Group 1 - The core viewpoint of the announcement is that the credit rating for Xianhe Co., Ltd. and its convertible bond "He 21" remains unchanged at "AA" with a stable outlook [1][2]. - The previous credit rating results indicated that the company's main credit rating was "AA" and the outlook was stable, which is consistent with the current rating [1][2]. - The tracking credit rating was conducted by China Chengxin International Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational, industry, and financial conditions [2]. Group 2 - The tracking rating report titled "Xianhe Co., Ltd. 2025 Annual Tracking Rating Report" was issued on June 23, 2025, confirming the company's credit rating and outlook [2]. - The previous rating was conducted on June 17, 2024, and the results have not changed since then [2].

Core Viewpoint - The credit rating of Xianhe Co., Ltd. is maintained at AA with a stable outlook, reflecting its strong market position and product diversity, despite facing risks from raw material prices and market competition [3][4][9]. Company Overview - Xianhe Co., Ltd. is recognized as a leading enterprise in the specialty paper industry, with a diverse product structure and a significant market presence in various segments [10][11]. - The company has expanded its production capacity, with new bases in Guangxi and Hubei, increasing its annual production capacity to 154,000 tons of paper and 1 million tons of pulp [10][11]. Financial Performance - In 2022, total assets were reported at 132.64 billion yuan, increasing to 242.75 billion yuan by March 2025 [7][17]. - The company’s total liabilities rose from 63.52 billion yuan in 2022 to 158.97 billion yuan by March 2025, indicating a significant increase in debt levels [7][17]. - Operating revenue increased from 77.38 billion yuan in 2022 to 102.74 billion yuan in 2024, with a net profit growth of over 50% [15][16]. Market Conditions - The paper industry is experiencing a recovery, with expectations for improved demand and cost reductions in 2024 and 2025, although competition remains intense [9][10]. - The company is expected to benefit from favorable consumption policies and a gradual recovery in the market, despite challenges from new capacity releases [9][10]. Risks and Challenges - The company faces risks related to fluctuations in wood pulp prices and exchange rates, as well as the competitive landscape of the paper products market [4][6]. - Financial leverage is increasing due to ongoing investments in new projects, necessitating careful monitoring of debt levels and repayment arrangements [4][6][13]. Future Outlook - The credit rating agency anticipates that the company's credit level will remain stable over the next 12 to 18 months, contingent on its ability to manage raw material supply and maintain competitive product quality [4][9]. - The company is expected to continue expanding its market presence and product offerings, with a focus on enhancing its raw material security and operational efficiency [10][11].

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-025 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤21转债 | | 仙鹤股份有限公司 关于"鹤21转债"2025年跟踪评级结果的公告 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。 重要内容提示： 根据中国证券监督管理委员会《上市公司证券发行管理办法》《公司债券发行与交 易管理办法》和《上海证券交易所股票上市规则》等有关规定，仙鹤股份有限公司（以 下简称"公司"）委托中诚信国际信用评级有限责任公司（以下简称"中诚信国际"） 对公司2021年11月17日公开发行的可转换公司债券（以下简称"鹤21转债"）进行了跟 踪信用评级。 "鹤21转债"前次主体信用等级为"AA"；评级展望为"稳定"；"鹤21转债"信 用等级为"AA"；评级机构为中诚信国际，评级时间为2024年6月17日。 中诚信国际在对公司经营状况、行业情况、财务情况等进行综合分析与评估的基础 上，于2025年6月23日出具了《仙鹤股份有限公司20 ...

仙鹤股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0813 号 仙鹤股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 23 日 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国际不对任何投资 ...

