Report Industry Investment Rating The report does not mention the industry investment rating. Core View of the Report In the context of limited new supply pressure, shortage of high - quality raw materials, and continuous demand growth, it is expected that the annual price center of corrugated paper will move up, with a "V" - shaped trend. The price will face pressure and decline moderately in the first half of the year, and then start a moderate rebound in the middle of the year [3]. Summary by Directory 1.走出低价泥潭 - **行情回顾**：2025 年国内包装纸价格走势分两阶段，年初至 7 月中旬，供应宽松、需求疲软致价格下滑，AA 级 120g 高瓦均价一度探 2500 元/吨，箱板纸均价一度探 3500 元/吨；7 月中旬至 11 月底，绝对价格低、原料价涨、“反内卷”政策出台，龙头纸厂提价带动价格回升，AA 级 120g 高瓦均价回升至 3200 元/吨以上，箱板纸价格回升至 3900 元/吨以上 [7]。 - **利润特征**：利润低位徘徊，行业供应过剩局面未根本缓解。7 月下旬以来废黄板纸价格上涨，箱板纸税后毛利未显著修复，瓦楞纸单吨税后毛利有一定上涨，但二者均基本持平或低于历史同期水平。截至 2025 年 11 月下旬，箱板纸单吨税后毛利约 350 元/吨，瓦楞纸单吨税后毛利约 175 元/吨 [10]。 2. 产能投放速度放缓 - **国内供应**：截至 2024 年末，不同机构数据显示国内瓦楞纸产能约 3400 - 3600 万吨，箱板纸产能约 4400 - 4800 万吨。2025 年国内新增瓦楞纸产能约 272 万吨，集中在华东地区；新增箱板纸产能约 172 万吨，集中在华中、华南和西南地区。展望 2026 年，新增产能投放速度放缓，或有部分中小产能出清，投产确定性较强的瓦楞纸项目约 157 万吨，箱板纸项目约 213 万吨，包装纸产能过剩格局未改，但新增投产利空力度有限 [14][23][28]。 - **进口变化**：国内废纸系包装纸对进口依赖度提高，2024 年箱板纸进口 560 万吨，进口依赖度 16%左右；瓦楞纸进口 268 万吨，进口依赖度 10%左右。2025 年 1 - 10 月，低价抑制包装纸进口，瓦楞纸进口量同比 - 20%，箱板纸进口量同比 - 21%，三季度后进口有所回暖。展望 2026 年，进口量受长协和市场价格驱动的跨境套利行为影响，预计整体进口量维持平稳 [30][31][33]。 3. 需求延续温和增长 - **2025 年需求延续强势**：2014 - 2024 年，瓦楞纸年度消费量 CAGR 约 2.6%，箱板纸消费量 CAGR 约 3.3%。2025 年 1 - 10 月，瓦楞纸和箱板纸表观消费量表现延续强势，瓦楞纸强于箱板纸，快递行业占瓦楞及箱板纸消费比重由 2021 年的 4%提升到 2025 年的 6.5% [36][39]。 - **终端消费**：2025 年 1 - 10 月，真实消费量表现强势，下游需求传导通畅。年内有两个旺季，一是春节后金三银四复工和 618 电商旺季，二是 9 - 12 月节假日备货和双十一电商需求拉动，春节后是淡季。展望 2026 年，饮料产量有望同步实现个位数增长，家电产量面临压力，快递业务量或维持低两位数增长，对瓦楞纸和箱板纸终端消费增速偏乐观 [43][49][59]。 - **出口订单**：国内箱板纸和瓦楞纸以满足内需为主，出口量少。2016 年是出口高峰，此后下滑。2025 年 1 - 10 月，出口量占比低，瓦楞纸出口量同比 - 39%，箱板纸出口量同比 + 44%。展望 2026 年，出口占比或无明显变化，出口量难有明显增长 [62][64]。 - **库存结构**：2025 年产业链库存由上游向下游转移，当前下游库存达同期高位，预计 2026H1 库存周期转向下游去库、上游累库，节点取决于终端需求变化 [67]。 4. 原料价格的判断 - **原料进口**：2017 年起国家收紧外废进口政策，纤维补充方式转变。2025 年 1 - 10 月，国内废纸浆进口缩量，同比 - 13%，主要因政策影响，国家限制“干磨浆”进口。基准情形下，2026 年国内废纸浆进口数量大幅减少可能性偏低 [80][84][89]。 - **国废价格**：长期看，国废价格受国产纸产量影响，我国成品纸产量逐年提升，2026 年产量增速或放缓但快速下滑概率不大。瓦楞纸、箱板纸等废纸系成品纸占比提升，优质纤维紧缺。废纸回收和利用方面，2024 年利用国内回收废纸总量增长，回收率提升，利用率下降。原料价格有季节性特征，二季度是底部，夏季高温多雨影响回收，价格跟随季节性波动，下方空间有限 [90][92][101]。 - **利润开工**：2026 年低利润特征或强化，行业开工主要取决于订单和进口再生纤维浆清关速度，除非原料供应大范围受限，包装纸供应相对充足 [105]。 5. 市场展望 - 2026 年行业供需呈现原料相对紧缺、产能相对过剩但新增有限、需求温和增长的情况，供需矛盾缓和，年度价格中枢温和上升，走势或呈“V”字型 [114]。

