消息面 8月6日，上期所纸浆仓库期货仓单233178吨，环比上个交易日减少272吨；纸浆厂库期货仓单19240吨， 环比上个交易日持平。 截至周四，据钢联统计全国港口纸浆库存为210.5万吨，周环比去化3.8万吨。 近日，聊城市行政审批服务局公示了山东银河瑞雪纸业有限公司年产30万吨生物基新材料产业化应用项 目。公示材料显示，该公司拟淘汰现有10.2万吨麦草化学浆的一期、二期、三期连蒸洗选漂车间及配套 碱回收车间、白泥精制碳酸钙车，打算新建30万吨漂白化学浆。 机构观点 中财期货： 综合来看，上周阔叶现货弹性放大印证投机性正套建库，高价接受度有限下阔叶现货弹性依旧偏弱，本 周受盘面风险偏好走弱影响盘面下修，9-1月间反套、非标阔叶正套顺畅。当下月间结构略不合理， SP09或超跌，前期空单及正套头寸可逐步离场，关注盘面企稳信号出现。 国信期货： 当前仍处于传统消费淡季，下游纸厂业者采买原料积极性不足，部分采取压价策略，卖方亦带有挺价情 绪，交易延续动态博弈格局。下方成本端存在一定支撑，后期淡季逐渐转至旺季，关注需求企稳情况。 若下游企业盈利改善，可考虑逢低做多。短期操作建议暂时观望。 ...

Core Viewpoint - The company, Chenming Paper (01812), has experienced a significant stock price decline, triggering abnormal trading conditions as per Shenzhen Stock Exchange regulations [1] Group 1: Stock Performance - The company's B-share stock (code: 200488, abbreviation: ST Chenming B) saw a cumulative closing price drop of over 12% across three consecutive trading days from August 4 to August 6, 2025 [1] Group 2: Financial Developments - A special syndicate loan of 2.31 billion yuan designated for resuming production has been approved and is in the process of meeting withdrawal conditions and signing loan agreements [1] - The company plans to gradually resume operations at its production bases based on funding status and market conditions [1] Group 3: Disclosure and Compliance - The board of directors confirmed that there are no undisclosed matters that should be reported according to the Shenzhen Stock Exchange listing rules, nor any related plans, negotiations, or agreements [1] - The board has not been made aware of any undisclosed information that could significantly impact the trading price of the company's stock and its derivatives [1] - There are no corrections or supplements needed for previously disclosed information [1]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.03% and the Hang Seng Tech Index increasing by 0.2%, while the Hang Seng China Enterprises Index fell by 0.21% [2] - Southbound capital saw a net inflow of approximately 9.5 billion HKD, down from 23 billion HKD on August 5 [3] Sector Performance - Large tech stocks exhibited mixed results, with Tencent rising by 1.7% and other stocks like Kuaishou and Alibaba also increasing [6][7] - The "anti-involution" sector and gold stocks saw gains, while the pharmaceutical sector declined due to tariff news from Trump [4][24] Paper Industry - The paper industry continued its strong upward trend, with stocks like Chenming Paper and Nine Dragons Paper both rising over 10% [10] - The Guangdong Paper Industry Association issued a proposal to promote high-quality development in the industry, which is expected to benefit from the current supply-demand imbalance [12] Coal Sector - Coal stocks also performed well, with China Qinfa, China Coal Energy, and Yanzhou Coal Mining rising by 9.39%, 3.89%, and 3.34% respectively [12][13] New Consumption - New consumption stocks showed signs of recovery, with Pop Mart rising over 7% and other companies like Lao Pu Gold and Mixue also seeing significant increases [15][17] - Morgan Stanley maintained an "overweight" rating on Pop Mart, citing undervaluation of its platform [18] Gold Sector - Gold stocks experienced a rebound due to rising international gold prices, with Lao Pu Gold and Datang Gold both increasing by over 5% [20][22] Pharmaceutical Sector - The pharmaceutical sector faced declines, with Junshi Biosciences dropping over 10% following Trump's announcement of potential tariffs on imported drugs [24][26] - Other pharmaceutical stocks like Hualan Biological and Basilea Pharmaceutica also saw declines [25][26] Airline Sector - Airline stocks experienced significant drops, with Cathay Pacific falling over 9% and other airlines like China Eastern Airlines and China Southern Airlines also declining [27][28]

