12月11日晚，中顺洁柔（002511.SZ）发布公告称，董事长兼总裁刘鹏因公司战略发展需要，申请辞去 总裁职务，由公司董事高波接任。刘鹏仍担任董事长、提名委员会委员、战略与可持续发展委员会委员 职务。对此，12月12日，中顺洁柔相关负责人回应南都湾财社记者称，以公告为准。 简历显示，新任总裁高波曾在另一纸巾巨头清风任职，他还有多家投资管理公司、零售商超永辉超市、 生鲜电商平台美菜网等的任职经历。2021年，他加入中顺洁柔担任审计部负责人，后升任财务总监、公 司董事。 刘鹏则为中顺洁柔创始人邓颖忠引入的职业经理人。刘鹏于2021年3月22日担任公司总裁，同年4月12日 担任公司董事长，此前，刘鹏先后在兴业银行江门分行、兴业银行中山分行担任行长职务。 从财报数据上看，刘鹏任职期间，中顺洁柔总营收一度将近突破百亿大关，但持续受到行业价格战、企 业多元化战略等的挑战。财报显示，2020年-2024年，中顺洁柔营收分别为78.24亿元、91.50亿元、 85.70亿元、98.01亿元、81.51亿元，归母净利润分别为9.06亿元、5.81亿元、3.50亿元、3.33亿元、0.77 亿元。 刘鹏 邓颖忠曾在接受新华网采 ...

天眼查App显示，近日，保定市满城区柔芯乐纸品有限公司成立，法定代表人为赵子静，注册资本10万 人民币，经营范围为一般项目：纸制造;纸制品制造;纸制品销售;卫生用品和一次性使用医疗用品销售; 日用百货销售;互联网销售（除销售需要许可的商品）;货物进出口（除依法须经批准的项目外，凭营业 执照依法自主开展经营活动）。 ...

格隆汇12月2日丨中顺洁柔(002511.SZ)公布，截至2025年11月30日，公司通过回购专用证券账户以集中 竞价交易方式累计回购公司股份24,594,700股，占公司目前总股本比例约为1.91%，其中，最高成交价 为8.69元/股，最低成交价为6.01元/股，成交总金额为187,102,027元（不含交易费用）。 ...

Group 1: US Market Overview - US stock market experienced a four-day rally, with the Dow Jones up 0.67%, Nasdaq up 0.82%, and S&P 500 up 0.69% [1] - Notable stock performances include Microsoft up 1.78%, Tesla up 1.71%, Nvidia up 1.37%, while Amazon down 0.22%, Meta down 0.40%, and Google A down 1.08% [1] Group 2: Economic Indicators - Initial jobless claims in the US fell to 216,000, the lowest since mid-April [2] - The Federal Reserve's Beige Book indicates a further decline in overall consumer spending in the US in recent weeks [3] Group 3: International Developments - The US special envoy is engaged in negotiations to promote peace talks between Russia and Ukraine, with Trump noting significant progress but no deadline [4] - Japan and the US are considering building a public-private partnership NAND factory in the US [5] - South Korea successfully launched its self-developed carrier rocket "World" [6] Group 4: Domestic Policy and Industry Developments - Six Chinese departments, including the Ministry of Industry and Information Technology, issued a plan to enhance the adaptability of supply and demand in consumer goods, promoting new business models like live e-commerce and instant retail [8] - The technology sector is showing signs of recovery, which may lead to a continued rebound in market sentiment [9] Group 5: Industry Insights - In the photovoltaic sector, notable performances include Canadian Solar up 8.4% and Daqo New Energy up 3.2%, with polysilicon futures rising nearly 3% to a recent high [10] - The organic silicon industry is seeing price increases of 10-20% for major products starting December 10, with a significant expansion in production capacity expected [11] - The automotive industry is focusing on the integration of vehicle and road cloud systems, with a current vehicle connectivity rate exceeding 85% [11] - The paper industry is experiencing price increases, with packaging paper rising by approximately 50 CNY/ton and cultural paper by 200 CNY/ton [12][14] Group 6: Company Announcements - Tian Shan Aluminum announced the commissioning of its first batch of electrolytic cells for a green low-carbon efficiency enhancement project [16] - Yidong Electronics plans to invest 61.2 million CNY to acquire a 51% stake in Shenzhen Guanding, focusing on AI server liquid cooling products [18] - Industrial Fulian adjusted its share repurchase price limit from 19.36 CNY to 75 CNY per share [18]

天眼查App显示，近日，深圳市中玖纸业有限公司成立，法定代表人为严婷婷，注册资本10万人民币， 经营范围为一般经营项目是：纸和纸板容器制造；纸制品制造；纸制品销售；互联网销售（除销售需要 许可的商品）；包装材料及制品销售；塑料制品制造；塑料制品销售；企业管理咨询；市场营销策划； 品牌管理；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；软件开发；软件销售； 数字技术服务；资源再生利用技术研发；会议及展览服务；运输货物打包服务；包装服务；食用农产品 批发；食用农产品零售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营 项目是：无。 ...

