Group 1: Report Information - The report is a daily paper pulp report dated June 10, 2025 [1][2] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - The paper pulp market shows that the new round of imported pulp quotes remains stable, the port de - stocking speed is still slow, the implementation effect of downstream price increase letters is average, and the shutdown of a 690,000 - ton coniferous pulp mill in Finland due to poor orders boosts the market trend, with the pulp rebounding in a wide range [8] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: The pre - settlement price of the 09 contract of pulp futures was 5,226 yuan/ton, and the closing price was 5,290 yuan/ton, a rise of 1.22%. For SP2601, the increase was 0.91%, and for SP2605, it was 0.19% [7] - **Spot Market**: The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 5,280 - 6,750 yuan/ton, with the low - end price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 6,150 - 6,170 yuan/ton [7] - **Supply - related Data**: Chile's Arauco announced its June quotes, with Yinxing at 740 US dollars/ton and Jinxing at 620 US dollars/ton, unchanged from the previous period. The shipment volume of coniferous pulp from 20 major pulp - producing countries in April decreased by 7.2% year - on - year, and the cumulative increase from January to April was 1.4%. China's pulp imports in May were 3.02 million tons, a month - on - month increase of 4.3% and a year - on - year increase of 6.9%. As of June 5, 2025, the weekly pulp inventory in major regions and ports decreased by 2.6% month - on - month [8] - **Downstream Market**: The downstream market has a clear demand for improved profitability, but the follow - up of terminal orders is limited, and the raw material procurement mentality is cautious [8] 2. Industry News - On June 9, in Xingning, Meizhou, Guangdong, 33 key industrial projects were signed, started, and completed in the first half of 2025, with a total planned investment of 7.087 billion yuan. After reaching production capacity, the expected annual output value is 8.857 billion yuan, and the annual tax is 376 million yuan. Among them, there are 3 packaging projects with different planned investments, trial - production times, expected annual output values, and annual taxes [9] 3. Data Overview - The report provides multiple data charts, including cross - period spreads, import floating needle pulp spot prices, pulp futures prices, pulp spot - futures spreads, needle - broadleaf spreads, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of white cardboard and whiteboard paper, copperplate paper and offset paper, and the US dollar - RMB exchange rate [14][15][17][26][28][30]

Group 1 - The legal opinion letter confirms that the procedures for convening and holding the 2025 Second Extraordinary General Meeting of the Company comply with relevant laws, regulations, and the Company's Articles of Association [2][31] - The meeting was attended by 132 shareholders and their proxies, representing a total of 103,340,638 shares, accounting for 34.59% of the total shares of the Company [3][31] - The Company provided a network voting platform for shareholders, with 130 shareholders participating in the online voting, representing 5,763,615 shares, or 1.93% of the total shares [4][31] Group 2 - The meeting reviewed several announced proposals, including amendments to the Articles of Association and other significant matters [5][31] - Voting was conducted through both onsite and online methods, with the results showing a high level of agreement on the proposals [6][31] - The voting results indicated that all special resolutions received more than two-thirds approval from the shareholders present at the meeting [10][31] Group 3 - The legal opinion letter states that the resolutions passed at the meeting are legally valid and comply with the requirements of the Company Law and the rules for general meetings of listed companies [31] - The Company and the law firm each retain one original copy of the legal opinion letter for record-keeping [31]

和第四十四条规定 的议案 关于本次交易符合 《上市公司监管指 引第 9 号》第四条规 定的议案 关于本次交易相关 主体不存在不得参 与上市公司重大资 产重组情形的议案 关于本次交易前十 二个月内上市公司 购买、出售资产情况 的议案 关于本次交易信息 格波动情况的议案 法定程序的完备性、 合规性及提交的法 律文件的有效性的 议案 关于本次交易采取 制度的议案 关于本次交易不存 在《上市公司证券发 行注册管理办法》第 十一条规定的不得 向特定对象发行股 票的情形的议案 关于确认本次交易 相关审计报告、备考 审阅报告和资产评 估报告的议案 关于评估机构的独 立性、评估假设前提 的合理性、评估方法 与评估目的相关性 及评估定价的公允 性的议案 关于本次交易摊薄 即期回报影响的情 况及采取填补回报 措施的议案 关于本次交易不存 在直接或间接有偿 聘请其他第三方机 构或个人的议案 关于提请股东会授 权董事会全权办理 本次交易相关事宜 的议案 关于取消监事会并 部分制度的议案 (三)关于议案表决的有关情况说明 上述议案均为特别决议事项，获得出席会议股东所持有效表决权股份总数的 三、律师见证情况 | 证券代码：600356 ...

