纸浆早报 研究中心能化团队 2025/10/10 SP主力合约收盘价： 4804.00 | 日期 | 2025/10/09 | 2025/09/30 | 2025/09/29 | 2025/09/26 | 2025/09/25 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 4804.00 | 4834.00 | 4878.00 | 5016.00 | 5060.00 | | 折美元价 | 592.24 | 592.24 | 597.56 | 613.50 | 619.75 | | 距上一日涨跌 | -0.62060% | -0.90201% | -2.75120% | -0.86957% | 0.31721% | | 山东银星基差 | 731 | 731 | 687 | 594 | 550 | | 江浙沪银星基差 | 756 | 726 | 682 | 609 | 565 | 以13%增值税计算 | 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 | | --- | --- | --- | --- | --- | ...

Core Viewpoint - Jingxing Paper (002067.SZ) has conducted a share buyback, acquiring a total of 1,293,300 shares, which represents 0.0910% of the company's total share capital, at prices ranging from 3.47 to 3.60 CNY per share, totaling 4,574,147.00 CNY excluding transaction fees [1] Summary by Sections - **Share Buyback Details** - The company has repurchased 1,293,300 shares through centralized bidding [1] - The highest transaction price was 3.60 CNY per share, while the lowest was 3.47 CNY per share [1] - The total amount spent on the buyback was 4,574,147.00 CNY, excluding transaction fees [1] - **Funding and Compliance** - The funds for the buyback were sourced from the company's own capital [1] - The buyback price did not exceed the upper limit of 4.00 CNY per share as outlined in the buyback plan [1] - The buyback complies with relevant laws and regulations and aligns with the company's established buyback plan [1]

Core Viewpoint - The company, Shanying International (600567.SH), has repurchased a total of 145 million shares, representing 2.65% of its total share capital as of June 30, 2025, with a total expenditure of 282 million yuan excluding transaction fees [1] Summary by Categories Share Repurchase - The company has conducted a share repurchase through centralized bidding, acquiring 145 million shares [1] - The highest price paid for the repurchased shares was 1.99 yuan per share, while the lowest price was 1.87 yuan per share [1] - The total amount spent on the repurchase was 282 million yuan [1]

Market Overview - The paper sector increased by 0.57% on October 9, with Huawang Technology leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Notable gainers in the paper sector included: - Huawang Technology (605377) with a closing price of 9.27, up 5.10% on a trading volume of 185,500 shares and a turnover of 171 million yuan [1] - Zhishi Paper Industry (002067) also rose by 5.10% to close at 6.60, with a trading volume of 3,189,300 shares and a turnover of 2.038 billion yuan [1] - Minfeng Special Paper (600235) increased by 2.43% to 7.18, with a trading volume of 121,500 shares and a turnover of 154 million yuan [1] Capital Flow - The paper sector experienced a net outflow of 53.43 million yuan from institutional investors, while retail investors saw a net inflow of 13.59 million yuan [2] - The overall capital flow indicated that speculative funds had a net inflow of 39.83 million yuan [2] Individual Stock Capital Flow - Sun Paper (002078) had a net inflow of 21.21 million yuan from institutional investors, but a net outflow of 15.61 million yuan from speculative funds [3] - Minfeng Special Paper (600235) saw a net inflow of 8.43 million yuan from institutional investors, while retail investors had a net outflow of 10.85 million yuan [3] - Huawang Technology (605377) recorded a net inflow of 7.98 million yuan from institutional investors, with a net outflow of 12.57 million yuan from speculative funds [3]

Core Viewpoint - Hengda New Materials (301469.SZ) announced a share buyback program, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Summary by Categories Share Buyback Details - The company repurchased 200,000 shares, representing 0.2235% of its total share capital [1] - The highest purchase price was 29.04 CNY per share, while the lowest was 26.35 CNY per share [1] - The total amount spent on the buyback was 5,485,998.00 CNY, excluding transaction fees [1]

Core Viewpoint - The article highlights the increasing scrutiny and regulatory measures by Chinese authorities regarding the import of recycled paper pulp, particularly in light of past incidents where solid waste was misclassified as recycled pulp [3][5][6]. Regulatory Developments - The General Administration of Customs (GAC) is organizing a meeting to discuss the import of recycled paper pulp, involving industry representatives and experts to address safety and regulatory concerns [4][5]. - The GAC has reiterated its stance against the import of foreign solid waste, emphasizing a complete ban on such practices since January 1, 2021 [6][8]. Industry Challenges - There have been multiple cases of solid waste being imported under the guise of recycled paper pulp, with significant quantities being rejected and returned by customs [5][6]. - The article discusses the risks associated with the dry grinding method of producing recycled paper pulp, which bypasses essential purification processes, leading to contamination with harmful substances [8][10]. Expert Opinions - Experts from various institutions have raised concerns about the quality and safety of dry ground recycled paper pulp, noting that it often contains pollutants such as plastics, heavy metals, and microorganisms that pose health risks [8][10]. - There is a strong call within the industry for stricter standards and regulations to ensure the safety and quality of imported recycled paper pulp, with suggestions for mandatory indicators and enhanced testing protocols [10][11].

