Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The fundamentals of double-offset paper have remained stable recently, with a slight increase in weekly production and a small rise in inventory. Some paper mills have issued price increase letters, and the implementation of these letters needs to be closely monitored. In the short term, the positions and trading volume in the futures market are low, and it is recommended to stay on the sidelines [7] Group 3: Summary by Relevant Catalog Double-offset Paper Futures Data - On October 27, 2025, the price of 0P2601 was 4232, up 0.95% from October 24, 2025. The position volume of the main contract was 1109, down 2.97% from October 24, 2025 [5] Spot Price Data - Double-offset paper prices in various regions such as Shandong and Beijing, and copperplate paper prices in Guangdong and Shandong showed no daily or weekly changes on October 27, 2025 [5] Papermaking Raw Material Data - Prices of various raw materials such as Shandong broadleaf and softwood pulp showed different daily and weekly changes on October 27, 2025. For example, Shandong broadleaf Jinyu was 5500 yuan/ton with no daily or weekly change, while Shandong softwood Moon was 3700 yuan/ton, up 0.94% daily and weekly [5][6] Double-offset Paper Supply and Demand Data - From September 2025 to October 2025, the production, capacity utilization, factory inventory, and social inventory of double-offset paper showed different trends. For example, the production in October 24, 2025 was 20.3 million tons, and the capacity utilization was 56.9% [6] Double-offset Paper Production Gross Profit - The production gross profit of double-offset paper using chemimechanical pulp and broadleaf pulp as the main raw materials also showed different trends from September 2025 to October 2025 [6]

Core Viewpoint - The report highlights the growth trends in China's paper and paperboard production, indicating a steady increase in output from 2020 to 2025, with specific data showing a 1.5% year-on-year growth in August 2025 and a cumulative growth of 2.7% from January to August 2025 [1]. Industry Summary - In August 2025, China's production of paper and paperboard (excluding purchased raw paper processing) reached 13.92 million tons, reflecting a year-on-year increase of 1.5% [1]. - From January to August 2025, the cumulative production of paper and paperboard was 106.66 million tons, marking a cumulative growth of 2.7% compared to the previous year [1]. - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1].

Core Viewpoint - The domestic white card paper market in China is experiencing a new round of price adjustments, with companies like Nine Dragons Paper announcing a price increase of 200 CNY per ton effective November 1, 2025 [1] Company Summary - Nine Dragons Paper's stock rose nearly 4%, currently trading at 5.78 HKD with a transaction volume of 47.615 million HKD [1] - The company is part of a broader trend where major paper manufacturers are increasing prices, indicating strong pricing power among leading firms [1] Industry Summary - The white card paper prices are gradually recovering but remain at the bottom of the cycle, with strong price support from leading companies [1] - The upcoming Double Eleven shopping festival and the Spring Festival are expected to drive strong packaging demand in Q4, with expectations for corrugated box prices to remain robust [1] - Q4 is traditionally a peak demand season, and with significant cost support, the packaging paper industry's outlook is anticipated to improve [1]

Core Viewpoint - The domestic white card paper market is experiencing a new round of price adjustments, with companies like Nine Dragons Paper announcing a price increase of 200 CNY per ton effective November 1, 2025 [1] Company Summary - Nine Dragons Paper's stock rose nearly 4%, closing at 5.78 HKD with a trading volume of 47.615 million HKD [1] - The company is part of a broader trend where major paper manufacturers are increasing prices, indicating strong pricing power among leading firms [1] Industry Summary - The white card paper prices are gradually recovering but remain at the bottom of the cycle, with strong price support from leading companies [1] - The upcoming demand from events like Double Eleven and the Spring Festival is expected to keep packaging demand robust in Q4, with forecasts suggesting that the price of corrugated box paper may continue to be strong [1] - Q4 is traditionally a peak demand season, and with significant cost support, the packaging paper industry's outlook is expected to improve [1]

Group 1: Macro Research - The 20th Central Committee's Fourth Plenary Session made strategic deployments for the 15th Five-Year Plan, indicating a more severe external situation but strong domestic economic resilience and confidence [2][4] - The focus on technology has shifted from "catching up" to "leading," emphasizing the importance of advanced manufacturing and quality services in the industrial system [3][4] - The policy emphasis has shifted towards demand-side support and improving people's livelihoods, with a focus on deepening reforms and institutional openness to facilitate economic circulation [3][4] Group 2: Overseas Strategy Research - The report highlights the differences in listing systems among A-shares, Hong Kong stocks, and US stocks, with A-shares having the strictest financial standards, while US stocks are the most flexible [5][21] - The approval process for US stocks is relatively quick, but Chinese companies face challenges due to cross-regulatory issues, while Hong Kong stocks have a more standardized review process [5][23] - A-shares primarily rely on the IPO route for listings, with a longer average approval time compared to Hong Kong and US markets [5][23] Group 3: Industry Research - Paper Industry - The short-term supply of imported wood chips remains secure, but long-term supply of wood for pulping is limited due to the scarcity of forest resources [9][10] - Demand for broadleaf wood is expected to grow rapidly, with significant increases in production capacity for both needle and broadleaf pulp from 2023 to 2035 [9][10] - Brazil is identified as a key player in eucalyptus wood production, with modern cloning techniques expected to enhance yield [10][12]

