Core Viewpoint - The article discusses the challenges and issues surrounding the import of recycled pulp in China following the ban on solid waste imports, highlighting the need for stricter regulations and standards to prevent environmental hazards and ensure product quality [1][7][12]. Group 1: Import Ban and Market Changes - Since January 1, 2021, China has banned the import of solid waste, including waste paper, leading to a significant increase in the import of recycled pulp, which rose from 300,000 tons in 2018 to 3.36 million tons in 2022, an increase of 11 times [2]. - Major paper companies such as Nine Dragons Paper, Shanying International, and Sun Paper have invested in overseas recycled pulp projects to adapt to the new regulations [2]. Group 2: Quality and Safety Concerns - There are significant quality issues with imported recycled pulp, particularly with dry-ground pulp, which often contains high levels of impurities and bacteria, posing health risks [10][11]. - The new national standard for recycled pulp, effective November 27, 2023, aims to set technical requirements and prevent the entry of "foreign garbage" into the country, but it is currently a recommended standard rather than mandatory [7][12]. Group 3: Environmental and Economic Implications - The production of recycled pulp, especially through dry grinding, is associated with high energy consumption and environmental pollution, as it requires additional processing in China after import [10][11]. - Experts suggest that the government should enhance the standards for imported dry-ground recycled pulp and implement strict inspections to ensure compliance with quality and environmental safety [12][15]. Group 4: Industry Recommendations - Industry insiders have called for the establishment of a mandatory national standard for imported recycled pulp, emphasizing the need for rigorous quality control and environmental assessments [12][15]. - There is a push for increased support for domestic paper companies that comply with environmental regulations and for those investing in overseas recycled pulp projects to improve their technological capabilities [16].

Core Viewpoint - The industry is calling for enhanced regulation of imported recycled paper pulp, improved standards for dry-process recycled paper pulp, and increased guidance and support for paper companies establishing overseas factories [1][11]. Group 1: Industry Background - Since January 1, 2021, China has banned the import of solid waste, including waste paper, leading to a shift towards importing recycled paper pulp [1][2]. - Major paper companies such as Nine Dragons Paper, Shanying International, Sun Paper, Lee & Man Paper, and Jingxing Paper have invested in overseas recycled paper pulp projects [2]. Group 2: Quality and Standards - The newly released national standard for recycled paper pulp (GB/T43393-2023) aims to address fiber raw material shortages while preventing "foreign garbage" from entering the country [7]. - The standard includes technical requirements related to radioactive pollution, hazardous waste, heavy metals, and physical and chemical indicators [7]. Group 3: Environmental and Health Concerns - Recycled paper pulp, particularly dry-milled pulp, poses significant environmental and health risks due to high impurity levels and potential contamination [8][9]. - A study showed that untreated waste paper samples contained high levels of bacteria and pests, raising concerns about public health [9]. Group 4: Recommendations and Future Actions - Experts suggest that customs should inspect all goods declared as recycled paper pulp to ensure compliance with quality and safety standards [15]. - There is a call for the government to provide support for domestic paper companies that adhere to regulations and to assist those lacking resources for process upgrades [16].

证券日报网讯 8月20日晚间，景兴纸业发布公告称，公司及控股子公司均不存在逾期债务对应的担保、 涉及诉讼的担保及因被判决败诉而应承担的担保。 （文章来源：证券日报） ...

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].

证券代码：002067 证券简称：景兴纸业 编号：临 2025-048 浙江景兴纸业股份有限公司 关于对外担保的进展公告 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。 一、担保情况概述 浙江景兴纸业股份有限公司（以下简称"公司"）于2025年4月28日召开八届董 事会第十五次会议及八届监事会第十三次会议，审议通过了《关于2025年度公司向 控股子公司提供及由子公司向母公司提供担保额度的议案》，同意在2025年度由公 司对子公司、并由子公司为母公司向银行融资提供担保额度，上述担保有效期自股 东大会批准之日起至下一年年度股东大会召开之日止。上述事项已经2025年5月27 日召开的2024年年度股东大会批准通过。具体内容详见公司于2025年4月29日披露于 《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）上《关于2025年度公司向控 股子公司提供及由子公司向母公司提供担保额度的公告》（公告编号：临2025-024）。 二、担保进展情况 2.编号为"（20007000）浙商银借字（2025）第01778号"《借款合同》。 特此公告 浙江景 ...

Market Overview - The Shanghai Composite Index is at 3701.99 points, with a change of +0.50% [1] - The total trading volume of A-shares is 103.51 billion yuan [1] Technical Analysis - 96 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Dengyun Co., Ltd. (002715) with a distance of -1.02% [1] - United Chemical (301209) with a distance of -0.93% [1] - Guangsheng Nonferrous (600259) with a distance of -0.79% [1] Individual Stock Performance - Dengyun Co., Ltd. (002715) has decreased by 2.88% with a latest price of 16.87 yuan [1] - United Chemical (301209) has decreased by 0.17% with a latest price of 92.78 yuan [1] - Guangsheng Nonferrous (600259) has decreased by 0.81% with a latest price of 58.82 yuan [1] - Other notable stocks with declines include: - Guoneng Rixin (301162) down 2.29% [1] - Daqian Energy (688303) down 2.44% [1] - Yijiahe (603666) down 0.43% [1] Additional Stock Data - Stocks with minor declines include: - Ningbo Bank (002142) up 0.25% with a latest price of 28.25 yuan [2] - Huayang New Materials (600281) down 0.59% with a latest price of 6.75 yuan [2] - The overall trend indicates a cautious market sentiment with several stocks experiencing downward pressure [1][2]