Group 1 - The company held its 43rd meeting of the 8th Board of Directors on June 9, 2025, via telecommunication voting, complying with relevant laws and regulations [1][2] - The Board approved an investment of 49.67 million yuan for the construction of a comprehensive wastewater utilization project for chemical mechanical pulp [1] - The Board also approved the transfer of 6% equity stake in Ningbo Chengsheng Eco-Construction Co., Ltd. by its wholly-owned subsidiary, Chengtong Kaisheng Eco-Construction Co., Ltd., based on an assessed value [2] Group 2 - The assessed net asset value of Ningbo Chengsheng Eco-Construction Co., Ltd. as of September 30, 2024, was 60.57 million yuan, with the 6% equity stake valued at approximately 3.63 million yuan [2]

Core Viewpoint - Residents in Huanggang, Hubei, have reported persistent unpleasant odors at night, attributed to Huanggang Chenming Pulp and Paper Co., Ltd. due to aging equipment and inadequate maintenance, leading to uncollected waste gas emissions [1][2] Group 1: Company Operations - Huanggang Chenming Pulp and Paper Co., Ltd. is located in the Huangzhou District's South Lake Industrial Park and primarily engages in pulp production [2] - The company has legally fulfilled environmental protection procedures and established corresponding facilities, commencing production in November 2018 [2] - The company has faced operational issues, resulting in three production stoppages since December 2024, leading to unstable production conditions [2] Group 2: Environmental Issues - The aging facilities and insufficient operational maintenance have resulted in ineffective collection and treatment of waste gases, causing odor problems [2] - The company has been urged by the Huanggang Ecological Environment Bureau to develop a feasible remediation plan for the odor issue, with a proposed investment of 130 million yuan for pollution control [2] Group 3: Remediation Efforts - The company has halted the purchase of fresh raw wood chips and implemented cooling measures for existing wood chips [2] - Key areas prone to leakage, such as the black liquor storage area and multiple-effect evaporation section, have undergone anti-seepage treatment [2] - The company is preparing to implement upgrades to the lime kiln electrostatic dust removal system and wastewater treatment station [2] Group 4: Regulatory Oversight - The Huanggang Ecological Environment Bureau has established a special team to investigate the odor complaints and will enhance environmental supervision of the company [2] - The bureau has committed to strictly enforcing laws against any environmental violations by the company to protect the rights of the local community [2]

关于变更部分可转债募集资金投资项目的公告 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： ? 原项目名称：生物质锅炉项目 ? 新项目名称及投资金额：热电联产节能降碳智能化改造项目，投资总额 预计约为 17,783 万元。 ? 变更后募集资金投向的金额：本次拟将"生物质锅炉项目"所使用的募 集资金变更至"热电联产节能降碳智能化改造项目"使用，涉及变更的募集资金 总额为 9,568.30 万元，占"荣 23 转债"募集资金总额的 16.61%。 证券代码：603165 证券简称：荣晟环保 公告编号：2025-046 债券代码：113676 债券简称：荣 23 转债 浙江荣晟环保纸业股份有限公司 ? 新项目达到预定可使用状态时间：2026 年 7 月。 ? 本事项尚需提交公司股东大会和债券持有人会议审议。 一、本次拟变更募集投资项目的概述 （一）募集资金的基本情况 根据中国证券监督管理委员会《关于同意浙江荣晟环保纸业股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1376 号）， 公司向 ...

