Group 1 - Nine Dragons Paper Industries (02689) saw a stock increase of over 6%, reaching HKD 4.98 with a trading volume of HKD 45.85 million [1] - The PM56 production line of Nine Dragons Paper (Beihai) has successfully commenced operations, with a design capacity of 250,000 tons of high-grade cultural paper annually [1] - The company is also constructing another cultural paper production line, PM55, which is expected to be operational by the end of this year [1] Group 2 - On August 1, Nine Dragons Paper raised the prices 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 the "anti-involution" trend due to supply-demand imbalances and profitability at the bottom of the cycle [1] - Guotai Junan pointed out that the new national standards have strengthened energy consumption restrictions, favoring leading paper companies with new and old capacity advantages over smaller firms, potentially catalyzing a new supply-side clearing cycle in the industry [1]

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]

Core Viewpoint - The paper industry is experiencing a price increase trend, with major companies like Lee & Man Paper (02314) and Nine Dragons Paper (02689) raising prices for multiple products starting August 1, indicating a significant acceleration in price adjustments within the sector [1] Industry Summary - The paper industry has initiated its fourth round of price increases since July, primarily affecting packaging paper prices, driven by rising costs of raw materials, energy, and logistics [1] - Year-to-date, the industry has seen two rounds of price hikes in January-March and May, reflecting a pattern of increasing pricing pressure [1] - The Guangdong Provincial Paper Industry Association has issued a proposal to promote high-quality development in the industry, aiming to counteract excessive competition [1] Company Summary - Major players such as Nine Dragons Paper and Lee & Man Paper have reported significant stock price increases, with Nine Dragons Paper up 4.06% to HKD 4.61 and Lee & Man Paper up 5.06% to HKD 2.70 [1] - According to Zheshang Securities, the paper industry, characterized by supply-demand imbalances and profitability at a low point, is expected to benefit from the "anti-involution" initiative, which may help stabilize paper prices and improve profitability for leading companies [1] - The current operational status of the paper industry shows a solid bottom, with limited new capacity expected in 2025-2026 and many paper types and operating rates at cyclical lows, suggesting potential for significant valuation elasticity for leading firms if prices return to reasonable levels [1]

| 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 00731 建发新胜 | | 0.208 | 6.67% | | 02689 | 玖龙纸业 | 4.620 4.29% | | | 02314 理文造纸 | | 2.680 | 4.28% | 今年以来，造纸企业已在1月—3月和5月进行过两轮提价，而本轮主要是包装纸价格上涨。原材料、能 源及物流等成本上升成为此轮涨价的主要推动因素。业界认为，纸企近期连番发涨价函拉涨纸品出厂价 格，可看作是包装纸行业对今年以来不断下探的市场行情的一次"反攻"。 此次涨价潮对造纸行业上市公司而言，短期内有助于缓解成本压力，但长期的行业健康发展仍需解决产 能过剩、需求提振以及规范市场竞争等多方面问题。(格隆汇) 消息上，刚进入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。 港股纸业股盘初拉升上涨，其中，建发新胜涨近7%，玖龙纸业、理文造纸涨4.3%。 ...

记者丨易佳颖 编辑丨黄剑 "自8月1日起，瓦楞纸价格、再生牛卡纸价格上调30元/吨""再生纸、瓦楞纸、纱管纸所有克重统一上调 50元/吨"。 自7月初以来，这样的涨价函正密集砸向包装纸市场。玖龙纸业在短短一个月内已六次宣布调涨瓦楞 纸、再生牛卡纸等纸张价格，山鹰国际、理文造纸、湖北荣成等头部纸企紧随其后，纷纷宣布8月起将 执行新价格。 "7月异常降雨严重阻碍废纸回收，"广东造纸行业协会常务副会长陈竹在接受21世纪经济报道记者采访 时指出："近期纸价上行主要受成本端驱动，废纸原料占生产成本70%~80%。广东地区因持续降雨的异 常气候导致废纸回收与物流受阻，进一步加剧供应紧张，对成本构成显著压力。" 卓创数据显示，7月下旬废黄板纸均价达1482元/吨，同比上涨2.75%。然而，若将视野放得更远些，此 番涨价的背后是造纸行业困于"低价内卷"。"在行业出现亏损或微利、已无进一步降价空间的背景下， 纸价反弹成为供需触底后的市场自发现象。"在卓创资讯瓦楞纸分析师李莉看来，此轮涨价承载双重目 的：其一为修复纸厂自身利润水平；其二则为利用价格信号刺激下游在关键节点补库，从而有效缓解纸 厂高企的库存压力。 除了集体提价外，纸 ...

