1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The introduction of offset printing paper futures and options precisely meets the risk management needs of China's cultural paper market, improves the full - cycle risk management system of the pulp and paper industry, and enhances the quality and efficiency of the commodity futures market in serving the real economy. After the listing of offset printing paper futures and options, they are expected to become the "price anchor" of the industry, providing tools for price discovery and risk control for enterprises, helping to form an open, transparent, and authoritative market price, and improving the pricing efficiency of spot trading to guide enterprises to scientifically and reasonably formulate production plans [92]. 3. Summaries According to Relevant Catalogs 3.1 Market Review - Spot prices oscillated and rebounded, and the basis widened (no detailed content provided) [1]. - Futures prices rose, and the monthly spread turned to contango (no detailed content provided) [5]. 3.2 Rubber Market Supply and Demand - The output of rubber - producing countries steadily rebounded, increasing supply pressure (no detailed content provided) [2.1]. - Tire开工率 slightly rebounded (no detailed content provided) [2.2]. - Automobile market sales significantly improved [2.3]. - The inventory of the Shanghai Futures Exchange and the bonded area in Qingdao increased [2.4]. 3.3 Offset Printing Paper Basics - Paper is mainly divided into four categories: cultural paper, packaging paper, tissue paper, and specialty paper. Cultural paper is used for cultural dissemination and includes offset printing paper, which has single - sided and double - sided types. Double - sided offset printing paper (double - gum paper) is the mainstream, with a difference in glue layers compared to single - sided paper. Offset paper has good properties such as tight texture, low stretch, and strong water resistance [10]. 3.4 Double - Gum Paper Basic Characteristics - Quantitative: Generally between 60 - 120 grams, with 70 - 120 grams being the most widely used, and there are also high - quantitative ones like 150, 180, and 300 grams. - Appearance: The cut edges should be neat and clean, with a uniform fiber structure, a flat paper surface, and no defects such as folds, holes, or powder - shedding. - Whiteness: Divided into high - white, natural - white, ivory - white, and beige, with different whiteness ranges. - Size: Flat - paper has domestic and international standard sizes, and can be cut into various specifications; reel - paper has common widths such as 787mm, 1092mm, and 850mm [19][20][21]. 3.5 Offset Printing Paper Quality Standards - The current national standard for offset paper is GB/T30130 - 2023, which came into effect on July 1, 2024. It has made some changes compared to the previous standard, such as modifying some technical terms and adding technical requirements for primary and secondary school students' paper [22]. 3.6 Double - Gum Paper Industry Chain - Upstream: Main raw materials are pulp (including coniferous, broad - leaved, and chemical mechanical pulp), accounting for 70% - 75% of production costs. Chemical auxiliary materials and energy also contribute to costs [24]. - Mid - stream: Through processes such as cooking, washing, screening, bleaching, and coating, pulp is made into double - gum paper [25]. - Downstream: Mainly used in books, brochures, notebooks, and periodicals, with book demand accounting for about 90%. Key demand entities include cultural and media companies and printing factories [26]. 3.7 Double - Gum Paper Supply - Since 2020, domestic double - gum paper production capacity has expanded rapidly. In 2024, the production capacity growth rate was about 9.7%, reaching 1608 million tons. Production is mainly concentrated in East, South, and Central China, with East China having the largest share. - In 2024, the output was about 10.49 million tons, with a capacity utilization rate of about 65%. There is a seasonal pattern in monthly output, with lower production in January and February due to the Spring Festival and higher production from March to May and September to December due to increased demand for teaching materials. - Some paper mills' expansion plans are more inclined to South China in recent years. There is still about 1.75 million tons of new production capacity to be put into production this year, with 1 million tons in South China. The industry concentration is increasing, and the CR4 in 2024 was about 48% [29][30]. 3.8 Double - Gum Paper Demand - China's pulp consumption shows a slow - growing but unstable trend. The apparent consumption of double - gum paper exceeded 9 million tons in 2023 and 2024, reaching 9.72 million tons in 2024. - Export volume is relatively small, accounting for about 10% of annual consumption in 2024. Demand for teaching materials accounts for about 40% of double - gum paper demand. There are obvious seasonal characteristics, with peak demand from March to May and September to December [38]. 3.9 Double - Gum Paper Import and Export - Import policy: Since January 1, 2023, the temporary import tariff rate for double - gum paper has been 0%. - Export policy: The export tax - refund policy for paper and cardboard was cancelled in 2004. - From 2017 - 2024, China generally had a net - export pattern in double - gum paper, except for 2020 - 2021 when it turned to net - import due to the pandemic. In 2024, the import volume was 199,000 tons, and the export volume was 967,600 tons [46][47]. 3.10 Double - Gum Paper Inventory - There are two types of inventory: enterprise inventory and social inventory, with social inventory being much larger. In the past five years, enterprise inventory was generally between 40 - 100 million tons, and social inventory was between 100 - 170 million tons. As of December 2024, both were at relatively low levels year - on - year [51]. 3.11 Double - Gum Paper Spot Price - From 2022 to April 2023, prices oscillated upward due to high raw material prices and stable order release. From April to July 2023, prices回调 due to falling pulp prices and downstream hesitation. After July 2023, prices rebounded, and then fluctuated due to various factors such as production line shutdowns, order releases, and trade - capital recovery. In 2024, prices showed a downward trend with some rebounds [55]. 3.12 Offset Printing Paper Futures and Options Contracts and Business Rules - Futures contract: The trading unit is 20 tons/hand, the last trading day is the 15th of the contract month, and the delivery grade is double - gum paper with specific quantitative specifications. - Options contract: The underlying is the offset printing paper futures contract, with call and put options available. - Business rules cover trading, delivery, and risk management aspects, including regulations on trading time, margin, position limits, and delivery procedures [57][59][91].

