Core Viewpoint - The revision of the national standard for recycled pulp is aimed at regulating the import of recycled pulp and preventing environmental risks, with a focus on ensuring ecological safety and public health [1][2]. Group 1: Regulatory Developments - The National Market Supervision Administration has initiated a public consultation for the national standard project on recycled pulp, emphasizing the need for strict regulation of imported recycled pulp [1]. - A joint announcement by six government departments outlines that imported recycled pulp must be made from classified recycled paper and must meet the GB/T43393 national standard [1][2]. - The GB/T43393-2023 standard is set to be implemented on November 27, 2023, in response to the solid waste import ban that took effect on January 1, 2021 [1][2]. Group 2: Industry Concerns - Since the implementation of the waste paper import ban, there have been multiple cases of solid waste being imported under the guise of recycled pulp, leading to re-exportation [2]. - Experts have raised concerns about the "dry method" of producing recycled pulp, which fails to adequately remove harmful substances, leading to potential contamination [2]. - The current national standard lacks mandatory constraints and does not specify limits for biological safety and bacterial content in imported products [3]. Group 3: Recommendations and Future Outlook - Experts suggest that the revised national standard should clearly differentiate between "dry" and "wet" production methods and impose stricter quality requirements for inferior pulp imports [3]. - The industry is encouraged to support the import of compliant pulp and expand domestic pulping capacity to alleviate the current raw material shortages [3]. - Establishing a compliant and efficient import supply chain is essential for enhancing the competitiveness of the paper industry in terms of sustainability and hygiene [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：600356 股票简称：恒丰纸业 编号：2025-050 牡丹江恒丰纸业股份有限公司 关于收到上海证券交易所恢复审核公司发行股份购买资产暨关联交易通知的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 公司于2025年9月30日收到上交所中止审核通知，公司本次交易申请文件中相关审计报告财务数据基准 日为2024年12月31日，为保持审核期间财务数据有效性，公司将对相关财务数据进行加期审计并对相应 数据进行更新，相关更新工作尚在准备过程中，公司决定向上交所申请中止审核本次交易事项。具体内 容详见公司于2025年10月1日披露的《关于发行股份购买资产暨关联交易申报文件财务数据更新中止审 核的公告》（公告编号：2025-045）。 2025年11月28日，公司完成对本次交易申请文件中记载的财务资料及评估资料的更新及对相关问题的补 充回复工作，并向上交所提交恢复审核申请。2025年11月28日，上交所同意恢复审核本次发行股份购买 资产重组事项。 公司本次交易事项尚需 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report presents data on pulp prices, including SP main - contract closing prices, import prices, and prices of different types of pulp and paper products, showing that prices have remained stable recently [1][2] Group 3: Summary by Relevant Catalogs Pulp Futures Data - On November 27, 2025, the SP main - contract closing price was 5184.00, with a decline compared to previous days. The decline rate on November 27 was - 0.46083% [1] - The discount to US dollar price on November 27 was 642.20, and the basis of Shandong Yinxing and Jiangsu - Zhejiang - Shanghai Yinxing were 241 and 251 respectively [1] Pulp Import Data - With a 13% VAT calculation, the import of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star pulp all showed losses. The import profits were - 110.31, - 555.29, and - 85.27 respectively [2] Pulp and Paper Product Price Data - From November 21 to November 27, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, and the average prices in Shandong area also remained unchanged [2] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and tissue paper (tissue index) remained unchanged from November 24 to November 27, 2025 [2] Pulp and Paper Product Profit Margin Data - From November 24 to November 27, 2025, the estimated profit margins of double - offset paper, double - copper paper, white - card paper, and tissue paper changed. The changes were 0.6808, 0.1304, 0.0934, and 0.1146 respectively [2] Pulp Price Difference Data - From November 21 to November 27, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper all showed certain changes [2]

