Core Viewpoint - Anhui Linping Circular Development Co., Ltd. is set to undergo a listing committee review on December 11, marking a significant step towards entering the capital market with an IPO aimed at raising 1.2 billion yuan for two major projects focused on green and intelligent manufacturing materials [1] Group 1: Company Overview - The company specializes in the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent research and innovation capabilities [1] - Linping Development has evolved into a resource utilization enterprise integrating waste paper recycling, cogeneration, and green papermaking [1] Group 2: Business Model and Operations - The company has established a stable R&D, procurement, production, and sales model, ensuring continuous profitability [2] - In R&D, the focus is on low-weight corrugated paper and boxboard product design, energy-saving processes, and advanced clean production techniques, leading to multiple core technologies and patents [2] - The procurement system is robust, with a complete supply chain management process, ensuring a steady supply of raw materials and price transparency [2] - The production model is based on sales-driven production, allowing for flexible inventory management and quick delivery [2] - The company has established stable partnerships with well-known domestic enterprises, aligning its business model with industry trends [2] Group 3: Financial Performance - The company reported revenues of 2.878 billion yuan, 2.799 billion yuan, 2.485 billion yuan, and 1.224 billion yuan for the respective years, with net profits of 154.47 million yuan, 211.59 million yuan, 152.86 million yuan, and 91.42 million yuan [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 127.60 million yuan, 204.60 million yuan, 166.33 million yuan, and 91.29 million yuan for the same periods [3] - The company has a strong focus on environmental protection, having built advanced wastewater treatment facilities and achieving recognition as a "Clean Production Demonstration Enterprise" and "Green Factory" [3] Group 4: Market Position and Future Outlook - Linping Development ranks among the top 30 paper manufacturers in China, producing over 1 million tons annually, placing it in the second tier of the industry [2] - The market is closely watching the outcome of the upcoming listing review, as the company aims to leverage capital markets for further green development [3]

Core Insights - The Guangxi paper industry is leveraging its geographical and resource advantages to become a major hub for high-end paper production, with nearly 80% of China's new pulp and paper capacity located in the region [1] - The industry has formed a significant green high-end paper production cluster, with a scale reaching hundreds of billions, exporting products to global markets including Europe, America, and Southeast Asia [1] - China Export & Credit Insurance Corporation (Sinosure) plays a crucial role in supporting Guangxi's paper companies by providing financial backing that mitigates credit risks associated with overseas buyers [1][2] Group 1 - Guangxi's paper industry has established a clear dual-axis development pattern along rivers and coasts, becoming the largest integrated base for engineered wood, chemical products, and pulp and paper in China [1] - A major paper company in Guangxi exports white cardboard worth over $100 million annually, with a 25% year-on-year increase in export volume expected in the first half of 2025 [1] - Sinosure has provided coverage for $2.93 billion in exports and overseas investments for Guangxi enterprises, marking a 19.1% year-on-year growth, with over 70% of the serviced companies being small and medium-sized foreign trade enterprises [2] Group 2 - The dual support from policies and market dynamics is energizing the outward-oriented economic development in Guangxi, positioning it as a "bridgehead" for the paper industry towards ASEAN [3] - The signing of the upgraded China-ASEAN Free Trade Area 3.0 agreement is expected to further highlight Guangxi's advantages in location and industrial chain [3] - Sinosure aims to enhance its support for Guangxi's paper enterprises through precise policies, digital services, and regional cooperation, ensuring safer and more efficient financial backing [3]

Group 1 - The rapid development of the green finance market has led to an increase in relevant information and data, with a focus on the latest trends and dynamics in the field [1] - The National Development and Reform Commission has released a new list of infrastructure REITs, expanding the scope of securitizable green infrastructure projects, including clean energy and waste management [2] - Guangdong Province has published a financial implementation guide for the paper industry transition, establishing standards for project recognition and aiming to reduce "greenwashing" risks [3] Group 2 - Guangzhou Futures Exchange has been approved to join the United Nations Sustainable Stock Exchanges initiative, enhancing its role in promoting green low-carbon transformation [4] - The national carbon market saw a price increase, with the highest price reaching 61.67 yuan/ton, and total trading volume for the week at 6,818,386 tons [5][6] - The National Development Bank issued 9 billion yuan in green financial bonds, with a subscription multiple of 2.46, aimed at supporting green infrastructure upgrades [8] Group 3 - Zhejiang Province has launched its first batch of green foreign debt pilot projects, facilitating cross-border financing for green low-carbon projects [9] - Guangdong has issued the first transformation financial loans for the cosmetics and traditional Chinese medicine processing industries, supporting their transition to greener practices [10]

胶板印刷纸期货基础知识之供应篇 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分 胶版印刷纸基础知识分享 GALAXY FUTURES 1 造纸产业链分析 GALAXY FUTURES 2 胶版印刷纸产业链 文化印刷用纸主要产品为双胶纸、铜 版纸； 部分文化纸以混浆、再生浆作为原料， 但市场占比较小， 多数生产工艺仍是 以针叶浆、阔叶浆和化机浆作为主要 原料； 主要下游需求以印刷出版为主。其中 每年的出版招标需求是双胶纸的主要 需求支撑，铜版纸则受社会需求影响 更大。 图片来源：卓创资讯，银河期货 GALAXY FUTURES 3 胶版印刷纸产能分布 1800 万吨 双胶纸 产能增速(右轴） 1550 1300 1050 800 2020年 2021年 2022年 2023年 2024年 10% 8% 6% 4% 2% 0% 华东 华南 华中 其他 2024年 2023年 2022年 2021年 2020年 0% 20% 40% 60% 80% 100% 2020-2024年双胶纸产能情况 国内双胶纸产能分布情况 近五年双胶纸产能逐年递增。从区域分布来看，集 ...