Core Viewpoint - The Chinese customs authority has clearly stated a ban on the import of foreign waste, particularly focusing on the regulation of recycled paper pulp imports, following heightened attention from industry stakeholders and media reports [1] Group 1: Regulatory Actions - The General Administration of Customs and the China Paper Association are working to improve relevant standards and strengthen customs supervision regarding recycled paper pulp [1] - A working seminar on imported recycled paper pulp will be held, involving representatives from various paper companies, industry associations, and experts [1] Group 2: Industry Concerns - The seminar will address the current situation of recycled paper pulp imports by Chinese paper companies, production processes (dry and wet pulping), and their respective proportions [2] - Discussions will include the risks associated with radioactive materials, heavy metals, hazardous waste, and public health safety related to imported recycled paper pulp [2] - Stakeholders will provide opinions and suggestions on ensuring the safety and stability of the recycled paper pulp supply chain, revising relevant standards, and enhancing regulatory measures [2]

Core Viewpoint - The recent reports on "recycled pulp" have garnered significant attention from authorities, leading to the Customs General Administration and the China Paper Association to enhance standards and strengthen customs supervision [1][5]. Group 1: Regulatory Actions - The Customs General Administration is organizing a seminar to discuss the importation of recycled pulp, involving industry representatives and experts [1][2]. - The seminar will focus on the current situation of recycled pulp imports, production processes, and associated risks, including contamination and public health concerns [2][9]. - Since 2021, there have been multiple cases of solid waste being imported under the guise of recycled pulp, with significant quantities being returned [4][5]. Group 2: Industry Practices - Some paper companies have been circumventing regulations by importing shredded waste paper as recycled pulp, undermining the effectiveness of the waste ban [5][7]. - The dry grinding process used for producing recycled pulp skips essential purification steps, leading to potential contamination with harmful substances [7][8]. Group 3: Expert Recommendations - Experts are advocating for stricter standards in the revised "Recycled Pulp" regulations, including mandatory indicators for fiber quality and contamination detection [9]. - There is a strong call within the industry to enhance the standards for imported dry-processed recycled pulp to eliminate substandard products [8][9].

