Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The fundamentals of pulp futures have not improved. It is recommended to view it as range - bound and sell on rallies [7]. - The fundamentals of double - offset paper futures have not improved. It is recommended to view it as range - bound and sell on rallies [18]. 3. Summary by Variety Pulp - **Demand**: Demand is flat, with only rigid demand replenishment. Terminal orders in the downstream base paper market are limited, and paper mills' raw material procurement is cautious. Only sporadic publishing tenders in the cultural paper field have slightly boosted market confidence, but demand has not improved substantially. The overall operating rate of downstream finished paper has declined [5]. - **Supply**: Supply is relatively abundant. Although the domestic pulp import volume decreased in October, port inventories are still ample. Overseas prices have fluctuated, but there is no shortage of supply [5]. - **Inventory**: As of November 13, 2025, the inventory of mainstream ports in China was 211.0 million tons, a week - on - week increase of 10.2 million tons or 5.1%. The inventory shifted from narrow - range destocking to high - level accumulation [5]. - **Profit**: Paper mill profits continue to decline. Although the pulp futures market rebounded, weak downstream demand has led to a lack of support for price increases in the finished paper market, and the industry profit is contracting [6]. Double - offset Paper - **Demand**: Demand remains weak. This week, the domestic sales volume of double - offset paper was 169.6 thousand tons. Only sporadic orders were released in the publishing field, and social printing demand was sluggish. The market transaction was light, and only some downstream enterprises replenished inventory moderately [17]. - **Supply**: Supply increased slightly. This week, the operating rate of double - offset paper was 51.40%, a week - on - week increase of 0.16 percentage points, but the growth rate narrowed. The industry output reached 175.6 thousand tons, and imports remained at a low level [17]. - **Inventory**: Inventory decreased from an increase but the pressure still exists. This week, the inventory days of double - offset paper decreased by 0.66% compared with last week. Although paper mill inventories decreased slightly, the overall inventory pressure has not been substantially alleviated [17]. - **Profit**: The industry is still in a loss state. Although some paper mills' planned price increases may offset cost pressure slightly, the industry has been in a loss situation since October, and rising costs and weak demand have failed to reverse the loss pattern [17]. Waste Paper - **Demand**: Demand is strong and rising. The e - commerce festival and year - end promotions have led to concentrated procurement by downstream cardboard and carton factories. The seasonal recovery of cultural paper has also increased the demand for waste paper, driving up the procurement volume of waste cartons. The operating rate of paper mills exceeded 85%, and leading paper mills have raised purchase prices [26]. - **Supply**: Supply is continuously tight. The recycling volume of waste cartons has decreased in many domestic areas, and import restrictions and price increases of imported recycled pulp have increased the demand for domestic waste cartons. Some paper mills' maintenance has further exacerbated the supply gap [26]. - **Inventory**: Overall, there is a narrow - range destocking trend. As of November 6, the inventory of mainstream ports in China was 200.8 million tons, a week - on - week decrease of 5.3 million tons or 2.6%. Downstream cardboard factories' raw material inventories are mostly at medium - to - high levels, while paper mills' raw material inventories are generally low [26]. - **Profit**: Industry profits are clearly divided. The cost pressure of corrugated paper and boxboard paper has increased, and gross profit has shrunk. However, the demand for yarn tube paper is good, and the gross profit of some high - end paper types has remained at a good level [27]. Boxboard Paper (Packaging Paper) - **Demand**: Demand shows resilience. The e - commerce replenishment demand after the "Double 11" promotion and the subsequent Chinese New Year goods stocking demand support the demand for boxboard paper. Downstream cardboard factories have a certain demand for boxboard paper, driving some paper mills to raise prices [36]. - **Supply**: Supply is structurally tightened. Leading paper mills such as Nine Dragons and Shanying have raised prices, but due to the shortage of raw material waste paper, some medium - and large - sized paper mills in East and South China have announced machine shutdowns for maintenance in mid - November, resulting in a decrease in overall market supply [36]. - **Inventory**: The inventory turnover is 10.5 days, which is relatively controllable. However, the high - level raw material inventories of downstream cardboard factories have restricted their replenishment, and the low raw material inventories of paper mills have affected the production and stocking rhythm of boxboard paper [36]. - **Profit**: The immediate profit is 270 yuan, and profitability has some support. The price increase of boxboard paper and the rising cost of raw material waste yellow board paper have affected the profit margin, which is in a moderate recovery state [36].

