第二条 公司应当严格遵守有关法律、法规及《公司章程》的规 定，在交易决策中，保障股东会、董事会、董事长、经理层各自的权 限均得到有效发挥，做到权责分明，保证公司运作效率。 第三条 除非有关法律、行政法规或股东会决议另有规定或要 求，公司重大交易决策的权限划分根据本制度执行。 山东博汇纸业股份有限公司 重大交易决策制度 （2025 年 12 月修订） 第一条 为确保山东博汇纸业股份有限公司（以下简称公司）工 作规范、有效，依据《中华人民共和国公司法》《上海证券交易所股 票上市规则》（以下简称《上市规则》）等有关法律、法规和《山东博 汇纸业股份有限公司章程》（以下简称《公司章程》）的规定，特制订 本制度。 第四条 本制度所称"交易"包括下列事项： — 1 — （一）购买或者出售资产； （二）对外投资（含委托理财、对子公司投资等）； （三）提供财务资助（含有息或者无息借款、委托贷款等）； （四）提供担保（含对控股子公司担保等）； （五）租入或者租出资产； （六）委托或者受托管理资产和业务； （七）赠与或者受赠资产； （八）债权或者债务重组； （九）转让或者受让研发项目； （十）签订许可使用协议； （十一）放弃权利（ ...

Group 1 - The company plans to provide guarantees for its wholly-owned subsidiaries to support their operational needs, which aligns with the company's overall interests and development strategy [1] - The board of directors unanimously agrees that the guarantee is compliant with regulations and beneficial for the subsidiaries' daily operations and business expansion [1] - As of the announcement date, the total amount of external guarantees provided by the company and its subsidiaries is 0 million, representing 0% of the latest audited net assets [1] Group 2 - The company intends to engage in futures and derivatives trading to hedge against price fluctuations of raw materials and finished products, with a maximum margin of 150 million RMB and a maximum contract value of 1.5 billion RMB [4][5] - The trading will be conducted using the company's own funds and will focus on raw materials related to its production operations [5] - The authorization for futures trading is valid from January 1, 2026, to December 31, 2026 [5] Group 3 - The company plans to invest in a project to expand its chemical pulp production capacity from 95,000 tons to 320,000 tons, with a total investment of 1.7 billion RMB [12][13] - The project will utilize existing production lines and is expected to enhance the company's raw material supply and reduce production costs [21] - The project has received the necessary approvals and is in the planning stage, with construction yet to commence [16][21] Group 4 - The company has revised its corporate governance policies to comply with updated regulations and improve internal governance mechanisms [26] - The revised governance documents are available on the Shanghai Stock Exchange website [27] Group 5 - The company will hold its third extraordinary general meeting on December 19, 2025, to discuss various proposals that have been approved by the board [30] - The meeting will allow for both on-site and online voting, ensuring broader participation from shareholders [30][31]

Core Viewpoint - The board of directors of Shandong Bohui Paper Industry Co., Ltd. has approved several proposals regarding daily related transactions, guarantees, futures hedging plans, investment projects, and governance system revisions for the year 2026, which will be submitted for shareholder approval [1][3][4][10][12][14]. Group 1: Daily Related Transactions - The board approved the confirmation of the execution of the 2025 annual plan and the expected daily related transactions for 2026, which are necessary for the company's production and operation [1][17]. - Independent directors reviewed and agreed that the related transactions adhere to principles of honesty, equality, and fair compensation, ensuring no harm to the company or its shareholders, especially minority shareholders [2][18]. - The expected amounts for daily related transactions in 2025 show a decrease in several categories due to market price fluctuations and operational optimizations, with significant reductions in procurement from various suppliers [21][22][23][24][25]. Group 2: Guarantees and Hedging Plans - The board approved a proposal for providing guarantees among the company and its subsidiaries for 2026, which will also require shareholder approval [4][6]. - A futures hedging plan was approved to mitigate risks from market price fluctuations, with independent directors affirming the adequacy of risk control measures and compliance with relevant laws [7][8]. Group 3: Investment Projects - The board approved a proposal for an investment project to expand chemical wood pulp production, which will also be submitted for shareholder approval [10][11]. Group 4: Governance System Revisions - The board approved revisions to certain governance systems to enhance the company's operational standards and internal governance mechanisms, in line with updated legal and regulatory requirements [12][13]. Group 5: Upcoming Shareholder Meeting - A proposal to convene the third temporary shareholder meeting of 2025 was approved, which will address the aforementioned proposals [14][15].

