Group 1 - The core view of the report emphasizes the integration of wood pulp and paper production, leading to an optimized long-term industry structure and upward profitability [3][5] - The report highlights the significant differences in supply and demand dynamics across various segments of the specialty paper market, suggesting a selective approach to identifying strong performers in favorable supply-demand conditions [4] - The wood pulp market is characterized by a cost structure that supports price stability, with needle pulp costs remaining high and supply-demand tightness providing a floor for prices; the report anticipates a gradual stabilization and slight improvement in pulp prices in 2026 [5][9][11] Group 2 - The report indicates that the paper industry has been in a prolonged bottoming phase, with signs of gradual improvement in supply-demand dynamics, particularly in the boxboard and corrugated paper segments [5][6] - Cultural paper demand is under pressure due to declining birth rates, with short-term stability in demand for double-glue paper but long-term challenges anticipated [22][25] - The white card paper segment is expected to benefit from trends such as replacing plastic with paper, with strong long-term growth potential despite short-term economic pressures [44][46] Group 3 - The report outlines that the supply structure for cultural paper is becoming more concentrated, with significant new capacity expected to come online in 2026, which may exert pressure on the market [29][40] - The profitability of the industry is expected to stabilize, with a focus on companies that lead in integrated operations and cost advantages, such as Sun Paper and Nine Dragons Paper [5][6] - The report suggests that the overall paper price stability is stronger than that of bulk paper, with capital expenditures slowing down and export demand contributing to incremental growth [5][6]

浆价涨价函陆续发布，当下时点如何看待造纸龙头竞争优 势 20251227 摘要 浆价进入上行周期，多家供应商提价，主要驱动因素包括海外新增产能 有限、国内木片供应缺口扩大导致成本支撑增强，以及国内自制浆企业 议价能力提升。人民币汇率短期强势缓解了进口成本压力。 文化纸价格已触及历史低点，中小企业面临生存困境。需求萎缩和供需 矛盾突出是主要原因。行业格局有望通过长期底部运行加速中小企业退 出，具备成本优势的龙头企业将坚守市场。 白卡纸价格自 2025 年八九月份开始反弹，四季度终端执行涨幅约 300 元/吨。驱动因素包括旺季需求、废纸禁令及行业联合挺价。预计 2026 年初价格将逐步回归合理区间，自制浆配套龙头企业将率先受益。 废纸系产品方面，上半年废纸价格坚挺但瓦楞箱板纸价格下跌，下半年 在成本推动和联合挺价下瓦楞箱板纸价格上涨。但 11 月至今因库存高 企抛售库存等原因废纸运价格回落，使原纸运承压。长期看，废纸运供 应偏紧格局未变，龙头企业受益更明显。 Q&A 近期全球商品浆市场的价格变化情况如何？其背后的驱动因素有哪些？ 从 2025 年末开始，全球商品浆市场迎来了集中的涨价函。巴西的苏丹诺宣布 12 月 ...

Summary of the Conference Call for Bohui Paper Industry Company Overview - Bohui Paper Industry is a leading player in the white cardboard sector with 30 years of industry experience. The company operates two major production bases in Shandong and Jiangsu, with the Jiangsu base having a capacity of 2 million tons of white cardboard, contributing 80%-90% of the company's profits due to its scale, high matching rate, and logistical advantages from proximity to ports [4][5]. Industry Insights - The paper industry is currently facing overcapacity, with new capacity expected to nearly double in 2024-2025, leading to a decline in operating rates to 50%-60%. Despite stable demand growth, the imbalance between supply and demand has caused a drop in white cardboard prices [2][6]. - The "paper replaces plastic" policy is expected to support long-term growth in white cardboard, with a forecasted reduction in new capacity by 2026, alongside a recovery in domestic demand and strong export performance [2][7]. Price Trends and Influencing Factors - Since September 2025, white cardboard prices have been increasing due to rising raw material costs, with price recoveries of 370 CNY/ton in South China and 230 CNY/ton in East China. Factors such as production halts in Zhanjiang and increased seasonal demand have also supported price recovery [2][8]. Operational Efficiency and Financial Health - Bohui has shown significant improvements in operational efficiency and cash flow quality. The company plans to integrate resources in 2026 to address industry competition, which is expected to benefit its development. Continuous price increases are anticipated to enhance profit elasticity [2][9]. - The company has maintained a stable debt-to-asset ratio of around 70%, with cash flow sufficient to cover interest expenses [11]. Revenue and Profit Performance - Over the past few years, Bohui's revenue has steadily increased, although profits have fluctuated. The company experienced a peak in 2021, followed by a period of marginal profits from 2022 to 2024. Despite this, the overall balance sheet and cash flow remain healthy [10]. Impact of APP's Acquisition - Following the acquisition by APP, Bohui has seen a notable decrease in per-ton financial, management, and sales expenses, leading to significant operational improvements. The integration has also enhanced employee motivation and expanded the R&D and sales teams [11][13]. Product Development and Innovation - Bohui has made significant strides in R&D, including breakthroughs in core technologies for sterile liquid packaging and digital empowerment of production operations, which have improved production efficiency and yield rates [3][14]. Raw Material Procurement and Energy Structure - The company primarily uses chemical pulp, with a low self-supply ratio, benefiting from synergies with APP. Most wood pulp is sourced from the Asian APP Group, and the energy structure relies mainly on electricity and steam from affiliated parties, enhancing future efficiency [15]. Future Outlook - Overall, Bohui is expected to have a positive development outlook through improved internal management, cost structure optimization, and product innovation, alongside synergies with APP. The focus on sustainable development and high-quality growth is anticipated to further enhance operational efficiency and achieve cost reduction goals [16].

