Market Overview - The paper sector experienced a slight decline of 0.08% on October 22, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the paper sector included: - Minshida (code: 920394) with a closing price of 41.17, up 4.49% on a trading volume of 19,800 lots and a turnover of 79.84 million [1] - ST Chenming (code: 000488) closed at 2.14, up 2.88% with a trading volume of 354,700 lots and a turnover of 76.16 million [1] - Major decliners included: - Songwu Resources (code: 603863) with a closing price of 18.15, down 2.47% on a trading volume of 69,500 lots and a turnover of 127 million [2] - Qingshan Paper (code: 600103) closed at 3.70, down 0.80% with a trading volume of 2,255,100 lots and a turnover of 838 million [2] Capital Flow - The paper sector saw a net outflow of 168 million from institutional investors, while retail investors had a net inflow of 199 million [2] - Key stocks with significant capital flow included: - ST Chenming with a net inflow of 11.07 million from institutional investors, but a net outflow of 789.55 million from retail investors [3] - Xianhe Co. (code: 603733) had a net inflow of 5.96 million from institutional investors, but also faced a net outflow of 210.57 million from retail investors [3]

Market Overview - The paper sector increased by 0.96% on October 21, with Kain Co. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Kain Co. (002012) closed at 5.66, up 2.54% with a trading volume of 108,200 shares and a turnover of 60.52 million yuan [1] - Shanying International (600567) closed at 1.84, up 2.22% with a trading volume of 1,539,100 shares and a turnover of 280 million yuan [1] - Xianhe Co. (603733) closed at 22.21, up 2.02% with a trading volume of 21,800 shares and a turnover of 48.22 million yuan [1] - Other notable stocks include Yueyang Lin Paper (600963) at 4.62 (+1.99%), Bohui Paper (600966) at 5.05 (+1.81%), and Yibin Paper (600793) at 24.49 (+1.66%) [1] Capital Flow Analysis - The paper sector experienced a net outflow of 231 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The net inflow from speculative funds was 68.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Yibin Paper (600793) had a net inflow of 11.70 million yuan from institutional investors, but a net outflow of 9.52 million yuan from retail investors [3] - Guanmeng High-tech (600433) saw a net inflow of 4.86 million yuan from institutional investors, with a net outflow of 6.09 million yuan from speculative funds [3] - Xianhe Co. (603733) had a net inflow of 3.45 million yuan from institutional investors, but also faced outflows from both speculative and retail investors [3]