Group 1 - The company Zhejiang Publishing Media Co., Ltd. has appointed Mr. Wang Yi as the new Vice President, effective from the date of the board's decision until the current board's term ends [1][2] - The board of directors unanimously approved the appointment after a thorough review of Mr. Wang's educational background, work experience, professional capabilities, and performance ability [1] - As of the announcement date, Mr. Wang does not hold any shares in the company and meets all legal qualifications to serve as a senior management personnel [1][3] Group 2 - Mr. Wang Yi, born in May 1975, is a Chinese national with a university degree and has held various positions within Zhejiang Printing Group, including roles as assistant to the factory manager and general manager [3] - Currently, Mr. Wang serves as the Party Secretary and Chairman of Zhejiang Printing Group Co., Ltd. [3]

表决结果：9 票同意，0 票反对，0 票弃权。 证券代码：601921 证券简称：浙版传媒 公告编号：2025-027 浙江出版传媒股份有限公司 第三届董事会第五次会议决议公告 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。 一、董事会会议召开情况 浙江出版传媒股份有限公司（以下简称"公司"）第三届董事会第五次会议于 2025 年 6 月 25 日在公司会议室以现场结合通讯方式召开。会议通知已于 2025 年 6 月 18 日通过邮件、电话、即时通讯工具等方式送达各位董事。本次会议应出席 董事 9 人，实际出席董事 9 人，其中以通讯方式出席 1 人。会议由公司董事长程 为民先生主持。公司监事和高级管理人员列席了会议。本次会议的召集、召开和 表决程序均符合《公司法》和《公司章程》等有关规定。 二、董事会会议审议情况 （一）审议通过《关于聘任公司副总经理的议案》 2025 年 6 月 26 日 2 公司董事会提名委员会事前已审议通过本议案，并同意提交董事会审议。经 公司总经理提名，同意聘任王艺先生为公司副总经理，任期自本次董事会 ...

证券代码：601921 证券简称：浙版传媒 公告编号：2025-028 截至本公告日，王艺先生未持有公司股份。不存在《公司法》《公司章程》 规定的不得担任公司高级管理人员的情形，不存在被中国证监会或证券交易所认 定不适合担任上市公司高级管理人员的情形，未受过中国证监会、证券交易所及 其他有关部门处罚和惩戒，其任职资格符合相关法律法规的规定。 1 浙江出版传媒股份有限公司 关于聘任公司副总经理的公告 附件： 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。 王艺先生，男，1975 年 5 月出生，中国国籍，无境外永久居留权，大学学历。 历任浙江印刷集团公司新华书刊厂厂长助理、新华书刊印刷厂胶印车间副主任、 胶印车间主任、副厂长（主持工作），浙江印刷集团有限公司生产部主任、生产 部主任兼总调度、总经理助理、副总经理、总经理。现任浙江印刷集团有限公司 党委书记、董事长。 浙江出版传媒股份有限公司（以下简称"公司"）于 2025 年 6 月 25 日召开第三 届董事会第五次会议，会议审议并全票通过了《关于聘任公司副总经理的议案》， 同意 ...