Report Industry Investment Rating No information provided. Core View of the Report The market may fluctuate, but the broader market is expected to maintain a volatile adjustment trend. With the realization of positive factors and the reality of weak fundamentals, and facing pressure above 3400 points, there is insufficient momentum for further upward movement. It is recommended for short - term trading. Hold short positions in IM2507 and long positions in MO2509 - P - 5600 [11]. Summary by Related Catalogs 1. Fundamental View - **Market Performance**: Last week, the broader market first rose and then fell, with a slight adjustment. The four major indices fluctuated and adjusted, and small and medium - cap stock indices declined more. All style indices fell, with the growth - style index having the largest decline. Most Shenwan industries fell, with textile and apparel, medicine, non - ferrous metals, and tourism sectors leading the decline. Only the banking, communication, and electronics industries rose [6][8][14]. - **Economic Data**: In May 2025, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points from the previous month. After Sino - US negotiations, tariffs will be reduced within 90 days, and the PMI rebounded. In terms of sub - items, production and demand recovered in May, with production up 0.9%, new orders up 0.6%, and new export orders up 2.8%. Most other indices also increased, while the inventory of finished products decreased continuously by 0.8%. In terms of prices, the ex - factory price and the purchase price of major raw materials continued to decline [8]. - **Policy**: The Politburo set the tone for the real estate market to stop falling and stabilize, boosting the capital market. The central bank created two new monetary policy tools, cut the reserve requirement ratio, and lowered interest rates to reduce the stock mortgage rate. The CSRC proposed mergers, acquisitions, and market value management to enhance market activity. The implementation plan for promoting the entry of long - term funds into the market was officially released, which is expected to add 800 billion yuan of long - term funds to the A - share market annually [8]. - **Earnings**: In terms of revenue, the revenue growth rates of the ChiNext, ChiNext, and CSI 500 indices increased, while those of the CSI 1000, SSE Composite Index, SSE 50, and CSI 300 indices declined. In terms of net profit attributable to the parent, except for the SSE Composite Index, the net profit growth rates of the ChiNext, Shenzhen Component Index, CSI 1000, SSE 50, CSI 500, and CSI 300 indices all increased significantly. Although the performance of the entire A - share market shows signs of stabilization, the 30% increase in tariffs imposed by the US since the second quarter may affect the fundamentals of the A - share market, and the A - share performance may bottom out again [8]. - **Valuation**: The valuation of the SSE Composite Index is 14.6431, at the 68.72 percentile since 2010. The valuation of the ChiNext is relatively low [9][65]. - **Funding**: From April 7 to June 20, 2025, the ETF scale increased by 138.3 billion yuan, with an increase of 12.9 billion yuan last week, which was the first increase after continuous reductions since May. In terms of margin trading, there was a net inflow of 274.8 billion yuan in 2024; as of June 12, 2025, there was a net outflow of 44.9 billion yuan in 2025, and a net inflow of 2 billion yuan in the first five trading days. At the end of 2024, the assets of the national team and insurance funds showed a net increase, while the assets of the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect showed a net decrease. Specifically, the assets of Central Huijin and insurance funds increased [9]. 2. Strategy View and Outlook - **Market Outlook**: The broader market showed a weak and volatile trend last Friday, with a brief rebound in the morning. The performance of the four major indices was divergent, with large - cap stock indices rising and small and medium - cap stock indices falling. The ratio of rising to falling stocks in individual sectors rebounded from a low level by 0.43. After two consecutive days of adjustment, the Hong Kong stock market rebounded, and market sentiment may have improved. Sino - US negotiations achieved important progress, and the positive factors in mid - May were realized. With the implementation of reserve requirement ratio cuts and interest rate cuts, subsequent policies may enter a wait - and - see period, and the focus of the market may shift to the domestic fundamentals. From the recent CPI and PPI data, CPI and PPI continued to decline more than expected, and the problem of domestic over - capacity is still significant. In