Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].

8月19日，沪深两融数据显示，山鹰国际获融资买入额0.45亿元，居两市第621位，当日融资偿还额0.31 亿元，净买入1458.43万元。 最近三个交易日，15日-19日，山鹰国际分别获融资买入0.64亿元、0.47亿元、0.45亿元。 融券方面，当日融券卖出0.24万股，净卖出0.24万股。 来源：金融界 ...

Investment Rating - The report assigns an "Accumulate" rating for the paper industry [4]. Core Insights - In the short term, the report anticipates an increase in pulp costs and prices due to overseas supply shocks and changes in the supply-demand dynamics in the European and American markets. In the long term, the cost of domestic pulp is expected to decrease due to changes in the pulp structure, benefiting leading integrated pulp and paper manufacturers with upstream forest resources and green energy [2][4]. Summary by Sections Investment Recommendations - The report suggests that leading integrated pulp and paper manufacturers, such as Sun Paper, Xianhe Co., Wuzhou Special Paper, Bohui Paper, Shanying International, and Nine Dragons Paper, are expected to benefit from the full industry chain resource layout and operational advantages [7]. Domestic Pulp Prices and Global Supply-Demand - Domestic pulp prices are closely linked to overseas markets, with global supply and demand primarily driving domestic pulp prices. In 2024, domestic consumption of broadleaf pulp, softwood pulp, chemical pulp, and unbleached pulp is projected to be 2,353, 826, 656, and 95 thousand tons, respectively [9][11]. Supply Shocks and Price Impact - Supply shocks have significantly impacted short-term pulp prices, with an average of approximately 2 million tons of capacity permanently shut down annually since 2017. The report notes that supply disruptions are influenced by market factors, strikes, natural disasters, and equipment failures [76][79]. Long-term Cost Structure Changes - Changes in the pulp structure are expected to lower the long-term cost base in China. The report highlights that the price gap between softwood and broadleaf pulp has widened, with broadleaf pulp's demand share increasing by 10 percentage points to 74% [4][103]. Cost Curve Changes and Pricing - The cost curve is primarily determined by wood costs, with logistics and energy costs also playing significant roles. The report indicates that logistics costs account for 10-20% and energy costs for 15-20% of total costs, with leading pulp manufacturers optimizing costs through strategic location layouts [5][29].

山鹰国际最新一期业绩显示，截至2025一季报，公司营业总收入67.66亿元、同比增长1.45%，归属净利 润3281.45万元，同比减少16.00%，扣非净利润4433.05万元，同比减少186.40%，流动比率0.452、速动 比率0.366、资产负债率68.76%。 金融界消息 截至2025年8月19日收盘，山鹰国际（600567）报收于1.93元，上涨0.52%，换手率2.56%， 成交量140.21万手，成交金额2.69亿元。 通过天眼查大数据分析，山鹰国际控股股份公司共对外投资了29家企业，参与招投标项目86次，知识产 权方面有商标信息77条，专利信息420条，此外企业还拥有行政许可127个。 资金流向方面，今日主力资金净流入1468.53万元，占比成交额5.45%。其中，超大单净流入2730.58万 元、占成交额10.14%，大单净流出1262.05万元、占成交额4.69%，中单净流出流出1741.53万元、占成 交额6.47%，小单净流入272.99万元、占成交额1.01%。 天眼查商业履历信息显示，山鹰国际控股股份公司，成立于1999年，位于马鞍山市，是一家以从事造纸 和纸制品业为主的企业。企 ...

