公司股东长峡金石及其一致行动人在2025年12月8日至2026年1月22日期间通过集中竞价方式合计减持 1275.78万股，持股比例从6.00%降至5.00%以下。根据公告，该股东未来十二个月内可能继续减持。 业绩经营情况 经济观察网宝钢包装（601968）近期在关联交易、股东减持及财务业绩方面有重要动态。公司临时股东 会审议通过了2026年度预计日常关联交易议案，总额11.50亿元；股东长峡金石及其一致行动人近期减 持股份，持股比例降至5%以下；公司前三季度营收与净利润均实现同比增长。 关联交易情况 宝钢包装于2026年2月9日召开了2026年第二次临时股东会，审议了《关于宝钢包装2025年度关联交易执 行情况和2026年度预计日常关联交易的议案》。该议案预计2026年度日常关联交易总额为11.50亿元， 涉及向关联方采购原材料、销售产品等事项，交易遵循市场定价原则。 股东减持 截至2025年9月30日，宝钢包装2025年1-9月实现营业收入65.81亿元，同比增长6.83%；归母净利润1.76 亿元，同比增长11.97%。香港中央结算有限公司新进为第十大流通股东，持股830.93万股。 以上内容基于公开资 ...

FANGDA PARTNERS http://www.fangdalaw.com 致：上海宝钢包装股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法 律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席上海宝钢 包装股份有限公司（以下简称"宝钢包装"或"公司"）2026 年第二次临时股东会 （以下简称"本次股东会"），并就本次股东会的召集和召开程序、参与表决和召 集会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》及其他相关中华人民共和国境内已公开颁布并生效的法律、 法规、规章及规范性文件（以下合称"中国法律法规"）以及《上海宝钢包装股份 有限公司章程》（以下简称"《公司章程》"）的规定出具。 本法律意见书仅就本次股东会的召集和召开程序、出席会议人员、召集人、 表决程序是否符合相关中国法律法规及《公司章程》的规定以及表决结果是否合 法、有效发表意见，并不对任何中国法律法规以外的国家或地区的法律发表任何 中国上海市石门一路 288 号 电子邮件 E-mail: email ...

重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 197 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 110,164,148 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数（已扣除公司回购专户股份数）的比例（%） | 8.73 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，董事长吴健鹏先生主持会议。本次股东会采 用现场投票和网络投票相结合的方式表决，会议的召集、召开程序符合《公司法》 《证券法》《上市公司股东会规则》等有关法律、法规、规范性文件及《公司章 2026年第二次临时股东会决议公告 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。 证券代码：601968 证券简称：宝钢包装 公告编号：2026-007 上海宝钢包装股份有限公司 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The metal packaging industry is a significant part of China's packaging industry, accounting for approximately 10% of the total output value. In 2023, the revenue from metal packaging containers and materials manufacturing reached 150.56 billion yuan, with a profit margin of 4.76% [6][12]. - The market for three-piece cans is balanced, with a market size of 16.585 billion yuan in 2023, growing by 1.6% year-on-year. The beverage sector is the primary demand driver, contributing 82% of the market size [14][19]. - The two-piece can market is experiencing oversupply, with a total market size of 26.7 billion yuan in 2023, growing at a CAGR of 4.9% from 2017 to 2023. Beer cans account for over 50% of the demand [24][28]. Summary by Sections 1. Industry Overview: Supply and Demand Balance in Three-Piece Cans, Oversupply in Two-Piece Cans - Metal packaging is crucial in China's packaging industry, with significant revenue and profit contributions [6]. - Three-piece cans dominate the non-carbonated beverage market, while two-piece cans are prevalent in beer and carbonated drinks [12][24]. 2. Comparative Analysis: Consolidation Creates a Duopoly, Quality Structure Enhances Profitability - The report highlights the successful consolidation strategies of companies like Ball Corporation, which transitioned from diversification to focusing on core competencies, becoming the largest aluminum can manufacturer globally [42][48]. - The merger of Orijin and COFCO Packaging is expected to increase market concentration in the two-piece can sector, enhancing the bargaining power and profitability of leading firms [34][36]. 3. Related Companies: Orijin, Shengxing Co., Baosteel Packaging - Orijin leads the three-piece can market with a 23% market share, followed by other key players [19]. - The two-piece can market is primarily dominated by Baosteel Packaging and Orijin, with significant market shares expected to increase post-merger [34][36].

