摘要 岳阳林纸文化纸业务因火电成本增加和市场环境恶化，2025 年新增成 本约 5 亿元，每吨增加 300 多元。公司通过生物质锅炉改造等措施，预 计每年可减少约 2 亿元电力支出。 公司通过技术驱动定制化生产，包括遵义绒毛浆项目和高纯木质素项目， 预计 2026 年带来 3-4 千万元利润增长，高纯木质素主要出口美国，占 比达 40%。 岳阳林纸积极布局国内外碳资产开发，推动 6 个国内项目公示，并开发 跨境碳资产，预计 2026 年二季度末至三季度初实现百万吨级以上销售。 国内碳汇市场将因政策驱动快速发展，钢铁、水泥、电解铝等行业纳入 碳排放交易体系，预计新增约 30 亿吨年度需求，岳阳林纸有望占据较 大市场份额。 中国企业面临 1.2 万亿顺差带来的零碳认证与绿色抵消需求，受 CBAM 机制影响的出口企业和新能源车等新兴产业需满足国际标准。 预计 2026 年至 2027 年，中国对高品质国际碳指标的总需求将达到千 万吨到 2000 万吨级别，价格区间在 10 美元到 20 美元之间。 国家收紧碳配额，预计 2027 年底前后国内碳价将超过 100 元人民币， 电力、钢铁、水泥、铝冶炼等行业将产生巨大碳 ...

解除西藏碳汇合同对岳阳林纸整体业务有何影响？ 岳阳林纸目前总签约面积约为 1.6 亿亩，其中西藏地区占比较小。即使剔除西 藏地区，公司仍拥有约 1 亿亩的林业碳汇合同。此外，公司还积极签约农田和 草原类资源，分别达 8,000 万亩和 2000 万亩。因此，从整体来看，解除西藏 岳阳林纸预计 2026 年通过内部改善和热能提升实现 2-3 亿元利润，俊 泰方面预计维持 4 亿元以上利润，新增绒毛浆和木质素产能将带来稳定 盈利增长。 岳阳林纸计划在"一带一路"国家进行林地及相关高品类碳资产的开发， 优先开发自有存量资产，关注炉灶类、土壤类、生物碳等高附加值项目， 并与央企合作。 合同对公司碳汇业务产生量影响较小。 岳阳林纸 20260128 摘要 岳阳林纸解除西藏碳汇合同对其整体碳汇业务影响较小，公司仍拥有约 1 亿亩林业碳汇合同，并积极拓展农田和草原类碳汇资源，总签约面积 达 1.6 亿亩，西藏地区占比仅为 2%左右。 国内林业碳汇市场潜力巨大，随着全球绿色认证需求增加和中国制造业 对零碳认证的需求上涨，预计未来 1-2 年内市场将逐步发展，绿证价格 已呈现上涨趋势。 中国企业正积极应对国际碳汇市场需求，岳阳 ...

Core Viewpoint - Fujian Jinsen (SZ002679) experienced a significant stock price increase, reaching a limit up of 14.93 yuan, with an 8.52% rise, attributed to strong revenue growth, carbon sink business expansion, and governance optimization [2]. Group 1: Revenue Growth - In the first half of 2025, the company's revenue surged by 60.57% year-on-year to 50.238 million yuan, indicating a recovery in its main business despite still being in a loss position [2]. - The net profit loss narrowed by 48.47% year-on-year, reflecting improved operational efficiency [2]. - Other income increased by 1238.1% year-on-year, supported by enhanced government assistance, which likely contributed to the stock price increase [2]. Group 2: Carbon Sink Business - The company is undergoing a business transformation, with carbon sink business revenue growing by 317.94% [2]. - Increased investment in biomass pellet projects aligns with the global emphasis on environmental protection and sustainable development, suggesting significant market potential in the carbon sink sector [2]. Group 3: Governance Optimization - The company is advancing governance structure reforms, including the cancellation of the supervisory board and strengthening the audit committee's functions, aimed at improving decision-making efficiency [2]. - Multiple announcements regarding the revision of company bylaws and procedural rules indicate a rapid progression towards standardized governance, which is beneficial for long-term stability [2]. Group 4: Market Sentiment and Technical Analysis - Although specific technical information is not available, recent fund flows indicate institutional net buying on November 4, followed by net selling on November 6, suggesting high market interest in the company's stock [2]. - The performance of the forestry II sector and the trends of similar concept stocks may have also contributed to Fujian Jinsen's stock price surge [2].

Core Viewpoint - The company has announced that its wholly-owned subsidiary, Chengtong Carbon Sink Management (Hunan) Co., Ltd., has won the bid for the forestry carbon sink resource cooperation development project in Fuyuan County, Qujing City, Yunnan Province [1] Group 1 - The project development scope includes all forest land in Fuyuan County, Qujing City, Yunnan Province [1] - The initial cooperation period is set for 20 years, utilizing a profit-sharing model for collaboration [1] - The implementation of this project is expected to have a positive impact on the company's annual operating performance and enhance its influence in the carbon sink market [1]