人民财讯8月22日电，企查查APP显示，近日，上海山鹰智造纸业有限公司成立，注册资本5000万元， 经营范围包含：纸制品销售；煤炭及制品销售；油墨销售（不含危险化学品）；润滑油销售等。企查查 股权穿透显示，该公司由山鹰国际全资持股。 转自：证券时报 ...

来源：金融界 8月21日，沪深两融数据显示，山鹰国际获融资买入额0.32亿元，居两市第792位，当日融资偿还额0.48 亿元，净卖出1658.71万元。 最近三个交易日，19日-21日，山鹰国际分别获融资买入0.45亿元、0.61亿元、0.32亿元。 融券方面，当日融券卖出0.08万股，净卖出0.08万股。 ...

Core Viewpoint - The article discusses the challenges and regulatory issues surrounding the import of recycled paper pulp in China, particularly after the ban on solid waste imports, highlighting the environmental risks and the need for stricter standards and oversight [3][4][11]. Group 1: Import Ban and Industry Response - Since January 1, 2021, China has banned the import of solid waste, including waste paper, leading to a significant shift in the sourcing of raw materials for the paper industry [3][4]. - Major paper companies like Nine Dragons Paper, Shanying International, and Sun Paper have begun investing in overseas recycled pulp projects to adapt to the new regulations [4][11]. - The import volume of recycled paper pulp surged from 300,000 tons in 2018 to 3.36 million tons in 2022, an increase of 11 times [4]. Group 2: Quality and Environmental Concerns - There are significant quality differences among various types of recycled paper pulp, such as roll pulp, wet pulp, and dry ground pulp, which affect their environmental impact and processing costs [5][9]. - Dry ground pulp, which skips many conventional processing steps, often contains high levels of impurities and poses health risks due to the presence of bacteria and other contaminants [9][12]. - A study showed that untreated waste paper samples contained up to 150,000 bacteria per gram, highlighting the potential health hazards associated with imported recycled pulp [13]. Group 3: Regulatory Standards and Recommendations - A new national standard for recycled paper pulp was released in November 2023, aiming to set technical requirements and prevent the entry of "foreign garbage" [11][12]. - The standard is currently recommended rather than mandatory, leading to concerns about compliance and the quality of imported materials [11][12]. - Experts suggest that stricter regulations should be enforced, including mandatory inspections of all products declared as recycled paper pulp and the establishment of a blacklist for non-compliant exporters [19][21]. Group 4: Industry Support and Future Directions - There is a call for increased support for domestic paper companies, particularly those investing in overseas pulp production, to enhance their technological capabilities and ensure quality [19][21]. - The industry is encouraged to adopt innovative technologies to improve the quality of recycled pulp and reduce environmental impacts [19][21]. - The article emphasizes the need for a comprehensive regulatory framework to ensure that the import of recycled paper pulp aligns with environmental standards and public health safety [19][21].

Group 1 - The stock price of Shanying International is 1.92 yuan, unchanged from the previous trading day, with a trading volume of 1.269 million hands and a transaction amount of 244 million yuan [1] - Shanying International operates in the paper and printing industry, focusing on the production and sales of packaging paperboard, specialty paper, and paper products, and has invested in overseas recycled pulp projects [1] - Since the ban on solid waste imports in China in 2021, the import volume of recycled pulp has significantly increased, from 300,000 tons in 2018 to 3.36 million tons in 2022 [1] Group 2 - Major paper companies, including Shanying International, are expanding their overseas recycled pulp projects, but the industry faces regulatory challenges regarding the execution of recycled pulp standards and environmental safety [1] - On August 21, Shanying International experienced a net outflow of 9.0789 million yuan in main funds, accounting for 0.09% of its circulating market value, with a cumulative net outflow of 8.8729 million yuan over the past five trading days, representing 0.08% of its circulating market value [1]

Core Viewpoint - The article discusses the challenges and issues surrounding the import of recycled pulp in China following the ban on solid waste imports, highlighting the need for stricter regulations and standards to prevent environmental hazards and ensure product quality [1][7][12]. Group 1: Import Ban and Market Changes - Since January 1, 2021, China has banned the import of solid waste, including waste paper, leading to a significant increase in the import of recycled pulp, which rose from 300,000 tons in 2018 to 3.36 million tons in 2022, an increase of 11 times [2]. - Major paper companies such as Nine Dragons Paper, Shanying International, and Sun Paper have invested in overseas recycled pulp projects to adapt to the new regulations [2]. Group 2: Quality and Safety Concerns - There are significant quality issues with imported recycled pulp, particularly with dry-ground pulp, which often contains high levels of impurities and bacteria, posing health risks [10][11]. - The new national standard for recycled pulp, effective November 27, 2023, aims to set technical requirements and prevent the entry of "foreign garbage" into the country, but it is currently a recommended standard rather than mandatory [7][12]. Group 3: Environmental and Economic Implications - The production of recycled pulp, especially through dry grinding, is associated with high energy consumption and environmental pollution, as it requires additional processing in China after import [10][11]. - Experts suggest that the government should enhance the standards for imported dry-ground recycled pulp and implement strict inspections to ensure compliance with quality and environmental safety [12][15]. Group 4: Industry Recommendations - Industry insiders have called for the establishment of a mandatory national standard for imported recycled pulp, emphasizing the need for rigorous quality control and environmental assessments [12][15]. - There is a push for increased support for domestic paper companies that comply with environmental regulations and for those investing in overseas recycled pulp projects to improve their technological capabilities [16].

Core Viewpoint - The industry is calling for enhanced regulation of imported recycled paper pulp, improved standards for dry-process recycled paper pulp, and increased guidance and support for paper companies establishing overseas factories [1][11]. Group 1: Industry Background - Since January 1, 2021, China has banned the import of solid waste, including waste paper, leading to a shift towards importing recycled paper pulp [1][2]. - Major paper companies such as Nine Dragons Paper, Shanying International, Sun Paper, Lee & Man Paper, and Jingxing Paper have invested in overseas recycled paper pulp projects [2]. Group 2: Quality and Standards - The newly released national standard for recycled paper pulp (GB/T43393-2023) aims to address fiber raw material shortages while preventing "foreign garbage" from entering the country [7]. - The standard includes technical requirements related to radioactive pollution, hazardous waste, heavy metals, and physical and chemical indicators [7]. Group 3: Environmental and Health Concerns - Recycled paper pulp, particularly dry-milled pulp, poses significant environmental and health risks due to high impurity levels and potential contamination [8][9]. - A study showed that untreated waste paper samples contained high levels of bacteria and pests, raising concerns about public health [9]. Group 4: Recommendations and Future Actions - Experts suggest that customs should inspect all goods declared as recycled paper pulp to ensure compliance with quality and safety standards [15]. - There is a call for the government to provide support for domestic paper companies that adhere to regulations and to assist those lacking resources for process upgrades [16].

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 ...