Market Overview - The Hong Kong stock market showed mixed results with the Hang Seng Index up 0.03%, the Hang Seng Tech Index up 0.2%, and the National Enterprises Index down 0.21, indicating a narrow range of fluctuations throughout the day [1][2]. Sector Performance - Large tech stocks had mixed performances, with Tencent rising 1.7%, while Meituan fell 1.46%. The paper industry saw significant gains, with both Chenming Paper and Nine Dragons Paper rising 10.75%, reaching new highs [2][4][6]. - Coal stocks experienced substantial increases, with Honghai High-tech Resources up over 18% and China Qinfa up over 9% [7][8]. - Steel stocks also performed well, with Aowei Holdings rising over 14% and other steel companies following suit [9][10]. - Gold stocks were active, with Shandong Gold and China Gold International both rising over 3% [11][12]. - New consumption concept stocks rebounded, with Pop Mart and Shangmei shares rising over 7% [13]. Individual Stock Movements - Times Angel saw a significant increase of 18.29% after announcing a profit increase, with expected net profits for the first half of the year between $13.4 million and $14.8 million, marking a year-on-year increase of approximately 5.38 to 6.05 times [16][17]. - Southbound funds recorded a net inflow of 9.485 billion HKD, indicating strong investor interest [19]. Future Outlook - According to Zhongtai International, the Hong Kong market is expected to continue a gradual upward trend supported by domestic policy, improving corporate earnings, and positive capital flows. The Hang Seng Index is anticipated to find support around 24,500 points [21].

Group 1: Market Overview - The Hong Kong stock market continued its rebound, with the Hang Seng Index rising by 0.68%, the National Enterprises Index increasing by 0.65%, and the Hang Seng Technology Index up by 0.73% [2] - The total market turnover decreased to HKD 229.39 billion, while the total short-selling amount on the main board rose to HKD 40.02 billion, reaching the highest level since early June [2] - Southbound capital saw a net inflow of HKD 23.43 billion after a significant outflow the previous day, with the most net purchases in the top ten active stocks being in the Tracker Fund of Hong Kong, Tencent, and Kuaishou [2] Group 2: Sector Performance - Large technology stocks showed mixed performance, with Kuaishou rising nearly 3% and Tencent and Netease increasing over 1%, while Xiaomi, Alibaba, and Meituan experienced slight adjustments [4] - The biopharmaceutical sector saw a surge, with Junshi Biosciences rising nearly 34% and other companies like CanSino Biologics and WuXi AppTec also experiencing significant gains, driven by favorable national pharmaceutical policies and increased innovation in drug development [4] - The paper industry performed well, with leading companies initiating a new round of price increases due to rising raw material costs, exemplified by Chenming Paper's nearly 15% increase in stock price [4] Group 3: Company Analysis - Geely Automobile - Geely Automobile reported a strong sales performance in July, with total sales of 238,000 vehicles, a year-on-year increase of 57.7%, and a month-on-month increase of 0.7% [8] - The sales of new energy vehicles reached 130,000 units, marking a year-on-year growth of 120.4% and a penetration rate of 54.7% [8] - Geely plans to launch five new models in the second half of the year, including the Galaxy A7 and M9, which are expected to be popular due to their high cost-performance ratio [9] Group 4: Strategic Developments - Geely and Zeekr officially merged on July 15, with Geely acquiring all issued shares of Zeekr, aiming to reduce operational costs and enhance efficiency through unified management while maintaining brand independence [10] - The investment outlook for Geely remains positive, with expectations of sustained high growth in performance driven by strong product capabilities and improved internal operations, maintaining a target price of HKD 26.0 [10]

Group 1 - The SP2509 contract experienced significant volatility in July, rising from 5080 points to a peak of 5560 points, an increase of 9.4%, followed by a decline of 6.1% in the last week [1] - The macroeconomic factors are driving the market more than the fundamentals, as indicated by the stable pulp spot market and weakening basis [1] - Global economic indicators, such as Citigroup's Global Surprise Index, have remained above zero this year, with most data exceeding expectations [1] Group 2 - In June, China's social financing increased by 4.20 trillion yuan, marking seven consecutive months of year-on-year growth, supporting the logic of a strong macroeconomic environment [1] - The supply of hardwood pulp has decreased compared to softwood pulp, while downstream consumption continues to rise, indicating a better fundamental outlook for hardwood pulp [1] - The price spread between hardwood and softwood pulp is expected to narrow from -174 points to -1211 points by the second half of 2024, reflecting an improvement in hardwood pulp fundamentals [1] Group 3 - The softwood pulp supply side is underperforming, with a sales-to-inventory ratio of 0.92 in Europe for June, leading to seven consecutive months of inventory accumulation [1] - Domestic imports of softwood wood chips and pulp reached 793,000 tons in June, marking a marginal increase for seven consecutive months, which negatively impacts SP valuations [1] - The domestic paper industry is facing ongoing operational pressures, with total profits decreasing by 21.4% year-on-year in June and total losses increasing by 29.8% year-on-year [1] Group 4 - In May, electricity consumption in the paper industry was 846 million kilowatt-hours, a year-on-year decrease of 2.1%, falling below the average of 875 million kilowatt-hours for the previous year [1] - By the end of July, the paper industry issued an anti-involution initiative, aiming to reduce finished paper production, limit wood pulp capacity expansion, and improve the quality of finished paper [1] - Overall, the market fundamentals are considered average [1]