Group 1 - The core viewpoint of the article indicates that Nine Dragons Paper Holdings Limited (玖龙纸业) experienced a significant decline in stock price, dropping over 8% to HKD 5.73, with a trading volume of HKD 101 million [1] - Recent reports suggest that Nine Dragons Paper has reduced prices for various paper products, including a decrease of 70 CNY/ton for corrugated cardboard and recycled paper, and a reduction of 120 CNY/ton for corrugated paper [1] - According to industry data, there is an increasing pressure on domestic finished paper demand as it slows down entering December, with a notable rise in inventory levels for corrugated paper and boxboard [1] Group 2 - As of the week ending December 11, the inventory of corrugated paper among sampled enterprises reached 262,200 tons, reflecting a week-on-week increase of 10.03%, with the growth rate accelerating by 3.93 percentage points compared to the previous week [1]

截至发稿，岳阳林纸市值为73亿元。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… （记者 张明双） 每经AI快讯，岳阳林纸（SH 600963，收盘价：4.15元）12月17日晚间发布公告称，公司第九届第一次 董事会会议于2025年12月17日在湖南省岳阳市公司会议室以现场结合视频方式召开。会议审议了《关于 审核财务总监人选任职资格的议案》等文件。 2024年1至12月份，岳阳林纸的营业收入构成为：造纸业占比84.81%，市政园林占比5.44%，电力占比 4.42%，其他业务占比2.13%，建筑安装业占比1.9%。 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Related Catalogs 3.1 SP Main Contract Information - The closing price of the SP main contract on December 16, 2025, was 5468.00 [4] - The closing prices and related data for previous days are also provided, showing the price trends and changes such as daily percentage changes, basis differences [4] 3.2 Pulp Import Information - Import information for different pulp brands from various origins is presented, including port - dollar prices, Shandong - region RMB prices, and import profits. For example, the import profit of Canadian Golden Lion pulp is 24.94, while that of Canadian Lion pulp is - 337.30, and the import profit of Chilean Silver Star pulp is 60.46 [5] 3.3 Pulp Price Averages - The national and Shandong - region average prices of different types of pulp (coniferous, broad - leaved, natural, and chemical mechanical pulp) from December 10 - 16, 2025, are provided, with no price changes during this period [5] 3.4 Paper Product Indexes and Profit Margins - Indexes of different paper products (cultural paper, packaging paper, and living paper) are presented, with most remaining unchanged except for a 4 - point increase in the living - paper index [5] - Estimated profit margins of different paper products are also provided, showing some positive changes from December 11 - 16, 2025 [5] 3.5 Pulp Price Spreads - Price spreads between different types of pulp (coniferous - broad - leaved, coniferous - natural, coniferous - chemical mechanical, and coniferous - waste paper) from December 10 - 16, 2025, are given, showing some fluctuations [5]

