智通财经APP讯，晨鸣纸业(01812)发布公告，于紧接本次股东大会后举行的第十一届董事会第一次会议 上，董事会已通过(其中包括)委任姜言山先生为第十一届董事会董事长的决议案。 ...

晨鸣纸业(01812)发布公告，于紧接本次股东大会后举行的第十一届董事会第一次会议上，董事会已通 过(其中包括)委任姜言山先生为第十一届董事会董事长的决议案。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列山東晨鳴紙業集團股份有限公司在深圳證券交易所網站刊登日期為二零二 五年十月二十八日的「北京市中倫（青島）律師事務所關於山東晨鳴紙業集團股份 有限公司2025年第一次臨時股東大會之法律意見書」，僅供參閱。 承董事會命 山東晨鳴紙業集團股份有限公司 姜言山 主席 中國，山東 二零二五年十月二十八日 於本公告日期，執行董事為姜言山先生、李偉先先生、劉培吉先生、孟峰先生和 朱艷麗女士；非執行董事為宋玉臣先生及王穎女士；及獨立非執行董事為張志元 先生、羅新華先生、萬剛先生及孔鵬志先生。 * 僅供識別 北京市中伦（青岛）律师事务所 关于山东晨鸣纸 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1812） （一）二零二五年第一次臨時股東大會結果 （二）委任董事； （三）委任董事長；及 （四）董事會轄下委員會成員的變動 本公司及董事會全體成員保證信息披露的內容真實、準確、完整，沒有虛假記 載、誤導性陳述或重大遺漏。 （一）二零二五年第一次臨時股東大會結果 一、重要提示 山東晨鳴紙業集團股份有限公司（以下簡稱「公司」或「本公司」）二零二五年 第一次臨時股東大會（以下簡稱「本次股東大會」）的會議通知已於二零二五 年十月十一日刊登於《中國證券報》、《上海證券報》、《證券時報》、《證券日 報》、《香港商報》、巨潮資訊網（ http://www.cninfo.com.cn ），及於二零二五 年十月十日披露於香港聯交所網站（ http:// ...

证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-067 山东晨鸣纸业集团股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、重要提示 山东晨鸣纸业集团股份有限公司（以下简称"公司"）2025 年第一次临时股 东大会（以下简称"本次股东大会"）的会议通知已于 2025 年 10 月 11 日刊登于 《中国证券报》、《上海证券报》、《证券时报》、《证券日报》、《香港商报》、 巨潮资讯网(http://www.cninfo.com.cn)及于 2025 年 10 月 10 日披露于香港联交所 网站（http://www.hkex.com.hk）。 本次股东大会没有出现否决议案的情形，不存在涉及变更前次股东大会决议 的情形。 二、会议召开情况 1、会议召开时间： 采用交易系统投票的时间：2025 年 10 月 28 日 9:15—9:25，9:30—11:30 和 13:00—15:00 采用互联网投票的时间：2025 年 10 月 28 日 9:15—15:00 2 ...

之 法律意见书 二〇二五年十月 北京市中伦（青岛）律师事务所 关于山东晨鸣纸业集团股份有限公司 2025 年第一次临时股东大会 1. 公司现行有效的《公司章程》； 2. 第十届董事会第二十一次临时会议决议； 3. 公司2025年10月11日披露于深圳证券交易所网站（http://www.szse.cn/）的 《山东晨鸣纸业集团股份有限公司关于召开2025年第一次临时股东大会的通知》 以及2025年10月10日公司刊登于香港联交所网站的《山东晨鸣纸业集团股份有限 山东省青岛市香港中路 61 号乙远洋大厦 A 座 27-28 层 邮编：266071 27-28/F, Tower A, COSCO Plaza, 61B Hong Kong Middle Road, Qingdao, Shandong 266071, P.R. China 电话/Tel : +86 532 5572 8677/8678 传真/Fax : +86 532 8667 7666 www.zhonglun.com 北京市中伦（青岛）律师事务所 关于山东晨鸣纸业集团股份有限公司 2025 年第一次临时股东大会之 法律意见书 致：山东晨鸣纸业集团 ...