Core Viewpoint - The company reported a revenue of 6.46 billion yuan for the first three quarters of 2025, reflecting an 18.1% year-on-year increase, while the net profit attributable to shareholders decreased by 44.7% to 180 million yuan [4]. Group 1: Financial Performance - In Q1, Q2, and Q3 of 2025, the company achieved revenues of 1.99 billion, 2.13 billion, and 2.34 billion yuan, representing year-on-year growth of 15.2%, 25.1%, and 14.8% respectively, with a quarter-on-quarter increase of 9.5% in Q3 [4]. - The net profit attributable to shareholders for Q1, Q2, and Q3 of 2025 was 64.68 million, 56.99 million, and 59.28 million yuan, showing a year-on-year decline of 51.7%, 42.2%, and 37.3%, with a quarter-on-quarter increase of 4.0% in Q3 [4]. Group 2: Production Capacity Expansion - The company’s production capacity in Hubei has been continuously expanding, with the full production of industrial packaging paper lines in April, adding 550,000 tons per year of corrugated paper capacity, and the launch of two special paper production lines in September, adding 300,000 tons of glassine capacity and 70,000 tons of decorative paper capacity [5]. Group 3: Market Competition and Profitability - The gross profit margin for the first three quarters of 2025 was 8.0%, a decrease of 3.6 percentage points year-on-year, with Q1, Q2, and Q3 margins at 8.8%, 7.7%, and 7.6% respectively [6]. - The average price per ton of paper cup base paper in Q1, Q2, and Q3 of 2025 was 6,800, 6,489, and 6,300 yuan, showing year-on-year declines of 300, 418, and 500 yuan [6]. - The average price per ton of hardwood pulp in Q1, Q2, and Q3 of 2025 was 4,782, 4,284, and 4,161 yuan, with year-on-year decreases of 402, 1,383, and 789 yuan [6]. Group 4: Expense Ratios - The company’s expense ratio for the first three quarters of 2025 was 4.8%, an increase of 0.1 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 0.3%, 1.3%, 1.1%, and 2.2% respectively [7]. - In Q3 2025, the expense ratio rose to 5.0%, with sales, management, R&D, and financial expense ratios at 0.3%, 1.5%, 0.9%, and 2.2% respectively [7].

Group 1 - The company Meili Cloud (SZ 000815) announced the resignation of Ms. Zhang Lei from her positions as General Counsel and Chief Compliance Officer due to work reasons, and she will not hold any position in the company after her resignation [1] - For the first half of 2025, Meili Cloud's revenue composition is as follows: Internet Data Center (IDC) business accounts for 92.68%, photovoltaic power generation accounts for 5.92%, paper industry accounts for 1.23%, and other businesses account for 0.17% [1] - The current market capitalization of Meili Cloud is 8.5 billion yuan [2]