Price Trends - The price of waste paper has increased from 0.3 yuan per jin to 0.4-0.5 yuan per jin, leading to a rise in the prices of corrugated paper and boxboard paper by 30-50 yuan per ton due to increased costs [1][3] - Despite the price increases in packaging paper, prices for paper types made from pulp, such as white card paper and cultural paper, have been declining due to excess capacity and insufficient demand [1][7] Industry Dynamics - The paper industry is experiencing a negative cycle where expanding production does not lead to profitability, as companies feel pressured to expand to maintain market share [2] - The domestic paper industry is projected to add over 10 million tons of new capacity from 2023 to 2024, while demand growth is expected to be only 1.5% in 2024, leading to significant supply-demand imbalances [8] Cost Pressures - Rising operational costs have prompted multiple price increase notices from companies like Nine Dragons Paper, with the latest being the sixth notice in July alone [3][4] - The increase in waste paper prices due to heavy rainfall has contributed to the cost pressures faced by paper manufacturers [3][4] Market Sentiment - Despite the price increases, the transmission of these costs to the packaging sector remains uncertain due to weak terminal demand, leading to competitive pricing among packaging companies [5][6] - The overall profitability of the industry is under pressure, with some companies reporting losses while others are barely breaking even [12] Future Outlook - The paper prices are expected to remain weak in the second half of the year, with companies focusing on cost management to maintain profit margins [14] - The industry is likely to see further consolidation as smaller companies may struggle to survive in the current environment, leading to a potential increase in market share for larger firms [12][13]

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].

资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流入1874.46万港元。 玖龙纸业(控股)有限公司成立于1995年,总部位于中国广东省东莞市,2006年于香港联交所主板上市,目前 为全球产能排名第一的造纸集团和林浆纸一体化的龙头企业(主要产品为各类环保包装纸、高档全木浆 纸及其上下游产业链)。集团现有造纸设计年产能为超过2,000万吨,员工20,000余人。玖龙纸业目前在中 国的东莞、太仓、重庆、天津、乐山、泉州、沈阳、河北及湖北拥有生产基地,并于广西北海建设浆纸 基地。玖龙纸业积极响应'一带一路'倡议,不断推进国际化发展,完善产业链,2008年完成对越南正阳造纸 厂的收购和控股,进入东盟市场,2017年完成越南基地二期工程的扩建,成为越南造纸的龙头企业。为了进 一步拓展国际化的资源配置,形成资源优势的互补,2018年收购了四家位于美国的浆纸厂(缅因州的 Rumford、OldTown;威斯康星州的Biron;西佛吉尼亚州的Fairmont)。2019年收购了位于马来西亚文东的 浆纸厂(生产废纸再生浆),并正在雪兰莪建设一个新的智能化造纸基地。 （以上内容为金融界基于公开消息，由程序或算法智能生 ...

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: 玖龍紙業(控股)有限公司 呈交日期: 2025年8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 | | 0.1 | HKD | | 800,000,000 | 本月底法定/註冊 ...

据悉，江津作为重庆工业强区，聚集5000余家企业，产业聚集度高达98.4%。区内已形成废纸回收、造 纸到包装成品的完整产业链——仅本地废纸年供应量即超百万吨，配套企业集群使运输成本降低20%； 枢纽优势赋能：坐拥西部陆海新通道主枢纽地位，江津"水公铁"多式联运体系将企业辐射半径几何级放 大。 玖龙纸业(02689)涨超4%，截至发稿，涨4.63%，报4.52港元，成交额4299.04万港元。 消息面上，据纸引未来网报道，近日，玖龙纸业60亿元林浆纸一体化智能工厂项目正式签约重庆枢纽港 产业园。据介绍，西南地区纸包装需求旺盛，却长期受制于原料短板。高昂的进口纸浆物流成本与本地 规模化绿色浆源的缺失，成为区域造纸业发展的紧箍咒。玖龙纸业此次落子，以"浆纸一体化"模式直击 行业痛点：一期建设70万吨绿色制浆生产线，实现原料自主；二期规划100万吨高档纸生产线，完善产 业链闭环；智能物流加持：项目紧邻长江货运码头(直线距离)。 ...