addition, the negative impact of the additional tariffs imposed this year on the fundamentals may gradually emerge. Technically, after continuous volatile climbs, the short - term technical indicators are under pressure. The broader market, CSI 500, and CSI 1000 indices showed divergence structures in the minute - level sequences, and the broader market faced pressure when continuously attacking 3400 points. Technically, it may face adjustment. In summary, with the realization of positive factors and the weak reality, and facing pressure above 3400 points, there is insufficient momentum for further upward movement. It is expected that the broader market will continue to maintain a volatile adjustment, and the market may fluctuate. It is recommended for short - term trading [11]. - **Operation Suggestion**: Hold short positions in IM2507 and long positions in MO2509 - P - 5600 [11]. 3. Index and Industry Trend Review - **Index Performance**: Last week, the broader market first rose and then fell, with a slight adjustment. The four major indices fluctuated and adjusted, and small and medium - cap stock indices declined more [6][14]. - **Style and Industry Index**: All style indices fell last week, with the growth - style index having the largest decline. Most Shenwan industries fell, with textile and apparel, medicine, non - ferrous metals, and tourism sectors leading the decline. Only the banking, communication, and electronics industries rose [8][16]. 4. Main Contract and Basis Trend - **Index Adjustment**: The four major indices fluctuated and adjusted, with small and medium - cap stock indices having more adjustments. On Friday, due to delivery, the basis narrowed and there was a premium [19]. - **Arbitrage Relationship**: In terms of arbitrage among main contracts, IC/IF and IC/IH may decline again after a downward rebound, IH/IF stabilizes after a volatile adjustment, and IM/IF and IM/IH continue to decline after a downward rebound [24]. 5. Policy and Economy - **PMI Data**: In May 2025, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points from the previous month. After Sino - US negotiations, tariffs will be reduced within 90 days, and the PMI rebounded. In terms of sub - items, production and demand recovered in May, with production up 0.9%, new orders up 0.6%, and new export orders up 2.8%. Most other indices also increased, while the inventory of finished products decreased continuously by 0.8%. In terms of prices, the ex - factory price and the purchase price of major raw materials continued to decline [8][28]. - **PPI and Inventory Cycle**: Generally, PPI leads the inventory cycle (ranging from 1 month to 1 year, with an average of about half a year). PPI bottomed out and rebounded in June 2023, weakened after two months, and has seen a continuous narrowing of the decline since March 2024, with the decline widening again since July and narrowing again until March 2025, and then widening for three consecutive months. In April, the revenue of industrial enterprises fell back to 3.2%, and the inventory fell by 3.9% in March. In the past two years, inventory and revenue have shown a steady recovery, in the stage of active inventory replenishment. With the decline of PPI again, it is expected to enter the stage of passive inventory replenishment [30]. - **Social Financing and Credit**: In May 2025, the year - on - year increase in social financing continued to be 224.6 billion yuan, with government bonds increasing by 236.7 billion yuan, and the increase significantly narrowed. The year - on - year increase in credit was 330 billion yuan less, mainly due to a 210 - billion - yuan decrease in corporate loans, including a 23 - billion - yuan increase in short - term loans and a 17 - billion - yuan decrease in medium - and long - term loans [32]. - **Medium - and Long - Term Credit Growth**: The medium - and long - term credit growth rate has been falling for 24 consecutive months to 6.78% as of May 2025, hitting a new low since 2011 [7][35]. - **Policy on Long - Term Funds**: The implementation plan for promoting the entry of long - term funds into the market aims to increase the investment scale and proportion of long - term funds in A - shares. For public funds, it is clear that the market value of A - shares held by public funds should increase by at least 10% annually in the next three years. For commercial insurance funds, large - scale state - owned insurance companies are expected to invest 30% of their newly added premiums in A - shares annually starting from 2025, which means adding at least several hundred billion yuan of long - term funds to A - shares annually. The second - batch pilot program for long - term stock investment of insurance funds will