Group 1 - Hengfeng Paper Industry's stock increased by 5.58%, reaching 9.27 CNY per share, with a trading volume of 29.88 million CNY and a turnover rate of 1.09%, resulting in a total market capitalization of 2.769 billion CNY [1] - The company, established on March 6, 1994, and listed on April 19, 2001, specializes in the production and sale of specialty papers, including cigarette paper, filter rod paper, and aluminum foil lining paper [1] - The revenue composition of Hengfeng Paper Industry includes 65.48% from tobacco industrial paper, 15.50% from other paper types, 11.75% from mechanical gloss paper, 6.08% from thin printing paper, and 1.19% from other sources [1] Group 2 - The top circulating shareholder of Hengfeng Paper Industry includes a fund from China Asset Management, specifically the Jiao Yin National Enterprise Reform Flexible Allocation Mixed A Fund (519756), which entered the top ten shareholders in the third quarter with 5.6999 million shares, accounting for 1.91% of circulating shares [2] - The Jiao Yin National Enterprise Reform Flexible Allocation Mixed A Fund has a current size of 1.833 billion CNY, with a year-to-date return of 8.31%, ranking 5838 out of 8130 in its category, and a one-year return of 8.86%, ranking 6012 out of 8054 [2]

Core Viewpoint - Hengda New Materials experienced a decline of 2.72% in stock price on November 26, with a trading volume of 28.37 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On November 26, Hengda New Materials had a financing buy-in amount of 3.30 million yuan and a financing repayment of 4.75 million yuan, resulting in a net financing outflow of 1.45 million yuan [1] - The total financing and securities balance as of November 26 was 30.03 million yuan, which represents 2.02% of the circulating market value, indicating a low financing balance compared to the past year [1] - There were no shares sold or repaid in the securities lending market on the same day, with a securities lending balance of 0.00 yuan, suggesting a high level of inactivity in this area [1] Company Overview - Zhejiang Hengda New Materials Co., Ltd. specializes in the research, production, and sales of specialty paper raw materials, with a focus on medical and food packaging paper, which constitutes 86.45% of its main business revenue [1] - The company was established on May 22, 2002, and went public on August 22, 2023 [1] Financial Performance - For the period from January to September 2025, Hengda New Materials reported a revenue of 796 million yuan, reflecting a year-on-year growth of 6.54%, and a net profit attributable to shareholders of 54.87 million yuan, up by 3.25% [2] - As of September 30, 2025, the number of shareholders was 6,481, a decrease of 5.72% from the previous period, while the average circulating shares per person increased by 6.06% to 7,106 shares [2] Dividend and Shareholding - Since its A-share listing, Hengda New Materials has distributed a total of 80.76 million yuan in dividends [3] - As of September 30, 2025, the sixth largest circulating shareholder is Jianxin Flexible Allocation Mixed A (000270), which holds 258,500 shares as a new shareholder [3]

行业 纸浆日报 日期 2025 年 11 月 27 日 期货从业资格号：F03134307 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） 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 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

Core Viewpoint - The packaging paper industry is experiencing a price increase for raw paper, with multiple companies announcing new price hikes in the fourth quarter to cope with rising costs [3][4]. Group 1: Price Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been continuously rising [3]. - As of November 24, the average daily price of corrugated paper was 3,213 RMB/ton, a year-on-year increase of 17.65%, while the average price of boxboard was 3,889 RMB/ton, up 6.86% year-on-year [4]. - Several well-known pulp and paper companies have recently issued price adjustment notices for various paper types, with price increases ranging from 50 RMB/ton to 200 RMB/ton, effective mainly from late November to December 1, 2025 [4]. Group 2: Company Performance and Outlook - Companies in the packaging paper sector are adjusting their prices, with increases of 10% to 15%, which is lower than the 20% to 30% increase in upstream raw paper prices [3]. - Major securities firms believe the current paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades, with a positive outlook for profitability in the fourth quarter [4]. - Notable companies such as Sun Paper, Annie Co., Huatai Paper, and Bohui Paper have seen significant net buying in financing, indicating strong market interest [5]. - Forecasts suggest that companies like Hengfeng Paper, Qifeng New Materials, and Bohui Paper will see net profit growth rates of 70.67%, 35.33%, and 20.2% respectively for the year 2025 [5][8].

天眼查App显示，近日，中山市君跃纸品有限公司成立，注册资本10万人民币，经营范围为一般项目： 纸制品制造；纸制品销售；五金产品制造；五金产品批发；塑料制品制造；塑料制品销售；医用包装材 料制造；包装材料及制品销售；平面设计；技术进出口；货物进出口。（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）许可项目：包装装潢印刷品印刷。（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Core Viewpoint - The article highlights the advancements made by Minshida Special Paper Industry Co., Ltd. in the production of aramid paper, a crucial material for aerospace, rail transportation, and new energy sectors, overcoming a 40-year foreign monopoly in manufacturing technology [1] Company Summary - Minshida has successfully broken through foreign monopolies and barriers in aramid paper production, addressing the "bottleneck" issue in the industry [1] - The company has focused on innovation and specialization, leading to an increasing global market share for its products [1] Industry Summary - Aramid paper is essential in various important fields, including aerospace, rail transportation, and new energy [1] - The manufacturing technology for aramid paper was previously dominated by foreign entities for four decades, indicating a significant shift in the competitive landscape with Minshida's advancements [1]

相关报告：智研咨询发布的《2025-2031年中国再生纸浆行业市场现状调查及未来趋势研判报告》 根据中国海关数据显示：2025年10月中国纸浆进口数量为262万吨，同比下降2%，进口金额为15.32亿 美元，同比下降14%。 近一年中国纸浆进口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

天眼查App显示，近日，江西省福森纸品有限公司成立，法定代表人为黄家璇，注册资本100万人民 币，经营范围为许可项目：包装装潢印刷品印刷（依法须经批准的项目，经相关部门批准后在许可有效 期内方可开展经营活动，具体经营项目和许可期限以相关部门批准文件或许可证件为准）一般项目：纸 制品制造，纸制品销售，纸和纸板容器制造，贸易经纪，互联网销售（除销售需要许可的商品）（除依 法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The company reported a net profit of 162 million yuan for the first three quarters of 2025, significantly supported by the acquisition of its subsidiary, Juntai Technology [1] Group 1 - The company emphasizes the importance of enhancing operational efficiency and competitiveness to gradually increase its value [1] - There is a mutual desire between investors and the company for a strong market performance [1] - The stock price is influenced by various factors, but the company remains confident in its intrinsic value and growth potential [1]

Group 1 - The core viewpoint of the article highlights that Jingxing Paper's main customers for packaging paper are downstream carton and cardboard enterprises [1] - The company's wholly-owned subsidiary, Pinghu Jingxing Packaging Materials Co., Ltd., primarily produces cartons and cardboard [1] - E-commerce companies, particularly express delivery firms, are significant customers for the company [1]