Report Overview - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: September 19, 2025 [2] SP Main Contract Closing Price - On September 18, 2025, the SP main contract closing price was 5014.00, with a previous day's closing price of 5042.00, a decrease of 0.55534%. The discount to the US dollar price was 615.54 [3]. - The price trends from September 12 - 18, 2025, showed fluctuations, with the highest closing price of 5068.00 on September 16 and the lowest of 4990.00 on September 12 [3]. Basis and Import Profit - The Shandong Yinxing basis on September 18, 2025, was 611, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 636 [3]. - Import profit calculations for different pulp brands: Canadian Golden Lion had an import profit of - 136.75, Canadian Lion had - 485.04, and Chilean Yinxing had - 229.70, all calculated with 13% VAT and an exchange rate of 7.11 [4]. Pulp and Paper Prices and Margins - From September 12 - 18, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the Shandong regional average prices [4]. - For paper products, cultural paper (double - offset and double - copper indices), packaging paper (white card index) remained stable from September 15 - 18, 2025, while the living paper index increased by 4 [4]. - The profit margins of different paper products showed slight changes from September 15 - 18, 2025. Double - offset paper profit margin increased by 0.0506, double - copper paper by 0.0459, white card paper by 0.0368, and living paper by 0.0764 [4]. Pulp Price Spreads - The price spreads between different types of pulp (coniferous - broadleaf, coniferous - natural, coniferous - chemimechanical, coniferous - wastepaper) showed a decreasing trend from September 12 - 18, 2025 [4].

Group 1 - The stock of Qingshan Paper (600103) increased by 6.83% today, with a turnover rate of 32.33% and a trading volume of 3.337 billion yuan, showing a fluctuation of 14.88% [2] - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to its turnover rate, with net purchases from the Shanghai-Hong Kong Stock Connect amounting to 12.031 million yuan [2] - Over the past six months, the stock has appeared on the Dragon and Tiger List eight times, with an average price increase of 5.65% the day after being listed and an average increase of 22.73% in the following five days [2] Group 2 - The company reported a total revenue of 1.210 billion yuan for the first half of the year, a year-on-year decrease of 15.27%, while net profit reached 56.079 million yuan, reflecting a year-on-year increase of 1.74% [2] - The main capital inflow for the stock today was 42 million yuan, with a significant single net inflow of 61.792 million yuan, while large single capital saw a net outflow of 19.791 million yuan [2] - In the last five days, the main capital has seen a net outflow of 702 million yuan [2]

从资金流向上来看，当日造纸板块主力资金净流出1.72亿元，游资资金净流入2768.39万元，散户资金净 流入1.45亿元。造纸板块个股资金流向见下表： 证券之星消息，9月18日造纸板块较上一交易日下跌1.09%，太阳纸业领跌。当日上证指数报收于 3831.66，下跌1.15%。深证成指报收于13075.66，下跌1.06%。造纸板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002067 | 置兴纸业 | 7.16 | 9.98% | 29.42万 | | 2.11亿 | | 600103 | 青山纸业 | 4.85 | 6.83% | 715.14万 | | 33.37亿 | | 603165 | 荣晟环保 | 15.32 | 3.86% | 18.98万 | | 2.926 | | 002012 | 凯恩股份 | 5.85 | 1.74% | 20.12万 | | 1.17亿 | | 600567 | 山鹰国际 | 2.05 | 0.00% | 364. ...

创业板指放量下跌1.64%、沪指跌1.15%，券商股领跌，两市成交超3万亿。天普股份12连板，上海建工、山子高科、首开股份、香江控股5连板，一图看懂 >> 十吴心央头拴人物兵状儿成八公可拴胶版尔 和而泰 公司目前持有摩尔线程1.244%股份 飞乐音响 5天3板 公司的主要产品是汽车电子电器、汽车照明、模块封装及芯片测试服务、智能制造系统 集成、检验检测、精密零件;上半年净利润同比增长61.1% 机器人 Figure估值达390亿美元,英伟达等跟投;宇树开源机器人世界模型 销音股份 公司主营电动工具,子公司擎宝机器人主营机器人控制系统等设备 景兴纸业 3天3板 箱板纸行业龙头,全资子公司上海景兴实业投资有限公司参与的容腾基金有投资宇树科 技,公司对容腾基金的投资额为2000万元,持有份额约为1.6667%,容腾基金对宇树 科技的投资额为2000万元 均胜电子 10天5板 1、子公司近期新获两家头部品牌主机厂客户项目定点通知,公司将为上述客户在全球 范围内开发并提供一系列汽车智能化产品,包括CCU、智能网联等产品,根据客户规 划,上述项目预计全生命周期订单总金额约人民币150亿元,计划从2027年开始量 产。 2 ...

