Core Viewpoint - Zhejiang Rongsheng Environmental Paper Co., Ltd. has announced changes in its registered capital, the cancellation of its supervisory board, and revisions to its articles of association and governance systems to enhance operational standards and governance structure [2][3]. Summary by Sections Registered Capital Change - The company has received approval from the China Securities Regulatory Commission to issue 5.76 million convertible bonds at a total value of 576 million yuan, with a maturity of 6 years and varying interest rates from 0.20% to 2.00% over the term [2][3]. - The total share capital will increase from 272,612,842 shares to 272,622,828 shares following the conversion of 9,986 shares from the issued convertible bonds [3]. Cancellation of Supervisory Board and Governance Revisions - The supervisory board will be abolished, with its functions transferred to the audit committee of the board of directors, in accordance with relevant laws and regulations [2][3]. - The company has revised multiple governance documents, including the articles of association and various management systems, to align with the latest legal requirements and improve governance [2][3]. Specific Amendments to Articles of Association - The term "supervisor" and related references have been removed from the articles, and the term "shareholders' meeting" has been standardized [4][5]. - The registered capital is updated to 272,622,828 yuan, reflecting the changes from the bond conversion [6]. - The articles now emphasize the legal obligations of the company and its stakeholders, ensuring compliance with the Company Law and Securities Law [6][7]. Rights and Obligations of Shareholders - Shareholders are entitled to equal rights and obligations, including the right to participate in profit distribution and to request information from the company [17][18]. - The company must ensure that shareholders can exercise their rights without interference, and any changes to shareholder rights must be communicated transparently [17][18]. Governance and Decision-Making Processes - The company will hold annual and extraordinary shareholder meetings to discuss key decisions, including capital increases, profit distribution, and major asset transactions [31][32]. - The board of directors is required to ensure that all decisions comply with legal and regulatory standards, and any significant changes must be approved by the shareholders [31][32].

Core Viewpoint - The document outlines the management system for the resignation of directors and senior management at Zhejiang Rongsheng Environmental Paper Industry Co., Ltd, emphasizing the need for compliance, transparency, and protection of shareholder rights [1][2]. Group 1: General Principles - The management system aims to ensure stability in corporate governance and protect the legal rights of the company and its shareholders [1]. - The principles guiding the resignation management include legality, transparency, smooth transition, and protection of shareholder interests [1]. Group 2: Resignation Procedures - Directors can resign before their term ends by submitting a written resignation report, which becomes effective upon receipt by the board [2]. - If a resignation leads to a shortage of board members below the legal minimum, the resigning director must continue to fulfill their duties until a replacement is appointed [2]. - Senior management can also resign before their term ends, with specific procedures outlined in their labor contracts [2]. Group 3: Transfer of Responsibilities - Resigning directors and senior management must hand over all relevant documents and responsibilities within three working days after their resignation [3]. - If there are significant unresolved matters, an audit committee may initiate a departure audit [3]. Group 4: Obligations Post-Resignation - The fiduciary duties of directors and senior management remain in effect for one year after their resignation [4]. - They are prohibited from transferring more than 25% of their shares annually during their term and cannot transfer shares for six months after leaving [4]. Group 5: Accountability Mechanism - The board will review any breaches of commitments or obligations by resigning directors and senior management and may pursue compensation for losses incurred [5]. - Resigning individuals can appeal the board's decisions regarding accountability within 15 days of notification [5].

