国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2026年3月1日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 资料来源：中纸网，隆众资讯 4 行情数据 1.【常熟港纸浆库存统计】截至2026年2月26日，中国纸浆常熟港库存68.5万吨，较上周期增涨8.7万吨，环比增涨14.5%。本周常熟港库存呈现累库走势。 2.【青岛港纸浆库存统计】截至2026年2月26日，中国青岛港港内及港外仓库纸浆库存152.0万吨，较上周上涨8.2万吨，环比上涨5.7%。本周期青岛港库存周期内 呈现累库的走势。 3.【高栏港纸浆库存统计】截至2026年2月26日，中国纸浆高栏港库存6.2万吨，较上周上涨3.0万吨，环比上涨93 ...

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2026年3月1日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1.【常熟港纸浆库存统计】截至2026年2月26日，中国纸浆常熟港库存68.5万吨，较上周期增涨8.7万吨，环比增涨14.5%。本周常熟港库存呈现累库走势。 2.【青岛港纸浆库存统计】截至2026年2月26日，中国青岛港港内及港外仓库纸浆库存152.0万吨，较上周上涨8.2万吨，环比上涨5.7%。本周期青岛港库存周期内 呈现累库的走势。 3.【高栏港纸浆库存统计】截至2026年2月26日，中国纸浆高栏港库存6.2万吨，较上周上涨3.0万吨，环比上涨93.8%。本周期高栏港库存呈现累库的趋势。 4.【中国纸浆主流港口样本库存周数据统计】截至2026年2月26日，中国纸浆主流港口样本库存量：240.1万吨，较上期累库20.6万吨，环比上涨9.4%，春节后主 ...

Group 1 - The core viewpoint of the announcement is that the financial data for the year 2025 is preliminary and has not been audited by an external accounting firm, which may lead to discrepancies in the final report [2][7] - The company reported a total operating revenue of 39,184.22 million yuan for 2025, a decrease of 154.23 million yuan or 3.79% compared to the previous year [4] - Operating profit increased by 22.57 million yuan or 6.25% year-on-year, totaling 3,838.35 million yuan, while total profit rose by 25.09 million yuan or 7.01% to 3,832.85 million yuan [4] Group 2 - As of the end of the reporting period, the company's total assets amounted to 58,798.95 million yuan, an increase of 617.29 million yuan or 11.73% from the beginning of the period [5] - Total liabilities increased by 427.97 million yuan or 17.91%, reaching 28,178.74 million yuan, while the equity attributable to shareholders rose by 189.49 million yuan or 6.62% to 30,508.93 million yuan [5] - The asset-liability ratio at the end of the period was 47.92%, an increase of 2.51% from the beginning of the period [5]

证券之星消息，截至2026年2月27日收盘，山鹰国际(600567)报收于1.75元，上涨1.16%，换手率 2.51%，成交量158.36万手，成交额2.75亿元。 2月27日的资金流向数据方面，主力资金净流入2719.49万元，占总成交额9.9%，游资资金净流出 2062.81万元，占总成交额7.51%，散户资金净流出656.68万元，占总成交额2.39%。 近5日资金流向一览见下表： 该股主要指标及行业内排名如下： 山鹰国际2025年三季报显示，前三季度公司主营收入211.33亿元，同比下降2.17%；归母净利润-2.9亿 元，同比下降522.74%；扣非净利润-4.12亿元，同比上升6.32%；其中2025年第三季度，公司单季度主 营收入72.91亿元，同比下降0.77%；单季度归母净利润-3.31亿元，同比下降636.03%；单季度扣非净利 润-3.47亿元，同比下降4.37%；负债率67.69%，投资收益3795.2万元，财务费用6.24亿元，毛利率 7.91%。山鹰国际（600567）主营业务：箱板纸、瓦楞原纸、特种纸、纸板及纸制品包装的生产和销售 以及国内外回收纤维贸易业务。 该股最近90天内 ...

公司财务数据同比2024年增减变动幅度的主要原因为报告期内公司新上项目产能带动，相关产品产销量 增加，公司原料采购成本费用、管理成本控制较好等所致。 智通财经APP讯，太阳纸业(002078.SZ)披露2025年度业绩快报，公司实现营业总收入391.84亿元，同比 降低3.79%;归属于上市公司股东的净利润32.58亿元，同比增长5.05%;扣除非经常性损益后的归属于上市 公司股东的净利润32亿元，同比减少1.07%;基本每股收益1.1658元。 ...

