Report Summary 1. Investment Rating of the Industry - No investment rating of the industry is provided in the report. 2. Core Viewpoint of the Report - This week, the value of short - selling the offset printing paper is low, and the market will mainly move sideways. The current bearish factors have been fully priced in, and there may be short - term marginal improvements in the supply - demand situation. The price is expected to move sideways, and investors should pay attention to opportunities for buying at lows and selling at highs [54]. 3. Summary by Directory Industry News - The inventory days of domestic double - coated paper on Thursday this week increased by 1.01% compared to last Thursday, and the weekly increase widened by 0.14 percentage points. The market demand has not improved significantly, and paper mills are facing inventory pressure [6]. - The operating load rate of the domestic double - coated paper industry this week was 50.78%, a month - on - month increase of 0.66 percentage points, and the weekly increase narrowed by 1.24 percentage points. Some production lines in Shandong and Jiangsu have resumed normal production, but the overall increase in industry operation is limited [6]. - Chile's Arauco announced its new September pulp export prices: coniferous pulp Silver Star at $700/ton, natural pulp Venus at $590/ton, and broad - leaf pulp Star up $20/ton to $540/ton [6]. Market Trends - The average daily price of 70g high - white double - coated paper in the mainstream market on September 19 was 4,800 yuan/ton, with a week - on - week decrease of 0.37% and a year - on - year decrease of 18.75%. The prices of some brands in some regions have declined [9][11]. - In terms of cost - profit, the pre - tax and after - tax profits of double - coated paper have decreased week - on - week [12]. Supply - Demand Data - **Industry Capacity**: In 2024, the domestic double - coated paper industry capacity was about 16.52 million tons, a year - on - year increase of 7%, with an overall oversupply in the industry [17][21]. - **Production and Capacity Utilization**: This week, the domestic double - coated paper industry output was 170,600 tons, and the capacity utilization rate was 50.8% [27]. - **Sales and Inventory**: This week, the domestic double - coated paper sales volume was 167,000 tons, and the weekly enterprise inventory was 359,000 tons. In August, both social and enterprise inventories showed a slight increase [32][45]. - **Imports and Exports**: In July, the domestic double - coated paper imports were about 12,000 tons, and exports were about 62,000 tons [39]. - **Terminal Consumption**: In recent years, the growth rate of retail sales of books, newspapers, and magazines has gradually slowed down [51]. Market Judgment - **Supply**: Domestic production this week was 170,600 tons with a capacity utilization rate of 50.8%. In July, imports were about 12,000 tons, maintaining a low level [54]. - **Demand**: Domestic sales this week were 167,000 tons. In July, exports were about 62,000 tons [54]. - **Viewpoint**: The futures market moved sideways last week, closing at 4,234 yuan/ton on Friday night. The spot market has shown little overall fluctuation. Although prices of some brands in some regions have weakened, the futures price is at a large discount, fully pricing in long - term bearish expectations. The supply - demand situation in the spot market may remain weak, but there may be short - term marginal improvements [54]. - **Valuation**: Based on the current spot price, the valuation does not provide delivery profit, and the overall valuation is low. The futures price is close to the production cost of some less - integrated enterprises [54]. - **Strategy**: The price will mainly move sideways. Pay attention to opportunities for buying at lows and selling at highs [54].