Group 1 - Company has been steadily expanding for thirty years, establishing a more complete industrial chain, and is currently the world's largest paper production group and a leader in the integrated pulp and paper industry [1] - The company was founded in 1995 and is headquartered in Dongguan, Guangdong Province, China, with a current design capacity of over 23 million tons of paper [1] - The company has achieved a compound annual growth rate (CAGR) of 7% in revenue over the past ten years, with projected revenue of 63.24 billion in FY2025, representing a year-on-year increase of 6.3% [2] Group 2 - The demand for corrugated box paper is expected to remain stable, with consumption projected at 35.82 million tons in 2024, reflecting a CAGR of 8.3% over the past five years [3] - The industry has returned to a capacity expansion cycle since 2022, with supply-demand imbalances leading to short-term price pressures, but the situation is expected to improve as smaller capacities exit the market [3] - The company has been expanding its production capacity, with a design capacity nearing 29 million tons by June 30, 2025, and a CAGR of 9% in new paper production capacity from FY2022 to FY2025 [4] Group 3 - The company is focusing on the integrated development of pulp and paper, with significant results in its industrial chain layout, including plans for 700,000 tons of recycled pulp capacity and over 2 million tons of wood pulp capacity by the end of FY2025 [4] - The company is diversifying its product structure by expanding high-end products such as high-grade kraft paper and white cardboard, leading to a noticeable decrease in per-ton paper costs [4] - The company aims to achieve a self-sufficiency rate of 1.02 million tons of raw materials by 2027, which will help minimize waste paper procurement costs and ensure stable production quality [4]

Core Points - The eighth China International Import Expo (CIIE) took place in Shanghai from November 5 to 10, emphasizing green and low-carbon initiatives [1] - Gold East Paper, a subsidiary of the Nine Dragons Paper Holdings, showcased its zero-carbon office paper and other eco-friendly products at the expo [2][3] - The company plans to launch a 50 MW rooftop distributed photovoltaic project in 2024, aiming to generate over 50 million kWh of solar power annually, reducing CO2 emissions by approximately 40,000 tons [3] - Evonik Industries introduced 11 new products in the fine chemical sector, with four being global debuts, highlighting international collaboration and innovation [4] - COSCO Shipping's logistics services facilitated the transportation of South American products to Shanghai, enhancing global supply chain efficiency [5] - The Zhenjiang Economic Development Zone aims to attract foreign investment, with a reported 39% share of the city's foreign capital in 2024, and has cumulatively utilized over $10 billion in foreign investment [6]

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong paper stocks, with notable increases in share prices for several companies [1] Group 2 - Nine Dragons Paper Holdings saw its stock price rise by over 10% [1] - Chenming Paper Holdings also experienced a stock price increase of over 10% [1] - Lee & Man Paper Manufacturing's stock rose by more than 4% [1]

Group 1 - The Hong Kong paper industry stocks have surged, with Chenming Paper rising over 6%, Nine Dragons Paper up over 5%, and Lee & Man Paper increasing nearly 3% [1] - Since November, the domestic paper industry has experienced a price increase trend, particularly in the packaging paper sector, characterized by a "leading by the head and following by the end" pattern [1] - Recently, Shanying Paper has initiated price adjustments across multiple bases, with products like Sequoia paper and corrugated paper increasing by 30-100 RMB per ton, and core categories in Guangdong and Zhejiang seeing a rise of 50 RMB per ton [1] Group 2 - Nine Dragons Paper and other companies have followed suit with price increases in kraft paper and boxboard paper [1] - Downstream paperboard factories in regions like Zhejiang and Hunan have quickly responded, with single-instance price increases ranging from 3% to 10%, creating a full-chain price adjustment from raw paper to end packaging [1] - The recent demand for packaging due to "Double Eleven" has supported the price increase of packaging paper, while the supply side shows structural optimization [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report analyzes the supply, demand, cost, profit, price, and other aspects of offset printing paper. It shows that the production of offset printing paper is expected to increase slightly next week, with stable demand and inventory likely to accumulate. The cost of offset printing paper has risen due to raw material price increases, and production profit is expected to decline. If the price increase is successfully implemented, it may offset the cost increase. In the short - term, the fundamentals show no significant changes. If the price increase is implemented, appropriate long positions can be established at low prices, but risk control should be noted. 