债券简称：鹰 19 转债 债券代码：110063 山鹰国际控股股份公司 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。 为满足山鹰国际控股股份公司（以下简称"公司"）合并报表范围内子公司 的日常生产经营及业务发展需要，公司于 2025 年 4 月 28 日召开第九届董事会第 二十六次会议及第九届监事会第八次会议，于 2025 年 5 月 21 日召开 2024 年年 度股东大会，审议通过《关于 2025 年度担保计划的议案》，同意 2025 年度公司 及合并报表范围内子公司预计对外担保额度不超过人民币 3,146,500 万元，对参 股公司提供担保额度不超过 30,500 万元。其中，为华中山鹰提供总额不超过人 民币 400,000 万元的担保额度；为贵州祥恒包装有限公司（以下简称"贵州祥恒"） 提供总额不超过人民币 5,000 万元的担保额度。扬州祥恒系资产负债率 70%以下 的子公司，本次将贵州祥恒尚未使用的担保额度调剂至扬州祥恒。为浙江供应链 提供总额不超过人民币 90,000 万元的担保额度；为合肥祥恒提供总额不超过人 ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The pulp market lacks clear driving factors in the short - term, and a 7 - 9 reverse spread strategy is recommended [1]. 3) Summary by Related Catalogs a. Price Data - **Futures Prices**: On June 16, 2025, SP2601 was 5236, up 0.65% day - on - day and down 1.13% week - on - week; SP2507 was 5242, down 0.49% day - on - day and down 1.95% week - on - week; SP2509 was 5232, up 0.65% day - on - day and down 1.10% week - on - week [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6100, unchanged day - on - day and down 0.81% week - on - week; Russian Coniferous pulp was 5300, unchanged day - on - day and down 0.93% week - on - week; Broadleaf pulp Goldfish was 4100, unchanged day - on - day and down 0.49% week - on - week [1]. - **Outer - Disk Quotes**: Chilean Silver Star was 740 dollars, unchanged; Chilean Star was 560 dollars, unchanged; Chilean Venus was 620 dollars, unchanged [1]. - **Import Costs**: Chilean Silver Star was 6046, unchanged; Chilean Star was 4587, unchanged; Chilean Venus was 5073, unchanged [1]. b. Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons, down 5.01% month - on - month; broadleaf pulp imports were 119.9 tons, down 18.44% month - on - month. The pulp shipments to China were 1353 tons, down 30.80% [1]. - **Inventory**: As of June 12, 2025, pulp port inventory was 218.5 tons, up 1.3% from the previous period; delivery warehouse inventory was 25.50 tons [1]. - **Demand**: The production of finished paper remained stable. Double - offset paper production was 20.10 tons; coated paper production was 7.61 tons; household paper production was 28.00 tons; white cardboard production was 30.10 tons [1]. c. Valuation Data - **Basis**: On June 16, 2025, the Russian Coniferous pulp basis was 58, with a quantile level of 0.818; the Silver Star basis was 858, with a quantile level of 0.972 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 54, with a quantile level of 0.712; the import profit of broadleaf pulp Goldfish was - 487, with a quantile level of 0.204 [1]. d. Summary of Market Conditions - **Supply - Side**: Chilean Arauco's June 2025 wood pulp outer - disk quotes: coniferous pulp Silver Star was 740 dollars/ton (face value), unchanged; broadleaf pulp had no supply in June, with limited supply expected to resume in July; natural pulp Venus was 620 dollars/ton (face value), unchanged. In April 2025, the shipments of M20 coniferous pulp to China decreased by 2.9% year - on - year, and the shipments of broadleaf pulp to China increased by 26.7% year - on - year [1]. - **Demand - Side**: Cultural paper and white cardboard manufacturers issued price increase letters, but the implementation was poor. Downstream paper mills made rigid purchases, and the production of major finished papers remained stable [1]. - **Inventory - Side**: As of June 12, 2025, the inventory of China's mainstream pulp ports was 218.5 tons, up 2.8 tons from the previous period, showing a slight inventory accumulation trend [1]. e. Strategy A 7 - 9 reverse spread strategy is recommended as the pulp market lacks clear driving factors in the short - term [1].

