证券代码：600308 股票简称：华泰股份 编号：2025-038 山东华泰纸业股份有限公司 第十一届董事会第十次会议决议公告 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法律责任。 山东华泰纸业股份有限公司（下称"公司"或"华泰股份"）第十一届董事会第十次会议通知于2025年12月 16日以专人送达及邮件的方式下发给公司9名董事。会议于2025年12月26日以现场与通讯相结合的方式 召开。会议应表决董事9人，实际表决董事9人，公司全体高管人员列席了会议，会议召开符合《公司 法》和《公司章程》的有关规定，所做的决议合法有效。会议由李晓亮董事长主持，经过充分讨论，审 议通过了如下议案： 一、审议通过了《关于日常关联交易预计情况的议案》。 表决结果：7票赞成，0 票反对，0 票弃权。关联董事李晓亮、魏文光回避表决。 此议案已经公司独立董事专门会议审核通过。独立董事专门会议认为公司与控股股东华泰集团有限公司 及其关联方之间发生的日常关联交易是必要的、合理的，符合公司实际情况，该关联交易行为符合国家 的相关规定，在关联交易定价方面公平合理，没 ...

Investment Rating - The investment rating for Hengfeng Paper Industry (600356) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company is expected to maintain stable operating profits due to its strong market position in the domestic tobacco paper sector, with a significant market share and advantages in technology, scale, and product offerings [1]. - The acquisition of Jin Feng Paper is anticipated to enhance production capacity and operational synergies, contributing an additional 15,400 tons of capacity from PM2 and PM3, with further potential from ongoing technical upgrades [2]. - Hengfeng Paper has established a leading position in the export market for cigarette paper, achieving over 20% export growth annually, and is expected to continue innovating in new product development, particularly in the HNB (Heat-not-Burn) segment [2]. Financial Summary - Total revenue is projected to grow from 2,648 million yuan in 2023 to 3,709 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 10.4% [3]. - Net profit is expected to increase from 136 million yuan in 2023 to 257 million yuan in 2027, with a notable growth rate of 57.2% in 2025 [3]. - The gross margin is forecasted to improve slightly from 17.4% in 2023 to 18.1% in 2027, indicating effective cost management and operational efficiency [3]. - The projected earnings per share (EPS) will rise from 0.46 yuan in 2023 to 0.86 yuan in 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 20.25 to 10.71 over the same period [3].

2025.12. 26 本文字数：2598，阅读时长大约4分钟 作者 | 第一财经 章轲 封图 | 2024年我国进口再生纸浆共414万吨。图为再生纸浆加工过程。摄影/章轲 《再生纸浆》国家标准征求意见稿已开始公开征求社会各界意见，截止时间为2026年1月20日。此 举旨在严格限制固体废物夹带进入国内，保护生态环境。 今年8月21日，第一财经独家发表 《禁废5年，"再生纸浆"三大问题浮出水面｜一线调研》 文章，率 先报道进口再生纸浆存在的问题。 10月9日，海关总署发布《关于进口再生纸浆申报要求的公告》；10月17日，海关总署、国家发展 和改革委员会、工业和信息化部、生态环境部、商务部、国家市场监督管理总局等六部门联手发布关 于规范进口再生纸浆监督监管有关事项的公告和《再生纸浆关键指标要求》，进一步规范进口再生纸 浆监督监管。 10月31日，《再生纸浆》国家标准修订计划获批准下达，全国造纸工业标准化技术委员会（下称"造 纸标委会"）负责组织该标准修订；11月14日，造纸标委会召开《再生纸浆》国家标准修订研讨会， 对《再生纸浆》国家标准的修订方案进行讨论，并于近日完成《再生纸浆》国家标准征求意见稿。 《再生纸浆 ...

Group 1 - The offshore RMB against the US dollar has strengthened, breaking the key level of 7.0, reaching a high of 6.9965, marking a new high since September 2024 [3] - Industries benefiting from RMB appreciation include commercial aerospace, paper manufacturing, and cross-border payment, which have shown strong performance in the secondary market [3][4] - The appreciation of the RMB has reduced the procurement costs of raw materials priced in US dollars for cost-importing industries like aviation and paper, leading to exchange rate gains [4] Group 2 - Export-oriented industries such as home appliances, electronics, textiles, and machinery face short-term pressure due to RMB appreciation, which may weaken international price competitiveness and erode exchange rate gains and profit margins [4] - Despite the appreciation, analysts suggest that it will not significantly alter the overall depreciation of the RMB against most non-USD currencies for the year, limiting the impact on export competitiveness [4] - The appreciation of the RMB enhances purchasing power for ordinary citizens, making overseas travel and study more affordable, while also helping to stabilize domestic prices by reducing the costs of imported energy and raw materials [6] Group 3 - Major blue-chip stocks, consumer leaders, and core technology companies are expected to receive liquidity support from foreign capital, with strong performances noted in the robotics and semiconductor sectors [5] - Institutions maintain a cautiously optimistic outlook on future exchange rate trends, with expectations of further RMB appreciation driven by seasonal capital flows and export settlement needs before the Spring Festival [6] - The breakthrough of the RMB at a key level is anticipated to boost market sentiment, benefiting consumer staples and growth sectors favored by foreign investors, although sustainability requires fundamental support [6]

