| 证券代码：603733 | 证券简称：仙鹤股份 公告编号：2026-003 | | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | 本季度转股情况：自 2026 年 1 月 1 日至 2026 年 3 月 31 日期间，累计共 有人民币 2,000 元"鹤 21 转债"已转换成公司股票，累计转股数量为 104 股， 占可转债转股前公司已发行股份总额的 0.000015%。 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准仙鹤股份有限公司公开发行可转换公 司债券的批复》（证监许可[2021]3200 号）核准，仙鹤股份有限公司（以下简称 "公司"、"本公司"）于 2021 年 11 月 17 日公开发行了 2,050 万张可转换公 司债券，每张面值为人民币 100 元，发行总额为人民币 20.50 亿元，期限 6 年。 （二）可转债上市情况 仙鹤股份有限公司 可转债转股结果暨股份变动公告 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个别及连带责任。 重要内容提示： 累 ...

造纸轻工行业 行业研究 | 行业周报 上游表现强于下游，格局优化进行中 核心观点 投资建议与投资标的 ⚫ 短期来看，我们判断，上游浆价表现或强于下游纸价。前瞻性布局上游制浆环节的 头部纸企，有望受益于自供浆的低成本红利，进而与行业内其他依赖外购浆的纸企 在成本端拉开差距。中期维度，是否具备自供浆产能或将成为行业新一轮供给侧优 化的关键标尺。我们看好前期已积极布局上游纸浆环节的造纸企业，相关标的太阳 纸业(002078，未评级)、仙鹤股份(603733，未评级)、五洲特纸(605007，未评 级)、玖龙纸业(02689，未评级)。 风险提示 ⚫ 能源价格大幅波动的风险；宏观经济增速放缓、终端需求下滑幅度超预期的风险。 国家/地区 中国 行业 造纸轻工行业 报告发布日期 2026 年 03 月 31 日 看好（维持） 李雪君 执业证书编号：S0860517020001 香港证监会牌照：BSW124 lixuejun@orientsec.com.cn 021-63326320 | 能源价格上行，浆价表现或超市场预期 | 2026-03-27 | | --- | --- | | 本周成品纸价格基本稳定：——造纸产业 ...

证 券 研 究 报 告 HALO资产属性，供需曙光初现，浆纸一体为王 2026年造纸行业春季投资策略 证券分析师：屠亦婷 A0230512080003 黄莎 A0230522010002 张海涛 A0230524080003 2026.03.31 投资逻辑：供需改善曙光初现，浆纸一体企业持续整合市场 ◼ 造纸行业具备HALO资产属性，重资产、低淘汰率、长期价值稳定；供给政策驱动下（反内卷、碳双控等），有望加速周期弹性释放 www.swsresearch.com 证券研究报告 2 • 2030年碳达峰在即，十五五启动进入碳双控，正式实施碳排放总量和强度双控制度，替代原有能耗双控；2026年生态环境部《关于做好2026年 全国碳排放权交易市场有关工作的通知》特别明确了石化、化工、建材（平板玻璃）、有色（铜冶炼）、造纸、民航行业企业管理要求，后续若 碳排放政策在造纸行业落地，有望加速中小产能出清和行业供需改善 ◼ 木浆：海外浆厂协同性强、控产意愿强烈，叠加新增供给有所放缓，2025H2以来阔叶浆价逐渐企稳回升，短期重点关注高成本针叶浆厂 的供给变化、终端需求复苏节奏和库存去化情况；中长期浆价易涨难跌，浆纸一体化企业 ...

主要观点： 报告日期： 2026-03-29 ⚫周专题：浆企陆续发布停机检修或减产计划，纸厂继续发布涨价函 ⚫ [Table_Chart] 行业指数与沪深 300 走势比较 国内外浆企陆续发布停机检修或减产计划，全球木浆供应呈现收紧态 势，为纸浆价格上涨提供了坚实支撑。3 月 11 日，亚太森博发布停机 检修通知，位于山东日照的浆线（190 万吨/年）计划从 4 月 20 日开始 为期 10 天的水洗停机检修。受原材料、能源以及运输成本上涨影响， 此前已将阔叶浆价格上调 150 元。全球其他浆企也在通过主动减产、转 产或计划内检修来调节供应。3 月中旬以来，针叶浆和阔叶浆均价均上 涨，在 3 月 24 日均价分别为 5185.58 元/吨和 4572.89 元每吨。全球木 浆供应边际收紧，海外浆厂目前提价意愿强烈。 [Table_IndNameRptType] 轻工纺服 行业周报 浆企陆续发布停机检修或减产计划，纸厂继续发布涨价函 行业[Table_IndRank] 评级：增 持 [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com -10% ...