Group 1 - The core viewpoint of the articles revolves around the ongoing revision of the national standard for recycled pulp, with multiple stakeholders providing constructive feedback to improve the regulation and quality control of imported recycled pulp [1][11][12] - On October 9, the General Administration of Customs issued a notice regarding the declaration requirements for imported recycled pulp, followed by a joint announcement from six departments on October 17 to standardize the supervision and regulation of imported recycled pulp [1][11] - The national standard revision plan for recycled pulp was approved on October 31, with the Paper Industry Standardization Technical Committee responsible for organizing the revision [1][11] Group 2 - The production process of wet recycled pulp involves several stages, including the use of hydraulic pulping machines to separate non-fiber impurities, achieving a total impurity removal rate of approximately 2.5% to 5.0% [2][5] - The wet process ensures that the pulp is sterilized and meets hygiene standards, with the final product being packaged and stacked after drying [3][5] - The key indicators for recycled pulp, as outlined in the new regulations, include strict limits on the presence of rotten pulp, foreign odors, and contaminants, with specific thresholds for heavy metals and mechanical strength [5][11] Group 3 - The dry pulping process has raised significant controversy, with experts highlighting its immaturity and potential environmental risks, as it relies heavily on manual labor and lacks effective impurity removal methods [6][8][10] - Concerns have been raised regarding the high energy consumption and safety hazards associated with the dry pulping process, as well as the inability to ensure product quality due to insufficient impurity separation [8][10] - The current national standards for recycled pulp are considered inadequate, with calls for stricter regulations to ensure quality and safety in the industry [12][14] Group 4 - Following the introduction of new regulations, several paper companies have implemented internal quality control measures for imported recycled pulp, including strict initial inspections of raw materials [11][12] - The existing national standards for recycled pulp are criticized for having low thresholds for quality indicators, which could lead to the importation of substandard materials [12][14] - Industry experts advocate for a transition towards more environmentally friendly wet processes and the establishment of a robust supply chain for compliant raw materials to enhance competitiveness in the market [13][14]

Core Viewpoint - The project "Key Technology Research for the Enhancement of Traditional Chinese Calligraphy and Painting Paper" aims to address the challenges faced by traditional paper-making techniques, including raw material scarcity and complex craftsmanship, by integrating modern technology into the ancient art of paper-making [2][3]. Group 1: Project Background and Objectives - The project was initiated to solve the urgent need for paper in cultural relic restoration, as traditional ancient papers are now considered cultural relics themselves and cannot be used [3]. - The project seeks to develop new types of paper that can replace or even surpass ancient paper, catering to the needs of contemporary artists and promoting the development of the domestic paper industry [3][9]. Group 2: Technological Innovations - The project team utilized advanced technologies such as hyperspectral imaging and infrared electron microscopy to analyze ancient paper materials, leading to the discovery that the raw material for the renowned "Chengxintang Paper" is not the traditionally believed Qingtan bark, but rather the bark of the one-year-old mulberry tree [4][5]. - The team developed a chlorine-free bleaching technology and employed physical methods for pulping to enhance the environmental sustainability of the paper-making process [6][7]. Group 3: Production Process Transformation - The introduction of automated paper-making equipment has significantly improved production efficiency and ensured the uniformity and stability of the paper products, moving away from traditional manual methods [7]. - The project team has also enhanced the durability of the paper by incorporating chemical agents to prevent mold and insects, thereby extending the lifespan of the paper [7][10]. Group 4: Collaboration and Feedback - The project fosters collaboration between scientists and artists, allowing for the translation of artistic needs into specific technical parameters and solutions [9][10]. - New types of paper, including the restored Chengxintang paper, have been sent to institutions like the Palace Museum for trial use, with feedback being used for continuous improvement [9][10]. Group 5: Cultural Heritage and Future Prospects - The project represents a significant step towards the sustainable development and modernization of traditional paper-making techniques, integrating various fields such as technology, engineering, cultural heritage protection, and artistic creation [10]. - The initiative aims to break down barriers between disciplines and encourage more scientists to contribute to the revitalization of traditional culture through technological innovation [10].

Core Viewpoint - Minfeng Special Paper's assets are being auctioned off due to operational shifts, with two rounds of auctions resulting in no buyers, prompting a price reduction for the second attempt [1][2]. Group 1: Auction Details - The company announced a second auction for unused assets from the Nanhu plant, which has been fully shut down since June 2023, with the initial auction price set at 169,968,254.00 yuan, later reduced by 10% to 152,971,428.60 yuan after the first auction failed [1][2]. - The assets for sale include multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit attributable to shareholders of 18.64 million yuan, down 69.43% compared to the previous year [2]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3].