be implemented in the first half of 2025, with a scale of no less than 100 billion yuan, and will be gradually expanded later. The implementation plan also extends the assessment cycle, aiming to improve the stability of long - term fund investment behavior [37]. - **Other Policies**: The Politburo set the tone for the real estate market to stop falling and stabilize, boost the capital market, and promote the entry of long - term funds. The central bank created new monetary policy tools, including a securities, funds, and insurance companies swap facility with an initial scale of 500 billion yuan, and a stock repurchase and increase loan with an initial scale of 300 billion yuan. There were also reserve requirement ratio cuts, interest rate cuts, and measures to support the real estate market and the real economy, such as increasing the quota of re - loans for scientific and technological innovation and technical transformation, setting up a "service consumption and elderly care re - loan", and creating a risk - sharing tool for scientific and technological innovation bonds [38][39][41]. 6. Revenue and Net Profit of Each Index - **Annual Report**: Except for the CSI 500, the year - on - year growth rates of the operating revenues of each index in the 2024 annual report declined. In terms of net profit attributable to the parent, the year - on - year growth of the SSE 50 index continued, the CSI 300 index had a slight increase, and the CSI 500, ChiNext, and Shenzhen Component Indexes declined to varying degrees [50]. - **First - Quarter Report**: In terms of revenue, the revenue growth rates of the Shenzhen Component Index, ChiNext, and CSI 500 indices increased, while those of the CSI 1000, SSE Composite Index, SSE 50, and CSI 300 indices declined. In terms of net profit attributable to the parent, the net profit growth rates of the ChiNext, Shenzhen Component Index, CSI 1000, SSE 50, CSI 500, CSI 300, and SSE Composite Indexes all increased significantly [56]. - **Performance Outlook**: Although the performance of the entire A - share market shows signs of stabilization, the 30% increase in tariffs imposed by the US since the second quarter may affect the fundamentals of the A - share market, and the A - share performance may bottom out again [60]. 7. Valuation - **SSE Composite Index Valuation**: The valuation of the SSE Composite Index is 14.6431, at the 68.72 percentile since 2010 [9][65]. - **Valuation of Each Index**: The report provides the PE percentiles of each index from 2010 to June 2025, showing that the ChiNext has a relatively low valuation [66]. 8. Funding - **ETF Scale**: From April 7 to June 20, 2025, the ETF scale increased by 138.3 billion yuan, with an increase of 12.9 billion yuan last week, which was the first increase after continuous reductions since May [69]. - **Margin Trading**: There was a net inflow of 274.8 billion yuan in margin trading in 2024; as of June 12, 2025, there was a net outflow of 44.9 billion yuan in 2025, and a net inflow of 2 billion yuan in the first five trading days [76]. - **Primary Market Financing**: As of last weekend, the IPO financing in 2023 was 356.5 billion yuan, 67.3 billion yuan in 2024, and 37.1 billion yuan in 2025 [79]. - **ETF Share and Scale**: In the week from June 13 to June 20, 2025, the ETF share increased by 29.252 billion shares (+0.83%), reaching 3556.49 billion shares; the total scale decreased by 37.137 billion yuan (-0.77%), to 4812.054 billion yuan [82]. - **Secondary Market Shareholder Transactions**: Last week, major shareholders in the secondary market continued to have a net reduction of 3.58 billion yuan [85]. - **Restricted - Share Unlocking**: The unlocking volume from March to June is not large [88].

新消费核心反弹可期，持续布局稳健复苏 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 06 月 22 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | --- | | 投资评级 看好 | | 上次评级 看好 | | [Table_Author] 姜文镪 新消费行业首席分析师 | | 执业编号：S1500524120004 | | 邮箱：jiangwenqiang@cindasc.com | | 陆亚宁 新消费行业分析师 | | 执业编号：S1500525030003 | | 邮箱：luyaning@cindasc.com | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 新消费核心反弹可期，持续布局稳健复苏 [Table_ReportDate] 2025 年 06 月 22 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.c ...

证券代码：603733 证券简称：仙鹤股份 公告编号：2025-024 债券代码：113632 债券简称：鹤 21 转债 仙鹤股份有限公司 关于控股股东增持公司股份计划进展暨权益变动触 及 1%刻度的提示性公告 浙江仙鹤控股集团有限公司及其一致行动人王敏文先生、王明龙先生保证向本公 司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 权益变动方向 比例增加? 比例减少□ 权益变动前合计比例 78.27% 权益变动后合计比例 79.27% 本次变动是否违反已作出的承 是□ 否? 诺、意向、计划 是否触发强制要约收购义务 是□ 否? 一、 信息披露义务人及其一致行动人的基本信息 ?控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 投资者及其一致行动人的身份 □合并口径第一大股东及其一致行动人（仅适 用于无控股股东、实际控制人） □其他______________（请注明） 信息披露义务人名称 投资者身份 统一社会信用代码 ? 控股股东/实控人 浙江仙鹤控股集团有 □ 控股股东/实控人的一致 ...

