消息面上，近期，玖龙纸业、山鹰国际、理文造纸、五洲特纸等大型纸厂发布涨价函，宣布在9月初上 调部分产品价格。值得关注的是，自8月份至今，国内纸厂普遍进行了多轮涨价。兴业证券认为，随四 季度进入传统旺季，浆价纸价均有望继续向上，叠加反内卷政策加持，行业或迎上行周期。华安证券此 前则指出，在国家"反内卷"的大背景下，或同供给侧结构性改革，有望推动包装纸行业落后产能退出， 使得供需匹配，带动纸价上涨，纸企盈利提升。 智通财经APP获悉，纸业股早盘走高，截至发稿，理文造纸(02314)涨5.17%，报3.05港元；玖龙纸业 (02689)涨4.63%，报5.88港元；晨鸣纸业(01812)涨4.6%，报0.91港元。 ...

此外，9月2日 ，山鹰纸业发布国庆期间停机检修计划，停机涉及山鹰国际旗下安徽、浙江、华中、福 建、广东、吉林多个基地的12条纸线，停机时长4-8天不等，停机时间集中在9月29日-10月6日期间。(格 隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01812 | 曾暗纸业 | | 0.910 4.60% | | 02314 理文造纸 | | 2.990 | 3.10% | | 02689 | 玖龙纸业 | 5.740 2.14% | | 港股纸业股集体上涨，其中，晨鸣纸业涨4.6%，理文造纸涨超3%，玖龙纸业涨超2%。 消息上，近期，玖龙纸业、山鹰国际、理文造纸、五洲特纸等大型纸厂发布涨价函，宣布在9月初上调 部分产品价格。对于进入传统金九银十旺季的纸包装业来说，现在或许是涨价的最后窗口。随着大量新 增产能相继投产，原纸供需平衡恶化，玖龙们很难维持住风雨飘摇的纸业市场。 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 理文造紙有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02314 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,295,000,000 | | 0 | | 4,295,000,000 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 4,295,000,000 | | 0 | | 4,295,000,000 | 第 2 頁 共 10 頁 v 1.1.1 FF301 | 1. 股份分類 | 普通股 | ...

Core Viewpoint - The article discusses the challenges and regulatory issues surrounding the import of recycled paper pulp in China, particularly after the ban on solid waste imports, highlighting the environmental risks and the need for stricter standards and oversight [3][4][11]. Group 1: Import Ban and Industry Response - Since January 1, 2021, China has banned the import of solid waste, including waste paper, leading to a significant shift in the sourcing of raw materials for the paper industry [3][4]. - Major paper companies like Nine Dragons Paper, Shanying International, and Sun Paper have begun investing in overseas recycled pulp projects to adapt to the new regulations [4][11]. - The import volume of recycled paper pulp surged from 300,000 tons in 2018 to 3.36 million tons in 2022, an increase of 11 times [4]. Group 2: Quality and Environmental Concerns - There are significant quality differences among various types of recycled paper pulp, such as roll pulp, wet pulp, and dry ground pulp, which affect their environmental impact and processing costs [5][9]. - Dry ground pulp, which skips many conventional processing steps, often contains high levels of impurities and poses health risks due to the presence of bacteria and other contaminants [9][12]. - A study showed that untreated waste paper samples contained up to 150,000 bacteria per gram, highlighting the potential health hazards associated with imported recycled pulp [13]. Group 3: Regulatory Standards and Recommendations - A new national standard for recycled paper pulp was released in November 2023, aiming to set technical requirements and prevent the entry of "foreign garbage" [11][12]. - The standard is currently recommended rather than mandatory, leading to concerns about compliance and the quality of imported materials [11][12]. - Experts suggest that stricter regulations should be enforced, including mandatory inspections of all products declared as recycled paper pulp and the establishment of a blacklist for non-compliant exporters [19][21]. Group 4: Industry Support and Future Directions - There is a call for increased support for domestic paper companies, particularly those investing in overseas pulp production, to enhance their technological capabilities and ensure quality [19][21]. - The industry is encouraged to adopt innovative technologies to improve the quality of recycled pulp and reduce environmental impacts [19][21]. - The article emphasizes the need for a comprehensive regulatory framework to ensure that the import of recycled paper pulp aligns with environmental standards and public health safety [19][21].

