智通财经APP获悉，截止8月6日收盘，东北电气(00042)、弘业期货(03678)、安德利果汁(02218)分列AH 溢价率前三位，溢价率分别为847.37%、230.56%、207.56%；宁德时代(03750)、恒瑞医药(01276)、药 明康德(02359)分列AH溢价率末三位，溢价率分别为-22.99%、-7.83%、7.16%。其中安德利果汁 (02218)、金力永磁(06680)、农业银行(01288)的偏离值位居前三，分别为26.19%、18.37%、14.05%；另 外，比亚迪股份(01211)、晨鸣纸业(01812)、东北电气(00042)的偏离值位居后三，分别 为-192.75%、-57.57%、-50.52%。 前十大AH股溢价率排行 | 钧达股份(02865) | | | | | | --- | --- | --- | --- | --- | | 山东墨龙(00568) | 4.540 | 6.59 | 73.79% | 7.87% | | 邮储银行(01658) | 5.560 | 5.9 | 27.16% | 7.75% | | 东江环保(00895) | 2.660 | 4.7 ...

港股纸业股继续强势上涨行情，其中，玖龙纸业、晨鸣纸业均涨超7%，均刷新阶段新高，理文造纸涨 超3%，阳光纸业跟涨。 | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 02689 | 玖龙纸业 | 4.990 7.31% | | 01812 | 昌鸣纸业 | 1.000 7.53% | | 02314 理文造纸 | | 2.850 3.26% | | 02002 | 阳光纸业 | 1.990 0.51% | v责任编辑：栎树 消息上，据悉，进入8月，造纸行业便迎来一轮涨价潮。玖龙纸业、理文造纸、山鹰国际等龙头企业近 日相继发布涨价函，宣布自8月1日起上调多款产品价格。这已是7月以来包装纸行业发起的第四轮涨 价，显示出行业调价频率明显加快。 日前，广东省造纸行业协会发布《关于推动广东省造纸行业"反内卷"促进行业高质量发展的倡议书》。 浙商证券认为，造纸行业作为产能供需失衡、盈利底部区间的周期行业，有望受益于"反内卷"。 ...

Group 1 - The paper industry in Hong Kong is experiencing a strong upward trend, with companies like Nine Dragons Paper and Chenming Paper seeing increases of over 7%, reaching new highs [1] - A price increase wave has begun in the paper industry since August, with leading companies such as Nine Dragons Paper, Lee & Man Paper, and Shanying International announcing price hikes effective from August 1 [1] - This marks the fourth round of price increases in the packaging paper sector since July, indicating a significant acceleration in the frequency of industry price adjustments [1] Group 2 - The Guangdong Provincial Paper Industry Association has issued a proposal to promote high-quality development in the paper industry, advocating for a "de-involution" approach [1] - According to Zheshang Securities, the paper industry, characterized by an imbalance in supply and demand and operating at a profit bottom, is expected to benefit from the "de-involution" initiative [1]

Core Viewpoint - The demand for waste paper pulp is surging due to the rapid growth of e-commerce and logistics in China, driven by a stable domestic economy and supportive government policies promoting recycling and circular economy initiatives [1][12][21]. Industry Overview - Waste paper pulp, also known as recycled pulp, is produced from waste paper and cardboard through various processing techniques. The production methods include dry and wet processes, with dry methods being more cost-effective [3][7]. - The production of waste paper pulp in China is projected to increase from 54.44 million tons in 2018 to 63.18 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 2.5% [1][12]. Market Dynamics - The "ban on waste" policy has led to a complete halt in imported waste paper, exacerbating the shortage of virgin pulp and prompting companies to ramp up waste paper pulp production to meet market demands [1][12]. - The waste paper recovery volume in China is expected to reach 69.71 million tons by 2024, with a recovery rate of 51.1% and a utilization rate of 51.6% [10]. Government Policies - The Chinese government has implemented various policies to support the recycling industry, including the "14th Five-Year Plan" which emphasizes the establishment of a comprehensive recycling system for waste materials [5][6]. - Recent policies encourage the deep processing of recycled resources, including waste paper, to enhance the recycling industry's efficiency and output [5][6]. Competitive Landscape - The waste paper pulp industry features a diverse competitive landscape, with both large enterprises and small to medium-sized companies. Major players include Shanying International, Sun Paper, and Chenming Paper [16][17]. - The industry is expected to undergo consolidation, driven by policy and capital influences, leading to increased market concentration [16]. Future Trends - The waste paper pulp industry is anticipated to maintain steady growth, supported by increasing consumer demand for eco-friendly products and ongoing government initiatives [21]. - Future production will focus on green and intelligent manufacturing, with investments in environmental technologies and automation to enhance efficiency and reduce emissions [22][23]. - The collaboration across the waste paper recycling supply chain is expected to strengthen, improving the overall recovery and utilization rates of waste paper [24].

