Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of the new consumption valuation switch and anticipates a recovery in the export supply chain [2] - The report highlights various sectors including paper manufacturing, exports, new tobacco, gold and jewelry, electric two-wheelers, cross-border e-commerce, pets, IP retail, maternal and child products, e-commerce, electrical lighting, smart imaging, home furnishings, and tools, each with specific investment recommendations [2][3][4][5][6] Summary by Relevant Sections Paper Manufacturing - Recent price increases in overseas pulp markets are stabilizing domestic paper prices, with boxboard and corrugated paper prices rising by 1.1% and 5.6% respectively from July lows [2] - Recommendations include companies like Sun Paper, Xianhe Shares, and Nine Dragons Paper [2] Exports - Expectations of a significant interest rate cut by the Federal Reserve may lead to a recovery in the export supply chain, with a potential bottom reversal in August [2] - Suggested companies include Jiangxin Home, Yongyi Shares, and others [2] New Tobacco - Stricter regulations in the U.S. are expected to accelerate the recovery of compliant markets, with companies like Smoore International and China Tobacco Hong Kong recommended [2] Gold and Jewelry - Anticipated price increases from Lao Pu Gold are expected to enhance profitability and stimulate terminal sales [3] - Recommended companies include Lao Pu Gold and Chow Tai Fook [3] Electric Two-Wheelers - Strong terminal demand is noted, with sales expected to exceed 200,000 units for Yadea Holdings in July [3] - Companies to watch include Yadea Holdings and Aima Technology [3] Cross-Border E-Commerce - A profit warning from Aoki Holdings indicates challenges due to tariff adjustments and rising logistics costs, but recovery is expected once tariffs stabilize [3] - Recommended companies include Anker Innovations and Zhiou Technology [3] Pets - Guibao Pet's stock incentive plan indicates strong brand performance, with significant sales growth for its brands [3] - Companies to focus on include Petty Holdings and Guibao Pet [3] IP Retail - Pop Mart is entering a new product launch cycle, collaborating with celebrities to enhance brand engagement [4] - Recommended companies include Pop Mart and Miniso [4] Maternal and Child Products - The acquisition of Silk Domain by Kidswant is expected to enhance market positioning and operational efficiency [5] - Companies to watch include Kidswant and Goodbaby International [5] E-Commerce - Huitongda Network is leveraging AI to enhance retail efficiency in lower-tier markets [5] - Recommended company includes Huitongda Network [5] Electrical Lighting - Opple Lighting is expanding its B-end business, with a trend of price increases in LED packaging [6] - Companies to focus on include Bull Group and Opple Lighting [6] Smart Imaging - The launch of the Antigravity A1 drone by Yingshi Innovation is expected to redefine consumer drone experiences [6] - Companies to watch include Yingshi Innovation [6] Home Furnishings - The continuation of national subsidies is supporting furniture retail growth despite pressures in the real estate sector [6] - Recommended companies include Xilinmen and Mousse [6] Tools - The easing of U.S. tariff threats is expected to benefit the tools sector, with a potential upturn starting in Q3 2025 [6] - Companies to focus on include Juxing Technology and Quan Feng Holdings [6]

仙鹤股份最新一期业绩显示，截至2025一季报，公司营业总收入29.91亿元、同比增长35.42%，归属净 利润2.36亿元，同比减少12.13%，扣非净利润2.24亿元，同比减少5.46%，流动比率1.685、速动比率 0.987、资产负债率65.49%。 来源：金融界 金融界消息 截至2025年8月15日收盘，仙鹤股份（603733）报收于25.28元，上涨1.4%，换手率0.95%， 成交量6.69万手，成交金额1.69亿元。 天眼查商业履历信息显示，仙鹤股份有限公司，成立于2001年，位于衢州市，是一家以从事居民服务业 为主的企业。企业注册资本70597.5551万人民币，实缴资本70579.6063万人民币。公司法定代表人为王 敏良。 资金流向方面，今日主力资金净流出1570.13万元，占比成交额9.32%。其中，超大单净流出2177.20万 元、占成交额12.92%，大单净流入607.06万元、占成交额3.6%，中单净流出流入599.40万元、占成交额 3.56%，小单净流入970.73万元、占成交额5.76%。 通过天眼查大数据分析，仙鹤股份有限公司共对外投资了21家企业，参与招投标项目340次， ...