Group 1 - The stock of Qingshan Paper (600103) increased by 2.95% today, with a turnover rate of 31.40% and a trading volume of 3.149 billion yuan, showing a fluctuation of 14.98% [1] - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to its turnover rate, with a net purchase of 53.604 million yuan from the Shanghai-Hong Kong Stock Connect [1][2] - The top five trading departments accounted for a total transaction of 440 million yuan, with a net purchase of 65.0617 million yuan [1][2] Group 2 - In the past six months, the stock has appeared on the Dragon and Tiger List seven times, with an average price increase of 5.45% the day after being listed and an average increase of 20.49% in the following five days [2] - The stock experienced a net inflow of 43.9053 million yuan today, with large orders contributing 40.1515 million yuan, despite a net outflow of 899 million yuan over the past five days [2] - The company's semi-annual report released on August 26 showed a revenue of 1.21 billion yuan for the first half of the year, a year-on-year decrease of 15.27%, while net profit was 56.079 million yuan, a year-on-year increase of 1.74% [2]

2025年9月15 - 17日，景兴纸业（002067）股票日收盘价格涨幅偏离值累计达20%；9月16 - 17日，"景兴 转债"（128130）日收盘价格涨幅偏离值累计达30%，均属交易异常波动。公司核实后表示，前期信息 无更正补充，近期经营及环境无重大变化，实控人等未买卖相关股债。截至9月17日，"景兴转债"收盘 溢价120.40%，转股溢价率14.771%，存在较大估值风险。自9月3日起已有10个交易日公司股价不低于 转股价格130%，有赎回风险，投资者或面临损失。公司提醒投资者理性投资，注意风险。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605500 | 霖林包装 | 9.90 | -1.88% | 8.07万 | 8039.76万 | | 600356 | 恒丰纸业 | 10.16 | -1.84% | 6.56万 | 6738.79万 | | 600793 | 宜宾纸业 | 23.86 | -1.08% | 3.80万 | 9080.54万 | | 002012 | 凯恩股份 | 5.75 | -1.03% | 10.16万 | 5891.32万 | | 600308 | 华泰股份 | 3.72 | -0.53% | 17.66万 | 6582.54万 | | 600567 | 山鹰国际 | 2.05 | -0.49% | 277.16万 | 5.65亿 | | 600966 | 博汇纸V | 5.11 | -0.39% | 10.18万 | 5223.11万 | | 002521 | 齐峰新材 | 9.55 | -0.31% | 4.84万 | 4633.46万 | | 00 ...

机构观点 建信期货： 短期纸浆供应相对充裕，下游纸厂开工有所回升但成本压力下低价采买为主，延续低位震荡调整。 消息面 截止2025年9月11日，中国纸浆主流港口样本库存量：206.2万吨，较上期去库0.4万吨，环比下降 0.2%，库存量在本周期变动不大，呈现窄幅去库的走势。 2025年8月纸浆进口总量265.3万吨，环比-7.8%，同比-5.6%，累计2410.8万吨，累计同比+5.0%。 9月16日，上期所纸浆仓库期货仓单226594吨，环比上个交易日减少186吨；纸浆厂库期货仓单18240 吨，环比上个交易日持平。 国信期货： 业者基于成本面压力持续挺价，浆市跟涨意愿不明显。下游原纸企业利润改善欠佳，持续降本增效，对 于高价接受度有限，逢低采购为主，交投不旺。关注需求企稳情况，操作建议暂时观望。 ...

行业 纸浆日报 日期 2025 年 9 月 17 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾 ...

（原标题：青山纸业换手率33.07%，沪股通龙虎榜上买入4603.57万元，卖出7703.19万元） 青山纸业(600103)今日下跌3.92%，全天换手率33.07%，成交额31.98亿元，振幅11.54%。龙虎榜数据显示，沪股通净卖出3099.62万元，营业部席 位合计净卖出8355.60万元。 相关ETF 数字经济ETF 上交所公开信息显示，当日该股因日换手率达33.07%上榜，沪股通净卖出3099.62万元。 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交5.65亿元，其中，买入成交额为2.25亿元，卖出成交额为3.40亿元，合计净卖出1.15 亿元。 具体来看，今日上榜的营业部中，沪股通为第三大买入营业部及第一大卖出营业部，买入金额为4603.57万元，卖出金额为7703.19万元，合计净卖 出3099.62万元。 近半年该股累计上榜龙虎榜6次，上榜次日股价平均涨5.95%，上榜后5日平均涨22.13%。 资金流向方面，今日该股主力资金净流出2.19亿元，其中，特大单净流出7347.05万元，大单资金净流出1.46亿元。近5日主力资金净流出8.58亿 元。 8月26日公司发布的半年报数据显 ...