登录新浪财经APP 搜索【信披】查看更多考评等级 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年度A股董秘数据报告》显示，2024年A股上市公司董 秘薪酬合计达40.86亿元，平均年薪75.43万元。 分行业来看，A股共有165家轻工制造上市公司公开披露了董事会秘书信息，其中23家为造纸上市公司。 就年龄结构而言，2024年造纸上市公司董秘以中坚力量为主，剔除未披露具体信息的凯恩股份，平均年龄为45.42岁，40-50岁群体约占45.8%，50岁以上群 体约占29.2%，30-40岁群体约占25.0%。结合性别分析，男性董秘占据主导地位，整体约占80.0%，平均年龄为45.79岁；女性董秘约占20.0%，平均年龄为 54.73岁。 年龄最大的男性董秘为森林包装的陈清贤，现已58岁。年龄最大的女性董秘为景兴纸业的姚洁青，目前56岁。恒大新材的郑洲娟年龄最小，为35岁。 2024年，造纸上市公司接待调研未超过10次的董秘群体约占40%，其中恒丰纸业刘新欢、华泰股份任英祥、民丰特纸姚名 ...

股票代码：600356 股票简称：恒丰纸业 编号：2025-041 公司在收到《审核问询函》后，立即会同相关中介机构进行了认真研究和落实。 鉴于《审核问询函》涉及的部分事项还需进一步落实，预计无法在规定时间内向上 交所提交完整的书面回复及相关文件。为切实稳妥做好《审核问询函》回复等相关 工作，经与本次交易的各方及有关中介机构审慎协商，公司已向上交所提交延期回 复的书面申请，申请自《审核问询函》回复届满之日起延期不超过 1 个月提交《审 核问询函》的书面回复等相关文件，并及时履行信息披露义务。 公司本次交易事项尚需经上海证券交易所审核，并获得中国证券监督管理委员 会同意注册后方可实施。公司将根据该事项的进展情况，按照相关规定和要求及时 履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 1 牡丹江恒丰纸业股份有限公司 董事会 牡丹江恒丰纸业股份有限公司 关于延期回复《关于牡丹江恒丰纸业股份有限公司发行 股份购买资产暨关联交易申请的审核问询函》的公告 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个别及连带责任。 牡丹江恒丰纸业股份 ...

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].

Market Overview - On August 4, the paper sector rose by 0.12% compared to the previous trading day, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.31, with a gain of 5.87% and a trading volume of 994,100 shares, amounting to a transaction value of 625 million [1] - ST Morning (000488) closed at 2.05, up 3.02%, with a trading volume of 425,400 shares and a transaction value of 86.34 million [1] - Xianhe Co. (603733) closed at 22.00, increasing by 2.28%, with a trading volume of 40,900 shares and a transaction value of 89.94 million [1] - Other notable stocks include Minfeng Special Paper (600235) with a closing price of 6.57, up 1.23%, and Hengda New Materials (301469) at 27.97, up 1.05% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 81.62 million from institutional investors, while retail investors saw a net inflow of 43.91 million [2] - Notable net inflows from retail investors were observed in ST Morning (000488) with 12.04 million and Xianhe Co. (603733) with 474.99 million [3] - Conversely, significant net outflows were recorded for Sun Paper (002078) with -26.84 million from institutional investors and -34.59 million from retail investors [3]

Group 1: Company Developments - Sanan Optoelectronics plans to jointly acquire Lumileds Holding B.V. for $239 million, with a total investment of $280 million to establish a joint venture in Hong Kong [2] - Sanan Optoelectronics is a leading company in the domestic compound semiconductor sector, with advanced core technology and R&D capabilities [2] - The company has achieved mass production of 400G optical chips and small batch production of 800G optical chips, while 1.6T optical chips are still under development [2] Group 2: Industry Trends - Multiple paper companies have announced price increases, with some raising prices four times in a month, and corrugated paper prices increasing by 30 to 50 yuan per ton [3] - The rise in waste paper prices, which increased to 1567 yuan per ton by the end of July, is the main reason for the current paper price hikes [3] - The paper industry is experiencing a "de-involution" trend, with a focus on optimizing capacity and enhancing innovation to escape low-price competition [4] Group 3: Market Performance - As of August 1, the A-share market capitalization of the paper industry is 157.6 billion yuan, with several companies like Sun Paper and Xianhe Co. exceeding 10 billion yuan in market value [6] - The average increase in paper stocks this year is 9.49%, with three stocks rising over 40% [6] - Four paper companies reported positive earnings, with Minshida achieving a net profit of 63 million yuan in the first half of 2025, a 42.28% year-on-year increase [6][11] Group 4: Valuation Insights - As of August 1, seven paper stocks have a rolling P/E ratio below 30, indicating potential undervaluation [9] - Nineteen stocks have a P/B ratio below 2, with some companies trading below net asset value [9] - The paper industry is expected to benefit from the "de-involution" trend, with limited new capacity expected in 2025-2026, which may improve overall industry conditions [5]

