Market Overview - The paper sector experienced a slight decline of 0.08% on October 22, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the paper sector included: - Minshida (code: 920394) with a closing price of 41.17, up 4.49% on a trading volume of 19,800 lots and a turnover of 79.84 million [1] - ST Chenming (code: 000488) closed at 2.14, up 2.88% with a trading volume of 354,700 lots and a turnover of 76.16 million [1] - Major decliners included: - Songwu Resources (code: 603863) with a closing price of 18.15, down 2.47% on a trading volume of 69,500 lots and a turnover of 127 million [2] - Qingshan Paper (code: 600103) closed at 3.70, down 0.80% with a trading volume of 2,255,100 lots and a turnover of 838 million [2] Capital Flow - The paper sector saw a net outflow of 168 million from institutional investors, while retail investors had a net inflow of 199 million [2] - Key stocks with significant capital flow included: - ST Chenming with a net inflow of 11.07 million from institutional investors, but a net outflow of 789.55 million from retail investors [3] - Xianhe Co. (code: 603733) had a net inflow of 5.96 million from institutional investors, but also faced a net outflow of 210.57 million from retail investors [3]

Market Overview - The paper sector increased by 0.96% on October 21, with Kain Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Kain Co. (002012) closed at 5.66, up 2.54% with a trading volume of 108,200 shares and a turnover of 60.52 million yuan [1] - Shanying International (600567) closed at 1.84, up 2.22% with a trading volume of 1,539,100 shares and a turnover of 280 million yuan [1] - Xianhe Co. (603733) closed at 22.21, up 2.02% with a trading volume of 21,800 shares and a turnover of 48.22 million yuan [1] - Other notable stocks include Yueyang Lin Paper (600963) at 4.62 (+1.99%), Bohui Paper (600966) at 5.05 (+1.81%), and Yibin Paper (600793) at 24.49 (+1.66%) [1] Capital Flow Analysis - The paper sector experienced a net outflow of 231 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The net inflow from speculative funds was 68.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Yibin Paper (600793) had a net inflow of 11.70 million yuan from institutional investors, but a net outflow of 9.52 million yuan from retail investors [3] - Guanmeng High-tech (600433) saw a net inflow of 4.86 million yuan from institutional investors, with a net outflow of 6.09 million yuan from speculative funds [3] - Xianhe Co. (603733) had a net inflow of 3.45 million yuan from institutional investors, but also faced outflows from both speculative and retail investors [3]

Core Insights - The "Huatai Paper Trusted Data Space Innovation Development Pilot" project in Dongying, Shandong Province has been selected as the only enterprise-level national pilot project in the province, showcasing the company's digital transformation in the traditional paper industry [1][2] - Huatai Paper, the world's largest newsprint producer, has implemented an "industrial brain" to enhance its supply chain management and address inefficiencies in raw material transportation [2] Company Overview - Huatai Paper uses 4,500 tons of wood chips daily for production, previously relying on manual scheduling for transportation, which led to significant discrepancies in raw material delivery [1] - The company has integrated a digital supply chain model that allows for real-time tracking and management of logistics, effectively reducing losses during transportation [2] Digital Transformation - The implementation of the "industrial brain" has enabled Huatai to achieve multi-system collaboration and intelligent early warning, addressing the shortcomings in supply chain logistics [2] - The digital transformation has resulted in cost savings of over 22 million yuan annually by preemptively identifying and resolving production issues [2] Investment and Future Plans - The total investment for the industrial brain project exceeds 50 million yuan, with the first phase already operational and recognized as a national pilot project [2] - Future phases, including smart warehousing, marketing, and financial chain models, are under development and expected to save an additional 100 million yuan annually for upstream and downstream enterprises once fully operational [2] Industry Context - Huatai's digital transformation reflects broader trends in Shandong's traditional manufacturing sector, which aims to integrate data as a key element of the digital economy [2] - The provincial plan anticipates an average annual growth rate of over 10% in the core industries of the digital economy by 2027, emphasizing the importance of digitalization in enhancing production capabilities [2]

证券日报网讯华泰股份（600308）10月16日在互动平台回答投资者提问时表示，目前公司对美国进出口 业务很少。美国加征关税对公司主营业务无影响。 ...

