林平发展厂区 ◎记者 刘一枫 2月10日，林平发展登陆沪市主板。林平发展扎根安徽宿州萧县，主营瓦楞纸、箱板纸的生产与销售， 是传统的包装用纸制造企业。在网上路演期间，公司董事长李建设在接受上海证券报记者专访时言语间 尽显朴实低调："二十多年来，我们深耕造纸生产制造领域，鲜少对外宣传。我的表达或许不够详尽， 欢迎大家走进工厂、探访生产线，开展实地调研。" 日前，记者走进坐落于萧县循环经济园区的林平发展厂区。临近农历春节，公司各条生产线依旧繁 忙。"昨日发货作业持续至24时，出货量迎来小高峰。"林平发展副总经理、项目总工姚广伍对记者介 绍。 变废为宝 构筑全链条循环经济体系 在林平发展主营业务收入中，瓦楞纸与箱板纸占比约为3:7，2023年以来，公司成品纸年出货量均超百 万吨。历经二十余年造纸领域深耕，林平发展实现各生产环节精益管理，已成长为集废纸利用、热电联 产、绿色造纸于一体的资源综合利用型企业。 "工业生产中的废水、废气、固废并非废料，而是放错位置的资源，在循环制造体系中都能实现充分利 用。"李建设表示，原材料成本占造纸行业整体生产成本的70%以上，林平发展的造纸原料几乎全部来 自废纸，由周边区域的资源回收 ...

Group 1 - The core point of the article is that Jianfa Co., Ltd. (600153.SH) is expanding its supply chain operations by collaborating with potential excellent enterprises in the consumer sectors such as catering, food, and home appliances [1] - Jianfa's wholly-owned subsidiary, Jianfa Living Materials, has signed a partnership agreement with Chengqi Investment to invest in a fund aimed at consumer industry enterprises in China [1] - The investment amount from Jianfa Living Materials as a limited partner (LP) is set at 18 million yuan, which will be used to subscribe to shares of the Qicheng Fund initiated by Chengqi Investment as the general partner [1]

Group 1 - The core viewpoint of the article is that Jianfa Co., Ltd. (600153.SH) is expanding its supply chain operations by collaborating with potential excellent enterprises in the consumer sectors such as catering, food, and home appliances [1] - Jianfa's wholly-owned subsidiary, Jianfa Living Materials, has signed a partnership agreement with Chengqi Investment to invest in a fund aimed at consumer industry enterprises in China [1] - The investment amount from Jianfa Living Materials as a limited partner (LP) is set at 18 million yuan, which will be used to subscribe to shares of the Qicheng Fund initiated by Chengqi Investment as the general partner [1]

| 股票代码：600153 | 股票简称：建发股份 | 公告编号：临2026—005 | | --- | --- | --- | | 债券代码：115755 | 债券简称：23建发Y1 | | | 债券代码：240217 | 债券简称：23建发Y2 | | | 债券代码：240650 | 债券简称：24建发Y1 | | | 债券代码：241016 | 债券简称：24建发Y2 | | | 债券代码：241137 | 债券简称：24建发Y3 | | | 债券代码：241265 | 债券简称：24建发Y4 | | | 债券代码：241266 | 债券简称：24建发Y5 | | 厦门建发股份有限公司 关于认购股权投资基金暨关联交易的公告 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法律责任。 重要内容提示： 厦门建发股份有限公司（以下简称"公司"）下属全资子公司厦门建发 生活资材有限责任公司（以下简称"建发生活资材"）拟出资 1,800 万元（人民 币，下同）,认购由苏州承启维新投资管理合伙企业（有限合伙）（以下简称"承 启投资"）作为普通合 ...

