1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - The pulp market is expected to oscillate and consolidate after the realization of positive factors in the short term. The pulp futures market strengthened this week, driven by supply - side news of international pulp mills exiting the market and concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and a loose supply - demand pattern continuing. The downstream paper mills' procurement remains rational and based on rigid demand, and the low processing profit of base paper cannot provide incremental support for pulp prices [96]. 3. Summary by Directory 3.1 Industry News - As of December 4, 2025, the inventory of pulp in major Chinese ports showed a de - stocking trend. The inventory in Changshu Port was 566,000 tons, down 0.6 million tons (1.0% MoM); in Qingdao Port, it was 1.395 million tons, down 34,000 tons (2.4% MoM); and in Gaolan Port, it was 45,000 tons, down 15,000 tons (25.0% MoM). The total inventory of major port samples was 2.101 million tons, down 71,000 tons (3.3% MoM) [5][6]. - Domtar will permanently close its Crofton factory in Canada, reducing its annual pulp production by about 380,000 tons of NBSK softwood pulp [6]. - Fenlin Group's Joutseno pulp mill will resume operation on December 8, 2025, and its Rauma pulp mill will start a one - month production shutdown on December 15, 2025, and plan to gradually resume production by department from January 7, 2026 [7]. - Shandong Bohui Paper plans to invest about 1.701 billion yuan to expand its chemical wood pulp project. After completion, its chemical wood pulp production capacity will increase from 95,000 tons/year to 320,000 tons/year [8]. 3.2 Market Data 3.2.1 Market Trends - On December 5, 2025, the basis of silver star was 150 yuan/ton, down 25.74% MoM and 67.67% YoY; the basis of Russian needle was - 50 yuan/ton, down 78.57% MoM and 457.14% YoY; the price difference between silver star and Russian needle was 200 yuan/ton, down 13.04% MoM and 55.56% YoY [16]. - On December 5, 2025, the 01 - 03 month - spread was - 16 yuan/ton, up 11.11% MoM; the 03 - 05 month - spread was - 24 yuan/ton, up 25.00% MoM [21]. 3.3 Fundamental Data 3.3.1 Price - The import profit of softwood and hardwood pulp has recovered. On December 5, 2025, the import profit of silver star softwood pulp was 83.65 yuan/ton, up 170.04% MoM and 140.60% YoY; the import profit of star hardwood pulp was 122.95 yuan/ton, up 516.27% MoM and 226.39% YoY [30]. - The spot price of imported softwood pulp increased significantly this week. On December 5, 2025, the prices of silver star, Kalip, Beimu, Lion, and Russian needle were 5600 yuan/ton, 5750 yuan/ton, 5850 yuan/ton, 5750 yuan/ton, and 5400 yuan/ton respectively, with MoM increases of 3.70%, 1.77%, 0.86%, 1.77%, and 4.45% [33]. - The spot price of imported hardwood pulp increased. On December 5, 2025, the prices of goldfish, star, bird, and broadleaf were 4600 yuan/ton, 4600 yuan/ton, 4550 yuan/ton, and 4500 yuan/ton respectively, with MoM increases of 4.55%, 3.37%, 3.88%, and 5.88% [37]. - The prices of natural color pulp and chemimechanical pulp showed different trends. On December 5, 2025, the price of Venus natural color pulp was 5150 yuan/ton, up 0.98% MoM and down 4.63% YoY; the price of Kunhe chemimechanical pulp was 3800 yuan/ton, up 2.70% MoM and 7.04% YoY [40]. 3.3.2 Supply - The wood chip purchase price of some paper enterprises in East China decreased this week. On December 5, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1180 yuan/ton, down 1.67% MoM [44]. - The supply of chemimechanical pulp increased this period. On December 4, 2025, the weekly production of domestic chemimechanical pulp was 87,300 tons, up 1.99% MoM and 1.51% YoY [49]. - In October 2025, the pulp inventory in European ports decreased MoM, and the global pulp departure volume decreased seasonally MoM [52]. - In August 2025, the W20 softwood pulp shipment was at a low level with high inventory, while the hardwood pulp shipment remained at a high level with low inventory days [54]. - In August 2025, the total softwood pulp exports of Canada, Chile, Finland, and the United States to China decreased MoM and were at a low level YoY. In September, Finland's exports to China increased significantly both MoM and YoY. In October, Chile's softwood pulp exports to China continued to increase MoM but decreased YoY [60]. - In October 2025, the total hardwood pulp exports of Brazil, India, Uruguay, and Chile to China decreased both MoM and YoY. In November, Brazil's hardwood pulp exports to China decreased significantly MoM, and Uruguay's exports decreased both MoM and YoY [61]. - In October 2025, China's pulp imports were divided. Softwood pulp imports increased 0.06% MoM, hardwood pulp imports decreased 2.77% MoM, and the imports of natural color pulp and chemimechanical pulp increased significantly MoM [65]. 3.3.3 Demand - The price of offset paper remained stable this period. The industry's supply was abundant, but the demand was weak, and the production pressure of factories increased due to the rising pulp price [69]. - The price of coated paper remained stable. The market supply changed little, and the demand was weak. The profitability of the industry continued to narrow, and factories were more willing to support prices [73]. - The price of white cardboard increased slightly. Paper mills announced price increases, but the terminal orders were not significantly improved, and the actual price increase was restricted [77]. - The price of household paper increased slightly. The market trading activity did not change much, and the demand was weak. The cost of household paper was strongly supported by the rising pulp price [81]. - In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly YoY, while the dairy production decreased significantly both MoM and YoY [85]. 3.3.4 Inventory - On December 5, 2025, the total number of pulp warehouse receipts was 208,900 tons, a decrease of 0.42% MoM and 39.53% YoY [88]. - The port inventory was at a medium - level within the year and continued to show a de - stocking trend. On December 5, 2025, the total inventory of major port samples was 2.101 million tons, down 3.27% MoM and up 14.12% YoY [93].

