Group 1 - The core viewpoint of the news is that Qingshan Paper Industry has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and profit year-on-year [1][2] Group 2 - As of January 16, Qingshan Paper's stock price increased by 2.04% to 4.00 CNY per share, with a total market capitalization of 8.963 billion CNY [1] - The company has seen a net inflow of main funds amounting to 7.3569 million CNY, with significant buying and selling activities recorded [1] - Year-to-date, the stock price has decreased by 4.53%, with a 5-day decline of 5.66%, while it has increased by 4.44% over the past 20 days and 8.11% over the past 60 days [1] Group 3 - Qingshan Paper Industry, established in April 1993 and listed in July 1997, primarily engages in the production and sales of paper products, including paper bags, board paper, and corrugated paper [1] - The revenue composition of the company includes 67.47% from the pulp industry, 15.32% from the pharmaceutical industry, and 11.45% from paper product processing [1] Group 4 - As of September 30, the company reported a total revenue of 1.768 billion CNY for the first nine months of 2025, reflecting a year-on-year decrease of 11.87%, and a net profit of 64.9891 million CNY, down 25.07% year-on-year [2] - The company has distributed a total of 321 million CNY in dividends since its A-share listing, with 175 million CNY distributed in the last three years [2] Group 5 - Qingshan Paper belongs to the light industry manufacturing sector, specifically in the paper and specialty paper category, and is associated with concepts such as artificial meat, land transfer, optical communication, and 5G [2] - As of September 30, the number of shareholders increased to 207,900, with an average of 10,640 circulating shares per person, a decrease of 53.26% from the previous period [2]

Report Summary 1. Report Industry Investment Rating - The investment rating for the pulp industry is "Oscillating Weakly" [1] 2. Core View of the Report - The price trend of imported pulp in this period is differentiated, with an upward price movement being weak. The price fluctuations of pulp are due to factors such as futures market influence, changes in market supply - demand, and port inventory [4][5] 3. Summary by Relevant Content 3.1 Fundamental Data - **Futures Market**: The day - closing price of pulp's main contract was 5,436 yuan/ton (down 58 from the previous day), and the night - closing price was 5,402 yuan/ton (down 78). The trading volume decreased by 11,236 hands, while the open interest of the 05 contract increased by 15,482 hands. The net position of the top 20 members decreased by 1,851 hands, and the warehouse receipt quantity remained unchanged [3] - **Spread Data**: The basis of "Yinxing - Futures Main" increased by 8, and the basis of "Jinyu - Futures Main (Non - standard)" increased by 28. The monthly spread of SP03 - SP05 decreased by 2 [3] - **Spot Market**: The domestic prices of different pulp brands vary. For example, the price of Northwood (softwood pulp) is 5,800 yuan/ton, and the international price of Yinxing is 710 US dollars/ton [3] 3.2 Industry News - The sentiment in the imported pulp market has turned dull. As of Thursday this week, the average spot tax - included price of softwood pulp decreased by 0.3% compared to the previous period, that of hardwood pulp increased by 0.6%, that of natural pulp decreased by 1.5%, and that of chemimechanical pulp remained flat [4] - The reasons for pulp price fluctuations are: the price of softwood pulp is mainly affected by the futures market; the supply shortage of hardwood pulp has eased; ports continue to accumulate inventory, and the downstream market lacks pre - Spring Festival restocking demand [5]

