行业 纸浆日报 日期 2025 年 9 月 29 日 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾 ...

Core Viewpoint - Sun Paper Industry's stock has experienced fluctuations, with a recent decline of 2.06% on September 29, 2023, reflecting broader market trends and company performance metrics [1] Company Performance - As of June 30, 2023, Sun Paper Industry reported a revenue of 19.11 billion yuan, a year-on-year decrease of 6.87%, while the net profit attributable to shareholders was 1.78 billion yuan, showing a growth of 1.26% [2] - The company has a diverse revenue stream, with the main business income composition including: corrugated boxboard (27.32%), double offset paper (21.99%), and coated paper (10.55%) among others [1] Stock and Market Activity - The stock price of Sun Paper Industry has decreased by 2.26% year-to-date, with a 1.11% drop over the last five trading days and a 6.13% decline over the last 20 days, although it has increased by 8.37% over the last 60 days [1] - The company had a market capitalization of 39.794 billion yuan as of the latest trading session, with a trading volume of 1.07 billion yuan [1] Shareholder Information - As of June 30, 2023, the number of shareholders increased to 39,900, a rise of 10.73%, while the average circulating shares per person decreased by 9.58% to 69,610 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 47.5613 million shares, a decrease of 88,200 shares from the previous period [3]

Group 1 - The paper sector experienced a significant upward trend, with notable stocks such as Jingxing Paper reaching the daily limit increase [1] - Rongsheng Environmental Protection saw an increase of over 5%, indicating strong market interest [1] - Other companies in the sector, including Qingshan Paper, Bohui Paper, Xianhe Co., and Hengda New Materials, also showed positive performance [1]

Group 1 - The paper industry is experiencing a significant upward trend, with notable stocks such as Jingxing Paper Industry hitting the daily limit, and Rongsheng Environmental Protection rising over 5% [1] - Other companies in the sector, including Qingshan Paper Industry, Bohui Paper Industry, Xianhe Co., and Hengda New Materials, are also seeing increases in their stock prices [1]

Report Summary 1. Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 29, 2025 [2] 2. SP Main Contract Information - Closing Price on September 26, 2025: 5016.00 - Price Changes: -0.86957% compared to the previous day - Basis: Shandong Yinxing basis was 594, and Jiangsu-Zhejiang-Shanghai Yinxing basis was 609 on September 26, 2025 [3] 3. Import Information - Import Profits: Calculated based on 13% VAT, the import profit of Jinsi was -154.38, Xiongshi was -526.54, and Yinxing was -99.83 [4] 4. Price Information - National Average Prices: From September 22 to September 26, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged - Shandong Regional Average Prices: Also remained unchanged during the same period - Paper Product Indexes: The indexes of cultural paper, packaging paper, and tissue paper remained unchanged - Profit Margins: The profit margins of double-offset paper, double-coated paper, white cardboard, and tissue paper remained unchanged [5] 5. Price Spread Information - Price Spreads: From September 22 to September 26, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper remained relatively stable [5]

Group 1: Alibaba Group - CMB International maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 195, citing advancements in AI infrastructure investment of RMB 380 billion and a projected 10x increase in data center energy consumption by 2032 [1] - CICC also maintains an "Outperform" rating for Alibaba-SW, increasing the target price to HKD 197, highlighting the leading position of Tongyi model ecosystem and the potential for commercial value release [1] Group 2: Kuaishou Technology - UBS maintains a "Buy" rating for Kuaishou-W, setting a target price of HKD 95.37, noting significant advancements in the 可灵 2.5 Turbo model for text understanding and video generation [1] Group 3: Xiaomi Corporation - Daiwa Securities maintains a "Buy" rating for Xiaomi Group, with a target price of HKD 76, reporting an increase in weekly electric vehicle deliveries to 10,000-12,000 units and plans to enter the European market by 2027 [2] Group 4: Longwind Pharmaceutical - China Everbright Securities International highlights Longwind Pharmaceutical's strong growth prospects, focusing on inhalation technology and drug development, with six products approved in the respiratory disease field [3] Group 5: Nine Dragons Paper Holdings - Bank of America maintains a "Buy" rating for Nine Dragons Paper, setting a target price of HKD 6.5, with a projected net profit of RMB 1.767 billion for FY25 and a 9.7% increase in sales [3] - Shenwan Hongyuan also maintains a "Buy" rating, noting significant improvements in gross profit and net profit, with expected growth in net profit for 2026-2028 [4] - Guotai Junan raises the target price for Nine Dragons Paper to HKD 7.37, citing a 9.6% increase in sales and a 1.9 percentage point rise in gross margin [4] Group 6: Xindong Company - CMB Securities strongly recommends Xindong Company, highlighting the successful public testing of "伊瑟" and a 37.74% increase in revenue from the TapTap platform [5] Group 7: Mixue Group - CITIC Securities maintains a "Buy" rating for Mixue Group, emphasizing its efficient supply chain and membership growth exceeding 300 million, with plans for expansion in Southeast Asia and new global markets [6]