Group 1 - The company held its 15th meeting of the 8th Board of Directors on June 6, 2025, with all 6 directors present, ensuring compliance with relevant laws and regulations [1] - The Board approved a proposal to change part of the fundraising investment projects for convertible bonds, which will be submitted to the shareholders' meeting and the bondholders' meeting for review [2][3] - The Board agreed to hold the second extraordinary shareholders' meeting on June 24, 2025, using a combination of on-site and online voting [2] - The Board also approved the proposal to convene the first bondholders' meeting for "Rong 23 Convertible Bonds" on June 24, 2025 [3]

转债代码：113676 转债简称：荣 23 转债 浙江荣晟环保纸业股份有限公司 证券代码：603165 证券简称：荣晟环保 公告编号：2025-047 关于召开2025年第二次临时股东大会的通知 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： (二)股东大会召集人：董事会 召开的日期时间：2025 年 6 月 24 日 14 点 00 分 召开地点：浙江省嘉兴市平湖经济技术开发区镇南东路 588 号公司会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 24 日 至2025 年 6 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业 ...

Report Overview - Report Type: Pulp Daily Report - Date: June 5, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market maintains a low - range oscillatory adjustment. New import pulp offers are mainly decreasing, port inventory reduction is slow, downstream paper mills' price increase announcements have limited implementation results, and the fundamental situation has limited changes [7]. 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 09 contract was 5,272 yuan/ton, and the closing price was 5,236 yuan/ton, a decline of 0.68% [7]. - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market is 5,400 - 6,750 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The Shandong Yinxing offer is 6,300 yuan/ton [7]. - **Import Offers**: Chile's Arauco announced May offers, with Yinxing at $740/ton and Jinxing at $620/ton, still lower than the previous offers [7]. - **Supply**: In April, the shipment volume of softwood pulp from 20 major pulp - producing countries decreased by 7.2% year - on - year, while the cumulative volume from January to April increased by 1.4% year - on - year. China's pulp imports in April were 2.89 million tons, a month - on - month decrease of 11.1% and a year - on - year decrease of 10.2%. As of May 29, 2025, the weekly pulp inventory in major regions and ports decreased by 2.2% month - on - month [7]. - **Demand**: The downstream market has a clear demand for improved profitability, but terminal orders are limited, and raw material procurement is cautious [7]. 3.2. Industry News - On May 28, a composite packaging materials project with a total investment of 150 million yuan started in Wuyao Town, Rugao, Jiangsu. The project is invested by Jiangsu Xiangju Environmental Protection New Materials Co., Ltd. After completion, it will have an annual production capacity of 60 million square meters of composite packaging materials. It is expected to generate annual taxable sales of 200 million yuan and taxes of 10 million yuan this year, and annual taxable sales of 400 million yuan and taxes of 20 million yuan when fully operational [8]. 3.3. Data Overview - The report provides multiple data charts, including pulp futures and spot prices, price spreads, inventory data, and exchange rate data, with data sources from Wind and Zhuochuang Information [10][13][15]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The price trend of corrugated and containerboard paper in the second half of the year is expected to be low at first and then high, with seasonal demand as the main driving factor [3][72] - Supply pressure remains high, and attention should be paid to seasonal changes in demand. The profit of corrugated and containerboard paper is expected to remain at a low level compared to historical figures, with a similar pattern of being low at first and then high, in sync with the price [3][72] Summary by Directory 1. Review - **Correlation Analysis**: Containerboard and corrugated paper have a strong correlation, but a weak correlation with softwood pulp spot and pulp futures. The correlation between containerboard and softwood pulp is above 0.68, while the correlation with pulp futures is only 0.45 [8][10] - **Historical Review**: From 2014 - 2016, the supply - demand pattern of packaging paper was stable, and prices were weak. From 2017 - 2018, supply - side reform, restrictions on foreign waste imports, and the rapid development of e - commerce drove up paper prices. From 2018 - 2020, Sino - US trade friction, the public health event, and new capacity led to price fluctuations. From 2020 - 2021, the tightening of waste paper import policies and economic recovery boosted prices. Since 2022, slow economic recovery and continuous capacity expansion have affected the market [12] 2. Supply - **Annual Data**: In 2024, the production of containerboard was about 29.86 million tons (a year - on - year increase of 6.4%), and the