Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Hongye Futures leading in premium rates, while CATL, China Merchants Bank, and Heng Rui Medicine are at the bottom of the list [1][2]. Premium Rate Summary - Northeast Electric (00042) has a premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 428.73% and Hongye Futures (03678) at 283.73% [1]. - The lowest premium rates are observed in CATL (03750) at -11.13%, China Merchants Bank (03968) at -3.84%, and Heng Rui Medicine (01276) at 3.17% [1]. Deviation Value Summary - The highest deviation values are recorded for Zhejiang Shibao (01057) at 136.00%, Junda Co. (02865) at 40.42%, and Nanjing Panda Electronics (00553) at 24.71% [1][2]. - The lowest deviation values are seen in Northeast Electric (00042) at -35.46%, GAC Group (02238) at -26.23%, and Nanhua Futures (02691) at -17.44% [1][3]. Top and Bottom AH Shares - The top ten AH shares by premium rate include companies like Sinopec Oilfield Service (01033) with a premium rate of 271.43% and Fudan Zhangjiang (01349) at 250.53% [1]. - The bottom ten AH shares by premium rate include Weichai Power (02338) at 9.88% and WuXi AppTec (02359) at 10.47% [1].

Group 1 - The core view of the report emphasizes the integration of wood pulp and paper production, leading to an optimized long-term industry structure and upward profitability [3][5] - The report highlights the significant differences in supply and demand dynamics across various segments of the specialty paper market, suggesting a selective approach to identifying strong performers in favorable supply-demand conditions [4] - The wood pulp market is characterized by a cost structure that supports price stability, with needle pulp costs remaining high and supply-demand tightness providing a floor for prices; the report anticipates a gradual stabilization and slight improvement in pulp prices in 2026 [5][9][11] Group 2 - The report indicates that the paper industry has been in a prolonged bottoming phase, with signs of gradual improvement in supply-demand dynamics, particularly in the boxboard and corrugated paper segments [5][6] - Cultural paper demand is under pressure due to declining birth rates, with short-term stability in demand for double-glue paper but long-term challenges anticipated [22][25] - The white card paper segment is expected to benefit from trends such as replacing plastic with paper, with strong long-term growth potential despite short-term economic pressures [44][46] Group 3 - The report outlines that the supply structure for cultural paper is becoming more concentrated, with significant new capacity expected to come online in 2026, which may exert pressure on the market [29][40] - The profitability of the industry is expected to stabilize, with a focus on companies that lead in integrated operations and cost advantages, such as Sun Paper and Nine Dragons Paper [5][6] - The report suggests that the overall paper price stability is stronger than that of bulk paper, with capital expenditures slowing down and export demand contributing to incremental growth [5][6]

截至发稿，玖龙纸业(02689.HK)涨6.41%、理文造纸(02314.HK)涨2.84%、晨鸣纸业(018120HK)涨 1.33%。 ...

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 900.00%, Zhejiang Shibao (01057) at 420.90%, and Hongye Futures (03678) at 283.78% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -11.39%, China Merchants Bank (03968) at -3.02%, and Heng Rui Medicine (01276) at 3.29% [1] - The article provides a detailed table of the top ten AH stocks by premium rate, showing significant variations in premium rates and deviation values among the listed companies [1] Group 2 - The highest deviation values are recorded for Zhejiang Shibao (01057) at 140.12%, Junda Co. (02865) at 62.43%, and Nanjing Panda Electronics (00553) at 31.93% [1] - The lowest deviation values are for GAC Group (02238) at -23.39%, Changfei Optical Fiber (06869) at -13.75%, and CIMC (02039) at -8.60% [1] - The article includes a second table listing the top ten AH stocks by deviation value, indicating the disparity between current and historical premium rates [2]

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他持牌證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之山東晨鳴紙業集團股份有限公司股份全部出售或轉讓，應立即將本通函送交買主或承讓 人、或經手出售或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因依賴該等內容而引致之任何損 失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 有關出售目標公司全部股權之非常重大出售事項 董事會函件載列於本通函第5至19頁。 本公司謹訂於二零二五年十二月三十一日（星期三）下午二時假座中華人民共和國山東省壽光市農聖東街 2199號公司研發中心會議室舉行二零二五年第二次臨時股東會。本通函應與本公司於二零二五年十二月十 五日寄發予股東的臨時股東會通告一併閱 ...