Market Overview - The paper sector experienced a decline of 1.98% on October 16, with Songyang Resources leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Notable gainers included: - Guanmeng High-tech (600433) with a closing price of 3.36, up 2.13% [1] - ST Chenming (000488) at 2.09, up 1.95% [1] - Qifeng New Materials (002521) at 9.38, up 0.64% [1] - Major decliners included: - Songyang Resources (603863) at 21.46, down 9.98% [2] - Yisheng Paper (600103) at 3.49, down 3.32% [2] - Qing Shan Paper (600235) at 7.13, down 2.46% [2] Trading Volume and Capital Flow - The paper sector saw a net outflow of 309 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [2] - The trading volume for Guanmeng High-tech was 490,400 shares with a transaction value of 163 million yuan [1] - Songyang Resources had a trading volume of 227,500 shares with a transaction value of 514 million yuan [2] Capital Inflow Analysis - Guanmeng High-tech had a net inflow of 28.24 million yuan from institutional investors, representing 17.29% of its total trading [3] - Huawang Technology (605377) saw a net inflow of 10.33 million yuan, accounting for 13.66% [3] - Conversely, Songyang Resources experienced a significant net outflow of 70.22 million yuan from institutional investors, indicating a negative sentiment [3]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to remain under pressure in the short term. With abundant supply and inventory accumulation during the holiday, pulp prices are likely to stay weak. Affected by the overall macro - market atmosphere and its own weak fundamentals, the market is unlikely to improve in the short term [92]. 3. Summary by Relevant Catalogs 3.1 Industry News - As of October 9, 2025, the pulp inventory in Changshu Port reached 482,000 tons, up 30,000 tons (6.6% MoM); in Qingdao Port, it was 1,395,000 tons, down 30,000 tons (2.1% MoM); in Gaolan Port, it was 54,000 tons, up 13,000 tons (31.7% MoM). The total inventory of mainstream ports was 2,077,000 tons, up 44,000 tons (2.2% MoM) [5][6]. - Jilin Chenming Paper resumed production on September 28, 2025, after 11 months of shutdown. It is expected to achieve an output value of 160 million yuan by the end of 2025 and over 1 billion yuan in 2026 [6]. 3.2 Market Data 3.2.1 Market Trends - On October 10, 2025, the basis of Silver Star was 732 yuan/ton, up 15.46% MoM and 64.86% YoY; the basis of Russian Needle was 262 yuan/ton, up 42.39% MoM and 495.45% YoY; the Silver Star - Russian Needle spread was 470 yuan/ton, up 4.44% MoM and 17.50% YoY [13]. - The 11 - 01 month - spread was - 290 yuan/ton, down 13.28% MoM; the 01 - 05 month - spread was - 58 yuan/ton, down 141.67% MoM [18]. 3.3 Fundamental Data 3.3.1 Price - The needle - broadleaf spread converged. On October 10, 2025, the spread of Silver Star - Goldfish was 1,270 yuan/ton, down 11.19% MoM and 12.41% YoY; the spread of Russian Needle - Goldfish was 800 yuan/ton, down 18.37% MoM and 23.81% YoY [23]. - The import profit of both softwood and hardwood pulp decreased. On October 10, 2025, the import profit of softwood pulp (Silver Star) was - 179 yuan/ton, down 209.51% MoM and 3921.24% YoY; the import profit of hardwood pulp (Star) was - 165.35 yuan/ton, up 370% MoM and down 360.36% YoY [26]. - The price of softwood pulp in the Shandong market decreased compared with before the holiday. On October 10, 2025, the price of Silver Star was 5,520 yuan/ton, down 2.30% MoM and 10.97% YoY [28]. - The price of hardwood pulp slightly increased due to the external price support. On October 10, 2025, the price of Goldfish was 4,250 yuan/ton, up 0.71% MoM and down 10.53% YoY [32]. - The price of natural and chemimechanical pulp: On October 10, 2025, the price of Venus was 4,850 yuan/ton, down 1.02% MoM and 10.19% YoY; the price of Kunhe was 3,700 yuan/ton, unchanged MoM and up 2.78% YoY [35]. 3.3.2 Supply - The wood chip purchase price of some paper enterprises in East China increased. On October 10, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1,160 yuan/ton, up 3.57% MoM [39]. - The price of domestic hardwood pulp increased. On October 10, 2025, the daily average price of chemimechanical pulp in China was 3,825 yuan/ton, unchanged MoM and up 2.00% YoY; the daily ex - factory price of Asia - Pacific Senbo hardwood pulp was 4,400 yuan/ton, up 3.53% MoM and down 12.87% YoY [43]. - In August 2025, the European port inventory increased MoM, and the global pulp out - port volume increased seasonally MoM but was lower YoY [46]. - In August 2025, the W20 softwood pulp shipment was low, and the inventory was high; the hardwood pulp shipment remained high, but the inventory days were low [48]. - In July 2025, the export volume of softwood pulp from four countries (Canada, Finland, Chile, and the US) to China increased significantly MoM, and the performance was neutral YoY. In August, the export volume of Canadian softwood pulp to China continued to grow. In September, the export volume of Chilean softwood pulp to China increased MoM [53]. - In August 2025, the export volume of hardwood pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased MoM but was at a high level YoY. In September, the export volume of Brazilian hardwood pulp to China increased significantly MoM, the export volume of Uruguayan hardwood pulp to China increased MoM, and the export volume of Chilean hardwood pulp to China continued to decline MoM [54]. - In August 2025, China's pulp import volume decreased overall. The import volume of softwood pulp decreased by 5.01% MoM, hardwood pulp by 6.92% MoM, and chemimechanical pulp by 27.41% MoM [58]. 3.3.3 Demand - The average price of offset paper was weakly consolidated. The supply was abundant, but the demand was weak, and the support for the pulp market was insufficient [62]. - The average price of coated paper fluctuated downward. Affected by the macro - environment and electronic media, the demand was weak, and the support for the pulp market was limited [66]. - The price of white cardboard slightly increased. The market supply was stable, and the market transaction gradually returned to normal [70]. - The market of tissue paper was sorted within the range, with stable prices and limited support from the raw pulp market [74]. - In August 2025, the retail sales in the pulp terminal demand area rebounded slightly seasonally MoM, and the year - on - year growth of cultural office supplies, daily necessities, and books and magazines was significant [78]. 3.3.4 Inventory - The futures inventory: On October 10, 2025, the total warehouse receipt quantity of pulp in warehouses was 225,300 tons, down 0.36% MoM and 40.33% YoY; in factories, it was 6,400 tons, down 30.30% MoM and 76.63% YoY [81]. - The spot inventory: The sample inventory of domestic mainstream ports increased. During the holiday, the arrival volume was normal, but the shipment volume slowed down, leading to inventory accumulation [87].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000488 200488 证券简称： ST晨鸣 ST晨鸣B 公告编号：2025-053 山东晨鸣纸业集团股份有限公司 第十届董事会第二十一次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 山东晨鸣纸业集团股份有限公司（以下简称"公司"）第十届董事会第二十一次临时会议通知于2025年10 月5日以书面、邮件方式送达各位董事，会议于2025年10月10日以通讯方式召开。会议应参加董事10 人，实际参加董事10人。本次董事会的召开符合国家有关法律、法规和《公司章程》的规定。 与会董事认真审议了本次会议的各项议案，形成会议决议如下： 一、审议通过了《关于调整公司治理结构并修订〈公司章程〉的议案》 为全面贯彻落实新《中华人民共和国公司法》及其配套规则要求，进一步提升公司规范运作水平，完善 治理结构，根据《中华人民共和国公司法》、中国证券监督管理委员会《关于新〈公司法〉配套制度规 则实施相关过渡期安排》、《上市公司章程指引》等法律法规、规范性文件的规定，公司拟调整治理结 构，不再设置监事会和监 ...