胶版印刷纸期货基础知识和基本面分享 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分 双胶纸基础及合约介绍 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 胶版印刷纸产业链 文化印刷用纸主要产品为双胶 纸、铜版纸； 部分文化纸以混浆、再生浆作 为原料，但市场占比较小， 多 数生产工艺仍是以针叶浆、阔 叶浆和化机浆作为主要原料； 主要下游需求以印刷出版为主。 其中每年的出版招标需求是双 胶纸的主要需求支撑，铜版纸 则受社会需求影响更大。 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ...

纸浆早报 研究中心能化团队 2025/12/08 | 日期 | 2025/12/05 | 2025/12/04 | 2025/12/03 | 2025/12/02 | 2025/12/01 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5450.00 | 5496.00 | 5458.00 | 5328.00 | 5190.00 | | 折美元价 | 679.27 | 679.27 | 674.79 | 658.04 | 640.65 | | 距上一日涨跌 | -0.83697% | 0.69623% | 2.43994% | 2.65896% | -0.15391% | | 山东银星基差 | 50 | 29 | 67 | 97 | 185 | | 江浙沪银星基差 | 115 | 79 | 67 | 97 | 195 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 ...

2 行业资讯 1 行业资讯 1、据卓创资讯数据统计，本周双胶纸开工负荷率在54.22%，环比上升0.79个百分点，本周增幅环比收窄0.74个百分点。周内行业开工变化 不大，出版订单集中提货预期下，部分纸企生产积极性较前期增加。 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7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、据卓创资讯数据监测统计，本周四双胶纸库存天数较上周四上升1.69%，本周增幅环比扩大1.28个百分点。出版订单尚未放量，南方市场 社会订单有限，叠加年末经销商回款为主，备货偏谨慎，纸企库存压力增加。 资料来源：国泰君安期货研究 Special report on Guotai Junan ...

天津海关： 我公司是一家纸板生产企业，近期计划进口再生纸浆。我们想了解一下，进口再生纸浆需要注意哪些内 容呢？ 天津读者李先生 李先生： 您好！再生纸浆是利用分类回收的纸、纸板及纸制品为原料，经拣选、碎解(干法或湿法)和筛选等处理 得到的纸浆。关于进口再生纸浆的细则，具体为您介绍如下： ■ 申报及装运要求 进口再生纸浆的海关商品编号为4706200000。在报关单备注栏需注明生产再生纸浆使用的工艺方法，根 据实际情况填写为"干法"或"湿法"。申报要素应符合相关规定要求，同一报关单下不能申报不同种类的 进口再生原料。 3.夹杂物(再生纸浆中的非植物纤维物质，不包括再生纸浆的包装物及在运输过程中需使用的其他物质) 含量≤0.50%。 4.未碎解的纤维组分含量(未得到碎解的、具有一定尺寸的纤维原料，仅适用于生产工艺方法为"干法"的 再生纸浆)： 进口再生纸浆不应与其他种类的再生原料或其他货物混装，不同生产工艺方法的进口再生纸浆不得混 装。 ■ 海关检验细则 1.海关检验地点： 原则上，海关在第一入境口岸对进口再生纸浆实施检验。海关总署可以根据便利对外贸易和进出口商品 检验工作的需要，指定在其他地点检验。 2.海关检 ...

本次冲击上市，公司拟募集资金约12亿元，扣除发行费用后的净额将用于年产90万吨绿色环保智能制造 新材料项目(二期)、年产60万吨生物基纤维绿色智能制造新材料项目。 业绩表现方面，2022—2024年，林平发展实现营业收入分别约为28.79亿元、28亿元、24.85亿元，接连 下滑；对应实现归属净利润分别约为1.54亿元、2.12亿元、1.53亿元，波动较为明显。进入2025年上半 年，公司实现营业收入约为12.24亿元，同比下降7.8%，环比增长5.7%；对应实现归属净利润约为 9141.9万元，同比下降26.8%，环比增长226.87%。 北京商报讯(记者马换换王蔓蕾)12月4日晚间，上交所官网显示，安徽林平循环发展股份有限公司(以下 简称"林平发展")主板IPO将于12月11日上会迎考。 据了解，林平发展成立于2002年，主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售。公司主板 IPO于2025年6月25日获得受理，当年7月23日进入问询阶段。 ...

当地时间12月2日，Domtar宣布将永久关闭其位于加拿大BC省狮牌(Crofton)工厂。该决定将使Domtar的纸浆年产量减少约38万吨NBSK针叶浆；芬 林集团约策诺(Joutseno)浆厂自今年6月停产以来，将于2025年12月8日(星期一)正式复产。 纸浆国外市场，加拿大狮牌工厂永久关闭，将减少约38万吨针叶浆产量，部分品牌仓单将于年底注销，供应预期有所收紧，下游文化纸部分出版 订单供货中，市场需求略有改善，纸企毛利润有所回升，期货盘面近期呈区间震荡反弹走势。 山东博汇纸业（600966）股份有限公司发布关于开展期货和衍生品交易的公告，其中提到，公司开展商品期货套期保值业务的品种限于公司及子 公司生产经营相关的原材料品种或产成品，包括纸浆、胶版印刷纸、烧碱等。 国投安信期货： 消息面 机构观点 截至2025年12月4日，中国纸浆主流港口样本库存量为210.1万吨，较上期去库7.1万吨，环比下降3.3%，库存量在本周期继续呈现小幅去库的走 势，样本港口库存已经连续两周呈现去库走势。 正信期货： 国内港口库存仍在高位，供给偏宽松的局面仍在延续，纸浆需求延续偏弱的情况，下游采购积极性不高。纸浆跌至前低附近 ...