Core Viewpoint - The packaging paper industry is experiencing a rise in raw paper prices since the third quarter of this year, with several paper companies initiating a new round of price increases in the fourth quarter. The underlying reasons for the increase in raw paper prices are being investigated. Group 1: Price Increases - The packaging paper industry has seen multiple price adjustments for product ex-factory prices due to rising raw paper costs [4] - Several paper companies have started a new round of price increases in the fourth quarter [1] Group 2: Raw Material Costs - The production line with an annual capacity of 400,000 tons primarily uses recycled paper pulp, and the recent increase in waste paper prices has raised the production costs of raw paper [3] - The current inventory levels of raw materials are relatively low, with about one-third of the storage space for waste paper being unutilized due to lower waste paper collection volumes in the second half of the year [6] - A paper company consumes nearly 1,000 tons of waste paper daily for production, and the supply shortage in the second half of the year has significantly impacted prices [8]

Industry Overview - Major companies such as Shanying, Jiu Long, APP, and Asia Pacific Forest have announced price increases for their products, effective from late November to early December. The price increase for packaging paper is moderate, around 50 yuan/ton, while cultural paper sees a significant rise of 200 yuan/ton [1] - The concentration trend in the paper industry is clear, with several large paper companies, including Shanying and Jiu Long, announcing maintenance plans that will temporarily reduce supply and accelerate the elimination of inefficient capacity. Leading companies are gaining dominance in the price increase wave due to their full industry chain layout and channel control [1] Market Dynamics - The market anticipates continued appreciation of the RMB over the next two months, which benefits the paper sector. The fundamental improvement signals are clear, highlighting the sector's allocation value. The current logic for profit recovery in the paper industry is evident, with price increases in packaging paper resonating with the reduction of pulp inventory. On the demand side, restocking demand continues; on the supply side, paper companies' maintenance and changes in import policies are constraining supply; on the cost side, stable to rising pulp prices support product pricing. The sector's valuation is at historical lows, further emphasizing allocation value due to structural optimization in the industry [2] Company Insights - Xianhe Co., Ltd. is a leading player in specialty paper, strategically positioned in the consumer sector and successfully advancing towards pulp-paper integration. The company has production bases and joint ventures in various regions, with an annual production capacity exceeding 2 million tons across over 60 varieties in six major series [3] - Sun Paper Industry is expected to release profit increments in the fourth quarter as new production capacity comes online [4]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Group 1: Stock Performance - Nine Dragons Paper (02689) increased by 5.34%, reaching HKD 6.11 [1] - Lee & Man Paper (02314) rose by 4.18%, reaching HKD 2.99 [1] Group 2: Price Adjustments - Several major domestic pulp and paper companies have announced price increases for products such as white card paper, copper plate card, food card, recycled kraft paper, and high-strength corrugated paper [1] - The price adjustment range is between 50 CNY/ton to 200 CNY/ton, with implementation scheduled mainly from late November to December 1, 2025 [1] Group 3: Market Trends - After five years of stagnation, the white card paper industry is beginning to rebound [1] - Driven by e-commerce stocking demands, paper companies are maintaining high operating rates, supported by high costs and low inventory levels [1] - White card paper prices have been consistently rising since November, with a strong determination from companies to increase prices due to significant pressure on industry profitability and confirmed replenishment intentions from downstream packaging paper manufacturers [1] - It is expected that paper manufacturers will aim to improve profitability, leading to a continued steady increase in white card paper prices [1]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Group 1: Price Adjustments - Several major domestic pulp and paper companies have announced price increases for products including white cardboard, coated paper, food-grade cardboard, recycled kraft paper, and high-strength corrugated paper, with adjustments ranging from 50 to 200 yuan per ton [1] - The implementation of these price changes is primarily scheduled between late November and early December 2025 [1] Group 2: Market Conditions - After five years of stagnation, the white cardboard industry is showing signs of recovery [1] - Driven by e-commerce stocking demands, paper companies are maintaining high operating rates, supported by high costs and low inventory levels, which have contributed to the continued price increase of corrugated and boxboard paper [1] Group 3: Future Outlook - White cardboard prices have been consistently rising since November, with a strong determination from companies to increase prices due to significant pressure on industry profitability and a clear willingness from downstream packaging paper manufacturers to replenish stocks [1] - It is anticipated that paper manufacturers will aim to improve profitability, leading to a steady upward trend in white cardboard prices [1]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Industry Summary - Several well-known domestic pulp and paper companies have announced price increases for products including white cardboard, coated paper, food-grade cardboard, recycled kraft paper, and high-strength corrugated paper, with price hikes ranging from 50 to 200 yuan per ton, effective from late November to December 1, 2025 [1] - After five years of stagnation, the white cardboard industry is beginning to rebound, indicating a potential recovery in the sector [1] - Driven by e-commerce stocking demands, the operating rates of paper companies remain high, supported by high costs and low inventory, leading to continued price increases for corrugated and boxboard paper [1] - Since November, the price of white cardboard has been on the rise, with a strong determination from companies to increase prices due to significant pressure on industry profitability and confirmed replenishment intentions from downstream packaging paper manufacturers [1] - It is anticipated that paper manufacturers will aim to improve profitability, suggesting that the price of white cardboard may continue to rise steadily in the future [1]

