Investment Rating - The report indicates a positive investment outlook for the IP toy sector, paper industry, and home furnishing sector, highlighting specific companies to watch [2][4][17]. Core Insights - The IP toy market continues to thrive, with Sanrio's FY26Q1 performance exceeding expectations, driven by strong IP character sales, particularly Hello Kitty, across various regions [2][4]. - The paper industry is entering a peak demand season in Q3, with expectations for price stabilization and potential upward movement due to supply-side improvements [14][15]. - The home furnishing sector is poised for recovery as Beijing relaxes housing purchase restrictions, which may enhance valuation and stimulate demand [17][19]. Summary by Sections 1. IP Toy Sector - Sanrio's FY26Q1 revenue reached 431 billion JPY, a 49% year-on-year increase, with operating profit up 88% and net profit up 38%, attributed to strong IP character performance [2][4]. - Companies such as Morning Glory, Chuangyuan, Chaohongji, Guobo, and Blucor are highlighted for their innovative IP collaborations and product launches [2][4][6][9][10]. 2. Paper Industry - The report notes that Q3 demand is gradually increasing, with expectations for paper prices to stabilize and potentially rise, supported by reduced production from overseas suppliers [14][15]. - Key companies to monitor include Sun Paper, Nine Dragons, and Bohui Paper, as they are positioned to benefit from the improving supply-demand dynamics [14][15]. 3. Home Furnishing Sector - The easing of purchase restrictions in Beijing is expected to boost the home furnishing sector, with companies like Sophia, Oppein, Gujia, and others identified as having strong dividend safety margins [17][19][23]. - The report emphasizes the potential for valuation recovery in the home furnishing sector, driven by improved consumer confidence and demand from the secondary housing market [19][23].

Report Information - Report Name: Pulp Daily Report [1] - Date: August 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core View - Short - term pulp is expected to maintain a weak operation, and attention should be paid to the subsequent boost to the demand side during the transition between the off - season and peak season [7] Summary by Section 1. Market Review and Operation Suggestions - Pulp futures contract 09: The previous settlement price was 5,156 yuan/ton, and the closing price was 5,170 yuan/ton, a 0.27% increase [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,150 - 6,700 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The price of Shandong Silver Star was quoted at 5,800 - 5,820 yuan/ton [7] - Chile Arauco's July quote: The Silver Star has been sold out with no new offers, and the net price of Uruguay hardwood pulp New Star is 500 US dollars/ton [7] - World's 20 major pulp - producing countries: In May, the softwood pulp shipment volume was 1.69 million tons, a 4.4% month - on - month increase and an 8.2% year - on - year decrease [7] - Europe's wood pulp inventory and consumption in June: Inventory increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7] - China's pulp imports in June: The total import volume was 3.03 million tons, a 0.4% month - on - month increase and a 16.1% year - on - year increase [7] - As of July 31, 2025: The weekly pulp inventory in major regions and ports decreased by 3.08% month - on - month. Only the inventory in Qingdao Port and Baoding increased compared to the previous week, and the overall shipment speed was stable [7] 2. Industry News - On August 5, the PM56 cultural paper production line of Nine Dragons Paper Co., Ltd. was successfully put into operation. The main equipment of the paper machine was provided by Taiwan Yuli, and the headbox was provided by Finland Valmet. The paper machine has a width of 7,250 mm and a designed speed of 1,000 m/min, with an annual production capacity of 250,000 tons of high - grade cultural paper [8] - Nine Dragons Paper is also building a cultural paper production line PM55, which is expected to be put into operation by the end of this year [8] - Nine Dragons Paper settled in Tieshan Port, Beihai City in December 21, 2020. The total investment of the project, including the upstream and downstream industries, is about 35 billion yuan. It is being built in two phases to achieve an annual production capacity of 7.95 million tons of forest - pulp - paper integration and intelligent packaging full - industry chain project, which started production in 2023 and is expected to be fully completed in 2025 [8] 3. Data Overview - The report presents multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][28][29][32]

