南财投研通数据显示，12月2日，券商给予上市公司目标价共7次，按最新收盘价计算，目标价涨幅排名居前的公司有先惠技术、贵州茅台、 德尔股份，目标价涨幅分别为42.61%、42.06%、36.94%，分别属于电池、白酒、汽车零部件行业。 | | | 12月02日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 688155 | 先惠技术 | 中信证券 | 买人 | 84.00 | 42.61 | | 600519 | 贵州茅台 | 国泰海通证券 | 增持 | 2040.00 | 42.06 | | 300473 | 德尔股份 | 东北证券 | 买人 | 38.59 | 36.94 | | 301360 | 荣旗科技 | 东北证券 | 买人 | 96.11 | 35.39 | | 300832 | 新产业 | 华创证券 | 推荐 | 78.00 | 32.09 | | 688179 | 阿拉丁 | 中信证券 | 买人 | 17 ...

Core Viewpoint - Bohui Paper's operational efficiency and employee engagement are improving, supported by its partnership with Lee & Man Paper, enhancing its long-term competitiveness [1] Investment Highlights - The profit forecast has been adjusted, maintaining a "Buy" rating. Expected EPS for the company from 2025 to 2027 is projected at 0.19, 0.42, and 0.61 yuan respectively. The average PB of comparable companies is 1.40X, and considering the recovery in white card paper demand, a PB of 1.3X is assigned for 2025, leading to a target price of 7.28 yuan [2] - Bohui Paper has a total paper production capacity of 4.1 million tons across its Shandong and Jiangsu bases. The Shandong base primarily produces white card paper, box board, and cultural paper with a capacity of 2.1 million tons, while the Jiangsu base focuses on white card paper, with a capacity expansion to 2 million tons [2] Strategic Positioning - Bohui Paper and Lee & Man Paper have established a north-south production layout. Lee & Man's white card paper capacity is concentrated in Ningbo and Guangxi, coordinating national sales and improving production, sales, and logistics efficiency. In 2024, Lee & Man's white card paper revenue is expected to be approximately 22.1 billion yuan, with a sales volume of about 4.85 million tons [3] - The gross profit margin for Lee & Man's white card paper is projected to be over 4 percentage points higher than Bohui's, with margins of 14.9% and 9.4% respectively in 2024. Following recent price increases, Bohui's white card paper profitability is expected to improve slightly, with potential for further profit expansion if paper prices rise [3]

转自：中国经营网 中经记者 谭志娟 北京报道 巨丰投顾投资顾问总监郭一鸣在接受《中国经营报》记者采访时表示，人民币对美元汇率走强是国内外 多重因素共振的结果。 "国内方面，经济基本面稳健，前10个月银行结售汇顺差809亿美元，出口韧性带来持续结汇需求，构成 汇率走强的内在基础；海外方面，美元指数年内跌幅超8%，美联储自9月以来两次降息且12月降息预期 升温，为'美松中稳'的货币政策格局提供关键支撑。"郭一鸣解释说。 在美联储降息方面，近日多位美联储官员的表态进一步强化了政策宽松预期。旧金山联储总裁戴利明确 支持降息，认为就业市场突然恶化比通胀反弹更需警惕；同时，理事沃勒亦表示疲软的劳动力市场数据 为12月降息提供支撑；此外，理事米兰更呼吁大幅降息以尽快将利率降至中性水平。 芝商所美联储观察工具也显示，交易员对12月FOMC会议降息25个基点的概率已攀升至80%以上。 展望未来，郭一鸣认为，短期内人民币将维持偏强态势，但以稳为主，年底前快速破7可能性较低；中 短期"美松中稳"格局将持续支撑升值，中长期受益于跨境支付体系完善、去美元化加速等因素影响，人 民币系统性低估有望逐步修正，2026年或有望升破7.0关口。 ...

