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 divergence from paper prices [1][2][4]. Price Trends - White cardboard prices have been raised monthly, starting with a 100 yuan/ton increase in September, accumulating to a total increase of 600 yuan/ton 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 cost of raw materials has shown a mixed trend, with wood pulp prices fluctuating. As of December 11, the overall cost of white cardboard has increased by 2.51% since the end of August, which is lower than the price increase of white cardboard [4][6]. - The cost of white cardboard remains below the five-year average from September to November [4]. Profitability Analysis - Despite the price increases, the gross margin for white cardboard remains negative at -6.31% as of December 11, although it has improved by 5.68 percentage points since the end of August [6]. - When considering domestic pulp substitutes, the gross margin for white cardboard has been between 0.98% and 4.84%, indicating that the industry is operating at a marginal profit level [8]. Market Dynamics - The current market for white cardboard is characterized by overcapacity and intense price competition, with companies that have their own pulp production gaining a competitive advantage [8].

国泰君安期货·能源化工 胶版印刷纸周度报告 国泰君安期货研究所·石忆宁 投资咨询从业资格号：Z0022533 日期：2025年12月14日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情走势 02 供需数据 03 行情研判 04 行业资讯 现货价格 成本利润 季节性特征 供给 需求 库存 进出口 行情研判 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1、本周双胶纸市场个别松动。据卓创资讯数据显示，本周70g木浆高白双胶纸市场均价为4735元/吨，环比下跌0.06%，与上周趋势相比由 涨转跌；70g木浆本白双胶纸市场均价为4422元/吨，环比上涨0.07%，涨幅环比持平。影响市场价格走势的主要因素有：第一，规模纸企稳 价出货为主，部分接单尚可，但整体库存压力仍存；第二，年末经销商备库偏理性，社会面订单暂无明显改善，高白双胶纸部分成交存在商 谈空间；第三，出版订单陆续开始提货，本白双胶纸出货存在向好预期，价格多数稳定；第四，上游木浆价 ...

Group 1 - The core viewpoint of the article is that Anhui Linping Circular Development Co., Ltd. has submitted its IPO registration to the Shanghai Stock Exchange, aiming to raise approximately 1.2 billion yuan for new projects [1] - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard products, evolving into a comprehensive resource utilization enterprise integrating waste paper recycling, cogeneration, and green papermaking [1] - The company’s main board IPO was accepted on June 25, 2025, entered the inquiry stage on July 23, 2025, and was approved during the meeting on December 11, 2025 [1] Group 2 - The funds raised from the IPO will be invested in two major projects: a new materials project with an annual production capacity of 900,000 tons of green and environmentally friendly intelligent manufacturing (Phase II) and a project for 600,000 tons of bio-based fiber green intelligent manufacturing [1]

