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。 ...

继8月瓦楞纸、牛卡纸等包装纸涨价后，白卡纸也迎来了涨价潮。 8月底，国内6家白卡纸企业密集发布调价函，博汇纸业（600966.SH）、玖龙纸业（02689.HK）、亚太 森博、APP（中国）、万国纸业、联盛浆纸宣布从9月1日起，白卡纸系列产品在现有价格基础上，执行 价上调100元/吨。 9月4日，卓创资讯白卡纸分析师孔祥芬告诉《华夏时报》记者，今年以来，白卡纸市场走势震荡下跌， 当前纸价已处于年内底部水平，行业理论盈利处于亏损状态，在运营压力较大以及传统需求旺季即将到 来的背景下，8月底国内白卡纸规模企业纷纷发布价格提涨通知。 近几年，造纸行业供过于求背景下，相关上市公司业绩承压。2025年上半年，20家造纸上市公司中，仅 有6家企业净利润实现增长，其余14家造纸企业业绩出现下滑，业绩最差的企业上半年净利润仅有 196.25万元。 年内第三轮调价 从涨价函发布时间来看，此次是今年以来白卡纸厂第三次发布涨价通知，实际上在2024年12月24日，相 关纸厂已发布2025年1月、2月分别计划上调200元/吨通知。 本次涨价的原因也与前两次基本相同，企业将由头指向了成本。 APP（中国）在其发布的涨价通知中表示，鉴于 ...

近几年，造纸行业供过于求背景下，相关上市公司业绩承压。2025年上半年，20家造纸上市公司中，仅 有6家企业净利润实现增长，其余14家造纸企业业绩出现下滑，业绩最差的企业上半年净利润仅有 196.25万元。 年内第三轮调价 继8月瓦楞纸、牛卡纸等包装纸涨价后，白卡纸也迎来了涨价潮。8月底，国内6家白卡纸企业密集发布 调价函，博汇纸业（600966.SH）、玖龙纸业（02689.HK）、亚太森博、APP（中国）、万国纸业、联 盛浆纸宣布从9月1日起，白卡纸系列产品在现有价格基础上，执行价上调100元/吨。 9月4日，卓创资讯白卡纸分析师孔祥芬告诉《华夏时报》记者，今年以来，白卡纸市场走势震荡下跌， 当前纸价已处于年内底部水平，行业理论盈利处于亏损状态，在运营压力较大以及传统需求旺季即将到 来的背景下，8月底国内白卡纸规模企业纷纷发布价格提涨通知。 本报（chinatimes.net.cn）记者何一华 李未来 北京报道 孔祥芬告诉记者，从需求角度来看，白卡纸市场具有一定的季节性变化规律，9月即将进入传统需求旺 季，市场具备价格拉涨时机。 她进一步表示，中秋、国庆节日订单、药包等订单预期增加，利于市场供需矛盾阶段性 ...

消息面上，近期，包括玖龙纸业在内的多家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。渤海证券表示，短期内，看好国内包装纸 价格继续走强，有利于带动包装纸企业盈利改善与估值修复。 华安证券（600909）此前指出，自2020年以来，造纸行业供过于求局面有所加剧，导致纸企多采取以价 换量、抢占份额的竞争策略，造纸环节盈利压力较大。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。 玖龙纸业(02689)涨近5%，截至发稿，涨4.89%，报5.58港元，成交额3630.1万港元。 ...

华安证券此前指出，自2020年以来，造纸行业供过于求局面有所加剧，导致纸企多采取以价换量、抢占 份额的竞争策略，造纸环节盈利压力较大。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。 消息面上，近期，包括玖龙纸业在内的多家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。渤海证券表示，短期内，看好国内包装纸 价格继续走强，有利于带动包装纸企业盈利改善与估值修复。 智通财经APP获悉，玖龙纸业(02689)涨近5%，截至发稿，涨4.89%，报5.58港元，成交额3630.1万港 元。 ...

