Core Viewpoint - Heilongjiang's state-owned enterprises are actively engaging in technological innovation to upgrade traditional industries, develop emerging sectors, and achieve breakthroughs in key technologies, thereby fostering new productive forces for high-quality economic development in the region [1]. Group 1: Traditional Industry Upgrades - Hengfeng Paper Industry has successfully developed a series of coffee filter paper products that meet international leading standards, addressing common industry pain points such as slow filtration and inadequate cleanliness [2][4]. - The new coffee filter paper features superior thickness and breathability, enhancing oil interception and flavor release, thus transforming domestic products from merely meeting needs to setting industry standards [4][11]. Group 2: Low-altitude Economy Development - The JiaoTuo Group is spearheading the low-altitude economy by establishing a comprehensive industrial layout focused on logistics, emergency rescue, traffic management, and tourism integration, supported by a low-altitude flight service center [5][8]. - During the Winter Asian Games, JiaoTuo Group's innovations in low-altitude economy were tested, including drone systems for highway inspections and emergency rescue, showcasing practical applications in logistics and enhancing visitor experiences [5][8]. Group 3: Water Resource Monitoring Innovations - The Dahu Company, under the Heilongjiang Water Investment Group, has developed a vehicle-mounted X-band rain monitoring radar that operates autonomously and significantly reduces operational costs while enhancing monitoring capabilities [9][10]. - This radar system integrates big data and machine learning technologies to provide real-time rainfall forecasts, improving prediction accuracy by over 30% compared to traditional methods, thus bolstering flood prevention efforts [10][11]. Group 4: Overall Economic Contributions - In the first half of the year, Heilongjiang's state-owned enterprises invested in 27 new strategic industry projects, totaling 1.949 billion yuan, which accounted for 36.15% of total investments, generating revenues of 11.01 billion yuan [11]. - The provincial government has set clear goals for technological innovation across various sectors, with significant increases in R&D investments, highlighting the commitment to fostering new productive forces [11].

Core Insights - The event "Discover Guangdong: Encountering the Beauty of Rural Areas" was recently held in Dongguan, highlighting the economic achievements of rural areas [1] - In September, the collective assets of Huangyong Village in Zhongtang Town surpassed 10 billion yuan, making it the second "billion-yuan village" in Dongguan after Yantian Village in Fenggang Town [1] - Huangyong Village is recognized as a "Chinese Paper Village" and has been included in the first batch of typical villages for the provincial "Hundred Million Project" [1] Economic Development - Huangyong Village has focused on industrial development, leveraging its paper industry as a leading sector while promoting a "four-wheel drive" development strategy that includes real economy, property economy, investment economy, and service economy [1] - This approach aims to enhance collective economic development and promote common prosperity among villagers [1] Regional Progress - Dongguan has 34 towns and streets, with 613 villages (communities) under its jurisdiction [1] - Over the past three years, Dongguan has successfully cultivated 28 towns and 234 villages as typical examples of the provincial "Hundred Million Project," creating a positive trend of "point-to-surface, all-round promotion" [1] - Among the 613 villages (communities) in Dongguan, 450 have collective assets ranging from 10 million to 5 billion yuan, indicating strong collective economic strength [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The price of double - offset paper futures is expected to remain volatile and weak due to increased industry supply, lack of significant boost in downstream consumption, and an upward trend in enterprise inventory [4]. - The price of pulp futures is expected to continue to run weakly, with the previous suggestion of short - selling on rebounds remaining valid, and it should still be regarded as volatile and weak [9]. - For both pulp and double - offset paper, the reduction of long - position main players is a bearish signal [11]. 3. Summary by Related Catalogs Double - Offset Paper Futures - **Basic Situation**: The inventory of double - offset paper production enterprises is 131.5 million tons, with a month - on - month increase of 1.2%. The shutdown devices have basically resumed production, new production devices are gradually stabilizing, and downstream users mainly make replenishment orders based on rigid demand. Traders mostly maintain a just - in - time inventory rhythm, leading to an increase in enterprise inventory compared to last week [4]. Pulp Futures - **Basic Situation**: The price of pulp in Shandong is stable. From January to September, China's cumulative pulp imports were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventories remain high, and the peak season in September was lackluster [9].