Report Information - Report Name: Pulp Daily Report [1] - Date: June 17, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - Pulp prices are oscillating in a wide range at a low level due to the loose supply in domestic and foreign pulp markets, slow de - stocking at ports, continuous optimization of raw material cost structure by downstream paper mills, and intensified competition between domestic and imported pulp [7] Summary by Section 1. Market Review and Operation Suggestions - The previous settlement price of the 09 - contract of pulp futures was 5,204 yuan/ton, and the closing price was 5,232 yuan/ton, with an overall decline of 0.99%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,280 - 6,750 yuan/ton, and the low - end price dropped by 70 compared with the closing price of the previous working day. The quotation of Shandong Arauco Silver Star was 6,120 - 6,150 yuan/ton [7] - Arauco of Chile announced its June prices: Silver Star at 740 US dollars/ton and Venus at 620 US dollars/ton, remaining the same as the previous quotation [7] - According to PPPC data, the shipment volume of softwood pulp from 20 major pulp - producing countries in the world decreased by 7.2% year - on - year in April, and the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in May were 3.02 million tons, up 4.3% month - on - month and 6.9% year - on - year [7] - As of June 12, 2025, the weekly pulp inventory in major regions and ports increased by 2.1% month - on - month. The inventory in major ports was stable or slightly increased compared with last week, only the inventory in Tianjin Port decreased compared with last week, and the overall shipment speed was moderate. Downstream paper mills mainly consumed their previous raw material inventories, and their short - term enthusiasm for pulp procurement was insufficient [7] 2. Industry News - On June 6, relevant technical personnel from the World Bank Office of the Fujian Forestry Bureau and the Fast - growing and High - yielding Forest Office of the Sanming Forestry Bureau visited Qingshan Paper Industry to guide the construction planning of the national reserve forest project. They believed that Qingshan Paper Industry's promotion of the national reserve forest construction project was a way to ensure raw material supply, achieve green government - enterprise linkage, and seek new opportunities for the development of the national reserve forest. Qingshan Paper Industry, as a state - owned leading enterprise, has the unique advantage of "integration of primary, secondary, and tertiary industries", adheres to the principle of "scientific planning and industrial synergy", and is committed to becoming a model for the efficient use of forestry resources in Fujian Province [8] 3. Data Overview - The report provides various data charts including pulp futures prices, spot prices, spreads, inventory, and paper product prices, with data sources from Wind, Zhuochuang Information, and the Research and Development Department of CCB Futures [7][24][27]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The pulp market is expected to remain in a state of oscillatory consolidation and weak operation in the near term. The cost - side foreign market quotations are stable, and the new round of the outer - market price of Brazilian eucalyptus pulp "Bird" remains unchanged. The increase in Brazilian eucalyptus pulp exports to China in May may lead to a significant increase in arrivals around July. The downstream demand remains weak, and the port inventory is difficult to deplete at a high level, which restricts the upward space of pulp prices. However, due to the low - level pulp futures prices in recent years, traders' sentiment of reluctance to sell at low prices is strong, so the subsequent deep - decline space is also limited [77]. Summary by Directory Industry News - As of June 12, 2025, the inventory of pulp in Changshu Port was 581,000 tons, a week - on - week increase of 29,000 tons (5.3%); in Qingdao Port, it was 1.342 million tons, a week - on - week increase of 16,000 tons (1.2%); in Gaolan Port, it was 152,000 tons, a week - on - week decrease of 6,000 tons (3.8%). The total inventory of mainstream ports in China was 2.185 million tons, a week - on - week increase of 28,000 tons (1.3%) [6]. - Rizhao Huatai Paper Co., Ltd. has an annual production capacity of 50,000 tons of fluff pulp, and the 500,000 - ton fluff pulp project is a future planning project and has not started construction yet [6]. - Finnpulp's Joutseno NBSK pulp mill will be shut down temporarily starting from June 9 to adjust inventory levels and match production with low orders in Asia [6]. Market Data Market Trends - The price of the main pulp futures contract first rose and then fell. Some spot traders were reluctant to sell at low prices. Constrained by weak demand, there were few actual transactions for high - priced goods. The price of softwood pulp fluctuated within a range during the week [36]. Basis and Spread - On June 13, 2025, the basis of Silver Star was 858 yuan/ton, a month - on - month decrease of 1.38% and a year - on - year increase of 125.79%; the basis of Russian Needle was 58 yuan/ton, a month - on - month decrease of 17.14% and a year - on - year increase of 182.86%; the spread between Silver Star and Russian