1. Report Industry Investment Ratings - Iron ore: Oscillation [2] - Coking coal and coke: Oscillation [2] - Rolled steel and rebar: Oscillation [2] - Glass: Oscillation [2] - Soda ash: Oscillation [2] - Shanghai - Shenzhen 300 Index Futures/Options: Oscillation [4] - Shanghai 50 Index Futures/Options: Oscillation [4] - CSI 500 Index Futures/Options: Rebound [4] - CSI 1000 Index Futures/Options: Rebound [4] - 2 - year Treasury bonds: Oscillation [4] - 5 - year Treasury bonds: Oscillation [4] - 10 - year Treasury bonds: Rebound [4] - Gold: Strong - biased oscillation [4] - Silver: Strong - biased oscillation [4] - Logs: Range oscillation [6] - Pulp: Consolidation [6] - Offset paper: Oscillation [6] - Soybean oil: Wide - range oscillation [6] - Palm oil: Wide - range oscillation [6] - Rapeseed oil: Wide - range oscillation [6] - Bean meal: Oscillation with a downward bias [6] - Rapeseed meal: Oscillation with a downward bias [6] - Soybean No.2: Oscillation with a downward bias [7] - Live pigs: Oscillation with a slightly upward bias [7] - Rubber: Oscillation [9] - PX: Wait - and - see [9] - PTA: Oscillation [9] - MEG: Wait - and - see [9] - PR: Wait - and - see [9] - PF: Wait - and - see [9] 2. Core Views of the Report - The trading logic of iron ore has increased uncertainty, with short - term support under supply - side interference. The follow - up focus is on the actual impact on the supply side and October steel demand [2]. - In October, the supply of coking coal in China is expected to run stably, with limited increase. Coke supply - demand contradiction is not significant, and its trend follows coking coal. Attention should be paid to the implementation of the "anti - involution" policy [2]. - For rebar, the futures price has a low static valuation. The supply side may shrink, and the focus is on the demand recovery in October. The price needs to see rapid post - festival inventory reduction to stabilize [2]. - The glass market has short - term support from the replenishment market, but the demand is difficult to improve fundamentally. The supply - demand is basically balanced, and the follow - up should pay attention to production and policy changes [2]. - The stock index market is volatile, with an optimistic upward outlook. Stock index long positions should maintain the current position, while Treasury bond long positions should be held lightly [4]. - The logic for the rise in gold prices has not completely reversed. It is expected to show strong - biased oscillation, affected by the Fed's interest - rate policy and geopolitical risks [4][6]. - Logs are expected to oscillate in a range, with supply - side pressure not significant and an increase in daily outbound volume [6]. - Pulp prices are expected to consolidate at the bottom, affected by cost support and demand factors [6]. - The oil and fat market continues the range - oscillation pattern, with significant differentiation among varieties. Attention should be paid to Brazilian soybean sowing and Malaysian palm oil production and sales [6]. - Bean meal prices are expected to move downward in the short term, affected by supply and demand factors such as new soybean listings and changes in Chinese demand [6][7]. - Live pig prices are expected to oscillate slightly downward in the short term, with sufficient supply and weak downstream demand [7]. - Natural rubber prices may show wide - range oscillation, affected by supply, demand, and inventory factors [9]. - The prices of PX, PTA, MEG, PR, and PF are mainly affected by cost, supply, and demand factors, with different trends [9]. 3. Summaries According to Relevant Catalogs Black Industry - **Iron ore**: During the long holiday, the Singapore Exchange iron ore swaps rose slightly. There are new concerns about supply, and the short - term supply - side interference provides support. The follow - up core is steel demand in October [2]. - **Coking coal and coke**: In October, domestic coking coal supply is expected to be stable, with production lower than last year. Coke's first - round price increase was implemented, and the second - round basically failed. Coke supply - demand contradiction is not large, and it follows coking coal [2]. - **Rolled steel and rebar**: During the long holiday, Tangshan billet prices were stable. Rebar futures have a low valuation, and the supply side may shrink. The focus is on demand recovery in October, and the price needs rapid post - festival de - stocking [2]. - **Glass**: Market sentiment was boosted by news, and prices rose. Supply was stable last week, and there was short - term support from replenishment. However, long - term demand is suppressed by the real estate adjustment [2]. - **Soda ash**: Although the report mentions it in the context, there is no specific in - depth analysis other than the overall "oscillation" rating [2]. Financial and Precious Metals - **Stock Index Futures/Options**: The market is volatile. The overall upward outlook is optimistic, and stock index long positions should maintain the current position [4]. - **Treasury bonds**: Market interest rates are volatile, and Treasury bond trends are weak. Treasury bond long positions should be held lightly [4]. - **Gold and Silver**: Gold's pricing mechanism is changing. The logic for the rise has not reversed, and it is expected to show strong - biased oscillation, affected by the Fed's policy and geopolitical risks [4][6]. Light Industry - **Logs**: Port daily shipment volume increased, and supply is expected to be tight. The cost support is enhanced, and it is expected to oscillate in a range [6]. - **Pulp**: Spot prices fluctuated. Cost support is enhanced, but demand improvement is uncertain. It is expected to consolidate at the bottom [6]. - **Double - offset paper**: The spot price is stable. Production is relatively stable, and demand is expected to improve, but prices are expected to oscillate [6]. Oil and Fats - **Soybean oil, Palm oil, Rapeseed oil**: The oil and fat market shows a wide - range oscillation pattern. There are differences among varieties, affected by factors such as Argentine exports, biodiesel, and seasonal production [6]. - **Bean meal, Rapeseed meal**: Although there is some support from US domestic demand, new soybean listings and Brazilian production potential bring supply pressure. Prices are expected to move downward [6][7]. Agricultural Products - **Live pigs**: The average trading weight is declining, and supply is sufficient. Downstream demand is weak, and prices are expected to oscillate slightly downward [7]. Soft Commodities and Polyester - **Rubber**: Supply - side pressure in Yunnan has decreased, while Hainan's output is lower than expected. Demand has improved slightly, and inventory is decreasing. Prices may show wide - range oscillation [9]. - **PX, PTA, MEG, PR, PF**: These products are mainly affected by cost, supply, and demand factors. Their prices show different trends such as oscillation, wait - and - see, etc. [9]

Group 1 - The core viewpoint of the news is that Jingxing Paper has shown significant stock performance, with a year-to-date increase of 61.87% and a recent trading volume indicating strong investor interest [1][2] - As of October 9, the stock price reached 6.41 CNY per share, with a market capitalization of 8.836 billion CNY and a trading volume of 425 million CNY [1] - The company has experienced substantial net inflows of capital, with a net inflow of 27.42 million CNY from main funds and significant buying activity from large orders [1] Group 2 - Jingxing Paper's main business includes the production and sale of industrial packaging paper, cardboard, and various types of household paper, with revenue composition being 70.02% from raw paper, 14.39% from household paper, 6.72% from cardboard, and 2.93% from recycled pulp board [1][2] - As of June 30, the number of shareholders decreased by 3.95% to 93,700, while the average circulating shares per person increased by 4.11% to 11,948 shares [2] - For the first half of 2025, Jingxing Paper reported a revenue of 2.629 billion CNY, a year-on-year decrease of 1.69%, while the net profit attributable to shareholders increased by 15.37% to 55.0338 million CNY [2] Group 3 - Since its A-share listing, Jingxing Paper has distributed a total of 286 million CNY in dividends, with 29.6064 million CNY distributed in the last three years [3]