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 881.82%, followed by Zhejiang Shibao (01057) at 378.65% and Hongye Futures (03678) at 278.25% [1][2]. - Other notable companies in the top ten include Sinopec Oilfield Service (01033) with a premium of 271.01% and Chenming Paper (01812) at 253.42% [2]. Group 2: Bottom AH Share Premium Rates - CATL (03750) has the lowest premium rate at -12.06%, followed by China Merchants Bank (03968) at -2.43% and Heng Rui Medicine (01276) at 3.74% [1][3]. - Other companies with low premium rates include Weichai Power (02338) at 9.23% and Midea Group (00300) at 9.47% [3]. Group 3: Top AH Share Deviation Values - Nanhua Futures (02691) has the highest deviation value at 147.43%, followed by Zhejiang Shibao (01057) at 106.42% and Junda Co. (02865) at 51.86% [1][4]. - Other companies with significant deviation values include Guanghe Tong (00638) at 110.31% and China Shipbuilding Defense (00317) at 149.77% [4]. Group 4: Bottom AH Share Deviation Values - GAC Group (02238) shows the lowest deviation value at -27.72%, followed by CIMC (02039) at -11.53% and Zhaoyan New Drug (06127) at -10.54% [1][5]. - Other companies with negative deviation values include Jiangsu Ningshu Highway (00177) at -10.06% and Longfly Optical Fiber (06869) at -10.05% [5].

Group 1 - The core viewpoint of the news is that the Hong Kong stock market for gold and silver stocks has collectively surged, driven by rising prices of precious metals such as silver and gold, which have reached historical highs [1] - In the Asian early trading session, spot silver broke the $68 per ounce mark, hitting a historical high with a daily increase of over 1.4% and a year-to-date increase of approximately 136% [1] - Spot gold also saw a daily increase of over 1%, surpassing $4,380 per ounce, marking another historical high [1] Group 2 - China Silver Group led the gains with a rise of nearly 6%, while China Gold International and Zifeng Gold increased by over 4% [2] - Other notable performers included Chifeng Jilong Gold, Zhaojin Mining, and Zijin Mining, which rose nearly 3%, and Shandong Gold and Zijin Gold International, which increased by 2% [2] - The report from CITIC Securities indicated that the U.S. November CPI exceeded expectations, leading to an adjustment in market expectations for the Federal Reserve's interest rate cuts in 2026, which in turn strengthened the prices of precious metals [1]

Core Viewpoint - Shandong Chenming Paper Holdings Co., Ltd. is divesting its financing leasing assets worth 3.336 billion yuan to focus on its core pulp and paper business, aiming for high-quality development [1] Group 1: Transaction Details - The company plans to transfer 100% equity of Shandong Chenming Financing Leasing Co., Ltd. and 25% equity stakes in both Qingdao Chenming Leasing and Shanghai Chenming Financing Leasing [1] - The total transaction amount is 3.336 billion yuan, comprising 1.073 billion yuan for equity and 2.263 billion yuan for debt [1] - Following the transaction, the financing leasing companies will no longer be included in Chenming Paper's consolidated financial statements, and the company will cease all financing leasing operations [1]

消息面上，晨鸣纸业公布剥离融资租赁业务，向国有全资企业寿光市晟嘉投资出售山东晨鸣融资租赁、 青岛晨鸣纸制品销售及上海晨鸣融资租赁全部股权连贷款，总代价33.36亿元。估计出售收益约3893.95 万元。所得净额拟用作偿还集团债务。 智通财经获悉，晨鸣纸业(01812)涨超4%，截至发稿，涨4.11%，报0.76港元，成交额81.5万港元。 公告指出，出售事项完成后，集团日常业务运营在完成前后将基本保持不变。集团将继续专注于生产及 销售纸制品的主要业务。目前，集团五个生产基地中有四个已经复产。董事预计在出售事项完成后，集 团业务及经营规模将不会出现重大变动，且出售事项将不会对集团业务及运营产生重大影响。 本文源自：智通财经网 ...

每经AI快讯，晨鸣纸业(01812.HK)涨超4%，截至发稿，涨4.11%，报0.76港元，成交额81.5万港元。 ...