Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on December 3, 2025, was 5458.00 [3] - The corresponding US dollar price was 658.04, and the daily change was 2.43994% [3] - The basis of Shandong Yinxing was 67, and that of Jiangsu, Zhejiang and Shanghai was also 67 [3] Group 2: Import Profit and Price - With a 13% VAT calculation, the import profit of Canadian Golden Lion was -101.50, and that of Lion was -492.04 [4] - The import profit of Chilean Silver Star was 22.41 [4] Group 3: Pulp and Paper Price Averages - From November 27 to December 3, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp and chemimechanical pulp remained unchanged [4] - The average prices in Shandong region also remained unchanged during the same period [4] Group 4: Paper Index and Profit Margin - The cultural paper, packaging paper and living paper indices remained unchanged from November 28 to December 3, 2025 [4] - The profit margins of double - offset paper, double - coated paper, white cardboard and living paper changed by -0.7016, -0.6195, -0.4439 and -0.4164 respectively during this period [4] Group 5: Pulp Price Spreads - On December 3, 2025, the softwood - hardwood pulp price spread was 1025.00, the softwood - natural pulp spread was 125, the softwood - chemimechanical pulp spread was 1725 and the softwood - waste paper spread was 3949 [4]

Core Insights - Qinzhou has become an attractive destination for foreign investment due to its strategic location, improving industrial clusters, and favorable business environment [1][2]. Group 1: Foreign Investment and Economic Performance - In the first three quarters of the year, Qinzhou utilized actual foreign investment of $185 million, accounting for 33.7% of the total in the region, maintaining the highest total in the area [1]. - The total import and export volume of Guangxi Jingu Paper Industry Co., Ltd. reached $994 million in the first ten months of the year [1]. - The port's advantages have led to an increase in imports totaling $406 million and exports of $588 million, with 845,000 tons of white cardboard exported [2]. Group 2: Infrastructure and Logistics - Qinzhou has established a robust port infrastructure capable of accommodating 200,000-ton container ships and 300,000-ton oil tankers, with plans to add six new open berths by 2025 [2][5]. - The North Bay Port has opened 91 container shipping routes, covering major ports in coastal China and Southeast Asia, enhancing Qinzhou's role as a maritime gateway [5]. Group 3: Industrial Development and Supply Chain - Qinzhou has developed ten industrial projects with investments exceeding 10 billion yuan, focusing on petrochemicals, new energy materials, and paper production, creating a solid foundation for industrial collaboration [6]. - The presence of leading companies in the China-Malaysia Qinzhou Industrial Park has attracted numerous foreign suppliers, enhancing the local supply chain [8]. Group 4: Business Environment and Support Services - The "one-stop, customized" service model in Qinzhou has facilitated smoother operations for foreign enterprises, allowing for rapid project initiation and completion [10][12]. - The establishment of a cross-border service window in Malaysia has streamlined processes for foreign investment and business operations, enhancing Qinzhou's international business appeal [13][14].

Group 1: Economic Development and Investment - In the first three quarters of the year, Qinzhou's actual foreign investment reached $185 million, accounting for 33.7% of the total in Guangxi, maintaining the top position in the region [1] - Qinzhou has attracted 310 foreign enterprises, with 20 new foreign enterprises registered this year, highlighting its appeal to global businesses [1] - The city benefits from its advantageous geographical location, improving industrial chain clusters, and a favorable business environment, making it a preferred choice for foreign investment [1] Group 2: Industry and Infrastructure - Guangxi Jingui Pulp and Paper Co., Ltd. has been operating in Qinzhou since 2006, employing over 2,000 people and generating an annual output value of 10.2 billion yuan, with plans to rank among the top 50 enterprises in Guangxi by 2025 [2] - The North Bay Port has opened 91 container shipping routes, covering major ports in coastal China and Southeast Asia, enhancing Qinzhou's role as a maritime gateway for the western region [3] - Qinzhou has established ten industrial projects with investments exceeding 10 billion yuan each, forming key industrial chains in green chemicals, new energy materials, and food processing [4] Group 3: Logistics and Supply Chain - Guangxi Hongrui Logistics Co., Ltd. has completed the construction of warehouses and yards, providing essential logistics support for the chemical industry in Qinzhou [6] - The completion of the Pinglu Canal is expected to enhance the efficiency of inland transportation, reducing costs for raw materials and finished goods [2] - The presence of major companies like PetroChina and Hengyi has attracted numerous downstream suppliers, strengthening the local supply chain [4] Group 4: Business Services and Support - Qinzhou offers "one-stop, customized" business services, which have significantly reduced operational hurdles for foreign enterprises [7] - The city has established a special service team to assist foreign companies with funding and project modifications, exemplified by the successful capital increase of $160 million for Guangxi Yabo Lithium Industry Co., Ltd. [7] - The establishment of a cross-border service window in Malaysia facilitates foreign investment and provides convenience for overseas enterprises [8]

