Key Points - The top three companies with net inflows from southbound funds are Xiaomi Group-W (01810) with 1.665 billion, Tencent Holdings (00700) with 830 million, and Alibaba-W (09988) with 747 million [1] - The companies with the highest net outflows are Pop Mart (09992) with -354 million, China Life (02628) with -351 million, and Kingsoft Cloud (03896) with -300 million [1] - In terms of net inflow ratio, Qin Port Co. (03369) leads with 78.68%, followed by Reshaping Energy (02570) with 76.94%, and Cang Port Railway (02169) with 65.01% [1] - The companies with the highest net outflow ratios include Chongqing Rural Commercial Bank (03618) at -61.37%, Bank of China Aviation Leasing (02588) at -53.31%, and Swire Properties (01972) at -45.99% [1] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 1.665 billion, representing a 12.37% increase [2] - Tencent Holdings (00700) saw a net inflow of 830 million, with an 8.94% increase [2] - Alibaba-W (09988) recorded a net inflow of 747 million, reflecting a 10.60% increase [2] - The highest net inflow was observed in CSPC Pharmaceutical Group (01093) with 654 million and a 21.81% increase [2] Net Outflow Rankings - Pop Mart (09992) experienced a net outflow of -354 million, with a -10.47% decrease [2] - China Life (02628) had a net outflow of -351 million, reflecting a -11.90% decrease [2] - Kingsoft Cloud (03896) recorded a net outflow of -300 million, with a -24.18% decrease [2] - Meituan-W (03690) also saw a significant outflow of -291 million, representing a -5.32% decrease [2] Net Inflow Ratio Rankings - Qin Port Co. (03369) leads with a net inflow ratio of 78.68% and a net inflow of 340,000 [3] - Reshaping Energy (02570) follows with a net inflow ratio of 76.94% and a net inflow of 10.53 million [3] - Cang Port Railway (02169) has a net inflow ratio of 65.01% with a net inflow of 4.3967 million [3] - Other notable companies include Meizhong Jiahe (02453) with a 61.71% net inflow ratio [3] Net Outflow Ratio Rankings - Chongqing Rural Commercial Bank (03618) has the highest net outflow ratio at -61.37% with a net outflow of -1.04 billion [3] - Bank of China Aviation Leasing (02588) follows with a net outflow ratio of -53.31% and a net outflow of -15.3728 million [3] - Swire Properties (01972) has a net outflow ratio of -45.99% with a net outflow of -29.4662 million [3]

ST晨鸣 ST晨鸣B 晨鸣纸业 玖龙纸业 理文造纸 分时图 日K线 周K线 月K线 2.23 -0.03 -1.33% 1.77% 1.33% 0.44% 0.00% 0.44% 1.33% 1.77% 2.22 2.23 2.25 2.26 2.27 2.29 2.30 09:30 10:30 11:30/13:00 14:00 15:00 0 40万 80万 120万 近日，广东省造纸行业协会发布了《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》。这也是国内造纸行业发出的第一封"反内卷"倡议书。倡议书提出了四条倡议：一是坚决抵制低价 无序竞争，维护市场公平秩序；二是主动优化产能结构，推动技术装备升级改造；三是强化质量引领与 创新驱动，实现价值竞争转型；四是构建行业自律协同机制，共建良好生态。 国君期货表示，从历史上看，纸系产业链上商品具有很明显的后周期特征。从表现形式来看，浆纸产业 链的涨价节奏滞后于广义上的工业品，原料滞后于产成品。结合近期"反内卷"行情热度高涨，具备涨价 潜力的板块也或持续受到资金关注。 相关概念股： 据了解，广东省是全国第二大造纸大省，2024年广东省纸及纸板产量26 ...