Core Viewpoint - The company reported a revenue of 6.46 billion yuan for the first three quarters of 2025, reflecting an 18.1% year-on-year increase, but the net profit attributable to shareholders decreased by 44.7% to 180 million yuan [1] Group 1: Financial Performance - Revenue for Q1, Q2, and Q3 of 2025 was 1.99 billion, 2.13 billion, and 2.34 billion yuan respectively, showing year-on-year growth of 15.2%, 25.1%, and 14.8% [1] - The net profit for Q1, Q2, and Q3 of 2025 was 64.68 million, 56.99 million, and 59.28 million yuan respectively, with year-on-year declines of 51.7%, 42.2%, and 37.3% [1] - The gross margin for the first three quarters of 2025 was 8.0%, down 3.6 percentage points year-on-year, with Q3 gross margin slightly decreasing by 0.04 percentage points from Q2 [2] Group 2: Production Capacity and Market Conditions - The company expanded its production capacity with the full operation of its industrial packaging paper production line in Hubei, adding 550,000 tons/year of corrugated paper capacity [2] - The company faced increased market competition, leading to a decline in gross margins, particularly in food cartons, cultural paper, and heat transfer paper [2] - The average price per ton for paper cup base paper decreased year-on-year in Q1, Q2, and Q3 by 300, 418, and 500 yuan respectively [2] Group 3: Expense Management - The company's expense ratio for the first three quarters of 2025 was 4.8%, an increase of 0.1 percentage points year-on-year, with financial expenses rising due to increased bank loans and the cessation of capitalizing interest on project loans [3] - The expense ratio for Q3 2025 was 5.0%, up 0.4 percentage points year-on-year, with specific increases in management and financial expense ratios [3] Group 4: Future Outlook - The company is expected to continue expanding its production capacity, with the Hubei industrial packaging paper capacity being released and the upcoming launch of the PM19 production line in Jiangxi [4] - The company has adjusted its net profit forecasts for 2025-2027 downwards by 31% for 2025 and 2026, and by 36% for 2027, reflecting increased market competition [4] - Despite the challenges, the company maintains a "buy" rating based on its valuation levels and future growth potential [4]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The pulp futures market has been in an adjustment trend since February this year, with the current low - level increasing positions and rising. Attention should be paid to the stabilization of the futures market. It is recommended to consider lightly testing long positions at low prices [3][29]. - In October, the demand side of the pulp market shows a slight recovery, but the high - price transactions are difficult to increase due to the general purchasing enthusiasm of downstream paper mills and sufficient domestic pulp supply. The supply and demand are in continuous game [2][3][29]. 3. Summary by Directory 3.1 Market Review - In October, pulp futures hit the bottom and rebounded. The main contract completed the shift of positions, and the position gradually moved to the SP2601 contract. After hitting a low of 5042 yuan/ton on October 13, it rebounded. The profit improvement of downstream paper enterprises was poor, and the purchasing enthusiasm was insufficient, which dragged down the pulp futures market. With the arrival of the traditional peak season in October, the new production capacity of tissue paper enterprises will continue to be released, and the demand side has a slight recovery [8]. 3.2 Fundamental Analysis - **Import Volume in September**: In September 2025, China imported 2.952 million tons of pulp. From January to September, the cumulative import volume and amount increased by 5.6% and - 0.7% respectively compared with the same period last year. The import volume of coniferous pulp in September was 690,700 tons, a month - on - month increase of 12.52% and a year - on - year increase of 11.32%. The import volume of broad - leaf pulp was 1.3559 million tons, a month - on - month increase of 7.81% and a year - on - year increase of 9.40%. Affected by geopolitics, the import volume from North America decreased, but the import volume from Brazil, Chile, Finland and Uruguay increased. The total import volume of pulp in China is at a relatively high level in history [1][12][28]. - **October Foreign Market Quotations**: Chile's Arauco Company's new round of October wood pulp foreign market quotations showed that the price of coniferous pulp Silver Star was 680 US dollars/ton, 20 US dollars/ton lower than that in September; the price of natural pulp Venus was 590 US dollars/ton, the same as that in September; the price of broad - leaf pulp Star was 540 US dollars/ton, the same as that in September. The general purchasing enthusiasm of downstream paper mills and sufficient domestic pulp supply dragged down the actual transaction price of broad - leaf pulp. The price of imported broad - leaf pulp remained high, and traders had a certain price - holding sentiment. The estimated gross profit margin of Silver Star spot was - 5.20%, up 0.16 percentage points from the previous week before the festival, and down 5.75 percentage points from the same period last year [16]. - **Profit of Downstream Paper Enterprises**: As of October 16, the weekly operating load rate of double - copper paper was 63.90%, a month - on - month decrease of 0.80 percentage points; that of double - offset paper was 48.61%, a month - on - month decrease of 1.84 percentage points; that of white cardboard increased by 0.05 percentage points, and the output increased by 0.09%; that of tissue paper increased by 1.15 percentage points, and the output increased by 1.65%. The operating load rate of downstream paper enterprises showed a differentiated trend. The overall operating level of double - copper paper and double - offset paper was low, while that of tissue paper and white cardboard increased. The demand side showed a slight recovery in October, but the pulp market continued the dynamic game [21][22][29]. - **Inventory Situation**: As of October 16, 2025, the total weekly inventory of pulp in Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port and Nansha Port was 1.9342 million tons, a 0.91% increase from the previous week, turning from a decline to an increase. In August 2025, the total inventory of European ports increased by 7.61% month - on - month and 9.76% year - on - year, and the inventory of most European countries' ports increased month - on - month [2][22][29]. 3.3 Outlook for the Future - The supply side shows that China's total pulp import volume is at a relatively high level in history. The demand side has a slight recovery in October, but the high - price transactions are difficult to increase. The price of imported broad - leaf pulp remains high, and the supply and demand are in continuous game. The pulp futures market is currently increasing positions and rising at a low level, and attention should be paid to the stabilization of the market. It is recommended to consider lightly testing long positions at low prices [28][29].

Core Viewpoint - The domestic white card paper market is experiencing a new round of price increases, with several companies announcing a price hike of 200 yuan per ton effective November 1, 2025 [1] Group 1: Price Increase Announcement - Companies such as Bohui Paper Industry, Nine Dragons Paper, and Universal Paper have issued price increase notices for their white card paper products [1] - The price adjustment is set to be uniform across the mentioned companies, indicating a coordinated effort within the industry [1] Group 2: Factors Driving Price Increase - The price hike is driven by three main factors: rising costs nearing the breakeven point for companies, the arrival of the traditional demand peak season known as "Golden September and Silver October," and delays in the launch of some new production capacities [1] - Analysts suggest that improving profitability through price increases will be the dominant theme in the white card paper market for the fourth quarter [1]