Core Viewpoint - The Hong Kong stock market showed a mixed performance with the Hang Seng Index slightly rising by 0.18%, briefly surpassing the 25,000-point mark, while the Hang Seng China Enterprises Index fell by 0.03% and the Hang Seng Tech Index increased by 0.03% [1] Group 1: Technology Sector - Major technology stocks exhibited varied performance, with Alibaba rising by 2% and Tencent increasing by 1.79%, while Meituan and Baidu fell over 1% [1] - The upcoming Apple iPhone 17 series launch on September 9 has positively influenced Apple-related stocks, which mostly strengthened [1] Group 2: Commodity and Industrial Sectors - The "anti-involution" related sectors saw significant gains, with a price increase trend contributing to the rise of paper stocks, exemplified by Nine Dragons Paper surging over 11% [1] - Steel and coal stocks also performed well, with Maanshan Iron & Steel reaching a new high and China Shenhua hitting an all-time high price [1] Group 3: Other Sectors - The restaurant sector faced notable declines, with Yum China dropping over 4% post-earnings, and other restaurant stocks like Jiumaojiu and Haidilao also declining [1] - Innovative drug concept stocks experienced a volatile trading pattern, while brain-computer interface stocks, gaming stocks, domestic bank stocks, and semiconductor stocks all saw declines [1]

Group 1: Report Information - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center dated August 6, 2025 [2] Group 2: SP Main Contract Closing Price - On August 5, 2025, the SP main contract closing price was 5160.00, with a decrease of -0.15480% from the previous day. The closing prices from August 4 to July 30, 2025 were 5168.00, 5186.00, 5232.00, and 5326.00 respectively, showing a downward trend [3] - The corresponding converted US dollar prices were 626.69, 628.64, 627.89, 635.08, and 647.61 respectively [3] - The Shandong Yinxing basis was 650, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 740 on August 5, 2025 [3] Group 3: Import Profit and Price Information - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was 42.73, while for Canadian Lion pulp it was -366.03, and for Chilean Yinxing pulp it was -109.78 [4] - The national average prices of coniferous pulp, broadleaf pulp, natural pulp, and chemimechanical pulp remained unchanged from July 30 to August 5, 2025. The same was true for the Shandong regional average prices [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) also remained unchanged during this period [4] - The profit margins of double - offset paper, double - copper paper, white card paper, and living paper showed an increasing trend from July 31 to August 5, 2025, with changes of 0.1287, 0.1122, 0.0976, and 0.5539 respectively [4] - The price differences between coniferous and broadleaf pulp, coniferous and natural pulp, coniferous and chemimechanical pulp, and coniferous and waste paper pulp all showed a decreasing trend from July 30 to August 5, 2025 [4]

Group 1 - Nine Dragons Paper (02689) shares increased by over 6%, reaching HKD 4.98 with a trading volume of HKD 45.85 million [1] - Nine Dragons Paper (Beihai) successfully launched the PM56 production line, which has a design speed of 1000m/min and an annual production capacity of 250,000 tons of high-grade cultural paper [1] - The company is also constructing another cultural paper production line, PM55, expected to commence production by the end of this year [1] Group 2 - On August 1, Nine Dragons Paper raised the price of corrugated paper and recycled kraft paper by HKD 30 per ton, following multiple price increases in July [1] - According to Zheshang Securities, the paper industry is expected to benefit from supply-demand imbalances and the "anti-involution" trend [1] - Guotai Junan noted that the new national standards have strengthened energy consumption restrictions, favoring leading paper companies over smaller competitors, potentially initiating a new supply-side clearing cycle in the industry [1]

Core Viewpoint - Company is implementing a significant strategic initiative to attract long-term investors and enhance its integrated paper packaging business, driven by the need to improve sustainability and core competitiveness [1] Group 1: Strategic Move - Company plans to establish a partnership with Xinsengli Bao Equity Investment Co., a subsidiary of Cinda Capital, to jointly invest 2.978 billion yuan in the establishment of Wuhu Shengying Enterprise Management Consulting Partnership [2] - The company will transfer part of its equity in subsidiaries, including 100% of Guangdong Shanying and 36.56% of Xiangheng Packaging, to raise over 7 billion yuan [2][3] - The funds raised will be used for production operations, research and development of new production capabilities, and upgrading existing production lines to further develop the integrated paper packaging business [3] Group 2: Financial Situation - As of March 31, 2025, Guangdong Shanying has total assets of 5.107 billion yuan and net assets of 2.191 billion yuan, while Xiangheng Packaging has total assets of 6.579 billion yuan and net assets of 2.199 billion yuan, together accounting for 21.65% and 29.05% of the company's total assets and equity, respectively [3] - In 2024, Guangdong Shanying achieved revenue of 3.019 billion yuan and net profit of 25.138 million yuan, while Xiangheng Packaging generated revenue of 7.173 billion yuan and net profit of 81.543 million yuan, together representing 34.87% of the company's total revenue [4] Group 3: Historical Context and Challenges - Company has faced significant challenges due to high debt levels and industry downturns, leading to a net profit loss in 2024 [1][5] - Since 2013, the company has pursued aggressive debt-fueled expansion, resulting in cumulative investment cash outflows of approximately 27.5 billion yuan from 2014 to September 2024 [6] - The company has been forced to frequently seek external financing, with direct financing totaling 26.9 billion yuan and bank loans amounting to 25.395 billion yuan over the past decade [7]