Group 1 - The core viewpoint of the article highlights that Nine Dragons Paper (02689) has seen a stock price increase of over 4%, currently trading at HKD 6.27, with a transaction volume of HKD 26.3755 million [1] - Nine Dragons, Lee & Man, and Shanying have announced maintenance plans for January to February 2026, expecting a reduction of approximately 270,000 tons of packaging paper, primarily corrugated cardboard [1] - Major companies including Shanying, Nine Dragons, APP, and Asia Pulp & Paper have issued price increase notices, planning to raise prices for their products between late November and early December [1] Group 2 - According to CICC, the recent price increase for corrugated cardboard and waste paper began in July, initially driven by domestic waste raw material costs and later supported by seasonal demand and maintenance shutdowns from leading companies [1] - The production of cultural paper has declined year-on-year in the first ten months, indicating potential pressure on industry prices and profit per ton in 2026 [1] - The supply-demand imbalance for white card paper remains unresolved, suggesting that the sustainability of price increases in the future may be low [1]

每经AI快讯，玖龙纸业(02689.HK)一度涨超4%，截至发稿涨3.64%，报6.27港元，成交额2637.55万港 元。 （文章来源：每日经济新闻） ...

中金此前指出，本轮箱板瓦楞纸、废纸提价始于7月，前期涨幅主要由国废原料端带动，后期主要由旺 季需求驱动、同时龙头配合基地停产检修+涨价函；从企业吨利润角度看，看好25Q4吨利润改善表现。 浆纸系纸种方面，文化纸前十月产量同比下滑，2026年行业价格及吨利润或有明显压力；白卡纸供需矛 盾尚未缓和，后续基本面维度看，提价可持续性低。 消息面上，玖龙、理文和山鹰陆续宣布2026年1-2月检修计划。根据目前已经发布的停机通知，预计减 产约27万吨包装纸，其中绝大多数为箱板瓦楞纸。据悉，山鹰、玖龙、APP、亚太森博等主要企业此前 纷纷发布调价函，计划在11月底至12月初对旗下产品进行提价。 玖龙纸业(02689)现涨超4%，截至发稿，涨3.64%，报6.27港元，成交额2637.55万港元。 ...