Market Overview - The A-share market showed strong performance with the Shanghai Composite Index steadily rising, while the Hong Kong stock market experienced a narrow fluctuation, closing up by 0.03% [1] - Concerns in the market are heightened due to the U.S. President Trump's shortened ultimatum for sanctions against Russia, now set at 10 days, with potential impacts on India and other countries [1] - The U.S. is also set to impose significant tariffs on semiconductor chips and pharmaceuticals, with drug tariffs reaching as high as 250% [1] Company Developments - Jingtai Technology announced a pipeline cooperation agreement with DoveTree worth approximately HKD 470 billion (USD 59.9 billion), leading to a stock surge of over 12% [2] - A-share company Weixin New Materials faced regulatory scrutiny after a stock price surge related to the "embodied intelligent robot" concept and control change expectations [2] - The Shanghai government released a plan for the development of the embodied intelligence industry, aiming for breakthroughs in core algorithms and technologies by 2027 [2] Industry Trends - The 2025 World Robot Conference is set to showcase over 100 new products, nearly double from last year, indicating a growing interest in robotics [3] - The U.S. student loan delinquency rate has reached 12.9%, the highest in 21 years, which may influence Federal Reserve decisions on interest rates [3] - The steel and paper industries are experiencing positive momentum, with companies like Maanshan Steel and Nine Dragons Paper seeing significant stock price increases [3] Defense Sector Insights - The military industry is gaining traction with significant contracts, such as the sale of the Hongqi-9 air defense system and the export of submarines to Pakistan [4] - China Shipbuilding Defense announced a profit increase of 213.25% to 267.73% for the first half of the year, leading to a stock rise of nearly 8% [4] Consumer Market Activity - The new consumption sector is becoming active, with companies like Pop Mart seeing increased attention at recent toy exhibitions [5] - The liquor industry is also responding to market trends, with new product launches and stock price increases [5] Aviation Sector Developments - Cathay Pacific announced an $8.1 billion order for 14 Boeing 777-9 aircraft, marking its first deal with Boeing in 12 years, despite concerns over the safety record of Boeing aircraft [7] - The long delivery timeline for the 777-9 model raises potential issues regarding aircraft aging and maintenance [7] Energy Sector Updates - The State Grid reported record electricity usage due to high temperatures, with peak load reaching 1.233 billion kilowatts, an increase of 53 million kilowatts from last year [8] - Coal prices have risen significantly, impacting the steel industry, which is maintaining high production levels [8] Automotive Sector Performance - XPeng Motors reported a record monthly delivery of 36,717 vehicles in July, a year-on-year increase of 229.4% [10] - The company is expanding its presence in Europe, with significant sales growth and new model launches [11][12]

智通财经APP获悉，港股三大指数今日涨跌不一，恒指盘中重回两万五关后回落，截止收盘，恒生指数 涨0.03%或8.1点，报24910.63点，全日成交额为2152.35亿港元；恒生国企指数跌0.21%，报8932.68点； 恒生科技指数涨0.2%，报5532.17点。 浙商国际指出，港股市场基本面仍偏弱，资金面环境内外部分化，政策面后续或仅"托而不举"，情绪面 短期预计仍偏观望。鉴于市场中长期趋势已进入右侧区间，对于后续走势，该行不建议过度悲观。对于 中短期市场走势继续保持谨慎乐观的态度。 蓝筹股表现 比亚迪电子(00285)领涨蓝筹。截至收盘，涨6.72%，报37.8港元，成交额34亿港元，贡献恒指3.01点。 近期海外CSP大厂及相关液冷供应商发布25年二季度业绩及全年指引，业绩均超市场预期、Capex继续 上调。公开资料显示，公司产品线涵盖企业级通用服务器、存储服务器、AI服务器及液冷散热方案 等，公司及子公司为英伟达合作伙伴，与英伟达合作进行液冷研发。 其他蓝筹股方面，中芯国际(00981)涨3.14%，报52.6港元，贡献恒指11.33点；中国神华(01088 )涨 2.99%，报36.54港元，贡献 ...

| 代码 | 名称 | 最新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 02162 | 康诺亚-B | 66.150 | -4.96% | | 02186 | 绿叶制药 | 3.900 | -4.65% | | 06990 | 科伦博泰生物-B | 413.600 | -4.48% | | 01530 | 三生制药 | 30.900 | -4.33% | | 06822 | 亚盛医药-B | 80.350 | -3.37% | | 01672 | 歌礼制药-B | 11.520 | -3.36% | | 02367 | 巨子生物 | 55.200 | -2.90% | | ૦૯૭૮૨ | 博安生物 | 17.250 | -2.87% | | 06160 | 百济神州 | 182.400 | -2.09% | | 01801 | 信达生物 | 97.050 | -1.72% | | 09688 | 再鼎医药 | 30.500 | -1.55% | | 01513 | 朋珠医药 | 37.640 | -1.41% | 盘面上，大型科技股涨跌各异，其中，阿里巴巴涨2%，腾讯涨1. ...

