造纸轻工行业 行业研究 | 行业周报 本周成品纸价格基本稳定 ——造纸产业链数据每周速递（2025/06/06） 核心观点 ⚫ 本周轻工制造行业指数上涨 2.18%，跑赢大盘 1.30pct；造纸子板块上涨 1.78%， 跑赢大盘 0.90pct。本周沪深 300 指数上涨 0.88%，轻工制造(申万)指数上涨 2.18%，跑赢大盘 1.30pct，在 28 个申万一级行业中位列第 8 位；二级行业中，造 纸子板块上涨 1.78%，跑赢大盘 0.90pct。本周轻工四大子板块按涨幅由大到小分别 为文娱用品、家具、造纸和包装印刷板块，分别上涨 5.51%、2.03%、1.78%、 1.21%。 产业链数据跟踪 投资建议与投资标的 ⚫ 文化纸步入行业淡季，浆纸价格下行，推荐林浆纸一体化行业龙头太阳纸业 (002078，买入)。同时建议关注特种纸领军企业仙鹤股份(603733，买入)，中高端 装饰原纸龙头华旺科技(605377，买入)以及食品包装纸细分龙头五洲特纸(605007， 增持)。废纸系纸种方面，展望 2025 年行业新增供给增速明显放缓，整体供需有望 逐步改善，推荐玖龙纸业(02689，买入)、山鹰国际( ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 MoM) and unbleached kraft pulp at $620 (down $30 MoM) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares for profit improvement [2] Exports - April export data shows a stable overall performance with a YoY increase of 8.1%, but regional disparities are evident [2] - Exports to the US decreased by 21%, while those to ASEAN increased by 20.8% [2] - Companies like Jiangyi Shares and Hars are recommended for short-term performance recovery [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands like Smoore International and China Tobacco Hong Kong [3] Home Furnishing - Stabilization in second-hand housing prices is noted, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares for their strong market positions [3] Consumer Goods - The pet brand sector shows strong growth, with Petty's sales during the 618 shopping festival exceeding 12 million [3] - 52TOYS has submitted an IPO application, indicating a growing trend in the collectible toy sector [3] Packaging - Yongxin Shares and Yutong Technology show stable operations with robust overseas orders [3] - The report anticipates a double-digit growth recovery in Q2 for these companies [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a significant YoY increase [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chaohongji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Laopuhuangjin and Chaohongji for their brand value [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs is anticipated, with G7 discussions on imposing tariffs on Chinese products [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with a notable increase in overseas store openings [4] Mother and Baby - The industry is transitioning towards a digital supply chain model, focusing on efficiency and flexibility [4] - Recommendations include leading companies like Kidswant and Goodbaby for their growth potential [4] E-commerce - Huitongda's self-branding strategy shows promising results, with significant growth in orders [5] - The report highlights the potential of AI-driven live commerce strategies [5] Electrical and Lighting - Bull Group continues to innovate with new products meeting national standards for charging stations [5] - Op Lighting is exploring new applications for LED technology in agriculture [5] Tools - The report notes a recovery in profit expectations for tool companies, despite weak global demand [5] - Recommendations include companies like Juxing Technology for their market positioning [5]

证券代码：603733 证券简称：仙鹤股份 公告编号：2025-023 债券代码：113632 债券简称：鹤21转债 仙鹤股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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： ? 会议召开时间：2025 年 5 月 29 日（星期四）上午 10:00-11:30 ? 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） ? 会议召开方式：上证路演中心视频直播和网络互动 ? 投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集" 栏目或通过公司邮箱 zqb@xianhepaper.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 仙鹤股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司 解公司 2024 年度及 2025 年第一季度经营成果、财务状况 ...

| | | 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@xianhepaper.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 关于召开 2024 年度暨 2025 年第一季度 仙鹤股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更全面深入地了 解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 29 日（星期四）上午 10:00-11:30 举行 2024 年度暨 2025 年第一季度业 绩说明会，就投资者关心的问题进行交流。 一、说明会类型 业绩说明会的公告 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 ...