Core Viewpoint - The double-sided coated paper industry is facing challenges due to declining demand, high inventory levels, and low production margins, despite an increase in production capacity and some recovery in supply from major producers [3][4][10]. Industry Overview - Double-sided coated paper, also known as "Dawlin paper," is a major type of cultural printing paper, primarily used in book printing [1]. - The upstream products for double-sided coated paper are pulp, with production costs heavily reliant on various types of pulp, which account for 60%-70% of the total cost [2]. - The domestic production capacity of double-sided coated paper has grown significantly from 7.89 million tons in 2010 to an expected 18 million tons by the end of 2025 [2]. Supply and Demand Dynamics - The main downstream application for double-sided coated paper is book printing, which accounts for 88% of its usage [3]. - In 2024, the domestic production of double-sided coated paper is projected to be 10.49 million tons, reflecting a slight increase from the previous year [4]. - However, the production capacity utilization rate is low, averaging 62% in 2024, with a significant drop in production observed in early 2025 due to weak market demand [7][8]. Export and Import Trends - In 2024, the import volume of double-sided coated paper is expected to be 200,000 tons, while exports are projected at 968,000 tons, resulting in a net export of 770,000 tons [3][9]. - The net export volume has decreased in 2025 compared to the previous year, indicating a slowdown in overseas demand [9]. Inventory Levels - As of September 12, 2024, the total inventory of double-sided coated paper reached a record high of 1.744 million tons, with manufacturers and traders actively reducing stock levels [10]. Profitability and Pricing - As of September 12, 2024, domestic producers are facing losses of 135 yuan per ton, with historical price fluctuations showing a maximum profit of 1,562 yuan and a minimum loss of 874 yuan per ton [11][15]. - The price of high-quality double-sided coated paper is currently between 4,500 and 4,800 yuan per ton, with expectations of continued low prices due to high supply and inventory levels [15].

Core Viewpoint - Huatai Paper has been selected as the only enterprise-level national pilot project in Shandong Province for the "2025 Trusted Data Space Innovation Development Pilot List," showcasing its leadership in digital transformation within the traditional paper manufacturing industry [1][2]. Group 1: Digital Transformation and Innovation - Huatai Paper, a leading newsprint producer, utilizes 4,500 tons of wood chips daily, previously relying on manual scheduling for raw material transport, which led to significant discrepancies in weight [1]. - The implementation of the "Industry Brain" has enabled Huatai to achieve intelligent manufacturing and a smart supply chain model, addressing issues of information traceability and reducing losses during transportation [2]. - The "Industry Brain" integrates detailed logistics data, allowing for full-process digital control of transportation, thus eliminating previous regulatory blind spots [2]. Group 2: Cost Efficiency and Resource Optimization - The introduction of the "Industry Brain" has resulted in a cost savings of over 22 million yuan annually by preemptively addressing production issues such as fluctuations in pulp concentration and paper defects [2]. - Huatai Group has invested over 50 million yuan in the development of the "Industry Brain" and collaborates with universities to enhance the application of industry models [2]. - The first phase of the "Industry Brain" project is operational, with a second phase focusing on smart warehousing, marketing, and financial models expected to launch by June next year, potentially saving an additional 100 million yuan for upstream and downstream enterprises [2]. Group 3: Strategic Goals and Future Outlook - The company aims to leverage its status as a national pilot to enhance cloud computing, data utilization, and intelligence, thereby breaking down data barriers in the industry chain [2]. - The focus on data as a core asset for AI and algorithm development positions Huatai Paper to strengthen its competitive edge in the industry [2].