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 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 本公布 全 部 或任何部份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。 * （ 於 開 曼 群 島 註 冊 成 立 及 其 成 員 責 任 為 有 限 ） 香港，2 0 2 5年7月2 8日 於本公布日期，本公司董事會成員包括 五位執行董事，計有李文俊博士、李文斌先生、 葉向勤先生、李浩中先生及李經緯先生及三位獨立非執行董事， 計有周承炎先生、 羅 詠詩女士及陳惠仁先生。 * 僅供識別 董事會會議通告 理文造紙有限公司（「本公司」）董事會（「董事會」）欣然宣布，本公司之董事會會議將 於2025年8月7日舉行，藉以（其中包括）批准本公司及其附屬公司截至2025年6月30日止六個 月之中期業績及其發布，以及考慮派發中期股息( 如適用)。 承董事會命 理 文 造 紙 有 限 公 司 公 司 秘 書 羅潔茹 （股份編號：2314） ...

Core Viewpoint - The packaging paper industry is experiencing a price increase, with major companies like Nine Dragons Paper and Lee & Man Paper announcing a price hike of 30 yuan/ton for corrugated paper and recycled kraft paper starting August 1, driven by rising raw material costs and tightening supply [1][2]. Group 1: Price Trends - July has seen the fourth round of price increases in the paper industry, with a consistent rise in various types of raw paper prices, each time by 30 yuan/ton [1]. - As of July 21, the market price for waste yellow board paper reached 1475 yuan/ton, an increase of 15 yuan/ton compared to June 30 [1]. Group 2: Supply and Demand Dynamics - The increase in waste yellow board paper prices is attributed to overall limited supply and heavy rainfall affecting local waste paper trading, leading to a decrease in market supply [2]. - Major paper companies have been steadily raising their procurement prices for waste yellow board paper, which has contributed to a bullish sentiment in the waste paper market and provided cost support for finished paper price increases [2]. Group 3: Industry Performance - In the first half of the year, the corrugated and box board paper markets continued to experience a supply-demand imbalance, with average prices declining: corrugated paper at 2682 yuan/ton (down 2.44% year-on-year) and box board paper at 3616 yuan/ton (down 3.42% year-on-year) [3]. - The gross profit margins for the corrugated paper industry and box board paper industry were 9.97% and 18.96%, respectively, both showing a decline compared to the previous year [3]. - The overall profitability of the industry remains under pressure due to the supply exceeding demand, with expectations of a price recovery in the second half of the year, although it may not fully offset the declines seen in the first half [3].

Group 1: Hong Kong Stock Market Movements - Jin Jing New Energy (01783) rose over 4.5% as the Hang Seng Index company is set to release its mid-year review results on August 22, with changes effective from September 8 [1] - Paper stocks in Hong Kong continued to rise, with Nine Dragons Paper (02689.HK) increasing over 7%, recording five consecutive gains, while Lee & Man Paper (02314.HK) rose about 5% [1] - Airline stocks saw significant gains, with China National Aviation (0753.HK) up over 7%, driven by the Civil Aviation Administration's emphasis on enhancing the industry’s competitive landscape [1] - Renrui Talent (06919) surged over 19% after announcing a positive earnings forecast, expecting revenue of approximately RMB 2.49 billion to 2.69 billion for the year ending June 30, 2025, representing a year-on-year growth of 21.1% to 30.8% [1] Group 2: Other Notable Stock Movements - China Antibody-B (03681) increased over 8% after entering into subscription agreements for the issuance of 182 million new shares at a subscription price of HKD 2.03 per share [2] - Fufeng Group (00546) rose over 4% with an expected net profit of RMB 1.74 billion for the first half of the year, a 67% increase year-on-year, attributed to higher sales and lower raw material costs [2] - Cao Cao Travel (02643) gained over 4%, reaching a new high following a strategic partnership with a leading commercial aerospace company [2] - NIO-SW (09866) rose over 8%, with a cumulative increase of over 40% in the month [2] Group 3: US Stock Market Highlights - Kohl's (KSS.US) saw a dramatic increase of nearly 90%, becoming a popular "meme stock" among retail investors, closing at $14.34, up 37.62% [3] - Daqo New Energy (DQ.US) closed at $24.60, with a rise of 16.75%, as silicon material prices have been on the rise, with an increase of 25-35% recently [3] - General Motors (GM.US) stock fell by 8.12% to $48.89, with the CFO indicating potential tariff impacts of up to $5 billion this year [3] - The Nasdaq Golden Dragon China Index rose 1.35%, with notable gains in Chinese concept stocks, including PONY.US up 8.62% and NIO.US up 10.84% [3] Group 4: Additional Stock Movements - Faraday Future (FFAI.US) surged over 43% after receiving a non-binding order for 1,000 vehicles valued at up to $100 million [4] - Most new energy vehicle stocks rose, with Lucid Group (LCID.US) closing at $3.13, an increase of about 11% [4] - Circle (CRCL.US) fell by 8.23% after a downgrade from "neutral" to "sell" by Compass Point Research [4] - Replimune (REPL.US) dropped 77% after the FDA rejected its application for a combination therapy for advanced melanoma, citing insufficient evidence [4]

