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东盟国家媒体代表探广西崇左产业:面向东盟 绿色智能
Zhong Guo Xin Wen Wang· 2025-08-25 17:39
同设立于崇左市高新技术产业开发区的崇左理文纸浆制品有限公司(简称"崇左理文"),亦看好崇左地处 中国—东盟开放合作前沿的优势。 走进广西南宁东亚糖业集团(简称"东亚糖业")旗下广西崇左东亚糖业有限公司,占地1000多亩的厂区绿 树掩映、干净整洁。精糖车间内,空气中弥漫着蔗糖的甜香。几名技术人员在中控室内通过电脑显示器 中的参数监测设备运行情况。整个精糖车间高度自动化运行,一个班次只有20多名工作人员在场,已基 本实现智能化、数字化生产。 参加"共享新机遇携手向未来"——2025境外媒体看广西采访活动的20余名东盟国家主流媒体代表、外籍 网络达人,25日参访崇左市高新技术产业开发区。 位于中越边境的崇左是"中国糖都"。东亚糖业由泰国两仪集团于1993年开始,与广西崇左市5家国营糖 厂合资成立,业务领域涉及制糖、生物质发电、酵母、肥料、饲料、农业科技、商贸等,初步形成制糖 循环经济综合利用全产业链。2024/2025榨季,东亚糖业总榨蔗量820万吨,产糖105万吨,按时足额兑 付蔗款约42亿元(人民币,下同);与东亚糖业有密切联系的蔗农超过10万户。 东亚糖业投资21.48亿元建设的循环经济综合利用项目,是共建" ...
纸浆早报-20250825
Yong An Qi Huo· 2025-08-25 03:08
以13%增值税计算 纸浆早报 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6350 | -48.45 | | | 雄狮 | CFR | 730 | 5500 | -492.78 | | 智利 | 银星 | CFR信用证 90天 | 720 | 5760 | -151.65 | 注:上一日汇率 - 7.18 研究中心能化团队 2025/08/25 SP主力合约收盘价: 5108.00 | 日期 | 2025/08/22 | 2025/08/21 | 2025/08/20 | 2025/08/19 | 2025/08/18 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5108.00 | 5130.00 | 5136.00 | 5178.00 | 5252.00 | | 折美元价 | 620.90 | 623.85 | 624.46 | 629.40 | 638.77 | | 距上一 ...
银河期货胶版印刷纸日报-20250821
Yin He Qi Huo· 2025-08-21 13:34
Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The double - offset paper market remained stable overall, with limited changes in market transactions due to increased wait - and - see sentiment among industry players as the double - offset paper futures approached. Although production increased slightly, demand did not improve, and inventory rose. Paper mills had a strong willingness to maintain prices due to cost and profit considerations [5][8]. 3. Summary by Directory 3.1 Data Analysis - **Double - offset paper prices**: The prices of 70g double - offset paper in various regions remained unchanged on a daily and weekly basis. For example, the price of 70g double - offset paper of Chenming Yunbao in Hebei was 4900 yuan/ton, with 0.00% daily and weekly changes [3]. - **Copperplate paper prices**: The prices of 157g double - copper paper were stable daily, but most had a week - on - week decline. For example, the price of 157g double - copper paper of Taiyang Tianyang in Beijing was 5100 yuan/ton, with a week - on - week decline of 0.97% [3]. - **Pulp prices**: The prices of some types of pulp declined. The price of coniferous pulp of Yinxing in Shanghai was 5850 yuan/ton, with a daily and weekly decline of 0.85%. The price of Russian - brand coniferous pulp in the Jiangsu - Zhejiang - Shanghai region was 5150 yuan/ton, with a daily decline of 1.90% and a weekly decline of 2.83% [3]. 3.2 Market Judgment - **Market situation**: The double - offset paper market was generally stable. Dealer shipments did not improve significantly, and new orders from downstream printing factories were average. The wait - and - see sentiment increased as the futures approached [5]. - **Price in Shandong**: The mainstream negotiated price of high - whiteness double - offset paper in the Shandong market was 4850 - 4900 yuan/ton, and the price of some natural - whiteness double - offset paper was in the range of 4500 - 4700 yuan/ton, remaining stable compared to the previous day [5]. - **Wood chip market**: The purchase price of wood chips was mainly stable, with individual price increases. The purchase price of poplar chips in some northern regions was in the range of 1120 - 1400 yuan/absolute dry ton. Some pulp mills in Shandong planned to resume production, but the increase in market supply was not significant [5]. - **Inventory and production**: The inventory days of double - offset paper increased by 0.60% compared to last Thursday. The weekly operating rate was 48.52%, a decrease of 0.16 percentage points. The production increased by 0.1 million tons to 20.8 million tons, a growth of 0.5%. The production enterprise inventory was 117.8 million tons, a month - on - month increase of 1.2% [5][8]. - **Logic analysis**: Some paper machines were transferred or cross - scheduled, and there were planned maintenance on some production lines. Seasonal printing orders were coming to an end, and social orders were not boosted. Paper mills had a strong willingness to maintain prices to ensure profits. Pulp prices remained low, with high port inventories and sufficient supply [8]. 