Core Viewpoint - The article discusses the challenges and issues surrounding the import of recycled pulp in China following the ban on solid waste imports, highlighting the need for stricter regulations and standards to prevent environmental hazards and ensure product quality [1][7][12]. Group 1: Import Ban and Market Changes - Since January 1, 2021, China has banned the import of solid waste, including waste paper, leading to a significant increase in the import of recycled pulp, which rose from 300,000 tons in 2018 to 3.36 million tons in 2022, an increase of 11 times [2]. - Major paper companies such as Nine Dragons Paper, Shanying International, and Sun Paper have invested in overseas recycled pulp projects to adapt to the new regulations [2]. Group 2: Quality and Safety Concerns - There are significant quality issues with imported recycled pulp, particularly with dry-ground pulp, which often contains high levels of impurities and bacteria, posing health risks [10][11]. - The new national standard for recycled pulp, effective November 27, 2023, aims to set technical requirements and prevent the entry of "foreign garbage" into the country, but it is currently a recommended standard rather than mandatory [7][12]. Group 3: Environmental and Economic Implications - The production of recycled pulp, especially through dry grinding, is associated with high energy consumption and environmental pollution, as it requires additional processing in China after import [10][11]. - Experts suggest that the government should enhance the standards for imported dry-ground recycled pulp and implement strict inspections to ensure compliance with quality and environmental safety [12][15]. Group 4: Industry Recommendations - Industry insiders have called for the establishment of a mandatory national standard for imported recycled pulp, emphasizing the need for rigorous quality control and environmental assessments [12][15]. - There is a push for increased support for domestic paper companies that comply with environmental regulations and for those investing in overseas recycled pulp projects to improve their technological capabilities [16].

Core Viewpoint - The industry is calling for enhanced regulation of imported recycled paper pulp, improved standards for dry-process recycled paper pulp, and increased guidance and support for paper companies establishing overseas factories [1][11]. Group 1: Industry Background - Since January 1, 2021, China has banned the import of solid waste, including waste paper, leading to a shift towards importing recycled paper pulp [1][2]. - Major paper companies such as Nine Dragons Paper, Shanying International, Sun Paper, Lee & Man Paper, and Jingxing Paper have invested in overseas recycled paper pulp projects [2]. Group 2: Quality and Standards - The newly released national standard for recycled paper pulp (GB/T43393-2023) aims to address fiber raw material shortages while preventing "foreign garbage" from entering the country [7]. - The standard includes technical requirements related to radioactive pollution, hazardous waste, heavy metals, and physical and chemical indicators [7]. Group 3: Environmental and Health Concerns - Recycled paper pulp, particularly dry-milled pulp, poses significant environmental and health risks due to high impurity levels and potential contamination [8][9]. - A study showed that untreated waste paper samples contained high levels of bacteria and pests, raising concerns about public health [9]. Group 4: Recommendations and Future Actions - Experts suggest that customs should inspect all goods declared as recycled paper pulp to ensure compliance with quality and safety standards [15]. - There is a call for the government to provide support for domestic paper companies that adhere to regulations and to assist those lacking resources for process upgrades [16].

格隆汇8月15日丨理文化工(00746.HK)及理文造纸(02314.HK)联合公布，2025年8月15日，江苏造纸(作 为转让方，理文造纸的间接全资附属公司)与江苏化工(作为受让方，理文化工的间接全资附属公司)订立 土地转让合约，据此，江苏造纸有条件同意转让，而江苏化工有条件同意收购位于江苏省常熟经济技术 开发区的该土地的土地使用权，代价约为人民币6753万元。该土地位于江苏省常熟经济技术开发区兴港 路6-8号，总占地面积约7.49万平方米。该土地作工业用途，而土地使用权的使用期限将于2059年10月 12日至2060年10月20日期间结束。 ...