Core Viewpoint - The document outlines the selection and appointment procedures for accounting firms by Zhejiang Rongsheng Environmental Paper Industry Co., Ltd, emphasizing the importance of maintaining shareholder interests and ensuring high-quality financial information [1][2]. Group 1: General Principles - The selection of accounting firms must comply with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1]. - The appointment process involves the audit committee's review and approval, followed by the board of directors and ultimately the shareholders' meeting [1][2]. Group 2: Quality Requirements for Accounting Firms - Selected accounting firms must possess independent legal status and the necessary qualifications to conduct securities-related business [2]. - Firms must have a stable workplace, sound organizational structure, and robust internal management systems [2]. Group 3: Selection Procedures - The audit committee is responsible for proposing the selection of accounting firms and overseeing the audit process [2][3]. - Various selection methods include competitive negotiation, public selection, invited selection, and single selection, ensuring fairness and transparency [4]. Group 4: Evaluation Standards - Evaluation criteria for accounting firms include audit fees, qualifications, performance records, quality management, and risk management capabilities [5][6]. - Quality management must be weighted at least 40% in the evaluation process, while audit fees should not exceed 15% [6]. Group 5: Appointment and Reappointment - The appointment of accounting firms is typically for one year, with the possibility of reappointment based on performance evaluations conducted by the audit committee [7][8]. - Significant changes in audit fees or quality issues may trigger a reevaluation or change of the accounting firm [9][10]. Group 6: Supervision and Penalties - The audit committee is tasked with monitoring the selection process and ensuring compliance with laws and regulations [28]. - Serious violations by accounting firms can lead to termination of their services, with potential penalties for responsible individuals [11][12].

Group 1 - The stock price of Shanying International (600567) closed at 1.92 yuan on July 7, 2025, with an increase of 1.59% and a trading volume of 876,100 hands, resulting in a transaction amount of 167 million yuan [1] - The net inflow of main funds on July 7 was 6.23 million yuan, accounting for 3.73% of the total transaction amount, while retail investors had a net outflow of 6.60 million yuan, accounting for 3.95% [1] - Over the past five days, the stock has experienced fluctuations in fund flow, with notable net inflows and outflows from both main and retail investors [1] Group 2 - Shanying International's total market value is 10.505 billion yuan, significantly higher than the industry average of 6.375 billion yuan, ranking 4th in the industry [2] - The company's net assets stand at 16.857 billion yuan, also above the industry average of 4.162 billion yuan, ranking 2nd [2] - The net profit for the first quarter of 2025 was 32.8145 million yuan, a decrease of 16.0% year-on-year, while the main revenue was 6.766 billion yuan, an increase of 1.45% year-on-year [2]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - High inventory pressure on pulp ports persists, with limited improvement in downstream demand. Paper mills mainly purchase raw materials based on rigid demand, and the operating rate remains low. It is expected that the price of the pulp 2509 contract will fluctuate in the range of 4960 - 5220 this week [4]. 3. Summary According to the Table of Contents 3.1 Pulp Price Analysis - **Spot Pulp Price Review**: Last week, the market prices of spot pulp decreased slightly. In Shandong, the prices of coniferous pulp such as Silver Star, Cariboo, and Northern Wood dropped by 50 yuan/ton, with declines of -0.84%, -0.83%, and -0.80% respectively. The prices of broadleaf pulp like Goldfish, Birdie, and Alpine decreased by 20 - 30 yuan/ton, with declines of -0.49% - -0.74%. The prices of chemimechanical pulp, natural pulp, and non-wood pulp remained stable [9][13]. - **Pulp Futures Market Review**: Last week, the pulp futures contract SP2509 oscillated within a 120-point range, closing at 5068 yuan/ton, down 28 yuan/ton (-0.55%) for the week. The weighted trading volume was 1.525 million lots, a decrease of 912,000 lots from the previous week, and the weighted open interest was 325,000 lots, an increase of 27,500 lots [14]. - **Pulp Futures-Spot Basis Comparison**: Due to the larger decline in the spot price of coniferous wood pulp than that of pulp futures, the basis discount continued to shrink. The basis discount between coniferous wood pulp and the closing price of the futures main contract was 832 yuan/ton, a reduction of 22 yuan/ton from the previous week [18]. - **Log Futures Market Review**: Last week, the main log futures contract 2509 oscillated in a range, closing at 795.0 yuan/cubic meter, up 4.0 yuan/cubic meter (+0.51%) from the previous week. The weighted trading volume was 102,000 lots, a decrease of 34,600 lots, and the weighted open interest was 27,600 lots, a decrease of 8,700 lots [20]. 