当地时间12月2日，Domtar宣布将永久关闭其位于加拿大BC省狮牌(Crofton)工厂。该决定将使Domtar的纸浆年产量减少约38万吨NBSK针叶浆；芬 林集团约策诺(Joutseno)浆厂自今年6月停产以来，将于2025年12月8日(星期一)正式复产。 纸浆国外市场，加拿大狮牌工厂永久关闭，将减少约38万吨针叶浆产量，部分品牌仓单将于年底注销，供应预期有所收紧，下游文化纸部分出版 订单供货中，市场需求略有改善，纸企毛利润有所回升，期货盘面近期呈区间震荡反弹走势。 山东博汇纸业（600966）股份有限公司发布关于开展期货和衍生品交易的公告，其中提到，公司开展商品期货套期保值业务的品种限于公司及子 公司生产经营相关的原材料品种或产成品，包括纸浆、胶版印刷纸、烧碱等。 国投安信期货： 消息面 机构观点 截至2025年12月4日，中国纸浆主流港口样本库存量为210.1万吨，较上期去库7.1万吨，环比下降3.3%，库存量在本周期继续呈现小幅去库的走 势，样本港口库存已经连续两周呈现去库走势。 正信期货： 国内港口库存仍在高位，供给偏宽松的局面仍在延续，纸浆需求延续偏弱的情况，下游采购积极性不高。纸浆跌至前低附近 ...

Capital Market Highlights - "China's Nvidia," Moore Threads, will be listed on the STAR Market on December 5, with Muxi Co.'s IPO subscription starting the same day at a price of 104.66 yuan, aiming to raise 3.899 billion yuan [2] - JPMorgan upgraded its rating on Chinese stocks from "neutral" to "overweight," stating that the risk of a significant rise in the Chinese stock market by 2026 is much higher than the risk of a significant decline, with a projected 19% upside for the MSCI China Index under base case scenarios [2] - The China Securities Regulatory Commission disclosed that companies like Shichuangyi, Shurui Robotics, and Niushidate have initiated A-share IPO counseling, all categorized as hard technology enterprises [2] Key Industry Sectors - In embodied intelligence, Tesla released a video of its Optimus humanoid robot running, achieving a personal best; Yushu published a new video verifying the reliability of its machine, with H2 performing a combat test against G2 [4] - In commercial aerospace, the Zhuque-3 reusable launch vehicle was launched into orbit, but the recovery test failed [4] - In the chip sector, Amazon's cloud division plans to launch its latest AI chip, Trainium3, claiming it provides computational power for AI models at a lower cost and higher efficiency compared to Nvidia's GPUs [4] Company Updates - The price of Feitian Moutai has dropped to 1,399 yuan, falling below the official guidance price [5] - JPMorgan increased its stake in Vanke's H-shares from 4.72% on November 27 to 5.23%, while Blackstone's holding rose from 4.83% to 5.45% [5] - Guizhou Bailing's actual controller is under investigation for insider trading, information disclosure violations, and transferring stocks in violation of restrictions [5] - Lens Technology is collaborating with several leading domestic and international clients to develop various AI edge hardware devices, including glasses, watches, wristbands, rings, and desktop models [5] - Microchip Technology, a wholly-owned subsidiary of Saiwei Electronics, plans to participate in establishing Chuxin Micro Technology [5] - Zhongshi Technology intends to acquire a 51% stake in Zhongshi Xun Cold to enhance its liquid cooling business ecosystem [5]