Core Viewpoint - The paper industry stocks in Hong Kong and A-shares have experienced significant price increases, driven by major companies announcing price hikes for their products in late November to early December [1] Group 1: Stock Performance - Hong Kong paper stocks saw notable gains, with Lee & Man Paper rising nearly 4%, Nine Dragons Paper increasing over 2%, and Chenming Paper up over 1% [1] - In the A-share market, Qingshan Paper reached its daily limit, while Jingxing Paper rose over 3% and Shanying International increased over 1% [1] Group 2: Price Increase Announcements - Major companies such as Shanying, Nine Dragons, APP, and Asia Pulp & Paper have issued price adjustment notices, planning to raise prices for their products [1] - The price hikes will affect both packaging paper and corrugated paper, with packaging paper experiencing a moderate increase of around 50 yuan per ton [1] - Cultural paper, including copy paper and double offset paper, will see a more substantial price increase of up to 200 yuan per ton [1]

Report Overview - Report Name: Jinxin Futures Paper Industry Daily - Date: November 24, 2025 - Author: Jinxin Futures Research Institute Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Pulp futures are expected to continue their weak performance due to factors such as price decline, inventory accumulation, increased imports, and cautious downstream procurement [4]. - Double - offset paper futures are likely to fluctuate in a low - level range in the short term, and the spot price is unlikely to rise substantially, maintaining a "stable price and weak volume" stalemate due to cost, supply, and demand factors [12]. - Both pulp and double - offset paper are negatively affected by the increase in short - selling positions of major players [18]. Summary by Directory Pulp Futures Fundamental Analysis Basic Situation - In Shandong, the price of softwood pulp decreased by 50 yuan. On Thursday, port inventory increased by 102,000 tons, a 5.1% month - on - month increase. In October, softwood pulp imports continued to rise, with a cumulative annual import of 7.122 million tons, a 2.7% year - on - year increase. The supply - demand fundamentals have not changed significantly, port de - stocking is lower than expected, and downstream procurement is cautious [4]. Double - offset Paper Futures Fundamental Analysis Basic Situation - In Shandong, the price of double - offset paper remained stable, and the spot market price was temporarily stable with little fluctuation in the quotes of leading paper enterprises. The sharp decline in the upstream pulp futures price has invalidated cost support, and negative sentiment has continued to spread. In Guangdong, some spot prices have weakened, and local publishing tender prices are low, increasing market wait - and - see sentiment. The supply side has an over - capacity situation, with new capacity to be added, while the operating rate has been hovering at a low level and inventory digestion is difficult. On the demand side, although publishing tenders support rigid demand, non - rigid demand orders have shown little improvement, and long - term factors such as digitization and birth rate are dragging down demand growth [12]. Main Force Trends - For pulp, short - selling major players have increased their positions, which is bearish [18]. - For double - offset paper, short - selling major players have increased their positions, which is bearish [18].

