鼓励企业根据真实成本、合理利润、服务标准及市场供需关系，自主、透明定价，保障行业整体价值空 间。 近日，广东省造纸行业协会发布《关于推动广东省造纸行业"反内卷"促进行业高质量发展的倡议书》提 出，坚决杜绝低于成本的倾销行为，抵制通过不正当手段套取补贴或抢占市场。鼓励企业根据真实成 本、合理利润、服务标准及市场供需关系，自主、透明定价，保障行业整体价值空间。 倡议书还提出，审慎评估市场容量，避免盲目扩张新增同质化、低端化产能，将资源更多投向技术改造 与升级，加快替换高能耗、低效率的老旧设备，采用自动化、数字化生产技术提升效率，积极申报"两 新"政策技改资金补贴，合理利用国家补贴对现有生产线实施技术改造。 关于推动广东省造纸行业"反内卷" 促进行业高质量发展的倡议书 一、坚决抵制低价无序竞争，维护市场公平秩序。坚决杜绝低于成本的倾销行为，抵制通过不正当手段 套取补贴或抢占市场。鼓励企业根据真实成本、合理利润、服务标准及市场供需关系，自主、透明定 价，保障行业整体价值空间。企业应自觉遵守《反垄断法》、《反不正当竞争法》等法律法规，杜绝扰 乱市场秩序的行为。 二、主动优化产能结构，推动技术装备升级改造。审慎评估市场容 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown strong growth in the new energy vehicle sector, with high-value product sales increasing and profitability steadily improving [2][3] - The revenue for the first half of 2025 reached 237 million yuan, a year-on-year increase of 27.91%, while the net profit attributable to shareholders was 63 million yuan, up 42.28% year-on-year [2] - The growth in performance is driven by the rapid development of domestic industries such as new energy vehicles, wind power, photovoltaics, energy storage, and AI data centers, which have increased demand for various electrical insulation products [2][3] Summary by Sections Financial Performance - The company achieved a revenue of 340.47 million yuan in 2023, with a projected growth to 534.23 million yuan by 2025, reflecting a compound annual growth rate of 30.96% [1] - The net profit attributable to shareholders is expected to grow from 81.63 million yuan in 2023 to 133.98 million yuan in 2025, representing a year-on-year growth of 33.28% [1] - The latest diluted EPS is projected to increase from 0.56 yuan in 2023 to 0.92 yuan in 2025, with a corresponding P/E ratio decreasing from 77.61 to 47.29 [1] Business Segments - The aramid paper business, which is the core segment, saw a revenue increase of 22.76% to 227 million yuan in the first half of 2025, with a gross margin improvement of 4.09 percentage points to 41.91% [3] - The composite materials segment experienced a dramatic revenue increase of 1185.27% to 10 million yuan in the first half of 2025, indicating significant growth potential [3] Innovation and Market Position - The company has established itself as a leader in the aramid paper industry, breaking the monopoly of DuPont and becoming the second country globally capable of producing aramid paper [4] - The company has developed strong customer relationships with major domestic and international firms, enhancing its market recognition and brand value [4] Future Outlook - The company is expected to benefit from the growing demand in sectors such as new energy vehicles, wind power, photovoltaic energy, and the modernization of electrical grids, which will drive the market for aramid insulation paper [5] - Forecasted net profits for 2025 to 2027 are 134 million, 171 million, and 216 million yuan respectively, with a corresponding P/E ratio of 47.29, 37.03, and 29.38 [5]

1. Report Information - Report Name: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: July 28, 2025 [2] 2. SP Main Contract Closing Price - Closing price on July 25, 2025: 5520.00 - The closing prices, converted US dollar prices, daily price changes, and basis differences in Shandong and Jiangsu-Zhejiang-Shanghai regions from July 21 to July 25 are presented in a table [3] 3. Import Profit Calculation - Calculated with 13% VAT, the import profits of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star are 60.36, -259.53, and 46.49 respectively, based on port US dollar prices and Shandong region RMB prices [4] 4. Price Averages and Indexes - From July 21 to July 25, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp, as well as the average prices in Shandong region, remained unchanged - The cultural paper, packaging paper, and living paper indexes also showed no changes during this period - The profit margins of double-offset paper, double-coated paper, white cardboard, and living paper had different degrees of change, with the living paper profit margin changing by -0.1337 [4] 5. Price Spreads - From July 21 to July 25, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper remained unchanged [4]

