1. Report Information - Report Name: Pulp Daily Report [1] - Date: January 13, 2025 [2] 2. Industry Investment Rating - Not provided in the report 3. Core Viewpoints - The pulp futures 05 contract closed at 5490 yuan/ton, down 0.47% from the previous settlement price. The pulp fundamentals have limited changes and are expected to move in a volatile adjustment [7][8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5516 yuan/ton, and the closing price was 5490 yuan/ton, a decline of 0.47%. The intended transaction price range of softwood pulp in the Shandong market was 4920 - 6300 yuan/ton, down 50 yuan/ton from the previous trading day. The Shandong Yinxing was quoted at 5550 yuan/ton [7]. - Arauco's January pulp export prices: softwood pulp Yinxing increased by 10 US dollars/ton to 710 US dollars/ton; natural pulp Jinxing remained flat at 620 US dollars/ton; hardwood pulp Mingxing increased by 20 US dollars/ton to 590 US dollars/ton. In November, the chemical pulp shipments of 20 pulp - producing countries decreased 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 pulp inventory was 700,000 tons, a month - on - month decrease of 0.8% and a year - on - year increase of 6.3%; the European pulp consumption was 805,600 tons, a month - on - month decrease of 6.2% and a year - on - year decrease of 4.6%. In November 2025, the total pulp imports were 3.246 million tons, a month - on - month increase of 24% and a year - on - year increase of 15.9%. As of January 8, 2026, the weekly pulp inventory in major regions and ports was 1.965 million tons, a week - on - week decrease of 1.19%. On the demand side, large - scale cultural paper enterprises are operating normally, while some small and medium - sized production lines in the north have stopped production. The downstream publishing orders are almost completed, and the social orders have limited changes. Dealers mainly maintain stable prices, with limited willingness to adjust prices [8]. 4.2 Industry News - On December 13, 2025, Suzano's new fluff pulp production line at its Limeira factory in the interior of São Paulo started production. The project, with an investment of 490 million reais, quadrupled the company's total fluff pulp production capacity from 100,000 tons to 440,000 tons per year. The project aims to transform the pulp production line into a flexible equipment capable of producing both Eucafluff® and commercial pulp. Eucafluff® is used for absorbent and personal hygiene products, while commercial pulp is used for toilet paper, printing paper, and packaging paper [9]. 4.3 Data Overview - The report provides multiple data charts, including the spot price of imported bleached softwood pulp in Shandong, pulp futures price, pulp spot - futures price difference, softwood - hardwood pulp price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port pulp inventory, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and white board paper, and the US dollar - RMB exchange rate [15][17][19][25][26][27]

21智讯01月12日电，洁雅股份在投资者关系活动中表示，公司已在埃及完成土地购置，该地块主要用于 拓展和覆盖美国以外的全球市场。目前该项目仍处于前期规划阶段，后续进展将依据公司公告披露。 ...

供需趋宽松，造纸承压，上行乏力 银河化工 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分综合分析与交易策略 第二部分核心逻辑分析 第三部分周度数据跟踪 GALAXYFUTURES 1 227/82/4 228/210/172 181/181/181 目录 210/10/16 221/221/221 208/218/234 综合分析与交易策略 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 【综合分析】 【逻辑分析】 【策略】 2 GALAXYFUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 纸浆：市场延续供大于求格局，供应端，进口量稳定，国产阔叶浆、化机浆产量小幅波动，港口库存累库至 200.7 万吨，青岛港等多数港口库存呈 增长趋势。需求端，生活用纸、白卡纸等品类消费量 ...

Core Viewpoint - The paper giant Zhongshun Jierou is undergoing a "de-familization" process, with the resignation of its "post-80s" successor, Liu Peng, from the positions of President and Chairman, indicating a significant shift in the company's governance structure [1][3][5]. Group 1: Company Leadership Changes - Liu Peng submitted his resignation as Chairman and other key roles due to personal career development plans, although he will continue to hold other positions within the company [1][5]. - Liu Peng had previously held both the Chairman and President roles, but he resigned as President a month prior to his resignation as Chairman [1][5]. - The founder, Deng Yingzhong, has been planning to step down from the Chairman role for years, aiming to transform Zhongshun Jierou into a modern company [4][10]. Group 2: Financial Performance - The company's revenue from 2020 to 2024 showed fluctuations: 78.24 billion, 91.50 billion, 85.70 billion, 98.01 billion, and 81.51 billion respectively, with a notable 16.84% decline in 2024 [5][11]. - The net profit for the same period decreased significantly, from 9.06 billion to 0.77 billion, with a dramatic 76.80% drop in 2024 [5][11]. - The company attributed the 2024 decline in profitability to intensified market competition and a decrease in overall gross margin [11]. Group 3: Governance and Succession - Liu Peng's appointment was seen as a key event in the company's move towards professional management, with Deng Yingzhong emphasizing the importance of meritocracy in leadership selection [3][4]. - Following Liu Peng's resignation, Yang Yuzhao, a long-time associate of Deng Yingzhong, was elected to the board to ensure continuity in governance [6][11].

