12月4日，上交所官网显示，安徽林平循环发展股份有限公司（下文简称"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。 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。 来源：上交所官网 ...

供需宽松，造纸市场承压 银河化工 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 目录 第一部分综合分析与交易策略 第二部分核心逻辑分析 第三部分周度数据跟踪 GALAXYFUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 246/206/207 68/84/105 基 础 色 辅 助 色 137/137/137 210/10/16 221/221/221 208/218/234 综合分析与交易策略 【综合分析】 【逻辑分析】 2 GALAXYFUTURES 227/82/4 228/210/172 181/181/181 68/84/105 210/10/16 221/221/221 208/218/234 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 ◼ 纸浆：国产浆新线持续释放，周度产量增至60.5万吨，11月针叶浆进口预计68万吨，环比微降1.4%，主流港口库存210万吨连续六个月超往年。需 求端分化明显，文化纸拖累持续，耗浆量环比下降；包装与生活用 ...

在实施上述减持操作前，能源集团持有公司股份200,409,582股，占公司总股本的8.94%。在实施上述减 持操作后，能源集团持有公司股份178,000,000股，占公司总股本的7.94%。 2025年10月28日至2025年12月5日，青山纸业的加权均价为3.944元。按此计算，能源集团套现金额约为 8838.34万元。 中国经济网北京12月8日讯 青山纸业（600103）(600103.SH)12月5日晚间发布关于控股股东及其一致行 动人权益变动触及1%刻度的提示性公告。 本次权益变动触及《证券期货法律适用意见第19号——第十三条、第十四条的适用意见》规定的1%的 整数倍标准。 公司于2025年12月5日收到股东福建省能源集团有限责任公司（以下简称"能源集团"）出具的《关于减 持青山纸业股票权益变动触及1%刻度的告知函》，能源集团于2025年10月28日至2025年12月5日期间， 通过集中竞价交易方式合计减持公司股份22,409,582股，占公司总股本的1.00%。 因能源集团与公司控股股东福建省轻纺（控股）集团有限责任公司、股东福建省盐业集团有限责任公司 和股东福建省金皇贸易有限责任公司整体构成一致行 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - The pulp market is expected to oscillate and consolidate after the realization of positive factors in the short term. The pulp futures market strengthened this week, driven by supply - side news of international pulp mills exiting the market and concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and a loose supply - demand pattern continuing. The downstream paper mills' procurement remains rational and based on rigid demand, and the low processing profit of base paper cannot provide incremental support for pulp prices [96]. 3. Summary by Directory 3.1 Industry News - As of December 4, 2025, the inventory of pulp in major Chinese ports showed a de - stocking trend. The inventory in Changshu Port was 566,000 tons, down 0.6 million tons (1.0% MoM); in Qingdao Port, it was 1.395 million tons, down 34,000 tons (2.4% MoM); and in Gaolan Port, it was 45,000 tons, down 15,000 tons (25.0% MoM). The total inventory of major port samples was 2.101 million tons, down 71,000 tons (3.3% MoM) [5][6]. - Domtar will permanently close its Crofton factory in Canada, reducing its annual pulp production by about 380,000 tons of NBSK softwood pulp [6]. - Fenlin Group's Joutseno pulp mill will resume operation on December 8, 2025, and its Rauma pulp mill will start a one - month production shutdown on December 15, 2025, and plan to gradually resume production by department from January 7, 2026 [7]. - Shandong Bohui Paper plans to invest about 1.701 billion yuan to expand its chemical wood pulp project. After completion, its chemical wood pulp production capacity will increase from 95,000 tons/year to 320,000 tons/year [8]. 3.2 Market Data 3.2.1 Market Trends - On December 5, 2025, the basis of silver star was 150 yuan/ton, down 25.74% MoM and 67.67% YoY; the basis of Russian needle was - 50 yuan/ton, down 78.57% MoM and 457.14% YoY; the price difference between silver star and Russian needle was 200 yuan/ton, down 13.04% MoM and 55.56% YoY [16]. - On December 5, 2025, the 01 - 03 month - spread was - 16 yuan/ton, up 11.11% MoM; the 03 - 05 month - spread was - 24 yuan/ton, up 25.00% MoM [21]. 