Core Viewpoint - The domestic white cardboard market is experiencing a price increase after a prolonged period of low prices, with major companies announcing a price hike of 200 yuan/ton effective November 1, 2025, indicating a recovery in the industry after five years of decline [1][2]. Supply and Demand - Both supply and demand for white cardboard in China have shown a rising trend, with monthly production increasing from 689.4 thousand tons in January 2023 to 1,076.2 thousand tons in October 2025, and monthly consumption rising from 540.37 thousand tons in January 2023 to 809.42 thousand tons in September 2025 [2]. - The supply-demand gap has narrowed from 308.97 thousand tons in January 2025 to 255.68 thousand tons in September 2025, contributing to price recovery [2]. Production and Inventory - The operating rate in the white cardboard industry has slightly increased, reaching 62.65% in October 2025, up by 3.16 percentage points year-on-year, indicating improved production enthusiasm among manufacturers [3]. - Inventory levels have decreased, with the monthly production inventory days dropping to 13.72 days in October 2025, down by 6 days year-on-year, suggesting effective destocking [3]. Profitability - The price of white cardboard has been on an upward trend since September 2025, while the cost of raw materials, particularly wood pulp, has decreased, leading to a recovery in profit margins [4]. - In October, the price of white cardboard increased by 2.44%, while production costs fell by 0.24%, resulting in a 2.91 percentage point increase in profit margins [4]. Market Concentration - The white cardboard industry has a high concentration level, with the top four companies (CR4) holding a market share of 77.33% in 2024, which provides them with significant pricing power [5]. - Major players like Jin Guang Paper, Bo Hui Paper, and Jiu Long Paper are expected to improve their profitability through economies of scale and operational efficiency as the market recovers [5].

Group 1 - The core point of the article is that Meili Cloud (SZ 000815) held its 31st meeting of the 9th board of directors on November 21, 2025, where it discussed the establishment of a forestry management center [1] - For the first half of 2025, Meili Cloud's revenue composition was as follows: Internet Data Center (IDC) business accounted for 92.68%, photovoltaic power generation 5.92%, paper industry 1.23%, and other businesses 0.17% [1] - As of the time of reporting, Meili Cloud's market capitalization was 8.1 billion yuan [1]

Core Viewpoint - Linping Development's IPO process faces scrutiny due to declining revenue, pricing pressures, and operational risks, raising concerns about its future performance and compliance with regulatory standards [1][8]. Financial Performance - The company's revenue has shown a downward trend, with figures of 28.79 billion yuan in 2022, 28.00 billion yuan in 2023, and projected 24.85 billion yuan in 2024, indicating a year-on-year decline of 2.75% in 2023 and 11.24% in 2024 [2][4]. - Net profit for the same periods was 1.54 billion yuan, 2.12 billion yuan, and 1.53 billion yuan, with a projected 914.19 million yuan for the first half of 2025 [2][3]. Business Operations - The core business of corrugated paper and boxboard sales accounted for over 99% of total revenue, with boxboard consistently representing around 70% of sales [2]. - The average utilization rates for corrugated paper and boxboard production were approximately 80% and 90%, respectively, indicating that current production capacities are not fully utilized [6]. Market Conditions - The cancellation of import tariffs on finished paper in 2023 led to increased competition and a subsequent decline in product prices, impacting revenue negatively [4]. - The company anticipates that demand from sectors such as consumer goods, e-commerce, logistics, and express delivery will support market growth despite current challenges [4]. Capital Expenditure and Risks - The company plans to raise 1.2 billion yuan through its IPO to fund new production lines, which could potentially lead to overcapacity given the current underutilization of existing facilities [6][8]. - Concerns have been raised regarding the company's significantly lower expense ratios compared to industry peers, suggesting possible manipulation of profit figures [6][8]. Compliance and Safety Issues - The company has reported three fatal accidents involving employees during the reporting period, raising questions about its safety management practices [7]. - There have been instances of non-compliance regarding social insurance and housing fund contributions for employees, which could lead to regulatory penalties [7]. Conclusion - Linping Development's IPO is under significant scrutiny due to its declining financial performance, operational challenges, and compliance issues, which must be addressed to gain market acceptance and regulatory approval [8].