智通财经APP获悉，中金发布研报称，造纸产业链目前呈现"资源端高度集中，加工端分散博弈"特征， 纸浆作为稀缺禀赋资源品、掌握强定价权。当前中国纸企已步入存量博弈成熟期，单纯靠资本开支驱动 的增长难以为继，战略核心已转向利用自有纤维对冲金融属性强的浆价波动。继续看好2026年"林浆纸 一体化"龙头表现，在资源约束与成本波动下，一体化是实现成本对冲与资源重估的核心。建议聚焦具 备高纤维自给率、拥有资源壁垒的"价值整合者"。 中金主要观点如下： 2021年造纸牛市后利润分配向浆端倾斜，造纸产能出清呈现"长尾效应" 中金认为，造纸产业链目前呈现"资源端高度集中，加工端分散博弈"特征，纸浆作为稀缺禀赋资源品、 掌握强定价权，而中游造纸受浆价高企与需求疲软挤压，利润空间持续收窄。由于单吨投资高昂且折旧 压力大，行业在供大于求周期下的出清速度缓慢，规模效应难以转化为价格红利，盈利稳定性较大程度 依赖成本端的有效传导。 标的方面 看好太阳纸业(002078.SZ)、玖龙纸业(02689)和Suzano(SUZ.US)。 风险因素 需求不及预期；新增产能超预期；纸浆价格超预期波动。 战略范式由产能扩张转向产业链一体 中金认为， ...

SÃO PAULO--(BUSINESS WIRE)--Suzano, the world's largest pulp producer, has commenced operations this week at its new fluff pulp production line located in its Limeira unit in Brazil's São Paulo state. This R$490 million investment increases Suzano's total fluff pulp production capacity by more than 400%, from 100,000 to 440,000 tonnes per year. The project involved converting the existing pulp line at the Limeira unit into a flexible machine, capable of producing both Eucafluff® and market pulp. ...

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Suzano (NYSE:SUZ) 2025 Investor Day December 11, 2025 08:00 AM ET Company ParticipantsCarlos Aníbal - EVP EuropeMarcio Farid - VPCaio Ribeiro - Managing DirectorMarcos Lima - CFOLuís Renato Bueno - EVP of Consumer Goods BusinessMalu Pinto - EVP of Communication and BrandCaio Greiner - Equity Research DirectorDouglas Lazaretti - EVP of ForestryFabio Almeida de Oliveira - EVP of Paper and PackagingLeonardo Grimaldi - EVPBeto Abreu - CEODaniel Sasson - Head of Latam Steel and Mining of Pulp and Paper and Cemen ...

Strategy and Focus - The company aims to enhance competitiveness and drive value creation by focusing on strategic levers such as pulp capacity expansions in Latin America and Asia, and the acceleration of new integrated capacity in China[5, 7, 10] - A key strategic goal is deleveraging towards a net debt/adjusted EBITDA ratio of less than 2.5x[10] - The company is focusing on extracting value from previous capital allocation decisions and accelerating the fiber-to-fiber (F2F) strategy[10] - The company is implementing cost reduction initiatives, aiming for R$80 million to R$115 million in total cost reduction by 2026[101] Pulp & Paper Market Dynamics - The market for BHKP (Bleached Hardwood Kraft Pulp) is experiencing organic growth, with a CAGR of +2.1% expected from 2024 to 2029, increasing from 41.4 Mt to 45.9 Mt[14, 17] - BHKP is gaining market share in BCP (Bleached Chemical Pulp), with an estimated 700 kt of F2F demand in 2025[20] - New confirmed BHKP integrated capacity is projected to reach 6.0 Mt between 2025 and 2029[29] Financial Management - The company is adopting a more conservative approach towards its net debt target, aiming for a net debt/adjusted EBITDA ratio of less than 2.5x[149] - The company has successfully issued debt in 2025 below its bond curve, with the 2036 bond achieving the company's lowest G-Spread ever[150] - The company is protecting cash flow exposure against FX risk through a consistent hedging policy[156]

Core Insights - Suzano has launched its Nature Strategy, emphasizing the importance of biodiversity in its business operations and decision-making processes [1][5] - The strategy is developed in collaboration with IUCN and follows a science-led approach based on the mitigation hierarchy: avoid, reduce, restore, and transform [2][4] - The company has identified 125 endangered species within its operational territories, with 24 prioritized for conservation actions [3] Group 1: Nature Strategy Development - The Nature Strategy incorporates the STAR metric to map sensitive areas and identify endangered species, guiding priority actions for their conservation [3] - The internal analysis for the strategy covers 2.9 million hectares of land owned by the company, expanding to about 10 million hectares when including analyzed watersheds [4] - The strategy aligns with global biodiversity goals, including the Kunming-Montreal Global Biodiversity Framework [6] Group 2: Stakeholder Engagement - The development of the Nature Strategy involved over 25 stakeholders, including experts, government representatives, academia, NGOs, and local communities, ensuring diverse perspectives [7] - The strategy aims to connect 500,000 hectares of forest fragments and enhance water availability in critical watersheds [6] Group 3: Industry Context - The global biodiversity situation is concerning, with 75% of terrestrial ecosystems altered by human activity and approximately 25% of assessed species endangered [5] - Suzano's commitment to biodiversity is seen as essential for the resilience of its business and the communities it serves [5]

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DALLAS--(BUSINESS WIRE)--ISN, the global leader in contractor and supplier information management services, announced Suzano, an international supplier of eucalyptus-based pulp and paper solutions, selected ISNetworld as its primary contractor information management platform. The partnership supports Suzano's efforts to streamline contractor oversight and maintain consistent safety and compliance standards across its North American sites. "At Suzano, we believe safety and sustainability are ess. ...

BELÉM, Brazil--(BUSINESS WIRE)--The world's largest pulp supplier, Suzano, today announces the signing of a Memorandum of Understanding (MoU) with the multinational technology business Tencent and the Brazilian non-profit Ecofuturo Institute, to pioneer new digital approaches to drive public engagement in conservation. The collaboration will leverage Suzano's expertise in sustainable forestry, Tencent's cutting-edge digital technology, and Ecofuturo's expertise in environmental education, to pi. ...