1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The pulp market is expected to fluctuate and consolidate in the short term. The current core contradiction in the market remains clear, with the supply - demand fundamentals maintaining a state of light rigid demand. The port inventory pressure on the supply side persists, while the demand side shows no improvement. Downstream paper mills' procurement remains weak, and the market lacks upward drivers [100]. - It is predicted that the pulp market will operate within a range. Attention should be paid to the overall market trend, changes in the inventory of major ports, and the purchasing sentiment of the downstream paper market [100]. 3. Summary by Relevant Catalogs 3.1 Industry News - As of January 29, 2026, the pulp inventories at Changshu Port, Qingdao Port, and Gaolan Port in China all increased, with the mainstream port sample inventory reaching 216.9 million tons, a 4.9% increase from the previous period, and the inventory has been increasing for four consecutive weeks [5][6]. - On January 28, the second - phase production line of Chenming Group's Zhanjiang Base resumed full - load production, with an annual capacity of 190,000 tons [6]. - Suzano announced a price increase of $10 per ton in the Asian market and $30 per ton in the European and American markets to $1,280 per ton in February 2026 [7]. 3.2 Market Data 3.2.1 Market Trends - On January 30, 2026, the basis of Silver Star was 20 yuan/ton, with a month - on - month increase of 900.00%; the basis of Russian Needle was - 150 yuan/ton, with a month - on - month decrease of 1.35%; the Silver Star - Russian Needle spread was 170 yuan/ton, with a month - on - month increase of 13.33% [15]. - On January 30, 2026, the 03 - 05 month - spread was - 22 yuan/ton, with a month - on - month increase of 31.25%; the 05 - 07 month - spread was - 36 yuan/ton, with a month - on - month decrease of 50.00% [20]. 3.3 Fundamental Data 3.3.1 Price - The spreads between Silver Star - Goldfish and Russian Needle - Goldfish narrowed. On January 30, 2026, the Silver Star - Goldfish spread was 720 yuan/ton, with a month - on - month decrease of 4.00%; the Russian Needle - Goldfish spread was 550 yuan/ton, with a month - on - month decrease of 8.33% [24][26]. - The import profit of coniferous and broad - leaved pulp continued to decline. On January 30, 2026, the import profit of coniferous pulp (Silver Star) was - 350 yuan/ton, with a month - on - month decrease of 20.61%; the import profit of broad - leaved pulp (Star) was - 125 yuan/ton, with a month - on - month decrease of 36.09% [30][31]. - The price of imported coniferous pulp was weak and consolidating, and the price of imported broad - leaved pulp was weakening. The prices of natural color pulp and chemimechanical pulp also showed different degrees of change [33][35][40]. 3.3.2 Supply - The wood chip purchase price of paper enterprises in East China remained stable this week [42]. - The price of domestic broad - leaved pulp decreased this period, and the supply of chemimechanical pulp decreased. On January 29, 2026, the weekly production of domestic chemimechanical pulp decreased by 5.13% month - on - month, and the weekly production of broad - leaved pulp remained unchanged [46][48]. - In November 2025, the European pulp port inventory and the global pulp outbound volume continued to decline [50]. - In November 2025, the W20 coniferous pulp shipment was at a low level with high inventory; the broad - leaved pulp inventory was at a high level, the shipment decreased, and the inventory days returned to the year - on - year high [54]. - In December 2025, the export volume of Chilean coniferous pulp to China increased significantly month - on - month; in November 2025, the export volume of coniferous pulp from four countries (Canada, Chile, Finland, and the United States) to China decreased significantly month - on - month [58][61]. - In November 2025, the export volume of broad - leaved pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China decreased month - on - month; in December 2025, the export volume of Brazilian broad - leaved pulp to China increased significantly month - on - month [65]. - In December 2025, China's pulp imports were differentiated. The coniferous pulp increased by 7.27% month - on - month, the broad - leaved pulp decreased by 23.38% month - on - month, and the natural color and chemimechanical pulp increased significantly month - on - month [67][69]. 3.3.3 Demand - The domestic double - offset paper market was narrowly sorted and the trading atmosphere was dull. The copper - plate paper market price was stable, but the trading atmosphere was weak. The white - cardboard market price was stable, with reduced production and light demand. The household paper market price was stable, with weak terminal demand and high inventory pressure [71][75][79][83]. - In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products, as well as the dairy product output increased significantly month - on - month, while the retail sales of cosmetics decreased significantly month - on - month. The retail sales of cultural office supplies and cosmetics were at a high level year - on - year [89]. 3.3.4 Inventory - As of January 30, 2026, the total inventory of five ports (Qingdao, Changshu, Gaolan, Tianjin, and Rizhao) was 216.9 million tons, with a month - on - month increase of 4.88% and a year - on - year increase of 23.38%. The inventory was at a moderately high level within the year and continued to accumulate [96][97]. - On January 30, 2026, the total warehouse receipt quantity of pulp was 14.24 million tons, with a month - on - month increase of 2.25% and a year - on - year decrease of 58.58% [90].