Group 1 - Grinda plans to invest 80 million yuan to subscribe for 1.91% of the shares in Muxi Co., Ltd.'s initial public offering [1] - Fuyong Technology clarifies that its products do not possess AI capabilities [1] - Bohui Paper Industry intends to invest 1.7 billion yuan to plan an annual production of 320,000 tons of chemical pulp [1] Group 2 - Jinggong Technology has won the bid for the Wuhan Qingshan high-performance carbon fiber production base project [1] - Yongli Intelligent Control plans to transfer 100% equity and debt of its wholly-owned subsidiary Chengdu Shanshui [1] - Zhigang Home intends to repurchase shares worth between 80 million and 110 million yuan [1] Group 3 - Meikailong's shareholder Hangzhou Haoyue plans to reduce its holdings by no more than 131 million shares [1] - International Medical plans to raise no more than 1.008 billion yuan through a private placement [2] - The actual controller of Guizhou Bailin, Jiang Wei, has received a notice of investigation from the Securities Regulatory Commission [2]

Core Viewpoint - Shandong Bohui Paper Industry Co., Ltd. announced plans to invest 1.701 billion yuan in a project to produce 320,000 tons of chemical pulp annually, aimed at diversifying raw materials and products [2] Group 1: Project Details - The project will be an expansion of the existing 95,000 tons chemical wood pulp production line, utilizing current production technology and infrastructure [2] - The new project will incorporate advanced international technology and equipment, enhancing automation, digitization, and intelligence across production, logistics, energy, and water management [2] - Post-expansion, the production line's technical and economic indicators are expected to be at a leading level, ensuring product quality [2] Group 2: Environmental and Economic Impact - The project aligns with principles of environmental protection, energy conservation, and emission reduction, contributing to sustainable development [2] - It is anticipated that the project will increase the company's self-supply ratio of raw materials, reduce production costs, and enhance core competitiveness and influence [2] - The completion of the project will not lead to new related transactions, industry competition, or capital occupation issues [2]

Core Viewpoint - Bohui Paper (600966.SH) announced plans to adjust its raw material product structure and enhance product diversification by launching a new project to produce 320,000 tons of chemical pulp annually, expanding from an existing capacity of 95,000 tons [1] Group 1: Project Details - The project involves the renovation and expansion of the existing chemical wood pulp production line, increasing capacity from 95,000 tons to 320,000 tons [1] - The total investment for the project is approximately 1.7 billion yuan [1] Group 2: Strategic Considerations - The company has taken into account its own financial accumulation, technical capabilities, and market environment when planning the investment [1] - The project aims to utilize existing outdated production capacity, leveraging the company's technological and experiential advantages [1] Group 3: Expected Outcomes - Upon completion, the project is expected to significantly increase the company's self-supply ratio of raw materials, reduce production costs, and enhance the company's core competitiveness and influence in the market [1]

Core Viewpoint - Bohui Paper Industry (600966.SH) announced plans to expand its production capacity by constructing a new chemical pulp project with an annual output of 320,000 tons, aiming to diversify raw materials and products [1] Group 1: Project Details - The project will be built on the existing production lines, expanding from the current annual capacity of 95,000 tons of chemical wood pulp to 320,000 tons [1] - The total investment for the project is approximately 1.7 billion yuan [1] Group 2: Strategic Considerations - The company has taken into account its own financial accumulation, technical capabilities, and market environment when planning the investment [1] - The project will utilize existing outdated production capacity, leveraging the company's technological and experiential advantages [1] Group 3: Expected Outcomes - Upon completion, the project is expected to significantly increase the company's self-supply ratio of raw materials, reduce production costs, and enhance core competitiveness and influence in the market [1]

（记者 王晓波） 每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 每经AI快讯，博汇纸业12月3日晚间发布公告称，公司2025年第二次董事会临时会议于2025年12月2日 在公司办公楼二楼第三会议室，以现场、视频参会相结合的方式召开。会议审议了《关于2025年度执行 情况确认及2026年度公司及子公司日常关联交易预计的议案》等文件。 ...