1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the pricing role of the demand side is significant, and paper prices continue to decline. The main factors affecting the market price trend are paper mills' price adjustments, production line resumptions, weak downstream demand, and limited cost - side support. Looking ahead, market supply is expected to be stable next week, but demand is unlikely to see obvious support, and there may be a possibility of further price cuts [54][55]. 3. Summary by Relevant Catalogs Industry News - This Thursday, the inventory days of domestic offset paper decreased by 0.43% compared with last Thursday, and the decline rate narrowed by 0.47 percentage points week - on - week. Some paper mills' inventories continued to decline, but overall inventory consumption slowed due to poor social order demand [6]. - This week, the operating load rate of domestic offset paper was 48.68%, a decrease of 0.50 percentage points compared with last week, and the decline rate narrowed by 0.45 percentage points week - on - week. Poor order intake led to a decline in production enthusiasm [6]. - In August, the FOB price of Brazilian eucalyptus hardwood pulp "Bird" increased by $20/ton, with a net FOB price of $510/ton [6]. - In June 2025, Canada exported 15.21 tons of softwood pulp to China, a month - on - month increase of 23.22% and a year - on - year increase of 47.83%; 2.54 tons of hardwood pulp, a month - on - month increase of 463.43% and a year - on - year increase of 31.32%; 3.82 tons of chemi - mechanical pulp, a month - on - month decrease of 24.98% and a year - on - year decrease of 63.07% [6]. Market Trends - As of August 15, the average price of 70g high - white offset paper was 4950 yuan/ton, the same as the previous day, and 43.75 yuan/ton lower than last week [9]. - In the spot market, the prices of various 70g offset paper products in Shandong and Guangdong markets decreased week - on - week. The pre - tax and after - tax gross profits of offset paper also decreased [10]. Supply and Demand Data - **Industry Capacity**: In 2024, the domestic offset paper industry capacity was about 16.52 million tons, a year - on - year increase of 7%, and the annual output was about 9.478 million tons, with a capacity utilization rate of 57% [19]. - **Weekly Data**: This week, the domestic offset paper industry output was 163,600 tons, with a capacity utilization rate of 48.7%; the sales volume was 165,000 tons; the enterprise inventory was 342,100 tons [22][30]. - **Imports and Exports**: In June, the domestic offset paper import volume was about 15,000 tons, and the export volume was about 66,000 tons [38]. - **Inventory**: The social inventory pressure of offset paper changed little, while the enterprise inventory pressure increased [44]. - **Terminal Consumption**: In recent years, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down [50]. Market Judgment - **Supply**: This week, the domestic offset paper industry output was 163,600 tons, with a capacity utilization rate of 48.7%. In June, the import volume was about 15,000 tons, maintaining a low level [55]. - **Demand**: This week, the domestic offset paper sales volume was 165,000 tons. In June, the export volume was about 66,000 tons. Social orders are weak, and the enthusiasm for raw paper procurement is limited [55]. - **Price**: This week, the average market price of 70g wood - pulp high - white offset paper was 4,974 yuan/ton, a month - on - month decrease of 0.40%, and the decline rate widened by 0.32 percentage points; the average market price of 70g wood - pulp natural - white offset paper was 4,605 yuan/ton, a month - on - month decrease of 0.50%, and the decline rate widened by 0.11 percentage points [55]. - **Valuation**: Based on the current pulp price, the pre - tax gross profit of offset paper is about - 113 yuan/ton, and the after - tax gross profit is about - 273 yuan/ton. The off - season of demand compresses paper prices, and pulp prices are stable, further compressing paper enterprises' profits [55]. - **Strategy**: The futures variety has not been launched yet [55].

Group 1 - The company has a total paper production capacity of approximately 5.77 million tons across its four bases in Shouguang, Zhanjiang, Jilin, and Jiangxi [2] - Currently, the production lines at the Huanggang base, Jiangxi base, and some lines at the Shouguang base are operating normally [2] - The company plans to apply for the removal of risk warnings from the Shenzhen Stock Exchange once the factors leading to the warnings, such as production stoppages and non-standard audit opinions, are resolved [2]

Group 1 - The company has received approval for a syndicated loan of 2.31 billion yuan specifically for resuming production, and is in the process of withdrawing funds [2] - The company is gradually resuming production based on the availability of funds and market conditions, with specific updates available on the company's official website and announcements [2] - The factors leading to the company's stock being designated as ST include suspension of operations and non-standard opinions in the annual audit and internal control audit reports [2] Group 2 - The company will promptly apply to the Shenzhen Stock Exchange to lift other risk warnings once the factors leading to the ST designation are eliminated [2]

截止8月15日收盘，东北电气(00042)、弘业期货(03678)、安德利果汁(02218)分列AH溢价率前三位，溢 价率分别为770.97%、226.69%、213.19%；宁德时代(03750)、恒瑞医药(01276)、紫金矿业(02899)分列 AH溢价率末三位，溢价率分别为-19.95%、-7.45%、5.81%。其中安德利果汁(02218)、金力永磁 (06680)、南京熊猫电子股份(00553)的偏离值位居前三，分别为21.03%、11.03%、10.63%；另外，比亚 迪股份(01211)、东北电气(00042)、龙蟠科技(02465)的偏离值位居后三，分别 为-143.50%、-80.62%、-50.25%。 前十大AH股溢价率排行 前十大AH股偏离值排行 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 安德利果汁(02218) | 18.350 | 47.98 | 213.19% | 21.03% | | 金力永磁(06680) | 19.090 | 28.17 | 76.74% | 11.03% | ...