中国传统书画纸历史悠久、应用广泛，对其工艺的研究关涉古书画鉴定、文博修复、艺术创作应用等多个领域。科技如何赋能中国传统书画纸工 艺研究？9月27日，一场关于"科技赋能中国传统书画纸——中国传统书画专用纸工艺提升关键技术研发"的学术论坛在中国美术学院象山校区举 行。研讨会汇聚了全国文博单位和高校造纸相关领域的专家学者，以学术对话的方式，共同探索科技手段在传统书画纸制作、保护与应用中的最 新成果，振兴与传承中国历史悠久的传统纸工艺。 论坛现场 "科技赋能中国传统书画纸——中国传统书画专用纸工艺提升关键技术研发"学术论坛聚焦国内外在中国传统书画专用纸科学研究、生产工艺与设 备创新、文博修复及艺术创作应用等领域的前沿进展。项目牵头单位中国美术学院特邀来自博物馆文物保护、文物修复、纸张科技分析、纸张科 学研究、艺术创作等领域中的资深专家开展学术分享与深度交流。研讨会汇聚了来自故宫博物院、上海博物馆、浙江省博物馆、中国丝绸博物 馆、复旦大学、中国美术学院、四川大学等文博机构和高校的造纸相关领域的专家学者。 论坛现场 论坛现场 国家重点研发计划"文化科技与现代服务业"重点专项"中国传统书画专用纸工艺提升关键技术研发"项目负 ...

Core Viewpoint - The company reported FY25 results that met expectations, with significant growth in both revenue and net profit, indicating strong operational performance and effective cost management [1][2]. Financial Performance - FY25 revenue reached 63.241 billion yuan, a year-on-year increase of 6.3% - Net profit was 2.202 billion yuan, up 177.3% - Net profit attributable to shareholders was 1.767 billion yuan, an increase of 135.4% after deducting approximately 400 million yuan in perpetual bond interest - Sales volume for FY25 was 21.5 million tons, a growth of 9.6% [1]. Segment Performance - In FY25, revenue from various paper products was as follows: - Corrugated paper: 33.344 billion yuan (+9.1%) - Grey bottom white paper: 6.901 billion yuan (-15.3%) - White card paper: 3.723 billion yuan (+51.2%) - Cultural paper: 5.408 billion yuan (+30.8%) - The share of cultural paper and white card paper has significantly increased, benefiting from favorable competition dynamics [3]. Production Capacity and Raw Material Advantage - As of FY25, the company had 4.73 million tons of wood pulp capacity, with plans to increase this to 7.43 million tons by FY27 - The self-produced wood pulp provides a significant cost advantage compared to external sourcing, contributing positively to FY25H2 profitability [2][4]. Market Dynamics - The demand for corrugated paper is expected to improve due to a gradual recovery in downstream demand and a slowdown in new capacity from leading manufacturers - The pricing for corrugated paper and other products has shown signs of stabilization and potential upward movement, driven by supply-demand dynamics [3][4]. Future Outlook - The company has raised its net profit forecasts for FY26-27 to 3.117 billion yuan and 3.759 billion yuan, respectively, reflecting a strong growth trajectory - The projected PE ratios for FY26-28 are 7.9, 6.5, and 5.5, indicating attractive valuation levels [4].

Group 1 - The stock of Qingshan Paper (600103) experienced a limit down today, with a turnover rate of 19.12% and a transaction amount of 1.606 billion yuan, showing a fluctuation of 9.02% [2] - The stock was listed on the Shanghai Stock Exchange's watch list due to a daily decline deviation of -9.42%, with a net sell of 54.888 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments on the watch list had a total transaction amount of 347 million yuan, with a buying amount of 81.990 million yuan and a selling amount of 265 million yuan, resulting in a net sell of 183 million yuan [2] Group 2 - In the past six months, the stock has appeared on the watch list 13 times, with an average price increase of 2.01% the day after being listed and an average increase of 3.42% in the following five days [2] - The stock saw a net outflow of 184 million yuan in main funds today, with a significant single net outflow of 131 million yuan and a large single fund net outflow of 5.253 million yuan [2] - According to the semi-annual report released on August 26, the company achieved an operating income of 1.210 billion yuan in the first half of the year, a year-on-year decrease of 15.27%, while net profit was 56.079 million yuan, a year-on-year increase of 1.74% [2]

Group 1 - The company Xianhe Co., Ltd. (603733.SH) announced a plan to issue A-shares to specific investors, aiming to raise a total of no more than 3 billion yuan (including the amount) [1] - The net proceeds from this fundraising, after deducting issuance costs, will be used for the second phase of the high-performance paper-based new materials project in Sanjiangkou New District, Guangxi, as well as to supplement working capital [1]