3. Summary by Directory Part 1: Offset Printing Paper Overview - **Supply - Demand - Inventory**: Domestic production in the week of 2025/11/7 was 20.80 million tons, a week - on - week increase of 0.20 million tons. The capacity utilization rate was 53.40%, a week - on - week decrease of 0.40%. The monthly import volume was 1.10 million tons, a month - on - month decrease of 0.79 million tons. The weekly apparent demand was 19.60 million tons, a week - on - week increase of 3.00 million tons. The monthly export volume was 5.60 million tons, a month - on - month decrease of 0.08 million tons. Domestic demand was 84.05 million tons, a month - on - month decrease of 3.84 million tons. Enterprise inventory, social inventory, and total spot inventory all increased, with the total inventory reaching 189.50 million tons. It is expected that the production of the double - offset paper industry will continue to increase, about 21.0 million tons next week, and the demand will remain stable, with inventory likely to accumulate [6]. - **Price**: The ex - factory delivery prices of major brands remained unchanged compared to the previous period, but were lower than the same period last year. It is reported that due to the increase in raw material prices, the intended price increase of double - offset paper is 100 yuan/ton, waiting for implementation. The market self - pick - up prices also remained unchanged compared to the previous period but were lower than the same period last year. The futures prices of OP2601 and OP2603 showed an upward trend compared to the previous period, and the futures market is expected to fluctuate or fluctuate strongly [8]. - **Spread and Basis**: The spread between ex - factory and self - pick - up prices remained stable, and the futures spread between 1 - 3 contracts was expected to remain stable. The basis of some brands was expected to weaken. Seasonally, January is a small peak season for spring teaching and auxiliary textbook tenders, and March is a traditional peak season [10]. - **Cost and Profit**: The raw material costs of major pulp types decreased compared to the same period last year but remained unchanged compared to the previous period. The total production cost decreased compared to the same period last year but remained unchanged compared to the previous period. The production profit decreased compared to the same period last year and is expected to decline mainly due to the increase in raw material prices and the difficulty in raising the price of finished products. If the price increase is successful, it may cover the cost increase [12]. - **Strategy Recommendation**: In the industrial chain, the spot price is stable, and transactions are based on rigid demand. In the short - term, the fundamentals show no significant changes. If the price increase is implemented, appropriate long positions can be established at low prices, but risk control should be noted [14]. Part 2: Offset Printing Paper Balance Sheet The balance sheet shows the monthly supply, demand, inventory, and other data of double - offset paper from 2024 to 2025. In 2025, the cumulative import volume, production, total supply, domestic demand, total demand, etc. showed different trends compared to 2024. For example, in January 2025, the cumulative import volume decreased by 18.05% year - on - year, and the production decreased by 10.87% year - on - year [16]. Part 3: Offset Printing Paper Supply - Demand Analysis - **Supply - Production Situation**: In 2025, a total of 140 million tons of cultural paper production capacity has been put into operation, and 225 million tons are yet to be put into operation, mostly in the third quarter. In 2026, the planned production capacity to be put into operation is 120 - 140 million tons. Major companies such as Nine Dragons Paper, Chenming Paper, and Sun Paper have new production capacity plans or capacity resumption plans [18]. Part 4: Offset Printing Paper Cost - Profit - **Raw Material Cost**: The raw material costs of major pulp types such as Ural Needle, Moon, and Goldfish decreased compared to the same period last year but remained unchanged compared to the previous period [12]. - **Profit**: The production profit decreased compared to the same period last year and is expected to decline mainly due to the increase in raw material prices and the difficulty in raising the price of finished products. If the price increase is successful, it may cover the cost increase [12]. Part 5: Offset Printing Paper Price and Spread Analysis - **Spot Quotation**: The ex - factory delivery prices and market self - pick - up prices of major brands remained unchanged compared to the previous period but were lower than the same period last year. It is reported that due to the increase in raw material prices, the intended price increase of double - offset paper is 100 yuan/ton, waiting for implementation [8]. - **Futures - Spot Basis**: The basis of some brands is expected to weaken [10]. - **OP Main Contract Seasonal Chart and Inter - Month Spread**: Seasonally, January is a small peak season for spring teaching and auxiliary textbook tenders, and March is a traditional peak season. The futures spread between 1 - 3 contracts is expected to remain stable [10].