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年12月7日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1.【常熟港纸浆库存统计】截至2025年12月4日，中国纸浆常熟港库存56.6万吨，较上周期下降0.6万吨，环比下降1.0%。本周常熟港库存呈现去库走势。 2.【青岛港纸浆库存统计】截至2025年12月4日，中国青岛港港内及港外仓库纸浆库存139.5万吨，较上周下降3.4万吨，环比下降2.4%。本周期青岛港库存周期内 呈现去库的走势。 3.【高栏港纸浆库存统计】截至2025年12月4日，中国纸浆高栏港库存4.5万吨，较上周下降1.5万吨，环比下降25.0%。本周期高栏港库存呈现去库的趋势。 ...

Group 1 - The core point of the article is that Bohui Paper (600966.SH) plans to invest 1.701 billion yuan to upgrade its existing chemical pulp production line, increasing annual capacity from 95,000 tons to 320,000 tons, which is a key move in its "pulp-paper integration" strategy [2][4] - The company aims to enhance its self-supply ratio of raw materials, reduce production costs, and improve its core competitiveness and influence after the completion of the investment project, which is expected to take 24 months [4] - The domestic paper industry is highly dependent on imported wood pulp, and fluctuations in international pulp prices have been eroding profit margins for companies like Bohui Paper [3] Group 2 - Bohui Paper's net profit has been declining significantly, dropping from 1.706 billion yuan in 2021 to 176 million yuan in 2024, a cumulative decrease of over 90% [3] - In 2022, despite a revenue increase of 12.81% to 18.362 billion yuan, the company's net profit plummeted by 86.63% to 228 million yuan, indicating a situation of "increased revenue but decreased profit" [3] - For the first three quarters of 2025, Bohui Paper reported a revenue of 14.450 billion yuan, a year-on-year increase of 3.46%, while net profit attributable to shareholders decreased by 18.57% to 121 million yuan [3]