Core Viewpoint - The 2025 CSR Gala and the First Financial Good Business Forum highlighted the theme of "Resilient Coexistence: Reshaping Sustainable Competitive Advantage," where APP (China) was awarded the "Sustainable Responsibility Model" honor for its commitment to corporate social responsibility and sustainable development [1][3]. Group 1: Corporate Recognition - APP (China) has been recognized in the 2025 First Financial China Corporate Social Responsibility List, receiving the "Sustainable Responsibility Model" award for its long-term commitment to "long-termism" and "coexistence for good" initiatives [3]. - The China Corporate Social Responsibility List, initiated by First Financial in 2008, has become one of the most professional and authoritative evaluations of corporate social responsibility in the business community [3]. Group 2: Sustainable Development Initiatives - At the gala, APP (China) shared its initiatives for deepening business for good and promoting sustainable development, emphasizing that paper serves not only as a product but also as a medium for sustainable development [5]. - APP's approach includes a "fourfold perception" framework regarding paper: 1. The "weight" of paper reflects ecological responsibility and future commitments, with APP building a resource recycling system through an integrated "forest-pulp-paper" model [5]. 2. The "resilience" of paper is driven by technology and finance, with APP innovating solutions for replacing plastic with paper and exploring innovative financial tools like "carbon credit pledge loans" [5]. 3. The "temperature" of paper represents humanistic care, with APP engaging in educational support and rural revitalization projects to benefit future generations [5]. 4. The "extension" of paper transcends industry boundaries, as APP evolves from traditional papermaking to providing green material solutions and fostering global green supply chain cooperation [5]. Group 3: Future Commitment - As a leading global pulp and paper group, APP has prioritized sustainable development since entering China in the 1990s, aiming for mutual growth with stakeholders in economic, social, and environmental aspects [6]. - APP plans to continue its long-term commitment to responsible practices, using innovation and responsibility to create a more sustainable and hopeful future [6].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Content SP Main Contract Closing Price - On December 15, 2025, the SP main contract closing price was 5,572.00, with a 0.68666% increase from the previous day. The corresponding US dollar price was 690.59 [3]. Import Prices and Profits - With a 13% VAT calculation, for Canadian pulp brands, the CFR price of Golden Lion was 780 US dollars, with a RMB price of 6,300 in Shandong and an import profit of 16.13; the CFR price of Lion was 730 US dollars, with a RMB price of 5,540 in Shandong and an import loss of 345.55. For the Chilean brand Silver Star, the CFR letter - of - credit price for 90 days was 680 US dollars, with a RMB price of 5,565 in Shandong and an import profit of 77.78. The previous day's exchange rate was 7.05 [4]. Pulp and Paper Price Averages - From December 9 to December 15, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6,073.75, 4,810.75, 5,415.00, and 3,686.25 respectively. The average prices in Shandong also remained unchanged. The indices of cultural papers (double - offset and double - copper), packaging paper (white card), and living paper also remained unchanged during this period [4]. Pulp and Paper Profit Margins - From December 10 to December 15, 2025, the estimated profit margin of double - offset paper changed by 0.0855, double - copper paper by - 0.9500, white card paper by 0.0577, and living paper by 0.3752 [4]. Pulp Price Spreads - From December 9 to December 15, 2025, the softwood - hardwood pulp price spread remained at 900.00. The softwood - natural pulp price spread and other spreads showed certain changes during this period [4].

机构观点 新世纪期货： 上一工作日现货市场价格趋稳。本周山东地区部分复产，供应压力仍存。出版订单集中提货，社会面订单预期平稳，经销商或存在以价换量行 为，需求端整体偏弱。预计短期价格偏弱震荡为主。不排除由于流动性问题导致价格大幅波动。 12月以来白卡纸走势窄幅上涨，截至12月12日国内白卡纸市场均价4244元/吨，较上月底价格上涨0.71%。 本期(20251205-1211)双胶纸产量20.6万吨，较上期减少0.1万吨，降幅0.5%，产能利用率52.7%，较上期下降0.3%。本期双胶纸生产企业库存138.9 万吨，环比增幅0.3%。 消息面 瑞达期货（002961）： 12月12日，高白双胶纸山东市场主流意向成交价格在4650-4750元/吨，部分本白双胶纸价格在4300-4500元/吨，价格较上一工作日持平。 双胶纸产业库存处于同期高水平，终端整体需求表现力度欠佳，预计双胶纸维持区间偏弱震荡。OP2601合约建议下方关注3900附近支撑，上方 4060附近压力，区间操作。 ...

