北京商报讯（记者 张君花）2月4日，中顺洁柔发布回购股份进展公告称，截至2026年2月3日，公司通 过集中竞价交易方式累计回购股份2625.46万股，占公司当前总股本比例约2.04%，成交总金额达2.0029 亿元（不含交易费用）。此次回购是公司此前调整后回购方案的重要进展，部分股份已用于员工持股计 划。 ...

Group 1 - The core transaction involved 3.62 million shares of Yueyang Forest and Paper, with a total transaction value of 19.9462 million yuan, accounting for 3.83% of the total transaction volume on that day [1] - The transaction price was 5.51 yuan per share, representing a discount of 10.41% compared to the market closing price of 6.15 yuan [1] - The transaction occurred on February 4, 2026, indicating a significant trading activity for Yueyang Forest and Paper on that date [2]

Group 1 - The paper sector experienced a rise of 1.58% on February 4, with Bohui Paper leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the paper sector showed significant price increases, with Bohui Paper closing at 7.72, up 5.46%, and Hengda New Materials at 34.34, up 4.70% [1] Group 2 - The paper sector saw a net outflow of 71.95 million yuan from institutional investors, while retail investors contributed a net inflow of 45.65 million yuan [2] - The trading volume and turnover for Bohui Paper reached 247,200 shares and 186 million yuan, respectively [1] - The overall market sentiment in the paper sector was mixed, with some stocks like Hengda New Materials and Changxing Paper showing positive net inflows from retail investors [3]

格隆汇2月4日丨理文造纸(02314.HK)发布盈喜，集团预计将录得截至2025年12月31日止年度公司的年度 盈利约18.8亿港元至20.0亿港元之间，较截至2024年12月31日止年度13.6亿港元增长38%至47%。该盈利 增长主要由于集团边际利润上升。 ...

智通财经APP讯，理文造纸(02314)公布，该集团预期于2025年取得盈利约18.8亿港元至20.0亿港元，同 比增长38%至47%。该盈利增长主要由于集团边际利润上升。 ...

Northeast Region - Liaoning Xingdong Paper Industry has reduced waste paper prices by 20 yuan/ton starting February 2, with specific prices set for various grades [1] - Shenyang Jiu Long Paper Industry in Liaoning has also lowered yellow waste prices by 20 yuan/ton, with adjusted prices for different grades [1] - Fushun Amber Paper Industry in Liaoning has implemented price adjustments effective January 15, with specific prices for various grades [1] North China Region - Hebei Baoding Zeyu Paper Industry has reduced waste paper prices by 20 yuan/ton starting February 4, with specific prices for different grades [1] - Tianjin Jiu Long Paper Industry has lowered yellow waste paper prices by 20 yuan/ton, while other waste paper prices remain unchanged [2] - Tangshan Leiting Zhang's Paper Industry has reduced waste paper prices by 50-30 yuan/ton starting February 2, with specific prices based on yellow board content [3] Central China Region - Henan Taikang Longyuan Paper Industry has reduced waste paper prices by 20 yuan/ton starting February 3, with specific prices for various grades [6] - Hubei Xiangfan Jin Phoenix Paper Industry has adjusted prices for yellow paper grades, with reductions of 20 yuan/ton for A-grade and above [7] - Hubei Jingzhou Gong'an Mountain Eagle Paper Industry has adjusted prices for various grades of waste paper, with reductions of 20-10 yuan/ton [7] East China Region - Shandong Zibo Renfeng Paper Industry has reduced waste paper prices starting February 4, with specific prices for different grades [8] - Jiangsu Xuzhou Jianping Paper Industry has lowered waste paper prices by 10 yuan/ton, with specific prices for various grades [8] - Anhui Xuancheng Wanli Paper Industry has increased prices for T-grade, A-grade, B-grade, and C-grade by 20-30 yuan/ton, while other prices remain unchanged [9] South China Region - Guangdong Dongguan Jintian Paper Industry has reduced prices for various grades of waste paper by 20 yuan/ton starting February 4 [26] - Guangdong Dongguan Jiu Long Paper Industry has increased white waste prices by 30 yuan/ton, with specific prices for different grades [27] - Guangdong Zhaoqing Mountain Eagle Paper Industry has reduced waste paper prices by 30 yuan/ton, with specific prices for various grades [28]

分析师 1: 好的。那个各位投资者大家下午好，欢迎大家参加我们今天策略会一个线上交流那么本场 是这个荣盛环保的一个线上交流。我们今天非常有幸的邀请到了公司的董秘胡总，以及财 务总监沈总来跟我们交流。那么首先我们还是想先请胡总，就是您这边能否先简单对我们 25 年或者是说四季度的一个基本面进行一个更新，以及我们以及我们这个 2026 年我们公 司的一些新的一些这个想法。 荣盛环保董秘胡总: 好的，王老师，您好。各位投资者大家下午好，非常感谢华福证券给我们这样一个交流的 平台。那我们公司，主营业务，是主要从事牛皮箱板纸、瓦楞原纸等再生环保纸产品以及 瓦楞纸板纸箱的生产制造，主要处于我们整个行业产业链的一个中游。那应该讲 2025 年 四季度来讲，整个的整体经济形势，就是按照我们 25 年的一个整体的一个趋势，还是大 体趋势是不变的。那具体的，我们在四季度整体的价格上面，还是稍微有一些。略有向好 的一些趋向。所以在整个的一个我们库存管控，第二个我们产品的一个投放市场上面，在 季度整体形势还是相对还是比较乐观的。 大体情况是这样。那这，至于我们 2026 年的一个，我们讲我们公司从整个的经营目标来 讲，我们 25 年 ...

