Summary of Key Points from Conference Call Records Industry or Company Involved - A-share market and various sectors including technology, consumer, real estate, and automotive industries Core Insights and Arguments 1. **Market Outlook**: The A-share market is currently in a phase of mixed performance, with some sectors showing strength while others decline. The market is expected to enter a new active phase driven by AI technology in April and May, with a focus on domestic demand policies around mid-year [1][2][3] 2. **Profit Improvement by Industry**: As of March 23, approximately 65% of annual reports have been disclosed, indicating positive net profit growth for sectors such as non-banking financials, electronics, transportation, automotive, telecommunications, non-ferrous metals, and banking. Industries that have turned profitable include aquaculture and commerce [4][6] 3. **Investment Trends**: The A-share market remains a stock market, but there is a notable increase in domestic capital allocation to Hong Kong stocks, which may lead to a return of funds to the A-share market due to the stagnation of Hong Kong stocks [3][5] 4. **AI Sector Focus**: The theme of edge AI is highlighted as a significant investment opportunity, with a strong catalyst period expected from April to June. Key events include major product launches and conferences that could drive market interest [14][15][24] 5. **Currency Outlook**: The RMB is expected to fluctuate between 7.20 and 7.35 in the short term, with potential depreciation risks in the medium to long term due to external factors such as US tariffs and a strong dollar [9][10] Other Important but Possibly Overlooked Content 1. **Deep Sea Technology**: The government has included deep-sea technology in its work report, indicating a strategic focus on this emerging sector. Companies involved in deep-sea technology are expected to benefit from upcoming policies and market growth [16][39][40] 2. **Automotive Industry Dynamics**: The automotive sector, particularly companies like BYD, is experiencing fluctuations due to external news and market conditions. However, the overall outlook remains positive with a focus on high-end, intelligent, and electric vehicles [29][30][31] 3. **Copper Supply and Demand**: The copper market is facing supply constraints, with expectations of strong price performance due to reduced production and potential tariff impacts. The outlook suggests that copper prices may return to previous highs [49] 4. **Consumer Sector Trends**: The consumer sector, particularly in retail and hospitality, is expected to rebound as demand recovers. Companies like Yonghui Supermarket are adjusting their store formats to improve profitability [56][59] This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and future expectations across various sectors.

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index decreased by 1.47% this week, outperforming the broader market by 0.82 percentage points; the paper sub-sector fell by 0.50%, outperforming the market by 1.79 percentage points [2][12] - Cultural paper prices remained stable while packaging paper prices declined [4][19] - The report highlights a potential price recovery for cultural paper and white cardboard due to cost support from rising pulp prices [4] Summary by Sections Market Review - The light manufacturing industry index fell by 1.47%, while the paper sub-sector decreased by 0.50%, ranking 19th among 28 first-level industries [2][12] - The four major sub-sectors of light manufacturing, ranked by decline, are paper, packaging printing, furniture, and entertainment products, with declines of 0.50%, 0.69%, 1.87%, and 3.52% respectively [2][12] Industry Chain Data Tracking - Raw materials: Domestic waste paper prices fell by 19 CNY/ton, while foreign waste prices increased by 5-15 USD/ton [23] - Finished paper: Double-sided paper prices remained stable at 5450 CNY/ton, while white cardboard prices decreased by 10 CNY/ton to 4300 CNY/ton [35] - Profitability: There is a divergence in profitability for cultural paper, with large paper companies seeing a decrease of 3 CNY/ton, while small companies increased by 15 CNY/ton [39] Investment Recommendations - Recommended stocks include Sun Paper Industry (002078, Buy), Xianhe Co., Ltd. (603733, Buy), Huawang Technology (605377, Buy), and Wuzhou Special Paper (605007, Hold) [4] - For waste paper products, the report suggests Jiu Long Paper (02689, Buy) and Shanying International (600567, Hold) due to expected improvements in supply and demand dynamics [4]