3.3 Related Attachments - The report provides four figures, including double - offset paper production, in - factory inventory, social inventory, and production profit, with data from 2021 - 2025 [11][14].
玖龙纸业预计年度盈利同比增长165%—190%
Zheng Quan Shi Bao Wang· 2025-08-20 06:13
Group 1 - The core viewpoint of the article is that Nine Dragons Paper Holdings Limited expects its profit for the fiscal year ending June 30, 2025, to be between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to the previous year [2] - The profit growth is primarily attributed to an increase in sales and a faster decline in raw material costs compared to the decrease in product prices, which has led to an improvement in gross profit [2]
玖龙纸业午后涨超8% 预计年度盈利同比大增165%至190%
Zhi Tong Cai Jing· 2025-08-20 05:49
Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has announced a significant increase in expected profits for the fiscal year ending June 30, 2025, projecting earnings between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to last year's RMB 794 million [1] Group 1 - The company's profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which decreased at a faster rate than product prices, leading to an increase in gross profit [1] - The company plans to issue USD 400 million in perpetual capital securities in June 2024, with an expected attributable profit of approximately RMB 400 million for the current year from these securities [1] - The projected attributable profit for equity holders is estimated to be between RMB 1.7 billion and RMB 1.9 billion, marking an increase of 126% to 153% from last year's RMB 751 million [1]
玖龙纸业发盈喜 预期年度股东应占盈利约17亿元至19亿元之间 同比增加126%至153%
Zhi Tong Cai Jing· 2025-08-20 04:56
Group 1 - The company expects to achieve a profit of approximately RMB 2.1 billion to RMB 2.3 billion for the fiscal year ending June 30, 2025, representing a growth of 165% to 190% compared to last year's profit of RMB 794 million [1] - The profit increase is primarily attributed to a rise in sales, with the decline in raw material costs occurring at a rate and magnitude that significantly outpaces the decrease in product prices, thereby boosting gross profit [1] - The company issued USD 400 million perpetual capital securities in June 2024, with the attributable profit for perpetual capital securities holders estimated at approximately RMB 400 million for the current year [1] Group 2 - The company anticipates that the attributable profit for equity holders will be around RMB 1.7 billion to RMB 1.9 billion for the current year, an increase of 126% to 153% from last year's RMB 751 million [1]
全球长周期视角下的中国用浆成本趋势
GUOTAI HAITONG SECURITIES· 2025-08-19 11:36
Investment Rating - The report assigns an "Accumulate" rating for the paper industry [4]. Core Insights - In the short term, the report anticipates an increase in pulp costs and prices due to overseas supply shocks and changes in the supply-demand dynamics in the European and American markets. In the long term, the cost of domestic pulp is expected to decrease due to changes in the pulp structure, benefiting leading integrated pulp and paper manufacturers with upstream forest resources and green energy [2][4]. Summary by Sections Investment Recommendations - The report suggests that leading integrated pulp and paper manufacturers, such as Sun Paper, Xianhe Co., Wuzhou Special Paper, Bohui Paper, Shanying International, and Nine Dragons Paper, are expected to benefit from the full industry chain resource layout and