3.2 Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, pulp production was 474,000 tons, a decrease of 8,800 tons (-1.82%) from the previous week. Among them, broadleaf pulp production was 205,000 tons, and chemimechanical pulp production was 201,000 tons. It is expected that this week's domestic broadleaf pulp production will be about 206,000 tons, and chemimechanical pulp production will be about 200,000 tons [4][22]. - **Capacity Utilization of Broadleaf Pulp and Chemimechanical Pulp**: Last week, the capacity utilization rate of domestic broadleaf pulp was 76.6%, a decrease of 0.5% from the previous week, and that of domestic chemimechanical pulp was 84.3%, a decrease of 0.8% [27]. - **Monthly Pulp Production**: In June 2025, domestic pulp production was 2.072 million tons, a decrease of 72,000 tons (-3.36%) from the previous month. Among them, wood pulp production was 1.746 million tons, a decrease of 63,000 tons (-7.69%), and non - wood pulp production was 326,000 tons, a decrease of 9,000 tons (-2.69%) [28]. - **Monthly Capacity Utilization of Chemimechanical Pulp and Broadleaf Pulp**: In June 2025, domestic chemimechanical pulp production was 855,000 tons, a decrease of 21,000 tons (-2.4%), with a capacity utilization rate of 85.0%, an increase of 0.8%. Broadleaf pulp production was 891,000 tons, a decrease of 42,000 tons (-4.5%), and the capacity utilization rate was 80.6%, a decrease of 1.1% [32]. - **Monthly Production Profit of Broadleaf Pulp and Chemimechanical Pulp**: In June 2025, the production profit of broadleaf pulp was 493.6 yuan/ton, a decrease of 167.3 yuan/ton (-25.31%) from the previous month and a decrease of 1,503.03 yuan/ton (-75.28%) from the same period last year. The production profit of chemimechanical pulp was -376.9 yuan/ton, a reduction of losses by 41.1 yuan/ton [36]. - **Pulp Imports**: In May 2025, pulp imports were 3.016 million tons, an increase of 123,200 tons (4.26%) from the previous month and an increase of 196,000 tons (6.95%) from the same period last year. From January to May 2025, the cumulative imports were 15.55 million tons, an increase of 320,000 tons (2.1%) from the same period last year [38]. 3.3 Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, domestic tissue paper production was 281,000 tons, an increase of 1,000 tons (0.36%) from the previous week, and the capacity utilization rate was 63.5%, an increase of 0.1% [40]. - **Downstream Cultural Paper Market**: Last week, copperplate paper production was 77,000 tons, an increase of 1,000 tons (1.32%), and the capacity utilization rate was 56.9%, an increase of 0.6%. Offset paper production was 203,000 tons, a decrease of 1,000 tons (-0.49%), and the capacity utilization rate was 57.0%, a decrease of 0.2% [44]. - **Downstream Packaging Paper Market**: In the packaging paper market last week, the production of white cardboard was 313,000 tons, an increase of 10,000 tons (3.3%), and the capacity utilization rate was 76.34%, an increase of 2.44%. The production of white board paper was 194,000 tons, a decrease of 1,000 tons (-0.51%), and the capacity utilization rate was 68.79%, a decrease of 0.36%. The production of corrugated paper was 472,600 tons, a decrease of 6,200 tons (-1.29%), and the capacity utilization rate was 63.36%, an increase of 0.01%. The production of boxboard paper was 613,500 tons, an increase of 8,200 tons (1.29%), and the capacity utilization rate was 67.75%, an increase of 1.49% [47][50]. - **Downstream Base Paper Spot Price Analysis**: Last week, in the tissue paper market, the price of Shandong wood pulp large - roll base paper decreased by 50 yuan/ton (-0.84%), while the prices of Sichuan bamboo pulp and Guangxi sugarcane pulp large - roll base paper remained stable. In the cultural paper market, the price of Shandong 70g offset paper decreased by 50 yuan/ton (-0.99%), and the price of double - copper paper