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary for CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] Group 1: CFO Salary and Demographics - The average salary for CFOs in the paper industry is 577,700 yuan, which is lower than the average salary of 722,900 yuan for the light manufacturing industry, showing a year-on-year decrease of 4.8% [8] - The age structure of CFOs in the paper industry shows a trend towards older demographics, with an average age of 51.06 years; 66.7% are over 50 years old [1][3] - Male CFOs dominate the industry, comprising 73.7% of the total, with an average age of 51.92 years, while female CFOs account for 26.3% with an average age of 48.80 years [1] Group 2: Tenure and Education - The majority of CFOs in the paper industry have a tenure of 5-10 years, accounting for 47.4% of the total; those with 1-3 years and over 10 years of experience make up 26.3% and 15.8%, respectively [3] - Approximately 63.2% of CFOs in the paper industry hold a bachelor's degree, while both associate and master's degrees account for about 15.8% each [6] Group 3: Salary Disparities and Changes - The highest-paid CFO is Wei Tongqiu from Bohui Paper, earning 1.4967 million yuan, which is 1.69 times the salary of the second-highest, Sheng Xiaoying from Jingxing Paper [9][10] - There were 10 CFOs who experienced salary cuts, while 8 saw salary increases; the largest salary decrease was 784,200 yuan for Dong Lianming from ST Chenming [9] - The average salary for male CFOs is 622,800 yuan, while female CFOs earn an average of 451,400 yuan [9]

Core Viewpoint - The demand for waste paper pulp is surging due to the rapid growth of e-commerce and logistics in China, driven by a stable domestic economy and supportive government policies promoting recycling and circular economy initiatives [1][12][21]. Industry Overview - Waste paper pulp, also known as recycled pulp, is produced from waste paper and cardboard through various processing techniques. The production methods include dry and wet processes, with dry methods being more cost-effective [3][7]. - The production of waste paper pulp in China is projected to increase from 54.44 million tons in 2018 to 63.18 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 2.5% [1][12]. Market Dynamics - The "ban on waste" policy has led to a complete halt in imported waste paper, exacerbating the shortage of virgin pulp and prompting companies to ramp up waste paper pulp production to meet market demands [1][12]. - The waste paper recovery volume in China is expected to reach 69.71 million tons by 2024, with a recovery rate of 51.1% and a utilization rate of 51.6% [10]. Government Policies - The Chinese government has implemented various policies to support the recycling industry, including the "14th Five-Year Plan" which emphasizes the establishment of a comprehensive recycling system for waste materials [5][6]. - Recent policies encourage the deep processing of recycled resources, including waste paper, to enhance the recycling industry's efficiency and output [5][6]. Competitive Landscape - The waste paper pulp industry features a diverse competitive landscape, with both large enterprises and small to medium-sized companies. Major players include Shanying International, Sun Paper, and Chenming Paper [16][17]. - The industry is expected to undergo consolidation, driven by policy and capital influences, leading to increased market concentration [16]. Future Trends - The waste paper pulp industry is anticipated to maintain steady growth, supported by increasing consumer demand for eco-friendly products and ongoing government initiatives [21]. - Future production will focus on green and intelligent manufacturing, with investments in environmental technologies and automation to enhance efficiency and reduce emissions [22][23]. - The collaboration across the waste paper recycling supply chain is expected to strengthen, improving the overall recovery and utilization rates of waste paper [24].

证券代码：002067 证券简称：景兴纸业 编号：临 2025-047 债券代码：128130 债券简称：景兴转债 浙江景兴纸业股份有限公司 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。 转股期限：2021 年 3 月 4 日至 2026 年 8 月 30 日 自 2025 年 7 月 21 日起至 2025 年 8 月 5 日，浙江景兴纸业股份有限公司（以 下简称"公司"）股票已有 9 个交易日的收盘价不低于当期转股价格（即 3.39 元/ 股）的 130%（即 4.41 元/股）。若在未来触发"景兴转债"的有条件赎回条款， 即公司股票在任何连续三十个交易日中至少十五个交易日的收盘价不低于当期转 股价格的 130%（含 130%），根据《浙江景兴纸业股份有限公司公开发行 A 股可转 换公司债券募集说明书》（以下简称"《募集说明书》"）中有条件赎回条款的相 关约定，届时公司董事会有权决定按照债券面值加当期应计利息的价格赎回全部或 部分未转股的"景兴转债"。 公司将按照深圳证券交易所（以下简称"深交所"）相关规定及《募集说明书》 的约定及时履行后续审议程序和信 ...

| 证券代码：002067 | 证券简称：景兴纸业 | 编号：临 | 2025-047 | | --- | --- | --- | --- | | 债券代码：128130 | 债券简称：景兴转债 | | | 浙江景兴纸业股份有限公司 关于"景兴转债"预计满足赎回条件的提示性公告 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。 特别提示： | 证券代码：002067 | | | | | 证券简称：景兴纸业 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128130 | | | | | 债券简称：景兴转债 | | | | | | | 转股价格：3.39 | 元/股 | | | | | | | | | | | 转股期限：2021 | 年 | 3 | 月 | 4 | 日至 2026 | 年 | 8 | 月 | 30 | 日 | 自 2025 年 7 月 21 日起至 2025 年 8 月 5 日，浙江景兴纸业股份有限公司（以 下简称"公司"） ...