Group 1 - The core viewpoint of the articles emphasizes the need for reform in administrative inspections to reduce the burden on enterprises while maintaining effective regulation [1][2][3] - Administrative inspections have decreased by over 30% year-on-year from January to August, while the problem discovery rate has increased by 16 percentage points, indicating improved precision and effectiveness in inspections [1][5] - The "comprehensive check once" mechanism has been implemented in various regions, allowing multiple inspections to be conducted in a single visit, thus reducing redundancy and improving clarity for enterprises [2][3][4] Group 2 - In Hunan, a list of administrative inspection subjects has been published, confirming 70 legal inspection entities and 891 inspection items, enhancing transparency for enterprises [5] - Shandong has adopted a risk-based classification system for enterprises, categorizing them into four levels (A, B, C, D) to tailor inspection frequency and methods according to risk levels [6][7] - The use of digital tools and platforms, such as "Yuezhengyi" and "Yuezhifa," has enhanced the efficiency and transparency of inspections, allowing enterprises to verify the identity of inspectors and the nature of inspections [8][9][11] Group 3 - The implementation of smart technologies, such as intelligent smoke detection systems in Jiangsu, has improved safety monitoring and response capabilities in enterprises [10] - Various regions are leveraging artificial intelligence and big data to balance strict inspections with the need for enterprise development, promoting a law-based business environment [11]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The double - offset paper market shows a pattern of supply - demand weakness. The spot price in Shandong is stable, downstream demand is weak, and the industry profit has narrowed below the cost line. It is expected to remain volatile in the short term, with attention to device operation and pulp price changes [8]. - The pulp market also has a supply - demand weakness. The price of silver leaf pulp in Shandong is stable with a downward trend, the industry's operating rate is low, and the futures price has fallen. It is expected to maintain range - bound fluctuations, suggesting a high - selling and low - buying strategy [13]. - For both pulp and double - offset paper, the long - position main force has reduced positions, which is bearish [16]. 3. Summary by Related Catalogs Double - Offset Paper - **Supply and Inventory**: Some停产 enterprises have resumed production this week, and the capacity utilization rate has increased month - on - month. However, downstream consumption has not improved, and users mainly make rigid - demand purchases. Traders mostly follow a just - in - time inventory strategy. Enterprise inventory has slightly increased compared to last week, and on - site inventory has continued a small rebound, remaining at a high level in recent years [2]. - **Price and Market Outlook**: The spot price of double - offset paper in Shandong remains stable today. With weak supply and demand, the shut - down factories have not resumed production on a large scale. The industry profit has continued to narrow below the cost line. In the short term, it is expected to remain volatile, and future focus should be on device operation and pulp price changes [8]. Pulp - **Price and Market Outlook**: The price of silver leaf pulp in Shandong is stable with a downward trend today. With weak supply and demand, the industry's operating rate remains low, and the futures price has fallen. It is expected to maintain range - bound fluctuations, and a high - selling and low - buying strategy is recommended [13]. - **Main Force Trend**: The long - position main force in the pulp market has reduced positions, which is bearish [16].

General Information - Report Title: Pulp Morning Report [2] - Report Date: September 17, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] SP Main Contract Closing Price - Closing price on September 16, 2025: 5068.00 [3] - Price changes from September 10 - 16, 2025: 0.52314%, 0.40032%, -0.51834%, 1.32265%, 0.23734% respectively [3] - Discounted US dollar price on September 16, 2025: 621.53 [3] - Shandong Yinxing basis on September 16, 2025: 582 [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis on September 16, 2025: 612 [3] Import Pulp Price and Profit - Calculated with 13% VAT, import profits of Canadian Golden Lion, Canadian Lion and Chilean Yinxing are -145.57, -533.29 and -212.83 respectively [4] Pulp and Paper Price and Margin - From September 10 - 16, 2025, there is no change in the national average price of softwood pulp, hardwood pulp, natural pulp and chemimechanical pulp, as well as the average price in Shandong region [4] - From September 11 - 16, 2025, there is no change in the prices of cultural paper (offset index, coated index), packaging paper (white card index) and household paper (household index) [4] - From September 11 - 16, 2025, the changes in estimated margins of offset paper, coated paper, white card and household paper are -0.9701, -1.6070, 0.0368 and -0.4202 respectively [4] Pulp Price Spread - On September 16, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper are 1460.00, 250, 1825 and 4074 respectively [4]