Core Viewpoint - The company announced that its stock experienced an abnormal fluctuation with a cumulative closing price increase exceeding 20% over three consecutive trading days on November 20, 21, and 24, 2025 [1] Summary by Relevant Sections - **Stock Performance** The stock price fluctuation is classified as abnormal due to the significant increase in closing prices over the specified trading days [1] - **Company Operations** The company confirmed that its previous disclosures do not require correction or supplementation, indicating that its operations remain stable and that both the main business and external environment have not changed [1] - **Information Disclosure** There were no undisclosed significant events that could impact the stock price, and the controlling shareholder and actual controller did not engage in any stock trading during the period of abnormal fluctuation [1]

Group 1: CPI Analysis - In October, the CPI year-on-year increased to 0.2%, up 0.5 percentage points from the previous value of -0.3%[15] - The core CPI month-on-month rose to 0.2%, recovering from a seasonal low in September[6] - The food CPI month-on-month growth narrowed to +0.3%, down 0.4 percentage points from the previous value[5] Group 2: PPI Analysis - The PPI year-on-year improved to -2.1%, up 0.2 percentage points from the previous value of -2.3%[27] - The PPI month-on-month returned to positive territory at 0.1%, marking the first increase in 2025[27] - Input factors and domestic high-end manufacturing reduced their drag on PPI year-on-year by 0.4 percentage points each[30] Group 3: Future Predictions - November CPI is expected to rise to approximately 1.2% year-on-year, with a month-on-month increase of around 0.4%[34] - November PPI is anticipated to decline year-on-year, with an average forecast of -2.6% for 2025[35] - The CPI-PPI year-on-year differential is projected to widen in November, indicating diverging inflation trends[36]

Core Viewpoint - Zhongshun Jierou is expanding its product offerings beyond paper products to include various consumer goods, aiming to establish a strong second growth curve while maintaining its dominance in the paper segment, which still accounts for approximately 99% of its revenue [1][6]. Group 1: Business Expansion - Zhongshun Jierou has launched multiple new products this year, including toothpaste, bottled water, and Lingzhi beverages, as part of its diversification strategy [1][2]. - The company has developed a brand system that includes 12 brands, such as Jierou and Duoleimi, to support its expansion into new markets [2]. - The "Daily Health Experience Hall," opened in June, serves as a physical space for consumers to experience the company's health-related products, showcasing its commitment to health trends [4]. Group 2: Financial Performance - In the first half of the year, Zhongshun Jierou's paper product revenue grew by 8.17% to 4.28 billion yuan, accounting for 98.85% of total revenue, while personal care and other segments saw a 22.75% decline in revenue to 49.65 million yuan, representing only 1.15% of total revenue [6]. - For the first three quarters, the company reported a revenue increase of 8.78% to 6.48 billion yuan and a net profit growth of 329.59% to 230 million yuan [7]. - Sales expenses increased by 11.98% to 1.43 billion yuan, while R&D expenses decreased by 33.89% to 119 million yuan, attributed to improved R&D efficiency and resource adjustments [7].

Advanced Manufacturing Sector - The narrow passenger car retail market in October is expected to reach 2.2 million units, reflecting a month-on-month decline of 2.0% and a year-on-year decline of 2.6%. The retail sales of new energy vehicles are projected to be 1.32 million units, with a penetration rate potentially rising to around 60%, marking a historical high [3] - The average price of new energy vehicles in September was 158,000 yuan, down 8% year-on-year, indicating price pressure at the market level. The ongoing price war negatively impacts the improvement of profitability quality in October, posing significant resistance to the recovery of market conditions [3] Consumer Sector - Zhongxing Junye reported a revenue of 1.475 billion yuan for the first three quarters of 2025, a year-on-year increase of 4.16%, with a net profit attributable to shareholders of 204 million yuan, up 130.51%. The third quarter revenue was 568 million yuan, growing 13.10% year-on-year, and net profit reached 135 million yuan, increasing by 128.70% [7] - The growth in performance is primarily attributed to stable price increases for Agaricus bisporus products, reduced costs for enoki mushrooms, and improved prices in the third quarter, along with increased investment income and reduced financial expenses. The ongoing price rise in vegetable products has contributed to the recovery of industry conditions [7] - The company is actively advancing its artificial cultivation project for Cordyceps sinensis, which is seen as a second growth curve. The project has moved from planning to trial production, generating revenue of 4.8451 million yuan in the first half of 2025 [7] - Zhongshun Jierou reported a revenue of 6.478 billion yuan for the first three quarters, an increase of 8.78%, with net profit and net profit excluding non-recurring items both experiencing over threefold growth. The third quarter revenue was 2.149 billion yuan, up 11.09%, and net profit reached 80 million yuan, growing 335.38% [8] - The company has seen a recovery in operations, driven by the continuous release of cost benefits from raw materials like pulp, along with internal cost reduction and efficiency improvement measures. It is expected that the gross margin and net margin will continue to improve in the short term [8] - The company is focusing on high-end, high-margin non-traditional dry towels and personal care products as strategic categories for future development, aiming to enhance overall profitability [8]

Core Insights - The recent expansion of CCER methodologies indicates a shift from initial pilot phases to a more mature market, covering a broader range of sectors beyond just renewable energy [2][3] - Companies like Longyuan Power and Yueyang Forest Paper view the CCER market expansion as an opportunity to diversify business directions and enhance China's role in international carbon market rule-making [1][2] CCER Market Expansion - The Ministry of Ecology and Environment has released a total of 15 CCER methodologies since 2025, indicating a significant increase in both the number and scope of projects [2][3] - The expansion signals a transition towards comprehensive low-carbon transformation across various sectors, including agriculture and construction, which will provide more low-cost emission reductions to support China's 2030 carbon peak target [2][3] Company Responses - Longyuan Power has established a specialized carbon asset management company to develop and trade CCER projects, viewing it as an additional value extension of its clean energy business [3][4] - Yueyang Forest Paper sees CCER as a strategic tool for business transformation, aiming to integrate carbon asset development with traditional operations to enhance overall project profitability [4] Challenges in International Integration - Experts suggest that while the CCER market is expanding, it is still premature for China to fully engage with international carbon markets due to differences in certification standards and the need for improved data transparency [5][6][7] - The upcoming EU carbon border tax and international climate agreements highlight the importance of aligning domestic methodologies with global standards to enhance the credibility of CCER in international markets [6][7]