production of corrugated paper was 22.85 million tons (a year - on - year increase of 5.7%). The capacity utilization rate of both was 63%. The overall supply - demand pattern of the industry was in surplus [19] - **2025 Production Situation**: In the first half of 2025, 1.65 million tons of containerboard and corrugated paper were put into production, accounting for about 2% of the total domestic capacity at the end of 2024. In the second half, about 2.7 million tons of capacity are expected to be put into production, accounting for about 3.2% of the total domestic capacity at the end of 2024. By the end of 2025, the domestic containerboard capacity is expected to be 50.11 million tons (a year - on - year increase of 4.9%), and the corrugated paper capacity is expected to be 38.02 million tons (a year - on - year increase of 4.4%) [27] - **Profit Level**: Although the price of finished paper has been declining this year, the decline in raw material prices has offset the profit compression to some extent. As of late May, the after - tax gross profit per ton of corrugated paper was about 70 yuan, and that of containerboard was about 470 yuan, which can support short - term production [32] - **Weekly Supply**: Due to capacity expansion and decent profits, the production of containerboard and corrugated paper this year is at a relatively high level compared to historical data. Last week, the production of corrugated paper was 480,000 tons with a 61% operating rate, and the production of containerboard was 620,000 tons with a 62% operating rate. Short - term supply is expected to remain sufficient [35] - **Import**: From 2016 to 2024, the import volume of waste paper decreased by 2.79 million tons, while the import volume of waste paper pulp increased by 370,000 tons. The import volume of corrugated paper increased by 200,000 tons, and that of containerboard increased by 465,000 tons. In 2025, the import supply has decreased. From January to April, the import volume of corrugated paper was 979,000 tons (a year - on - year decrease of 15%), and that of containerboard was 1.609 million tons (a year - on - year decrease of 16%) [38][41] 3. Demand - **Annual Terminal Demand**: The terminal consumption of corrugated and containerboard paper has been steadily increasing. In 2024, the domestic annual consumption of corrugated paper was 25.65 million tons (a year - on - year increase of 1.6%), and that of containerboard was 35.61 million tons (a year - on - year increase of 6.2%). From 2014 - 2024, the compound annual growth rate (CAGR) of corrugated paper consumption was about 2.6%, and that of containerboard was about 3.3% [47] - **Seasonal Demand**: The apparent consumption of containerboard and corrugated paper has obvious seasonal characteristics. The first four months of the year, June, and the fourth quarter are usually peak consumption seasons. From January to April 2025, the apparent consumption of containerboard was 11.76 million tons (a year - on - year increase of 7%), and that of corrugated paper was 8.486 million tons (a year - on - year increase of 4%). The potential difference in expectations lies in whether Sino - US trade friction will affect the demand of export - oriented enterprises [49] - **Export**: Before the tightening of foreign waste import policies, domestic corrugated and containerboard paper mainly met domestic demand. After the policy change, the export volume decreased significantly, and currently, the export - to - domestic - demand ratio of both is less than 1%. The proportion of the US in China's corrugated and containerboard paper export market is low, and tariff policies have a low direct impact on packaging paper exports [55] - **Inventory**: As of April 2024, the social inventory of containerboard and corrugated paper was at a five - year low, and the destocking process was nearly complete. However, enterprise inventory was at a relatively high level and still needed to be reduced [63] 4. Market Outlook - **Corrugated Paper Supply - Demand Balance**: In 2025, the production is expected to be 24.049 million tons (a year - on - year increase of 5.2%), the import volume is expected to be 2.202 million tons (a year - on - year decrease of 18%), the export volume is expected to be 74,000 tons (a year - on - year decrease of 20%), and the consumption is expected to be 26.214 million tons (a year - on - year increase of 2.2%). Inventory is expected to decline slightly [68] - **Containerboard Supply - Demand Balance**: In 2025, the production is expected to be 32.722 million tons (a year - on - year increase of 9.6%), the import volume is expected to be 4.562 million tons (a year - on - year decrease of 18.5%), the export volume is expected to be 188,000 tons (a year - on - year increase of 40%), and the consumption is expected to be 37.279 million tons (a year - on - year increase of 4.7%). Inventory is expected to decline slightly [71]