侨见海南自贸港："看好封关机遇，持续加大投资" 中新网海南洋浦11月10日电 题：侨见海南自贸港："看好封关机遇，持续加大投资" 中新网记者 尹海明 王子谦 "海南自贸港封关运作在即，其不断释放的政策红利与日益优化的营商环境，为侨资企业提供了深耕发 展的沃土。"海南金海浆纸业有限公司(简称"金海浆纸")总经理孟祥岩近日接受中新网记者采访时说，企 业对封关后的海南自贸港充满信心，将持续加大投资。 2024年5月，金海浆纸现代化的工业厂房。海南金海浆纸业有限公司 供图 内造纸行业竞争加剧的挑战，金海浆纸将利用海南的优势地位，一方面加快进行技术变革和延长产业 链，向更多高附加值终端产品转型进军；另一方面，积极走出去拓展国际市场。 记者在金海浆纸看到，一个规划年生产16万吨特种纸的厂房正在加快建设，这是企业持续加码投资海南 和不断延长产业链的生动写照。据了解，该项目计划总投资额达10.19亿元，将新建2条先进的特种纸生 产线，产品定位为干果包装纸、单光白牛卡纸、烘焙(硅油)原纸等高附加值品类，以满足不同工业及消 费领域的市场需求。 2025年5月，金海浆纸年产16万吨特种纸项目开工。海南金海浆纸业有限公司 供图 20 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - This week, the view on offset printing paper is mainly range-bound. The paper mill's price increase letters have generally been implemented with an increase of 50 - 100 yuan/ton, which is generally positive for the futures and spot markets. The supply and demand in the spot market next week will remain basically stable, with the paper mills still having the intention to support prices, but there is no obvious positive support on the demand side, and the industry players are more on the sidelines. It is expected that the double-offset paper market will remain stable overall next week [53]. Summary by Directory Industry News - This Thursday, the inventory days of double-offset paper decreased by 0.66% compared with last Thursday, and the trend changed from rising to falling this week. At the end of last month, some dealers stocked up in advance, and the paper mill's inventory decreased slightly this week, but the overall pressure still exists [5]. - This week, the operating load rate of double-offset paper was 51.40%, a month-on-month increase of 0.16 percentage points, and the increase rate this week narrowed by 2.47 percentage points month-on-month. Most production lines were stable this week, and the overall industry operation changed little [5]. - Due to the continuous rise in wood chip costs, Asia Pulp & Paper officially announced that starting from now, the acceptance price of hardwood pulp will be increased by 150 yuan/ton [5]. Market Trends - The daily average price of 70g high-white double-offset paper on November 7 was 4430 yuan/ton, the same as yesterday and last week, with a month-on-month and year-on-year change of 0 [9]. - In the spot market, the prices of various brands of 70g double-offset paper in Shandong and Guangdong markets on November 7 were the same as those on October 31, with a month-on-month change of 0. The pre-tax and after-tax revenues remained unchanged, while the pre-tax and after-tax costs increased, and the pre-tax and after-tax gross profits decreased. The closing prices of double-offset paper futures OP2601.SHF and OP2603.SHF increased, and the 1 - 3 spread increased by 2. The basis in Shandong and Guangdong markets decreased [10]. Supply and Demand Data - **Industry Capacity**: In 2024, the domestic double-offset paper industry 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]. - **Weekly Output and Operation**: This week, the domestic double-offset paper industry output was 184.1 thousand tons, and the capacity utilization rate was 52.5% [25]. - **Enterprise Weekly Sales and Inventory**: This week, the domestic double-offset paper industry sales were 187.1 thousand tons, and the weekly enterprise inventory was 377.0 thousand tons [30]. - **Imports and Exports**: In August, the domestic double-offset paper import volume was about 11 thousand tons, and the export volume was about 56 thousand tons [37]. - **Inventory Situation**: From the monthly sample inventory data, the social inventory and enterprise inventory continued to accumulate in October [43]. - **Terminal Consumption**: In recent years, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down [49]. Market Judgment - **Supply**: Domestically, this week, the domestic double-offset paper industry output was 184.1 thousand tons, and the capacity utilization rate was 52.5%. In terms of imports, in September, the domestic double-offset paper import volume was about 11 thousand tons, continuing the previous low import volume [53]. - **Demand**: Domestically, this week, the domestic double-offset paper sales were 187.1 thousand tons. In terms of exports, in September, the domestic double-offset paper export volume was about 56 thousand tons [53]. - **Viewpoint**: From the market perspective, last week, the double-offset paper futures market fluctuated in the range of 4250 - 4300 yuan/ton, with little overall change. Looking at the spot market prices, the paper mill's price increase letters have generally been implemented with an increase of 50 - 100 yuan/ton, which is generally positive for the futures and spot markets. From the supply and demand in the spot market, the operation of the double-offset paper market next week will be basically stable, with individual production lines in Jiangsu Province shut down. As the tendering work continues, the paper mills still have the intention to support prices, but there is no obvious positive support on the demand side, and the industry players are more on the sidelines. It is expected that the double-offset paper market will remain stable overall next week [53]. - **Valuation**: From the basis perspective, the current spot price is at a premium to the futures price. From the perspective of delivery costs, the expected profit of paper mills from selling for delivery cannot cover the opportunity cost in the spot market. From the perspective of production costs, enterprises still have profits in production, but it is close to some relatively high marginal costs, and the overall valuation is still low [53]. - **Strategy**: The price trend is mainly range-bound, and the strategy is mainly range operation [53].