Meeting Overview - The annual general meeting of shareholders was held on May 20, 2025, at the company's conference room in Quzhou, Zhejiang Province [2] - The meeting was convened by the board of directors and chaired by Chairman Wang Minliang, utilizing a combination of on-site and online voting methods [2][3] Attendance - All 7 current directors attended the meeting, along with all 3 current supervisors and the board secretary, with some senior executives also present [3] - A witnessing lawyer from Shanghai Jintiancheng Law Firm was present to ensure compliance with legal regulations [6] Resolutions Passed - Eight ordinary resolutions were presented and passed, including: 1. Approval of the 2024 Board of Directors' Work Report 2. Approval of the 2024 Supervisory Board's Work Report 3. Approval of the 2024 Annual Report and its summary 4. Approval of the 2024 Financial Settlement Report 5. Approval of the 2024 Profit Distribution Proposal 6. Approval of the reappointment of the auditing firm for 2025 7. Authorization for the board to confirm the remuneration for directors and supervisors for 2024 and 2025 8. Approval of the 2024 Internal Control Evaluation Report [4][5][6] Voting Results - All resolutions received more than half of the voting rights from attending shareholders, with separate counting for resolutions 5, 6, 7, and 8 concerning minority investors [6] Legal Compliance - The meeting's procedures were confirmed to be in compliance with the Company Law and the company's articles of association, ensuring the legality of the convening, attendance, and voting processes [6]

上海市锦天城律师事务所 关于仙鹤股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于仙鹤股份有限公司 2024 年年度股东大会的 法律意见书 致：仙鹤股份有限公司 仙鹤股份有限公司（以下简称"公司"）2024 年年度股东大会于 2025 年 5 月 20 日（星期二）14 点 00 分在浙江省衢州市衢江区天湖南路 69 号公司会议室 如期召开。上海市锦天城律师事务所（以下简称"本所"）经公司聘请委派邓颖 律师、程雨露律师（以下简称"本所律师"）列席，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）等法律法规、其他规范性文件以及《仙鹤股份有限公司章程》（以 下简称"《公司章程》"）、《仙鹤股份有限公司股东大会议事规则》（以下简 称"《议事规则》"）的规定，就本次股东大会的召集和召开程序、召集人及出 席会议人员的资格、会议议案、表 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | 仙鹤股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 4、 见证律师列席了会议。 二、 议案审议情况 (一) 非累积投票议案 | 1、出席会议的股东和代理人人数 | 89 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 558,616,301 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 79.1268 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长王敏良先生主持会议。会议采用现 场投票与网络投票相结合的方式进行表决。本次股东大会的召集和召开程序、出 (一) 股东大会 ...

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry sector [6] Core Viewpoints - The light manufacturing industry index increased by 0.87%, underperforming the market by 0.25 percentage points, while the paper sub-sector declined by 0.47%, underperforming the market by 1.59 percentage points [2][13] - The report highlights that the cultural paper sector is entering an off-season, with pulp and paper prices declining [4] - Recommendations include leading companies in the integrated pulp and paper industry such as Sun Paper (002078, Buy), and special paper leaders like Xianhe Co. (603733, Buy) [4] Summary by Sections Market Review - The light manufacturing industry index rose by 0.87%, while the paper sub-sector fell by 0.47%, ranking 12th among 28 first-level industries [2][13] - The four major sub-sectors of light manufacturing ranked by growth were furniture, packaging and printing, cultural and entertainment products, and paper, with respective increases of 1.67%, 1.09%, 0.21%, and a decrease of 0.47% in the paper sector [2][13] Industry Chain Data Tracking - The report notes a decline in wood pulp product prices, with the average market price for double glue paper dropping by 48 CNY/ton, copper plate paper by 10 CNY/ton, and white card paper by 41 CNY/ton [39] - The profitability of wood pulp products is declining, with small paper companies experiencing a decrease of 78 CNY/ton for double glue paper, while large companies saw a decrease of 48 CNY/ton [49] - Mechanized paper and board production for the first quarter of 2025 reached 38.19 million tons, a year-on-year increase of 3.8% [58] Raw Materials - Domestic waste paper prices slightly increased by 1 CNY/ton, while foreign waste prices remained stable [24] - The report indicates that the inventory of wood pulp at two major Chinese ports reached 1.81 million tons, a 1% increase from the previous month [25][33] Profitability Levels - Profitability for wood pulp products is declining, with small companies seeing significant drops in profitability across various paper types [49] - The report highlights a divergence in profitability for boxboard paper, with low-grade boxboard increasing by 7 CNY/ton while high-grade boxboard decreased by 8 CNY/ton [56]