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 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。 * 根據該等協議收購之使用權資產將由本集團按照香港財務報告準則第16號 「租 賃」於 其 綜 合 財 務 狀 況 表 內 確 認。因 此，訂 立 該 等 協 議 及 其 項 下 擬 進 行 交 易 將 視 作 本 集 團 收 購 使 用 權 資 產。由 於 該 等 協 議 項 下 本 集 團 將 予 確 認 使 用 權資產的估計價值之最高適用百分比率高於0.1%但低於5%，故 根 據 上 市 規 則 第14A章，訂 立 該 等 協 議 及 其 項 下 擬 進 行 交 易 須 遵 守 申 報 及 公 布 規 定，惟 獲豁免遵守通函（包 括 獨 立 財 務 顧 問）及 股 東 批 准 之 規 定。 * 僅供識別 – 1 – 緒 言 董事會欣然宣布，於2025年7月18日（交易時段後），本公司之間接全資附屬公司利 龍 與Elite Properties就 ...

Core Viewpoint - The recent surge in Hong Kong paper stocks is driven by a combination of falling raw material prices, improved demand, and low valuation levels, indicating a potential recovery in the paper industry [3][11]. Group 1: Market Performance - From June 20 to July 14, paper stocks in Hong Kong experienced a significant increase, with an average rise of approximately 15%, outperforming the Hang Seng Index [1][4]. - Notable companies such as Sunshine Paper and Nine Dragons Paper saw monthly gains of 19% and nearly 12%, respectively [1][3]. - The paper sector recorded a cumulative increase of 13.73% during this period, with a trading volume of 2.520 billion shares and a total transaction value exceeding 5.6 billion HKD [4][5]. Group 2: Cost and Pricing Dynamics - The decline in international wood pulp prices, with European softwood pulp prices dropping about 15% since the beginning of the year, has positively impacted paper companies' profit margins [3][10]. - Major companies have raised their factory prices for cultural paper by 300-500 HKD per ton since June, reflecting a strong demand recovery and low inventory levels in downstream sectors [3][10]. - The combination of lower costs and successful price increases is expected to enhance profit expectations for paper companies in the upcoming quarters [10][11]. Group 3: Demand Signals - Seasonal demand for educational materials during the summer is expected to boost printing needs, while packaging paper benefits from recovering orders in consumer electronics and home appliances [11]. - Export performance has been strong, with a 34% year-on-year increase in corrugated paper exports from January to May, particularly to emerging markets in Southeast Asia and the Middle East [11]. Group 4: Valuation and Market Sentiment - The paper sector in Hong Kong is currently undervalued, with dynamic P/E ratios for companies like Nine Dragons Paper and Lee & Man Paper below their five-year averages [11]. - Recent inflows from southbound funds into leading paper companies indicate a shift in market sentiment towards optimism regarding the sector's recovery [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides daily observations on the pulp market, including market conditions, important news, logical analyses, and trading strategies. Market conditions cover futures and spot prices of different pulp types. Important news includes company - related events, project investments, and international trade situations. Logical analyses are based on various economic and industry data, and trading strategies offer suggestions for single - sided and arbitrage trading. 3. Summary by Related Catalogs Market Conditions - Futures market shows various trends such as weak, small, and high - level oscillations. For example, on 25 - 06 - 09, the SP main 09 contract was in a weak oscillation, closing at 5222 points, down 2 points or 0.04% [1]. - Spot prices of different pulp types (coniferous, broad - leaf, natural, and chemical mechanical) vary in different regions. For instance, in the Shandong market on 25 - 06 - 06, the import coniferous pulp market had relatively light trading, and prices of some brands were adjusted with the market [5]. Important News - North American paper giant Georgia - Pacific plans to permanently close its Cedar Springs box - board paper mill later this year, affecting about 535 jobs and with an annual capacity of 1 million tons [1]. - China's C&D Group plans to invest $2 billion in a pulp and finished paper production project in Vietnam's Quang Binh province [11]. - In 2025, India's paper and board imports reached a record 2.05 million tons, and imports from China increased by 33% [8]. Logical Analysis - In April, European coniferous pulp consumption decreased by 17.6% year - on - year, and domestic living paper production increased by 9.4% year - on - year in May, which is favorable for the broad - needle price difference [6]. - As of the end of last Friday, the inventory of the SHFE SP contract decreased by 75.6% year - on - year, while the social inventory of domestic pulp in five ports increased by 33.4 million tons year - on - year [1]. Trading Strategies - Single - sided trading: Suggestions include holding long positions, waiting and seeing, and making small - scale trial purchases. For example, on 25 - 06 - 09, it was recommended to wait and see for the SP main 07 contract and pay attention to the support at last Friday's low [1]. - Arbitrage trading: Usually involves waiting and seeing or reducing positions and waiting. For example, on 25 - 06 - 09, it was recommended to wait and see for the arbitrage strategy (long - short) [1].