Core Viewpoint - The resignation of Liu Peng as Chairman and President of Zhongshun Jierou Paper Co., Ltd. marks a significant step in the company's ongoing "de-familization" process, initiated by founder Deng Yingzhong to modernize the governance structure and enhance professional management [2][3][4]. Group 1: Leadership Changes - Liu Peng has resigned from multiple key positions including Chairman and President, citing personal career development plans, but will continue to hold other roles within the company [2]. - Liu Peng's tenure saw a shift towards professional management, with Deng Yingzhong stepping back from leadership roles to allow for external managerial talent [3][4]. - The company has appointed Yang Yuzhao, a long-time associate of Deng Yingzhong, as a non-independent director to ensure continuity in the board's operations following Liu Peng's resignation [5]. Group 2: Financial Performance - Zhongshun Jierou's financial performance has deteriorated under Liu Peng's leadership, with a notable decline in net profit, particularly in 2024, where net profit dropped by 76.80% year-on-year [5]. - The company's revenue figures from 2020 to 2024 show fluctuations, with a significant drop in 2024, where revenue decreased by 16.84% compared to the previous year [5]. - The decline in profitability is attributed to intensified market competition and a decrease in overall gross margin [5].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2025, CPI increased by 0.8% year - on - year, with core consumer goods, services, and fresh produce prices improving. PPI's year - on - year decline narrowed to - 1.9%, and prices gradually recovered from upstream to mid - downstream after the "anti - involution" policy [2][3]. - In December 2025, due to the decline in vegetable price growth and the seasonal recovery of consumer goods, CPI's year - on - year increase rebounded to 0.8% under the low - base effect. PPI's month - on - month increase rebounded to 0.2% due to the heating season and the impact of imported non - ferrous metals [29][45]. 3. Summary According to the Directory 2025 Inflation Review CPI - In 2025, CPI increased by 0.8% year - on - year. The factors contributing to the CPI increase from high to low were core consumer goods (0.63 pct), fresh produce (0.4 pct), services (0.25 pct), while livestock and meat (- 0.19 pct) and energy (- 0.3 pct) dragged it down [2][9]. - Core consumer goods: Gold prices contributed half of the increase, and prices of household appliances and daily necessities improved under consumption - promoting policies. Services: Service consumption scenarios mainly related to travel still supported prices, with significant price fluctuations between peak and off - peak seasons. Livestock and meat: Pig production capacity reduction was slow under "large - scale" farming, and terminal demand was weak, leading to a slow decline in prices. Fresh produce: Extreme weather affected production and transportation, tightening supply and driving up prices. Energy: Trade frictions led to weak demand and a downward price trend [2][14][15]. PPI - In 2025, the year - on - year decline of PPI narrowed to - 1.9%. After the "anti - involution" policy in July, mid - stream production materials industries showed positive signals, but the durable consumer goods manufacturing industry related to long - term income expectations and closer to terminal demand was still weak [24]. - Industries with continuous price increases included the imported non - ferrous metal industry chain, which had six consecutive months of price increases. Domestically, industries generally saw price recovery from upstream to mid - downstream, such as coal and black mining in the upstream, the paper - making industry, and then lithium - ion battery manufacturing and non - metallic mineral products industries [27]. December CPI Food Items - CPI food prices increased by 0.3% month - on - month, slightly weaker than the seasonal average, driving CPI up by about 0.05 percentage points. Pork prices decreased slightly due to oversupply, and fresh produce prices were weaker than the seasonal level, with fresh fruit prices rising seasonally and fresh vegetable prices rising less than expected [31]. Non - food Items - The non - food item of CPI increased by 0.1% month - on - month, stronger than the seasonal average, driving CPI up by about 0.12 percentage points. Energy prices decreased slightly, core consumer goods drove CPI up by about 0.16 percentage points (21% contributed by gold price increases), and service prices had limited impact on CPI during the off - travel season [32][37][38]. December PPI Overall - In December, PPI's month - on - month increase rebounded to 0.2% after 19 months, with price increases spreading from the mining industry to raw material and processing industries. Production material prices increased by 0.2%, while downstream living material prices remained flat [45]. By Industry - The number of industries with rising prices among industrial producers remained at 9. Supportive factors included the seasonal increase in demand and prices of coal, gas, and the non - ferrous metal industry chain, as well as the continuous price recovery of the paper - making industry. The drag factor was the imported crude oil industry chain [47][51][59].