Group 1 - Angelalign (06699) opened nearly 19% higher after a positive earnings forecast, driven by strategic price adjustments in its core Chinese business and continued growth in revenue outside China [1] - Songjing Technology (01079) resumed trading with an opening increase of over 40% [1] - Jingtai Holdings (02228) opened more than 9% higher after announcing a significant partnership with DoveTree, valued at approximately HKD 47 billion (USD 5.99 billion) for AI pharmaceutical development [1] Group 2 - Shunmei Co., Ltd. (02145) saw an early morning increase of over 5%, projecting a revenue of RMB 4.09 billion to RMB 4.11 billion for the first half of 2025, a year-on-year growth of 16.8%-17.3% [2] - Nine Dragons Paper (02689) rose over 10% following the successful commissioning of its PM56 production line, which can produce 250,000 tons of high-grade cultural paper annually [2] Group 3 - Giant Star Legend (06683) increased over 1% after announcing a collaboration with Jiushi Wen Chuan for a large-scale IP and cultural tourism project in Shanghai [3] - South Manganese Industry (01091) surged over 15%, expecting to turn a profit of at least HKD 150 million in the first half of 2025, compared to a loss of HKD 162.8 million in the same period of 2024 [3] Group 4 - China Shenhua (01088) rose over 3% after announcing plans to acquire significant assets from its controlling shareholder, which would enhance its coal production capacity by 74.5% [4] - Boya Interactive (00434) fell over 6% due to a profit warning, expecting a decrease of approximately 25%-35% in profit for the first half of 2025 compared to the same period in 2024 [4] Group 5 - Wuling Motors (00305) increased over 9% after announcing a projected net profit of approximately RMB 84 million for the first half of 2025, a significant increase from RMB 21.125 million in the same period of 2024 [5] Group 6 - Hims & Hers Health (HIMS.US) dropped 12.36% after reporting second-quarter sales of USD 545 million, below market expectations [6] - Palantir (PLTR.US) rose 7.85% after reporting second-quarter revenue of over USD 1 billion, a 48% year-on-year increase [6] Group 7 - Futu Holdings (FUTU.US) increased by 2.82% after UBS raised its target price, citing strong expected performance in the second quarter [7] - Daqo New Energy (DQ.US) rose 3.68% as market signals indicated positive changes in the photovoltaic polysilicon sector [7] Group 8 - Li Auto (LI.US) saw a slight increase in stock price after announcing adjustments to its electric vehicle model pricing [8] - Vertex Pharmaceuticals (VRTX.US) fell 20.60% after failing to meet key endpoints in a clinical trial [8] Group 9 - Chinese gaming stocks collectively rose, with Bilibili (BILI.US) up 2.07% following a report indicating a 14.08% year-on-year increase in the domestic gaming market [9] Group 10 - Taiwan Semiconductor Manufacturing Company (TSM.US) fell 2.70% amid reports of a potential technology leak involving its 2nm chip process [9] - Advanced Micro Devices (AMD.US) decreased by 1.40% despite reporting a 32% year-on-year revenue increase for the second quarter [10]

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"。 ...

智通财经获悉，玖龙纸业(02689)再涨超6%，截至发稿，涨6.67%，报4.98港元，成交额4585.02万港 元。 本文源自：智通财经网 消息面上，据中纸网报道，近日，玖龙纸业(北海)有限公司PM56生产线成功开机出纸。PM56生产线纸 机主体设备由台湾裕力提供，流浆箱由芬兰维美德公司提供，纸机幅宽7250mm，设计车速 1000m/min，可年产25万吨高档文化纸。此外，玖龙纸业(北海)目前还在建一条文化纸生产线PM55，预 计今年年底投产。 值得关注的是，8月1日，玖龙纸业在多个基地上调瓦楞纸、再生牛卡纸30元/吨，此前7月已发布多轮涨 价函。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"。 国泰君安指出，新版国标加强了能耗限制，尤其对现有产能能耗限制有明显提升，头部纸企新旧产能较 中小纸企存量产能均有明显优势，或催化行业进入新一轮供给端出清周期。 ...

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]

Group 1 - Nine Dragons Paper (02689) shares increased by over 6%, reaching HKD 4.98 with a trading volume of HKD 45.85 million [1] - Nine Dragons Paper (Beihai) successfully launched the PM56 production line, which has a design speed of 1000m/min and an annual production capacity of 250,000 tons of high-grade cultural paper [1] - The company is also constructing another cultural paper production line, PM55, expected to commence production by the end of this year [1] Group 2 - On August 1, Nine Dragons Paper raised the price of corrugated paper and recycled kraft paper by HKD 30 per ton, following multiple price increases in July [1] - According to Zheshang Securities, the paper industry is expected to benefit from supply-demand imbalances and the "anti-involution" trend [1] - Guotai Junan noted that the new national standards have strengthened energy consumption restrictions, favoring leading paper companies over smaller competitors, potentially initiating a new supply-side clearing cycle in the industry [1]