截至发稿，美利云市值为77亿元。 （记者 张明双） 每经AI快讯，美利云（SZ 000815，收盘价：11.1元）12月12日晚间发布公告称，公司第九届第三十二 次董事会会议于2025年12月12日在北京北投投资大厦会议室以现场结合通讯表决的方式召开。会议审议 了《关于召开公司2025年第四次临时股东会的议案》等文件。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 2025年1至6月份，美利云的营业收入构成为：互联网数据中心（IDC）业务收入占比92.68%，光伏发电 占比5.92%，造纸业占比1.23%，其他业务占比0.17%。 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of wood chips in the international market has been tight recently, and prices have risen rapidly. APRIL and Bracel under the Golden Eagle Group announced a $20/ton increase in the price of bleached hardwood kraft pulp (BHK) for orders received in December in Asia. On the demand side, pulp paper companies have recently issued price increase notices, with only white cardboard showing good implementation. Double-offset paper has issued another round of price increase notices, and their implementation needs attention. As of December 4, 2025, the inventory in major Chinese pulp ports decreased by 710,000 tons from the previous period, a 3.3% decline, showing a continuous slight de-stocking trend for two consecutive weeks. The pulp futures increased significantly with heavy positions during the night session, but there is no corresponding news from the industrial side, so the short - term risk is high. It is recommended to avoid unilateral trading and suggest a 1 - 5 reverse spread strategy [6]. 3. Summary by Relevant Catalogs Pulp Price Data - **Futures Prices (Yuan/ton)**: On December 11, 2025, SP2601 was 5508, up 2.76% day - on - day and 0.22% week - on - week; SP2512 was 4810, up 1.99% day - on - day and 0.80% week - on - week; SP2605 was 5586, up 2.76% day - on - day and 0.90% week - on - week [6]. - **Spot Prices (Yuan/ton)**: Coniferous pulp Silver Star was 5600, up 1.82% day - on - day and unchanged week - on - week; Russian Needle was 5250, unchanged both day - on - day and week - on - week; Broadleaf pulp Goldfish was 4500, unchanged both day - on - day and week - on - week [6]. - **Outer - market Quotes (Dollars/ton)**: Chilean Silver Star was 680, unchanged; Japanese pulp was 540, up 1.89% from the previous period; Chilean Venus was 590, unchanged [6]. - **Import Costs (Yuan/ton)**: Chilean Silver Star was 5559, unchanged; Brazilian Goldfish was 4425, up 1.87% from the previous period; Chilean Venus was 4830, unchanged [6]. Pulp Fundamental Data - **Supply**: In October 2025, the import volume of coniferous pulp was 691,000 tons, unchanged from September; the import volume of broadleaf pulp was 1.318 million tons, down 2.80% from September. The monthly domestic production of broadleaf pulp and chemimechanical pulp fluctuated. The shipment volume of pulp to China decreased by 7.49% [6]. - **Inventory**: As of December 4, 2025, the pulp port inventory was 2.107 million tons, and the futures delivery warehouse inventory was 210,000 tons. The port inventory showed a de - stocking trend [6]. - **Demand**: The production volume of finished paper such as double - offset paper, coated paper, tissue paper, and white cardboard also fluctuated monthly [6].

玖龙纸业(02689)发布公告，林耀坚先生于股东周年大会上退任本公司独立非执行董事、审核委员会主 席及提名委员会、薪酬委员会及企业管治委员会的成员。孙宝源先生获委任为本公司审核委员会主席及 提名委员会、薪酬委员会及企业管治委员会的成员，自2025年12月11日起生效。 ...

Group 1: Market Overview - As of November 26, the average market price for 70g wood pulp high white double glue paper is 4731 CNY/ton, showing a slight decrease of 3 CNY/ton or 0.06% month-on-month [1][2] - The average market price for AA-grade corrugated paper (120g) is 3164 CNY/ton, reflecting a month-on-month increase of 6.35% and a year-on-year increase of 16.71% [1][4] Group 2: Cultural Paper Insights - Demand for cultural paper remains weak, with cautious inventory levels among distributors leading to limited new orders despite some paper companies announcing price increases [2] - The upstream raw material market for wood pulp has shown a weakening transmission effect, with prices fluctuating throughout the month [2] Group 3: White Cardboard Analysis - The average market price for 250-400g flat white cardboard is 4194 CNY/ton, which has increased by 3.30% compared to October, with a larger increase of 0.85 percentage points [3] - Cost pressures remain significant, prompting paper manufacturers to continue raising prices, which supports upward price movement in the market [3] Group 4: Corrugated Paper Dynamics - The price of AA-grade corrugated paper has been supported by low inventory levels at upstream paper mills and a clear willingness to raise prices [4] - Despite general order conditions being average for downstream packaging factories, the continuous rise in raw paper prices has maintained a reasonable level of purchasing activity [4] Group 5: Wood Pulp Market Trends - The imported wood pulp market shows a mixed trend, with overall trading driven by essential demand [5] - The price of imported hardwood pulp continues to rise due to strong external market conditions, while the price of imported chemical pulp is under pressure due to demand constraints [5]