Needle was 800 yuan/ton, with no month - on - month change and a year - on - year increase of 77.78% [14]. - On June 13, 2025, the 07 - 09 spread was 44 yuan/ton, a month - on - month decrease of 21.43%; the 07 - 11 spread was 116 yuan/ton, a month - on - month increase of 1.75% [19]. Fundamental Data Price - The difference between softwood and hardwood pulp decreased. On June 13, 2025, the spread between Silver Star and Goldfish was 2,000 yuan/ton, a month - on - month decrease of 1.48% and a year - on - year increase of 207.69%; the spread between Russian Needle and Goldfish was 1,200 yuan/ton, a month - on - month decrease of 2.44% and a year - on - year increase of 500% [27]. - The import profit of Silver Star was positive recently but continued to decline this week. There was no quotation for eucalyptus pulp "Star" in June, and the supply is expected to partially resume in July [32]. - On June 13, 2025, the prices of Silver Star, Cariboo, Northern Wood, Lion Brand, and Russian Needle were 6,100 yuan/ton, 6,200 yuan/ton, 6,350 yuan/ton, 6,200 yuan/ton, and 5,300 yuan/ton respectively, with month - on - month decreases of 0.81%, 0.80%, 0.78%, 0.80%, and 0.93% [34]. - Traders of imported eucalyptus pulp were under great cost pressure and were reluctant to sell at low prices. Some eucalyptus pulp brands' quotations increased slightly, but the downstream market's inquiry was only for low - price products, and the trading rhythm was slow, which limited the price rebound space [40]. - On June 13, 2025, the prices of Goldfish, Star, Bird, and Broadleaf were 4,100 yuan/ton, with month - on - month changes of - 0.49%, 0.00%, 0.00%, and 0.00% respectively [41]. - On June 13, 2025, the prices of Venus and Kunhe were 5,000 yuan/ton and 3,900 yuan/ton respectively, with a month - on - month decrease of 2.91% for Venus and no change for Kunhe [45]. Supply - In April 2025, the European port inventory decreased month - on - month, and the global pulp out - port volume decreased both year - on - year and month - on - month. The European port inventory was 1.352 million tons, a month - on - month decrease of 12.77% and a year - on - year increase of 16.75%; the global pulp out - port volume was 4.077 million tons, a month - on - month decrease of 18.30% and a year - on - year decrease of 10.89% [48][49]. - In April 2025, the pulp import volume decreased to varying degrees. The import volume of softwood pulp decreased by 5.03% month - on - month, and that of eucalyptus pulp decreased by 18.41% month - on - month [51]. Demand - On June 13, 2025, the capacity utilization rates of white cardboard, household tissue paper, offset paper, and coated paper were 73.41%, 63.40%, 56.37%, and 56.18% respectively. The capacity utilization rate of household tissue paper increased slightly due to the "618" promotion, while that of other paper types decreased or remained at a low level [54]. - The market price of white cardboard remained stable. The supply was loose, and the terminal consumption was weak. The downstream customers' enthusiasm for stocking decreased, and they mainly received previous orders and replenished stocks on a just - in - time basis [56]. - The market price of household tissue paper was slightly adjusted. Some paper mills that had shut down for maintenance had not resumed production. The market was quiet, and traders were waiting and watching. Some regions' sales increased due to the "618" promotion, and the paper mills' operating rates increased slightly [60]. - The average price of coated paper enterprises decreased. The supply pressure was controllable, but the consumption demand was weak, and the industry was in a situation of weak supply and demand [60]. Inventory - On June 13, 2025, the warehouse receipt quantity of pulp in warehouses was 238,200 tons, a month - on - month increase of 1.21% and a year - on - year decrease of 49.96%; the warehouse receipt quantity in factories was 16,300 tons, with no month - on - month change and a year - on - year decrease of 51.14% [65]. - The port inventory was at a high level within the year, and the inventory of mainstream ports in China showed an increasing trend this period. The inventory in Qingdao Port and Changshu Port increased, while that in Gaolan Port decreased [71]. Operation Suggestions - The pulp market is expected to oscillate and consolidate, with a weak operation trend. The cost - side foreign market quotations are stable, and the increase in Brazilian eucalyptus pulp exports to China in May may lead to more arrivals around July. The downstream demand is weak, and the port inventory is difficult to deplete at a high level, which restricts the upward space of pulp prices. However, due to traders' reluctance to sell at low prices, the subsequent deep - decline space is also limited [77].

2 国泰君安期货·能源化工 胶版印刷纸周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年6月15日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 综述 01 行情走势 02 供需数据 03 行情研判 04 行情研判 行业资讯 现货价格 成本利润 季节性特征 供给 需求 库存 进出口 行情研判 Special report on Guotai Junan Futures 2.【国内双胶纸周度企业开工负荷分析】据卓创资讯数据统计，本周双胶纸开工负荷率在46.36%，较上周下滑1.35个百分点，本周降幅较上 周扩大0.58个百分点。周内湖南地区停机产线陆续复产，但山东地区新增个别停机检修产线，拖累双胶纸开工继续下滑。 综述 1 行情研判 Special report on Guotai Junan Futures 4 资料来源：Qinrex ➢ 行情回顾：本周双胶纸市场价格主流维稳，华北部分市场规格下跌。据卓创资讯数据显示，本周70g木浆高白双胶纸市场均价为5163元/ 吨， ...