孙宝源先生，64岁，香港特别行政区太平绅士，毕业于香港理工大学，获会计专业文凭，现为香港会计 师公会会员及英国特许公认会计师公会资深会员。其于1984年加入罗兵咸永道会计师事务所，1996年至 2021年任香港罗兵咸永道会计师事务所合伙人，曾担任多个审计部门领导职位，并于2017年至2021年兼 任普华永道大中华区及亚太区监事委员会召集人，亦为普华永道全球监事委员会成员。2021年7月退休 后，曾任富卫集团有限公司独立非执行董事（至2025年2月退任），现任大正资本有限公司高级顾问， 并担任上海银行（香港）有限公司、映美控股有限公司、中化化肥控股有限公司及南旋控股有限公司之 独立非执行董事。 来源：市场资讯 （来源：中国造纸杂志社） 玖龙纸业（控股）有限公司（股份代号：2689）宣布委任孙宝源先生为独立非执行董事，自2025年10月 16日起生效。 孙先生曾于2009年至2014年任联交所上市委员会委员，2012年获委任为太平绅士，2013年获选为香港理 工大学杰出校友，2018年获颁大学院士荣衔。其于会计及审计领域拥有近四十年经验，熟悉上市公司运 作、监管规定及资本市场发展。 孙先生与本公司订有为期一年之委 ...

Group 1: Report Information - Report Title: Double-offset Paper Data Daily Report [3] - Report Date: October 17, 2025 [4] - Researcher: Yang Lulin from the Agricultural Products Research Center of Guomao Futures Research Institute [4] Group 2: Double-offset Paper Futures Data - On October 16, 2025, the price of 0P2601 was 4210, with a daily increase of 0.10% compared to the previous day [5]. - The open interest of the main contract on October 16, 2025, was 1107, a daily decrease of 3.99% [5]. Group 3: Spot Price Data Double-offset Paper - On October 16, 2025, the prices of various double-offset papers in different regions remained stable with no daily or weekly changes, except for Beijing Gaobai Ruixue which also had no changes [5]. Copperplate Paper - The prices of most copperplate papers remained stable on October 16, 2025, but Shandong Chenming Xuetutu decreased by 2.11% week-on-week, and Shandong Taiyang Tianyang decreased by 1.03% week-on-week [5]. Group 4: Papermaking Raw Material Data - On October 16, 2025, the prices of some papermaking raw materials changed. Shandong Needle-leaf Silver Star increased by 0.71% daily and decreased by 0.88% weekly; Shandong Broad-leaf Goldfish increased by 0.71% daily and decreased by 0.88% weekly [6]. Group 5: Double-offset Paper Supply and Demand Data - From August 29, 2025, to October 17, 2025, the production volume, capacity utilization rate, factory inventory, and social inventory of double-offset paper fluctuated [6]. - The production profit of double-offset paper also fluctuated during this period, with the production profit of double-offset paper mainly using chemimechanical pulp being 586.25 on October 17, 2025, and that mainly using broad-leaf pulp being 264 [6]. Group 6: Core Viewpoint - The current spot price of double-offset paper has not stopped falling and stabilizing, and most double-offset papers are still slightly declining. The benefits of the "Golden September and Silver October" have not been reflected. The price of broad-leaf pulp in the raw material end has increased, compressing the production profit of double-offset paper. The production volume has increased due to the resumption of production of Chenming Paper, and the inventory has slightly increased. However, the current capital participation in the futures market is poor, and the overall market is fluctuating. The double-offset paper market is currently in a reasonable operating range, and short-term observation is recommended [7]

Core Viewpoint - The article emphasizes the importance of ecological protection and high-quality development in the Yellow River basin, highlighting the collaborative efforts of various provinces to enhance environmental sustainability and community well-being [1]. Group 1: Ecological Protection Initiatives - Local communities, such as the volunteer river patrol team in Qinghai, are actively participating in the protection of the Yellow River, demonstrating a strong commitment to environmental stewardship [2]. - Mechanisms for environmental management, including waste management and pollution control, have been established in counties like Cungua to ensure effective river protection [2]. - The ecological restoration of areas like Dongping Lake showcases successful efforts to revive local ecosystems that had previously suffered from over-exploitation [4]. Group 2: Water Resource Management - New Asia Paper Group in Henan has significantly reduced water consumption in its production processes, decreasing water usage from 65 cubic meters to 25 cubic meters per ton of pulp through systematic upgrades [3]. - Provinces are promoting water-saving irrigation and transitioning to high-quality development in agriculture and aquaculture, contributing to sustainable resource management [4]. Group 3: Technological Advancements in Flood Management - The implementation of advanced technologies, such as drones and satellite monitoring, enhances the flood management capabilities along the Yellow River, providing real-time data for better decision-making [6]. - The construction of the "14th Five-Year" flood control project in the lower Yellow River aims to improve the flood defense infrastructure across 42 counties in Henan and Shandong [6]. Group 4: Collaborative Efforts for Quality Development - The nine provinces along the Yellow River have signed agreements to share experiences and promote quality infrastructure, indicating a unified approach to regional development [4]. - The shift from traditional high-energy industries to emerging sectors like renewable energy and biotechnology reflects a commitment to green and sustainable economic growth in the region [4].

