Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to experience a second round of valuation recovery and further earnings revival by 2026, driven by a rebound in the fundamental outlook and significant valuation discounts [1] Long-term Investment Directions - Technology sector, including AI-related sub-sectors and consumer electronics [1] - Healthcare sector, particularly biotechnology [1] - Resource products benefiting from rising overseas inflation expectations and de-dollarization, including non-ferrous metals and rare earths [1] - Essential consumer goods sector, which is relatively undervalued and expected to see valuation recovery as the domestic economy further recovers [1] - Paper and aviation sectors benefiting from the appreciation of the Renminbi [1]

Core Points - The Ministry of Ecology and Environment has released the "Quota Allocation Plan for National Carbon Emission Trading Market for Steel, Cement, and Aluminum Smelting Industries for 2024 and 2025," which outlines the allocation, clearing, and transfer of carbon emission quotas for these industries [1] - The plan continues the framework of free quota allocation based on carbon emission intensity control, linking the quota amount to actual carbon output, without setting an absolute cap on total emissions, thus ensuring necessary space for industry development [1] - The plan aims to incentivize carbon reduction by allowing companies with lower carbon emissions per unit product to have higher quota surplus rates [1] Industry Expansion - The Ministry has initiated preparatory work for expanding the carbon trading market to include industries such as chemicals, petrochemicals, civil aviation, and papermaking, with technical documents being drafted for quota allocation and reporting guidelines [2] - The expansion will follow the principle of "mature one, include one," based on industry development status, pollution reduction contributions, data quality, and carbon emission characteristics [2] - By 2027, the carbon trading market is expected to cover major emission industries in the industrial sector, with a gradual shift from intensity control to total control for industries with stable total emissions [2]

Core Viewpoint - The city of Rizhao is undergoing a profound transformation driven by technological innovation and the extension of industrial chains, moving from traditional industries to new, high-tech sectors. Group 1: Technological Empowerment - The Shandong Port Rizhao Port has launched the world's first fully automated container terminal, achieving complete automation in loading, horizontal transportation, and yard operations, enhancing single-machine efficiency by 50% and reducing overall costs by 70% [3][4]. - The port has developed a digital twin platform for grain unloading, with an annual grain import capacity exceeding 10 million tons, contributing to national food security [3][4]. Group 2: Industrial Chain Restructuring - Rizhao's strategic location near major steel companies and automotive manufacturers allows for efficient raw material acquisition and reduced logistics costs, fostering a competitive environment for local suppliers [7][8]. - Companies like Shandong Ruihang Technology Co., Ltd. and Shandong Temur Automotive Parts Co., Ltd. benefit from the "front port and back factory" model, enhancing their production capabilities and reducing logistics expenses [7][8]. Group 3: Green Upgrading - Rizhao Huatai Paper Industry Co., Ltd. is transitioning from traditional high-pollution practices to producing high-value specialty paper products, with a focus on environmentally friendly alternatives like paper tape [11]. - The paper industry in Rizhao has seen a 6.3% increase in value added, with the integrated pulp and paper industry cluster recognized as one of Shandong's top ten industries [11]. Group 4: Economic Growth - In the first three quarters of the year, Rizhao's industrial added value increased by 8.0%, with the steel industry growing by 5.9%, indicating robust economic resilience [9].

Market Overview - The paper sector experienced a decline of 1.4% on November 19, with Qingshan Paper leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, down 0.0% [1] Individual Stock Performance - Qingshan Paper (600103) saw a significant drop of 6.57%, closing at 3.70, with a trading volume of 2.2241 million shares and a turnover of 834 million [2] - Other notable declines included Linlin Packaging (605500) down 3.48% and Annie Co. (002235) down 3.37% [2] - Conversely, Songyang Resources (603863) and Bohui Paper (600966) showed slight increases of 0.47% and 0.35% respectively [1] Capital Flow Analysis - The paper sector experienced a net outflow of 255 million from institutional investors, while retail investors saw a net inflow of 264 million [2] - The capital flow data indicates that institutional investors are pulling back, while retail investors are increasing their positions [2] Detailed Capital Flow by Stock - Yueyang Lin Paper (600963) had a net inflow of 7.9253 million from institutional investors, but a net outflow of 463.15 million from retail investors [3] - Qingshan Paper (600103) had a significant net outflow of 57.91 million from institutional investors, indicating a bearish sentiment [3] - Other stocks like Guanmeng High-tech (600433) and Wuzhou Special Paper (605007) also showed mixed capital flows, with varying degrees of institutional and retail investor activity [3]