Investment Rating - The report maintains a positive outlook on the home furnishing and paper industries, highlighting potential investment opportunities in companies with high dividend yields such as Kuka Home, Sophia, and Oppein [2][4]. Core Insights - The home furnishing sector is experiencing a surge in demand driven by the release of smart furniture products, with major players like Kuka Home and Mousse launching innovative products that align with AI trends [2][4]. - The valuation of the home furnishing sector is at a low point, with real estate policies expected to catalyze upward valuation adjustments, leading to accelerated industry consolidation [2][4]. - The paper industry is witnessing a recovery in pulp and paper prices, with expectations of improved supply-demand dynamics that could enhance industry profitability [2][4]. Summary by Sections Home Furnishing - The report notes a significant release of smart home products, which is driving a new demand paradigm. Companies like Kuka Home and Mousse are launching innovative products that stimulate replacement demand [2][4]. - The sector's valuation is at a bottom, with real estate policies likely to boost valuations. The report emphasizes the importance of companies with high dividend safety margins such as Kuka Home, Sophia, Oppein, Mousse, and Xilinmen [2][4]. - Recent data indicates a recovery in Shanghai's second-hand housing market, which is expected to support home furnishing demand [9][10]. Light Industry - The report identifies high dividend stocks in the light industry, recommending companies like Huawang Technology, Yongxin Co., and Weiyida, which are expected to benefit from stable growth and dividend policies [2][4][13]. - The light industry saw a significant recovery in exports, with a year-on-year increase of 18% in January-February, driven by strong external demand [21][23]. Paper Industry - The report highlights that pulp prices are beginning to recover, with expectations of price increases following a seasonal uptick. The supply-demand balance is anticipated to improve, enhancing profitability in the paper sector [2][4][16]. - Companies like Sun Paper, Nine Dragons Paper, and Bohui Paper are recommended due to their strong cost advantages and integrated operations, which position them well for the expected recovery [18][19].

Investment Rating - The report maintains a positive outlook on the home furnishing and paper industries, highlighting potential investment opportunities in companies with high dividend yields and strong market positions [2][5]. Core Insights - The home furnishing sector is experiencing a surge in demand driven by the release of smart furniture products, with companies like Kuka Home, Mousse, and Xilinmen launching innovative products that align with AI trends [2][5]. - The valuation of the home furnishing sector is at a low point, with real estate policies expected to catalyze upward valuation adjustments, leading to accelerated industry consolidation [2][5]. - The paper industry is witnessing a recovery in pulp and paper prices, with expectations of improved supply-demand dynamics that could enhance industry profitability [2][5]. Summary by Sections Home Furnishing - The report notes a significant release of smart home products, which is expected to stimulate replacement demand. Key players such as Kuka Home and Mousse are launching innovative products that incorporate AI technology [2][5]. - The sector's valuation is at a bottom, with favorable real estate policies likely to boost demand and support industry consolidation. Recent policy changes in Shanghai have improved the housing market, which is expected to positively impact home furnishing demand [2][5][10]. Light Industry - The report identifies high-dividend stocks in the light industry, recommending companies like Huawang Technology and Yongxin Co., which are expected to benefit from stable growth and dividend policies [2][14]. - The light industry is experiencing significant recovery in exports, with a year-on-year increase of 18% in early 2026, driven by strong external demand and favorable market conditions [22][24]. Paper Industry - The report highlights that pulp prices are beginning to recover, with expectations of a price increase following a period of stabilization. The supply-demand balance is anticipated to improve, enhancing profitability for the industry [2][17]. - Specific companies such as Sun Paper and Nine Dragons Paper are recommended for their integrated operations and cost advantages, which position them well for the expected recovery in the paper market [19][20].