Core Viewpoint - The construction of the Pinglu Canal, part of the Western Land-Sea New Corridor, is enhancing the connectivity of Guigang City, creating new advantages for inland ports and transforming its development landscape [1] Group 1: Investment and Economic Development - Guigang has successfully attracted seven projects with investments exceeding 10 billion yuan, including Xinlianxin Green Chemical and Zhihua Yuanchuang Paper Industry, leveraging its port advantages and efficient services [1][2] - The city has implemented a "one project, one leader, one special team" follow-up service mechanism to accelerate the construction of major projects, resulting in a total investment of 87.5 billion yuan from seven projects [3] - Since the beginning of the 14th Five-Year Plan, Guigang has launched 82 major industrial projects, completing investments of over 30 billion yuan [3] Group 2: Service and Support Mechanisms - Guigang provides group-style services for large projects, establishing a collaborative mechanism among various departments to ensure smooth project execution [2][3] - The city has conducted a "thousand enterprises, ten thousand households" outreach activity to assess financing needs, resulting in 35,800 small and micro enterprises receiving loans totaling 39.7 billion yuan [6] Group 3: Industry Transformation and Upgrading - The wood-based panel and home furnishing industry in Qintang District faces challenges due to market contraction, prompting local authorities to assist companies in transitioning to producing eco-friendly boards [5] - Guigang has facilitated the integration and upgrading of over 63 small panel enterprises to enhance competitiveness [5] Group 4: Employment and Community Support - Guigang has established a "worker home" for employees in the electric vehicle industry, providing amenities that improve worker satisfaction and retention [7][8] - The city has implemented measures to reduce inspection frequencies for businesses, transforming regulatory checks into supportive services [7] Group 5: Project Tracking and Evaluation - Guigang has established a project tracking and evaluation mechanism to monitor the implementation and effectiveness of investment projects, ensuring timely problem resolution [9][10] - From January to September, the city initiated 188 investment projects, with 141 completed [10]

为聚焦核心职责及主营业务，本公司拟透过出售目标公司股权及贷款，剥离所有于其融资租赁业务有关 的资产。出售事项符合本公司整体发展策略，并将改善资产负债架构，盘活现有资产及使本公司集中资 源发展主业。此举将进一步提高本公司盈利能力及提升核心竞争力，从而推动高质量可持续发展。买方 (一间由寿光市财政局成立的全资国有企业)具备良好信誉及强大履约能力。 出售事项完成后，本集团日常业务运营在完成前后将基本保持不变。本集团将继续专注于生产及销售纸 制品的主要业务。目前，本集团五个生产基地中有四个已经復产。董事预计在出售事项完成后，本集团 业务及经营规模将不会出现重大变动，且出售事项将不会对本集团业务及运营产生重大影响。 智通财经APP讯，晨鸣纸业(01812)发布公告，于2025年12月15日，湛江晨鸣纸品有限公司(湛江晨鸣纸 品，作为目标贷款的卖方)、香港晨鸣(作为目标股权的卖方)及买方寿光市晟嘉投资有限公司(作为买方) 订立股权及贷款转让协议，据此，本公司与香港晨鸣同意出售，而买方同意收购目标股权及目标贷款， 总代价为人民币33.36亿元。 根据股权及贷款转让协议，香港晨鸣已同意出售，而买方已同意收购目标公司1山东晨鸣 ...

Core Viewpoint - Since the end of August, the price of white cardboard has been continuously increasing, leading to an improvement in industry profitability despite raw material costs showing a temporary decline followed by an increase [1][6]. Price Trends - White cardboard prices have been raised monthly, starting with a notification of a 100 yuan/ton increase in September, accumulating a total of 600 yuan/ton increase over four rounds by December [2][3]. - As of December 11, the average market price for white cardboard in China reached 4244 yuan/ton, reflecting a 7.99% increase since the end of August [2]. Raw Material Costs - The price trends for raw wood pulp have diverged, with broadleaf pulp prices increasing due to external and domestic factors, while needle pulp prices have fluctuated based on supply and demand dynamics [4]. - By December 11, the cost of white cardboard had increased by 2.51% since the end of August, which is lower than the price increase of white cardboard [4]. Profitability Analysis - Despite the increase in white cardboard prices, the gross profit margin remains negative at -6.31% as of December 11, although it has improved by 5.68 percentage points since the end of August [6]. - The industry is experiencing a shift towards domestic raw material substitution, with companies increasingly using domestic chemical pulp and broadleaf pulp, leading to a slight profitability in the sector [8]. Market Conditions - The current price of white cardboard is at a five-year low, and market profitability is below the five-year average, prompting manufacturers to continue raising prices to improve the operational environment [8]. - Companies with self-produced pulp have a competitive advantage in the context of overall excess capacity and intense price competition in the market [8].