Group 1: Market Overview - The overall market sentiment is cautious, with limited orders and expectations of futures listings contributing to a wait-and-see attitude among participants [1][2] - Downstream printing factories are experiencing average order volumes, with some manufacturers in South China facing temporary shutdowns due to weather, leading to slower consumption of raw paper [2][3] Group 2: Cultural Paper - As of September 28, the market average price for 70g wood pulp high white double glue paper is 4807 RMB/ton, down 137 RMB/ton or 2.77% month-on-month [2] - The resumption of production lines in Shandong has increased market supply pressure, causing some distributors to lower their order prices [2] Group 3: White Cardboard - As of September 28, the market average price for 250-400g flat white cardboard is 3960 RMB/ton, up 0.35% from August but down 8.08% year-on-year [3] - Cost pressures remain high, with paper mills raising prices by 100 RMB/ton, which has a positive upward impact on the market [3] Group 4: Corrugated Paper - As of September 28, the market average price for AA-grade corrugated paper (120g) is 2777 RMB/ton, with a month-on-month increase of 5.27% and a year-on-year increase of 6.97% [4] - Major paper mills continue to raise factory prices and have announced shutdown plans for the National Day holiday, leading to a shift in market transaction focus [4] Group 5: Wood Pulp - The average price of imported wood pulp in September showed a downward trend, with only broadleaf pulp prices slightly increasing [5] - The Shanghai Futures Exchange's main contract price for wood pulp has been fluctuating downwards, impacting the average price of imported needle wood pulp [5]

Group 1 - The article discusses tax incentives aimed at promoting the development of rural specialty industries and the circular economy in agriculture, specifically through the use of agricultural crop straw as raw material for producing pulp and paper [1] - A 50% immediate VAT refund policy is implemented for taxpayers producing pulp and paper from agricultural crop straw [1] - Taxpayers must meet specific conditions to qualify for the VAT refund, including obtaining proper invoices and maintaining a record of recycled resource purchases [2][3] Group 2 - Taxpayers are required to establish a record-keeping system for recycled resource acquisitions, detailing supplier information, resource types, quantities, prices, and invoice status [3] - The policy excludes sales of products that fall under categories deemed as high pollution or high environmental risk, as defined by relevant environmental regulations [3][4] - Taxpayers must ensure that over 70% of raw materials used in production come from the specified resources and comply with environmental discharge standards [4] Group 3 - The article outlines that small-scale taxpayers can enjoy VAT exemptions if their monthly sales do not exceed 100,000 yuan or quarterly sales do not exceed 300,000 yuan, with the policy extended until December 31, 2027 [8] - Small-scale taxpayers are subject to a reduced VAT rate of 1% on applicable sales, down from the standard 3% [8][15] - The article provides guidance on how small-scale taxpayers should fill out their VAT declaration forms based on their sales figures and invoice status [9][12]

Core Viewpoint - UBS reports that Nine Dragons Paper Holdings (02689) is expected to achieve a net profit growth of 135% year-on-year to 1.8 billion RMB in the fiscal year 2025, exceeding market expectations due to lower coal prices improving paper product margins and vertical integration driving product structure upgrades [1] Group 1: Financial Performance - The net profit for Nine Dragons Paper in fiscal year 2025 is projected to be 1.8 billion RMB, a 135% increase compared to the previous year [1] - UBS has raised its target price for Nine Dragons Paper from 4.58 HKD to 7 HKD, maintaining a "Buy" rating [1] Group 2: Management Outlook - Management expresses confidence in the profit outlook, forecasting a 10% year-on-year sales growth for fiscal year 2026 [1] - UBS has increased its profit forecasts for Nine Dragons Paper for fiscal years 2026 to 2028 by 61% to 78% [1] Group 3: Profitability Drivers - The profit forecast for fiscal year 2026 has been raised from 1.6 billion RMB to 2.9 billion RMB, primarily driven by increased sales volume and improved profitability [1]

Core Viewpoint - UBS reports that Nine Dragons Paper Holdings (02689) is expected to achieve a net profit growth of 135% year-on-year to 1.8 billion RMB in the fiscal year 2025, exceeding market expectations due to lower coal prices improving paper product margins and vertical integration driving product structure upgrades [1] Group 1: Financial Performance - The company is projected to have a net profit of 1.8 billion RMB in fiscal year 2025, a significant increase of 135% compared to the previous year [1] - UBS has raised its profit forecast for Nine Dragons Paper for fiscal years 2026 to 2028 by 61% to 78% [1] - The profit forecast for fiscal year 2026 has been increased from 1.6 billion RMB to 2.9 billion RMB, primarily driven by increased sales volume and improved profitability [1] Group 2: Market Outlook - Management expresses confidence in the profit outlook, predicting a 10% year-on-year sales growth for fiscal year 2026 [1] - The target price for Nine Dragons Paper has been raised from 4.58 HKD to 7 HKD, maintaining a "Buy" rating [1]