Core Viewpoint - Sun Paper Industry (002078.SZ) reported a slight decrease in total revenue for 2025, while net profit showed a modest increase, indicating a mixed performance driven by new project capacity and effective cost management [1] Financial Performance - The company achieved total operating revenue of 39.184 billion yuan, a year-on-year decrease of 3.79% [1] - Net profit attributable to shareholders was 3.258 billion yuan, reflecting a year-on-year increase of 5.05% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.2 billion yuan, a year-on-year decrease of 1.07% [1] - Basic earnings per share stood at 1.1658 yuan [1] Factors Influencing Performance - The primary reasons for the changes in financial data compared to 2024 include increased production capacity from new projects, leading to higher product sales volumes [1] - Effective control over raw material procurement costs and management expenses contributed positively to the financial results [1]

格隆汇2月27日｜太阳纸业公告，2025年度营业总收入391.84亿元，同比降低3.79%。净利润32.58亿 元，同比增长5.05%。2025年度，公司生产经营总体情况较稳定，报告期内，公司营业总收入、营业利 润、利润总额、归属于上市公司股东的净利润、基本每股收益等指标的增减变动幅度均不超过30%。 ...

Core Viewpoint - The company reported a slight decrease in total operating revenue for 2025, while showing growth in operating profit, total profit, and net profit attributable to shareholders, indicating effective cost management and increased production capacity [1] Financial Performance - Total operating revenue for 2025 is 39.184 billion yuan, a year-on-year decrease of 3.79% [1] - Operating profit reached 3.838 billion yuan, reflecting a year-on-year increase of 6.25% [1] - Total profit amounted to 3.833 billion yuan, with a year-on-year growth of 7.01% [1] - Net profit attributable to shareholders was 3.258 billion yuan, showing a year-on-year increase of 5.05% [1] Operational Factors - The performance improvement is primarily driven by new project capacity, leading to increased product output and sales [1] - Effective control over raw material procurement and management costs contributed positively to the financial results [1] Balance Sheet Highlights - Total assets at the end of the reporting period were 58.799 billion yuan, an increase of 11.73% year-on-year [1] - The asset-liability ratio stood at 47.92%, which is an increase of 2.51% compared to the beginning of the period [1]

$$\mathbb{H}\quad{\overline{{\exists k}}}$$ | 第一部分 前言概要 2 | | | --- | --- | | 第二部分 基本面情况 3 | | | 一、纸浆期货与现货价格走势回顾 3 | | | 二、纸浆供应：进口高位、国产提升、库存上涨 5 | | | 三、纸浆需求：文化纸延续清淡，包装纸稳健支撑，生活用纸逐步复苏 | ...7 | | 四、文化纸行情回顾 8 | | | 五、文化纸供需宽松，库存持续高企，压制市场： | 10 | | 六、文化纸需求分析：进出口平稳，下游消费受假期扰动回落 | 11 | | 第三部分 后市展望及策略推荐 | 13 | | 一、纸浆基本面综合分析： | 13 | | 二、纸浆期货策略分析： | 13 | | 三、双胶纸基本面综合分析： | 13 | | 四、双胶纸策略分析： | 14 | | 免责声明 | 15 | 造纸板块 3 月月报 2026 年 2 月 27 日 造纸板块研发报告 成本支撑，节后补库，浆价边际改善 高成本 VS 高库存，双胶纸反弹乏力 第一部分 前言概要 【行情回顾】 2 月纸浆市场"成本支撑与高库存、弱需求 ...

Core Viewpoint - The announcement from Jiyou Co., Ltd. (603429.SH) reveals that the controlling shareholder, Xu Shanshui, has had part of his shares judicially frozen due to a dispute over share transfer payments, but the company's operations remain normal and unaffected by this event [1][3]. Group 1: Shareholder and Share Information - Xu Shanshui holds 215,305,300 shares, representing 41.0508% of the total share capital of the company [1]. - The shares that are judicially frozen amount to 114,743,120 shares, which is 53.2932% of his holdings and 21.8773% of the company's total share capital [1]. Group 2: Legal Dispute Background - The judicial freeze is related to a dispute involving share transfer payments between Shanghai Jiyou Guangyuan Industrial Co., Ltd. and Meiyi (Honghu) Agricultural Development Co., Ltd., as well as Meihua Real Estate Group Co., Ltd. [3]. - The total amount involved in the legal case is approximately 1.155 billion yuan [3]. Group 3: Company Performance and Forecast - Jiyou Co., Ltd. is expected to report a significant decline in revenue for 2025, projecting 170 million yuan, down from 458 million yuan in the previous year [4]. - The company anticipates a net loss of approximately 19 million yuan for 2025, an improvement from the net loss of 72.458 million yuan in 2024 [4]. - The non-recurring net profit is expected to turn negative, projecting a loss of about 24.5 million yuan [4].