. The monthly export volume was 5.60 million tons, a month - on - month decrease of 0.08 million tons. Domestic demand was 84.05 million tons, a month - on - month decrease of 3.84 million tons. Enterprise inventory, social inventory, and total spot inventory all increased, with the total inventory reaching 189.50 million tons. It is expected that the production of the double - offset paper industry will continue to increase, about 21.0 million tons next week, and the demand will remain stable, with inventory likely to accumulate [6]. - **Price**: The ex - factory delivery prices of major brands remained unchanged compared to the previous period, but were lower than the same period last year. It is reported that due to the increase in raw material prices, the intended price increase of double - offset paper is 100 yuan/ton, waiting for implementation. The market self - pick - up prices also remained unchanged compared to the previous period but were lower than the same period last year. The futures prices of OP2601 and OP2603 showed an upward trend compared to the previous period, and the futures market is expected to fluctuate or fluctuate strongly [8]. - **Spread and Basis**: The spread between ex - factory and self - pick - up prices remained stable, and the futures spread between 1 - 3 contracts was expected to remain stable. The basis of some brands was expected to weaken. Seasonally, January is a small peak season for spring teaching and auxiliary textbook tenders, and March is a traditional peak season [10]. - **Cost and Profit**: The raw material costs of major pulp types decreased compared to the same period last year but remained unchanged compared to the previous period. The total production cost decreased compared to the same period last year but remained unchanged compared to the previous period. The production profit decreased compared to the same period last year and is expected to decline mainly due to the increase in raw material prices and the difficulty in raising the price of finished products. If the price increase is successful, it may cover the cost increase [12]. - **Strategy Recommendation**: In the industrial chain, the spot price is stable, and transactions are based on rigid demand. In the short - term, the fundamentals show no significant changes. If the price increase is implemented, appropriate long positions can be established at low prices, but risk control should be noted [14]. Part 2: Offset Printing Paper Balance Sheet The balance sheet shows the monthly supply, demand, inventory, and other data of double - offset paper from 2024 to 2025. In 2025, the cumulative import volume, production, total supply, domestic demand, total demand, etc. showed different trends compared to 2024. For example, in January 2025, the cumulative import volume decreased by 18.05% year - on - year, and the production decreased by 10.87% year - on - year [16]. Part 3: Offset Printing Paper Supply - Demand Analysis - **Supply - Production Situation**: In 2025, a total of 140 million tons of cultural paper production capacity has been put into operation, and 225 million tons are yet to be put into operation, mostly in the third quarter. In 2026, the planned production capacity to be put into operation is 120 - 140 million tons. Major companies such as Nine Dragons Paper, Chenming Paper, and Sun Paper have new production capacity plans or capacity resumption plans [18]. Part 4: Offset Printing Paper Cost - Profit - **Raw Material Cost**: The raw material costs of major pulp types such as Ural Needle, Moon, and Goldfish decreased compared to the same period last year but remained unchanged compared to the previous period [12]. - **Profit**: The production profit decreased compared to the same period last year and is expected to decline mainly due to the increase in raw material prices and the difficulty in raising the price of finished products. If the price increase is successful, it may cover the cost increase [12]. Part 5: Offset Printing Paper Price and Spread Analysis - **Spot Quotation**: The ex - factory delivery prices and market self - pick - up prices of major brands remained unchanged compared to the previous period but were lower than the same period last year. It is reported that due to the increase in raw material prices, the intended price increase of double - offset paper is 100 yuan/ton, waiting for implementation [8]. - **Futures - Spot Basis**: The basis of some brands is expected to weaken [10]. - **OP Main Contract Seasonal Chart and Inter - Month Spread**: Seasonally, January is a small peak season for spring teaching and auxiliary textbook tenders, and March is a traditional peak season. The futures spread between 1 - 3 contracts is expected to remain stable [10].

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of November 4, with Northeast Electric (00042) leading with a premium rate of 900.00% [1] - The article also discusses the deviation values of these stocks, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest premium rate at 900.00%, followed by Hongye Futures (03678) at 258.42% and Zhejiang Shibao (01057) at 252.00% [1] - The top ten stocks with the highest premium rates include Sinopec Oilfield Service (01033) at 251.95% and Andeli Juice (02218) at 250.56% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at -17.17%, China Merchants Bank (03968) at 1.22%, and Heng Rui Pharmaceutical (01276) at 5.23% [1] - Other notable mentions in the bottom ten include Midea Group (00300) at 6.99% and Weichai Power (02338) at 11.05% [1] Summary of Deviation Values - Northeast Electric (00042) also leads in deviation value at 64.66%, indicating a significant difference from its average premium rate [1] - Other stocks with high deviation values include Changfei Optical Fiber (06869) at 27.92% and Shandong Molong (00568) at 27.79% [1] - Conversely, the stocks with the lowest deviation values include CNOOC Oilfield Services (02883) at -12.36% and Haohai Biological Technology (06826) at -9.36% [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東晨鳴紙業集團股份有限公司 FF301 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000488 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,706,765,684 | RMB | | | 1 RMB | | 1,706,765,684 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,706,765,684 | RMB | | | 1 RMB | | 1,706,765,684 | ...

Core Insights - The company, Shandong Chenming Paper Holdings Limited (ST Chenming), has shown signs of recovery in its third quarter financial performance, with key operational indicators improving and production capacity gradually resuming [1][2] Financial Performance - In the third quarter, ST Chenming's production of paper increased by 41% compared to the previous quarter, and the gross profit margin for products improved by 13% [1] - The company has implemented a "full-chain cost reduction and efficiency enhancement" initiative, leading to a significant decrease in operating expenses. In the first three quarters, financial, management, and sales expenses collectively decreased by 14% year-on-year [1] Governance and Management - On October 28, the company completed a new board of directors' election, marking an important milestone for corporate reform and governance improvement [2] - The new leadership team aims to focus on stabilizing operations, promoting reforms, strengthening management, and enhancing efficiency to guide the company into a new phase of stable development [2]