Group 1 - New Hongze's stock price increased by 5.46%, reaching 12.95 CNY per share, with a trading volume of 71.27 million CNY and a turnover rate of 2.45%, resulting in a total market capitalization of 2.98 billion CNY [1] - New Hongze Packaging Co., Ltd. is located in Chaozhou, Guangdong Province, established on March 22, 2006, and listed on December 29, 2016. The company's main business involves the design, production, and sales of cigarette labels, with 99.42% of its revenue coming from this segment [1] Group 2 - According to data from the top ten holdings of funds, one fund under Wan Jia holds shares in New Hongze. The Wan Jia Yuan Sheng Quantitative Stock Mixed Fund A (025447) held 5,000 shares in the third quarter, accounting for 0.49% of the fund's net value, ranking as the tenth largest holding [2] - The Wan Jia Yuan Sheng Quantitative Stock Mixed Fund A (025447) was established on September 11, 2025, with a latest scale of 4.99 million CNY and a cumulative return of 9.87% since inception [2] Group 3 - The fund manager of Wan Jia Yuan Sheng Quantitative Stock Mixed Fund A (025447) is Li Zilong, who has been in the position for 177 days. The total asset size of the fund is 576 million CNY, with the best return during his tenure being 42.29% and the worst return being -7.11% [3]

天眼查App显示，近日，赣州磊宝科技有限公司成立，法定代表人为李磊，注册资本100万人民币，经 营范围为许可项目：包装装潢印刷品印刷（依法须经批准的项目，经相关部门批准后在许可有效期内方 可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准）一般项目：包装服 务，纸制品制造，纸制品销售，塑料制品制造，塑料制品销售，租赁服务（不含许可类租赁服务），仓 储设备租赁服务，机械设备租赁，信息咨询服务（不含许可类信息咨询服务），国内贸易代理，物联网 技术研发，物联网技术服务，再生资源回收（除生产性废旧金属），再生资源销售，物料搬运装备销 售，智能物料搬运装备销售，装卸搬运（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）。 ...

天眼查App显示，近日，周口市奇万印务有限公司成立，法定代表人为刘文玉，注册资本20万人民币， 经营范围为许可项目：包装装潢印刷品印刷；文件、资料等其他印刷品印刷（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）一般项目：办 公用品销售；纸制品销售；日用百货销售；针纺织品销售；电子产品销售；电力设施器材销售；塑料制 品制造；塑料制品销售；日用杂品销售；箱包销售；广告制作；金属制日用品制造；服装服饰批发；服 装制造；产业用纺织制成品制造；劳动保护用品销售；办公设备耗材销售（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）。 ...

天眼查App显示，近日，郑州福润包装有限公司成立，法定代表人为黄亚飞，注册资本20万人民币，经 营范围为许可项目：包装装潢印刷品印刷；特定印刷品印刷；文件、资料等其他印刷品印刷；出版物印 刷；印刷品装订服务（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）一般项目：包装服务；办公服务；纸制品制造；塑料制品制造；纸制 品销售；塑料制品销售；广告设计、代理；广告制作；广告发布；办公用品销售；日用品销售；复印和 胶印设备销售；互联网销售（除销售需要许可的商品）（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）。 ...

天眼查App显示，近日，南京市江宁区狼泓图文制作店（个体工商户）成立，法定代表人为黎水冬生， 注册资本5万人民币，经营范围为一般项目：图文设计制作；打字复印；工艺美术品及礼仪用品销售 （象牙及其制品除外）；办公设备耗材销售；文具用品零售；电子产品销售（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）。 ...