Group 1 - The article highlights the target price increases for several listed companies, with notable gains for Guanhao High-tech (600433), Huali Technology (301011), and Nengke Technology (603859), showing target price increases of 56.25%, 56.03%, and 40.34% respectively, across the paper-making, entertainment products, and IT services industries [1][2] - On January 15, a total of 26 listed companies received broker recommendations, with Citic Bank and Dongpeng Beverage (605499) each receiving recommendations from two brokers, while Guanhao High-tech received one recommendation [2][3] - Six companies received initial coverage from brokers on January 15, including Guanhao High-tech with an "Accumulate" rating from Guotai Junan Securities, and Huali Technology with a "Buy" rating from Tianfeng Securities [3][4] Group 2 - The companies with the highest target price increases include Guanhao High-tech, Huali Technology, and Nengke Technology, indicating strong market confidence in these firms [1][2] - Citic Bank and Dongpeng Beverage are highlighted as the most recommended companies, suggesting a positive outlook in the banking and beverage sectors [2][3] - The initial coverage of companies like Guanhao High-tech and Huali Technology reflects growing interest and potential investment opportunities in the paper-making and entertainment products sectors [3][4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary According to Relevant Content - **SP Main Contract Information**: On January 15, 2026, the closing price of the SP main contract was 5436.00, the converted US dollar price was 681.32, with a daily decline of -1.05570%. The basis of Shandong Yinxing was 79, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 74 [3]. - **Import Profit Information**: Calculated with 13% VAT, the import profit of Canadian Golden Lion was 86.64, while that of Canadian Lion was -294.55, and that of Chilean Silver Star was -68.27 [4]. - **Price and Profit Margin Information**: From January 9 - 15, 2026, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged, as did the average prices in Shandong. The prices of cultural paper, packaging paper, and living paper also remained stable. However, the profit margins of double - offset paper, double - copper paper, white cardboard, and living paper all showed slight increases [4]. - **Price Difference Information**: On January 15, 2026, the price difference between coniferous and broad - leaf pulp was 785.00, between coniferous and natural pulp was 115, between coniferous and chemical mechanical pulp was 1640, and between coniferous pulp and waste paper was 3939 [4].

Group 1 - The core viewpoint of the article highlights that on January 15, brokerages set target prices for listed companies, with significant increases noted for certain companies [1] - The companies with the highest target price increases include Guanhao High-tech, Huali Technology, and Nengke Technology, with target price increases of 56.25%, 56.03%, and 40.34% respectively, belonging to the paper, entertainment products, and IT services industries [1] - A total of 26 listed companies received brokerage recommendations on January 15, with Citic Bank and Dongpeng Beverage each receiving two recommendations, while Guanhao High-tech received one recommendation [1]

2026 年 1 月 16 日 胶版印刷纸：空单择机止盈 石忆宁 投资咨询从业资格号：Z0022533 shiyining@gtht.com 【基本面跟踪】 表 1：基本面数据(元/吨) | 市场 | 区域 | 纸种 | 2026/1/15 | 2026/1/14 | 环比 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | 4475 | 4475 | 0 | | | 山东市场 | 70g晨鸣云镜 | 4675 | 4675 | 0 | | | | 70g华夏太阳 | 4725 | 4725 | 0 | | 现货市场 | | 70g本白牡丹 | 4450 | 4450 | 0 | | | | 70g天阳 | 4400 | 4400 | 0 | | | 广东市场 | 70g晨鸣云豹 | 4600 | 4600 | 0 | | | | 70g华夏太阳 | 4700 | 4700 | 0 | | | | 含税收入 | 4725 | 4725 | 0 | | | 税前 | 含税成本 | 5286 | 5292 | -6 | | | | 税前毛利 | -561 | ...