Market Overview - The U.S. stock market showed a significant upward trend, with major indices rising for the fourth consecutive trading day, indicating a recovery in market sentiment[9] - The CBOE Volatility Index (VIX) dropped approximately 35% over four days, marking its largest decline since mid-April[9] - The Hang Seng Index closed at 25,928, up 0.13% for the day and 29.25% year-to-date[3] Sector Performance - Large tech stocks exhibited mixed results, with Meituan surging 5.65% while Kuaishou fell nearly 3%[9] - Paper stocks led gains, with Nine Dragons Paper up 5% and Lee & Man Paper up 4.88%, driven by price hikes in packaging and cultural paper products[9] - Airline stocks performed strongly, with China Eastern Airlines rising nearly 7%[9] Economic Indicators - The Federal Reserve's Beige Book indicated a further decline in U.S. consumer spending, reflecting a stagnant economic activity[13] - Initial jobless claims in the U.S. fell to 216,000, the lowest level since mid-April, suggesting a tightening labor market[13] - Morgan Stanley economists adjusted their rate predictions, now expecting a rate cut from the Fed in December rather than January[13] International Markets - The Nikkei 225 index in Japan rose by 1.9%, driven by strong tech sector performance and expectations of a potential rate hike by the Bank of Japan[13] - The Singapore Straits Times Index showed a year-to-date performance of 0.00%, indicating a stagnant market[3]

Core Viewpoint - The paper industry stocks are experiencing an upward trend, with major companies announcing price increases for their products in late November to early December, indicating a potential recovery in the sector [1] Group 1: Company Performance - Nine Dragons Paper (02689) saw a stock increase of 5.25%, reaching HKD 6.41, while Lee & Man Paper (02314) rose by 4.65% to HKD 3.15 [1] - Major companies such as Shanying, Nine Dragons, APP, and Asia Pulp & Paper have issued price adjustment notices for their products [1] Group 2: Price Adjustments - The upcoming price increases will affect both packaging paper and corrugated paper, with packaging paper experiencing a moderate increase of around CNY 50 per ton [1] - Cultural paper types, such as copy paper and double offset paper, will see a more significant price increase of CNY 200 per ton [1] Group 3: Industry Outlook - According to a report from Industrial Securities, the paper industry faced pressure on revenue and profits in Q3, but Q4 is expected to be a traditional demand peak season [1] - The anticipated price increases are expected to be partially or fully realized, alongside rising costs for waste paper and pulp, suggesting an upward trend in industry sentiment [1] - Industry leaders such as Sun Paper (002078) and Nine Dragons Paper are recommended for attention due to these developments [1]

Core Viewpoint - The recent appreciation of the Renminbi (RMB) has been significant, with both onshore and offshore rates surpassing the 7.08 mark, marking a year-high and reflecting a positive sentiment in the asset market [1][3]. Group 1: Factors Contributing to RMB Appreciation - The appreciation is supported by external factors, particularly the Federal Reserve's interest rate cuts, which have led to a 50 basis point reduction this year and a more than 10% decline in the US dollar index, the largest drop for the first half of the year since 1973 [3][4]. - Domestic economic fundamentals are also strong, with resilient exports and a recovering A-share market. The securities transaction stamp duty has increased by 88.1% year-on-year in the first ten months, indicating enhanced market vitality [4]. Group 2: Investment Strategies for Long-term Investors - Investors should focus on the revaluation opportunities of RMB assets, as the stable exchange rate enhances the attractiveness of these assets, potentially leading to continued foreign capital inflow and A-share value revaluation [5]. - Sectors benefiting from exchange rate fluctuations, such as airlines and paper manufacturing, which have significant dollar liabilities, may experience alleviated cost pressures [5]. - It is advisable for enterprises and individuals with USD needs to strategically arrange their funds during this relatively stable exchange rate period [5].

Core Viewpoint - The paper price increase has prompted various sectors of the industry chain to raise product prices and actively seek long-term supply-demand balance solutions to cope with rising raw material costs [1] Group 1: Industry Response to Price Increases - A packaging paper company in Langfang, Hebei, has two newly launched production lines operating at full capacity, which have improved efficiency and helped mitigate some cost pressures from last year’s equipment upgrades [3] - Packaging paper manufacturers are reducing costs through efficiency improvements, while upstream paper companies are expanding raw material sourcing channels to stabilize the supply and prices of waste paper [5] Group 2: Supply Chain Dynamics - Currently, imported pulp constitutes a low proportion of production materials in China, leading to tight domestic waste paper supply, which is expected to persist for some time [7] - Analysts indicate that paper manufacturers are maintaining low raw material inventories, which supports strong demand for waste paper [9] Group 3: Future Market Trends - Although paper prices are expected to continue rising in the short term, the domestic corrugated box and paperboard industry is entering a concentrated period of new capacity investment, which may lead to a future decline in paper prices as supply-demand relationships adjust [11] - According to statistics, from January to September this year, over 3.5 million tons of new capacity for corrugated box and paperboard have been added, and increased operating rates among small and medium-sized paper lines are likely to further boost overall market supply, potentially stabilizing paper prices [13]