Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].

Investment Rating - The report assigns an "Accumulate" rating for the paper industry [4]. Core Insights - In the short term, the report anticipates an increase in pulp costs and prices due to overseas supply shocks and changes in the supply-demand dynamics in the European and American markets. In the long term, the cost of domestic pulp is expected to decrease due to changes in the pulp structure, benefiting leading integrated pulp and paper manufacturers with upstream forest resources and green energy [2][4]. Summary by Sections Investment Recommendations - The report suggests that leading integrated pulp and paper manufacturers, such as Sun Paper, Xianhe Co., Wuzhou Special Paper, Bohui Paper, Shanying International, and Nine Dragons Paper, are expected to benefit from the full industry chain resource layout and operational advantages [7]. Domestic Pulp Prices and Global Supply-Demand - Domestic pulp prices are closely linked to overseas markets, with global supply and demand primarily driving domestic pulp prices. In 2024, domestic consumption of broadleaf pulp, softwood pulp, chemical pulp, and unbleached pulp is projected to be 2,353, 826, 656, and 95 thousand tons, respectively [9][11]. Supply Shocks and Price Impact - Supply shocks have significantly impacted short-term pulp prices, with an average of approximately 2 million tons of capacity permanently shut down annually since 2017. The report notes that supply disruptions are influenced by market factors, strikes, natural disasters, and equipment failures [76][79]. Long-term Cost Structure Changes - Changes in the pulp structure are expected to lower the long-term cost base in China. The report highlights that the price gap between softwood and broadleaf pulp has widened, with broadleaf pulp's demand share increasing by 10 percentage points to 74% [4][103]. Cost Curve Changes and Pricing - The cost curve is primarily determined by wood costs, with logistics and energy costs also playing significant roles. The report indicates that logistics costs account for 10-20% and energy costs for 15-20% of total costs, with leading pulp manufacturers optimizing costs through strategic location layouts [5][29].

金融界消息 截至2025年8月19日收盘，仙鹤股份（603733）报收于26.34元，上涨2.73%，换手率 0.89%，成交量6.26万手，成交金额1.64亿元。 通过天眼查大数据分析，仙鹤股份有限公司共对外投资了21家企业，参与招投标项目340次，知识产权 方面有商标信息18条，专利信息149条，此外企业还拥有行政许可24个。 资金流向方面，今日主力资金净流入1209.22万元，占比成交额7.39%。其中，超大单净流入345.06万 元、占成交额2.11%，大单净流入864.16万元、占成交额5.28%，中单净流出流入339.43万元、占成交额 2.08%，小单净流出1548.65万元、占成交额9.47%。 来源：金融界 仙鹤股份最新一期业绩显示，截至2025一季报，公司营业总收入29.91亿元、同比增长35.42%，归属净 利润2.36亿元，同比减少12.13%，扣非净利润2.24亿元，同比减少5.46%，流动比率1.685、速动比率 0.987、资产负债率65.49%。 天眼查商业履历信息显示，仙鹤股份有限公司，成立于2001年，位于衢州市，是一家以从事居民服务业 为主的企业。企业注册资本70597. ...

Market Overview - The paper sector increased by 0.57% on August 18, with Hengda New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Hengda New Materials (301469) closed at 31.69, up 5.95% with a trading volume of 50,600 and a turnover of 158 million [1] - ST Morning (000488) closed at 2.30, up 3.60% with a trading volume of 477,500 and a turnover of 109 million [1] - BoHui Paper (600966) closed at 5.17, up 2.78% with a trading volume of 315,500 and a turnover of 164 million [1] - Other notable performers include Minshida (833394) up 2.67%, Huawang Technology (605377) up 2.58%, and Hengfeng Paper (600356) up 2.46% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 57.59 million from institutional investors and 13.46 million from speculative funds, while retail investors saw a net inflow of 71.05 million [2] - Notable net inflows from retail investors were observed in Sun Paper (002078) with 49.32 million, and Hengfeng Paper (600356) with 14.96 million [3] - Conversely, significant net outflows from institutional investors were noted in Sun Paper (-36.67 million) and Hengda New Materials (-28.62 million) [3]

仙鹤股份最新一期业绩显示，截至2025一季报，公司营业总收入29.91亿元、同比增长35.42%，归属净 利润2.36亿元，同比减少12.13%，扣非净利润2.24亿元，同比减少5.46%，流动比率1.685、速动比率 0.987、资产负债率65.49%。 来源：金融界 金融界消息 截至2025年8月15日收盘，仙鹤股份（603733）报收于25.28元，上涨1.4%，换手率0.95%， 成交量6.69万手，成交金额1.69亿元。 天眼查商业履历信息显示，仙鹤股份有限公司，成立于2001年，位于衢州市，是一家以从事居民服务业 为主的企业。企业注册资本70597.5551万人民币，实缴资本70579.6063万人民币。公司法定代表人为王 敏良。 资金流向方面，今日主力资金净流出1570.13万元，占比成交额9.32%。其中，超大单净流出2177.20万 元、占成交额12.92%，大单净流入607.06万元、占成交额3.6%，中单净流出流入599.40万元、占成交额 3.56%，小单净流入970.73万元、占成交额5.76%。 通过天眼查大数据分析，仙鹤股份有限公司共对外投资了21家企业，参与招投标项目340次， ...