Group 1 - The new Federal Reserve Chairman Kevin Warsh's policies may lead to a stronger US dollar, impacting global asset pricing, with a notable reaction seen in precious metals [4][12][17] - The report highlights three main channels through which exchange rates affect equity markets: corporate cost and profit elasticity, capital flow and asset pricing, and macroeconomic expectations and risk appetite [20][21][22] - The report suggests that during the current phase of the global dollar cycle, Chinese equity assets are in a favorable revaluation window due to the transition to a mild appreciation of the RMB and foreign capital inflows [4][19][60] Group 2 - The analysis indicates a significant negative correlation between the US dollar and the S&P 500 index, where a weaker dollar often corresponds with a rising stock market [25][27][33] - The report discusses the unique "devaluation—foreign capital inflow—transaction expansion—valuation increase" model in Japan, where yen depreciation enhances export competitiveness and EPS for Japanese companies [39][42] - In the Eurozone, the report notes a weak coupling between the euro and European stock markets, with euro depreciation benefiting export-oriented sectors but being diluted by internal economic disparities [47][53] Group 3 - The report identifies specific industries that benefit from RMB appreciation, including aviation, paper manufacturing, basic chemicals, semiconductors, and banks, due to reduced import costs and improved financial conditions [21][22][60] - The analysis of Brazil's IBOVESPA index shows a high correlation with the Brazilian real, indicating that currency fluctuations significantly impact asset pricing in emerging markets [54][56][58] - The report emphasizes the importance of incorporating exchange rate logic into asset allocation strategies, particularly in the context of RMB appreciation and its effects on A-shares and Hong Kong stocks [59][63]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The pulp market is expected to fluctuate and consolidate in the short term. The current core contradiction in the market remains clear, with the supply - demand fundamentals maintaining a state of light and rigid demand. The port inventory pressure on the supply side persists, while the demand side shows no improvement. Downstream paper mills' procurement remains weak, and the market lacks upward drivers [101]. 3. Summary by Relevant Catalogs 3.1 Industry News - As of January 29, 2026, the pulp inventory at Changshu Port was 625,000 tons, a week - on - week increase of 66,000 tons or 11.8%. The inventory at Qingdao Port was 1.39 million tons, a week - on - week increase of 22,000 tons or 1.6%. The inventory at Gaolan Port was 45,000 tons, a week - on - week increase of 3,000 tons or 7.1%. The total inventory of the mainstream port samples in China was 2.169 million tons, a week - on - week increase of 101,000 tons or 4.9%, and the inventory has been increasing for four consecutive weeks [5][6]. - On January 28, the second - phase production line of Chenming's Zhanjiang Base resumed full - load production, with an annual production capacity of 190,000 tons, mainly producing high - quality cultural paper and specialty paper [6]. - Suzano announced price increases in February 2026, with a $10 increase in the Asian market and a $30 increase in the European and American markets to $1,280 [7]. 3.2 Market Data 3.2.1 Market Trends - The basis of Silver Star on January 30, 2026, was 20 yuan/ton, with a month - on - month increase of 900.00% and a year - on - year decrease of 95.82%. The basis of Russian Needle was - 150 yuan/ton, with a month - on - month decrease of 1.35% and a year - on - year decrease of 581.82%. The price difference between Silver Star and Russian Needle was 170 yuan/ton, with a month - on - month increase of 13.33% and a year - on - year decrease of 66.00% [15]. - The 03 - 05 month - spread on January 30, 2026, was - 22 yuan/ton, with a month - on - month increase of 31.25%. The 05 - 07 month - spread was - 36 yuan/ton, with a month - on - month decrease of 50.00% [20]. 