Group 1 - The metal packaging industry is experiencing a pivotal moment with price increases and international expansion driving growth [1][2] - The industry has faced overcapacity and price competition, but improvements in supply-demand dynamics and strategic shifts by companies are expected to alleviate these pressures [2][3] - The two-piece cans, primarily used for beer and carbonated drinks, are projected to see significant demand growth due to the increasing canning rate in China, which is currently below that of developed markets [1][6] Group 2 - The three-piece cans market is characterized by diverse applications, including functional drinks and milk powder, maintaining a relatively higher profit margin due to strong customer loyalty and customization [1][6] - The industry is nearing the end of a capital expenditure cycle, with major companies slowing down new capacity investments, which is expected to stabilize supply pressures [2][6] - Leading companies are increasingly focusing on international markets, where profit margins are higher, and are establishing production bases in regions like Southeast Asia and the Middle East [2][7] Group 3 - The overall trajectory of the metal packaging industry is shifting from pure scale expansion to a focus on quality, efficiency, and global resource allocation [3] - Companies that successfully navigate domestic market changes and implement international strategies are likely to achieve higher quality growth in the new phase of the industry [3] - Investment recommendations include companies like Baosteel Packaging, Orijin, and Yixing, which are expected to benefit from these trends [7]

Group 1 - The capital expenditure cycle in the metal packaging industry is nearing its end, with significant slowdown in capacity expansion expected in 2024-2025. The industry leaders are anticipated to shift from market share focus to profit orientation, with a slight increase in benchmark prices projected for 2026 [1][3] - The sales volume of two-piece cans in China increased from 47 billion to 58 billion cans from 2019 to 2023, with a CAGR of 5.4%. The market is primarily driven by beer and carbonated beverages. If the beer can penetration rate rises from 28.9% in 2023 to 36.5% by 2028, the two-piece can industry scale could grow to 71.9 billion cans by 2028, with a CAGR of 4.8% [1] - The three-piece can industry in China had a production and demand of 31.05 billion and 30.53 billion cans in 2022, respectively, with a year-on-year growth of approximately 4.3%. The competitive landscape is stable, with a CR3 of about 66% [2] Group 2 - The industry is at a cyclical turning point, with capital expenditure slowing down and profit levels at a low point, limiting further deterioration. The price of raw materials is expected to remain firm in 2026, but high growth rates are unlikely. A slight increase in benchmark prices is anticipated for 2026, which could enhance profits for major players [3] - Major players like Baosteel Packaging, Orijin, and Shengxing have seen significant growth in overseas revenue, with increases of 19.14%, 12.32%, and 92.07%, respectively. The profit margins for these companies are higher overseas compared to domestic markets, indicating a favorable competitive landscape abroad [4] - Companies to watch include Baosteel Packaging (601968.SH), Orijin (002701.SZ), Shengxing (002752.SZ), and Jiamei Packaging (002969.SZ) [5]

Investment Rating - The investment rating for the metal packaging industry is "Positive" [2] Core Insights - The metal packaging industry is experiencing steady expansion, with supply-demand pressure alleviating. The two-piece can segment is benefiting from increased beer canning rates, while the three-piece can segment maintains stable demand and superior profitability [9][37] - The industry is approaching a cyclical turning point, with expectations for leading companies to recover profitability as capital expenditure cycles peak and production capacity expansion slows [46][65] - The trend of overseas expansion is gaining momentum, with leading companies prioritizing international markets to enhance profit structures [4][65] Summary by Sections 1. Metal Packaging: Industry Steady Expansion, Supply-Demand Pressure Alleviated - The two-piece and three-piece can segments have distinct characteristics, with the two-piece can being lighter and more cost-effective, while the three-piece can offers better strength and print quality [9] - The two-piece can segment saw national sales grow from 47 billion cans in 2019 to 58 billion cans in 2023, with a CAGR of 5.4%. The beer canning rate is projected to rise from 28.9% in 2023 to 36.5% by 2028, contributing to further growth [12][19] - The three-piece can segment's production and demand were approximately 31.05 billion and 30.53 billion cans respectively in 2022, with a stable competitive landscape and superior profitability compared to the two-piece can segment [23][37] 2. Cyclical Turning Point Emerging, Awaiting Profit Recovery for Leaders - The capital expenditure cycle is nearing its peak, with significant production capacity expansion expected to slow down in 2024-2025. The industry is currently experiencing low profitability levels, with limited room for further deterioration [46][50] - The profitability of leading companies is anticipated to improve as supply-demand dynamics stabilize, with potential for slight price increases in 2026 [65] 3. Accelerated Overseas Capacity Layout, Profit Center Expected to Optimize - Leading companies such as Baosteel Packaging, Aorui Jin, and Shengxing have reported significant growth in overseas revenues, with Baosteel's overseas revenue reaching 1.359 billion yuan in the first half of 2025, a year-on-year increase of 19.14% [4] - The overseas market offers better competitive dynamics and higher pricing, leading to improved profit margins compared to domestic operations [4][65] 4. Key Company Profiles - Baosteel Packaging focuses on the two-piece can segment, showing stable performance [4] - Aorui Jin is expanding through acquisitions, particularly with the purchase of COFCO Packaging, indicating strong growth potential [4] - Shengxing has a diversified product matrix, with expected profitability recovery [4]

