Group 1: Overview of Jiangsu Manufacturing - Jiangsu manufacturing is gaining popularity in overseas markets with small yet appealing products like paper, pens, sticky notes, and toothbrushes [1] Group 2: Company Innovations and Market Performance - Jiangsu Huateng Personal Care Products Co., Ltd. has successfully entered the global high-end market by adapting product designs and formulations based on regional preferences, achieving a stable annual growth rate of around 20% in foreign trade orders [2] - Jiangsu Sanxiao Group has implemented intelligent production methods, increasing production efficiency by over 50% and maintaining order volumes while raising product prices [2] - In the first eight months of this year, the export value of oral hygiene products from Yangzhou reached 1.762 billion yuan, with toothbrush exports at 1.476 billion yuan, reflecting a year-on-year growth of 3.5% [2] Group 3: Export Trends in Stationery Products - After September, there has been a surge in exports of stationery products like cartoon sticky notes and colored loose-leaf paper, with Jiangsu Fengxin Stationery Manufacturing Co., Ltd. leveraging its unique IP products to expand its market share [3] - The company has helped importers save approximately 890,000 yuan in tariffs, enhancing its pricing power and market presence [3] - In the first eight months, Lehui Stationery Nantong Co., Ltd. exported over 33 million yuan worth of stationery products to 28 countries and regions [3] Group 4: Trade Policies and Growth in Pen Manufacturing - Jiangsu Xiangzhao Stationery Co., Ltd. has seen its processing trade import and export volume exceed 19 million yuan in the first eight months, a 1.8-fold increase from the previous year, aided by favorable customs policies [4] - The export of pens and their components from Jiangsu Province reached 1.02 billion yuan, marking a year-on-year increase of 10.6% [4] Group 5: Paper Industry Expansion - Jiangsu Bohui Paper Industry Co., Ltd. reported an export value exceeding 500 million yuan in the first eight months, a 67.3% increase year-on-year, driven by strong overseas demand [5] - The company has benefited from RCEP, issuing over 1,072 certificates of origin, which has reduced export costs and enhanced competitiveness in international markets [5] - The establishment of customs supervision sites for imported wood chips has significantly lowered logistics costs for the company, ensuring a stable supply of production materials [5]

每经头条（nbdtoutiao）——中科院博导带队，中国固态电池技术又有重大突破！ （记者 曾健辉） 2025年1至6月份，齐峰新材的营业收入构成为：造纸业占比99.81%，其他业务占比0.19%。 截至发稿，齐峰新材市值为54亿元。 每经AI快讯，齐峰新材（SZ 002521，收盘价：9.63元）10月14日晚间发布公告称，公司第六届第十五 次董事会会议于2025年10月14日在公司会议室以现场参加的方式召开。会议审议了《关于修订 <公司章 程> 的议案》等文件。 ...

Group 1 - The core viewpoint of the article is that Yuegui Co., Ltd. (SZ 000833) expects a significant increase in net profit for the third quarter of 2025, projecting a range of 420 million to 470 million yuan, which represents a year-on-year growth of 86.87% to 109.11% [1] - The main reasons for the profit increase include ongoing cost reduction and efficiency improvement efforts, which have effectively lowered product costs, along with a year-on-year rise in the prices of major ore products [1] - As of the report date, the market capitalization of Yuegui Co., Ltd. is 10.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Yuegui Co., Ltd. is as follows: mining industry accounts for 39.59%, sugar production for 21.46%, paper industry for 14.59%, chemical industry for 13.66%, and other industries for 9.72% [1]