Core Viewpoint - The Chinese paper industry is projected to experience growth, with a forecasted production of 14.35 million tons of paper and paperboard in October 2025, reflecting a year-on-year increase of 5.9% [1] Industry Summary - According to the National Bureau of Statistics, the cumulative production of paper and paperboard in China from January to October 2025 is expected to reach 13.5156 million tons, marking a cumulative growth of 3.5% [1] - The report by Zhiyan Consulting outlines the market research and development prospects for the Chinese paper industry from 2025 to 2031, indicating a focus on industry trends and investment opportunities [1]

Core Viewpoint - Bohui Paper's stock price has shown significant growth this year, with a year-to-date increase of 29.92%, while facing a slight decline in recent trading sessions [1][2]. Group 1: Stock Performance - On December 26, Bohui Paper's stock price decreased by 2.06%, trading at 6.67 CNY per share, with a total market capitalization of 8.917 billion CNY [1]. - The stock has experienced a 5-day increase of 8.63%, a 20-day increase of 5.04%, and a 60-day increase of 38.10% [1]. Group 2: Financial Performance - For the period from January to September 2025, Bohui Paper reported a revenue of 14.450 billion CNY, reflecting a year-on-year growth of 3.46% [2]. - The net profit attributable to shareholders for the same period was 121 million CNY, which represents a year-on-year decrease of 18.57% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Bohui Paper was 45,800, a decrease of 6.94% from the previous period [2]. - The average number of circulating shares per shareholder increased by 7.46% to 29,216 shares [2]. - The company has distributed a total of 889 million CNY in dividends since its A-share listing, with 94.356 million CNY distributed over the last three years [3].

Group 1 - The A-share market saw all three major indices rise collectively on December 25, with the paper industry experiencing significant gains, highlighted by stocks such as Hengda New Materials and Bohui Paper reaching their daily limit up [2] - The offshore RMB broke the 7.0 mark against the US dollar for the first time in 2024, peaking at 6.9962, which enhances purchasing power and reduces procurement costs for dollar-denominated raw materials in the paper industry [2] - Daitong Securities believes the paper industry is benefiting from a combination of "supply optimization, cost support, and policy protection," with a mild recovery in demand and resilient packaging paper demand [2] Group 2 - The supply side is improving due to production cuts and the winding down of capacity, which enhances the supply-demand balance in the paper industry [2] - The cost side is supported by rising pulp prices, which stabilize product pricing and enhance the profitability of integrated pulp and paper companies [2] - The valuation of the paper sector is at historical lows, and with expectations of industry recovery by 2026, the investment value is becoming more prominent [2]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 025-12-25 | 博汇经业 | 600966 | 6.81 224.73 | 公司正落雪露宴高器 | 丢高严蒙劈纹高圆 | ко | 12月25日，博汇纸业大宗交易成交33万股，成交额224.73万元，占当日总成交额的0.8%，成交价6.81 元，较市场收盘价6.81元持平。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603863 | 松物资源 | 21.00 | -0.71% | 10.73万 | 2.24亿 | | 600963 | 岳阳林纸 | 4.59 | -0.22% | 46.97万 | 2.16亿 | | 000488 | ST晨鸣 | 2.23 | 1.36% | 41.95万 | 9313.69万 | | 600567 | 山鹰国际 | 1.77 | 1.72% | 285.08万 | 5.01亿 | | 002521 | 齐峰新材 | 8.61 | 1.77% | 6.95万 | 5980.20万 | | 603165 | 荣晟环保 | 12.93 | 2.46% | 4.38万 | 5645.35万 | | 002078 | 太阳纸业 | 15.94 | 2.71% | 77.18万 | 12.10亿 | | 600235 | 民丰特纸 | 6.99 | 2.95% | 17.72万 | 1.23亿 | | 600433 | 冠蒙高新 | ...