remained stable. The prices of white board paper and white cardboard remained stable, while the price of corrugated paper decreased slightly, and the price of boxboard paper remained stable [51][55][57]. - **Downstream Base Paper Capacity Utilization**: In June 2025, tissue paper production was 1.193 million tons, a decrease of 29,000 tons (-2.37%) from the previous month and an increase of 101,000 tons (9.25%) from the same period last year. The capacity utilization rate was 63.0%, a decrease of 1.5% from the previous month and a decrease of 1.5% from the same period last year. White cardboard production was 1.29 million tons, an increase of 10,000 tons (0.78%) from the previous month and a decrease of 42,000 tons (-3.15%) from the same period last year. The capacity utilization rate was 73.3%, an increase of 2.58% from the previous month and a decrease of 4.8% from the same period last year. Offset paper production was 862,000 tons, a decrease of 27,000 tons (-3.04%) from the previous month and a decrease of 38,000 tons (-4.22%) from the same period last year. The capacity utilization rate was 56.37%, an increase of 0.1% from the previous month and a decrease of 7.23% from the same period last year. Copperplate paper production was 327,000 tons, a decrease of 10,000 tons (-2.97%) from the previous month and a decrease of 50,000 tons (-13.26%) from the same period last year. The capacity utilization rate was 56.35%, an increase of 0.15% from the previous month and a decrease of 6.85% from the same period last year. The actual domestic pulp consumption in June 2025 was 3.195 million tons, a decrease of 52,000 tons (-1.6%) from the previous month and an increase of 4,000 tons (0.13%) from the same period last year [59][64][67]. 3.4 Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall port inventory of pulp in China shows a trend of inventory accumulation. The inventory of mainstream port samples is 2.213 million tons, an increase of 50,000 tons (2.31%) from the previous week. Among them, the inventory of Qingdao Port is 1.378 million tons, an increase of 26,000 tons (1.92%), the inventory of Changshu Port is 598,000 tons, an increase of 52,000 tons (9.52%), and the inventory of Tianjin Port is 62,000 tons, a decrease of 3,000 tons (-3.39%) [68][70]. - **Futures Pulp Warehouse Receipts**: Last week, pulp futures warehouse receipts were 242,800 tons, a decrease of 5,996 tons (-2.41%) from the previous week. The total warehouse receipts in Shandong were 221,900 tons, a decrease of 5,699 tons (-2.5%) [72].

Core Points - Forest Packaging (stock code: 605500) experienced a trading halt today with a daily turnover rate of 11.70% and a transaction volume of 465 million yuan, showing a price fluctuation of 13.94% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.02%, with a total net sell of 29.18 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 136 million yuan, with a buying amount of 53.26 million yuan and a selling amount of 82.45 million yuan, resulting in a net sell of 29.18 million yuan [2] Trading Data - The largest buying brokerage was China Galaxy Securities Co., Ltd. Shaoxing Securities Branch, with a buying amount of 11.98 million yuan, while the largest selling brokerage was Founder Securities Co., Ltd. Taizhou Jiefang Road Securities Branch, with a selling amount of 31.41 million yuan [2] - In terms of capital flow, the stock saw a net inflow of 10.59 million yuan today, with a significant single net inflow of 36.56 million yuan, while large single funds experienced a net outflow of 25.97 million yuan. Over the past five days, the net inflow of main funds reached 67.67 million yuan [2] Financial Performance - The company reported its Q1 financial results on April 29, showing a total revenue of 450 million yuan, a year-on-year decrease of 7.55%, and a net profit of 33.88 million yuan, a year-on-year decrease of 5.92% [2]