Core Viewpoint - Bohui Paper Industry plans to invest 1.701 billion yuan to expand its chemical pulp project, increasing production capacity from 95,000 tons to 320,000 tons, representing a 237% increase [1][4]. Group 1: Investment and Expansion - The company aims to diversify its raw materials and products through this investment, which will enhance its production capabilities and efficiency [1][4]. - The project will utilize advanced international technology and equipment, incorporating automation, digitalization, and intelligent systems across production, logistics, energy, and water management [4]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 14.45 billion yuan, a year-on-year increase of 3.46%, but the net profit attributable to shareholders decreased by 18.57% to 121 million yuan [4]. - The expansion may be a response to the company's recent financial performance of "increasing revenue without increasing profit" [4]. Group 3: Asset Management - In addition to the new investment, the company sold idle assets worth 32.978 million yuan to related parties and plans to purchase new equipment for upgrading its chemical pulp production process [5]. - The company is focused on reducing chemical consumption and costs associated with chemical pulp production through these upgrades [5]. Group 4: Company Overview - Bohui Paper Industry, registered in Hantai County, Zibo City, specializes in the research, production, and sales of paper products, including whiteboard paper, cultural paper, boxboard paper, and gypsum face paper [5]. - The company was listed on the Shanghai Stock Exchange in 2004, has a registered capital of 1.34 billion yuan, and operates two major production bases in Shandong and Jiangsu, employing over 5,800 people [5].

Core Viewpoint - Despite high costs and pressure on profitability in the paper industry, the company Bohui Paper (600966.SH) is increasing its investment by expanding its chemical pulp project, aiming to enhance production capacity significantly [1][2]. Group 1: Investment and Expansion - The company plans to invest 1.701 billion yuan to expand its chemical pulp project, increasing capacity from 95,000 tons to 320,000 tons, representing a 237% increase [1]. - The expansion aims to adjust the existing raw material product structure and improve the diversity of raw materials and products, enhancing cost control and supporting high-end paper products [1][2]. Group 2: Financial Performance - The company's net profit has declined significantly for three consecutive years, projected to drop to 176 million yuan in 2024, while revenue increased by 3.46% in the first three quarters of this year, but net profit fell by 18.57% to 121 million yuan [2]. Group 3: Risk Management and Asset Optimization - To address market price fluctuations, the company will engage in futures and derivatives trading for hedging purposes, with a maximum trading margin and premium of 150 million yuan [5]. - The company is also optimizing its asset structure by selling idle assets for 32.978 million yuan and purchasing new equipment for 46 million yuan to enhance production efficiency and reduce costs [6].

Core Viewpoint - The company, Bohui Paper, is expanding its production capacity by planning a new chemical pulp project with an annual output of 320,000 tons, which aims to enhance raw material self-sufficiency and product diversification, ultimately improving cost control and product value [2][3]. Group 1: Project Overview - Bohui Paper plans to invest 1.701 billion yuan in the expansion of its chemical wood pulp production capacity from 95,000 tons to 320,000 tons [2]. - The expansion is not merely an increase in capacity but aims to improve the self-sufficiency of chemical pulp, which constitutes 50%-70% of the total cost of paper production [2][3]. - The project will support the production of high-end paper products, such as food-grade white cardboard and specialty cultural paper, thereby enhancing product value [2]. Group 2: Financial Context - The company's net profit has significantly declined for three consecutive years, projected to drop to 176 million yuan in 2024, despite a 3.46% revenue growth in the first three quarters of the current year [3]. - The net profit for the first three quarters of this year decreased by 18.57% to 121 million yuan [3]. Group 3: Strategic Initiatives - Bohui Paper is implementing a combination of capacity upgrades, asset optimization, and risk management strategies to address industry changes [6]. - The company plans to engage in futures and derivatives trading to hedge against market price fluctuations, with a maximum trading margin and premium of 150 million yuan [6]. - The company is also selling idle assets worth approximately 32.98 million yuan to optimize its asset structure and reduce operational costs [6][7]. - Additionally, Bohui Paper intends to purchase new equipment for upgrading its chemical pulp production process, with a transaction amount not exceeding 46 million yuan [7].