造纸轻工行业 行业研究 | 动态跟踪 能源价格上行，浆价表现或超市场预期 核心观点 投资建议与投资标的 地缘冲突背景下，油价中枢显著提升，能源成本上行或将助推纸浆价格延续前期涨势， 国内造纸行业仅有部分龙头企业布局上游制浆环节，与未涉足纸浆领域的企业在成本端 或将形成较大差异。我们看好前瞻性布局上游纸浆环节的造纸企业，相关标的太阳纸业 (002078，未评级)、仙鹤股份(603733，未评级)、五洲特纸(605007，未评级)、玖龙纸 业(02689，未评级)。 风险提示 能源价格大幅波动的风险；宏观经济增速放缓、终端需求下滑幅度超预期的风险。 国家/地区 中国 行业 造纸轻工行业 报告发布日期 2026 年 03 月 27 日 看好（维持） 李雪君 执业证书编号：S0860517020001 香港证监会牌照：BSW124 lixuejun@orientsec.com.cn 021-63326320 | 本周成品纸价格基本稳定：——造纸产业 | 2025-06-08 | | --- | --- | | 链数据每周速递（2025/06/06） | | | 本周文化纸价格下跌，包装纸价格上涨： | 2025-06 ...

Price Adjustments in the Paper Industry - Several paper companies, including Sun Paper and Wuzhou Special Paper, have announced price increases for their digital paper products due to rising raw material and other comprehensive costs, effective from March 21, with an increase of 500 yuan per ton [3] - Xianhe Co. has also issued a price adjustment notice indicating that to alleviate operational pressure, the entire series of its heat transfer printing paper products will see an additional price increase of 500 yuan per ton starting from March 21, following a previous increase on March 5 [3]

Core Viewpoint - Multiple paper companies, including Sun Paper and Wuzhou Special Paper, have announced price increases for digital paper products due to rising raw material and other comprehensive costs, effective from March 21, with an increase of 500 yuan per ton [1] Group 1 - Sun Paper and Wuzhou Special Paper are among the companies implementing a price increase for digital paper products [1] - The price adjustment is attributed to the increase in raw material costs and other operational expenses [1] - Xianhe Co. has also issued a price increase notice, raising the price of its entire series of heat transfer printing paper by an additional 500 yuan per ton, following a previous increase on March 5 [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The paper industry is experiencing a new wave of price increases, with several companies raising prices for their products, which is expected to enhance overall profitability in the sector [2]. - The company is positioned to benefit from a moderate recovery in pulp prices, which provides a solid cost foundation for product price increases, ensuring steady profit growth [3]. - The company is expanding its production capacity in Guangxi and Hubei, with new projects expected to contribute significantly to profit growth as they come online [3]. - The company has a strong market presence in high-barrier products and is making inroads into overseas markets, which are anticipated to contribute to revenue growth [4]. Summary by Sections Revenue and Profit Forecast - Projected revenues for 2025-2027 are estimated at 129.14 billion, 153.87 billion, and 178.87 billion RMB, representing year-on-year growth rates of 25.70%, 19.15%, and 16.25% respectively [5][10]. - Expected net profits for the same period are forecasted at 10.13 billion, 12.65 billion, and 15.10 billion RMB, with growth rates of 0.93%, 24.85%, and 19.36% respectively [5][10]. - Earnings per share (EPS) are projected to be 1.43, 1.79, and 2.13 RMB for 2025-2027, with corresponding price-to-earnings (P/E) ratios of 11, 9, and 8 times [5][10]. Market Position and Competitive Advantage - The company leads in market share for key product categories such as coated paper and food packaging, benefiting from strong customer loyalty and stable orders [3]. - The company is enhancing its supply chain integration by increasing self-sufficiency in pulp production, which is expected to mitigate raw material price fluctuations and improve profitability [3]. - The company is focusing on high-growth markets in the EU and Southeast Asia, leveraging its competitive advantages to penetrate local supply chains [4].