PriceSeek评析 瓦楞纸，多空评分：2 广东松炀再生资源股份有限公司宣布从12月8日起上调高强瓦楞纸价格50元/吨，包括已下订单，这表明 市场需求强劲或成本压力增加，对现货价格构成重大利好。此举可能带动市场整体价格上行，反映出供 应偏紧或下游包装行业需求提升。 【大宗商品公式定价原理】生意社基准价是基于价格大数据与生意社价格模型产生的交易指导价，又称 生意社价格。可用于确定以下两种需求的交易结算价： 1、指定日期的结算价 2、指定周期的平均结算价 定价公式：结算价=生意社基准价×K＋C K：调整系数，包括账期成本等因素。 C：升贴水，包括物流成本、品牌价差、区域价差等因素。 生意社12月02日讯广东松炀再生资源股份有限公司从12月8日8:30起，我司生产的高强瓦楞纸在原有价 格基础上调50元/吨(此次调价包含已下订单)。 生意社12月02日讯广东松炀再生资源股份有限公司从12月8日8:30起，我司生产的高强瓦楞纸在原有价 格基础上调50元/吨(此次调价包含已下订单)。 PriceSeek评析 瓦楞纸，多空评分：2 广东松炀再生资源股份有限公司宣布从12月8日起上调高强瓦楞纸价格50元/吨，包括已下订单， ...

Fixed Income Research - In the current low interest rate environment, real estate bonds have certain yield exploration space, but the fundamentals of the sector still need further improvement. The overall strategy recommendation remains focused on steady defense [2][6]. Paper and Light Industry Research - The operational efficiency and employee motivation of Bohui Paper Industry have improved, backed by Golden Light Paper Industry, enhancing long-term competitiveness [2][10]. Telecommunications Research - Guangku Technology has raised its profit forecast and target price, maintaining a buy rating. Revenue has significantly increased, driven by rapid growth in data communication [2][12]. Retail and Social Services Research - Tongcheng Travel's Q3 2025 performance exceeded expectations, with seasonal growth in hotel and transportation sectors improving sequentially. The company continues to achieve stable profit release through take rate enhancement and efficiency improvements [2][15][16]. Public Utilities Research - In the context of market capitalization assessment, state-owned enterprises with weak stock prices may have buyback demands. There is also potential for thermal power companies to increase dividends or buybacks [2][19][37].

12月1日晚，宁波富邦（600768）发布公告，宣布拟以3.7亿元价格，将所持宁波中华纸业有限公司(下 称"中华纸业")2.5%的股权转让给金光纸业(中国)投资有限公司(下称"金光纸业")。交易完成后，宁波富 邦将彻底退出中华纸业股东序列，本次交易预计为其带来约6200万元税前收益。 公告显示，在11月25日，宁波富邦便收到金光纸业支付的5000万元意向金，并于12月1日召开十届董事 会第二十次会议，审议通过了该项股权出售议案，同日双方正式签署《股权转让协议》。不过，该交易 仍需经宁波富邦股东会审议批准后方可最终落地。 此外，宁波富邦特别提示，本次交易尚处于推进阶段，虽已签署股权转让协议，但仍需履行股东会审议 程序，后续交易进展存在不确定性。公司将按照相关法律法规要求，及时披露交易后续动态。 公开资料显示，宁波富邦主要从事有色金属材料的加工及销售，业务涵盖电接触产品、铝型材加工及贸 易。2024年，该公司通过重大资产收购，将宁波电工合金（300697）材料有限公司55%股权纳入麾下， 实现了对电接触材料业务的整合。今年前三季度，宁波富邦实现净利润1613.86万元，同比增长 298.79%。公司称，业绩驱动主 ...