Group 1: Personal Pension Funds and Investment Trends - The number of personal pension funds has exceeded 300, showing an increase of over 100 products compared to the end of Q3 last year [1] - The first batch of 85 equity index funds included in the personal pension investment product catalog has a total scale of 1.576 billion yuan, increasing by nearly 400 million yuan from the end of Q1 [1] - Gold-themed funds have gained significant popularity, with 53 products collectively increasing in scale by 128.5 billion yuan, a growth rate of 108.53% compared to the end of last year [2] Group 2: Market Dynamics and Fund Performance - The average return of pure bond funds has been negative since July, leading to noticeable large-scale redemptions as the stock market recovers [3] - The bond market's crowded trading and improved market risk appetite are identified as key factors for the recent redemptions [3] Group 3: Lithium Carbonate Futures and Supply Expectations - Lithium carbonate futures prices have rebounded above 80,000 yuan per ton, moving away from the industry’s perceived breakeven point due to expectations of supply contraction [4] - Downstream demand has shown unexpected growth, with a 5% month-on-month increase in battery cell production in July, contrary to initial expectations of a demand vacuum [4] Group 4: AI in Healthcare - The AI healthcare industry in China has reached a scale of 97.3 billion yuan in 2023, projected to grow to 159.8 billion yuan by 2028, with a compound annual growth rate of 10.5% [5] - AI applications are expanding across various sectors, with healthcare being one of the most focused areas for investment [5] Group 5: Corporate Developments - Tesla's production target for the Optimus robot has significantly fallen short, with only a few hundred units produced instead of the planned 5,000 for 2025 [6] - Allianz Life has reported a data breach affecting the personal information of a majority of its 1.4 million customers in the U.S. [7] - The first chairman of Allianz Fund has officially announced his departure for personal reasons, with the general manager temporarily taking over [8] - Heng Rui Pharmaceutical has signed an agreement with GSK, potentially earning up to 12 billion USD based on successful project milestones [9] - Lao Pu Gold expects a net profit increase of approximately 279% to 288% for the first half of 2025 [10]

Core Viewpoint - The paper industry is experiencing a series of price increases driven by rising costs, with major companies like Nine Dragons Paper and Jiangxi Lee & Man Paper announcing price hikes for corrugated paper and recycled cardboard starting August 1, 2023 [2][4][5] Group 1: Price Increases - Multiple paper companies have issued price increase notices, marking the fourth round of price hikes this year, with Nine Dragons Paper leading the charge [3][4] - The price increase for corrugated and recycled cardboard is set at 30 yuan per ton, following previous hikes earlier in July [3][4] - The overall trend shows that paper companies have raised prices in March-April, May, and July, indicating a pattern of frequent adjustments in response to cost pressures [4][5] Group 2: Cost Pressures - The primary reason for the price hikes is the tightening supply of raw materials, particularly waste paper, which has significantly increased operational costs for paper manufacturers [2][4] - The average market price for waste yellow board paper as of July 23, 2023, was 1482 yuan per ton, reflecting a year-on-year increase of 2.75% [4] Group 3: Market Dynamics - Despite the price increases, the transmission of these costs through the supply chain remains uncertain due to weak demand and excess supply, leading to competitive pricing pressures among packaging companies [5][6] - The overall industry is facing a supply-demand imbalance, with a projected consumption growth rate of only 1.5% for paper products in 2024, while new production capacity is expected to exceed 10 million tons [6][7] Group 4: Strategic Adjustments - Leading paper companies are focusing on enhancing their core competitiveness through increased R&D investment, full industry chain layout, and collaboration with downstream partners [7] - Companies like Xianhe Co. and Sun Paper are investing heavily in raw material sourcing and production capacity to strengthen their market position and reduce operational costs [7]