Investment Rating - The industry is rated as "stronger than the market" with an expected relative increase of over 10% compared to the market index in the next six months [4][27]. Core Insights - The light industry performance forecast is subdued, with a pre-profit rate of 46%. As of July 28, 2025, 54 out of 165 A-share companies in the light industry have released performance forecasts, resulting in a disclosure rate of 33%, ranking 6th among eight major consumption sectors [1][9][24]. - The paper-making sector shows a higher pre-profit rate of 67%, while the packaging and printing, home goods, and entertainment goods sectors have pre-profit rates below 50% [2][14][24]. - The report highlights a significant increase in the number of companies in the light industry experiencing losses, with 17% of companies forecasting their first loss in the first half of 2025, and 37% of companies continuing to report losses for two consecutive years [1][10][24]. Summary by Sections Light Industry Performance - The light industry has a pre-profit rate of 46%, ranking 8th among consumption sectors. The number of companies forecasting profit growth has decreased compared to the previous year, with only 17% expecting an increase and 0% expecting slight increases [1][10][24]. Paper-making Sector - The paper-making sector has a pre-profit rate of 67%, indicating stable profitability. The disclosure rate for this sector is 39%, with a notable performance differentiation among companies [2][14][15]. - In the first half of 2025, the paper-making sector saw a mix of performance forecasts, with 1 company expecting profit growth, 3 expecting a decrease, and 2 companies turning losses into profits [2][15]. Investment Recommendations - The report suggests focusing on opportunities related to the "anti-involution" initiative, which aims to eliminate excessive competition and promote reasonable pricing based on actual costs. This is expected to help restore profitability in the paper-making sector [3][24][25]. - Additionally, the report recommends paying attention to opportunities arising from the "two new" policies, which aim to stimulate investment and consumption through government support for equipment upgrades and consumer goods replacement [3][24][25].

Core Viewpoint - The A-share tobacco sector is experiencing a downturn, with significant declines in stock prices for several companies, indicating a negative trend in the industry [1] Company Performance - Jinshi Technology has seen a drop of over 9% in its stock price [1] - Shunhao Co., Ltd. has experienced a decline of over 7% [1] - Other companies such as Jinghua Laser, Rundu Co., Hengfeng Paper, Aisidun, and Jiyou Co. have also followed the downward trend [1]

Core Insights - The article highlights the rapid economic development and investment attraction in Mudanjiang, driven by a series of large-scale projects and a favorable business environment [1][3][8] Investment and Economic Development - Mudanjiang has seen significant investments, such as a 1.05 billion yuan project for high-performance silicon carbide ceramic products [1] - From January to May, Mudanjiang signed 50 projects worth over 100 million yuan each from outside the province [3] - Industrial fixed asset investment in Mudanjiang increased by 40.5% year-on-year during the same period, ranking third in the province [8] Business Environment and Services - The city emphasizes a "project first, service foremost" approach, implementing a coordinated service mechanism for projects [4][6] - A total of 66 "government-business salons" have been held this year to address business concerns and improve service quality [5] - Mudanjiang has introduced a credit information "no-sense repair" model to facilitate business operations [5][7] Industry Focus and Development - The city is focusing on modern industrial systems, targeting key sectors such as equipment manufacturing, automotive parts, and electronic information [3][4] - Mudanjiang is actively attracting major enterprises and fostering industrial clusters to enhance economic vitality [8][9] Strategic Location and Resources - Mudanjiang's advantageous geographical position and rich natural resources contribute to its appeal as an investment destination [9][10] - The city has a long history of trade with Russia and is a key player in cross-border economic activities [9] Project Highlights - Several significant projects have been launched, including a digital workshop for dairy production and a semiconductor factory [10] - The city is also developing a high-performance carbon-based material project and a green digital intelligent manufacturing factory [10]