Investment Rating - The report maintains a positive outlook on the home furnishing sector, indicating that valuations are at a bottom and are expected to rise due to favorable real estate policies [2][5][17] Core Insights - The home furnishing sector is poised for valuation recovery driven by improved real estate policies and market stabilization, with a focus on companies with high dividend safety margins such as Gujia Home, Sophia, and Oppein [2][5][6] - The metal packaging industry is seeing price increases for two-piece cans, leading to improved profitability and a more consolidated industry structure [2][5][6] - The AI glasses market is expected to grow significantly, with Meta's optimistic shipment forecasts and partnerships enhancing production capabilities [2][10][11] - The paper industry is stabilizing in the short term, with potential for improved supply-demand dynamics and profitability in the medium term [2][14][15] Summary by Sections Home Furnishing - The sector is experiencing a bottoming out of valuations, with real estate policies expected to catalyze upward movement. The central economic work conference emphasizes stabilizing the real estate market, which is anticipated to improve demand for home furnishings [6][17] - The increase in second-hand housing transactions is expected to support demand recovery, while industry consolidation is accelerating, with mid-tier companies exiting the market [6][7][17] - Key companies to watch include Gujia Home, Sophia, Oppein, Mousse, and Xilinmen, which are positioned well for valuation recovery [2][5][6] Metal Packaging - The industry is witnessing price increases for two-piece cans, with a confirmed profit margin turning point in 2026. The consolidation of leading companies is enhancing pricing power and profitability [2][5][6][8] - The demand from downstream sectors, particularly beer and carbonated beverages, is expected to drive growth, with significant room for improvement in can penetration rates compared to developed markets [7][8] AI Glasses - Meta's production capacity for AI glasses is rapidly increasing, with expectations to double output to 20 million units by the end of 2026. This growth is supported by strong market demand and technological advancements [10][11] - Partnerships with companies like EssilorLuxottica and the establishment of joint ventures are expected to accelerate the rollout of AI glasses [11][12] Paper Industry - The short-term stability of boxboard prices is noted, with medium-term improvements in supply-demand dynamics anticipated to enhance profitability [14][15] - The report highlights the importance of integrated supply chains and cost advantages for companies like Sun Paper and Nine Dragons Paper, which are well-positioned to benefit from market recovery [14][15]

证券代码：601968 证券简称：宝钢包装 公告编号：2026-006 上海宝钢包装股份有限公司 关于持股 5%以上股东权益变动触及 5%刻度的提示性公告 投资者长峡金石(武汉)股权投资基金合伙企业（有限合伙）及其一致 行动人保证向本公司提供的信息真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信 息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 6.00% | | | | 权益变动后合计比例 | 5.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适 ...

上海宝钢包装股份有限公司 简式权益变动报告书 上市公司名称： 上海宝钢包装股份有限公司 股票上市地点： 上海证券交易所 股票简称： 宝钢包装 股票代码： 601968 信息披露义务人一： 长峡金石（武汉）股权投资基金合伙企业（有限合 伙） 住所： 武汉市东湖新技术开发区高新大道 999 号海外人 才大楼 A 座 18 楼 182 室 通讯地址： 北京市朝阳区新源南路 6 号京城大厦 16 层 | 信息披露义务人二： | 安徽交控金石并购基金合伙企业（有限合伙） | | | | --- | --- | --- | --- | | 住所： | 合肥市高新区望江西路 520 | | 号皖通高速高科技产 | | | 业园 12 | 号研发楼一层 | | | 通讯地址： | 北京市朝阳区新源南路 6 | | 号京城大厦 16 层 | 股份变动性质： 股份减少，持股比例下降至 5%以下 签署日期：二〇二六年一月 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系信息披露义务人依据《公司法》《证券法》《收购管理办法》 和《公开发行证券的公司信息披露内容与格式准则第 15 ...