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

山东博汇纸业股份有限公司 投资者关系管理制度 （2025 年 12 月修订） 第一章 总则 第一条 为规范山东博汇纸业股份有限公司（以下简称公司）投 资者关系管理工作，加强公司与投资者之间的有效沟通，加深投资者 对公司的了解和认同，促进公司和投资者之间长期、稳定的良好关系， 促进公司完善治理，提高公司质量，切实保护投资者特别是中小投资 者合法权益，根据《中华人民共和国公司法》《中华人民共和国证券 法》、中国证券监督管理委员会（以下简称中国证监会）《上市公司投 资者关系管理工作指引》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》等法律、法规、 规章、规范性文件及《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，结合公司实际情况，特制定《山东博汇纸业 股份有限公司投资者关系管理制度》(以下简称本制度)。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息 披露、互动交流和诉求处理等工作，加强与投资者及潜在投资者之间 的沟通，增进投资者对公司的了解和认同，以提升公司治理水平和企 业整体价值，实现尊重投资者、回报投资者、保护投资者目的的相关 活动。 ...

山东博汇纸业股份有限公司 信息披露事务管理制度 第一章 总 则 第一条 为规范山东博汇纸业股份有限公司（以下简称公司）及 其他相关信息披露义务人的信息披露行为，加强信息披露事务管理， 提高信息披露管理水平和质量，保障信息披露工作的真实、准确、完 整、及时，切实维护公司和投资者的合法权益，依据《中华人民共和 国公司法》（以下简称《公司法》）《中华人民共和国证券法》（以下简 称《证券法》）中国证监会《上市公司信息披露管理办法》、上海证券 交易所《上海证券交易所上市公司自律监管指引第 2 号——信息披露 事务管理》《上海证券交易所股票上市规则》（以下简称《上市规则》） 和《山东博汇纸业股份有限公司章程》等法律、法规、规章的有关规 定，制定本办法。 第二条 本制度适用于以下人员和机构： （一）公司董事和董事会； （二）公司董事会秘书和董事会办公室； （2025 年 12 月修订） （三）公司总经理、副总经理、财务负责人等其他高级管理人员； （四）公司总部各部门、各基地以及各子公司、分公司的负责人； （五）公司控股股东，持有公司 5%以上股份的股东及其董事、 监事、高级管理人员； （六）公司的其他关联人； — 1 — ...

山东博汇纸业股份有限公司 子公司管理制度 （2025 年 12 月修订） 第一章 总 则 第一条 为加强对山东博汇纸业股份有限公司（下称公司或本公 司）子公司的规范运作，维护公司和股东的合法权益，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上 市规则》等法律、行政法规、部门规章及规范性文件，以及《山东博 汇纸业股份有限公司章程》（以下简称《公司章程》），制定本制度。 第二条 本制度所称子公司是指根据公司发展和规划，为提升公 司竞争力的需要而依法设立的具有独立法人资格主体的公司,包括全 资子公司、控股子公司。公司对某公司持股比例超过 50%，或者虽然 未超过 50%，但能够决定其董事会半数以上成员的当选，或者通过协 议或其他安排能够实际控制，公司对其构成控股。 第三条 公司与子公司之间是平等的法人关系。公司以其持有的 股权份额，依法对子公司享有资产受益，重大决策，选择管理者，股 份处置等股东权利。 第四条 本制度适用于公司及公司子公司。公司委派至各子公司 的董事、监事、高级管理人员应该严格执行本制度，并应依照本制度 及时、有效地做好管理、指导、监督等工作。 第五条 作为公司的全资子 ...