【2025.12.01-2025.12.07】 行业评级：看好 核心观点 证券研究报告——造纸行业周报 政策持续赋能，行业加快转型 风险提示 需求不及预期风险，原材料价格波动风险，政策落地偏差风险。 大同证券研究中心 执业证书编号：S0770524020002 邮箱：yangst@dtsbc.com.cn 研究助理：温慧 执业证书编号：S0770125070012 邮箱：wenh@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 请务必阅读最后一页免责声明 1 发布日期：2025.12.08 造纸行情走势图 包装纸提价持续兑现，多纸种价格稳步上行：本周包装纸涨价 潮持续深化，龙头纸企密集发布调价通知，瓦楞纸、箱板纸同 比分别上涨 17.65%、6.86%。终端价格同步走强，箱板纸、瓦 楞纸均价周环比均上涨 50 元/吨，白卡纸单周涨幅达 100 元/ 吨，白板纸因供给收紧（产能优化）、龙头提价计划带动，价 格稳步上行至3467元/吨。废纸成本支撑与下游刚性需求共振， 价格传导机制完全通畅，盈利修复逻辑持续强化。 数据来源：Wind 大同证券 纸 ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The continuous price increase of raw paper is alleviating the cost pressure in the paper industry, with packaging paper prices rising significantly due to a smooth transmission across the entire industry chain [3][24] - The supply-demand situation for pulp is improving, leading to a gradual reduction in cost pressures, with domestic pulp prices stabilizing [3][24] - The industry is undergoing a transformation towards green and intelligent production, with significant projects being signed to enhance capacity and sustainability [3][21][23] - The paper industry is in a recovery phase, with demand rebounding and supply pressures easing, indicating a potential for price increases and improved profitability [3][24] Summary by Sections Industry News - The China Packaging Federation's Paper Committee has called for the industry to resist "involution-style" competition to promote healthy and orderly development [4] Industry Performance Data - From January to September 2025, the paper and paper products industry reported revenues of 1,037.57 billion yuan, a year-on-year decrease of 2.1%, with total profits down 15.6% [5] - Recent price adjustments by major companies like Shanying Paper have led to price increases of 30-100 yuan/ton across various bases [5][6] Company Developments - China Haicheng signed contracts for significant projects, including a 2 million ton green packaging material project, indicating a shift towards sustainable practices [21] - Yibin Paper's bamboo pulp molding project has commenced, marking a step towards green manufacturing [23] - Shanying Huazhong Paper is planning a major chemical pulp project with an annual capacity of 706,000 tons, reflecting ongoing industry upgrades [23] Investment Strategy - The paper industry is at a cyclical bottom, showing signs of gradual recovery, with price increases expected in packaging paper due to strong demand and cost alleviation [24] - Focus on leading companies in the packaging paper sector that have strong market positions and can benefit from price increases [24]

Core Viewpoint - COSCO Shipping Holdings (中远海控) has demonstrated strong financial performance in a complex global container shipping market, achieving significant revenue and profit growth in the first three quarters of 2025 [1][2]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 167.599 billion yuan and a net profit of 27.07 billion yuan, maintaining robust profitability [1]. - In Q3 2025, the company achieved revenue of 58.499 billion yuan, a quarter-on-quarter increase of 14.39%, and a net profit of 9.534 billion yuan, reflecting a quarter-on-quarter growth of 63.2% [2]. Business Operations - The company has effectively responded to changes in the global trade environment, optimizing routes and capacity, resulting in a 6% year-on-year increase in container shipping volume, reaching 18.184 million TEUs [1]. - The terminal business also showed steady growth, with COSCO Shipping Ports achieving a total throughput of 113 million TEUs, a year-on-year increase of 5.6% [1]. Market Position - COSCO Shipping Holdings continues to solidify its leading position in the industry, with its revenue and net profit ranking first among publicly listed shipping companies in the sector for the first three quarters of 2025 [2]. Strategic Initiatives - The company is actively enhancing its global network and marketing strategies to adapt to dynamic external environments, focusing on an integrated ecosystem of "container shipping + ports + related logistics" [5]. - As of September 30, 2025, COSCO Shipping Ports operates and manages 387 berths across 40 global ports, ranking third in the world by equity throughput according to the latest report from Drewry [5]. Fleet Optimization - The company has accelerated fleet structure optimization, delivering 9 vessels with a total capacity of 150,000 TEUs in the first three quarters of 2025, and leasing 25 vessels with a capacity of 28,600 TEUs [5]. - The self-operated container fleet capacity reached 3.497 million TEUs, a 5.4% increase from the beginning of the year, with an average vessel age of 13.9 years [5]. Sustainability and Digital Transformation - COSCO Shipping Holdings is committed to "digital intelligence + green low-carbon" initiatives, utilizing AI technology to create a "one-stop customer entry" and enhancing supply chain solutions [6]. Valuation Metrics - As of October 31, 2025, the company has a rolling price-to-earnings ratio of 6.11 and a price-to-book ratio of 1.04, indicating significant investment potential [7].