Report Overview - **Report Name**: Jinxin Futures Paper Industry Daily - **Date**: October 13, 2025 - **Research Focus**: Double - offset paper and pulp futures 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report 2. Report's Core View - The double - offset paper market has an obvious over - capacity pattern with low industry operating rate and mainly rigid - demand procurement. With pulp futures oscillating downward, it is recommended to short at high prices in the short term [3] - The pulp market has seen a decline in prices in Shandong, high cumulative imports from January to September, and high port inventories. The peak season was not prosperous, and it is expected to remain weak. It is recommended to short on rebounds [8] 3. Summary by Relevant Catalogs Double - offset Paper Futures Fundamental Analysis - **Market Situation**: The domestic double - offset paper price remained stable today with light market transactions. The industry operating rate is only 55%, and there will be new production capacity put into operation in 2025, showing an obvious over - capacity pattern. The demand side is mainly for rigid - demand procurement [3] - **Cost Factor**: The pulp futures are oscillating downward [3] - **Investment Suggestion**: Short at high prices in the short term [3] Pulp Futures Fundamental Analysis - **Market Situation**: The pulp price in Shandong decreased today. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. The domestic port inventory remained high, and the peak season in September was not prosperous [8] - **Investment Suggestion**: Short on rebounds [8] Main Force Trends - **Pulp**: The short - side main force reduced positions, which is bullish [11] - **Double - offset Paper**: The long - side main force increased positions, which is bullish [11]

Core Viewpoint - The company Yueyang Lin Paper has announced that its subsidiary, Chengtong Carbon Sink, has won a bid for a forestry carbon sink resource cooperation development project in Fuyuan County, Yunnan Province, which covers approximately 2.544 million acres of forestry land [1] Group 1: Project Details - The project development scope includes all forest land that meets national policy requirements and can be used for forestry carbon sink projects under various voluntary emission reduction mechanisms [1] - The initial cooperation period for project revenue is set at 20 years, subject to the final contract agreement [1] - The project will be developed under a full-process package approach, with development costs borne by the developer, and will adopt a profit-sharing model for cooperation [1] Group 2: Company Financials - For the year 2024, the revenue composition of Yueyang Lin Paper is as follows: 84.81% from the paper industry, 5.44% from municipal landscaping, 4.42% from electricity, 2.13% from other businesses, and 1.9% from construction installation [1] - As of the report date, the market capitalization of Yueyang Lin Paper is 7.9 billion yuan [1]

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10月12日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情走势 02 供需数据 03 行情研判 04 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 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1. 特朗普宣称对中国加征额外100%关税，并实施严格的出口管制。美东时间2025年10月10日，美国总统特朗普宣布，将从2025年11月1 日起，对所有从中国进口的商品加征额外100%的关税。这一措施将叠加在现有关税基础上，使总关税水平达到130%或更高。同时，特朗普 表示，美国将对"所有关键美国制造软件"（all critical US-made software）实施严格的出口管制，禁止或限制这些软件向中国出口。 资料来源：国泰君安期货研究 Special report on G ...

Core Insights - Uruguay's commodity exports in September reached $1.242 billion, marking a 5% year-on-year increase [2] Export Performance - Beef remains the largest export product, with an export value of $230 million, reflecting a 42% increase year-on-year [2] - Soybeans are the second-largest export, generating $200 million, which is a 22% increase [2] - Pulp ranks third, with an export value of $195 million, showing a 26% decline year-on-year [2] Market Dynamics - China continues to be the largest export market, with exports amounting to $380 million in September, a 17% increase, accounting for 31% of total exports [2] - Soybean exports to China reached $173 million, representing a significant 53% increase [2] - Brazil is the second-largest export destination, with exports totaling $160 million, down 10% year-on-year [2] Cumulative Export Data - For the period from January to September 2025, total commodity exports (including free trade zones) reached $10.245 billion, reflecting a 5% year-on-year growth [2]