Market Overview - The paper sector increased by 1.01% on October 15, with Jingxing Paper leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - Jingxing Paper (002067) closed at 6.63, with a rise of 4.25% and a trading volume of 3.01 million shares [1] - Huatai Co. (600308) closed at 3.77, up 2.45%, with a trading volume of 314,100 shares [1] - Rongsheng Environmental (603165) closed at 13.86, increasing by 2.14% with a trading volume of 166,100 shares [1] - Other notable performers include Hengfeng Paper (600356) at 9.70 (+1.89%) and Songyang Resources (603863) at 23.84 (+1.88%) [1] Capital Flow Analysis - The paper sector experienced a net outflow of 7.04 million yuan from institutional investors, while retail investors saw a net inflow of 1.03 million yuan [2] - The main capital inflow was observed in Jingxing Paper, with a net inflow of 46.10 million yuan from institutional investors [3] - Huatai Co. had a net inflow of 19.14 million yuan from institutional investors, but retail investors showed a net outflow of 18.61 million yuan [3]

Content: --------- <doc id='1'>大额买入与资金流向跟踪（20250922-20250926） [Table_Authors] 郑雅斌(分析师) 本报告导读： 参考团队前期发布的专题报告选股因子系列研究（五十六、五十七），本报告旨在通 过交易明细数据构建相关指标，跟踪大额买入和净主动买入。</doc> <doc id='2'>投资要点：</doc> <doc id='3'>| | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 张耿宇(分析师) | | | 021-23183109 | | | zhanggengyu@gtht.com | | 登记编号 | S0880525040078 |</doc> <doc id='4'>[Table_Report] 相关报告 量化择时和拥挤度预警周报（20250928） 2025.09.28 高频选股因子周报（20250922-20250926） 2025.09.28 低频选股因子周报（2025.09.19-2025.09.26） 2025.09.27 国内权益资产震荡，资产配置策略整体回调 2025.09.26 绝对收益产品及策略周报（250915-250919） 2025.09.24 金 融 工 程 金 融 工 程 周 报 金融工程 /[Table_Date] 2025.09.30 [Table_Summary] 个股大额买入跟踪与净主动买入跟踪。近 5 个交易日大额买入排名 前 5 的个股为：华泰股份、美凯龙、联美控股、启迪环境、酒钢宏 兴；近 5 个交易日净主动买入排名前 5 的个股为：鄂尔多斯、中信 特钢、桂冠电力、南钢股份、京泉华。（本周报中，近 5 个交易日特 指 20250922 至 20250926。） 行业大额买入与净主动买入跟踪。近 5 个交易日大额买入排名前 5 的中信一级行业为：银行、石油石化、非银行金融、钢铁、房地产； 近 5 个交易日净主动买入排名前 5 的中信一级行业为：银行、石油 石化、农林牧渔、房地产、电力及公用事业。 ETF 大额买入跟踪与 ETF 净主动买入跟踪。近 5 个交易日大额买 入排名前 5 的 ETF 为：嘉实中证 500ETF、南方标普中国 A 股大盘 红利低波 50ETF、易方达中证红利 ETF、嘉实中证稀土产业 ETF、 易方达沪深 300ETF；近 5 个交易日净主动买入排名前 5 的 ETF 为： 富国创业板 ETF、嘉实中证新能源 ETF、华夏中证内地低碳经济主 题 ETF、广发创业板 ETF、鹏华中证国防 ETF。 