Core Viewpoint - The report highlights the growth trends in China's paper and paperboard production, indicating a steady increase in output from 2020 to 2025, with specific data showing a 1.5% year-on-year growth in August 2025 and a cumulative growth of 2.7% from January to August 2025 [1]. Industry Summary - In August 2025, China's production of paper and paperboard (excluding purchased raw paper processing) reached 13.92 million tons, reflecting a year-on-year increase of 1.5% [1]. - From January to August 2025, the cumulative production of paper and paperboard was 106.66 million tons, marking a cumulative growth of 2.7% compared to the previous year [1]. - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1].

以2024年12月31日为评估基准日，湛江晨鸣资产、负债、净资产账面价值分别为194.46亿元、115.38亿元、79.09亿元，对应评估价值分别为218.45亿元、 114.59亿元、103.86亿元，净资产评估价值高出账面价值24.77亿元。 10月23日，山东省财欣投资有限公司（简称"山东财欣投资"）在山东产权交易中心发布公告，将所持湛江晨鸣浆纸有限公司（简称"湛江晨鸣"）2.88%国 有股权以3亿元底价公开转让，转让完成后将从湛江晨鸣退出。 湛江晨鸣2006年1月成立，注册资本69.14亿元，晨鸣纸业（000488.SZ）持股76.29%，是第一大股东，公司经营范围包括土壤改良、林业研究、原料林基 地建设、木材经营及收购，加气砌块蒸压砖的生产与销售，浆厂建设的实施、管理与营运等。 山东财欣投资由山东省财欣资产运营有限公司全资控股，实际控制人是山东省财政厅。2023年9月，晨鸣纸业曾公告称，为进一步降低公司资产负债率， 优化资本结构，增强公司整体资本实力和竞争力，拟引进山东财欣投资对湛江晨鸣进行增资，增资金额3亿元，其中1.99亿元计入注册资本，1亿元计入资 本公积。 公告显示，2024年、2025年上 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The paper - making sector is oscillating at the bottom due to loose supply and demand. Pulp shows a pattern of "weak softwood and stable hardwood", and double - offset paper remains in a low - level stalemate in the short term [1][9]. Summary by Directory Part 1: Comprehensive Analysis and Trading Strategies - **Analysis**: Pulp has a "high inventory + weak demand" situation, with softwood pulp under pressure and hardwood pulp relatively stable. Double - offset paper has loose supply and demand, with price close to cash cost and limited supply increase, but weak social demand [9]. - **Strategies**: - **Unilateral**: For SP2501, wait and see; if port inventory drops below 2 million tons and basis strengthens, go long. For OP2501, mainly wait and see, and short against the lower edge of the spot price [8]. - **Arbitrage**: Pay attention to the SP11 - 1 reverse arbitrage opportunity [8]. - **Options**: Wait and see for SP options; sell OP2601 - C - 4300 for OP options [8]. Part 2: Core Logic Analysis - **Pulp**: The supply - demand contradiction of softwood is prominent, and the spot price is suppressed. Hardwood is relatively resistant to decline but has limited upside space due to high inventory, maintaining a "weak softwood, stable hardwood" pattern [9]. - **Double - offset paper**: The price is close to cash cost, and the factory's willingness to hold prices is strong. However, due to weak social demand and high inventory, it is in a low - level stalemate in the short term [9]. Part 3: Weekly Data Tracking - **Supply and Inventory**: - **Double - offset paper**: Production is 20.7 million tons (+2.0%), capacity utilization is 53.9% (+0.9pct), and enterprise inventory is 133.1 million tons (+1.2%). Production increased, but demand was weak, and inventory continued to rise [9][20]. - **Coated paper**: Production is 8.5 million tons (+7.6%), capacity utilization is 63.1% (+4.8pct), and enterprise inventory is 36.8 million tons (+1.7%). Supply increased significantly, but demand was limited, and inventory rebounded slightly [23][28]. - **Domestic pulp**: The sample production of hardwood pulp is 23.5 million tons, and the weekly average production profit is about 110 yuan/ton (+0.9%). The overall supply increased slightly, and the profit rebounded slightly [32]. - **Wood pulp**: The total inventory of five major ports is 2.055 million tons, a decrease of 19,000 tons (-0.9%). The domestic chemimechanical pulp production profit is 151 yuan/ton (-4.4%) [35]. - **White cardboard**: Production is 36.0 million tons (+4.35%), capacity utilization is 79.65% (+3.32pct), and factory inventory is 1.08 million tons (+0.47%). Supply recovered rapidly, and inventory continued to accumulate slightly [41]. - **Price**: - **Double - offset paper**: The average ex - factory price is 4643 yuan/ton, and the theoretical profit is - 244 yuan/ton [9]. - **Coated paper**: The average enterprise - inclusive tax price is 4975 yuan/ton, and the price is weakly stable [51]. - **Pulp**: Softwood pulp in Shandong is 5444 yuan/ton (-1.22%), hardwood pulp is 4257 yuan/ton (+0.16%), natural pulp is 4864 yuan/ton (+0.29%), and chemimechanical pulp is 3700 yuan/ton (unchanged) [57].