Core Viewpoint - The establishment of state-owned companies Weifang Xingchen and Jilin Xingchen aims to assist the company in mitigating debt risks and facilitating the resumption of production operations, ensuring stable funding support for the company's recovery efforts [1][2] Group 1: Financing and Guarantees - Weifang Xingchen has secured a special RMB 2.31 billion syndicated loan from financial institutions to support the company's resumption of production [1] - The company’s subsidiary, Shouguang Kunhe, will provide collateral for the loan using part of its land and property in Shouguang City, with a guarantee amount not exceeding RMB 206.35 million and a term of no more than 5 years [1] - Jilin Xingchen will collaborate with Jilin Bank to secure funding for the Jilin base, with the company providing joint liability guarantees and collateral from its subsidiary Jilin Chenming, not exceeding RMB 240 million, also with a term of no more than 5 years [1][2] Group 2: Risk Mitigation and Operational Stability - The establishment of Weifang Xingchen and Jilin Xingchen is part of a government initiative to help the company resolve debt risks and promote the resumption of production [2] - The company aims to ensure timely procurement and supply of production materials, thereby enhancing its profitability and debt repayment capacity [2] - Both Weifang Xingchen and Jilin Xingchen have good credit status, with no default risks, ensuring that the interests of the company and its shareholders, especially minority shareholders, are not harmed [2]

Core Points - The General Administration of Customs has issued Announcement No. 195 regarding the declaration requirements for imported recycled pulp, effective from October 10, 2025 [1] - The announcement mandates that importers must specify the production method of recycled pulp as either "dry" or "wet" in the customs declaration [1] - The customs authority has emphasized a strict prohibition on the importation of foreign waste, including "foreign garbage" [1] Group 1: Regulatory Changes - The new regulations aim to standardize the declaration management of imported recycled pulp and enhance import supervision [1] - A meeting was held with industry stakeholders, including the China Paper Association and relevant experts, to discuss the implications of the new regulations [1][2] - The announcement follows a series of incidents since 2021 where solid waste was imported under the guise of recycled pulp, leading to re-exportation [1] Group 2: Production Processes - Proper production of recycled pulp involves multiple steps, including purification, concentration, and high-temperature drying, resulting in a fiber content of over 91.5% [2] - In contrast, dry pulp production skips most of these processes, posing greater risks due to potential contamination [2][4] - The lack of rigorous inspection processes for dry pulp imports raises concerns about microbial and heavy metal contamination [4] Group 3: Industry Impact - In 2024, the production of boxboard and corrugated paper in China reached 61.8 million tons, with 4.14 million tons of imported recycled pulp, of which approximately 3.6 million tons were dry pulp [5] - The current domestic pulp production capacity has reached 25.95 million tons, indicating that increased regulation of imported recycled pulp will not significantly impact the domestic supply chain [5] - The domestic pulp production capacity is expected to continue increasing, further reducing reliance on imported materials [5]

Core Viewpoint - The article highlights the increasing scrutiny and regulatory measures by Chinese authorities regarding the import of recycled paper pulp, particularly in light of past incidents involving the importation of solid waste disguised as recycled materials [4][6][7]. Group 1: Regulatory Actions - The General Administration of Customs (GAC) and the China Paper Association are working to improve standards and strengthen customs supervision related to imported recycled paper pulp [4][5]. - A meeting will be held to discuss the current situation of recycled paper pulp imports, production processes, and the associated risks, with participation from industry experts and representatives from major paper companies [5][6]. Group 2: Import Incidents - Since 2021, there have been multiple cases of customs discovering solid waste imported under the guise of recycled paper pulp, leading to the return of over 7,000 tons of non-compliant materials [6][7]. - A recent seizure by the Qingdao Customs involved 746.78 tons of solid waste falsely declared as recycled paper pulp, underscoring ongoing issues with compliance [6][7]. Group 3: Production Processes and Risks - The article discusses the differences between dry and wet pulping processes, emphasizing that dry pulping skips essential purification steps, leading to potential contamination with harmful substances [10][11]. - Experts warn that contaminants from improperly processed recycled materials can pose significant health risks, including microbial contamination and heavy metal residues [10][11]. Group 4: Industry Standards and Recommendations - There is a strong call within the industry for stricter standards and regulations regarding the import of dry pulping products, including mandatory testing for contaminants and performance metrics [11][12]. - Suggestions include revising the national standard for recycled paper pulp to include specific requirements for fiber quality and contamination limits [11].