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 到2027年，碳排放权交易市场基本覆盖工业领域主要排放行业。 按照"全国碳排放权交易市场覆盖主要高排放行业"的要求，生态环境部已启动化工、石化、民航、造纸 等行业扩围前期准备，正加快编制"一揽子"技术文件。 生态环境部气候司有关负责人11月18日透露，为摸清化工、石化、民航、造纸等行业的排放情况，已对 2013年以来相关行业企业碳排放报告进行收集整理，相关数据经过核查，具备了针对性解决碳排放数据 质量问题的条件，为科学合理确定配额总量和分配方案奠定了基础。 上述负责人介绍，《配额方案》借鉴了发电行业积累的成功经验，延续了基于碳排放强度控制的免费配 额分配核心框架。企业的配额量与其实际产出量动态挂钩，不设绝对的碳排放总量上限，确保了行业发 展的必要空间。 "通过科学设定行业基准，总体上可以使单位产品碳排放越低的企业，其配额盈余率越高，从而形成明 确的减排激励机制。"这位负责人介绍，《配额方案》还体现了"抓大放小"的原则。在温室气体覆盖范 围上 ...

Group 1 - The core point of the article is the resignation of the general manager of Minfeng Special Paper, Mr. Cao Jihua, due to work reasons, while he will continue to serve as a director and chairman of the board [1] - The board has approved the appointment of Mr. Han Jiyou as the new general manager following Mr. Cao's resignation [1] - For the year 2024, the revenue composition of Minfeng Special Paper is reported to be 99.17% from mechanical paper and 0.83% from other businesses [1] Group 2 - As of the report, the market capitalization of Minfeng Special Paper is 2.5 billion yuan [1]

Core Viewpoint - Hengfeng Paper's stock price has experienced fluctuations, with a year-to-date increase of 22.77% but a recent decline in the last five and twenty trading days [1][2]. Company Overview - Hengfeng Paper, established on March 6, 1994, and listed on April 19, 2001, is located in Mudanjiang, Heilongjiang Province. The company 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 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]. Financial Performance - As of September 30, 2025, Hengfeng Paper reported a revenue of 2.039 billion yuan, reflecting a year-on-year growth of 6.29%. The net profit attributable to shareholders was 148 million yuan, marking a significant increase of 34.76% compared to the previous year [2]. - The company has distributed a total of 680 million yuan in dividends since its A-share listing, with 115 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hengfeng Paper was 14,600, a decrease of 12.06% from the previous period. The average circulating shares per person increased by 13.71% to 20,445 shares [2]. - Notable new institutional shareholders include the Jiangyin State-owned Enterprise Reform Flexible Allocation Mixed A Fund, which holds 5.6999 million shares, and the招商量化精选股票发起式A Fund, holding 4.3094 million shares [3].

