智通财经APP获悉，截止2月23日收盘，东北电气(00042)、京城机电股份(00187)、弘业期货(03678)分列 AH溢价率前三位，溢价率分别为757.14%、280.60%、278.12%；宁德时代(03750)、药明康德(02359)、 招商银行(03968)分列AH溢价率末三位，溢价率分别为-18.31%、-7.13%、-5.36%。其中郑州银行 (06196)、龙蟠科技(02465)、剑桥科技(06166)的偏离值位居前三，分别为14.55%、11.57%、10.92%；另 外，东北电气(00042)、长飞光纤光缆(06869)、晨鸣纸业(01812)的偏离值位居后三，分别 为-51.17%、-48.00%、-45.02%。 | 南华期货股份 | | | | | | --- | --- | --- | --- | --- | | (02691) | | | | | | 弘业期货(03678) | 3.200 | 10.1 | 278.12% | 6.85% | | 中国中免(01880) | 91.850 | 97.1 | 26.63% | 6.70% | | 金隅集团(02009) | 0.8 ...

上市企业：太阳纸业（002078）,晨鸣纸业（000488）,博汇纸业（600966）,岳阳林纸（600963）,山鹰国 际（600567）,恒丰纸业（600356） 相关报告：智研咨询发布的《2026-2032年中国造纸行业市场调查研究及发展前景展望报告》 2020-2025年中国机制纸及纸板(外购原纸加工除外)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年12月中国机制纸及纸板(外购原纸加工除外)产量为1493万吨，同比增 长2.8%；2025年1-12月中国机制纸及纸板(外购原纸加工除外)累计产量为16405.4万吨，累计增长2.9%。 ...

智通财经APP获悉，截止2月20日收盘，东北电气(00042)、京城机电股份(00187)、弘业期货(03678)分列 AH溢价率前三位，溢价率分别为800.00%、294.26%、292.86%；宁德时代(03750)、药明康德(02359)、 招商银行(03968)分列AH溢价率末三位，溢价率分别为-15.74%、-5.50%、-3.71%。其中京城机电股份 (00187)、剑桥科技(06166)、弘业期货(03678)的偏离值位居前三，分别为23.37%、23.34%、22.07%；另 外，晨鸣纸业(01812)、中海油田服务(02883)、钧达股份(02865)的偏离值位居后三，分别 为-59.49%、-29.71%、-25.40%。 | 凯盛新能(01108) | | | | | | --- | --- | --- | --- | --- | | 南华期货股份 | 10.200 | 18.34 | 115.39% | 16.88% | | (02691) | | | | | | 泰格医药(03347) | 48.800 | 64.4 | 58.07% | 13.30% | | 中州证券(01375) ...

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 23.16%, Dongjiang Environmental Protection (00895) at 18.78%, and Zhongzhou Securities (01375) at 16.54% [1] - Conversely, the companies with the lowest deviation values include Morning Paper (01812) at -52.60%, Junda Co., Ltd. (02865) at -34.18%, and Changfei Optical Fiber Cable (06869) at -34.18% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Core Insights - The paper and paper products industry in China is projected to have 8,167 enterprises by the end of 2025, reflecting an increase of 125 enterprises compared to the previous year, which represents a year-on-year growth of 1.55% [1] Industry Overview - The number of enterprises in the paper and paper products industry has been increasing, with a total of 8,167 enterprises expected by December 2025 [1] - The growth rate of 1.55% indicates a steady expansion in the industry, contributing to 1.55% of the total industrial enterprises [1] Statistical Data - The threshold for scale enterprises in the industry has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting [1]

Core Viewpoint - ST Morning (000488) experienced significant stock price movement on February 13, 2026, reaching a daily limit up with a closing price of 2.28 yuan, reflecting a 5.07% increase [1] Group 1: Stock Performance - On February 13, ST Morning's trading volume was 1.72 billion yuan, with a turnover rate of 4.54% and a net inflow of 29.93 million yuan from main funds, accounting for 17.4% of total trading volume [1] - The stock was categorized as a "bottom volume stock" by the market, with technical indicators showing a trading volume that exceeded the 5-day average by 1.5 times, and the KDJ indicator forming a bullish crossover in the oversold zone [4] Group 2: Industry Trends - The paper industry, to which ST Morning belongs, saw an overall increase on the same day, with forestry concepts, forestry carbon sink concepts, and paper concepts rising by 1.02%, 0.84%, and 0.83% respectively [2] Group 3: Financial Performance - According to the Q3 2025 report, ST Morning reported a revenue of 3.348 billion yuan for the first three quarters, a year-on-year decline of 83.11%, and a net loss attributable to shareholders of 6.008 billion yuan, with losses expanding by 746.05% year-on-year [3] - The company anticipates a total net loss for 2025 ranging from 8.2 billion to 8.8 billion yuan [3]