operational advantages [7]. Domestic Pulp Prices and Global Supply-Demand - Domestic pulp prices are closely linked to overseas markets, with global supply and demand primarily driving domestic pulp prices. In 2024, domestic consumption of broadleaf pulp, softwood pulp, chemical pulp, and unbleached pulp is projected to be 2,353, 826, 656, and 95 thousand tons, respectively [9][11]. Supply Shocks and Price Impact - Supply shocks have significantly impacted short-term pulp prices, with an average of approximately 2 million tons of capacity permanently shut down annually since 2017. The report notes that supply disruptions are influenced by market factors, strikes, natural disasters, and equipment failures [76][79]. Long-term Cost Structure Changes - Changes in the pulp structure are expected to lower the long-term cost base in China. The report highlights that the price gap between softwood and broadleaf pulp has widened, with broadleaf pulp's demand share increasing by 10 percentage points to 74% [4][103]. Cost Curve Changes and Pricing - The cost curve is primarily determined by wood costs, with logistics and energy costs also playing significant roles. The report indicates that logistics costs account for 10-20% and energy costs for 15-20% of total costs, with leading pulp manufacturers optimizing costs through strategic location layouts [5][29].
星月“胶”辉之双胶期货系列报告(八):豫鲁地区调研走访实录与市场杂谈之二
Guo Tai Jun An Qi Huo· 2025-08-18 10:19
Report Summary 1. Investment Rating The provided text does not mention the industry investment rating. 2. Core Viewpoints - The industry's supply - demand pattern shows continuous capacity expansion and weak demand growth, which is consistent with previous research. There are significant differences in cost and formula among paper mills. The cash cost for enterprises to produce double - offset paper that meets the delivery standard is estimated to be in the range of 3800 - 4200 yuan/ton [3][40][42]. - After the futures are listed, double - offset paper prices face potential upward and downward risks. The downward risk comes from the negative feedback between price and cost, while the upward risk is due to the market's possible over - pessimism and high short - trading congestion [4][42][43]. 3. Summary by Directory 3.1 Supply - **Product Structure**: Enterprises focused on publishing have a higher proportion of natural - white paper. Orders from the publishing industry mainly require natural - white paper, while the proportion of natural - white paper in social orders is significantly lower. The difference in product structure between the north and south markets is due to order differences [8]. - **Formula**: Different enterprises have large differences in formula. With the continuous expansion of finished - paper production capacity and the slowdown of cultural - paper demand, enterprises are increasing the use of chemimechanical pulp and reducing the use of chemical pulp. Some producers in South China can make double - offset paper without adding softwood pulp [10][12]. - **Capacity and Production**: Some production lines may switch production. The overall operating level has not decreased significantly. Some enterprises achieved full production and sales in the first half of the year, while others had an operating level of about 80% - 90% [12]. - **Raw Material Procurement**: Most enterprises mainly purchase commercial pulp externally, covering mainstream softwood and hardwood brands. Some enterprises are self - sufficient in chemimechanical pulp, while others purchase it externally. It is difficult for some domestic hardwood pulp to completely replace imported hardwood pulp [15][18]. - **Product Conversion**: Converting between natural - white and high - white paper usually only requires adding bleach [20]. 