3.3 Fundamental Data 3.3.1 Price - The price difference between Silver Star and Goldfish and between Russian Needle and Goldfish both decreased this week. On January 30, 2026, the price difference between Silver Star and Goldfish was 720 yuan/ton, with a month - on - month decrease of 4.00% and a year - on - year decrease of 57.65%. The price difference between Russian Needle and Goldfish was 550 yuan/ton, with a month - on - month decrease of 8.33% and a year - on - year decrease of 54.17% [24][26]. - The import profits of coniferous and broad - leaf pulp continued to decline this period. On January 30, 2026, the import profit of coniferous pulp (Silver Star) was - 350.27 yuan/ton, with a month - on - month decrease of 20.61% and a year - on - year decrease of 543.32%. The import profit of broad - leaf pulp (Star) was - 125.43 yuan/ton, with a month - on - month decrease of 36.09% and a year - on - year decrease of 182.56% [31]. - The price of coniferous pulp was weakly consolidating. On January 30, 2026, the prices of Silver Star, Kalip, and Northwood in Shandong were 5,320 yuan/ton, 5,500 yuan/ton, and 5,550 yuan/ton respectively, with month - on - month decreases of 1.48%, 1.79%, and 1.77% and year - on - year decreases of 19.39%, 17.29%, and 17.16% [34]. - The price of broad - leaf pulp was weakening. On January 30, 2026, the prices of Goldfish, Star, and others in Shandong were around 4,600 yuan/ton, with month - on - month decreases of about 1.08% and year - on - year decreases of about 5 - 6% [36][38]. - On January 30, 2026, the price of Venus was 4,950 yuan/ton, with a month - on - month decrease of 1.00% and a year - on - year decrease of 11.61%. The price of Kunhe was 3,800 yuan/ton, with no month - on - month change and a year - on - year increase of 7.04% [41]. 3.3.2 Supply - The wood chip procurement price of paper mills in East China remained stable this week [43]. - The price of domestic broad - leaf pulp decreased this period, and the supply of chemimechanical pulp decreased. On January 29, 2026, the weekly production of domestic broad - leaf pulp was 132,000 tons, with no month - on - month change and a year - on - year increase of 17.86%. The weekly production of chemimechanical pulp was 85,000 tons, with a month - on - month decrease of 5.13% and a year - on - year decrease of 1.16% [47][49]. - In November 2025, the pulp port inventory in Europe continued to decline, and the global pulp shipping volume continued to decline. The port inventory in Europe was 1.389 million tons, with a month - on - month decrease of 1.07% and a year - on - year decrease of 2.80%. The global pulp shipping volume was 4.357 million tons, with a month - on - month decrease of 3.61% and a year - on - year decrease of 6.90% [51][53]. - In November 2025, the shipping volume of W20 coniferous pulp was at a low level, and the inventory was high; the inventory of broad - leaf pulp was at a high level, the shipping volume decreased, and the inventory days returned to a year - on - year high [55]. - In December 2025, the export volume of Chilean coniferous pulp to China increased significantly month - on - month. In November 2025, the export volume of coniferous pulp from Canada, Finland, and the United States to China decreased month - on - month [59][62]. - In November 2025, the export volume of broad - leaf pulp from Brazil, Indonesia, Uruguay, and Chile to China decreased month - on - month. In December 2025, the export volume of Brazilian broad - leaf pulp to China increased significantly month - on - month, and the export volume of Chilean and Uruguayan broad - leaf pulp to China also increased [66]. - In December 2025, China's pulp imports were polarized. The import volume of coniferous pulp increased by 7.27% month - on - month, the import volume of broad - leaf pulp decreased by 23.38% month - on - month, and the imports of unbleached and chemimechanical pulp increased significantly [68]. 