随着国内互联网经济的飞速发展，电子商务已深度融入大众生活，强力驱动着快递业务的扩张。2024年，我国快 递业务量达到1745亿件，业务收入高达1.4万亿元。海量的快递包裹带来了对包装纸的巨大需求，作为纸箱"骨 架"与"外衣"，瓦楞纸与箱板纸的需求也随着物流与消费的增长而持续攀升。中国造纸协会数据显示，2024年中国 瓦楞纸消费量达3407万吨，同比增长4.13%；箱板纸消费量3582万吨，同比增长4.80%。 在此背景下， 安徽林平循环发展股份有限公司 （股票代码：603284，简称"林平发展"）将于2月10日成功登陆上 交所主板。这家扎根安徽的造纸企业，凭借115万吨的年产能稳居省内行业领先地位，更以独特的绿色循环发展路 径，在传统造纸行业中开辟出一条差异化竞争之路。 聚焦核心赛道，产能区位构筑双重壁垒 造纸及纸制品业作为现代经济的重要支柱，被公认为永不衰竭的行业，其中包装用纸是规模最大的细分领域。瓦 楞纸与箱板纸因应用广泛，稳居包装用纸细分品类的前两位。据中国造纸协会统计，2024 年中国纸和纸板行业细 分产品中，瓦楞原纸产量达到3,134万吨，箱板纸产量达到3,035万吨，产量居于纸和纸板产量的前两名。 ...

75.36亿元 2月2日-2月8日，北京市商品住宅成交404套，成交金额31.33亿元。其中，位于海淀朱房村的建发.海晏 以8套、0.21万㎡、2.94亿元的网签成绩，成为全市新房网签周度金额冠军。不仅如此，建发.海晏以 75.36亿元的销售成绩斩获2025年度北京住宅市场销售亚军。该项目共规划16栋7F-15层洋房+小高层， 楼王栋高达3.6米，约435套房源，主力面积段185-220-265㎡，3栋单体平墅，一层一户，建面超300㎡。 ...

Core Viewpoint - Linping Development, a high-tech enterprise in the circular paper-making sector, is set to officially list on the Shanghai Stock Exchange on February 10, leveraging its unique "green manufacturing + circular economy" model to attract market attention [1] Group 1: Company Overview - Linping Development focuses on the niche market of packaging corrugated paper and boxboard, emphasizing product research and development, process optimization, and deepening the industrial chain [2] - The company has established itself as a resource utilization enterprise integrating waste paper recycling, cogeneration, and green paper-making, with five production lines that enhance production scale and market competitiveness [2] - Advanced equipment and technology, including international DCS and intelligent MCC control systems, support Linping's competitive barriers in the niche market [2] Group 2: Environmental Initiatives - The company incorporates resource recycling throughout its production chain, utilizing waste materials for cogeneration and investing in advanced wastewater treatment systems to achieve energy savings and clean production [3] - Linping Development has received accolades such as "Anhui Province Clean Production Demonstration Enterprise" and "National Green Factory" recognition from the Ministry of Industry and Information Technology [3] Group 3: Market Position and Scale - As a national-level "specialized, refined, and innovative" small giant enterprise, Linping Development has built a production and sales scale that exceeds the average level of paper and board manufacturers [4] - The company achieved raw paper production volumes of 86.38 thousand tons, 105.35 thousand tons, 101.97 thousand tons, and 53.03 thousand tons, with corresponding sales figures [4] - With a current capacity of 1.15 million tons, Linping ranks among the top 30 in the industry, benefiting from stable partnerships with well-known downstream companies [4] Group 4: Future Growth Potential - The IPO proceeds will primarily fund the construction of two major projects aimed at increasing annual production capacity from 1.15 million tons to 2.35 million tons [5] - These projects are expected to enhance Linping's market position and competitiveness in the raw paper sector, positioning the company to lead the development of the green circular paper-making industry [5]