3.3 Fundamental Data 3.3.1 Price - The import profit of softwood and hardwood pulp has recovered. On December 5, 2025, the import profit of silver star softwood pulp was 83.65 yuan/ton, up 170.04% MoM and 140.60% YoY; the import profit of star hardwood pulp was 122.95 yuan/ton, up 516.27% MoM and 226.39% YoY [30]. - The spot price of imported softwood pulp increased significantly this week. On December 5, 2025, the prices of silver star, Kalip, Beimu, Lion, and Russian needle were 5600 yuan/ton, 5750 yuan/ton, 5850 yuan/ton, 5750 yuan/ton, and 5400 yuan/ton respectively, with MoM increases of 3.70%, 1.77%, 0.86%, 1.77%, and 4.45% [33]. - The spot price of imported hardwood pulp increased. On December 5, 2025, the prices of goldfish, star, bird, and broadleaf were 4600 yuan/ton, 4600 yuan/ton, 4550 yuan/ton, and 4500 yuan/ton respectively, with MoM increases of 4.55%, 3.37%, 3.88%, and 5.88% [37]. - The prices of natural color pulp and chemimechanical pulp showed different trends. On December 5, 2025, the price of Venus natural color pulp was 5150 yuan/ton, up 0.98% MoM and down 4.63% YoY; the price of Kunhe chemimechanical pulp was 3800 yuan/ton, up 2.70% MoM and 7.04% YoY [40]. 3.3.2 Supply - The wood chip purchase price of some paper enterprises in East China decreased this week. On December 5, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1180 yuan/ton, down 1.67% MoM [44]. - The supply of chemimechanical pulp increased this period. On December 4, 2025, the weekly production of domestic chemimechanical pulp was 87,300 tons, up 1.99% MoM and 1.51% YoY [49]. - In October 2025, the pulp inventory in European ports decreased MoM, and the global pulp departure volume decreased seasonally MoM [52]. - In August 2025, the W20 softwood pulp shipment was at a low level with high inventory, while the hardwood pulp shipment remained at a high level with low inventory days [54]. - In August 2025, the total softwood pulp exports of Canada, Chile, Finland, and the United States to China decreased MoM and were at a low level YoY. In September, Finland's exports to China increased significantly both MoM and YoY. In October, Chile's softwood pulp exports to China continued to increase MoM but decreased YoY [60]. - In October 2025, the total hardwood pulp exports of Brazil, India, Uruguay, and Chile to China decreased both MoM and YoY. In November, Brazil's hardwood pulp exports to China decreased significantly MoM, and Uruguay's exports decreased both MoM and YoY [61]. - In October 2025, China's pulp imports were divided. Softwood pulp imports increased 0.06% MoM, hardwood pulp imports decreased 2.77% MoM, and the imports of natural color pulp and chemimechanical pulp increased significantly MoM [65]. 3.3.3 Demand - The price of offset paper remained stable this period. The industry's supply was abundant, but the demand was weak, and the production pressure of factories increased due to the rising pulp price [69]. - The price of coated paper remained stable. The market supply changed little, and the demand was weak. The profitability of the industry continued to narrow, and factories were more willing to support prices [73]. - The price of white cardboard increased slightly. Paper mills announced price increases, but the terminal orders were not significantly improved, and the actual price increase was restricted [77]. - The price of household paper increased slightly. The market trading activity did not change much, and the demand was weak. The cost of household paper was strongly supported by the rising pulp price [81]. - In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly YoY, while the dairy production decreased significantly both MoM and YoY [85]. 3.3.4 Inventory - On December 5, 2025, the total number of pulp warehouse receipts was 208,900 tons, a decrease of 0.42% MoM and 39.53% YoY [88]. - The port inventory was at a medium - level within the year and continued to show a de - stocking trend. On December 5, 2025, the total inventory of major port samples was 2.101 million tons, down 3.27% MoM and up 14.12% YoY [93].

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年12月7日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1.【常熟港纸浆库存统计】截至2025年12月4日，中国纸浆常熟港库存56.6万吨，较上周期下降0.6万吨，环比下降1.0%。本周常熟港库存呈现去库走势。 2.【青岛港纸浆库存统计】截至2025年12月4日，中国青岛港港内及港外仓库纸浆库存139.5万吨，较上周下降3.4万吨，环比下降2.4%。本周期青岛港库存周期内 呈现去库的走势。 3.【高栏港纸浆库存统计】截至2025年12月4日，中国纸浆高栏港库存4.5万吨，较上周下降1.5万吨，环比下降25.0%。本周期高栏港库存呈现去库的趋势。 ...