Group 1 - The core viewpoint of the news is that Shanying International (600567) has experienced a decline in its financial performance, with a notable drop in both revenue and net profit for the first three quarters of 2025 compared to the previous year [2] - As of January 9, 2026, Shanying International's stock closed at 1.7 yuan, with a slight increase of 0.59% and a trading volume of 1.0362 million hands, resulting in a total transaction amount of 176 million yuan [1] - The company's main business includes the production and sales of boxboard paper, corrugated paper, specialty paper, paperboard, and paper packaging products, as well as domestic and international fiber recycling trade [2] Group 2 - For the first three quarters of 2025, Shanying International reported a main revenue of 21.133 billion yuan, a year-on-year decrease of 2.17%, and a net profit attributable to shareholders of -290 million yuan, a significant decline of 522.74% [2] - The company's debt ratio stands at 67.69%, with investment income of 37.952 million yuan and financial expenses amounting to 624 million yuan, resulting in a gross profit margin of 7.91% [2] - In the last 90 days, two institutions have provided ratings for the stock, with one buy rating and one hold rating [3]

Core Viewpoint - The company, Xianhe Co., Ltd., emphasizes the significance of its electrolytic capacitor paper in various high-tech applications, including 5G communications and aerospace, while also highlighting its commitment to innovation and market opportunities [2]. Group 1: Product Applications - The electrolytic capacitor paper produced by the company is a key material widely used in 5G communications, industrial power supplies, new energy, and automotive electronics [2]. - The electrical insulation paper series has extensive and unique applications in industrial support and high-tech industries [2]. Group 2: Market Position and Strategy - The electrolytic capacitor serves as a fundamental electronic component, with downstream applications covering numerous high-end fields, including aerospace [2]. - The company's controlling shareholder, Zhejiang Xianhe Holding Group Co., Ltd., is investing in an aramid paper project, which is suitable for motor insulation and lightweight structural materials in the aerospace sector due to its high-temperature resistance and strength [2]. - This new material can synergize effectively with the company's existing electrical insulation materials and high-performance paper-based materials, providing customers with more comprehensive and higher-performance material solutions [2]. - The company will continue to monitor downstream technological trends and actively promote product innovation and industrial collaboration to seize opportunities in emerging markets [2].

Core Viewpoint - The financial performance of Shanying International (600567) shows a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's operations and market conditions [2]. Financial Performance - For the first three quarters of 2025, Shanying International reported a total revenue of 21.133 billion yuan, a year-on-year decrease of 2.17% [2]. - The net profit attributable to shareholders was -290 million yuan, reflecting a significant year-on-year decline of 522.74% [2]. - The company's net profit excluding non-recurring items was -412 million yuan, which represents a year-on-year increase of 6.32% [2]. - In Q3 2025, the company recorded a single-quarter revenue of 7.291 billion yuan, down 0.77% year-on-year [2]. - The single-quarter net profit attributable to shareholders was -331 million yuan, showing a drastic year-on-year decline of 636.03% [2]. - The single-quarter net profit excluding non-recurring items was -347 million yuan, down 4.37% year-on-year [2]. - The company's debt ratio stood at 67.69%, with investment income of 37.952 million yuan and financial expenses of 624 million yuan [2]. - The gross profit margin was reported at 7.91% [2]. Stock Performance and Market Sentiment - As of January 8, 2026, Shanying International's stock closed at 1.69 yuan, with no change in price [1]. - The turnover rate was 1.08%, with a trading volume of 680,900 hands and a total transaction value of 115 million yuan [1]. - On January 8, the net inflow of main funds was 1.8799 million yuan, accounting for 1.63% of the total transaction value, while retail investors saw a net inflow of 2.127 million yuan, representing 1.85% of the total [1]. - Over the last 90 days, two institutions provided ratings for the stock, with one buy rating and one hold rating [3].

Core Viewpoint - The company plans to utilize part of its idle raised funds for cash management, aiming to enhance the efficiency of fund usage and increase overall company performance, thereby providing better returns for shareholders [2][5]. Group 1: Investment Management - The company has received approval from its board and shareholders to use up to 600 million yuan of temporarily idle raised funds for cash management within one year from the date of approval [1][6]. - The total amount planned for cash management is estimated at 110 million yuan, which will be invested in low-risk financial products [2][3]. - The cash management products will include structured deposits with a maturity of 304 days from the Bank of Communications [3][4]. Group 2: Fund Sources and Usage - The funds for cash management will come from the company's idle raised funds, which were originally raised through a non-public offering of shares totaling approximately 2.1 billion yuan, netting about 2.05 billion yuan after expenses [3][5]. - The company has previously suspended its original fundraising project and redirected the remaining funds towards new projects, ensuring that the cash management does not affect the investment progress of the fundraising projects [5][6]. Group 3: Risk Management - The cash management strategy is designed to be low-risk, but it acknowledges potential market, liquidity, and credit risks that could affect the returns on the financial products [7][9]. - The company will implement strict risk assessment measures, including selecting reputable financial products and monitoring their performance to ensure compliance with investment plans [9]. Group 4: Impact on Company Performance - The decision to invest in low-risk bank financial products is expected to improve the efficiency of idle funds, increase company revenue, and enhance overall performance, ultimately benefiting shareholders [9]. - The purchased financial products will be classified as "trading financial assets" on the balance sheet in accordance with accounting standards [9].