Report Industry Investment Ratings No relevant content provided. Core Views - Crude oil: Short - term prices are expected to fluctuate narrowly, with Brent in the range of 68 - 70 USD/barrel. Medium - term outlook is bearish due to expected oversupply after the 4th quarter [2]. - Asphalt: The unilateral price is expected to oscillate at a high level, and the cracking spread is expected to be strong. The BU main contract is expected to trade between 3500 - 3650 [5]. - LPG: The PG price is expected to be weak due to sufficient supply and low downstream purchasing enthusiasm [9]. - Natural gas: US natural gas prices are expected to rise, while European natural gas prices are expected to oscillate [9][10]. - Fuel oil: High - sulfur fuel oil has some demand support, but the supply of low - sulfur fuel oil is increasing. It is recommended to wait and see [11]. - PX: Expected to follow the cost side and oscillate in the short term [13]. - PTA: Expected to oscillate and consolidate, with attention to device changes [14]. - Ethylene glycol: Supply is gradually returning, putting pressure on prices, and expected to oscillate and consolidate [17]. - Short - fiber: Processing fees are expected to be strongly supported, and it is expected to oscillate and consolidate [19]. - PET bottle chips: Expected to follow the raw material side and oscillate and consolidate [23]. - Styrene: Expected to oscillate in the short term due to supply and demand changes [27]. - PVC: In the second half of the year, it is in a pattern of oversupply, and prices are expected to be bearish in the medium and short term [30]. - Caustic soda: Short - term prices are expected to oscillate weakly [30]. - Plastic and PP: Fundamental is weak, and prices are expected to be bearish in the medium and short term [32]. - Glass: Short - term focus on production and sales, medium - term focus on cost reduction and plant cold - repair [35]. - Soda ash: Prices are expected to be strong in the short term, with attention to policy trends [38]. - Methanol: Expected to oscillate weakly in the short term, with attention to the evolution of the Middle East situation [39]. - Urea: Expected to be weak in the short term, with attention to export policies [43]. - Corrugated paper: Overall in a weak pattern, with some price increases expected [44]. - Offset paper: In a situation of weak supply and demand, prices are expected to be stable [45]. - Logs: It is recommended to wait and see for the near - month contract, and pay attention to the 9 - 11 reverse spread [48]. - Natural rubber and 20 - number rubber: Wait and see for the RU and NR main contracts; hold the RU2509 - NR2509 spread [52]. - Butadiene rubber: Try shorting the BR main contract opportunistically [55]. - Pulp: Try shorting a small amount of the SP main contract [57]. Summaries by Related Catalogs Crude Oil - Market Review: WTI2508 closed at 66.38 USD/barrel, down 0.14 USD/barrel (- 0.21%); Brent2509 closed at 68.52 USD/barrel, down 0.19 USD/barrel (- 0.28%); SC main contract 2509 closed at 507 CNY/barrel [1]. - Related News: Trump's attitude towards Powell affected the market; the Fed's economic report indicated cost pressure; EIA data showed changes in US oil inventories and production [1]. - Trading Strategy: Unilateral - narrow - range oscillation; arbitrage - gasoline and diesel cracking spreads are stable; options - wait and see [2]. Asphalt - Market Review: BU2509 closed at 3612 points (- 0.14%) at night; BU2512 closed at 3433 points (- 0.17%) at night [3]. - Related News: Prices in different regions showed different trends, affected by factors such as demand and supply [3][4]. - Trading Strategy: Unilateral - high - level oscillation; arbitrage - asphalt - crude oil spread is strong; options - wait and see [6]. LPG - Market Review: PG2508 closed at 4072 (- 0.88%) at night; PG2509 closed at 3988 (- 0.77%) at night [6]. - Related News: Prices in different regions had different trends [6][7]. - Trading Strategy: Unilateral - weak operation [9]. Natural Gas - Market Review: TTF closed at 34.809 (+ 1.06%), HH closed at 3.551 (+ 0.79%), JKM closed at 12.475 (+ 1.42%) [9]. - Related News: US natural gas inventory increased, supply and demand changed [9]. - Trading Strategy: HH unilateral - buy on dips; TTF unilateral - oscillate [10]. Fuel Oil - Market Review: FU09 closed at 2855 (- 0.56%) at night; LU09 closed at 3568 (- 2.22%) at night [10]. - Related News: Changes in fuel oil inventories and trading volume [11]. - Trading Strategy: Unilateral - wait and see; arbitrage - wait and see [12]. PX - Market Review: PX2509 main contract closed at 6716 (+ 28/+ 0.42%), and 6684 (- 32/- 0.48%) at night [12]. - Related News: Decline in polyester sales [13]. - Trading Strategy: Unilateral - oscillate and consolidate; arbitrage - wait and see; options - wait and see [13]. PTA - Market Review: TA509 main contract closed at 4706 (+ 10/+ 0.21%), and 4696 (- 10/- 0.21%) at night [13]. - Related News: Decline in polyester sales [14]. - Trading Strategy: Unilateral - oscillate and consolidate; arbitrage - wait and see; options - wait and see [16]. Ethylene Glycol - Market Review: EG2509 main contract closed at 4351 (+ 29+0.67%), and 4349 (- 2/- 0.05%) at night [16]. - Related News: Decline in polyester sales, equipment shutdown [16]. - Trading Strategy: Unilateral - oscillate and consolidate; arbitrage - wait and see; options - wait and see [18]. Short - fiber - Market Review: PF2508 main contract closed at 6356 (- 12/- 0.19%) during the day, and 6338 (- 18/- 0.28%) at night [19]. - Related News: Decline in polyester sales [19]. - Trading Strategy: Unilateral - oscillate and consolidate; arbitrage - wait and see; options - wait and see [21]. PET Bottle Chips - Market Review: PR2509 main contract closed at 5886 (+ 16/+ 0.27%), and 5876 (- 10/- 0.17%) at night [20]. - Related News: Stable factory quotes, average market transactions [23]. - Trading Strategy: Unilateral - oscillate and consolidate; arbitrage - wait and see; options - wait and see [24]. Styrene - Market Review: BZ2503 main contract closed at 6166 (+ 22/+ 0.36%) during the day, and 6151 (- 15/- 0.24%) at night; EB2508 main contract closed at 7343 (+ 3/+ 0.04%) during the day, and 7304 (- 39/- 0.53%) at night [24]. - Related News: Changes in port inventories, equipment shutdown [24]. - Trading Strategy: Unilateral - oscillate and consolidate; arbitrage - wait and see; options - wait and see [27]. PVC and Caustic Soda - Market Review: PVC prices declined, and caustic soda prices were stable [27][30]. - Related News: Changes in PVC and caustic soda inventories, new device production expectations [30]. - Trading Strategy: PVC - bearish in the medium and short term; caustic soda - oscillate weakly in the short term; arbitrage - wait and see; options - wait and see [31]. Plastic and PP - Market Review: LLDPE prices declined in some regions, and PP prices had slight changes [32]. - Related News: Changes in maintenance ratios [32]. - Trading Strategy: Unilateral - bearish in the medium and short term; arbitrage - wait and see; options - wait and see [33]. Glass - Market Review: Glass futures 09 contract closed at 1070 CNY/ton (- 1/- 0.09%), and 1078 CNY/ton (+ 8/+ 0.75%) at night [34]. - Related News: Market conditions in different regions, changes in deep - processing orders [34]. - Trading Strategy: Unilateral - pay attention to logical conversion; arbitrage - wait and see; options - wait and see [36]. Soda Ash - Market Review: Soda ash futures 09 contract closed at 1208 CNY/ton (- 6/- 0.5%), and 1215 CNY/ton (+ 7/+ 0.6%) at night [37]. - Related News: Equipment operation, price trends [38]. - Trading Strategy: Unilateral - prices are expected to be strong, pay attention to policy trends; arbitrage - wait and see; options - wait and see [38]. Methanol - Market Review: Methanol futures closed at 2362 (- 14/- 0.59%) at night [39]. - Related News: Changes in production enterprise signing volume [39]. - Trading Strategy: Unilateral - oscillate weakly in the short term; arbitrage - wait and see; options - wait and see [40]. Urea - Market Review: Urea futures oscillated and closed at 1733 (+ 2/+ 0.12%) [40]. - Related News: Changes in production and inventory, new Indian tender prices [43]. - Trading Strategy: Unilateral - oscillate weakly in the short term; arbitrage - wait and see; options - sell call options on rebounds [44]. Corrugated Paper - Related News: Market prices were stable with some increases, cost and demand situations [44]. - Trading Strategy: No trading strategy provided. Offset Paper - Related News: Market prices were stable, supply and demand situations [45]. - Trading Strategy: No trading strategy provided. Logs - Related News: Price changes, project funds, and market conditions [47]. - Trading Strategy: Unilateral - wait and see for the near - month contract; arbitrage - pay attention to the 9 - 11 reverse spread; options - wait and see [49]. Natural Rubber and 20 - number Rubber - Market Review: RU main 09 contract closed at 14525 (+ 25/+ 0.17%); NR main 09 contract closed at 12485 (- 5/- 0.04%) [49]. - Related News: Changes in export and consumption data [51]. - Trading Strategy: Unilateral - wait and see for RU and NR main contracts; arbitrage - hold the RU2509 - NR2509 spread; options - wait and see [52]. Butadiene Rubber - Market Review: BR main 09 contract closed at 11405 (- 45/- 0.39%) [53]. - Related News: Changes in production and shipping index [55]. - Trading Strategy: Unilateral - try shorting the BR main contract opportunistically; arbitrage - wait and see; options - wait and see [55]. Pulp - Market Review: SP main 09 contract closed at 5242, unchanged from the previous day [55]. - Related News: New product launch by Starbucks [56]. - Trading Strategy: Unilateral - try shorting a small amount of the SP main contract; arbitrage - wait and see; options - wait and see [57].