Group 1 - The Chinese government implemented a ban on foreign waste imports in 2018 to prevent pollution transfer and protect public health, which has received widespread approval [1] - The ban has led to positive effects on improving China's environmental quality, but some entities have exploited loopholes by sending processed waste paper from developed countries to Southeast Asia before exporting it to China, which poses health risks and creates unfair competition for compliant paper companies [2] - The production of legitimate waste paper pulp requires extensive purification processes, while dry ground pulp production skips most of these steps, resulting in lower quality and potential contamination [2][3] Group 2 - There are existing national recommended standards for recycled paper pulp in China, but reports of impurities and pathogens in imported dry ground pulp have emerged, prompting calls for stricter enforcement and the conversion of recommended standards to mandatory ones [3] - Domestic companies utilizing recycled fibers have a rigid demand for quality, employing various methods to remove contaminants to ensure their products meet market standards, thereby minimizing safety risks in final products [3]

Core Viewpoint - The company disclosed its indirect investment in Yushu Robotics through its subsidiary, indicating a strategic interest in the robotics sector [1] Group 1 - The company, through its wholly-owned subsidiary Shanghai Jingxing Industrial Investment Co., Ltd., has invested 20 million yuan in the Rongteng Fund, which in turn has invested the same amount in Yushu Technology [1] - The company's holding in the Rongteng Fund is approximately 1.6667% [1] - The total investment amount from the Rongteng Fund into Yushu Technology is also 20 million yuan [1]

Core Viewpoint - The import of "dry ground pulp" under the guise of recycled paper pulp is essentially a method of importing foreign solid waste, posing significant environmental and health risks to the domestic paper industry [2][5][6]. Group 1: Industry Background - Since January 1, 2021, China has completely banned the import of solid waste, disrupting the supply of imported waste paper for paper manufacturers [2]. - The production of legitimate waste paper pulp requires extensive processing, achieving a fiber content of over 91.5% with minimal impurities, while dry ground pulp skips most of these essential steps [2][3]. Group 2: Environmental and Health Risks - Contaminants such as plastic fragments, heavy metals, and microorganisms can enter the domestic production chain through dry ground pulp, leading to potential health hazards in products like food packaging and sanitary paper [3][5]. - The presence of these pollutants can cause secondary pollution in water treatment systems and may clog machinery in paper production, affecting product quality [3][6]. Group 3: Regulatory and Standardization Issues - The newly released national standard for recycled paper pulp lacks mandatory requirements for key quality indicators, unlike stricter foreign standards [5][10]. - Experts have called for the revision of national standards to include compulsory indicators for fiber integrity and impurity levels, as well as enhanced detection standards for contaminants [10][11]. Group 4: Recommendations for Improvement - Experts recommend strengthening customs supervision and implementing comprehensive inspection and testing to prevent contaminated materials from entering the domestic market [10][11]. - Suggestions include introducing advanced detection technologies and establishing a fiber traceability system to ensure the integrity of imported materials [10][11].

此次融资对接行动，从发现问题到介入协调，再到资金落地，整个过程体现了县科经局服务企业的高速效率和务实作风。目前，县科经局正继续协同中国 农业银行，跟进后续800万元融资需求的落实工作，致力于为企业提供持续、稳定的金融支持，彻底化解其资金难题。 值得一提的是，在帮助企业缓解资金困难的同时，县科经局也持续推进"企业进规"培育工作，积极引导和支持企业实现规模化发展。目前，湖北鑫五湖纸 业有限公司的进规资料已正式提交至省统计局，标志着该企业在科经局的精准服务下，不仅克服了短期经营困难，更在长远发展道路上迈出关键一 步。"进规"工作是县科经局服务企业成长、助推产业升级的重要任务之一，此次鑫五湖纸业的申报进展，也充分体现了科经局在企业全生命周期服务中的 融会贯通和主动作为。 据悉，今年6月，湖北鑫五湖纸业有限公司面临股东突然撤资的突发状况，导致企业资金链骤然紧张，运转承压。县科经局王新征同志在获悉企业困境 后，第一时间带队深入企业，实地了解具体情况与迫切需求。 针对企业"急、频、快"的融资特点，王新征主任当即牵头对接湖北银行，突出"迅速"二字，全力协调推动信用贷款解决方案。通过高效的沟通协调与精准 的对接服务，银行方面快 ...