Report Information - Report Name: Pulp Daily Report [1] - Date: January 16, 2025 [2] Investment Rating - No investment rating information provided Core Viewpoint - The fundamentals of the pulp market have limited changes and are expected to fluctuate and adjust [8] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: The previous settlement price of the pulp futures contract 05 was 5,508 yuan/ton, and the closing price was 5,436 yuan/ton, a decline of 1.31% [7] - **Spot Market**: The intended transaction price range of softwood pulp in the Shandong market was 4,900 - 6,300 yuan/ton, a decrease of 20 yuan/ton from the previous trading day's closing price. The quotation of Arauco's Silver Star in Shandong was 5,530 - 5,550 yuan/ton [7] - **Foreign Offers**: Arauco's January foreign offers for pulp: Silver Star (softwood pulp) increased by $10/ton to $710/ton; Venus (natural pulp) remained unchanged at $620/ton; Star (hardwood pulp) increased by $20/ton to $590/ton [8] - **Supply - Related Data**: In November, the chemical pulp shipments of 20 major pulp - producing countries decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly. In November 2025, the European wood pulp inventory was 700,000 tons, a 0.8% decrease month - on - month and a 6.3% increase year - on - year; the consumption was 805,600 tons, a 6.2% decrease month - on - month and a 4.6% decrease year - on - year. In December 2025, the total pulp imports were 3.113 million tons, a 4.1% decrease month - on - month and a 3.8% decrease year - on - year. As of January 15, 2026, the weekly pulp inventory in major regions and ports decreased by 0.56% [8] - **Demand Situation**: Large - scale cultural paper enterprises are operating normally, while some small and medium - sized production lines in the north are shut down. Downstream publishing orders for pick - up are almost finished, and social orders have limited changes. Dealers are mainly selling at stable prices with little intention to adjust prices [8] 2. Industry News - On January 15, it was reported that the 2025 China Paper Industry Top Ten News Selection Conference was held in Beijing. Gold East Paper under APP (China) was listed on the "2025 Excellent - level Smart Factory Project List" for its "Full - process Digital and Intelligent High - end Cultural Paper Smart Factory" and ranked first in the 2025 China Paper Industry Top Ten News, setting a benchmark for the industry [9] 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventory, European main port wood pulp inventory, copperplate paper and offset paper prices and price differences, white cardboard and whiteboard paper prices and price differences, and the US dollar - RMB exchange rate [15][17][23][25][27]

Core Viewpoint - Huatai Co. has stated that its production and operations are stable, and it has implemented measures such as share buybacks, major shareholder increases, and cash dividends to enhance valuation and protect investor interests [2] Group 1: Company Operations - The company emphasizes that its stock price fluctuations are influenced by multiple factors, including product structure, industry supply and demand, and market funding preferences [2] - The company is committed to focusing on its core business operations to deliver stable financial performance and returns to investors [2] Group 2: Financial Compliance - The company adheres strictly to accounting standards in its financial accounting and operates in a compliant and regulated manner [2] - All related party transactions with the controlling shareholder are conducted based on market principles, ensuring that there is no harm to the company or minority shareholders' interests [2]

轻工制造 | 造纸 北交所|公司点评报告 hyzqdatemark 2026 年 01 月 15 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 胡文瀚 huwenhan@huayuanstock.com 市场表现： | | | | | | 53.00 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年 / 最 | 高 | | | | | | 低 | | 内 | 最 | | 一 | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | 7,751.25 | | | | | | | | | 流通市值（百万元） | | | | | 7,694.16 | | | | | | | | | 总股本（百万股） | | | | | 146.25 | | | | | | | | | 资产负债率（%） | | | | | 22.03 | | | | | | | | | ...

Market Overview - The paper sector experienced a decline of 0.61% on January 15, with Minshida leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Notable gainers in the paper sector included: - Rongsheng Environmental: closed at 13.40, up 1.21% with a trading volume of 29,700 lots [1] - Qifeng New Materials: closed at 8.60, up 0.82% with a trading volume of 78,600 lots [1] - Significant decliners included: - Minshida: closed at 53.00, down 7.70% with a trading volume of 62,500 lots [2] - Zhishi Paper: closed at 5.39, down 3.23% with a trading volume of 735,700 lots [2] Capital Flow - The paper sector saw a net outflow of 268 million yuan from institutional investors, while retail investors contributed a net inflow of 151 million yuan [2] - The capital flow for specific stocks showed: - Sun Paper: net inflow of 15.85 million yuan from institutional investors [3] - Bohui Paper: net inflow of 5.85 million yuan from institutional investors [3] - Qifeng New Materials: net inflow of 1.68 million yuan from institutional investors [3]