Core Viewpoint - The China Securities Communication Service Dividend Index has shown a modest increase over the past month, three months, and year-to-date, indicating a stable performance in the communication services sector [2]. Group 1: Index Performance - The China Securities Communication Service Dividend Index reported a value of 12337.93 points [1]. - The index has increased by 0.82% over the past month, 0.41% over the past three months, and 0.95% year-to-date [2]. Group 2: Index Composition - The top ten weighted stocks in the index include Phoenix Media (4.54%), Changjiang Media (4.48%), and Zhongnan Media (4.48%) [2]. - The index's holdings are primarily from the Shanghai Stock Exchange (67.47%) and the Shenzhen Stock Exchange (32.53%) [2]. Group 3: Sector Allocation - The index's sector allocation shows that cultural entertainment comprises 63.17%, communication equipment 19.39%, and telecom operation services 9.54% [2]. - Other sectors include data centers (4.61%), marketing and advertising (1.37%), communication technology services (0.98%), and telecom value-added services (0.94%) [2]. Group 4: Sample Adjustment Criteria - The index samples are adjusted annually, with the adjustment occurring on the next trading day after the second Friday of December [3]. - A buffer is set for dividend conditions, allowing samples with a cash dividend yield greater than 0.5% and ranking in the top 80% of average daily trading volume to be exempt from certain requirements [3]. - The adjustment ratio is generally limited to 20%, unless specific conditions are met [3].

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase, indicating a positive trend in state-owned enterprises' stock performance, particularly in dividend-paying stocks [1][2] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 15.83% of the index, highlighting the concentration of investment in a few key companies [2] - The report from Xinda Securities suggests that if significant monetary and fiscal policies are implemented, there could be improvements in M2 and M1-M2 differential, which may positively impact market conditions [1] Group 2 - The China Securities State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] - As of May 30, 2025, the top weighted stocks include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Chengdu Bank (601838), among others, indicating a diverse portfolio within the index [2][4] - The report indicates that the absolute and relative price-to-earnings (PE) ratios are high, but the trading volume has decreased since early April, suggesting a potential for future market adjustments [1]

Group 1 - The stock price of Zhejiang Publishing Media (601921) closed at 8.18 yuan on June 13, 2025, down 0.97% from the previous week [1] - The highest intraday price for the stock was 8.46 yuan on June 12, 2025, while the lowest was 8.14 yuan on June 13, 2025 [1] - The current total market capitalization of Zhejiang Publishing Media is 18.178 billion yuan, ranking 5th in the publishing sector and 855th among A-shares [1] Group 2 - The company announced a cash dividend of 0.30 yuan per share, with the record date set for June 19, 2025 [2] - The total cash dividend distribution amounts to approximately 666.67 million yuan [2] - The dividend will be distributed on June 20, 2025, with no differential dividend distribution plan [2] Group 3 - For individual shareholders holding unrestricted circulating shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.30 yuan per share [2] - For QFII shareholders and Hong Kong market investors through the Stock Connect, a 10% corporate income tax will be deducted, leading to a net cash dividend of 0.27 yuan per share [2] - Other institutional investors and corporate shareholders will receive the gross cash dividend of 0.30 yuan per share [2]

Core Points - The company announced a cash dividend of RMB 0.30 per share for A shares, totaling RMB 666,666,666.90 to be distributed [1] - The dividend distribution plan was approved at the annual shareholders' meeting on May 15, 2025 [1] Related Dates - The key dates for the dividend distribution are as follows: - Record date: June 19, 2025 - Last trading date: June 20, 2025 - Ex-dividend date: June 20, 2025 [2] Distribution Implementation - The cash dividends for shareholders will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, based on the record date [2] - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, while those holding for one year or less will not have tax withheld at the time of distribution [2] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of RMB 0.27 per share after tax [3] - Hong Kong investors will receive dividends in RMB through the Central Clearing and Settlement System, with provisions for tax treaty benefits [4] Consultation Information - Shareholders can inquire about the dividend distribution by contacting the Securities and Legal Affairs Department at the provided phone number [4]

证券代码：601921 证券简称：浙版传媒 公告编号：2025-026 浙江出版传媒股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.30元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | 股 A | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 三、相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 四、分配实施办法 1.实施办法 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股 权登记日上海证券交易所 ...

Trading Information Summary - On May 30, Zhejiang Publishing Media Co., Ltd. (601921) closed at 8.16 yuan, down 0.49%, with a turnover rate of 0.37%, trading volume of 82,400 shares, and a transaction amount of 67.39 million yuan [1][3] - The fund flow on the same day showed a net outflow of 4.01 million yuan from main funds, while speculative funds and retail investors had net inflows of 1.78 million yuan and 2.23 million yuan, respectively [1][3] Company Announcement Summary - Zhejiang Publishing Media Co., Ltd. announced the redemption of 500 million yuan from its cash management products, yielding a return of 16.66 million yuan [1][3] - The company plans to continue cash management with an amount of 1 billion yuan, with a term set between 180 to 202 days [1][3] - On April 24, 2025, the company's board approved the use of up to 5.7 billion yuan of idle self-owned funds for cash management in 2025, with a 12-month authorization for rolling use [1] - The company emphasized that the purchased financial products are of high safety and strong liquidity, although there is still a possibility of being affected by market fluctuations [1] - As of December 31, 2024, the company's monetary funds amounted to 6.04 billion yuan, making the 1 billion yuan allocated for cash management represent 8.38% of the latest monetary funds [1]