本人╱吾等 （附註1） ： 地址為： 為山東晨鳴紙業集團股份有限公司（「本公司」）股本中 （附註2） 股每股面值人民幣1.00元 A/B/H股 （附註3） 的註冊持有人，現委任大會主席或 （附註4） 地址為 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 出席二零二五年第一次臨時股東大會之委任表格 股東對某一個或幾個董事候選人集中行使的表決權總數，多於其持有的全部股份擁有的表決權時，該股東所有投票被視為無效及放棄表決； 股東對某一個或某幾個董事候選人集中行使的表決權總數，少於其持有的全部股份擁有的表決權時，股東投票被視為有效，差額部分視為放 棄表決權。當所獲得贊成票數達到出席臨時股東大會的股東（包括股東代理人）所持股份數（以未累積的股份數為準）的過半數時，該決議案 方為通過。 1. 請於空格內用正楷填上全名及地址。 2. 請於空格內填上與本代理人委任表格有關之本公司股份（「股份」）數目，並刪去不適用者。如填上數目，此代理人委任表格則被視為僅涉及 該數目的股份。如未有填上數目，則 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （股份代號：1812） 二零二五年第一次臨時股東大會通告 玆通告山東晨鳴紙業集團股份有限公司（「本公司」）謹訂於二零二五年十月二十 八日（星期二）下午二時正假座中華人民共和國（「中國」）山東省壽光市農聖東街2199號 公司研發中心會議室舉行二零二五年第一次臨時股東大會（「臨時股東大會」），藉以通 過以下決議案： 普通決議案 * 僅供識別 – 1 – 1. 關於修訂公司部分治理制度的議案 1.01 關於修訂《獨立董事管理辦法》的議案 1.02 關於修訂《重大交易決策制度》的議案 1.03 關於修訂《關聯交易管理制度》的議案 1.04 關於修訂《對外擔保決策制度》的議案 1.05 關於修訂《對外投資決策制度》的議案 1.06 關於修訂《防範控股股東及關聯方佔用公司資金專項制度》的議案 1.07 ...

閣下如已將名下之山東晨鳴紙業集團股份有限公司股份全部出售或轉讓，應立即將本通函送交 買主或承讓人、或經手出售或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因依賴該 等內容而引致之任何損失承擔任何責任。 此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他持牌證 券交易商、銀行經理、律師、專業會計師或其他專業顧問。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） (1) 選舉第十一屆董事會； (2) 建議修訂公司章程等制度暨建議取消設置監事會；及 (3) 二零二五年第一次臨時股東大會通告 董事會函件載列於本通函第4至9頁。 本公司謹訂於二零二五年十月二十八日（星期二）下午二時正假座中華人民共和國山東省壽光市 農聖東街2199號公司研發中心會議室舉行二零二五年第一次臨時 ...

格隆汇10月10日丨晨鸣纸业(01812.HK)公告，根据2025年10月10日举行的公司第十届董事会第二十一次 临时会议决议案，经公司董事会提名委员会资格审查，董事会同意提名(i)姜言山、李伟先(为退任董 事)、刘培吉及朱艳丽为执行董事候选人；(ii)宋玉臣及王颖为非执行董事候选人；及(iii)张志元、罗新 华、万刚、孔鹏志为独立非执行董事候选人，以接受选举为下一届董事会任期新董事。 ...

山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812) 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 1 獨立非執行董事候選人張先生、羅先生及萬先生已取得獨立董事資格證書，孔先 生尚未取得獨立董事資格證書，但已書面承諾參加最近一次上市公司獨立董事培 訓並取得深圳證券交易所認可的獨立董事資格證書。張先生、羅先生、萬先生及 孔先生已確認(i)彼就上市規則第3.13(1)至(8)條所述各項因素而言的獨立性；(ii) 彼過往或目前並無於本公司或其附屬公司的業務中擁有財務或其他權益，亦無與 本公司任何核心關連人士（定義見上市規則）有任何關連；及(iii)並無其他因素可 能影響彼於獲委任時的獨立性。獨立非執行董事候選人尚需經深圳證券交易所審 核無異議後，方可在臨時股東大會上以普通決議案進行表決。建議之上述董事的 履歷詳情載於本公告附錄一 ...