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3] Core Views - The packaging paper industry has announced price increases, with major companies like Nine Dragons Paper and Jiangxi Lee & Man Paper Manufacturing planning to raise prices by 30 CNY/ton starting August 1 [2][4] - The report highlights the potential recovery in the smart phone market, with expectations of improved sales in the second half of the year due to new product launches and government subsidies [6][12] - The report emphasizes the positive performance of the light industry sector, which outperformed the market with a 1.84% increase in the industry index compared to a 1.69% increase in the CSI 300 index [12] Summary by Sections 1. Home Furnishing - As of July 16, 2025, 280 million people have applied for the old-for-new consumer goods subsidy, driving sales over 1.6 trillion CNY [4] - The third batch of 690 billion CNY in special government bonds for consumer goods is being distributed, which is expected to benefit leading home furnishing companies [4][6] 2. Paper and Packaging - As of July 25, 2025, prices for various paper types have shown mixed trends, with double glue paper at 5012.5 CNY/ton (down 87.5 CNY), and corrugated paper at 2513.75 CNY/ton (down 1.25 CNY) [4][6] - The report suggests focusing on companies with integrated forest-pulp-paper operations and those with strong domestic sales expectations [4][6] 3. Light Consumer Goods - The report notes that the new product from the brand "Jieting" achieved top sales during the 618 shopping festival, indicating strong market demand [6] - Recommendations include companies in the oral care sector and those benefiting from the newborn policy [6] 4. Export Chain - Vietnam's exports in June reached 39.5 billion USD, showing a year-on-year increase of 16.4% [6] - Companies with overseas production capacity are expected to maintain order advantages [6] 5. New Tobacco Products - The report highlights the U.S. FDA's crackdown on illegal e-cigarettes, which may benefit compliant companies [6] - The introduction of HNB products by international tobacco leaders is expected to boost sales in new regions [6] 6. Textile and Apparel - The textile and apparel sector has shown resilience, with companies like Jiejia and Wanlima making significant progress in their respective markets [6][12] - The report suggests focusing on companies with international production capabilities and strong brand partnerships [6]

Core Viewpoint - The recent surge in the stock market is driven by significant gains in specific sectors, particularly in engineering machinery, supported by government investment in water conservancy projects [1][4]. Group 1: Stock Market Performance - The three major stock indices collectively rose, with the Shanghai Composite Index increasing by 1.67% to close at 3593.66 points, the Shenzhen Component Index rising by 2.33% to 11168.14 points, and the ChiNext Index gaining 2.76% to 2340.06 points [1]. - Approximately 71% of stocks experienced gains during the week, with 176 stocks rising over 15% and 10 stocks declining more than 15% [1]. Group 2: Leading Stocks - Hengli Drilling Tools (836942.BJ) topped the weekly gainers with a remarkable 184.05% increase, followed by Upwind New Materials (688585.SH) with a 97.37% rise [1]. - Hengli Drilling Tools achieved a four-day consecutive limit-up, reaching a historical high of 55.93 yuan per share, with a total market capitalization of 3.4 billion yuan [1][4]. Group 3: Industry Insights - The company specializes in the design, production, and sales of various engineering rock-breaking tools, with major clients including China Railway, China Power Construction, and China Communications Construction [4]. - The recent announcement of over 300 billion yuan in support for major water conservancy projects is expected to drive demand for engineering machinery, particularly in the context of infrastructure investment [4][5]. - Analysts predict that the engineering machinery sector will benefit from increased demand as domestic water conservancy projects progress, potentially leading to a dual boost in performance and valuation for the sector [7]. Group 4: Performance and Financials - Hengli Drilling Tools reported a first-quarter revenue of 39.41 million yuan, a year-on-year decrease of 9.02%, while net profit attributable to shareholders increased by 160% to 12.61 million yuan [6]. - The company has issued warnings regarding its stock price volatility, indicating that there have been no significant changes in its fundamentals or undisclosed major information [5]. Group 5: Declining Stocks - Forest Packaging (605500.SH) led the decliners with a 25% drop, attributed to the competitive landscape in the takeaway market and its limited involvement in food packaging [9][10]. - The company anticipates a significant decline in net profit for the first half of 2025, projecting a decrease of 58.64% to 72.42% year-on-year [11].