3.3.3 Demand - The domestic double - offset paper market was narrowly sorted this period, with a dull trading atmosphere. The industry's profitability was under pressure, and paper mills were reluctant to lower prices. The social inventory of double - offset paper decreased month - on - month [72]. - The domestic coated paper market price was stable this period, with a weakening trading atmosphere. Factory production was under pressure due to high costs, and downstream demand was weak [76]. - The white cardboard market price was mainly stable this period. The cost pressure was relieved, and the profitability of paper mills improved. The production volume decreased month - on - month, and the demand was expected to be dull [80]. - The price of the household paper market remained stable this week, with little change in the overall trading activity. The terminal demand was difficult to improve significantly, and the support of raw pulp prices for household paper prices was weak [84]. - In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, and tobacco and alcohol products increased significantly month - on - month, while the retail sales of cosmetics decreased significantly month - on - month. The retail sales of cultural and office supplies and cosmetics were at a high level year - on - year [90]. 3.3.4 Inventory - On January 30, 2026, the total warehouse receipt quantity of pulp was 142,400 tons, with a month - on - month increase of 2.25% and a year - on - year decrease of 58.58% [91]. - The port inventory was at a moderately high level within the year, and the inventory of mainstream ports in China continued to increase this period. On January 30, 2026, the inventory at Qingdao Port was 1.39 million tons, the inventory at Changshu Port was 625,000 tons, and the total inventory of the five ports was 2.169 million tons [98].

Core Viewpoint - Nine Dragons Paper's performance exceeded expectations, with projected profits for FY26H1 estimated at 1.95-2.05 billion yuan, driven by the integration of pulp and paper production, leading to a significant value reconstruction for the company [1] Group 1: Financial Performance - The company expects a profit of 1.95-2.05 billion yuan for FY26H1, representing a year-on-year increase of 315.2%-336.5% and a quarter-on-quarter increase of 50.3%-58.0% [1] - The profit growth is primarily attributed to increased product sales volume, rising sales prices, and a decrease in raw material costs, resulting in a substantial increase in gross profit, with the main profit contribution coming from pulp [1] Group 2: Capacity Expansion - Incremental profit contributions mainly come from the integrated pulp and paper production capacity at the Hubei and Beihai bases, with new capacities expected to ramp up in FY25H1 and FY26H1 [2] - New production capacities include 1.1 million tons of chemical pulp and 600,000 tons of mechanical pulp at the Beihai base, as well as additional capacities in Hubei and Guangxi [2] Group 3: Market Outlook - For FY26H2, the company anticipates further price increases for broadleaf pulp, while cultural and white card paper prices and profit per ton are at historical lows, suggesting potential for price recovery [2] - The profitability of integrated pulp and paper production capacity is expected to be a key driver of performance, with additional production and ramp-up in FY26H2 and FY27 [2]

Group 1 - The company expects to achieve a profit of 2.15-2.25 billion yuan for FY2026H1, representing a year-on-year growth of 216%-231% and a quarter-on-quarter growth of 41%-48% [1] - Excluding perpetual capital securities holders' share, the profit is expected to be 1.95-2.05 billion yuan, with a year-on-year growth of 315%-337% and a quarter-on-quarter growth of 50%-58% [1] - The profit growth is primarily driven by increased product sales volume, rising sales prices, and a decrease in raw material costs leading to a significant increase in gross profit [1] Group 2 - The company has nearly 29 million tons of annual design capacity for paper and wood pulp as of June 30, 2025, with over 5 million tons of new paper capacity added from FY2022 to FY2025, achieving a CAGR of 8% [1] - The