Core Viewpoint - The emergence of "dry method" recycled pulp is being used by some companies to circumvent China's ban on importing solid waste, raising concerns about environmental compliance and health risks [1][2][3] Group 1: Environmental and Health Risks - "Dry method" recycled pulp production lacks scientific basis and poses significant environmental hazards, including the retention of chemical oxygen demand (COD) pollutants within the pulp [2][3] - The absence of water in the dry grinding process prevents effective separation of contaminants such as plastics, heavy metals, and organic pollutants, leading to potential health risks [3][4] - The current national standard for recycled pulp (GB/T 43393-2023) has low thresholds for quality, allowing substandard materials to enter the market, which could harm both the environment and public health [3][6][7] Group 2: Regulatory and Standardization Issues - The existing national standard for recycled pulp is a recommended standard rather than a mandatory one, which limits enforcement capabilities and allows non-compliant materials to be imported [7][8] - There is a call for stricter regulations and revisions to the national standard to ensure that environmental protection and health safety measures are not compromised [6][8] - The revision process for the national standard has been initiated, indicating recognition of existing issues and the need for improvement in quality control and regulatory oversight [7][8] Group 3: Industry Response and Future Directions - Industry experts advocate for a shift towards green and low-carbon technologies in pulp production to enhance sustainability and compliance within the sector [5][9] - The establishment of compliant supply chains and improved domestic recycling systems are seen as essential steps to reduce reliance on imported materials and enhance the overall competitiveness of the industry [8][9] - The need for collaboration between industry stakeholders and environmental experts in setting standards is emphasized to ensure the credibility and scientific validity of regulations [8]

废纸系：据卓创资讯，截至11月28日，废黄板纸价为1,906元/吨，周环比+12元/吨、同比+371元/吨；箱 板纸、瓦楞纸价3,892、3,216元/吨，周环比+10、+9元/吨，同比+257、+494元/吨；1-10M25箱板瓦楞纸 进口量555万吨，同比-143万吨。10月社会库存分别环比+0.1、+0.1万吨，瓦楞纸库存处于偏高水平；企 业库存分别环比-16、-15万吨，均处于偏低水平。 箱板瓦楞纸：看好Q4吨利润改善 本轮箱板瓦楞纸、废纸提价始于7月，前期涨幅主要由国废原料端带动，驱动因素在天气影响下国废回 收困难+海关总署强化进口再生浆质量管控；后期主要由旺季需求驱动、同时龙头配合基地停产检修 +涨价函。从企业吨利润角度看，看好25Q4吨利润改善表现，但考虑到原料、能源成本亦在提涨，预计 吨利润改善空间在100元内，各企业差异主要看产品结构(例如有自制纤维的高端牛卡预期改善空间更 大)。 浆纸系纸种：文化纸价格有压力，白卡纸提价持续性不强 行业近况 浆纸系：据卓创资讯，截至11月28日，针叶浆、阔叶浆价为5,453、4,394元/吨，周环比-124、+47元/ 吨，同比-56、+152元/吨；双胶 ...

Group 1 - New Tai City focuses on optimizing government services and improving the business environment to stimulate market vitality and innovation, contributing to high-quality economic development [1][3] - The DePu New Materials Industrial Park is undergoing expansion and upgrade, with the project expected to start production in May next year after completing equipment automation testing [1] - The New Tai City Administrative Approval Service Bureau provides comprehensive support for the project, including tailored solutions for specific challenges such as steam pipeline installation and high-voltage line setup [1] Group 2 - The "Park Affairs Handled by the Park" mechanism integrates one-stop services for project commencement and chemical project completion, ensuring smooth construction and production [2] - Tai'an Baichuan Paper Co., Ltd. has completed a strategic restructuring and is focusing on high-value specialty paper products, expanding its market reach internationally [2] - The company has adopted an "Internet + Paper" model, actively developing e-commerce and exporting products to various countries, including Turkey, Italy, and Germany [2]