智通财经APP获悉，玖龙纸业(02689)现涨超4%，截至发稿，涨3.64%，报6.27港元，成交额2637.55万港 元。 消息面上，玖龙、理文和山鹰陆续宣布2026年1-2月检修计划。根据目前已经发布的停机通知，预计减 产约27万吨包装纸，其中绝大多数为箱板瓦楞纸。据悉，山鹰、玖龙、APP、亚太森博等主要企业此前 纷纷发布调价函，计划在11月底至12月初对旗下产品进行提价。 中金此前指出，本轮箱板瓦楞纸、废纸提价始于7月，前期涨幅主要由国废原料端带动，后期主要由旺 季需求驱动、同时龙头配合基地停产检修+涨价函；从企业吨利润角度看，看好25Q4吨利润改善表现。 浆纸系纸种方面，文化纸前十月产量同比下滑，2026年行业价格及吨利润或有明显压力；白卡纸供需矛 盾尚未缓和，后续基本面维度看，提价可持续性低。 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The industrial chain shows stable spot prices and rigid demand transactions. The price adjustment on December 1st has not been implemented with actual orders. This week, the production of double - offset paper was 20.7 million tons, a decrease of 0.1 million tons or 0.5% from the previous period, and the capacity utilization rate was 53.0%, a decrease of 0.3% from the previous period. The inventory of double - offset paper production enterprises increased by 0.4% month - on - month. The offset paper market continues to have an oversupply situation, with high finished - product inventory still accumulating. The price increase has not been implemented, resulting in significant fundamental pressure and weakening market sentiment. However, considering the recent increase in raw material pulp prices, the cost of double - offset paper has some support, and the downside space is expected to be limited. Due to the large fundamental pressure and limited cost support, it is not recommended to short at low levels. If there is a rebound, the overall idea is to short on rallies or sell out - of - the - money call options [13]. Summary by Directory 1.胶版印刷纸综述 1.1 胶版印刷纸综述——供需库 - In terms of supply, the weekly domestic production of offset printing paper in the week of December 5, 2025, was 20.7 million tons, a decrease of 0.1 million tons from the previous period, with a year - on - year increase of 1.4 million tons and a cumulative year - on - year decrease of 7.21%. The capacity utilization rate was 53.0%, a decrease of 0.3% from the previous period and 5.5% from the same period last year. The monthly import volume in December 2025 was 1.1 million tons, a decrease of 0.02 million tons from the previous month and 0.83 million tons from the same period last year, with a cumulative year - on - year increase of 4.98%. It is expected that the supply will increase slightly next week, reaching about 21.0 million tons [6]. - In terms of demand, the weekly apparent demand was 20.0 million tons, an increase of 0.3 million tons from the previous period. The monthly export volume was 5.6 million tons, unchanged from the previous month but a decrease of 1.59 million tons from the same period last year, with a year - on - year decrease of 14.17%. Domestic demand was 84.05 million tons, unchanged from the previous month but an increase of 4.73 million tons from the same period last year, with a cumulative year - on - year decrease of 6.11%. The demand is expected to remain stable during the off - season [6]. - In terms of inventory, the enterprise inventory was 137.1 million tons, an increase of 0.7 million tons from the previous period and 27.1 million tons from the same period last year. The social inventory was 54.0 million tons, unchanged from the previous period but a decrease of 4.7 million tons from the same period last year. The total spot inventory was 191.1 million tons, an increase of 0.7 million tons from the previous period and 22.4 million tons from the same period last year. Due to the increase in production and stable demand, the inventory is expected to accumulate [6]. 1.2 胶版印刷纸综述——价格 - The ex - factory delivered prices of various brands such as Galaxy Ruyi, Huatai Mudan, etc., remained unchanged from the previous period but decreased compared to the same period last year. The market self - pick - up prices also showed a similar trend. The quoted price on December 1st to increase by 100 yuan/ton was not actually implemented. The offset paper market continues to have an oversupply situation, with high finished - product inventory still accumulating. The price increase has not been implemented, resulting in significant fundamental pressure and weakening market sentiment. However, considering the recent increase in raw material pulp prices, the cost of double - offset paper has some support, and the downside space is expected to be limited. The futures prices of OP2601 and OP2603 are expected to fluctuate or fluctuate strongly [8]. 1.3 胶版印刷纸综述——价差与基差 - The differences between ex - factory and self - pick - up prices of some brands remained stable or increased compared to the same period last year. The futures price difference between OP2601 and OP2603 is expected to remain stable. The basis of some brands is expected to weaken. Seasonally, January is a small peak season for spring teaching - aid textbook tenders, and March is the traditional peak season of "Golden March and Silver April" [10]. 1.3 胶版印刷纸综述——成本与利润 - Raw material prices have increased, leading to an increase in the cost of double - offset paper. In the off - season, it is difficult for the finished - product price to rise, so the production profit is expected to shrink. The profit of self - used pulp decreased from 110 yuan/ton to 25 yuan/ton, and the profits of low - cost and high - cost production also decreased [12]. 2.胶版印刷纸平衡表解析 - The monthly balance sheet shows the supply, demand, and inventory changes of double - offset paper from 2024 to 2025. In 2025, the cumulative import volume decreased year - on - year, and the cumulative production also decreased year - on - year. The cumulative total supply and demand both decreased year - on - year. The inventory showed an increasing trend in general, and the inventory - to - consumption ratio also fluctuated [15]. 3.胶版印刷纸供需解析 3.1 供应——投产情况 - In 2025, a total of 140 million tons of cultural paper production capacity has been put into operation, and 225 million tons is expected to be put into operation, mostly in the third quarter, including the resumption of Chenming's production capacity. In 2026, 120 - 140 million tons of production capacity is planned to be put into operation [17]. 3.2 需求 - No detailed content provided in the given text 3.3 库存 - No detailed content provided in the given text 3.4 进出口 - No detailed content provided in the given text 4.胶版印刷纸成本利润 4.1 胶版印刷纸原料成本 - No detailed content provided in the given text 4.2 胶版印刷纸利润 - No detailed content provided in the given text 5.胶版印刷纸价格、价差解析 5.1 胶版印刷纸现货报价 - No detailed content provided in the given text 5.2 胶版印刷纸期现基差 - No detailed content provided in the given text 5.3 OP主力合约季节图及月间价差 - No detailed content provided in the given text