股東週年大會之投票結果 董 事 會 欣 然 宣 布，於2025年5月8日，本 公 司 舉 行 股 東 週 年 大 會，而載於通告 內 的 普 通 決 議 案 已 於 會 上 正 式 通 過。 * （於開曼群島註冊成立及其成員責任為有限） （股 份 代 號：2314） 理文造紙有限公司（「本公司」）董事會（「董事會」）欣 然 宣 布，於2025年5月8日召開 股東週年大會（「股東週年大會」），而 載 於2025年4月1日股東週年大會通告（「通 告」）內的普通決議案已於會上獲出席大會之本公司股東（「股 東」）以投票表決方 式 通 過，卓 佳 證 券 登 記 有 限 公 司 為 是 次 投 票 的 監 票 員。 以 下 董 事 親 身 出 席 股 東 週 年 大 會：李 文 斌 先 生、周 承 炎 先 生、羅 詠 詩 女 士 及 陳惠仁先生，而以下董事則以電子方式出席股東週年大會：李文俊博士、李經緯 先 生、葉 向 勤 先 生 及 李 浩 中 先 生。 於 股 東 週 年 大 會 日 期，本 公 司 之 已 發 行 股 份（「股 份」）總數為4,295,000,000股。由 於 並 無 任 何 股 東 需 要 於 ...

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告之內容概不負 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通告全部或 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。 * （於開曼群島註冊成立及其成員責任為有限） （股份編號：2314） 股東週年大會通告 茲通告 理文造紙有限公司（「本公司」）謹訂於2025年5月8日（星期四）中 午12時正假 座香港夏愨道18號海富中心第一期24樓縱橫公共關係顧問集團辦事處舉行股東 週年大會（「股東週年大會」），以處理下列事項： 作為一般事項，考慮並酌情通過下列普通決議案： * 僅供識別 – 1 – 1. 省覽及採納本公司截至2024年12月31日止年度之經審核綜合財務報表、董事 會報告及核數師報告； 2. 宣派截至2024年12月31日止年度末期股息； 3. 重選李浩中先生為本公司執行董事； 4. 重選葉向勤先生為本公司執行董事； 5. 委任周承炎先生（在任超過九年）為本公司獨立非執行董事； 6. 授權本公司董事會（「董事」）批准及確認本公司獨立非執行董事周承炎先生之 委任條款（包括酬金），進一步詳情載於股東週年大會通函； 7. 授權 ...