金融界消息 截至2025年8月14日收盘，仙鹤股份（603733）报收于24.93元，下跌1.62%，换手率 0.72%，成交量5.06万手，成交金额1.27亿元。 资金流向方面，今日主力资金净流出1088.88万元，占比成交额8.59%。其中，超大单净流出323.07万 元、占成交额2.55%，大单净流出765.81万元、占成交额6.04%，中单净流出流出425.36万元、占成交额 3.36%，小单净流入1514.24万元、占成交额11.95%。 通过天眼查大数据分析，仙鹤股份有限公司共对外投资了21家企业，参与招投标项目340次，知识产权 方面有商标信息18条，专利信息149条，此外企业还拥有行政许可24个。 来源：金融界 仙鹤股份最新一期业绩显示，截至2025一季报，公司营业总收入29.91亿元、同比增长35.42%，归属净 利润2.36亿元，同比减少12.13%，扣非净利润2.24亿元，同比减少5.46%，流动比率1.685、速动比率 0.987、资产负债率65.49%。 天眼查商业履历信息显示，仙鹤股份有限公司，成立于2001年，位于衢州市，是一家以从事居民服务业 为主的企业。企业注册资本70597 ...

关于提前归还暂时补充流动资金的闲置 证券代码：603733 证券简称：仙鹤股份 公告编号：2025-039 债券代码：113632 债券简称：鹤21转债 仙鹤股份有限公司 仙鹤股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开第三届董 事会第二十三次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资 金的议案》，同意公司在确保不影响募集资金投资项目实施及募集资金使用的情 况下，使用额度不超过人民币 60,000 万元的闲置募集资金暂时补充流动资金， 使用期限为自本次董事会审议通过之日起不超过 12 个月。具体内容详见公司于 露媒体披露的《仙鹤股份有限公司关于使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：2024-046）。 截止 2025 年 8 月 12 日，公司已将上述用于暂时补充流动资金已使用的募集 资金 60,000.00 万元提前归还至公司募集资金专用账户，使用期限自公司董事会 审议通过之日起未超过 12 个月，并已将上述募集资金的归还情况通知了公司的 保荐机构及保荐代表人。 特此公告。 仙鹤股份有限公司董事会 募集资金的公告 本公司董事会及全体董事保证本公告内 ...

| | 划 | | | | | | --- | --- | --- | --- | --- | --- | | 301022 | 海泰科 | 6 | 1.63 | 5.58 | 37.58 | | 688273 | 麦澜德 | 6 | 1.25 | 6.36 | 54.34 | | 688271 | 联影医 疗 | 7 | 1.18 | 3.50 | -1.61 | | 601628 | 中国人 寿 | 6 | 1.09 | 4.24 | -0.15 | | 002768 | 国恩股 份 | 5 | 0.92 | 7.15 | 7.20 | | 603040 | 新坐标 | 5 | 0.70 | 7.74 | 11.34 | | 002634 | 棒杰股 | 7 | 0.65 | 8.10 | 17.51 | | | 份 | | | | | | 603137 | 恒尚节 | 1 1 | 0.65 | 11.78 | 11.20 | | | 能 | | | | | | 002966 | 苏州银 | 5 | 0.63 | 5.21 | -1.15 | | | 行 | | | | | | 688112 | 鼎阳科 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000488 | ST晨鸣 | 2.33 | 3.56% | 95.08万 | | 2.21亿 | | 002078 | 太阳纸业 | 14.88 | 2.41% | 25.78万 | | 3.83亿 | | 002235 | 安妮股份 | 8.20 | 1.74% | 78.27万 | | 6.37亿 | | 603733 | 仙鹤股份 | 25.35 | 0.40% | 1 9.01万 | | 2.29亿 | | 605377 | 华旺科技 | 9.36 | 0.21% | 3.06万 | 2868.11万 | | | 600963 | 岳阳林纸 | 4.85 | 0.21% | 16.66万 | 8039.49万 | | | 600793 | 宜宾纸业 | 25.83 | 0.12% | 4.97万 | | 1.29亿 | | 002012 | 凯恩股份 | 6.37 | -0.16% | 32.60万 | | 2.06亿 | ...

仙鹤股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开第三届董 事会第二十三次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资 金的议案》，同意公司在确保不影响募集资金投资项目实施及募集资金使用的情 况下，使用额度不超过人民币 60,000 万元的闲置募集资金暂时补充流动资金， 使用期限为自本次董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 8 月 15 日在上海证券交易所网站（www.sse.com.cn）及公司法定信息披 露媒体披露的《仙鹤股份有限公司关于使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：2024-046）。 截止 2025 年 8 月 12 日，公司已将上述用于暂时补充流动资金已使用的募集 资金 60,000.00 万元提前归还至公司募集资金专用账户，使用期限自公司董事会 审议通过之日起未超过 12 个月，并已将上述募集资金的归还情况通知了公司的 保荐机构及保荐代表人。 特此公告。 仙鹤股份有限公司董事会 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-039 | | --- | --- | --- ...