Market Overview - The paper sector experienced a decline of 0.34% on November 17, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Individual Stock Performance - Qing Shan Paper (600103) saw an increase of 2.39% in its closing price at 4.29, with a trading volume of 314.05 million shares [1] - Changxing Wanye (002067) rose by 2.01% to close at 6.10, with a trading volume of 141.35 million shares [1] - Songyang Resources (603863) experienced the largest decline, falling by 5.52% to 18.99, with a trading volume of 129,800 shares [2] Capital Flow Analysis - The paper sector had a net outflow of 131 million yuan from institutional investors, while retail investors saw a net inflow of 53.63 million yuan [2] - Institutional investors showed a net inflow of 77.70 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - Qing Shan Paper had a net inflow of 32.01 million yuan from institutional investors, while retail investors had a net outflow of 50.99 million yuan [3] - Yueyang Lin Paper (600963) recorded a net inflow of 14.03 million yuan from institutional investors, with retail investors also experiencing a net outflow of 6.29 million yuan [3] - Songyang Resources had a significant net outflow of 25.36 million yuan from institutional investors [3]

Core Viewpoint - Xianhe Co., Ltd. announced the release of 42,000,000 shares from pledge by its controlling shareholder, Zhejiang Xianhe Holding Group Co., Ltd., which represents 7.59% of the shares held by the shareholder and 5.93% of the total share capital of the company [2] Summary by Relevant Sections - **Share Pledge Release** - The controlling shareholder, Zhejiang Xianhe Holding Group Co., Ltd., notified the company about the release of 42,000,000 shares pledged to Tibet Trust Co., Ltd. [2] - **Percentage of Shares** - The released shares account for 7.59% of the shares held by the controlling shareholder and 5.93% of the total share capital of Xianhe Co., Ltd. [2]

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于控股股东部分股份解除质押的公告 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： | 股东名称 | 仙鹤控股 | | | | --- | --- | --- | --- | | 本次解质股份 | 42,000,000 | 股 | | | 占其所持股份比例 | 7.59% | | | | 占公司总股本比例 | 5.93% | | | | 解质时间 | 2025 年 11 | 月 | 12 日 | | 持股数量 | 553,589,408 | | 股 | | 持股比例 | 78.22% | | | | 剩余被质押股份数量 | 35,000,000 | 股 | | | 剩余被质押股份数量占其所持股份比例 | 6.32% | | | | 剩余被质押股份数量占公司总股本比例 | 4.95% | | | 本次解 ...