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the current favorable conditions for export chain layout and the rebound of new consumption, suggesting a focus on bottom-cycle assets [2] - The paper highlights various sectors including paper manufacturing, new tobacco, exports, smart glasses, home furnishings, gold and jewelry, two-wheeled vehicles, pets, cross-border e-commerce, retail IP, and mother-baby products, each with specific growth opportunities and recommendations [2][3][4][5][6] Summary by Relevant Sections Paper Manufacturing - The report notes ongoing overseas supply disruptions and domestic efforts to combat "involution," which may drive the paper cycle upward. It suggests monitoring companies like Sun Paper and Xianhe Co. for potential profit recovery [2] New Tobacco - Philip Morris International reported Q2 revenue of $10.14 billion, a year-on-year increase of 7.1%, with new tobacco revenue up 15.2%. The report anticipates a 12%-14% growth in new tobacco shipments for the year [2] Exports - June export data showed a year-on-year increase of 7.0%, with furniture exports up 1.9%. The report suggests focusing on companies with robust overseas production capabilities due to ongoing tariff impacts [2] Smart Glasses - Alibaba's launch of the Quark AI glasses is expected to enhance the industry's influence, with anticipated sales growth driven by improved product capabilities [3] Home Furnishings - Despite industry pressures, companies like IYI Home are experiencing steady growth due to high customer repurchase rates. The report recommends focusing on brands that cater to young consumers [4] Gold and Jewelry - Chow Tai Fook's retail value decreased by 1.9% year-on-year, but the report suggests that the overall market may be nearing a recovery point [4] Two-Wheeled Vehicles - TaoTao's global manufacturing layout is accelerating, with significant production capacity in Vietnam and the U.S. expected to meet market demands [4] Pets - Yuanfei Pet's stock incentive plan targets revenue growth, with a focus on enhancing its overseas supply chain and developing proprietary brands [4] Cross-Border E-commerce - The report highlights ongoing uncertainties regarding tariffs, with leading sellers actively pursuing global expansion strategies [4] Retail IP - The report discusses the growth of Pop Mart and its strategies to enhance brand recognition and operational capabilities [4] Mother-Baby Products - The report notes that children's health care is becoming increasingly competitive, with companies like Kidswant leveraging technology for market advantage [5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - This week, the macro - level positive factors have limited impact on the spot market, and the paper price is weak. In the future, due to the increase in market supply pressure and the weakening of market support, the price of offset printing paper is expected to decline, and the paper mill's profit will be adjusted [51]. 3. Summary by Relevant Catalogs 3.1 Industry News - The inventory days of domestic offset printing paper this Thursday decreased by 2.14% compared to last Thursday, and the decline rate narrowed by 0.22 percentage points week - on - week. The overall inventory reduction rhythm of the market slowed down [6]. - The operating load rate of domestic offset printing paper this week was 50.13%, an increase of 0.47 percentage points from last week, and the growth rate narrowed by 0.94 percentage points [6]. 3.2 Market Trends - On July 25, the average price of 70g high - white offset printing paper was 5012.5 yuan/ton, with a week - on - week decrease of 62.5 yuan/ton and a year - on - week decrease of 87.5 yuan/ton [9]. - The prices of various types of offset printing paper in the Shandong and Guangdong markets generally decreased, and the pre - tax and after - tax gross profits also decreased [10]. 3.3 Supply and Demand Data 3.3.1 Supply - In 2024, the domestic offset printing paper industry's production capacity was about 16.52 million tons, a year - on - year increase of 7%; the annual output was about 9.478 million tons, and the capacity utilization rate was 57% [19]. - This week, the domestic offset printing paper industry's output was 168,500 tons, and the capacity utilization rate was 50.1% [24]. - In June, the domestic offset printing paper import volume was about 15,000 tons [37]. 