Report Industry Investment Ratings No specific industry investment ratings are provided in the content. Core Views of the Report - The stock market is expected to be boosted by the Fourth Plenary Session of the 20th Central Committee and Sino-US trade negotiations, with short - term strength and small - cap stocks relatively stronger [3][4]. - The RMB exchange rate is expected to be volatile, and attention should be paid to the Fed's interest - rate meeting. Export enterprises can lock in forward exchange settlement at around 7.15, while import enterprises can adopt a rolling purchase strategy at around 7.10 [2][3]. - The shipping index (European Line) futures are expected to fluctuate within a range with a slightly upward shift, and a long - biased strategy can be considered [6][7][10]. - Precious metals are in a short - term adjustment phase but will continue to rise in the medium term. Attention should be paid to mid - term buying opportunities [12][15]. - Copper prices are expected to be volatile in the first half of the week and show a clear direction in the second half, with the uncertainty lying in Sino - US trade negotiations [16][17]. - Aluminum is expected to be in high - level oscillation, alumina in weak operation, and cast aluminum alloy in high - level oscillation [20]. - Zinc is expected to be in a relatively strong oscillation [21]. - Nickel and stainless steel are expected to be in a state of oscillation, waiting for clear signals [22]. - Tin is expected to be in high - level oscillation [23]. - Carbonate lithium futures are expected to be in a range of 74,000 - 83,000 yuan/ton with a slightly upward - biased oscillation [23][24][25]. - Industrial silicon and polysilicon are in a situation of strong supply and weak demand, and investors should be cautious [25][26][27]. - Lead is expected to be in high - level oscillation, and option double - selling can be considered to earn premiums [27][28]. - Steel prices are expected to rebound slightly, and iron ore prices are under pressure [30][31]. - Coking coal and coke are expected to be relatively strong in the short term, but the potential negative feedback from steel mills may limit the upside [32]. - Ferrosilicon and ferromanganese have limited upside space [32][33]. - Crude oil prices have rebounded but face the risk of a pull - back, and attention should be paid to the situation in Venezuela [35][36]. - LPG prices are expected to be strong in the short term [37][38]. - PTA - PX prices are expected to be in a strong - biased oscillation following the macro trend [39][40][41]. - MEG - bottle chips are expected to be in a wide - range oscillation, and a short - selling strategy can be considered at high prices [42][43]. - Urea prices are expected to rise with the improvement of the macro situation [43][44]. - PP has an over - supply situation and limited fluctuation space [45][46]. - PE is mainly driven by the macro and cost factors, with a weak self - driving force [47][48]. - Pure benzene and styrene should pay attention to macro trends and crude oil prices, and a wait - and - see strategy is recommended [49][50]. - Fuel oil's cracking upside is limited, and low - sulfur fuel oil has weak upward driving force [50][51]. - Asphalt prices are affected by cost increases, and short - term waiting or short - selling at pressure levels is recommended [52]. - Soda ash is mainly priced by cost, with limited upward valuation elasticity; glass is in a situation of high - level inventory and weak sales, and the game will continue until close to delivery; caustic soda's short - term maintenance may support prices [52][53][54]. - Pulp and offset paper prices are expected to rise with the improvement of the macro situation [55]. Summary by Related Catalogs Macro - Key events include Sino - US economic and trade consultations in Kuala Lumpur, the speech of Takaichi Sanae, and the slowdown of the US core CPI growth rate in September [1][2]. - The GDP growth rate in the third quarter declined as expected, and the GDP deflator showed a recovery trend. Fiscal policies are being implemented to support the economy, and attention should be paid to Sino - US economic and trade consultations, the "14th Five - Year Plan" draft, and the RMB exchange rate [1]. RMB Exchange Rate - The on - shore RMB against the US dollar closed at 7.1230 on the previous trading day, down 9 basis points. The central parity rate was 7.0928, down 10 basis points [2]. - The market's expectation of the Fed's interest rate cut has increased, and the US dollar index has fluctuated. Attention should be paid to the Fed's interest rate meeting [2]. Stock Index - The stock index oscillated upward in the previous trading day, with small - cap stocks performing strongly. The trading volume of the two markets increased by 3303.00 billion yuan [3]. - Affected by the policies of the Fourth Plenary Session of the 20th Central Committee and Sino - US trade negotiations, the stock index is expected to be strong in the short term, and small - cap stocks are relatively stronger [4]. Treasury Bonds - The bond market fluctuated and declined last week, and the capital market was loose [5]. - Affected by the "14th Five - Year Plan" goals, the A - share market rose, and the bond market was under pressure. Attention should be paid to low - level layout opportunities [5]. Shipping Index (European Line) - The shipping index (European Line) futures rebounded on October 24, with the main contract EC2512 rising 3.14% [6]. - There are both positive and negative factors. Positive factors include Sino - US economic and trade consultations, shipping companies' price - support strategies, and port operation disruptions. Negative factors include the expected resumption of shipping in the Red Sea, weak supply - demand fundamentals, and macro risks [7][8][9]. Precious Metals - Precious metals were adjusted last week, but the medium - term upward trend remains unchanged. Silver's short - term squeeze has ended, and the short - term safe - haven sentiment has weakened [12]. - The inventory of gold and silver ETFs decreased last week, and the COMEX and SHFE inventories also changed [13]. Copper - The domestic copper price rose last week, with the Shanghai copper weighted index trading volume and open interest increasing. The external copper price was weaker than the domestic price [16]. - The production and sales of Freeport - McMoRan decreased in the third quarter, and China's anode copper imports were at a low level in 2025. The operating rate of domestic copper rod enterprises decreased, and consumption was weak [17]. - Copper prices are expected to be volatile in the first half of the week and show a clear direction in the second half, with the uncertainty lying in Sino - US trade negotiations [17]. Aluminum and Related Products - The Shanghai aluminum price was strong last week, and the alumina price was weak. The cast aluminum alloy price followed the Shanghai aluminum price [20]. - The macro policy affects the Shanghai aluminum price, and the overseas supply of aluminum has been disturbed. Alumina is in a situation of over - supply, and the cost support is not stable [20]. Zinc - The zinc price was in high - level oscillation last trading day. The external zinc price was supported by low inventory, and the Shanghai zinc price was driven up [21]. - The supply of domestic smelting is stable, and the overseas supply has decreased. The price difference has widened, and the LME zinc price is rising. Attention should be paid to the opening of the export window [21]. Nickel and Stainless Steel - The Shanghai nickel and stainless steel prices rose slightly last trading day [22]. - The fundamentals of nickel and stainless steel have not changed significantly. The new regulations on nickel ore quotas in Indonesia are stricter, and the demand for new energy is strong. The price of nickel iron has declined, and the stainless steel price is expected to be in wide - range oscillation [22]. Tin - The Shanghai tin price was in high - level oscillation last trading day, and the fundamentals have not changed. The supply of tin is weaker than the demand, and the short - term support is around 276,000 yuan [23]. Carbonate Lithium - The carbonate lithium futures price rose last week, with the trading volume and open interest increasing [23]. - The spot market of the lithium - battery industry was active last week. The supply of lithium salt is expected to increase in October, and the demand for downstream lithium - battery materials is expected to increase by the end