2026 年 2 月 4 日 胶版印刷纸：空单持有，反套持有 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 | 2026/2/3 | 2026/2/2 | 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 | 5181 | 5187 | -6 | | 成本利润 | | 税前毛利 | - ...

Group 1: Report Overview - The report is a daily paper pulp report dated February 4, 2026 [1][2] Group 2: Market Review and Operation Suggestions - The previous settlement price of the SP2605 contract of pulp futures was 5300 yuan/ton, and the closing price was 5276 yuan/ton, a decrease of 0.45%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4700 - 5600 yuan/ton, with the price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5370 - 5380 yuan/ton [7] - Suzano announced a price increase of $10/ton in the Asian market in February 2026, and the external market quotation continued to rise. In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, softwood pulp decreased by 7.6% year - on - year, and hardwood pulp decreased by 7.3% year - on - year, with a significant decline in shipments to the Chinese market. In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, a month - on - month increase of 8.6% and a year - on - year increase of 4.4%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of January 29, 2026, the weekly pulp inventory in major regions and ports was 2.1199 million tons, a month - on - month increase of 4.96% [8] - On the demand side, the pulp procurement rhythm of downstream paper mills slowed down, some small and medium - sized factories showed signs of closing for the holiday, and the trading atmosphere in the spot market became lighter. In the short term, pulp prices were restricted by the sector and weak downstream procurement, and the overall trend was a wide - range shock [8] Group 3: Industry News - On February 2, a fire broke out at Qian'an Boda Paper Co., Ltd. in Tangshan, Hebei Province. This fire was expected to cause short - term supply disruptions in the northern copy paper market. After the production line of Boda Paper stopped, the supply of copy paper in the North China region would directly decrease, and the market might experience a temporary supply shortage. However, the northern copy paper market was supported by the production capacity of leading enterprises such as APP, Sun Paper, Chenming Paper, and Asia Pulp & Paper, with sufficient overall supply elasticity. Since the fire only affected a single enterprise, it was not expected to cause a significant nationwide price fluctuation [9]

Fixed Income Research - The net financing amount is at a historically high level, indicating that the logic of asset scarcity has dissipated. The overall change in the issuance guidance rates published by the trading association has mostly decreased by 5 to 1 basis points. In January, the issuance scale of credit bonds increased month-on-month, with only medium-term notes seeing a decrease in issuance amount, while other varieties saw increases. The net financing amount for credit bonds increased month-on-month, with medium-term notes showing a decrease, while other varieties saw increases. Corporate bonds, directional tools had negative net financing, while corporate bonds, medium-term notes, and short-term financing bonds had positive net financing [2][3]. - In the secondary market, the transaction scale of credit bonds decreased month-on-month, with transaction amounts for all varieties declining. The yield on credit bonds remained low and fluctuated, with most varieties showing a month-on-month decline in average yield. The credit spread for most varieties narrowed month-on-month, with the varieties that widened mainly concentrated in the 7-year term. Most varieties' spreads are at historical lows. From an absolute return perspective, insufficient supply and relatively strong allocation demand will continue to drive the recovery of credit bonds. Although fluctuations are inevitable due to various factors, the conditions for a comprehensive bear market in credit bonds remain insufficient. In the long run, future yields are still in a downward channel, and the strategy of increasing allocation during adjustments remains feasible [3]. Fund Research - In January, the market for actively managed equity funds saw a significant increase in issuance, with a total of 88 new funds issued, amounting to 91.48 billion yuan. The issuance of actively managed equity funds and passive equity funds was 41.70 billion units and 19.62 billion units, respectively, with a significant increase in the issuance of actively managed equity funds. Overall, the issuance market for equity funds has warmed up significantly, especially for actively managed equity funds [6][7]. - The performance of equity markets was outstanding in January, with all types of funds showing varying degrees of increase. The average increase for commodity funds was the largest at 17.92%. The growth style outperformed the value style, and the mid-cap balanced style had the largest increase at 8.99%, while the large-cap value style had the smallest increase at approximately 4.22% [8]. Industry Research - The valuation repair of the real estate chain can continue, with positive signals from the government regarding real estate policies. The market is transitioning from a large-scale expansion phase to a focus on quality improvement. The goal is to actively construct a new development model for real estate, emphasizing both short-term and long-term strategies. The sales recovery process will significantly impact bond valuations, and investors with a higher risk appetite may consider early positioning, especially in companies showing strong performance in new financing and sales recovery [4][10]. - In the paper industry, several leading companies have announced price increases for white cardboard and corrugated paper, with expected price hikes of 200 yuan/ton for white cardboard and 30-50 yuan/ton for corrugated paper. The upcoming annual maintenance period for paper companies will disrupt supply, while the approaching Spring Festival will boost packaging demand from e-commerce, food, and beverage sectors, supporting price increases [12]. - In the metals industry, the steel sector is expected to continue a weak performance due to the Spring Festival holiday, with production and demand both shrinking. The copper market is also anticipated to see inventory accumulation due to reduced production activities during the holiday, with a focus on post-holiday demand verification [13][15].