Delivery Warehouses - The Shanghai Futures Exchange (SHFE) has approved several companies as the first batch of delivery warehouses for the newsprint futures, including Xiamen Jianfa Warehousing Co., Qingdao China Foreign Trade Supply Chain Management Co., and others [1] - The SHFE will adjust the delivery warehouse capacity based on market development and will gradually expand the delivery warehouse layout [1] Delivery Factories - The SHFE has designated multiple companies as the first batch of delivery factories for newsprint futures, including Yueyang Forest & Paper Co., Shandong Bohui Paper Industry Co., and others [2] - Delivery factories are required to prepare for the futures delivery business according to the approved capacity and ensure compliance with relevant regulations [2] Deliverable Products - The first batch of deliverable products for newsprint futures includes 13 brands, such as "Yueyang Tower" produced by Yueyang Forest & Paper Co. and "Galaxy Ru Yi" produced by Shandong Galaxy Ruixue Paper Industry Co., all subject to standard pricing [2] - The SHFE will monitor changes in the newsprint market and may adjust the list of deliverable products accordingly [2] Designated Inspection Institutions - The SHFE has approved several institutions as designated inspection agencies for newsprint futures, including China Light Industry Paper Products Inspection and Certification Co. and Shanghai Customs Industrial Products and Raw Materials Testing Technology Center [3] - These institutions are required to conduct inspection services according to the relevant regulations and ensure orderly operations [3] - A set of inspection guidelines for newsprint futures has been jointly developed and filed by the designated inspection agencies [3]

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 本月底法定/註冊股本總額： HKD 800,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年8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: 玖龍紙業(控股)有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 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) | 02689 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 HKD | | 800,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD ...

Group 1 - The paper industry chain is expected to see a price recovery due to multiple factors such as the approaching peak season, collaboration among leading companies, and low levels of profitability and inventory [1] - Leading paper manufacturers are anticipated to benefit from higher raw material self-sufficiency and economies of scale [1] - Recommendations include companies with strong operational capabilities such as Sun Paper (002078.SZ) and Nine Dragons Paper (02689), which is accelerating its integrated layout of boxboard and pulp [1] Group 2 - The price of recycled paper has accelerated, with a significant increase in August, where prices for recycled boxboard rose by 125-195 RMB compared to early July, and AA-grade high corrugated prices increased by 165-265 RMB [1] - The company expects continued price increases in August and September, leading to a widening price gap and a recovery in profitability [1] - In the wood pulp sector, domestic prices for hardwood pulp have risen by 150-190 RMB/ton compared to early July, with international prices also increasing [2] - The upcoming peak season is expected to drive further price increases for hardwood pulp as paper manufacturers replenish their stocks [2]

1. Report Industry Investment Rating - No relevant content 2. Core View of the Report - Paper pulp is in a low-level oscillatory adjustment due to limited cost guidance, abundant supply, and the anticipation of peak season demand [8] 3. Summaries by Related Catalogs 3.1行情回顾与操作建议 - The previous settlement price of the pulp futures 01 contract was 5360 yuan/ton, and the closing price was 5402 yuan/ton, a 0.78% increase. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5100 - 6700 yuan/ton, with the low-end price rising 50 yuan/ton compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 5800 yuan/ton [7] - Chilean Arauco Company announced a new round of August wood pulp FOB prices: softwood pulp Yinxing at $720/ton; natural pulp Jinxing at $590/ton; hardwood pulp Mingxing at $520/ton, remaining stable compared to the June quotes. According to PPPC data, the chemical commodity pulp shipments from the world's 20 major pulp-producing countries in June increased by 4.7% year-on-year, with softwood pulp down 2.4% year-on-year and hardwood pulp up 10.1% year-on-year. According to UTIPULP data, the European wood pulp inventory in July 2025 was 683,200 tons, a 0.3% decrease month-on-month and an 8.7% increase year-on-year; the European wood pulp consumption was 814,200 tons, a 6.8% increase month-on-month and a 2.1% decrease year-on-year. The total pulp imports in China in July were 2.877 million tons, a 5.1% decrease month-on-month and a 23.7% increase year-on-year. As of August 21, 2025, the weekly pulp inventory in major regions and ports decreased by 1.59% month-on-month [8] 3.2行业要闻 - On August 21st, Nine Dragons Paper announced that its estimated annual profit as of June 30, 2025, would be between 2.1 billion and 2.3 billion yuan, a 165% - 190% increase from last year's 794 million yuan. This profit increase was mainly due to increased sales and a significant decrease in raw material costs compared to the product price decline, driving up gross profit. Additionally, the company issued $400 million in perpetual capital securities in June 2024, and the attributable profit for the holders of these securities this year was approximately 400 million yuan. The estimated attributable profit for the company's equity holders this year is between 1.7 billion and 1.9 billion yuan, a 126% - 153% increase from last year's 751 million yuan. The final performance announcement is expected to be released before the end of September 2025 [9]