Core Viewpoint - Xianhe Co., Ltd. announced that its controlling shareholder, Xianhe Holdings, holds 78.22% of the company's shares and will release a pledge of 42 million unrestricted circulating shares to Tibet Trust on November 12, 2025, which accounts for 7.59% of its holdings and 5.93% of the total share capital [1] Summary by Relevant Categories Shareholding Structure - Xianhe Holdings holds 78.22% of Xianhe Co., Ltd.'s shares [1] Pledge and Release of Shares - On November 12, 2025, Xianhe Holdings will release a pledge of 42 million shares, which is 7.59% of its total holdings and 5.93% of the company's total share capital [1] - After the release, Xianhe Holdings will have a total of 35 million pledged shares, representing 6.32% of its holdings and 4.95% of the total share capital [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report analyzes the supply, demand, cost, profit, price, and other aspects of offset printing paper. It shows that the production of offset printing paper is expected to increase slightly next week, with stable demand and inventory likely to accumulate. The cost of offset printing paper has risen due to raw material price increases, and production profit is expected to decline. If the price increase is successfully implemented, it may offset the cost increase. In the short - term, the fundamentals show no significant changes. If the price increase is implemented, appropriate long positions can be established at low prices, but risk control should be noted. 3. Summary by Directory Part 1: Offset Printing Paper Overview - **Supply - Demand - Inventory**: Domestic production in the week of 2025/11/7 was 20.80 million tons, a week - on - week increase of 0.20 million tons. The capacity utilization rate was 53.40%, a week - on - week decrease of 0.40%. The monthly import volume was 1.10 million tons, a month - on - month decrease of 0.79 million tons. The weekly apparent demand was 19.60 million tons, a week - on - week increase of 3.00 million tons. The monthly export volume was 5.60 million tons, a month - on - month decrease of 0.08 million tons. Domestic demand was 84.05 million tons, a month - on - month decrease of 3.84 million tons. Enterprise inventory, social inventory, and total spot inventory all increased, with the total inventory reaching 189.50 million tons. It is expected that the production of the double - offset paper industry will continue to increase, about 21.0 million tons next week, and the demand will remain stable, with inventory likely to accumulate [6]. - **Price**: The ex - factory delivery prices of major brands remained unchanged compared to the previous period, but were lower than the same period last year. It is reported that due to the increase in raw material prices, the intended price increase of double - offset paper is 100 yuan/ton, waiting for implementation. The market self - pick - up prices also remained unchanged compared to the previous period but were lower than the same period last year. The futures prices of OP2601 and OP2603 showed an upward trend compared to the previous period, and the futures market is expected to fluctuate or fluctuate strongly [8]. - **Spread and Basis**: The spread between ex - factory and self - pick - up prices remained stable, and the futures spread between 1 - 3 contracts was expected to remain stable. The basis of some brands was expected to weaken. Seasonally, January is a small peak season for spring teaching and auxiliary textbook tenders, and March is a traditional peak season [10]. - **Cost and Profit**: The raw material costs of major pulp types decreased compared to the same period last year but remained unchanged compared to the previous period. The total production cost decreased compared to the same period last year but remained unchanged compared to the previous period. The production profit decreased compared to the same period last year and is expected to decline mainly due to the increase in raw material prices and the difficulty in raising the price of finished products. If the price increase is successful, it may cover the cost increase [12]. - **Strategy Recommendation**: In the industrial chain, the spot price is stable, and transactions are based on rigid demand. In the short - term, the fundamentals show no significant changes. If the price increase is implemented, appropriate long positions can be established at low prices, but risk control should be noted [14]. Part 2: Offset Printing Paper Balance Sheet The balance sheet shows the monthly supply, demand, inventory, and other data of double - offset paper from 2024 to 2025. In 2025, the cumulative import volume, production, total supply, domestic demand, total demand, etc. showed different trends compared to 2024. For example, in January 2025, the cumulative import volume decreased by 18.05% year - on - year, and the production decreased by 10.87% year - on - year [16]. Part 3: Offset Printing Paper Supply - Demand Analysis - **Supply - Production Situation**: In 2025, a total of 140 million tons of cultural paper production capacity has been put into operation, and 225 million tons are yet to be put into operation, mostly in the third quarter. In 2026, the planned production capacity to be put into operation is 120 - 140 million tons. Major companies such as Nine Dragons Paper, Chenming Paper, and Sun Paper have new production capacity plans or capacity resumption plans [18]. Part 4: Offset Printing Paper Cost - Profit - **Raw Material Cost**: The raw material costs of major pulp types such as Ural Needle, Moon, and Goldfish decreased compared to the same period last year but remained unchanged compared to the previous period [12]. - **Profit**: The production profit decreased compared to the same period last year and is expected to decline mainly due to the increase in raw material prices and the difficulty in raising the price of finished products. If the price increase is successful, it may cover the cost increase [12]. Part 5: Offset Printing Paper Price and Spread Analysis - **Spot Quotation**: The ex - factory delivery prices and market self - pick - up prices of major brands remained unchanged compared to the previous period but were lower than the same period last year. It is reported that due to the increase in raw material prices, the intended price increase of double - offset paper is 100 yuan/ton, waiting for implementation [8]. - **Futures - Spot Basis**: The basis of some brands is expected to weaken [10]. - **OP Main Contract Seasonal Chart and Inter - Month Spread**: Seasonally, January is a small peak season for spring teaching and auxiliary textbook tenders, and March is a traditional peak season. The futures spread between 1 - 3 contracts is expected to remain stable [10].

Market Overview - The paper sector experienced a decline of 0.27% on November 12, with Jingxing Paper leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable gainers included Bohui Paper, which rose by 3.32% to a closing price of 5.92, with a trading volume of 419,400 shares and a transaction value of 244 million yuan [1] - Other gainers included Sun Paper with a 0.72% increase, closing at 15.42, and Kain Co. with a 0.50% increase, closing at 6.02 [1] - Decliners included Zhi Xing Paper, which fell by 3.28% to 5.89, and Yibin Paper, down 1.90% to 23.18 [2] Capital Flow Analysis - The paper sector saw a net outflow of 241 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [2][3] - The data indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2][3] Detailed Capital Flow for Selected Stocks - Bohui Paper had a net inflow of 31.14 million yuan from institutional investors, while it faced a net outflow of 33.86 million yuan from retail investors [3] - Hengfeng Paper experienced a small net inflow of 1.52 million yuan from institutional investors, with retail investors contributing a net inflow of 273,600 yuan [3] - Other stocks like Kain Co. and Huawang Technology saw significant net outflows from institutional investors, indicating a cautious sentiment among larger players [3]