Company Overview - Tongling Jieya Biotechnology Co., Ltd. was established in 1999, specializing in the research, production, and sales of wet wipes, with over 20 years of industry experience [1]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 3, 2021, and is currently advancing its investment projects steadily [1]. Financial Performance - In Q1 2025, the company reported a revenue of 1.24 billion yuan and a net profit of 10.06 million yuan [1]. - The company anticipates that its overseas sales will account for over 50% of total sales in 2025, driven by core customer business expansion [3]. Project Developments - The U.S. wet wipes factory is currently under construction, with plans to commence production next year [3]. - The company is strategically adjusting its subsidiary, Jiechuang Medical, and is cautiously investing in it based on market conditions and strategic needs [3]. Market and Product Insights - The company does not foresee significant inventory risks due to its sales-driven production model [4]. - The decline in revenue and gross margin for facial mask products in 2024 is attributed to a strategic shift by a major client, L'Oréal, to in-house production [3]. Shareholder Information - The actual controller of the company has no current plans for share reduction, adhering to regulations regarding information disclosure [4]. - The company's stock price fluctuations are influenced by macroeconomic factors, industry policies, and market sentiment, with no undisclosed significant information affecting operations [4].

证券代码：603863 证券简称：松炀资源 公告编号：2025-028 广东松炀再生资源股份有限公司 关于股份回购实施结果暨股份变动的公告 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法律责任。 重要内容提示： 回购方案首次披露日 2024/6/13 回购方案实施期限 2024 年 6 月 13 日~2025 年 6 月 12 日 预计回购金额 1,500.00万元~3,000.00万元 回购价格上限 20.00元/股 □减少注册资本 √用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 实际回购股数 108.50万股 实际回购股数占总股本比例 0.5302% 实际回购金额 1,501.88万元 实际回购价格区间 11.82元/股~18.94元/股 一、 回购审批情况和回购方案内容 广东松炀再生资源股份有限公司（以下简称"公司"）于 2024 年 6 月 12 日召 开第四届董事会第十一次会议审议通过了《关于以集中竞价交易方式回购公司股 份的议案》，根据回购方案，公司拟使用自有资金以集中竞价交易方式 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票简称：山鹰国际 股票代码：600567 公告编号：临2025-040 债券简称：鹰19转债 债券代码：110063 经审议表决，本次会议形成如下决议： （一）审议通过了《关于〈山鹰国际控股股份公司2025年员工持股计划（草案）〉的议案》 为了建立和完善员工、股东的利益共享机制，改善公司治理水平，提高职工的凝聚力和公司竞争力，调 动员工的积极性和创造性，促进公司长期、持续、健康发展，公司拟定了《山鹰国际控股股份公司2025 年员工持股计划（草案）》，本员工持股计划股份来源为公司从二级市场回购的公司A股普通股股票， 本员工持股计划涉及的标的股票规模不超过52,631,578股，具体持股数量以员工实际出资缴款情况确 定。 表决结果：同意4票，反对0票，弃权0票，关联董事陈银景、许云、游知作为本次员工持股计划的参与 对象已回避表决。本议案需提交公司2025年第二次临时股东大会审议。 此项议案已经公司董事会薪酬与考核委员会审核通过，并同意提交本次董事会审议，关联委员回避表 决。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《山鹰国际 ...

Core Points - The company has proposed a 2025 employee stock ownership plan (draft) which has been reviewed and approved by the remuneration and assessment committee [1][2] - The plan complies with relevant laws and regulations, including the Company Law and Securities Law, and does not harm the interests of the company or its shareholders [1] - The company has engaged employees through a representative assembly to gather opinions, ensuring participation is voluntary and not forced [1] Summary by Sections - **Employee Stock Ownership Plan**: The 2025 employee stock ownership plan (draft) has been deemed compliant with legal and regulatory requirements, aiming to enhance corporate governance and employee engagement [1] - **Approval Process**: The remuneration and assessment committee has agreed to implement the plan and will submit it to the board of directors for further review [2] - **Employee Engagement**: The company has actively sought employee input through a representative assembly, ensuring that participation in the plan is voluntary [1]

证券代码：605500 证券简称：森林包装 公告编号：2025-028 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。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.15元 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | | ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、 分配方案 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | | 截至股权登记日下午上海证券交易所收市后， ...