理文化工(00746)与理文造纸(02314)联合公布，于2025年8月15日，理文造纸(02314)间接全资附属江苏造 纸与理文化工(00746)间接全资附属江苏化工订立土地转让合约，据此，江苏造纸有条件同意向江苏化 工转让位于中国江苏省常熟经济技术开发区的该土地的土地使用权，代价约为人民币6753万元。 就理文造纸而言，该土地为江苏造纸目前所占土地的闲置部分，并未用于其目前的生产营运。土地出售 事项将有助江苏造纸优化其资产架构及提升江苏造纸内部土地使用的整体效率。土地出售事项产生的额 外收入亦将有助加强理文造纸集团的财务状况并支持其业务发展。 该土地位于中国江苏省常熟经济技术开发区兴港路6-8号，总占地面积约74937平方米。该土地作工业用 途，而土地使用权的使用期限将于2059年10月12日至2060年10月20日期间结束。江苏造纸于2010年所持 土地使用权的原收购成本约为人民币2270万元。 就理文化工而言，江苏化工计划扩展现有产品线，而该土地邻近江苏化工的现有生产厂房，地理位置优 越，以及可降低新厂房的施工成本。此外，该土地邻近现有厂房，亦有利于统一管理，优化安全生产布 局，并提升物料运送效率，从 ...

智通财经APP讯，理文化工(00746)与理文造纸(02314)联合公布，于2025年8月15日，理文造纸(02314)间 接全资附属江苏造纸与理文化工(00746)间接全资附属江苏化工订立土地转让合约，据此，江苏造纸有 条件同意向江苏化工转让位于中国江苏省常熟经济技术开发区的该土地的土地使用权，代价约为人民币 6753万元。 该土地位于中国江苏省常熟经济技术开发区兴港路6-8号，总占地面积约74937平方米。该土地作工业用 途，而土地使用权的使用期限将于2059年10月12日至2060年10月20日期间结束。江苏造纸于2010年所持 土地使用权的原收购成本约为人民币2270万元。 就理文造纸而言，该土地为江苏造纸目前所占土地的闲置部分，并未用于其目前的生产营运。土地出售 事项将有助江苏造纸优化其资产架构及提升江苏造纸内部土地使用的整体效率。土地出售事项产生的额 外收入亦将有助加强理文造纸集团的财务状况并支持其业务发展。 就理文化工而言，江苏化工计划扩展现有产品线，而该土地邻近江苏化工的现有生产厂房，地理位置优 越，以及可降低新厂房的施工成本。此外，该土地邻近现有厂房，亦有利于统一管理，优化安全生产布 局，并 ...

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聯合公布之內容 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 會 就 本 聯 合公布全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔 任 何 責 任。 聯合公布 關連交易 轉讓中國常熟市的土地使用權 轉讓土地使用權 於2025年8月15日，江 蘇 造 紙 與 江 蘇 化 工 訂 立 土 地 轉 讓 合 約，據 此，江 蘇 造 紙 有 條 件 同 意 轉 讓，而 江 蘇 化 工 有 條 件 同 意 收 購 位 於 中 國 江 蘇 省 常 熟 經 濟 技 術 開 發 區 之 該 土 地 之 土 地 使 用 權，代 價 約 為 人 民 幣67.53百 萬 元。 上市規則涵義 由於江蘇造紙及江蘇化工分別為理文造紙及理文化工之間接全資附屬公 司，而 根 據 上 市 規 則 第14A章 理 文 造 紙 及 理 文 化 工 為 彼 此 之 關 連 人 士，故 根 據上市規則第14A章，土 地 轉 讓 合 約 項 下 擬 進 行 之 交 易 構 成 理 文 造 紙 及 理 文 化 工 之 關 連 ...