Group 1: Industry Overview - The number of enterprises in the paper and paper products industry reached 8,102 in the first half of 2025, an increase of 190 compared to the same period last year, representing a year-on-year growth of 2.4% [1] - The paper and paper products industry accounts for 1.56% of the total industrial enterprises [1] Group 2: Companies Mentioned - Listed companies in the paper industry include: Chenming Paper (000488), Kane Co., Ltd. (002012), Jingxing Paper (002067), Sun Paper (002078), Annie Co., Ltd. (002235), Qifeng New Materials (002521), Qingshan Paper (600103), Minfeng Special Paper (600235), Huatai Co., Ltd. (600308), Yueyang Forest Paper (600963), Bohui Paper (600966), Rongsheng Environmental Protection (603165), Xianhe Co., Ltd. (603733), Songyang Resources (603863), Wuzhou Special Paper (605007), Huawang Technology (605377), and Forest Packaging (605500) [1]

Core Viewpoint - Chenming Paper Industry (01812.HK) announced that it will hold a board meeting on August 29, 2025, to review and approve the interim results for the six months ending June 30, 2025 [1] Group 1 - The board meeting is scheduled for August 29, 2025 [1] - The meeting will focus on the interim results for the first half of 2025 [1] - The results will cover the period ending June 30, 2025 [1]

格隆汇8月13日丨晨鸣纸业(01812.HK)公布，公司将于2025年8月29日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布。 ...

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） 胡長青 主席 中國，山東 二零二五年八月十三日 於本公告日期，執行董事為胡長青先生、李興春先生、李峰先生及李偉先先生； 非執行董事為韓亭德先生及李傳軒先生；及獨立非執行董事為尹美群女士、孫劍 非先生、楊彪先生及李志輝先生。 * 僅供識別 （股份代號：1812） 董事會會議通告 山東晨鳴紙業集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事 會會議將於二零二五年八月二十九日（星期五）舉行，藉以（其中包括）批准本公司 及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其發佈。 承董事會命 山東晨鳴紙業集團股份有限公司 ...

Market Performance - The Hong Kong stock market saw a collective rise in its three major indices, with the Hang Seng Index increasing by 2.58% to close at 25,613.67 points, the Tech Index rising by 3.52% to 5,630.78 points, and the National Enterprises Index up by 2.62% to 9,150.05 points [2] - The Hang Seng Index reached its highest closing level since July 24, 2025, while the Tech Index also hit a new high since July 29, 2025 [3] Sector Performance - The healthcare sector showed strong performance, with notable increases in stocks such as Beihai Kangcheng-B (up 25.75%), Zhonghui Biological-B (up 19.45%), and Weiya Biological (up 13.37%) [5] - The consumer electronics sector attracted renewed investment, with stocks like Hongteng Precision (up 11.78%), Qiu Tai Technology (up 10.78%), and Ruisheng Technology (up 4.54%) seeing significant gains [9] - The technology sector was led by Tencent Music, which surged by 15.63%, followed by Alibaba (up 6.09%) and Tencent Holdings (up 4.74%) [10][11] - The gaming sector also benefited from positive industry fundamentals, with stocks like Zhongxu Future (up 9.55%), Blueport Interactive (up 7.81%), and Bilibili-W (up 7.39%) rising [12] - Cryptocurrency-related stocks experienced substantial gains, with New Fire Technology Holdings (up 30%), OK Blockchain (up 26.09%), and Blueport Interactive (up 7.81%) [13][14] Regulatory and Policy Developments - The National Medical Security Administration announced the approval of 534 drugs for the national basic medical insurance list, marking a record high, and 121 out of 141 innovative drugs for commercial insurance also passed the review, indicating a significant development in the multi-tiered insurance system [8] Individual Company Highlights - Yuedong Group saw a nearly 20% increase in stock price after reporting a nearly 70% year-on-year rise in net profit, with revenue reaching 3.191 billion yuan [17] - Jingtai Holdings experienced a nearly 10% rise, expecting a nearly fourfold increase in revenue for the first half of 2025, with projected earnings of at least 500 million yuan [18] Weak Performers - The paper industry faced a downturn, with stocks like Nine Dragons Paper (down 5.10%), Chenming Paper (down 1.01%), and Lee & Man Paper (down 0.33%) declining due to rating downgrades from some institutions [15] - The gaming sector's stocks also faced pressure, with major players like Galaxy Entertainment (down 2.09%), Melco International Development (down 1.99%), and MGM China (down 1.23%) continuing their downward trend despite positive revenue forecasts for the second half of 2025 [16]

Group 1 - The paper sector experienced a decline of 0.38% on August 13, with ST Chenming leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up by 0.48%, while the Shenzhen Component Index closed at 11551.36, up by 1.76% [1] - A detailed table of individual stock performance in the paper sector is provided [1] Group 2 - The paper sector saw a net outflow of main funds amounting to 55.225 million yuan, with retail funds showing a net inflow of 69.2512 million yuan [2] - The net outflow from speculative funds was 14.0262 million yuan [2] - A detailed table of fund flows for individual stocks in the paper sector is included [2]