Group 1 - Institutions ranked 35 stocks today, with net purchases in 16 stocks and net sales in 19 stocks. The top three stocks with the highest net purchases were Hainan Development (289 million), Western Materials (244 million), and Chaojie Co., Ltd. (226 million) [1] - Chaojie Co., Ltd. saw a net purchase of 226 million from four institutions on the 3rd. The company is actively expanding its customer base in the commercial aerospace sector and has made substantial progress in acquiring new customer orders, expecting to enter into batch cooperation with new clients starting in Q1 next year [2] - The company holds an 8.3% stake in Blue Arrow Aerospace, which successfully conducted its first flight test of the Zhuque-3 rocket in December [3] Group 2 - The onshore RMB against the USD broke the 7.01 mark, reaching a new high since September 27, 2024. The offshore RMB also surpassed 7.0 for the first time since the end of September 2024. This appreciation of the RMB is expected to alleviate the procurement cost pressures for industries with high import dependence, such as aviation and paper manufacturing, while also potentially enhancing profit elasticity due to foreign exchange gains [4] - Wuzhou Special Paper focuses on producing specialty paper for medical and food packaging [5]

金 信 期 货 纸 业 日 刊 本刊由金信期货研究院撰写 2025/12 /25 品种聚焦 GOLDTRUST FUTURES CO. ， LTD 废纸箱基本面分析 基本情况 价格：12月25日，废纸收购价格整体以上涨为主，华北、华中、华东等地多家纸厂上调了价格，涨价30 元-70元不等。 供需：到货量尚可，部分纸厂上调收购价。下游纸厂采购仍偏谨慎，多按需补库。 库存：纸厂原料库存处于中位，打包站库存低位，产业链库存结构分化。 利润：打包站利润被挤压，纸厂原料成本下行但成品跌价，利润仍承压。 核心结论：短期受龙头纸厂提价带动止跌反弹，但下游需求未实质改善，持续性有待观察。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 热点聚焦 品种聚焦 废纸现货价格 GOLDTRUST FUTURES 数据来源：同花顺iFinD、金信期货 观点仅供参考，市场有风险，入市需谨慎 GOLDTRUST FUTURES CO. ， LTD 品种聚焦 GOLDTRUST FUTURES CO. ， LTD 箱板纸基本面分析 建议：成本下跌与自身高库存导致价格走弱。虽计划涨价，但 ...

Market Overview - Major A-share indices collectively rose, with the Shanghai Composite Index up 0.47% to 3959 points, marking a seven-day increase [1] - The Shenzhen Component Index and the ChiNext Index recorded five consecutive days of gains, rising 0.33% and 0.3% respectively [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion yuan, an increase of 44.3 billion yuan from the previous trading day [1] Sector Performance Commercial Aerospace - The commercial aerospace sector saw a surge, with over twenty stocks hitting the daily limit, including Haoshi Electromechanical, Superjet, and Guanglian Aviation [2][5] - Key stocks included: - Haoshi Electromechanical: +20.01% [6] - Superjet: +20.00% [6] - Guanglian Aviation: +19.99% [6] - A meeting by China Aerospace Science and Technology Corporation emphasized the focus on developing core technologies for reusable rockets and integrating aerospace with AI and advanced manufacturing [5] Paper Industry - The paper sector experienced gains, with stocks like Hengda New Materials and Wuzhou Special Paper hitting the daily limit [7] - Recent trends include major packaging paper companies reducing production capacity and price increases announced by various paper manufacturers [8] Robotics - The robotics sector was active, with stocks such as Hualing Cable and Haoneng Co. hitting the daily limit [9] - Notable stocks included: - Hualing Cable: +10.02% [10] - Haoneng Co.: +10.02% [10] Alcohol Industry - The liquor sector saw rapid gains, with Shui Jing Fang hitting the daily limit and other stocks like Huangtai Liquor and Jin Hui Liquor also rising [11] - Shui Jing Fang: +10.01% [12] Insurance Sector - The insurance sector showed strength, with China Pacific Insurance, Ping An Insurance, and China Life Insurance all rising over 2% [13][14] - China Pacific Insurance: +2.75% [14] - Ping An Insurance: +2.56% [14] Semiconductor Industry - The semiconductor sector saw most stocks rise, with Zhenlei Technology and Fudan Microelectronics increasing over 16% [15][16] - Zhenlei Technology: +16.90% [16] - Fudan Microelectronics: +16.21% [16] Precious Metals - The precious metals sector continued to decline, with Hunan Silver leading the drop at -4% [17][18] - Hunan Silver: -4.00% [18] Hainan Sector - The Hainan sector experienced a pullback, with Hainan Ruize and Caesar Travel both dropping over 6% [19][20] - Hainan Ruize: -6.91% [20] Individual Stock Movements - Zhangjiang Hi-Tech saw a late surge, rising nearly 5% to 42.48 yuan [21][22] - Shanghai Microelectronics won a bid for a stepper lithography machine worth approximately 110 million yuan [24]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Recently, paper mills have issued a new round of price increase letters for double - coated paper. Currently, the market implementation is poor, but it has a certain effect on stopping the decline of the spot market. As the delivery month approaches, the possibility of further decline in double - coated paper futures is low. It is expected to run in a range mainly close to the ex - factory prices of double - coated paper spot of lower - priced delivery brands [7] 3. Summary According to Relevant Catalogs 3.1 Double - coated Paper Futures Data - On December 24, 2025, the price of 0P2602 was 4032, with a daily increase of 0.10% compared to December 23. The position of the main contract was 12,647, a daily decrease of 14.16% [5] 3.2 Spot Price Data 3.2.1 Double - coated Paper Price - Brands like Shandong Gaobai Swan, Shandong Benbai Tianyang, Shandong Benbai Mudan, Guangdong Gaobai Lanye, and Beijing Gaobai Ruixue had no daily or weekly price changes on December 24, 2025 [5] 3.2.2 Copperplate Paper Price - On December 24, 2025, the prices of Guangdong Chenming Xuerabbit and Guangdong Huaxia Taiyang had no daily or weekly changes. The price of Guangdong Jindong Dongfan had no daily change but a weekly decrease of 1.89%. The price of Shandong Chenming Xuerabbit had no daily change but a weekly decrease of 2.17%. The price of Shandong Taiyang Tianyang had no daily change but a weekly decrease of 1.05% [5] 3.3 Papermaking Raw Material Data - On December 24, 2025, the price of Shandong softwood pulp Yinxing was 5600 yuan/ton, with no daily or weekly changes. The price of Shandong hardwood pulp Jinyu was 4500 yuan/ton, with no daily or weekly changes. The price of Shandong softwood pulp Ezhen was 5250 yuan/ton, with no daily or weekly changes [6] 3.4 Double - coated Paper Supply and Demand Data 3.4.1 Production and Capacity Utilization - From November 7, 2025, to December 12, 2025, the production volume ranged from 20.57 to 20.88 million tons, and the capacity utilization rate ranged from 52.70% to 54.22% [6] 3.4.2 Inventory - From November 7, 2025, to December 12, 2025, the in - factory inventory ranged from 135.5 to 138.9 million tons, and the social inventory ranged from 53 to 54.2 million tons [6] 3.4.3 Production Gross Profit - From November 7, 2025, to December 12, 2025, the production gross profit of double - coated paper mainly using chemimechanical pulp ranged from 351 to 418 yuan/ton, and the production gross profit of double - coated paper mainly using hardwood pulp ranged from 21 to 146 yuan/ton [6]