Group 1 - Zhejiang Jingxing Paper Industry Co., Ltd. has achieved significant milestones with its second phase of the 600,000-ton recycled paper project in Malaysia, marking the completion of the main structure on December 5 [2] - The company signed a bilateral loan agreement worth $60 million with the Asian Development Bank on December 9, which will fund the aforementioned project [2] - The Malaysian project is part of the "Belt and Road" initiative, with a total investment of 1.8 billion RMB for phase one and 1.6 billion RMB for phase two, producing 800,000 tons of recycled pulp and 600,000 tons of boxboard paper respectively [2] Group 2 - The Xiamen University Malaysia campus, which has invested 1.3 billion MYR, can accommodate 12,000 students and has enrolled 9,100 students from 48 countries this year [3] - Since its first graduation ceremony in 2019, the campus has produced over 7,700 graduates, with many continuing their studies at prestigious universities or finding employment in countries along the "Belt and Road" [3] - The two cases exemplify the achievements of China's "Belt and Road" initiative, which has signed over 200 cooperation documents with 155 countries and more than 30 international organizations since its inception in 2013 [3] Group 3 - The "green Belt and Road" initiative has established clear strategies for ecological protection, including cooperation on environmental protection, green technology exchange, and investment funding [5] - China has significantly contributed to the low-carbon technology levels of "Belt and Road" partner countries, exporting 50% of the world's wind power and 80% of solar power equipment [5] - The initiative has improved partner countries' reliance on traditional energy sources and enhanced their low-carbon technology capabilities [5] Group 4 - China aids partner countries in enhancing their low-carbon technology research capabilities and provides technology transfer and green knowledge sharing [6] - Collaborative research and application in green technology have been established with countries like Pakistan and the Philippines, focusing on carbon reduction [6] - The transfer of renewable energy technologies to countries such as Thailand and Bangladesh has facilitated local income growth while improving environmental conditions [6] Group 5 - The "green Belt and Road" initiative serves as a platform for environmental exchange and shares governance strategies for climate change with developing countries [9] - The entry of Chinese enterprises into Malaysia has created high-value jobs through technology transfer and industrial upgrades [9] - Customized cooperation models for the "green Belt and Road" initiative are proposed to address the unique economic, natural, cultural, and technological conditions of partner countries [9][10]

Group 1 - Zhejiang Jingxing Paper Industry Co., Ltd. has reached significant milestones in its Malaysia project, including the completion of the main structure of the wet paper joint factory and signing a $60 million bilateral loan agreement with the Asian Development Bank [1] - The Malaysia project is part of the "Belt and Road" initiative, with a total investment of 34 billion RMB, producing 80 million tons of recycled pulp in the first phase and 60 million tons of boxboard paper in the second phase [1] - The project aims to expand production capacity and implement overseas strategic layout, responding to the national "Belt and Road" initiative [1] Group 2 - Xiamen University Malaysia Campus has invested 1.3 billion MYR to accommodate 12,000 students, with 9,100 currently enrolled from 48 countries, and has produced over 7,700 graduates since its inception [2] - The "Belt and Road" initiative has led to the signing of over 200 cooperation documents with 155 countries and more than 30 international organizations since its launch in 2013 [2] Group 3 - The green "Belt and Road" initiative has established clear strategies for ecological protection, including cooperation on environmental protection, green technology exchange, and investment funding [5] - China has significantly contributed to low-carbon technology levels in "Belt and Road" countries, exporting 50% of wind power and 80% of photovoltaic equipment globally, with over 50% of its overseas direct investment projects in renewable energy [5][6] Group 4 - The initiative provides a platform for environmental exchange and shares governance ideas and experiences related to climate change, yielding substantial economic and environmental benefits for participating countries [7] - Customized cooperation models for the green "Belt and Road" initiative are proposed, focusing on local resource characteristics and cultural respect to enhance green technology development in partner countries [9]

Group 1 - The core viewpoint of the article highlights that Nine Dragons Paper (02689) has seen a stock price increase of over 4%, currently trading at HKD 6.27, with a transaction volume of HKD 26.3755 million [1] - Nine Dragons, Lee & Man, and Shanying have announced maintenance plans for January to February 2026, expecting a reduction of approximately 270,000 tons of packaging paper, primarily corrugated cardboard [1] - Major companies including Shanying, Nine Dragons, APP, and Asia Pulp & Paper have issued price increase notices, planning to raise prices for their products between late November and early December [1] Group 2 - According to CICC, the recent price increase for corrugated cardboard and waste paper began in July, initially driven by domestic waste raw material costs and later supported by seasonal demand and maintenance shutdowns from leading companies [1] - The production of cultural paper has declined year-on-year in the first ten months, indicating potential pressure on industry prices and profit per ton in 2026 [1] - The supply-demand imbalance for white card paper remains unresolved, suggesting that the sustainability of price increases in the future may be low [1]