Market Overview - US stock indices rebounded, influenced positively by Trump's market support, leading to a 0.68% rise in Hong Kong stocks [1] - San Francisco Fed President Daly indicated that the timing for interest rate cuts is approaching, with expectations for two 25 basis point cuts this year [1] - Goldman Sachs predicts three consecutive 25 basis point cuts starting in September, with a potential 50 basis point cut if unemployment rises further [1] Domestic Market Sentiment - A-share new account openings in July reached 1.96 million, a 71% year-on-year increase, indicating rising domestic confidence [2] - The stock of Upwind New Materials surged 20% after resuming trading, reigniting market enthusiasm [2] - The steel sector saw a significant rise, with Maanshan Iron & Steel's stock increasing over 15% due to improved loss forecasts and supportive policies [2] Industry Trends - The paper industry is experiencing a price increase, with major companies like Nine Dragons Paper and Lee & Man Paper announcing price hikes [2] - The eleventh batch of centralized drug procurement in China saw a record 45 companies applying for the same drug, intensifying competition in the generic drug market [3] - Investment is shifting towards innovative drugs, with companies like Junshi Biosciences seeing stock increases of nearly 34% due to promising clinical trials [3] Financial Support for Key Industries - A joint guideline from the central bank and seven departments aims to support financing for key manufacturing sectors, including integrated circuits and medical equipment [4] - AI-related companies like Longi Green Energy and Lenovo's server business are seeing stock increases due to new orders and market interest [4] Gaming Industry Performance - The domestic gaming market is projected to reach RMB 168 billion in sales by the first half of 2025, a 14.08% year-on-year increase [4] - Heartbeat Games anticipates a revenue increase of approximately 37% for the first half of 2025, driven by strong performance from self-developed games [4] Individual Company Highlights - Tencent's mobile game "Valorant: Source Action" is set to launch on August 19, with projected annual revenue exceeding RMB 6 billion [5] - Oriental Selection's stock surged nearly 17% ahead of its upcoming financial report, reflecting strong market performance [6] - The Macau gaming sector is experiencing a positive trend, with Morgan Stanley raising its revenue growth forecast for the year from 5% to 10% [6] Technological Advancements - Apple's breakthrough in brain-computer interface (BCI) technology allows users to control devices through thought, indicating a significant market opportunity [7] - The Chinese BCI market is expected to exceed RMB 3.8 billion by 2025, with a CAGR of approximately 20% [7] Investment Opportunities - Kelun-Bio has become a top holding in a major fund, indicating strong market confidence in its innovative drug pipeline [8] - The company has established multiple technology platforms and is expected to accelerate commercialization in 2025 [8]

人民财讯8月5日电，港股纸业板块走高，港股晨鸣纸业涨超8%，理文造纸涨超7%，玖龙纸业涨超5%。 （原标题：港股纸业板块走高 港股晨鸣纸业涨超8%） ...