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index up 0.47% to 3959 points, marking a seven-day increase [1] - The Shenzhen Component Index and the ChiNext Index recorded five consecutive days of gains, rising 0.33% and 0.3% respectively [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion yuan, an increase of 44.3 billion yuan from the previous trading day [1] Sector Performance Commercial Aerospace - The commercial aerospace sector saw a surge, with over twenty stocks hitting the daily limit, including Haoshi Electromechanical, Superjet, and Guanglian Aviation [2][5] - Key stocks included: - Haoshi Electromechanical: +20.01% [6] - Superjet: +20.00% [6] - Guanglian Aviation: +19.99% [6] - A meeting by China Aerospace Science and Technology Corporation emphasized the focus on developing core technologies for reusable rockets and integrating aerospace with AI and advanced manufacturing [5] Paper Industry - The paper sector experienced gains, with stocks like Hengda New Materials and Wuzhou Special Paper hitting the daily limit [7] - Recent trends include major packaging paper companies reducing production capacity and price increases announced by various paper manufacturers [8] Robotics - The robotics sector was active, with stocks such as Hualing Cable and Haoneng Co. hitting the daily limit [9] - Notable stocks included: - Hualing Cable: +10.02% [10] - Haoneng Co.: +10.02% [10] Alcohol Industry - The liquor sector saw rapid gains, with Shui Jing Fang hitting the daily limit and other stocks like Huangtai Liquor and Jin Hui Liquor also rising [11] - Shui Jing Fang: +10.01% [12] Insurance Sector - The insurance sector showed strength, with China Pacific Insurance, Ping An Insurance, and China Life Insurance all rising over 2% [13][14] - China Pacific Insurance: +2.75% [14] - Ping An Insurance: +2.56% [14] Semiconductor Industry - The semiconductor sector saw most stocks rise, with Zhenlei Technology and Fudan Microelectronics increasing over 16% [15][16] - Zhenlei Technology: +16.90% [16] - Fudan Microelectronics: +16.21% [16] Precious Metals - The precious metals sector continued to decline, with Hunan Silver leading the drop at -4% [17][18] - Hunan Silver: -4.00% [18] Hainan Sector - The Hainan sector experienced a pullback, with Hainan Ruize and Caesar Travel both dropping over 6% [19][20] - Hainan Ruize: -6.91% [20] Individual Stock Movements - Zhangjiang Hi-Tech saw a late surge, rising nearly 5% to 42.48 yuan [21][22] - Shanghai Microelectronics won a bid for a stepper lithography machine worth approximately 110 million yuan [24]

Market Performance - The Shanghai Composite Index opened lower but closed higher, marking a seven-day winning streak, while the Shenzhen Component and ChiNext indices rebounded after hitting lows [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion yuan, an increase of 443 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index rose by 0.47%, the Shenzhen Component increased by 0.33%, and the ChiNext Index gained 0.3% [1] Sector Highlights - The commercial aerospace sector remained active, with over 20 constituent stocks hitting the daily limit, including Shenjian Co., which achieved six consecutive limit-ups [1] - The robotics sector saw a rapid increase, with stocks such as Shoukai Co., Xiangshan Co., and Haozhi Electromechanical all hitting the daily limit [1] - The chip industry chain also strengthened, with Shenghui Integration achieving four consecutive limit-ups, and Guofeng New Materials and Yangzi New Materials hitting the daily limit [1] - The paper-making sector experienced significant gains, with stocks like Bohui Paper, Yibin Paper, and Wuzhou Special Paper all hitting the daily limit [1] Declining Sectors - The precious metals, Hainan, and energy metals sectors were among the biggest decliners, with the Hainan Free Trade Zone concept collectively dropping, and Hainan Ruize falling nearly 7% [1]