金融界消息 截至2025年8月14日收盘，仙鹤股份（603733）报收于24.93元，下跌1.62%，换手率 0.72%，成交量5.06万手，成交金额1.27亿元。 资金流向方面，今日主力资金净流出1088.88万元，占比成交额8.59%。其中，超大单净流出323.07万 元、占成交额2.55%，大单净流出765.81万元、占成交额6.04%，中单净流出流出425.36万元、占成交额 3.36%，小单净流入1514.24万元、占成交额11.95%。 通过天眼查大数据分析，仙鹤股份有限公司共对外投资了21家企业，参与招投标项目340次，知识产权 方面有商标信息18条，专利信息149条，此外企业还拥有行政许可24个。 来源：金融界 仙鹤股份最新一期业绩显示，截至2025一季报，公司营业总收入29.91亿元、同比增长35.42%，归属净 利润2.36亿元，同比减少12.13%，扣非净利润2.24亿元，同比减少5.46%，流动比率1.685、速动比率 0.987、资产负债率65.49%。 天眼查商业履历信息显示，仙鹤股份有限公司，成立于2001年，位于衢州市，是一家以从事居民服务业 为主的企业。企业注册资本70597 ...

Group 1: Industry Overview - The number of enterprises in the paper and paper products industry reached 8,102 in the first half of 2025, an increase of 190 compared to the same period last year, representing a year-on-year growth of 2.4% [1] - The paper and paper products industry accounts for 1.56% of the total industrial enterprises [1] Group 2: Companies Mentioned - Listed companies in the paper industry include: Chenming Paper (000488), Kane Co., Ltd. (002012), Jingxing Paper (002067), Sun Paper (002078), Annie Co., Ltd. (002235), Qifeng New Materials (002521), Qingshan Paper (600103), Minfeng Special Paper (600235), Huatai Co., Ltd. (600308), Yueyang Forest Paper (600963), Bohui Paper (600966), Rongsheng Environmental Protection (603165), Xianhe Co., Ltd. (603733), Songyang Resources (603863), Wuzhou Special Paper (605007), Huawang Technology (605377), and Forest Packaging (605500) [1]

Core Points - The company has approved the temporary use of idle raised funds to supplement working capital, not exceeding RMB 600 million, for a period of up to 12 months [1] - As of August 12, 2025, the company has repaid the RMB 600 million used for temporary working capital back to its special account for raised funds [2] Group 1 - The board of directors approved the use of idle raised funds to supplement working capital [1] - The amount approved for temporary use is RMB 600 million [1] - The repayment of the funds occurred within the stipulated 12-month period [2]

Core Insights - A total of 48 stocks on the Shanghai and Shenzhen exchanges have experienced net inflows of main funds for five consecutive days or more, indicating strong investor interest [1] Group 1: Stocks with Significant Net Inflows - Hengshang Energy has seen net inflows for 11 consecutive days, ranking first among the stocks [1] - Agricultural Bank of China ranks second with net inflows for 10 consecutive days, totaling 1.917 billion yuan [1] - BoRui Pharmaceutical follows with net inflows for 8 days, amounting to 868 million yuan [1] Group 2: Performance Metrics - Agricultural Bank of China has the highest total net inflow amount, with a cumulative net inflow of 1.917 billion yuan over 10 days, and a price increase of 11.56% [1] - BoRui Pharmaceutical has a net inflow of 868 million yuan over 8 days, with a price increase of 16.13% [1] - Xinjiang Communications Construction has the highest net inflow ratio at 24.39%, with a price increase of 38.33% over 6 days [1] Group 3: Additional Notable Stocks - Huicheng Environmental Protection and Xinke Materials both recorded net inflows of 606 million yuan over 7 days, with price increases of 14.40% and 18.70% respectively [1] - Fuling Electric Power has a net inflow of 477 million yuan over 9 days, with a significant price increase of 31.03% [1] - Other notable stocks include Huaguang Huaneng and Wanchen Group, with net inflows of 327 million yuan and 315 million yuan respectively, and price increases of 55.15% and 12.61% [1]

Group 1 - The paper sector experienced a slight increase of 0.48% on August 12, with ST Chenming leading the gains [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] - Key stocks in the paper sector showed varied performance, with ST Chenming closing at 2.33, up 3.56%, and Yiyuan Paper closing at 25.83, up 0.12% [1] Group 2 - The paper sector saw a net inflow of 19.28 million yuan from main funds, while retail investors contributed a net inflow of 29.11 million yuan [2] - Major stocks like Sun Paper and Annie Co. had significant net inflows from main funds, with Sun Paper receiving 86.42 million yuan [3] - Conversely, stocks like Crown Meng High-tech and Hengfeng Paper experienced net outflows from main funds, indicating mixed investor sentiment [3]