仙鹤股份有限公司 关于控股股东增持公司股份计划进展暨权益变动触 及 1%刻度的提示性公告 浙江仙鹤控股集团有限公司及其一致行动人王敏文先生、王明龙先生保证向本公 司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 | 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-024 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 1、身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适 | | | 用于无控股股东、实际控制人） | | | □其他______________（请注明） | 2、信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | --- | | |  | 控股股东/实控人 | | | 浙江仙鹤控股集团 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights strong performance in the new consumption sector for Q2, with expectations for a recovery in stable assets [2] - The report emphasizes the resilience of the paper and packaging industry, with a clear stabilization trend in pulp prices and a cautious outlook for paper trading [2][3] - The report discusses the ongoing negotiations between China and the US, suggesting that leading companies may see valuation recovery despite challenges in export growth [2][3] - The report notes the increasing penetration of heated tobacco products (HNB) in South Korea, indicating a clear upward trend in market acceptance [2][3] - The report identifies structural growth opportunities in various sectors, including home furnishings, personal care, and cross-border e-commerce, with specific companies recommended for investment [2][3][4] Summary by Sections Pulp and Paper - The report indicates that overseas supply disruptions continue, with a clear stabilization in the pulp market. It expects pulp prices to show a bottoming out and a continued oscillation trend [2] - Recommendations include companies like Sun Paper and Xianhe Shares, which are expected to see slight profit increases in Q2 [2] Exports - The report mentions that the US-China trade negotiations are ongoing, with a focus on the potential for valuation recovery among leading companies despite challenges in overall export growth [2][3] - Companies such as Jiangxin Home and Zhejiang Natural are highlighted for their expected stable revenue growth in Q2 [2] New Tobacco Products - The report notes a significant increase in HNB sales in South Korea, with a 1.9-fold increase from 6.541 billion packs to 12.2 billion packs from 2018 to 2023 [2][3] - Companies like Smoore International and China Tobacco Hong Kong are recommended for their growth potential in this sector [2] Home Furnishings - The report indicates that the marginal effect of national subsidies is weakening, but year-on-year stability is expected in the home furnishings market [2][3] - Companies such as Gujia Home and Mousse Shares are recommended for their strong market positions [2] Consumer Goods - The report highlights stable e-commerce performance in the personal care sector, with notable growth in pet products and trendy toys [2][3] - Companies like Bubble Mart and Petty are suggested for their structural growth potential [2] Jewelry - The report anticipates strong sales for Lao Pu Gold in Q2, with a rising trend in the high-end gold market [2][3] - Recommendations include brands like Lao Feng Xiang and Cai Bai Shares for their brand value and market positioning [2] Two-Wheeled Vehicles - The report notes good sales performance for Tao Tao Vehicle in Q2, with a partnership with a US robotics company to enhance competitiveness [2][3] - Companies like Yadi Holdings and Aima Technology are highlighted for their market share growth potential [2] Cross-Border E-commerce - The report discusses opportunities arising from Amazon's Prime Day, with a focus on plush toys gaining popularity in international markets [2][3] - Companies like Anker Innovations and Zhiou Technology are recommended for their strong profitability and global expansion [2] IP Retail - The report mentions the ongoing popularity of Labubu, indicating a shift towards personalized consumption trends [2][3] - Companies like Bubble Mart and Miniso are suggested for their growth in the emotional consumption space [2] Mother and Baby Products - The report highlights Kid King’s acquisition of a 65% stake in Siyi, aiming to expand its service offerings in the family sector [2][3] - Companies like Kid King and Good Baby are recommended for their strong market positions [2] E-commerce - The report notes a share buyback plan by Huitongda, reflecting confidence in future growth [2][3] - Companies focusing on empowering the lower-tier market are highlighted for their growth potential [2] Electrical Tools - The report indicates a potential recovery in domestic tool production due to easing trade tensions between China and the US [2][3] - Companies like Juxing Technology and Quan Feng Holdings are recommended for their market positioning [2]

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry sector [6]. Core Insights - The light manufacturing industry index increased by 2.18%, outperforming the market by 1.30 percentage points, with the paper sub-sector rising by 1.78%, also surpassing the market by 0.90 percentage points [2][12]. - The report highlights that the cultural paper sector is entering an off-peak season, leading to a decline in pulp prices, while recommending leading companies in the integrated pulp and paper industry [4]. Summary by Sections Market Overview - The light manufacturing industry index rose by 2.18%, ranking 8th among 28 first-level industries, with the paper sub-sector increasing by 1.78% [2][12]. - The four major sub-sectors of light manufacturing, ranked by growth, are entertainment products, furniture, paper, and packaging printing, with respective increases of 5.51%, 2.03%, 1.78%, and 1.21% [12][18]. Industry Data Tracking - The report notes that the national waste paper price increased slightly by 4 CNY/ton, while the prices of various pulp types remained stable or decreased [9][24]. - The average market price for finished paper remained stable, with specific increases noted for white cardboard, which rose by 16 CNY/ton to 4095 CNY/ton [37][41]. Profitability Analysis - Profitability levels for finished paper products showed differentiation, with small paper companies experiencing increases in profitability, while larger companies faced declines [46][49]. - For instance, small enterprises in double glue paper saw an increase of 17 CNY/ton, while large enterprises experienced a decrease of 10 CNY/ton [46][51]. Production and Trade Data - The cumulative production of mechanical paper and paperboard from January to April 2025 reached 51.57 million tons, reflecting a year-on-year growth of 3.3% [55][56]. - Import volumes for paper and paperboard decreased by 10.5% year-on-year, while export volumes increased by 11.1% during the same period [55][58].