胶板印刷纸期货基础知识之供应篇 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分 胶版印刷纸基础知识分享 GALAXY FUTURES 1 造纸产业链分析 GALAXY FUTURES 2 胶版印刷纸产业链 文化印刷用纸主要产品为双胶纸、铜 版纸； 部分文化纸以混浆、再生浆作为原料， 但市场占比较小， 多数生产工艺仍是 以针叶浆、阔叶浆和化机浆作为主要 原料； 主要下游需求以印刷出版为主。其中 每年的出版招标需求是双胶纸的主要 需求支撑，铜版纸则受社会需求影响 更大。 图片来源：卓创资讯，银河期货 GALAXY FUTURES 3 胶版印刷纸产能分布 1800 万吨 双胶纸 产能增速(右轴） 1550 1300 1050 800 2020年 2021年 2022年 2023年 2024年 10% 8% 6% 4% 2% 0% 华东 华南 华中 其他 2024年 2023年 2022年 2021年 2020年 0% 20% 40% 60% 80% 100% 2020-2024年双胶纸产能情况 国内双胶纸产能分布情况 近五年双胶纸产能逐年递增。从区域分布来看，集 ...

胶板印刷纸期货基础知识之需求篇 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分 胶版印刷纸基础知识分享 GALAXY FUTURES 1 胶版印刷纸品牌 | 企业名称 | 双胶纸品牌 | 年产能（万吨） | 主要应用领域 | 其他特性 | | --- | --- | --- | --- | --- | | 晨鸣纸业 | 碧云天、云镜、云豹"云狮"、 | 235（停产较多） | 书刊印刷、高档包装纸 | 高白度（92%以上）、环保认证（FSC/PEFC），适用于精装书籍和 | | | "云鹤" | | | 画册 | | 太阳纸业 | 金太阳、华夏太阳、天阳 | 205 | 教育书刊、办公复印纸 | 80-100g/m²主流克重，高性价比，市场份额领先 | | 亚太森博 | 百旺、品旺、瑞印、印爽、雅文 | 185 | 办公复印纸、激光打印纸 | 高平滑度，适用于高负荷打印；品牌"百旺"是复印纸领导者 | | 华泰股份 | 牡丹、铸魂、华泰 | 142 | 文化用纸、宣传材料 | 侧重性价比，70-80g/m²克重，适合教材和杂志印刷 | | 玖龙纸业 | 海 ...

胶版印刷纸基本面和估值分析 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分胶版印刷纸的供需基本面 GALAXYFUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 造纸产业链分析 2 GALAXYFUTURES 227/82/4 228/210/172 181/181/181 供应——产能VS开机率 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 | 省份 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | --- | --- | --- | --- | --- | --- | | 广西壮族自治区 | 30 | 85 | 85 | 85 | 140 ...

胶版印刷纸期货基础知识和基本面分享 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分 双胶纸基础及合约介绍 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 胶版印刷纸产业链 文化印刷用纸主要产品为双胶 纸、铜版纸； 部分文化纸以混浆、再生浆作 为原料，但市场占比较小， 多 数生产工艺仍是以针叶浆、阔 叶浆和化机浆作为主要原料； 主要下游需求以印刷出版为主。 其中每年的出版招标需求是双 胶纸的主要需求支撑，铜版纸 则受社会需求影响更大。 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ...

(上市日) 股东大会召开日 分红派息 类别 公司 新股活动 智通财经APP获悉，2025年12月8日，港股上市公司投资日志如下： 京东工业 (招股中) 卓越睿新 纳芯微 (上市日) 中联重科 汇贤产业信托 赛伯乐国际控股 大健康国际 中国高精密 玖龙纸业 上海石油化工股份 永旺 赣锋锂业 中微智码 冠忠巴士集团 （除净日） 冠忠巴士集团 （除净日） 中国动向 （除净日） 中国动向 （除净日） NIRAKU （除净日） 旷世芳香 （除净日） 万保刚集团 （除净日） 古茗 （除净日） VTECH HOLDINGS （除净日） 中国中免 （除净日） ...