消息上，近期，以玖龙、山鹰、理文、荣成为代表的包装纸企业大规模停机检修，主动收缩产能；博 汇、APP、万国纸业、亚太森博等白卡纸及文化纸厂商集体宣布涨价。这种"停机+涨价"的并存的现 象，凸显不同纸种在成本结构、供需关系和市场预期上的显著差异。 纸业股盘初继续活跃，其中，五洲特纸涨停录得2连板，安妮股份一度涨超8%，博汇纸业、恒达新材涨 超2%，宜宾纸业、太阳纸业、宜宾包装、恒丰纸业、凯恩股份均涨超1%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 605007 | 五洲特纸 | 14.19 | 10.00% | | 002235 | 安妮股份 | 11.87 | 7.71% | | 301469 | 恒达新材 | 30.00 | 2.39% | | 600966 | 博汇纸业 | 6.32 | 2.10% | | 600793 | 宜宾纸业 | 21.68 | 1.88% | | 600433 | 冠豪高新 | 3.30 | 1.23% | | 605500 | 森林包装 | 9.38 | 1.41% | | 002078 | 太阳纸业 | 1 ...

近日，《再生纸浆》标准修订在征集意见之中，行业专家和海关对此高度关注。海关筑牢防范"洋垃 圾"入境的国门防线，对一些变相固废的不合格"干磨浆"严防死守，近年来，海关多次查办有异味、杂 质超标、霉变等不合格"干磨浆"，实为披着"再生纸浆"外衣的固体废物。然而业内一些企业，其中不乏 多家曾因进口不合格"干磨浆"被退运及处罚，为了一己之利，妄图通过干预国标修订和舆论施压，迫使 相关部门放松对"干磨浆"的监管。 "推动绿色可持续发展"是全面建设社会主义现代化国家的重要任务，这一要求不是空洞的口号，而是融 入到了各行各业的标准与流程之中，绿色发展是高质量发展的底色，正在成为经济社会发展的新引擎。 然而，当前颇具争议的"干磨浆"在多个方面与绿色发展背道而驰。 目前，我国废纸造纸企业进口的"干磨浆"，其主要原料为来自美国的废旧箱板纸（美废）。这些废纸先 出口至允许废纸进口、加工成本较低的东南亚国家，加工成"干磨浆"后再运至中国，变相替代"禁废"前 直接进口的美废，以降低成本，但降低成本绝不能以牺牲国内环境卫生与公共安全为代价！ 现有"干磨浆"工艺根本无法高效去除杂质和有害微生物，简单的机械干磨不仅造成纤维浪费，更将海外 未 ...