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Core Viewpoint - The paper industry is experiencing a significant shift with the introduction of the first "anti-involution" initiative, aimed at promoting high-quality development and addressing structural overcapacity issues in the sector [1][6]. Group 1: Anti-Involution Initiative - The Guangdong Paper Industry Association has issued the first "anti-involution" initiative in the domestic paper industry, emphasizing the need to resist low-price competition and maintain market order [1][6]. - The initiative encourages companies to set prices based on actual costs, reasonable profits, and market demand, aiming to protect the overall value of the industry [1][6]. Group 2: Market Conditions - Despite steady growth in consumption for certain paper types like corrugated paper and household paper, overall capacity expansion has outpaced demand growth, leading to low utilization rates, with some types below 55% [4]. - The industry is facing a prolonged supply-demand imbalance, characterized by declining operating rates and slow inventory reduction, indicating a typical cyclical bottom phase [6][9]. Group 3: Price Adjustments - Several paper companies, including Nine Dragons Paper and Jiangxi Lee & Man Paper, have announced price increases due to rising costs, marking the fourth round of price hikes in July alone [7]. - The overall paper industry has been under significant pricing pressure, with major paper types experiencing price declines since 2021, reflecting weak market demand and overcapacity [7][9]. Group 4: Institutional Focus - Institutions are focusing on companies like Sun Paper, which has integrated pulp and paper production, and others in the sector that are expected to benefit from the "anti-involution" initiative and potential market restructuring [10][13]. - Analysts suggest monitoring companies that are diversifying product lines and those with integrated operations, as the industry may see improvements in profitability due to reduced competition and optimized capacity [10][13].

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7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 呈交日期: 2025年7月31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 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - Chenming Paper Industry is facing a severe financial crisis, with a projected net loss of 3.5 to 4 billion yuan in the first half of 2025, marking a more than 120-fold decline in profit year-on-year, setting a record for single-period losses in China's paper industry [1] Group 1: Financial Performance - The company's main production bases are under maintenance, leading to a significant drop in production and sales, which has severely impacted revenue and profit [1] - The company has faced 364 lawsuits since January 23, 2025, due to overdue debts and contract disputes, with a total amount involved of approximately 458.27 million yuan, accounting for 40.11% of the latest audited net assets [1] - As of the end of Q1 2025, the total liabilities reached 47.74 billion yuan, with current liabilities making up 85.59% (40.86 billion yuan), and short-term loans amounting to 23.64 billion yuan, while cash reserves are only 2.28 billion yuan, most of which are restricted [1] Group 2: Strategic Missteps - The company aggressively expanded production capacity by 7 million tons from 2019 to 2022, with 75% concentrated in oversupplied areas, leading to a gross margin drop to -12.91% for its white card paper business when industry operating rates fell below 70% in 2024 [2] - The financing leasing business has accumulated 8.899 billion yuan in receivables with a bad debt rate of 51.7%, resulting in a loss of 1.468 billion yuan [2] - The company's asset-liability ratio has consistently exceeded 70%, reaching 79.79% in 2024, significantly higher than the industry average, with family management reducing risk awareness [2] Group 3: Rescue Efforts - The company is struggling to restart production, with only 23% overall operating rate, while shifting focus to high-margin specialty paper production and aiming to reduce energy consumption by 15% [3] - A provincial debt committee has been established to coordinate debt restructuring, with 42 billion yuan in loans extended, but new loans of 2.31 billion yuan are stalled due to bank approval issues [3] - The company is dissolving its financial company and exiting the financing leasing business, focusing on core operations of pulp and paper integration as a survival strategy [3] Group 4: Future Paths - There is a potential for industry recovery, with a 5% increase in cultural paper prices driven by the back-to-school season, but the oversupply issue remains unresolved [4] - The company faces a countdown to delisting, as negative audit opinions on internal controls could trigger delisting procedures if not rectified in the 2025 financial report [4] - Strategic restructuring options include introducing state-owned enterprise investors, local government assistance, and debt-to-equity swaps, with the possibility of bankruptcy reorganization if necessary [4] Group 5: Industry Insights - The collapse of Chenming Paper highlights the challenges of traditional industrial transformation, where misinterpreting industry concentration as a signal for scale competition led to "scale diseconomies" [5] - The failure of the "financial support manufacturing" model is evident, as the financing leasing business resulted in significant impairments during economic downturns [6] - In cyclical industries, cash reserves are more valuable than profit scale, and neglecting cash flow during prosperous times can lead to liquidity crises in downturns [6]