Core Viewpoint - The company has approved a plan for a targeted issuance of shares during the third extraordinary shareholders' meeting held on October 15, 2025 [1] Summary by Relevant Sections - **Share Issuance Plan** - The company will conduct a targeted issuance of shares, with the decision being valid for 12 months after the shareholders' meeting approval [1] - If the application to the China Securities Regulatory Commission (CSRC) is approved within this period, the validity will automatically extend until the issuance is completed [1] - **Application Timeline and Key Factors** - The company has not yet determined the specific time to submit the application to the CSRC [1] - Key elements such as issuance price and quantity will be determined after receiving regulatory approval, in consultation with authorized and sponsoring institutions [1] - **Completion Timeline** - Typically, the targeted issuance is expected to be completed within 6 months after obtaining approval [1] - The company will provide updates on the progress through subsequent announcements [1]

债券代码：113632 债券简称：鹤21转债 证券代码：603733 证券简称：仙鹤股份 公告编号：2025-065 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： 仙鹤股份有限公司（以下简称"公司"或"本公司"）于2021年11月17日公开发行 的可转换公司债券（以下简称"本期债券"或"鹤21转债"）将于2025年11月17日开始 支付自2024年11月17日至2025年11月16日期间的利息。根据《仙鹤股份有限公司公开发 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）有关条款的规定，现 将有关事项公告如下： 一、可转债发行上市概况 7、面值和发行价格：本次发行的可转换公司债券每张面值为人民币100.00元，按面 值发行。 8、债券期限：本次发行的可转换公司债券的存续期限为自发行之日起6年，即自 可转债付息债权登记日：2025年11月14日 可转债除息日：2025年11月17日 可转债兑息日：2025年11月17日 1、债券名称：仙鹤股份有限公司公开发行可转换公司债券 2、债券简称：鹤21转 ...

Core Viewpoint - Xianhe Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in revenue but a decline in net profit year-on-year [2][3]. Financial Performance - As of September 30, 2025, Xianhe Co., Ltd. achieved a revenue of 9.063 billion yuan, representing a year-on-year growth of 24.80% [2]. - The net profit attributable to shareholders for the same period was 778 million yuan, which reflects a year-on-year decrease of 4.77% [2]. Stock Performance - On November 10, 2025, Xianhe's stock price increased by 2.07%, reaching 23.66 yuan per share, with a total market capitalization of 16.745 billion yuan [1]. - Year-to-date, the stock price has risen by 17.54%, with a 2.03% increase over the last five trading days and a 2.87% increase over the last twenty days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 8.19% to 13,800, while the average circulating shares per person increased by 9.20% to 51,276 shares [2]. - The company has distributed a total of 1.774 billion yuan in dividends since its A-share listing, with 819 million yuan distributed over the last three years [3]. Ownership Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 3.8612 million shares, an increase of 565,600 shares from the previous period [3]. Business Overview - Xianhe Co., Ltd. specializes in the research, production, and sales of high-performance paper-based functional materials and their raw materials, with a diverse revenue composition [1]. - The main business revenue breakdown includes daily consumer products (42.67%), food and medical packaging materials (17.26%), and other categories [1].

Group 1: Industry Overview - The number of enterprises in the paper and paper products industry reached 8,131 as of January to September 2025, an increase of 182 compared to the same period last year, representing a year-on-year growth of 2.29% [1] - The proportion of the paper and paper products industry enterprises in the total industrial enterprises is 1.56% [1] Group 2: Company Listings - Listed companies in the paper industry include: Chenming Paper (000488), Kane Co. (002012), Jingxing Paper (002067), Sun Paper (002078), Annie Co. (002235), Qifeng New Materials (002521), Qingshan Paper (600103), Minfeng Special Paper (600235), Huatai Co. (600308), Yueyang Forest Paper (600963), Bohui Paper (600966), Rongsheng Environmental Protection (603165), Xianhe Co. (603733), Songyang Resources (603863), Wuzhou Special Paper (605007), Huawang Technology (605377), and Forest Packaging (605500) [1] Group 3: Research Report - The report titled "Analysis of Development Models and Market Operation Potential of China's Paper Industry from 2026 to 2032" was published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2]