| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 累计转股情况：截至 2026 年 3 月 31 日，累计人民币 8,118,000 元"特纸转 债"已转换成公司股份，占可转债发行总量的 1.2116%；累计转股数量为 552,090 股，占可转债转股前公司发行股份总额的 0.1380%。 未转股可转债情况：截至 2026 年 3 月 31 日，尚未转股的"特纸转债"金额 为人民币 661,882,000 元，占可转债发行总量的 98.7884%。 本季度转股情况：自 2026 年 1 月 1 日至 2026 年 3 月 31 日期间，未有"特 纸转债"转换成公司股份；转股数量为 0 股。 因公司实施 2021 年年度权益分派，"特纸转债"的转股价格自 2022 年 6 月 23 日起调整为 18.20 元/股。具体内容详见公司于 2022 年 6 月 17 日在上海证 券交易所网站（www.sse.com.cn）披露的《五洲特种纸业集团股份有 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The upstream pulp prices are expected to outperform downstream paper prices, indicating a potential cost advantage for leading paper companies with self-sufficient pulp production [3][8] - The current market conditions show that paper prices are at historical lows, while pulp prices have maintained a stronger position, leading to a divergence in profitability between companies with self-produced pulp and those relying on external sources [8] - The ongoing geopolitical conflicts may further strengthen the trend of upstream pulp prices outperforming downstream paper prices due to supply chain vulnerabilities [8] Summary by Relevant Sections Upstream vs. Downstream Performance - Upstream pulp prices are anticipated to perform better than downstream paper prices, with a focus on companies that have invested in self-sufficient pulp production [3][8] - The current pricing dynamics show that paper prices are below the 5th percentile of historical data, while pulp prices are around the 30-40th percentile, indicating a significant cost pressure on paper companies relying on external pulp [8] Investment Recommendations - Companies such as Sun Paper (002078), Xianhe Co. (603733), Wuzhou Special Paper (605007), and Nine Dragons Paper (02689) are highlighted as potential investment opportunities due to their upstream pulp production capabilities [3] Market Trends - The paper market is experiencing a seasonal low, with cultural paper prices not showing the expected seasonal increase, while pulp prices continue to rise [8] - The waste paper segment has seen a slight price increase post-holiday due to low inventory levels, but the sustainability of this trend remains uncertain [8]

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% ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 公司于 2026 年 3 月 26 日收到控股股东、实际控制人、董事长、总经理赵磊 先生及其一致行动人嘉兴云蓝分别出具的《关于减持股份计划的告知函》，现将 1 股东持股的基本情况：截至本公告披露日，五洲特种纸业集团股份有限公司 （以下简称"公司"）控股股东、实际控制人、董事长、总经理赵磊先生持 有公司股份 153,950,845 股，占公司目前总股本的 32.36%，其中，首次公开 发行前股份 119,586,584 股已于 2023 年 11 月 13 日上市流通；嘉兴云蓝自有 资金投资合伙企业（有限合伙）（曾用名：宁波云蓝投资合伙企业（有限合 伙），以下简称"嘉兴云蓝"）系公司员工持股平台，持有公司股份 3,871 ...

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 关于为控股子公司提供担保的公告 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法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的 担保余额（不含本 | 是否在前期预 | 本次担保是否 | | --- | --- | --- | --- | --- | | | | 次担保金额） | 计额度内 | 有反担保 | | 江西泽川供应链管理 | | | | | | 有限公司（以下简称 | 万元 900.00 | 万元 1,945.68 | 是 | 否 | | "江西泽川"） | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 873,644.80 | | ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - Energy prices are rising, which may lead to an increase in pulp prices, exceeding market expectations. The domestic paper industry has only a few leading companies involved in the upstream pulp segment, creating significant cost differences compared to those not engaged in pulp production. Companies with proactive upstream pulp strategies are favored [3] - The market perceives weak demand in the downstream paper segment, which is suppressing pulp prices. However, the report argues that supply-side uncertainties are more critical in determining pulp prices than demand-side factors. Geopolitical tensions may lead to reduced operating rates in overseas pulp mills, potentially driving pulp prices higher [8] - The global pulp supply is concentrated, with China heavily reliant on imports. Disruptions in supply could further elevate imported pulp prices. Historically, pulp demand has shown relative stability, with growth rates typically in the low single digits. The report notes that there have been no significant new pulp production capacities in the last two years, and the industry operating rate is around 90%, indicating a favorable supply-demand relationship [8] Summary by Sections - **Investment Suggestions and Targets**: The report highlights companies such as Sun Paper (002078, not rated), Xianhe Co. (603733, not rated), Wuzhou Special Paper (605007, not rated), and Nine Dragons Paper (02689, not rated) as potential investment targets due to their strategic positioning in the upstream pulp segment [3] - **Market Dynamics**: The report discusses the stability of finished paper prices, with cultural paper prices declining and packaging paper prices increasing. It emphasizes the importance of supply-side factors over demand-side concerns in the pulp market [7][8]

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 五洲特种纸业集团股份有限公司 关于控股股东部分股份质押解除的公告 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法律责任。 重要内容提示 五洲特种纸业集团股份有限公司（以下简称"公司"或"本公司"）控 股股东、实际控制人之一赵磊先生持有公司股份 153,950,845 股，占公司目前总 股本的 32.36%。本次质押股份解除后，赵磊先生持有公司股份累计质押 38,650,000 股，占其持股数量的 25.11%，占公司目前总股本的 8.12%。 公司于 2026 年 3 月 23 日获悉控股股东、实际控制人之一赵磊先生所持有本 公司的部分股份办理了解除质押的手续，具体事项如下： 一、本次股份解除质押的基本情况 单位：股 | 股东名称 | 赵磊 | | --- | --- | | 本次解除质押股份 | 1,000,000 | | 占其所持股份比例 | 0 ...

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]

| 证券代码：605007 | 证券简称：五洲特纸 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：111002 | 债券简称：特纸转债 | | 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。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | | 实际为其提供的 担保余额（不含本 | | 是否在前期预 | 本次担保是否 有反担保 | | --- | --- | --- | --- | --- | --- | --- | | | | | 次担保金额） | | 计额度内 | | | 五洲特种纸业（江西） | | | | | | | | 有限公司（以下简称 | 35,000.00 | 万元 | 217,990.46 | 万元 | 是 | 否 | | "五洲特纸（江西）"） 浙江五星纸业有限公 | | | | | | | | 司（以下简称"浙江五 | 5,000.00 | 万元 | 136,478.95 | 万元 | 是 | 否 | | 星"） | | | | | | ...