仙鹤股份有限公司（以下简称"公司"）于 2024 年 8 月 14 日召开第三届董 事会第二十三次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资 金的议案》，同意公司在确保不影响募集资金投资项目实施及募集资金使用的情 况下，使用额度不超过人民币 60,000 万元的闲置募集资金暂时补充流动资金， 使用期限为自本次董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 8 月 15 日在上海证券交易所网站（www.sse.com.cn）及公司法定信息披 露媒体披露的《仙鹤股份有限公司关于使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：2024-046）。 截止 2025 年 8 月 12 日，公司已将上述用于暂时补充流动资金已使用的募集 资金 60,000.00 万元提前归还至公司募集资金专用账户，使用期限自公司董事会 审议通过之日起未超过 12 个月，并已将上述募集资金的归还情况通知了公司的 保荐机构及保荐代表人。 特此公告。 仙鹤股份有限公司董事会 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-039 | | --- | --- | --- ...

Core Viewpoint - The company Xianhe Co., Ltd. plans to invest approximately 11 billion yuan in a new integrated high-performance paper-based material project in Sichuan Province, which has raised market attention due to its significant scale and the company's rising debt levels [1][2]. Company Overview - Xianhe Co., Ltd. is a leading enterprise in the domestic specialty paper industry, focusing on the research, production, and sales of high-performance paper-based functional materials, covering the entire industry chain from chemicals to environmental treatment [2]. Financial Metrics - The planned investment of 110 billion yuan represents 62% of Xianhe's market capitalization and 2.14 times its net assets [2]. - As of the first quarter of 2025, Xianhe's total liabilities reached 15.897 billion yuan, a more than fivefold increase from 2.585 billion yuan in 2020 [3]. - The company's debt-to-asset ratio has been rising, reaching 65.49% by the end of Q1 2025, significantly higher than the industry average [2][3]. Cash Flow and Profitability - Xianhe's financial expenses for 2024 were 236 million yuan, a tenfold increase from 20 million yuan in 2021, accounting for 23.51% of the net profit [3]. - The company's operating cash flow has been declining, with negative cash flow of 196 million yuan in Q1 2025 [3]. Production Capacity and Utilization - The new project will be implemented in phases, with a total planned capacity of 700,000 tons, which is 3.5 times the current production capacity [4]. - In 2024, Xianhe's production volume was 1.373 million tons, with sales of only 1.222 million tons, resulting in a capacity utilization rate of less than 70% [5]. Industry Context - The paper industry is currently facing overcapacity, with paper prices hitting a five-year low in 2024 [9]. - The Guangdong Provincial Paper Industry Association has called for a reduction in low-end capacity and an emphasis on quality improvement in the industry [9]. Recent Performance - From 2021 to 2024, Xianhe's fixed assets increased from 2.532 billion yuan to 8.453 billion yuan, while revenue grew from 6.017 billion yuan to 10.274 billion yuan, but the net profit decreased from 958 million yuan to 933 million yuan [10].

Core Insights - Guangxi's forestry industry has achieved a total output value of 1.069 trillion yuan in 2024, making it the first province in China to reach a trillion-yuan forestry industry [2] - The region's forestry industry output value reached 549.5 billion yuan in the first half of the year, marking a year-on-year growth of 24.26% [2] - The wood processing industry in Guangxi has shown a continuous positive development trend, with an increase of 12.1% in added value year-on-year [4] Industry Performance - The wood processing industry has maintained a two-digit growth for five consecutive months, with the paper industry seeing a significant increase of 45.7% in added value [4] - The structure of the forestry industry has been optimized, with the proportions of primary, secondary, and tertiary industries being 26:46:28 [6] - The total industrial output value of the wood and furniture industry in Qintang District grew by 12.47% from January to May [7] Industrial Chain Development - Guangxi has introduced several supporting enterprises for paints, veneers, and hardware accessories to enhance the industrial chain [5] - The establishment of a complete industrial chain from research and design to production and logistics has injected new vitality into the market [4] - The region has built 45 forestry industrial parks, covering over 40% of the counties, contributing 180 billion yuan in industrial output [7] Investment and Policy Support - A total of 35 key forestry industry projects were signed at the 2024 World Forestry Products and Wood Products Expo, with a total contract value of 20 billion yuan [8][9] - The Guangxi government has implemented policies to support the development of the wood processing and forest health industries, including financial products like "Guihui Loan" [9] - The "Guihui Loan" policy has provided 5.029 billion yuan in loans to 831 market entities, significantly reducing financing costs [9]