风险提示。因子失效风险，模型误设风险，市场系统性风险。</doc> <doc id='6'>| 1. | 跟踪指标计算说明 3 | | --- | --- | | 2. | 个股大额买入与资金流向跟踪 3 | | 3. | 宽基指数大额买入与资金流向跟踪 3 | | 4. | 行业大额买入与资金流向跟踪 4 | | 5. | ETF 大额买入与资金流向跟踪 5 | | 6. | 风险提示 5 |</doc> <doc id='7'>1. 跟踪指标计算说明 本文使用大买单成交金额占比和净主动买入金额占比，跟踪个股、宽 基指数、行业和 ETF 的大额买入与资金流向。 大买单成交金额占比刻画了大资金的买入行为。根据逐笔成交数据中 的叫买和叫卖序号，可将逐笔成交数据还原为买卖单数据，并按照每单的 成交量筛选得到大单，计算其中大买单的成交金额占当日总成交金额的比 例。 净主动买入金额占比刻画了投资者的主动买入行为。根据逐笔成交数 据中的买卖标志，可界定每笔成交属于主动买入还是主动卖出。将两者的 成交金额相减，可得净主动买入金额，并计算占当日总成交金额的比例。</doc> <doc id='8'>2. 个股大额买入与资金流向跟踪 下表为全市场大买单成交金额占比过去 5 日均值排名前 10 的股票。</doc> <doc id='9'>| | 表 1 大买单成交金额占比前 10 股票列表（20250922-20250926） | | | | | --- | --- | --- | --- | --- | | 排序 | WIND 代码 | 股票名称 | 指标值 | 时序分位数 | | 1 | 600308.SH | 华泰股份 | 89.1% | 100.0% | | 2 | 601828.SH | 美凯龙 | 88.9% | 99.2% | | 3 | 600167.SH | 联美控股 | 88.7% | 98.8% | | 4 | 000826.SZ | 启迪环境 | 88.6% | 99.6% | | 5 | 600307.SH | 酒钢宏兴 | 87.9% | 95.9% | | 6 | 601996.SH | 丰林集团 | 87.7% | 98.0% | | 7 | 601366.SH | 利群股份 | 87.7% | 99.2% | | 8 | 002453.SZ | 华软科技 | 87.7% | 99.6% | | 9 | 600935.SH | 华塑股份 | 87.5% | 97.6% | | 10 | 600606.SH | 绿地控股 | 87.3% | 99.2% | 资料来源: Wind，国泰海通证券研究 下表为部分全市场净主动买入金额占比过去 5 日均值排名前 10 的股票。</doc> <doc id='10'>| | 表 2 净主动买入金额占比前 10 股票列表（20250922-20250926） | | | | | --- | --- | --- | --- | --- | | 排序 | WIND 代码 | 股票名称 | 指标值 | 时序分位数 | | 1 | 600295.SH | 鄂尔多斯 | 17.9% | 98.4% | | 2 | 000708.SZ | 中信特钢 | 17.4% | 100.0% | | 3 | 600236.SH | 桂冠电力 | 15.2% | 98.4% | | 4 | 600282.SH | 南钢股份 | 12.7% | 95.1% | | 5 | 002885.SZ | 京泉华 | 11.6% | 100.0% | | 6 | 600323.SH | 瀚蓝环境 | 11.5% | 95.1% | | 7 | 600176.SH | 中国巨石 | 11.5% | 99.2% | | 9 | 603037.SH | 凯众股份 | 11.0% | 100.0% | | 10 | 603091.SH | 众鑫股份 | 10.9% | 99.2% | 资料来源: Wind，国泰海通证券研究</doc> <doc id='11'>3. 宽基指数大额买入与资金流向跟踪 本文使用整体法计算主要宽基指数的大买单成交金额占比和净主动买 入金额占比，列于下表。</doc> <doc id='12'>表 3 宽基指数大额买入与资金流向（20250922-20250926） | | | 大买单成交金额占比 | | 净主动买入金额占比 | | --- | --- | --- | --- | --- | | | 5 日均值 | 5 日均值分位数 | 5 日均值 | 5 日均值分位数 | | 上证指数 | 72.3% | 2.9% | -3.6% | 21.6% | | 上证 50 | 70.2% | 7.3% | 1.1% | 18.4%