新华财经上海11月7日电（谷青竹）时值第八届中国进出口博览会（以下简称"进博会"）拉开帷幕，金光集团APP（即Asia Pulp & Paper Co., Ltd,下文简 称"APP"）再度亮相。作为从未缺席这一盛会的老朋友，金光集团APP副总裁翟京丽在接受新华财经专访时表示，进博会作为国际交流平台，为APP提供了 对外展示的优质"窗口"，集中呈现集团在绿色技术升级和产品创新方面的最新成果。 连续8年参展，受益于进博"溢出效应" 在本届进博会上，APP以"向善共生、绿绘未来"为主题，打造了别出新意的展台形象，如象征"无限共生"的纸卷吊顶，体现"林浆纸一体化"模式的桉树苗雕 塑等，让绿色元素遍布展台各个角落。 从生产端来看，APP近年来在优化吨纸排放、降低单位能耗方面成果显著。从推行脱硫脱硝改造，到全流程超低排放治理，再到生物质能源开发，APP正在 推动落实全方位节能技改，并持续提高可再生能源占比，实现经济效益与生态效益的同步提升。 "APP每年均在研发上做大量投入，且未来投入力度将持续提升。"翟京丽告诉新华财经。同时她坦言，创新产品在推向市场的初期，由于前期研发成本高、 市场规模较窄等因素，其市场价格往往高于 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The coniferous pulp futures have stabilized, boosting the market and leading to a slight improvement in spot transactions. The foreign market price of broadleaf pulp has been continuously increasing, providing cost support for the firmness of the spot price. However, the pattern of high inventory and weak demand remains unchanged, and the market lacks directional guidance. It is expected that the upward space for pulp is limited, and the market will maintain a volatile trend [7]. 3. Summary by Related Catalog Demand - During the week, the production of household paper, coated paper, and white cardboard decreased, while the production of offset paper increased [6]. Supply - The sample production of Chinese broadleaf pulp was 250,000 tons, an increase of 13,000 tons compared to last week. The sample broadleaf pulp market remained stable this period, and the production enterprises' equipment returned to normal production. It is expected that the sample production will maintain a stable trend in the short term [7]. Inventory - As of November 6, 2025, the sample inventory of mainstream pulp ports in China was 2.008 million tons, a decrease of 53,000 tons compared to the previous period, with a month - on - month decline of 2.6%. The inventory showed a narrow - range destocking trend this period [7]. - The inventory changes of different ports: Qingdao Port decreased by 3.9% (from 1.41 million tons to 1.355 million tons), Changshu Port increased by 0.6% (from 503,000 tons to 506,000 tons), Gaolan Port increased by 64.7% (from 34,000 tons to 56,000 tons), Tianjin Port decreased by 29.2% (from 72,000 tons to 51,000 tons), and Rizhao Port decreased by 4.8% (from 42,000 tons to 40,000 tons) [9]. Profit - The price of domestic waste paper continued to rise, and due to strong cost pressure, the gross profit of corrugated paper, boxboard paper, and white board paper shrank. The demand for bobbin paper was good, and the increase in the price of base paper exceeded the cost, resulting in a 11.00% month - on - month increase in gross profit. Due to more positive news on the demand side of social white cardboard, the increase in base paper price was greater than that of pulp price, and the gross profit increased by 78.18% month - on - month. The price of cultural printing paper base paper remained flat, while the price of domestic chemimechanical pulp increased month - on - month, so the gross profit of double - copper paper decreased by 4.37% month - on - month [7]. - Specific profit data: The gross profit of boxboard paper decreased by 3.24% (from 683 yuan/ton to 661 yuan/ton), corrugated paper decreased by 7.79% (from 408 yuan/ton to 376 yuan/ton), bobbin paper increased by 11.00% (from 100 yuan/ton to 111 yuan/ton), white board paper decreased by 9.73% (from 339 yuan/ton to 306 yuan/ton), social white cardboard increased by 78.18% (from 110 yuan/ton to 196 yuan/ton), offset paper decreased by 2.37% (from - 253 yuan/ton to - 259 yuan/ton), double - copper paper decreased by 4.37% (from 183 yuan/ton to 175 yuan/ton), and household paper remained unchanged at 149 yuan/ton [11].