[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts a net profit attributable to shareholders of 85 million to 110 million CNY for the first half of 2025, representing a year-on-year increase of 51.36% to 95.88%, with non-recurring adjusted net profit expected to be 75 million to 100 million CNY, up 72.67% to 130.23%, based on unaudited preliminary estimates 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (Million CNY) | Year-on-Year Growth | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 85.00 - 110.00 | 51.36% - 95.88% | | Net Profit After Deducting Non-Recurring Gains and Losses | 75.00 - 100.00 | 72.67% - 130.23% | - This performance forecast represents preliminary estimates by the company's finance department and has not been audited by an accounting firm[4](index=4&type=chunk) [Prior Period Operating Performance](index=1&type=section&id=Item%202.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) In the same period of 2024, the company achieved a net profit attributable to shareholders of 56.1566 million CNY and a non-recurring adjusted net profit of 43.4352 million CNY, with earnings per share at 0.19 CNY, forming the basis for the current forecast's year-on-year growth calculation 2024 Semi-Annual Performance Review | Indicator | Amount | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 56.1566 Million CNY | | Net Profit After Deducting Non-Recurring Gains and Losses | 43.4352 Million CNY | | Earnings Per Share | 0.19 CNY | [Analysis of Performance Increase Reasons](index=1&type=section&id=Item%203.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Increase) The significant performance growth in the current period is primarily attributed to optimized internal management, including the promotion of lean management, effective reduction of raw material and energy consumption, optimized supply chain and inventory management, and strict control over procurement and operating costs - The core driver of performance growth stems from enhanced internal operational efficiency, with specific measures including[7](index=7&type=chunk) - Continuously promoting lean management - Effectively reducing raw material and energy consumption - Optimizing supply chain management and strengthening inventory turnover - Strictly controlling procurement costs and operating expenses [Risk Warning](index=2&type=section&id=Item%204.%20Risk%20Warning) The company advises that this performance forecast is based on unaudited preliminary calculations, and as of the announcement date, no significant uncertainties affecting the accuracy of the forecast have been identified - The performance forecast data is unaudited and represents preliminary calculations based on the finance department's professional judgment[8](index=8&type=chunk) - The company has not identified any significant uncertainties that could impact the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=Item%205.%20Other%20Explanatory%20Matters) The company reiterates that the disclosed data are preliminary estimates, and the final accurate financial figures will be subject to the company's officially released 2025 semi-annual report, advising investors to be aware of investment risks - Final financial data will be based on the company's officially disclosed 2025 semi-annual report, and investors should be mindful of investment risks[9](index=9&type=chunk)