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 1.76%, outperforming the market by 0.18 percentage points, while the paper sub-sector rose by 0.21%, underperforming the market by 1.38 percentage points [1][13] - The report highlights that the prices of double-sided paper have slightly increased, while packaging paper prices have decreased [8][39] Summary by Sections Market Review - The light manufacturing industry index rose by 1.76%, ranking 13th among 28 first-level industries, with the paper sub-sector increasing by 0.21% [1][13] - The four major sub-sectors of light manufacturing, ranked by growth, are furniture, packaging printing, cultural products, and paper, with respective increases of 2.66%, 2.30%, 0.55%, and 0.21% [1][13] Industry Chain Data Tracking - The national waste price increased by 27 CNY/ton, while foreign waste prices remained stable [25] - The average market price for double-sided paper rose by 5 CNY/ton to 5450 CNY/ton, while white cardboard prices fell by 8 CNY/ton to 4310 CNY/ton [39] - The report notes a mixed profitability among finished paper products, with double-sided paper profitability increasing by 1-18 CNY/ton [49] Investment Recommendations and Targets - Suzano announced a price increase of 20 USD/ton for broadleaf pulp, supporting the price recovery of cultural paper and white cardboard [3] - Recommended stocks include Sun Paper Industry (002078, Buy), Xianhe Shares (603733, Buy), Huawang Technology (605377, Buy), and Wuzhou Special Paper (605007, Hold) [3] - The report anticipates a slowdown in the growth of new supply in the industry by 2025, leading to gradual improvement in overall supply and demand, recommending Jiulong Paper (02689, Buy) and Shanying International (600567, Hold) [3]

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry, with a PE ratio of 20.80, indicating a favorable outlook based on expected industry performance and valuation levels [21]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in February 2025, with a growth of 2.67% compared to 2.16% for the Shanghai index [17]. - The AI model expansion is accelerating cloud computing adoption, with global cloud infrastructure spending expected to reach $321.3 billion in 2024, driven by AI applications [18]. - The enterprise-level ICT market in China is projected to grow by 11.7% year-on-year in 2024, with key growth drivers being cloud computing, AI, and computing power deployment [19]. - The RISC-V ecosystem in China is rapidly developing, with the market expected to grow from $1.7 billion in 2023 to $25 billion by 2030, reflecting a compound annual growth rate of 47.9% [29]. Summary by Sections Industry Performance - The communication industry is expected to benefit from the integration of AI technologies, enhancing cloud service capabilities and reducing costs for telecom operators [21]. - The semiconductor industry showed strong performance in February 2025, with a 12.28% increase, indicating robust demand and recovery in the sector [26]. Market Trends - The gaming industry is experiencing growth, with a steady increase in market size and player engagement, supported by high-quality game releases and favorable policies [34]. - The food and beverage sector saw a 4.5% increase in February 2025, with significant growth in sub-sectors like liquor and dairy products, indicating a recovery in consumer demand [39]. Investment Opportunities - The report suggests focusing on telecom operators, AI computing, and AI mobile sectors as key investment opportunities, particularly companies like China Telecom, China Unicom, and China Mobile [21]. - In the gaming sector, companies with strong product pipelines and R&D capabilities, such as KYE Network and Perfect World, are recommended for investment [36]. - The food and beverage sector presents opportunities in white liquor, health products, and snacks, with specific companies highlighted for potential investment [41].

造纸轻工行业 行业研究 | 行业周报 3 月智利纸浆外盘报价继续提涨 ——造纸产业链数据每周速递（2025/03/01） 核心观点 ⚫ 本周轻工制造行业指数上涨 0.19%，跑赢大盘 2.41pct；造纸子板块下跌 0.12%， 跑赢大盘 2.11pct。本周沪深 300 指数下跌 2.22%，轻工制造(申万)指数上涨 0.19%，跑赢沪深 300 指数 2.41pct，在 28 个申万一级行业中位列第 7 位；二级行 业中，造纸子板块下跌 0.12%，跑赢大盘 2.11pct。本周轻工四大子板块按涨幅由大 到小分别为家具、文娱用品、造纸以及包装印刷板块，其中家具板块上涨 0.89%， 文娱用品、造纸以及包装印刷板块分别下跌 0.07%、0.12%、0.41%。 产业链数据跟踪 投资建议与投资标的 ⚫ 近期 Suzano 宣布 2025 年 3 月阔叶浆报价环比提涨 20 美元/吨、国内现货价格亦开 始触底回升，成本支撑下文化纸、白卡纸有望延续价格修复态势，推荐林浆纸一体 化行业龙头太阳纸业(002078，买入)。同时回溯历史来看，特种纸企业在浆价上行 之后的半年内通常会呈现出盈利扩张，推荐特种纸领军企业仙鹤 ...