of the year [24][25]. Industrial Silicon and Polysilicon - The industrial silicon futures price rose slightly last week, while the polysilicon futures price fell [25][26]. - The supply of industrial silicon is under pressure, and the downstream operating rate is declining. The polysilicon industry is in a situation of production reduction and inventory accumulation [26][27]. Lead - The Shanghai lead price was in high - level oscillation last trading day. The environmental protection policy in Hebei has affected the transportation of lead, and the supply of lead is in a tight - balance situation [27][28]. Black Metals - The prices of rebar and hot - rolled coil rebounded slightly last week. The profit of steel mills decreased, and the production of crude steel is expected to decline slightly. The price of iron ore is under pressure due to over - supply [30][31]. - The prices of coking coal and coke are expected to be strong in the short term, but the potential negative feedback from steel mills may limit the upside. Ferrosilicon and ferromanganese have limited upside space [32][33]. Crude Oil - The Brent and WTI crude oil futures prices rose last week [35]. - The crude oil market is boosted by geopolitical and macro factors, but there is a risk of over - shooting. Attention should be paid to the situation in Venezuela [36]. LPG - The LPG futures price rose last week. The supply of LPG decreased slightly, and the demand was stable. The port inventory decreased [37]. - The LPG price is expected to be strong in the short term, driven by geopolitical and macro factors [38]. PTA - PX - The PX supply is expected to be high in the fourth quarter, and the PTA supply is expected to increase. The polyester demand is stable, and the terminal demand has improved marginally [39][40]. - The PTA - PX price is expected to be in a strong - biased oscillation following the macro trend [41]. MEG - Bottle Chips - The inventory of MEG in East China ports increased. The supply of MEG decreased slightly, and the demand was stable. The bottle - chip processing fee has been repaired [42][43]. - The MEG price is expected to be in a wide - range oscillation, and a short - selling strategy can be considered at high prices [43]. Urea - The urea futures price rose last week, and the spot price was firm. The inventory of urea enterprises increased slightly, and the port inventory decreased significantly [43][44]. - The urea price is expected to rise with the improvement of the macro situation [44]. PP - The PP futures price fell slightly last week. The supply of PP decreased slightly, and the demand had some elasticity. The inventory decreased [45][46]. - The PP has an over - supply situation and limited fluctuation space [46]. PE - The PE futures price fell slightly last week. The supply of PE is expected to increase, and the demand is weak. The inventory increased slightly [47][48]. - PE is mainly driven by the macro and cost factors, with a weak self - driving force [48]. Pure Benzene and Styrene - The pure benzene price is expected to be weak due to over - supply and weak demand. The benzene - ethylene supply is expected to increase, and the de - stocking pressure is large [49][50]. - Pure benzene and styrene should pay attention to macro trends and crude oil prices, and a wait - and - see strategy is recommended [50]. Fuel Oil - The cracking upside of high - sulfur fuel oil is limited, and the low - sulfur fuel oil has weak upward driving force [50][51]. Asphalt - The asphalt price increased last week. The supply of asphalt decreased, and the demand was flat. The inventory structure improved [52]. - Asphalt prices are affected by cost increases, and short - term waiting or short - selling at pressure levels is recommended [52]. Glass, Soda Ash, and Caustic Soda - Soda ash is mainly priced by cost, with limited upward valuation elasticity. Glass is in a situation of high - level inventory and weak sales, and the game will continue until close to delivery. Caustic soda's short - term maintenance may support prices [52][53][54]. Pulp and Offset Paper - The prices of pulp and offset paper futures rose last week. The spot price of pulp was stable [55]. - Pulp and offset paper prices are expected to rise with the improvement of the macro situation [55].