（编辑 袁冠琳） 证券日报网讯 12月1日，华泰股份在互动平台回答投资者提问时表示，华泰股份全资子公司日照华泰核 心产品为特种纸，涵盖纸袋纸、淋膜纸、胶带原纸、黑卡纸、牛卡纸等多个品类，应用场景广泛，可用 于食品包装、工业淋膜、印刷制品、电子产品包装等多个领域。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the light industry and textile sector, indicating a positive outlook for their stock performance in the coming months [4][6][11]. Core Insights - The report highlights the recent joint issuance of a consumption promotion plan by six government departments, focusing on enhancing supply-demand matching in consumer goods, which is expected to benefit the light textile sector [6][7]. - Four main investment themes are identified: emotional consumption, intelligent consumer goods, brand apparel, and manufacturing upgrades, each presenting unique opportunities for growth [6][7][8]. Summary by Relevant Sections Market Overview - The light industry index increased by 4.17%, ranking 5th among 28 industries, while the textile and apparel index rose by 2.75%, ranking 16th [6][11]. - Key sub-sectors within the light industry showed positive performance, with packaging printing up by 5.46% and cultural products by 4.81% [6][11]. Investment Themes 1. **Emotional Consumption**: The report emphasizes the importance of IP-driven products in creating demand, particularly in the cultural and pet economy sectors [6][7]. 2. **Intelligent Consumer Goods**: The ongoing advancements in AI and related standards are expected to drive the adoption of smart consumer products, with a focus on AI glasses and smart home products [6][7]. 3. **Brand Apparel**: The report notes a favorable environment for domestic brands due to increased recognition and innovation in consumer experiences [6][7]. 4. **Manufacturing Upgrades**: There is a focus on new textile materials and environmentally friendly products, highlighting companies with strong R&D capabilities [6][7]. Key Company Recommendations - Companies such as Bubble Mart and Morning Glory are highlighted for their strong growth potential and innovative capabilities in the emotional consumption and cultural product sectors [6][7]. - In the home furnishings sector, companies like Kuka Home and Xilinmen are recommended due to their robust e-commerce performance [6][7]. - For brand apparel, companies like Anta Sports and Li Ning are noted for their potential in functional footwear and apparel [6][7]. Raw Material Trends - The report tracks fluctuations in raw material prices, noting recent increases in cotton prices and stable pricing in certain paper products, which may impact production costs [19][22][39].

证券研究报告——造纸行业周报 废纸成本支撑，原纸涨价落地 【2025.11.24-2025.11.30】 行业评级：看好 核心观点 风险提示 需求不及预期风险，原材料价格波动风险，政策落地偏差风险。 请务必阅读最后一页免责声明 今年三季度以来，包装纸价格接连上涨，进入四季度后，又有多家纸企开启新一轮提价。 近日，央视财经频道推出纸价上涨专题报道，指出包装纸价格涨幅已达 25%以上，产业链上 下游企业正通过各种方式，积极应对成本压力。 1 分析师：杨素婷 执业证书编号：S0770524020002 邮箱：yangst@dtsbc.com.cn 研究助理：温慧 执业证书编号：S0770125070012 邮箱：wenh@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 发布日期：2025.12.01 造纸行情走势图 包装纸涨价潮深化，全产业链传导顺畅：本周各企业涨价接续 落地，三季度以来累计涨幅超 25%，多家纸企密集上调白卡纸、 瓦楞纸等价格 50-200 元/吨。终端价格同步走强，箱板纸、瓦 楞纸、白卡纸均价周环比分别上涨 50 元/吨、50 ...

Market Performance - The paper sector increased by 0.78% on December 1, with Yibin Paper leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Yibin Paper (600793) closed at 23.53, up 5.90% with a trading volume of 84,700 shares and a turnover of 196 million yuan [1] - Songyang Resources (603863) closed at 19.78, up 3.02% with a trading volume of 81,500 shares and a turnover of 159 million yuan [1] - Other notable performers include Qifeng New Materials (002521) up 1.79%, and Xianhe Co. (603733) up 1.74% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 63.02 million yuan from institutional investors, while retail investors saw a net inflow of 49.87 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Detailed Capital Flow for Selected Stocks - Yibin Paper had a net inflow of 30.20 million yuan from institutional investors, but a net outflow of 15.85 million yuan from retail investors [3] - Songyang Resources saw a net inflow of 14.27 million yuan from institutional investors, with retail investors experiencing a net outflow of 14.49 million yuan [3] - Other stocks like Yueyang Forest Paper (600963) and ST Chenming (000488) also showed varied capital flows, reflecting differing investor sentiments [3]