轻工制造 GLO 日本试销推进，新型烟草趋势向上 投资要点： 【周观点】5 月 12 日日本 GLO 官网公布新品 HILO 信息，新品预期将于 6 月 9 日在日本宫城县试销限定发售，若日本市场试销良好，产品力进一 步验证，思摩尔 HNB 业务成长空间有望进一步打开；本周中美贸易冲突暂 缓，优质低估出口链、以及前期受外销业务担忧的包装龙头迎来布局窗口； 出口情绪好转带动包装纸企涨价潮，玖龙、山鹰、理文等集体发布提价函。 强于大市（维持评级） 一年内行业相对大盘走势 -0.30 -0.20 -0.10 0.00 0.10 0.20 5/20 7/31 10/11 12/22 3/4 5/15 轻工制造 沪深300 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 华福证券 轻工制 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights an increase in the valuation center of new consumption, with new tobacco and smart glasses industries poised for catalysts [2] - The report discusses various sectors including paper, exports, new tobacco, home furnishings, consumer goods, packaging, two-wheelers, gold and jewelry, cross-border e-commerce, IP retail, maternal and child products, beauty care, e-commerce, electrical lighting, and tools, indicating a broad analysis of the light industry [2][3][4][5] Summary by Relevant Sections Paper Industry - As of May 15, the average weekly price of imported needle and broadleaf pulp increased by 1.1% and 0.9% respectively, influenced by overseas supply and easing US-China trade tensions [2] - The report anticipates a gradual recovery in paper prices due to ongoing demand and cost pressures [2] Export Sector - The narrative remains positive with structural growth and overseas capacity as long-term focus areas [2] - Companies like Walmart and YETI reported stable growth, with Walmart's Q1 revenue up by 2.5% year-on-year [2] New Tobacco - The GLO HILO product from British American Tobacco is set to launch in Japan, with expectations for strong performance in 2024 [2] - Sales for various tobacco products are projected to grow, with heated tobacco products (HNB) and nicotine pouches showing significant increases [3] Home Furnishings - The report notes a decline in revenue and net profit for leading companies like Minhua, but anticipates recovery through multi-channel strategies [3] - Companies such as Gujia and Mousse are highlighted for their potential growth in the domestic market [3] Consumer Goods - The report mentions the upcoming 618 shopping festival, with domestic brands showing strong pre-sale performance [3] - Brands like Babycare and Bubululu are noted for their market leadership in specific categories [3] Packaging - Companies like Yongxin and Yutong are performing steadily, with growth in new segments [4] - The report emphasizes the importance of overseas market expansion for these companies [4] Two-Wheelers - Ninebot's cumulative sales have surpassed 7 million units, indicating robust growth in the electric two-wheeler market [4] - New product launches from companies like Niu Electric are also performing well [4] Gold and Jewelry - The report discusses the launch of new product lines and promotional activities by brands like Chao Hong Ji and Lao Feng Xiang [4] - Despite concerns over gold price fluctuations, sales performance remains strong [4] Cross-Border E-commerce - The easing of tariff pressures is seen as a temporary relief for sellers, with a focus on global supply chain strategies [4] - Companies like Anker Innovations and Zhiou Technology are highlighted for their strong global presence [4] IP Retail - The opening of new stores by brands like Pop Mart is expected to attract significant consumer interest [4] - The report notes the potential for increased foot traffic and sales through innovative product launches [4] Maternal and Child Products - The strategic investment by Kidswant in HanSang Technology aims to enhance service ecosystems [5] - The report emphasizes the importance of technology in improving customer experience [5] Beauty Care - Domestic brands are leading in pre-sale rankings for the 618 shopping festival, with significant year-on-year growth in sales [5] - Brands like Proya and Kefu Mei are noted for their strong market presence [5] E-commerce - The report discusses the focus on lower-tier markets and the integration of AI in retail strategies [5] - Companies like Huitongda Network are highlighted for their innovative approaches to market expansion [5] Electrical Lighting - Bull Group is focusing on smart lighting and international expansion, launching new products [5] - The report notes the brand's efforts to enhance its global reputation [5] Tools - The report indicates a recovery in shipments due to easing tariff impacts, with companies like Juxing Technology resuming exports [5] - The ongoing shift in production capacity is noted as a significant trend in the industry [5]