Group 1: Core Insights - The report highlights the rise of emotional consumption in the IP derivative products sector, driven by the increasing willingness to pay for emotional value and the rapid spread of modern media [7][26][32] - The new tobacco trend is gaining momentum, with companies like Philip Morris International leading the transition towards a "smokeless future," indicating a global shift in the tobacco industry [8] - Innovations in supply and channel transformations are providing new opportunities for domestic brands in the personal care sector, with companies like Baiya and Dengkang leveraging differentiated products to enhance brand growth [9] Group 2: Industry Summaries - The home furnishing sector is expected to maintain a weak but stable state, with a focus on high-dividend investments in leading companies as supply gradually exits the market [10] - The paper industry is anticipated to see a gradual balance between supply and demand, with a potential recovery in the cycle as new supply pressures ease [11] - In the packaging industry, high-dividend stocks like Yutong Technology and Yongxin Co. are favored, with expectations of improved profitability in the metal packaging sector due to industry consolidation [12] Group 3: Electric Two-Wheelers and Exports - The electric two-wheeler market is projected to experience significant short-term growth, with companies like Yadi Holdings expected to see a net profit increase of over 55% in the first half of 2025 [13] - Despite uncertainties in tariff policies, there are opportunities for growth in the export sector, particularly for labor-intensive light industrial products that are unlikely to return to the U.S. market [14]

Investment Rating - The report maintains a positive outlook on the home furnishing sector, new tobacco products, and packaging industries, while indicating a cautious stance on the two-wheeler market due to recent trends [4][10][11][15]. Core Insights - The home furnishing sector is expected to stabilize and recover due to continued government subsidies, with a total of 138 billion yuan allocated for the second half of 2025 [4][9]. - The new tobacco sector shows promising growth potential, particularly with the launch of BAT's Glo hilo in Japan, which is anticipated to perform well [10]. - The paper and packaging industry is facing weak price trends, but cultural paper prices may recover due to upcoming publishing orders [11]. - The light consumer goods and pet sectors are experiencing varied performance, with a focus on innovative products and market expansion [12]. - The two-wheeler market is expected to see a slowdown in growth, but there are opportunities for market share gains among leading brands [15]. Summary by Sections Home Furnishing Sector - The home furnishing sector is supported by government subsidies, with 138 billion yuan allocated for the second half of 2025, which is expected to stimulate demand [4][9]. - Recent sales data shows a decline in new and second-hand home transactions, indicating a need for stabilization in the market [4][9]. - Key companies recommended include Sophia, Gujia Home, and Mousse [4][9]. New Tobacco Sector - The HNB product Glo hilo is set to launch in Japan, with expectations for strong market performance [10]. - The vaping market is expanding, with regulatory actions in the US aimed at curbing illegal products, which may benefit compliant companies [10]. Paper and Packaging Sector - Prices for wood pulp remain weak, but cultural paper prices may see recovery due to seasonal demand from publishing [11]. - Recommendations include companies with strong market positions and stable dividends in the packaging sector [11]. Light Consumer Goods and Pet Sector - The sector is focusing on offline growth and new product cycles, with a notable emphasis on AI technology in product development [12]. - Companies like Guibao Pet and Miniso are highlighted for their growth potential [12]. Two-Wheeler Sector - The two-wheeler market is experiencing a slowdown, but leading companies are expected to maintain good growth rates in their mid-year reports [15]. - Recommendations include Yadi Holdings and Aima Technology, focusing on product innovation and market expansion [15].

Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 综述 01 行情走势 02 供需数据 03 行情研判 04 行情研判 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 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7月6日 Special report on Guotai Junan Futures 2 综述 1 行情研判 Special report on Guotai Junan Futures 4 资料来源：Qinrex ➢ 行情回顾：本周双胶纸市场价格延续跌势。据卓创资讯数据显示，本周70g木浆高白双胶纸市场均价为5125元/吨，环比下跌0.16%，本 周跌幅环比收窄0.42个百分点；70g木浆本白双胶纸市场均价为4791元/吨，环比下跌0.08%，本周跌幅环比收窄0.46个百分点。影响市 场价格走势的主要因素有：第一，月初多数纸厂报盘趋稳，个别压力仍存，出货价格小幅下调；第二，经销商出货节奏仍然偏 ...

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7月6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 操作建议 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 操作建议 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 资料来源：曼谈纸业，纸业联讯，隆众资讯 Special report on Guotai Junan Futures 4 1. 【常熟港纸浆库存统计】截至2025年7月3日，中国纸浆常熟港库存59.8万吨，较上周期上涨5.2万吨，环比上涨9.5%。本周常熟港库存呈现累库走势。 2. 【青岛港纸浆库存统计】截至2025年7月3日，中国青岛港港内及港外仓库纸浆库存137.8万吨，较上周上涨2.6万吨，环比上涨1.9%。本周期青岛港库存周 期内呈现累库的走势。 3. 【高栏港纸浆库存统计】截至2025年7月 ...