Group 1: SP Main Contract Information - The closing price of the SP main contract on November 18, 2025, was 5408.00 [3] - The closing prices on November 17, 14, 13, and 12, 2025, were 5474.00, 5480.00, 5534.00, and 5482.00 respectively [3] - The dollar - converted prices on these dates were 673.11, 674.24, 681.44, and 672.93 respectively [3] - The daily price changes were - 1.20570%, - 0.10949%, - 0.97579%, 0.94856%, and - 0.03647% respectively [3] - The Shandong Yinxing basis on these dates was 142, 76, 70, 31, and 58 respectively [3] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis on these dates was 132, 76, 70, 66, and 83 respectively [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port dollar price was 780, the Shandong region RMB price was 6200, and the import profit was - 127.94 [4] - For Canadian Lion (CFR), the port dollar price was 730, the Shandong region RMB price was 5510, and the import profit was - 376.79 [4] - For Chilean Yinxing (CFR with 90 - day letter of credit), the port dollar price was 680, the Shandong region RMB price was 5550, and the import profit was 24.36 [4] Group 3: Pulp and Paper Price Averages - From November 12 to 18, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) prices remained unchanged from November 13 to 18, 2025 [4] Group 4: Pulp and Paper Profit Margins - From November 13 to 18, 2025, the double - offset profit margin estimates were - 1.5226%, - 1.5914%, - 1.8925%, - 1.8925% respectively [4] - The double - copper profit margin estimates were 11.8226%, 11.7742%, 11.5323%, 11.5323% respectively [4] - The white - card profit margin estimates were - 7.7921%, - 7.8271%, - 8.0023%, - 8.0023% respectively [4] - The living paper profit margin estimates were 4.3384%, 3.5744%, 3.5744%, 3.5744% respectively [4] Group 5: Pulp Price Spreads - From November 12 to 18, 2025, the softwood - hardwood price spreads were 1165, 1175, 1110, 1110, 1110 respectively [4] - The softwood - natural price spreads were 140, 165, 150, 150, 150 respectively [4] - The softwood - chemimechanical price spreads were 1740, 1765, 1750, 1750, 1750 respectively [4] - The softwood - waste paper price spreads were 3964, 3989, 3974, 3974, 3974 respectively [4]

这是项目建设的"加速度"，是寿阳高质量发展的硬核支撑——2025年，寿阳县谋划实施重点项目 146个，总投资达460亿元，年度计划投资123.26亿元； 这是有效投资的"强引擎"，是经济增长的坚实底气——1-9月全县重点项目拉动固投总量和增速稳 居全市第一，基础设施、产业、工业、民间投资均创历史新高； 这是转型跨越的"成绩单"，是争当排头兵的生动实践——18个省市重点项目完成固投46.98亿元， 拉动固投增长27个百分点…… 山河为卷，岁月作答。 当时间的指针在寿川大地悄然转动，2022年伊始，山西省晋中市寿阳县委政府提出"双百工程"行 动，以"百项重大工程、百项特色争创行动"为抓手，为"争当发展排头兵 建设幸福新寿阳"筑牢根基、 蓄足动能。作为"双百工程"的重要一翼，"百项重大工程"是发展的"底气""方向""后劲"，为推动经济社 会高质量发展提供了重要支撑。 步履不停，如今的寿阳大项目顶天立地、硬核发力，撑起发展"骨架"；小项目铺天盖地、精准补 位，产业发展多点开花；民生项目更如大珠小珠落玉盘，让群众生活暖意融融，幸福指数稳步提升…… 一幅高质量发展画卷在寿川大地徐徐展开。 产业蓄势与经济增长"双领跑" 在 ...

到2027年，碳排放权交易市场基本覆盖工业领域主要排放行业 按照"全国碳排放权交易市场覆盖主要高排放行业"的要求，生态环境部已启动化工、石化、民航、造纸 等行业扩围前期准备，正加快编制"一揽子"技术文件。 生态环境部气候司有关负责人11月18日透露，为摸清化工、石化、民航、造纸等行业的排放情况，已对 2013年以来相关行业企业碳排放报告进行收集整理，相关数据经过核查，具备了针对性解决碳排放数据 质量问题的条件，为科学合理确定配额总量和分配方案奠定了基础。 此外，生态环境部已组织相关单位研究起草化工、石化、民航、造纸行业的配额分配方案、核算报告指 南、核查技术指南等配套技术文件，为扩围工作做好技术保障。针对扩围需要，还从提升监管能力、扩 大系统容量、提高数智化水平、保障数据安全等方面对全国碳市场管理平台、注册登记系统和交易系统 进行了升级改造，以提升基础设施平台的保障能力。 围上，聚焦于生产过程中的直接排放，即化石燃料燃烧、工业过程反应等产生的温室气体，不覆盖因外 购电力、热力导致的间接排放。 在配额分配范围上，锁定每个行业碳排放最集中的生产企业，包括高炉—转炉长流程钢铁生产企业、拥 有水泥熟料生产线企业和拥有 ...