company is expected to have a total of 700,000 tons of recycled pulp capacity, over 2 million tons of wood fiber capacity, and over 5.4 million tons of wood pulp capacity by the end of 2025 [1] - Future expansion plans include an additional 2 million tons of wood pulp capacity in locations such as Chongqing, Tianjin, and Beihai, with an expected self-sufficiency in raw materials reaching 10.2 million tons by 2027 [1] Group 3 - The demand for boxboard and corrugated paper in China has a five-year CAGR of 8.3% and 7.5%, respectively, with continued growth expected due to the ongoing development of the national economy and demand from consumer goods, e-commerce, logistics, and express delivery sectors [2] - Supply-side constraints are anticipated post-2025 as leading companies reduce capital expenditures, leading to limited incremental capacity and a gradual improvement in the industry supply-demand balance, which is expected to drive prices and profitability upward [2] - The company adjusts profit forecasts for FY26-28 to 3.85 billion, 4.24 billion, and 4.59 billion yuan, respectively, with corresponding PE ratios of 8.9X, 8.1X, and 7.5X [2]

Core Viewpoint - The stock price of Shanying International (600567) has decreased by 2.94% to 1.65 yuan as of January 30, 2026, with a total market capitalization of 10.407 billion yuan, ranking 3rd in the paper industry and 1966th in the A-share market [1][1][1] Company Announcements - The core employee stock ownership plan initiated in 2022 will expire on August 1, 2026, after being extended twice from its original 24-month period [1][1] - The plan was completed on February 1, 2023, with a total of 5,493,424 shares purchased, accounting for 0.09% of the company's total share capital, at an average transaction price of approximately 2.59 yuan per share [1][1] - Before the expiration of the plan, the management committee will decide on the disposal of shares and subsequent arrangements based on regulations and the wishes of the holders, while adhering to relevant stock trading regulatory requirements [1][1]

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [3] Core Insights - The sentiment in the real estate chain continues to improve, leading to a significant recovery in the valuations of leading home furnishing companies. Recommendations include Gujia Home, Oppein Home, and others, while also monitoring undervalued companies like Minhua Holdings and Zhibang Home [2] - Suzano, a Brazilian company, plans to increase the price of hardwood pulp by $10 per ton starting in February, which is expected to support paper prices. Continued recommendations include Sun Paper and attention to Jiulong Paper and Bohui Paper [2] Summary by Sections Home Furnishing - The home furnishing sector is experiencing a valuation recovery due to improved policy expectations and a rebound in second-hand housing transactions. In 2025, Shanghai's second-hand home transactions reached 254,000 units, the highest in four years, indicating a marginal improvement in supply-demand dynamics [6][12] - The sector's valuation and institutional holdings are at historical lows, suggesting a potential for short-term recovery in valuations [6] Paper Industry - As of January 30, 2026, the prices for various paper types remained stable, with double glue paper at 4725 CNY/ton, copper plate paper at 4660 CNY/ton, and white card paper at 4269 CNY/ton. However, box board paper saw a slight decrease to 3517.2 CNY/ton, while corrugated paper increased to 2676.25 CNY/ton [6][53] - The paper industry is expected to benefit from the price increase in hardwood pulp, with a projected rise of $10 per ton in Asian markets [6] Packaging - Xianggang Technology forecasts a net profit of 100 million to 138 million CNY for the year, representing a year-on-year increase of 52.14% to 109.95% [6] - The company has received global certification for its PHA film products, enhancing its market position [6] Export Chain - The export chain is facing pressure due to the depreciation of the dollar and high performance baselines from the previous