Group 1 - The core point of the news is that Yuegui Co., Ltd. experienced a stock price increase of 5.18%, reaching 21.11 yuan per share, with a trading volume of 799 million yuan and a turnover rate of 8.60%, resulting in a total market capitalization of 16.932 billion yuan [1] - Yuegui Co., Ltd. is primarily engaged in the production and sale of mechanism sugar (white sugar, brown sugar), pulp (unbleached pulp, bleached pulp), and mechanism paper (cultural paper, specialty paper), as well as the mining, processing, and sale of sulfur iron ore, sulfuric acid, reagent acid (refined sulfuric acid), iron ore powder (sulfur iron ore slag), and phosphate fertilizer (ordinary calcium phosphate) [1] - The revenue composition of Yuegui Co., Ltd. includes sulfur concentrate at 37.15%, mechanism sugar at 21.46%, pulp at 13.92%, and other products such as sulfuric acid (5.79%), iron ore powder (4.79%), and various other items [1] Group 2 - Tianhong Fund has a fund that ranks among the top ten circulating shareholders of Yuegui Co., Ltd., specifically the Tianhong CSI Food and Beverage ETF (159736), which newly entered the top ten with 1.5864 million shares, accounting for 0.35% of the circulating shares [2] - The Tianhong CSI Food and Beverage ETF (159736) was established on September 9, 2021, with a current scale of 5.525 billion yuan, and has experienced a loss of 1.25% this year, ranking 4158 out of 4206 in its category [2] - The fund manager of Tianhong CSI Food and Beverage ETF is Sha Chuan, who has a cumulative tenure of 7 years and 321 days, with the fund's total asset size at 27.853 billion yuan and a best return of 135.24% during the tenure [3]

在第二轮审核问询函中，林平发展业绩及毛利率等、采购与供应商等问题遭到追问。 本次冲击上市，林平发展拟募集资金约12亿元，扣除发行费用后，将全部用于年产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。 北京商报讯（记者 马换换 李佳雪）12月1日，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对外披露了第二轮审核问询函回复。 据了解，林平发展主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售，是一家具有自主研发及创 新能力的高新技术企业；经过多年发展，公司已成长为集废纸利用、热电联产、绿色造纸于一体的资源 综合利用企业。公司主板IPO于2025年6月25日获得受理，2025年7月23日进入问询阶段。 ...

Report Summary Report Information - Report title: Pulp Morning Report - Research team: Energy and Chemicals Team of the Research Center - Date: December 2, 2025 [2] Core Data - SP main contract closing price on December 1, 2025: 5190.00 [3] - Price changes from November 25 - December 1, 2025: closing price decreased from 5212.00 to 5190.00, with a daily change of -0.15391% on December 1; converted US - dollar price decreased from 641.47 to 641.02; Shandong Yinxing basis decreased from 253 to 185; Jiangsu - Zhejiang - Shanghai Yinxing basis decreased from 238 to 195 [3] - Import profit on December 1, 2025: Canada's Golden Lion - 110.31, Lion - 600.29; Chile's Yinxing - 135.27 [4] - National average price from November 25 - December 1, 2025: no change in the average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp; for paper products, cultural paper, packaging paper prices remained unchanged, while the living paper index increased by 2; profit margins of double - offset paper remained unchanged, double - copper paper increased by 0.0163, white cardboard increased by 0.0117, and living paper increased by 0.7022 [4] - Price differences on December 1, 2025: softwood - hardwood pulp price difference 925.00, softwood - natural pulp price difference - 25, softwood - chemimechanical pulp price difference 1575, softwood - waste paper price difference 3799 [4][5] Core View The report presents the price data of the SP main contract, import profit, national average price of pulp and paper products, and price differences in the pulp market from November 25 - December 1, 2025, reflecting the current market price trends and profit situations [3][4][5]

Core Viewpoint - Ningbo Fubang plans to sell a 2.5% stake in Ningbo Zhonghua Paper Industry Co., Ltd. to Jin Guang Paper (China) Investment Co., Ltd. for 370 million yuan to improve asset utilization and enhance sustainable development capabilities [1] Company Summary - The transaction will result in Ningbo Fubang no longer holding any equity in Zhonghua Paper [1] - As of the report, Ningbo Fubang's market capitalization is 1.8 billion yuan [1] Revenue Composition - For the year 2024, Ningbo Fubang's revenue composition is as follows: - Electrical contacts: 61.5% - Trade: 25.82% - Aluminum processing: 12.54% - Other businesses: 0.14% [1]