安徽林平循环发展股份有限公司（股票简称：林平发展，股票代码：603284）即将登陆沪主板。公司本 次发行价格为37.88元/股，募集资金将用于"年产90万吨绿色环保智能制造新材料项目（二期）"和"年产 60万吨生物基纤维绿色智能制造新材料项目"。 安徽造纸领先企业，产能规模位居行业前列 林平发展是一家在循环造纸领域具备一定知名度的高新技术企业。根据中国造纸协会公布的《中国造纸 工业 2024 年度报告》中的数据，林平发展原纸产量位居全国前30。目前，公司拥有5条生产线，包含宽 幅更宽、自动化程度更高的5600和6600生产线，原纸产能达115万吨。2022年至2024年及2025年1-6月， 公司原纸产量分别为86.38万吨、105.35万吨、101.97万吨、53.03万吨，销量分别为87.14万吨、105.44万 吨、100.08万吨、50.51万吨，产销规模显著高于行业平均水平。以2024年产量计算，公司在安徽省纸及 纸板总产量中的占比已超过35%。 依托规模化产能，公司在成本与效率方面实现双重优化，始终保持较高的毛利率水平。近年来，随着产 线效率提升，公司毛利率稳步增长。报告期各期，公司原纸产品毛利率 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights the significance of Shanghai's new policy to acquire second-hand housing for affordable rental housing, indicating a strong signal in a declining market. The policy aims to link demand for affordable housing with improvement needs, potentially activating the market by directing purchasing power to higher-priced new and second-hand homes [11][12] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investing in real estate is akin to investing in economic trends. The competitive landscape is expected to improve, benefiting leading state-owned enterprises and quality developers [4] - The report suggests focusing on first-tier cities and select second- and third-tier cities, as this combination has shown better performance during market rebounds [4] Summary by Sections 1. Shanghai's Housing Acquisition Policy - Shanghai has initiated a program to acquire second-hand housing for affordable rental purposes, with pilot areas including Pudong, Jing'an, and Xuhui, each having distinct acquisition criteria and models [11] - The policy aims to match housing types with talent needs, focusing on low-priced, small-sized properties to stimulate market activity [12] 2. Market Review - The report notes that the real estate index has shown minimal change, outperforming the CSI 300 index by 1.34 percentage points. A total of 73 stocks in the real estate sector increased in value, while 40 stocks decreased [15] - The top-performing stocks included Jinglan Technology and Qianjing Garden, with significant weekly gains [21] 3. New and Second-Hand Housing Transactions - In the week leading up to February 6, new housing transactions in 30 cities totaled 131.2 million square meters, a 5.2% decrease from the previous week but a 138.2% increase year-on-year. First-tier cities saw a 4.0% increase week-on-week [26] - Second-hand housing transactions in 15 sample cities totaled 204.5 million square meters, reflecting a 3.5% decrease week-on-week but a 717.5% increase year-on-year [35]

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. is set to list on the Shanghai Main Board, with an issue price of 37.88 yuan per share, raising funds for two major projects in green and bio-based materials [1] Group 1: Company Overview - Linping Development is a well-known high-tech enterprise in the circular paper industry, ranking among the top in production capacity according to the China Paper Association's report [3] - The company has a total production capacity of 1.15 million tons of paper, with five production lines, including advanced 5600 and 6600 lines [3] - The company's paper production volumes from 2022 to 2025 are 86.38 million tons, 105.35 million tons, 101.97 million tons, and 53.03 million tons, with sales figures closely matching production [3] Group 2: Financial Performance - From 2022 to 2024, the company's revenue remained above 2.88 billion yuan, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [4] - In the first nine months of 2025, the company achieved a revenue of 1.928 billion yuan, a year-on-year increase of 2.79% [4] - In October 2025, the company reported a monthly revenue of 264 million yuan, with a comprehensive gross margin of 10.98%, an increase of 2.52 percentage points from the previous nine months [4] Group 3: Research and Development - The company maintains a high level of R&D investment, with expenses from 2022 to 2025 amounting to 94.79 million yuan, 88.09 million yuan, 83.80 million yuan, and 44.29 million yuan, representing 3.29%, 3.15%, 3.37%, and 3.62% of revenue respectively [6] - Linping Development has developed a core technology system covering energy-saving paper production, green manufacturing, and pollution control, holding 27 patents and contributing to national standards [6][7] - The company has been recognized as a national-level "specialized and innovative" small giant enterprise, reflecting its strong technical capabilities [7] Group 4: Market Position and Future Prospects - The company has established stable partnerships with well-known domestic enterprises, enhancing its reputation in the corrugated paper and boxboard sectors [4] - With the upcoming fundraising projects, the company plans to upgrade outdated production lines and establish intelligent production lines, aiming to enhance its technological advantages in the circular paper industry [7]