3.3.2 Demand - This week, the domestic offset printing paper sales volume was 176,100 tons [29]. - In June, the domestic offset printing paper export volume was about 66,000 tons [37]. - In recent years, the growth rate of retail sales of books, newspapers, and magazines has gradually slowed down [48]. 3.3.3 Inventory - This week, the enterprise inventory of domestic offset printing paper was 351,300 tons [29]. - In terms of inventory days, Central China > East China > South China; the social inventory pressure is higher than the enterprise inventory [43]. 3.4 Market Judgment - Supply: Domestic production is stable, and the import volume remains low. With the increase in the operating rate of new production capacity in South China, the market supply pressure will increase [51]. - Demand: The demand for publication orders will decrease next week, the rigid demand support in the market will weaken, and the social demand is difficult to improve [51]. - Price: Due to the contradiction between supply and demand, there is still room for negotiation in the market transaction next week, and the paper price is expected to decline [51]. - Valuation: According to the current pulp price, the pre - tax gross profit of offset printing paper is about - 26 yuan/ton, and the after - tax gross profit is about - 196 yuan/ton, and the paper mill's profit has been adjusted [51]. - Strategy: The futures variety has not been launched yet [51].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp market sentiment has improved, with the pulp futures rebounding from a low level in July 2025. However, the pulp market supply is relatively loose, with high port inventories and a slow de - stocking pace. The subsequent rebound height depends on demand stabilization and macro - economic conditions. It is recommended to take a light - position trial long position [2][5][24] 3. Summary by Directory 3.1 Market Review - In July 2025, pulp futures rebounded from a low level. The pulp market followed the upward trend of the commodity sector, but due to high port inventories, slow de - stocking, low downstream purchasing enthusiasm, and cost support, the market was in a dynamic game [5] 3.2 Pulp Fundamental Analysis - **Import Volume Increase with Slowing Speed**: Global pulp production is stable at around 180 million tons. China has a high degree of dependence on pulp imports. In June 2025, China imported 3.031 million tons of pulp, with an import value of $1.9079 billion and an average unit price of $629.46 per ton. From January to June, the cumulative import volume and value increased by 4.2% and 2.3% respectively compared to the same period last year. The import volume maintained an increasing trend, but the growth rate slowed down [9][10] - **Inventory Pressure in Major Domestic Ports**: As of July 23, 2025, the total weekly inventory of pulp in major domestic ports was 2.1266 million tons, a 3.49% decrease from the previous week, still at a high level in the same period of previous years. In May 2025, European port inventories increased, and in June, European chemical pulp consumption decreased while inventories increased. Coniferous pulp has less inventory pressure, while broad - leaf pulp has more supply and inventory pressure [12][13] - **Diverse Downstream Operating Conditions**: Global pulp apparent consumption is stable at around 180 million tons. Waste pulp is the main consumption method in China, accounting for 63% of total pulp consumption. As of July 24, the operating rates of different types of paper mills varied, with most paper mills operating stably and a few reducing production [15][18] - **Rising Prices of Coniferous and Broad - Leaf Pulp in the Domestic Market**: As of July 24, the weekly average price of imported coniferous pulp was 5,866 yuan per ton, a 0.53% increase from the previous week, and the weekly average price of imported broad - leaf pulp was 4,111 yuan per ton, a 0.76% increase from the previous week. Although the price of imported broad - leaf pulp increased, downstream purchasing enthusiasm was low, and high - price transactions did not increase significantly [20] 3.3 Outlook for the Future - On the supply side, in June 2025, China's pulp import volume and value increased compared to the same period last year. On the demand side, port inventories were high, and the de - stocking pace was slow. The pulp market supply was relatively loose, and high - price transactions were limited. The subsequent rebound height depends on demand stabilization and macro - economic conditions, and it is recommended to take a light - position trial long position [23][24]