3.2 Demand - **Sales Channels**: There is significant differentiation among sample enterprises. Publishing orders are mainly direct - sold, while social orders include both distribution and direct - to - printer sales [20]. - **Seasonal Demand**: The seasonal characteristics of demand are gradually being smoothed out. The consumption peak of pulp lags behind that of double - offset paper. There may be an opportunity for the strategy of going long on pulp and short on paper after downstream enterprises complete their bidding [22]. - **Policy Impact**: The "One Textbook, One Supplementary Material" policy has different impacts on publishers of different natures, mainly affecting social book - sellers. It may reduce the double - offset paper demand of private tutoring materials by about 20% - 30% [26]. - **Sales Radius**: Paper enterprises' sales can cover a radius of 500 - 800 km [26]. 3.3 Inventory - **Raw Material Inventory**: Self - produced pulp has little inventory, while the inventory days of externally purchased commercial pulp vary among enterprises, with small and medium - sized factories having shorter inventory days [27]. - **Finished - Product Inventory**: The inventory is slightly higher than last year but generally acceptable. Most enterprises' inventory levels are within one month, and they have clear inventory red lines [27]. - **Downstream Inventory**: Enterprises supplying paper to publishers usually reserve inventory in advance, with a cycle of half a year to one year. Traders may have a certain demand for stockpiling when the price reaches around 4000 yuan [29]. 3.4 Price and Cost - **Pricing Logic**: Paper mills price their products mainly based on orders and market conditions, i.e., demand - driven pricing. High inventory levels may lead to price cuts to reduce inventory [30]. - **Cost Factors**: Formula, wood - pulp self - sufficiency rate, and the presence of self - owned power plants have a significant impact on costs. A higher proportion of chemimechanical pulp and self - owned power plants can reduce costs [31]. - **Profitability**: Most producers still make a profit, while one enterprise is near the break - even point [37]. 3.5 Market Expectations - **Paper Price Outlook**: The industry's supply - demand contradiction is prominent, and most sample participants are not optimistic about paper prices. The downward space is estimated to be around 100 - 200 yuan/ton [38]. - **Futures Attitude**: The willingness of the industry to participate in futures depends on whether their products are delivery brands. Long - side acceptance willingness is relatively weak. Industry short - side forces need to see an absolute high price to enter the market, while long - side chips may come from private book - sellers and some traders with social - order resources [39].
【民生调查局】纸价上涨,快递盒要贵了?
Zhong Guo Xin Wen Wang· 2025-08-17 07:00
编者按: 这里是民生调查局,见人所未见,调查民生之变。关注你想关注的、你没关注的,调查你想 看的、未看到的。 中新网北京8月17日电(记者 谢艺观)造纸行业再掀波澜。近段时间,各大纸企涨价函如雪花般涌来,有 企业甚至多次调价。为何纸企会接二连三宣布涨价?难道"洛阳纸贵"又要上演? 涨价!涨价!涨价! 7月以来,玖龙纸业、理文造纸、湖北荣成纸业、山鹰国际等业内知名纸企纷纷发布涨价函,涉及瓦楞 纸、再生牛卡纸、T纸、箱板纸、纱管纸等多类纸品。其中,玖龙纸业多个基地更是轮番调价,涨势强 劲。 中新网记者同时询问了电商平台上的快递盒、纸袋销售商家,多位客服表示,"价格暂时没调整,之后 是否上调具体要等通知。" 纸企为何纷纷调价? 纸企巨头上调纸价后,其他纸企亦陆续跟涨,这波纸企涨价愈演愈烈。综合各公司调价信息,涨价范围 多是在每吨30元至50元之间。 上游原纸涨势不止,也波及到下游包装行业。近日,多个包装企业发布通知,上调纸板价格。 卓创资讯监测数据显示,截至8月7日,中国AA级瓦楞纸120g市场均价2573元/吨,较上月底上调 1.90%;中国箱板纸市场均价3461元/吨,较上月底上调0.32%。 资料图。 谢艺观 ...
博汇纸业:拟对全资子公司香港博丰进行增资
Mei Ri Jing Ji Xin Wen· 2025-08-15 11:56
Group 1 - The core business of Bohui Paper Industry consists of 97.77% from the paper manufacturing sector and 2.23% from other businesses for the year 2024 [1] - Bohui Paper Industry announced on August 15 that it will hold its first extraordinary board meeting of 2025 on August 15, 2025 [3] - The company plans to increase capital for its wholly-owned subsidiary, Hong Kong Bofeng Holdings International Limited, with an investment of approximately 165 million USD, raising the subsidiary's registered capital from 50,000 USD to about 165 million USD [3]