year. However, there is potential for recovery as U.S. interest rates decrease and real estate sales improve [6] Light Industry Consumption - Zhongshun Jierou expects a net profit of 300 million to 330 million CNY for 2025, a year-on-year increase of 289% to 328%, driven by lower raw material costs and improved operational efficiency [6] - Recommendations include focusing on dental care leader Dengkang Oral and medical products driven by high growth in cotton soft towels and sanitary napkins [6] New Tobacco Products - Altria reported a net revenue of $23.279 billion for 2025, a decrease of 3.1%, primarily due to significant non-cash impairment charges in its e-cigarette business [6] Textile and Apparel - Huafu Fashion anticipates a net profit of 55 million to 75 million CNY for 2025, with a year-on-year growth of 126.47% to 136.10% [6]

转自：梧州发布 用电量是经济运行的"晴雨表"和"风向标"，电力消费直观反映出一个地区的经济活力和发展态势。1月 28日，记者从市发展改革委、南方电网广西梧州供电局等单位了解到，2025年，梧州市全社会用电量累 计148.96亿千瓦时，同比增长10.66%，增速排名全区第一，印证了我市经济转型升级的坚实步伐和高质 量发展的强劲韧性。 据统计，2025年，城乡居民生活用电量29.79亿千瓦时，同比增长8.08%。城乡居民用电的快速增长，不 仅体现了电力消费的扩大，更是人民群众生活水平提升的真实写照。 增长的核心在于产业升级、生产扩张。2025年，每个季度规上工业增加值增速持续稳定在8.5%以上， 全年实现8.9%的增长，对梧州GDP增长贡献率达36.4%……这一成绩源于"精准政策+一线服务"双轨驱 动的发展模式，企业生产蓬勃开展，直接推动了工业用电量的增长。 近年来，为助推深化产业园区改革和服务好重大企业发展，供电部门深化党委委员首席客户经理、首席 问题解决官"双首席"责任制，开辟"绿色通道"，走访服务客户231户次，重点支持翅冀钢铁、弘毅新 材、建晖纸业等22个重大项目建设，靠前服务智慧鑫源、永鑫环保等5个项目 ...

Group 1 - The visit of UK Prime Minister Starmer to China marks a potential shift in UK-China relations, emphasizing the importance of establishing a stable strategic partnership [1] - Both countries agreed to transform the potential of UK-China cooperation into tangible results, indicating a commitment to long-term collaboration [1] - European leaders, including those from Spain, France, Ireland, Finland, and the UK, have recently visited China, reflecting a broader trend of European nations seeking to enhance ties with China amid their own economic challenges [3] Group 2 - The focus of these visits is on strengthening practical cooperation, with significant business agreements signed in various sectors such as mining, healthcare, and green building [4] - UK-China agreements include collaborations in trade, agriculture, media, education, and market regulation, highlighting mutual benefits in economic relations [4] - Companies like AstraZeneca plan to invest over 100 billion RMB in China by 2030, underscoring the importance of the Chinese market for foreign businesses [4] Group 3 - President Xi emphasized that China and Europe are partners rather than competitors, advocating for cooperation over competition and consensus over differences [6] - The recent visits by European leaders to China are seen as a positive signal for the development of China-Europe relations, which have faced challenges in recent years [6] - There is a growing recognition among European leaders of China's role in global stability and the importance of multilateralism and free trade [6]

Core Viewpoint - The company is focused on high-quality development in the paper-making industry while actively promoting digitalization and intelligent transformation to enhance core competitiveness [1] Group 1: Company Strategy - The company emphasizes cost reduction and efficiency improvement in its main business operations [1] - The wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., has developed an AI corpus for the paper industry, which has been selected as a key industry corpus project in Shandong Province [1] - The company is committed to deepening technology applications to drive high-quality development in the paper-making sector and create long-term value for investors [1] Group 2: Technological Advancements - The AR digital workshop project, based on digital twin and AR technology, has been recognized as a typical application case in the metaverse by the Ministry of Industry and Information Technology [1] - Relevant technologies have been implemented in production management, equipment maintenance, and process optimization, effectively enhancing production efficiency and optimizing operational costs [1]