Core Insights - The A-share listed paper companies in China reported a significant decline in revenue and profit for the first half of 2025, with total revenue of 91.647 billion yuan and total profit of only 64 million yuan, indicating a challenging operating environment for the industry [1][4][13] Revenue Summary - A total of 27 listed paper companies reported revenues exceeding 2 billion yuan, with 19 companies achieving revenues over 10 billion yuan, representing 70.37% of the total [4] - The revenue of the top two companies, Sun Paper and Shanying International, was 19.113 billion yuan and 13.842 billion yuan respectively, while Chenming Paper's revenue dropped to 2.107 billion yuan due to production line maintenance [4][5] - 14 companies experienced revenue growth, accounting for 51.85% of the total, a decrease from 64.29% in the previous year [5] Profit Summary - The total profit for the 27 listed paper companies was only 64 million yuan, a drastic drop from 4.385 billion yuan in the same period last year, with 24 companies remaining profitable [8][9] - Sun Paper led the profit rankings with 1.78 billion yuan, while 10 companies reported profits exceeding 100 million yuan, a decrease of one company compared to the previous year [8][9] - 15 companies saw a decline in net profit, with 3 companies experiencing losses, the most significant being ST Chenming with a net loss of 3.858 billion yuan [9][10] Industry Trends - The paper industry is facing a "ice-fire two重天" situation, with production increasing but profits declining due to supply-demand imbalances and high costs [13] - The production of mechanical paper and paperboard in China increased by 3.2% in the first half of 2025, but the revenue for the paper and paper products industry decreased by 2.3% [13] - Leading companies like Sun Paper and Xianhe Co. are focusing on integrated operations to mitigate cost pressures and enhance profitability [13][14]

Core Viewpoint - Huatai Paper has been selected as the only enterprise-level national pilot project in Shandong Province for the "2025 Trusted Data Space Innovation Development Pilot List," showcasing its leadership in digital transformation within the traditional paper manufacturing industry [1][2]. Group 1: Digital Transformation and Innovation - Huatai Paper, a leading newsprint producer, utilizes 4,500 tons of wood chips daily, previously relying on manual scheduling for raw material transport, which led to significant discrepancies in weight [1]. - The implementation of the "Industry Brain" has enabled Huatai to achieve intelligent manufacturing and a smart supply chain model, addressing issues of information traceability and reducing losses during transportation [2]. - The "Industry Brain" integrates detailed logistics data, allowing for full-process digital control of transportation, thus eliminating previous regulatory blind spots [2]. Group 2: Cost Efficiency and Resource Optimization - The introduction of the "Industry Brain" has resulted in a cost savings of over 22 million yuan annually by preemptively addressing production issues such as fluctuations in pulp concentration and paper defects [2]. - Huatai Group has invested over 50 million yuan in the development of the "Industry Brain" and collaborates with universities to enhance the application of industry models [2]. - The first phase of the "Industry Brain" project is operational, with a second phase focusing on smart warehousing, marketing, and financial models expected to launch by June next year, potentially saving an additional 100 million yuan for upstream and downstream enterprises [2]. Group 3: Strategic Goals and Future Outlook - The company aims to leverage its status as a national pilot to enhance cloud computing, data utilization, and intelligence, thereby breaking down data barriers in the industry chain [2]. - The focus on data as a core asset for AI and algorithm development positions Huatai Paper to strengthen its competitive edge in the industry [2].

Group 1 - The paper industry sector saw an increase of 1.02% on September 11, with Qingshan Paper leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - Qingshan Paper's stock price rose by 10.14% to 3.80, with a trading volume of 2.54 million shares and a transaction value of 9.61 billion [1] Group 2 - The paper sector experienced a net outflow of 317 million from institutional investors, while retail investors saw a net inflow of 252 million [2] - Among individual stocks, Yibin Paper had a net inflow of 204.37 thousand from institutional investors, but a net outflow of 585.27 thousand from retail investors [3] - The overall trading activity in the paper sector indicated mixed investor sentiment, with some stocks experiencing significant outflows while others attracted retail interest [3]

Group 1 - Guangxi Huatai Bio Based New Materials Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The company is fully owned by Huatai Co., Ltd. (600308) [1] - The business scope includes research and development, manufacturing, and sales of bio-based materials [1] Group 2 - The company is located in Yulin City, Guangxi Zhuang Autonomous Region, specifically in Bobai County [2] - The legal representative of the company is Xie Shibing [2] - The company is classified under the other manufacturing industry (C41) [2]