Key Points - The article highlights significant announcements from various companies, including stock trading issues, project investments, contract wins, operational data, equity acquisitions, share buybacks, and financial performance [1][2]. Group 1: Company Highlights - Chunzhong Technology may apply for a trading suspension if further stock trading anomalies occur [1] - North New Building Materials plans to invest in a project to produce 80 million square meters of paper-faced gypsum board and 20,000 tons of light steel keel annually [1] - Jindun Co., Ltd. recently won contracts totaling 90.8256 million yuan [1] - Xinhua Insurance reported a cumulative original insurance premium income of 137.806 billion yuan from January to July, a year-on-year increase of 23% [1] - Jiemai Technology's subsidiary plans to acquire 100% equity of Jiangxi Hongmei [1] - Shanying International has repurchased 2.65% of its shares [1] - Unisoc achieved a revenue of 3.047 billion yuan in the first half of the year, a year-on-year increase of 6.07% [1] - Aihome's net profit for the first half of the year was 789 million yuan, with a proposed dividend of 12 yuan per share [1][2] Group 2: Financial Data - Blue Lithium Chip reported a net profit of 333 million yuan in the first half of the year, a year-on-year increase of 99.09% [2] - China Construction signed new contracts totaling 2.6798 trillion yuan from January to July, a year-on-year increase of 1.4% [1] - China Chemical's total contract amount from January to July was 224.845 billion yuan [1] Group 3: Shareholder Actions - Yahui Long's actual controller and chairman plans to reduce holdings by no more than 3% [2] - Hai Kan Co., Ltd. shareholders plan to reduce holdings by a total of no more than 5.36% [2] - Shareholders of Haichuan Intelligent plan to reduce holdings by a total of no more than 6% [2] Group 4: Other Financial Activities - Shengquan Group plans to issue convertible bonds to raise no more than 2.5 billion yuan [1][2] - Jin Sanjiang plans to issue convertible bonds to raise no more than 290 million yuan for the construction of a silica production base in Malaysia [1][2]

Group 1 - The stock price of Shanying International on August 18 was 1.92 yuan, unchanged from the previous trading day, with a trading volume of 1.6836 million hands and a transaction amount of 323 million yuan, resulting in a turnover rate of 3.08% [1] - Shanying International's main business includes the production and sales of paper and paper products, such as packaging paper, specialty paper, and newsprint. The company is headquartered in Wuhu, Anhui, and is one of the large paper enterprises in China [1] - As of August 15, the company announced that it had repurchased a total of 145 million shares, accounting for 2.65% of the total share capital, with a repurchase amount of 281 million yuan [1] Group 2 - Recently, the company has collaborated with several enterprises to establish an industrial robot company and has also set up Wuhu Shengying Enterprise Management Consulting Partnership with an investment amount of 2.978 billion yuan [1]

北京商报（记者张君花）8月18日，山鹰国际发布公告称，截至2025年8月15日，公司已通过集中竞价交 易方式累计回购股份约1.45亿元股，占公司总股本（截至2025年6月30日）的2.65%，回购成交的最高价 为1.99元/股，最低价为1.89元/股，支付的资金总额为2.81亿元。 （文章来源：北京商报） ...

证券日报网讯 8月18日晚间，山鹰国际发布公告称，截至2025年8月15日，公司已通过集中竞价交易方 式累计回购股份144，889，200股，占公司总股本的2.65%。 （文章来源：证券日报） ...

格隆汇8月18日丨山鹰国际(600567.SH)公布，截至2025年8月15日，公司已通过集中竞价交易方式累计 回购股份144,889,200股，占公司总股本（截至2025年6月30日）的2.65%，回购成交的最高价为1.99元/ 股，最低价为1.89元/股，支付的资金总额为281,465,375.50元（不含交易费用）。 ...

证券代码：600567 证券简称：山鹰国际 公告编号：2025-065 山鹰国际控股股份公司 关于以集中竞价交易方式回购公司股份比例 达到 1%的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 6 月 23 日，公司召开第九届董事会第二十八次会议审议通过了《关于 以集中竞价交易方式回购股份方案的议案》，同意公司使用自有资金或自筹资金以 集中竞价交易方式回购公司股份，回购资金总额不低于人民币 5 亿元且不超过人 民币 10 亿元（均含本数），回购价格不超过 2.50 元/股（含本数），回购期限为董 事会审议通过回购股份方案后 6 个月。具体内容详见公司于 2025 年 6 月 25 日在 《 上 海 证 券 报 》、《 中 国 证 券 报 》、《 证 券 时 报 》 和 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份的回购报告书》（公 告编号：临 2025-046）。 2025 年 7 月 1 日，公司在《上海证券报》、《中国证券报》、《证券时报》和 ...