Core Insights - A new company, Fuzhou Feiya Design and Printing Co., Ltd., has been established with a registered capital of 2 million RMB [1] Company Overview - The legal representative of the company is Zou Bowen [1] - The company’s business scope includes licensed projects such as packaging and decoration printing, which requires approval from relevant authorities [1] - General business activities include manufacturing printing equipment, graphic design, retail of stationery, paper manufacturing, rubber processing equipment manufacturing, advertising production and publication, internet sales (excluding licensed goods), digital advertising production, graphic design, and sales of daily miscellaneous goods [1] Industry Activities - The company is involved in various technical services, development, consulting, and technology transfer related to new material technology [1] - It also engages in the sale of packaging materials and products, metal packaging containers and materials, and ink sales (excluding hazardous chemicals) [1] - The company is authorized to conduct import and export activities, as well as technology import and export, provided it operates within the scope of its business license [1]

Core Insights - A new individual business named Jiucai Packaging Printing Department has been established in Dongxiang District, Fuzhou City, with a registered capital of 30,000 RMB [1] Company Overview - The legal representative of the business is Huang Guifang [1] - The business scope includes licensed projects such as printing of documents and other printed materials, which require approval from relevant authorities [1] - General projects include manufacturing and sales of paper products, graphic design and production, manufacturing and sales of bio-based materials, research and development of new material technologies, sales of plastic products, and sales of packaging materials and products [1]

天眼查App显示，近日，上海智绘万彩包装印务有限公司成立，法定代表人为沈超，注册资本100万人 民币，经营范围为许可项目：包装装潢印刷品印刷；印刷品装订服务。（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）一般项目：包装服 务；专业设计服务；平面设计；广告设计、代理；广告制作；广告发布；信息咨询服务（不含许可类信 息咨询服务）；互联网销售（除销售需要许可的商品）；包装材料及制品销售；油墨销售（不含危险化 学品）；包装专用设备销售；复印和胶印设备销售；机械设备销售；电气设备销售；电子产品销售；办 公设备耗材销售；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）。 ...

Core Viewpoint - The report highlights a decline in the export value of China's printing and recording media copying industry, indicating potential challenges for companies in this sector [1]. Group 1: Industry Overview - As of September 2025, the export value of the printing and recording media copying industry in China was 5.22 billion yuan, representing a year-on-year decrease of 6.2% [1]. - Cumulatively, from January to September 2025, the total export value reached 45.43 billion yuan, which is a year-on-year decline of 2.1% [1]. - The report includes statistical data from 2019 to September 2025, illustrating the trends in export values within the industry [1]. Group 2: Companies Mentioned - Listed companies in the report include Zhuhai Zhongfu (000659), Shaanxi Jinye (000812), Yongxin Co., Ltd. (002014), Donggang Co., Ltd. (002117), and several others, indicating a broad spectrum of players in the printing industry [1]. - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research and investment analysis [1].

Policy Insights - The "Three Assets" reform of state-owned enterprises (SOEs) is expected to initiate a new wave of mergers and acquisitions (M&A) in the state sector, with a focus on asset securitization[3] - Hubei and Anhui provinces are leading the reform efforts, with specific actions planned from September to December 2025 to enhance asset management and debt linkage[3][17] - The core principles of the reform include maximizing the assetization of state resources, securitization of state assets, and leveraging state funds[15] Investment Opportunities - Potential M&A targets include central state-owned enterprises (SOEs) with low asset securitization rates and strong restructuring intentions, particularly in sectors like defense, utilities, and transportation[4][24] - Local SOEs with recent changes in ownership, capital operations, or urgent M&A intentions are also recommended for investment consideration[4][24] Market Performance - The A-share market saw a general increase, with mid-cap indices like the CSI 500 and CSI 1000 outperforming large-cap indices such as the SSE 50 and CSI 300, with respective increases of +1.00% and +1.18%[30] - The lithium battery electrolyte index recorded the highest weekly increase of 17.12%, with top performers including Tianji Co. (+41.86%) and Haike New Source (+39.42%)[30][34] Key Recommendations - Focus on sectors such as smart vehicles and high-end manufacturing, with specific stocks like Hu Guang Co., Rui Hu Mould, and Ao Lai De recommended for their growth potential[6][36] - The report highlights the importance of identifying companies with significant restructuring potential and those that can benefit from the upcoming M&A wave in the state sector[4][24] Risk Factors - Potential risks include changes in macroeconomic conditions, IPO policies, refinancing policies, and M&A regulations that could impact the market dynamics[7]