Core Viewpoint - The company has conducted a board election, appointing Wang Jian as the employee director, which will contribute to the formation of the ninth board of directors [1][4]. Group 1: Board Election - The company has held a second employee representative assembly to elect Wang Jian as the employee director [1]. - The new board will consist of seven directors, including one employee director elected by the employees [1]. - Wang Jian's term will commence upon the election of the non-employee directors at the upcoming shareholder meeting [1]. Group 2: Director Qualifications - Wang Jian meets all relevant legal, regulatory, and company charter requirements for the position [1]. - His election will not result in the number of employee representatives on the board exceeding half of the total board members [1]. Group 3: Director Departure - The company has announced the resignation of Li Zhan, whose departure will not reduce the board below the legal minimum [5][7]. - Li Zhan held 386,000 shares in the company and has completed all necessary handover procedures [7]. - The board expresses gratitude for Li Zhan's contributions during his tenure [8].

天眼查App显示，近日，固始县固祥纸业有限公司成立，法定代表人为赵鹏，注册资本10万人民币，经 营范围为一般项目：纸和纸板容器制造；纸制造；纸制品制造；纸制品销售（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）许可项目：食品用纸包装、容器制品生产（依法须经批准的项 目经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，亿家德纸品加工（济宁）有限公司成立，法定代表人为周奔，注册资本100万 人民币，经营范围为一般项目：纸和纸板容器制造；纸制品销售；宗教场所用品销售；互联网销售（除 销售需要许可的商品）；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；纸制品制 造；工艺美术品及收藏品批发（象牙及其制品除外）；工艺美术品及收藏品零售（象牙及其制品除 外）；工艺美术品及礼仪用品销售（象牙及其制品除外）；制浆和造纸专用设备销售。（除依法须经批 准的项目外，凭营业执照依法自主开展经营活动）。 ...

南华纸浆产业周报 —— 期价波动明显 俞俊臣（投资咨询证号：Z0021065 ） 投资咨询业务资格：证监许可【2011】1290号 2025年12月5日 第一章 核心矛盾及策略建议 1.1 核心矛盾 关注现货价格变动、港口去库存情况，以及浆厂与纸厂停工复产情况。可据此进行行情的即时研判，如现价 延续跌势，港口去库进程良好，则期价可能正式开启下跌行情。 * 远端交易预期 远端上，布针仓单的影响已基本计价，影响偏弱，相反远期仓单的供应存疑，带来一定利好。美联储持续降 息进程可能暂止，宏观情绪相对转弱。国内反内卷的大战略方针之下，政策端随时可以出现利多因素。 1.2 交易型策略建议 【行情定位】 本周的核心因素在于国外浆企关停带来的供应端变动。国外一家大型浆厂宣布关停，另一家浆厂宣布暂时停 产，产能短期会出现相对明显的下滑，从供应角度利好期价走势。使得期价接连两日大涨， 从基本面来看，中国港口库存回落7.1万吨，去库相对明显，仍处于相对高位，给期价的压力持续。 在终端需求方面，下游各类纸种开工负荷率有所回升，需求有所回暖，但基于当前行业整体情况来看，需求 仍处于地位。 纸浆期价在周五有所回落，针叶浆现货市场行情反转 ...

12月3日，博汇纸业（证券代码：600966）发布公告称，为调整现有原材料产品结构，提高原料、产品 多样化，公司拟投资17.01亿元扩建化学木浆项目。项目建成后，由原年产9.5万吨化学木浆技改工程扩 建至32万吨产能，增幅高达237%。 公告显示，该项目将采用国际先进的工艺技术和装备，并配置最新的自动化、数字化、智能化装备，覆 盖生产、物流、能源、水环等整个项目。这不仅能保证各项技术经济指标处于领先水平，还可以提高效 率、降低消耗、减少排污，符合"坚持环境保护、节能减排"的规划原则，延伸企业的产业链，实现原 料、产品多样化，项目的实施有利于企业可持续发展。 博汇纸业表示，公司拟投资该项目时，充分考虑了公司自身资金积累、技术水平、市场环境等因素，该 项目充分利用了公司原有落后产能，基于现有的工艺技术优势及经验优势，建成后能够有效提高公司原 材料自供比例，降低公司生产成本，提升公司的核心竞争力与影响力。 业绩方面，博汇纸业2025年前三季度实现营业收入144.50亿元，同比增长3.46%，但归属于上市公司股 东的净利润为1.21亿元，同比下降18.57%。博汇纸业的扩产或与其近年"增收不增利"的财务表现有关。 除 ...