2月12日，晨鸣集团党委书记张中山主持召开原料保障专题会，部署复工复产原料供应保障工作。集团 领导刘培吉、孟峰、朱艳丽、郭钦彦及物流、原料、林业相关负责人参加。 会议指出，原料稳定供应是复工复产的关键保障，各单位要紧盯市场动态，优化采购布局，强化库存管 控，确保原料质优量足，筑牢复产根基。 会议强调，各单位要压实责任，建立原料供应动态监测机制，加强与供应商联动，破解运输、储备堵 点，平衡保供与成本管控，优化采购策略，确保复工复产稳步提速。 统筹丨张中华 晨鸣集团党群部出品 策划丨郑波 新闻热线 | 0536-2156083 统筹丨张中华 策划丨郑波 新闻热线 | 0536-2156083 会议指出，原料稳定供应是复工复产的关键保障，各单位要紧盯市场动态，优化采购布局，强化库存管 控，确保原料质优量足，筑牢复产根基。 会议强调，各单位要压实责任，建立原料供应动态监测机制，加强与供应商联动，破解运输、储备堵 点，平衡保供与成本管控，优化采购策略，确保复工复产稳步提速。 晨鸣集团党群部出品 2月12日，晨鸣集团党委书记张中山主持召开原料保障专题会，部署复工复产原料供应保障工作。集团 领导刘培吉、孟峰、朱艳丽、郭钦彦 ...

为全面总结2025年度工作成果，强化廉洁自律监督，2月12日，晨鸣集团党委书记张中山主持召开2025 年度述职述廉工作会议。集团班子成员及销售公司、宁夏钢丝绳、上海晨鸣等公司负责人作为述职对象 参会。 统筹丨张中华 为全面总结2025年度工作成果，强化廉洁自律监督，2月12日，晨鸣集团党委书记张中山主持召开2025 年度述职述廉工作会议。集团班子成员及销售公司、宁夏钢丝绳、上海晨鸣等公司负责人作为述职对象 参会。 会上，各述职对象围绕2025年度重点工作落实、廉洁自律情况，结合"一二五"战略规划，依次汇报了 2026年目标计划及实施举措，述职过程突出重点、务实高效。述职结束后，集团班子成员结合实际业绩 与综合表现，对各单位进行现场考评打分。 张中山作总结讲话，充分肯定各单位2025年工作成效，同时针对存在问题提出整改要求，并对2026年重 点任务作出部署，强调要以此次述职述廉为契机，进一步压实责任、改进作风，推动集团高质量发展再 上新台阶。 会上，各述职对象围绕2025年度重点工作落实、廉洁自律情况，结合"一二五"战略规划，依次汇报了 2026年目标计划及实施举措，述职过程突出重点、务实高效。述职结束后，集团 ...

Core Viewpoint - The company expects a net loss of 8.2 billion to 8.8 billion yuan for the fiscal year 2025, primarily due to production base shutdowns, declining production and sales volumes, and asset impairment [1][2]. Financial Performance - The company announced a projected net loss attributable to shareholders of 8.2 billion to 8.8 billion yuan for 2025, influenced by shutdowns at certain production bases, a decrease in production and sales, and asset impairment provisions [2]. - The company completed the divestiture of its financing leasing business in the fourth quarter, allowing it to focus on its core pulp and paper operations [2]. Business Status - As of the end of January 2026, four out of five production bases (Shouguang, Huanggang, Jilin, and Jiangxi) have fully resumed operations, with the Zhanjiang base restarting on January 28, 2026, and capacity utilization steadily improving [3]. - The company is working on improving operations through cost optimization and the development of new products [3]. Recent Events of Interest - On January 8, 2026, the company indicated that it would apply to revoke its ST status once risk warning factors are eliminated, which may influence market sentiment and capital flow [4]. - Attention is needed on subsequent financial restructuring and delisting risks [4]. Industry Policy Environment - At the beginning of 2026, the trend of renminbi appreciation may lower the cost of imported pulp, and policies such as "old for new" are expected to support demand in the paper industry [5]. - A report from Bohai Securities suggests a cautiously optimistic outlook for the industry, but ST stocks should be wary of fundamental pressures [5].

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their H-shares and A-shares, with some companies showing extremely high premiums while others exhibit negative premiums [1]. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 831.03%, with H-share priced at 0.290 HKD and A-share at 2.25 CNY [1]. - Sinopec Oilfield Service (01033) follows with a premium rate of 296.70%, H-share at 0.910 HKD and A-share at 3.01 CNY [1]. - Beijing Jingcheng Machinery Electric (00187) ranks third with a premium of 285.05%, H-share at 4.280 HKD and A-share at 13.76 CNY [1]. Group 2: Lowest AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -13.27%, with H-share priced at 511.000 HKD and A-share at 370 CNY [1]. - China Merchants Bank (03968) shows a premium of -4.06%, H-share at 49.300 HKD and A-share at 39.49 CNY [1]. - WuXi AppTec (02359) has a premium of -2.14%, with H-share at 120.800 HKD and A-share at 98.7 CNY [1]. Group 3: Top Deviation Values - Jinju Group (02009) has the highest deviation value at 24.42%, with a premium of 212.05% [1]. - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 21.92%, with a premium of 285.05% [1]. - Longpan Technology (02465) ranks third with a deviation value of 19.68%, and a premium of 101.01% [1]. Group 4: Lowest Deviation Values - JunDa Co., Ltd. (02865) has the lowest deviation value at -70.56%, with a premium of 176.15% [2]. - Changfei Optical Fiber (06869) follows with a deviation of -45.38%, and a premium of 105.94% [2]. - Chenming Paper (01812) has a deviation of -26.81%, with a premium of 190.80% [2].