Investment Rating - The industry investment rating is "Outperform the Market" [5][56]. Core Insights - The semiconductor materials sector is experiencing accelerated domestic production, with rapid expansion in downstream wafer factories, highlighting the advantages of leading companies in maximizing industry dividends [10]. - The report emphasizes the importance of photoresist as a critical core link in China's self-sufficiency journey, with a positive outlook on Tongcheng New Materials' rapid progress in import substitution [10]. - The demand for high-performance materials is expected to increase as domestic manufacturing upgrades continue, leading to rapid development in the new materials industry [10]. - The report identifies key companies to watch, including Huate Gas in the electronic specialty gas sector, which has been innovating and achieving import substitution [10]. - The report also highlights the growth potential of domestic polymer materials, particularly in the context of carbon neutrality, with recommendations to focus on leading companies in the upstream raw materials sector [10]. Market Overview - The Wind New Materials Index closed at 3686.46 points, down 0.46% week-on-week [3][14]. - Among six sub-industries, the semiconductor materials index rose 0.42% to 6612.31 points, while the organic silicon materials index fell 4.29% to 6046.83 points [3][14]. - The lithium battery index increased by 3.75% to 2002.51 points, indicating a positive trend in that sector [3][14]. Recent Industry Highlights - Xiaomi's SU7 Ultra was officially launched, featuring extensive use of carbon fiber materials and advanced battery technology, priced at 529,900 yuan [4][27]. - The construction of a pilot production base for sodium-ion and solid-state batteries by Zhongna Energy is underway, with a planned total capacity of 2.5GWh [4][36]. - Arkema announced a 15% expansion of its PVDF production capacity to meet the growing demand for high-performance resins in lithium-ion batteries and the semiconductor market [4][33].

周观点：关注景气改善的低位顺周期，继续 布局新消费及消费成长 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 03 月 02 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 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱： Luozheng1@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 消费及消费成长 [Table_ReportDate] 2025 年 03 月 02 日 本期内容提要: [Table_S [造纸： Table_Summary 浆价连续上涨后或企稳，重视特种纸涨价 um ...

一、审计委员会基本情况 公司于 2023年3月29日召开第三届董事会第十次会议,审议通过《关于调 整第三届董事会审计委员会委员的议案》。根据《上市公司独立董事管理办法》 等规章制度,同意由独立董事杨旭先生接替董事王敏强先生担任审计委员会委 员。 公司第三届董事会审计委员会现由3 名委员组成,分别为独立董事吴仲时先 生、独立董事周子学先生与独立董事杨旭先生,其中主任委员(召集人)吴仲时 先生为会计专业人士,审计委员会委员任职均符合上海证券交易所的相关规定及 《公司章程》的规定。 仙鹤股份有限公司 2023 年度董事会审计委员会履职报告 根据中国证监会《上市公司治理准则》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第1号 -- 规范运作》(以下简称"《上 市公司自律监管指引第1号 -- 规范运作》"）以及《仙鹤股份有限公司章程》 (以下简称"《公司章程》")、《仙鹤股份有限公司董事会审计委员会工作细 则》（以下简称"《董事会审计委员会工作细则》"）等相关文件的规定,我们 作为仙鹤股份有限公司(以下简称"公司")第三届董事会审计委员会成员认真、 规范履行审计委员会的职责,切实有效地监督和评估 ...

仙鹤股份有限公司 董事会审计委员会对会计师事务所 2023 年度履行 监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第1号——规范运作》和《仙鹤股份有限公司章程》（以下 简称"《公司章程》")《仙鹤股份有限公司董事会审计委员会工作细则》(以 下简称"《董事会审计委员会工作细则》")等规定和要求,仙鹤股份有限公司 (以下简称"公司")董事会审计委员会本着勤勉尽责的原则,恪尽职守,认真 履职。现将公司董事会审计委员会对会计师事务所 2023年度履职评估及履行监 督职责的情况汇报如下: 一、2023 年年审会计师事务所基本情况 于公司续聘 2023 年度审计机构的议案》。公司独立董事对上述议案发表了事前 认可意见及明确同意的独立意见。 (一) 会计师事务所基本情况 二、2023年年审会计师事务所履职情况 中汇会计师事务所(特殊普通合伙)(以下简称"中汇会计师事务所")创 立于 1992 年,2013年 12月转制为特殊普通合伙,首席合伙人为余强,管理总 部设立于杭州。经过近 30年的发展 ...

| 证券代码：603733 | 证券简称：仙鹤股份 | 公告编号：2023-086 | | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 21 转债 | | ● 会议召开地点：上海证券交易所上证路演中心（网址：http://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 2023 年 11 月 29 日（星期三）至 12 月 5 日（星期二）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 2023 年 10 月 31 日在上海证券交易所网 站（www.sse.com.cn）披露了公司 2023 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2023 年第三季度经营成果、财务状况，公司计划于 2023 年 12 月 6 日上午 10:00-11:30 举行 2023 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 ...