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 ...

生态环境部：已启动民航等行业全国碳市场扩围前期准备工作 中新社北京11月18日电 (记者 阮煜琳)中国生态环境部应对气候变化司负责人18日对记者透露，对全国 碳排放权交易市场下一步扩围工作，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工 作。 全国碳排放权交易市场于2021年7月16日正式启动，是目前全球覆盖排放量最大的碳市场。中国的碳排 放主要集中在发电、钢铁、建材、有色、石化、化工、造纸、航空等重点行业。 对于全国碳排放权交易市场下一步扩围工作，该负责人表示，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工作。 为摸清化工、石化、民航、造纸等行业的排放情况，官方对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。 同时，有关方面加快编制"一揽子"技术文件，目前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。此外， 还将推动基础设施升级改造。 前述负责人表示，下一步，生态环境部将坚持"成熟一个、 ...

Group 1 - The core viewpoint of the articles indicates that the pulp futures market has shown a recovery since November, with prices rising over 9% from a low of 5042 yuan/ton to above 5550 yuan/ton, driven by seasonal demand and cautious purchasing behavior from paper mills [1] - UPM and Metsa reported losses in their paper businesses for the first half of the year, while Sodra's pulp business faced an operating loss of 220 million Swedish Krona in Q2, reflecting a general downturn in the pulp and paper industry [1] - The supply-demand balance for pulp is currently weak, with cautious purchasing from paper mills leading to low inventory levels, which may trigger a replenishment cycle if demand improves [1] Group 2 - The downstream paper market shows mixed signals, with white card paper prices stabilizing and recovering to May levels after a decline during the third quarter, supported by price increases from leading paper companies [2] - The demand for consumer paper remains stable, with a notable increase in exports of consumer paper by 20% to 30%, which is expected to maintain overall demand confidence in the last two months of the year [2] - The cultural paper segment, particularly double glue paper, faces challenges from digital alternatives, declining birth rates, and reduced demand for traditional print media, leading to a subdued market outlook [2][3] Group 3 - The current downturn in double glue paper is attributed to issues on the supply, inventory, and profit fronts, with a total inventory of 1.8813 million tons, marking a 7.66% year-on-year increase [3] - Despite plans from several paper companies to raise double glue paper prices by 200 yuan/ton, the price increase is driven by profit pressure rather than actual demand improvement, making it difficult for downstream acceptance [3] - Overall, while the pulp demand outlook remains optimistic with the start of the double glue paper bidding season, supply pressures persist, and overseas production cuts have not significantly impacted the market [3]

Core Viewpoint - The company has decided to extend the deadline for its share repurchase plan due to various factors affecting its ability to complete the buyback within the original timeframe [2] Group 1: Share Repurchase Plan - The company announced that it will hold its eighth board meeting on November 18, 2025, to review the proposal to extend the share repurchase implementation period [2] - As of the announcement date, the company has repurchased a total of 1,293,300 shares, which represents 0.0910% of its total share capital [2] - The original repurchase plan could not be completed within the set timeframe due to factors such as funding arrangements, market conditions, and the company's stock price being consistently above the maximum repurchase price [2] Group 2: Extended Deadline - The company has decided to extend the repurchase plan deadline by three months, with the new deadline set for February 19, 2026 [2] - This decision was made after considering the current industry situation, the company's operational status, and the use of funds, aiming to maintain long-term sustainable operations and protect the interests of all shareholders [2]

双胶纸期货上市的影响、机遇和风险 Guotai Junan Futures all rights reserved, please do not reprint 高琳琳 国 泰 君 安 期 货 首 席 分 析 师 投 资 咨 询 从 业 证 书 号 ： Z 0 0 0 2 3 3 2 石 忆 宁 国 泰 君 安 期 货 分 析 师 投 资 咨 询 从 业 证 书 号 ： Z 0 0 2 2 5 3 3 日期： 2025 年 1 1 月 01 双胶纸期货介绍 | 期货基本概念 | | | --- | --- | | 期货合约 | | | 期货的基本概念 | | | 期货的英文为"Futures"，即"未来"的意思。 | | | 期货，通常指的是期货合约，是由期货交易所统一制 | | | 定的、在将来某一特定时间和地点交割一定数量标的 | | | 物的标准化合约。 | | | 举例：上海期货交易所上市的双胶纸期货合约op2601，该合 | | | 约在2026年1月到期，上期所的合约表和规则规定了双胶纸 | | | 的指定交割库、质量要求、交割单位、交割方式。该合约的 | | | 价格代表市场交易者对26年1月双 ...

格隆汇11月18日丨景兴纸业(002067.SZ)公布，自2024年11月19日召开2024年第二次临时股东大会审议 通过回购股份方案以来，公司积极推动回购股份方案的实施。在实施回购期间，受资金计划安排、市场 行情、公司股价长期高于最高回购限价等多重因素的综合影响，预计在原定的回购期限内，无法完成回 购计划。根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号——回购股 份》等相关规定，公司综合考虑行业现状、公司经营情况、资金使用情况等多重因素后，从维持公司长 期可持续经营能力，维护公司全体股东长远利益等角度出发，公司拟将原回购方案实施期限延长3个 月，公司股份回购实施截止日期延期至2026年2月19日止。除回购实施期限延长外，回购方案的其他内 容未发生变化。 ...

格隆汇11月18日丨景兴纸业(002067.SZ)公布，自2024年11月19日召开2024年第二次临时股东大会审议 通过回购股份方案以来，公司积极推动回购股份方案的实施。在实施回购期间，受资金计划安排、市场 行情、公司股价长期高于最高回购限价等多重因素的综合影响，预计在原定的回购期限内，无法完成回 购计划。根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号——回购股 份》等相关规定，公司综合考虑行业现状、公司经营情况、资金使用情况等多重因素后，从维持公司长 期可持续经营能力，维护公司全体股东长远利益等角度出发，公司拟将原回购方案实施期限延长3个 月，公司股份回购实施截止日期延期至2026年2月19日止。除回购实施期限延长外，回购方案的其他内 容未发生变化。 （原标题：景兴纸业(002067.SZ)：拟将原回购方案实施期限延长3个月） ...

每经AI快讯，景兴纸业（SZ 002067，收盘价：5.95元）11月18日晚间发布公告称，截至本公告披露 日，公司及控股子公司对外担保总余额约为12.44亿元，公司及控股子公司对合并报表外单位提供的担 保总余额为2.69亿元，相关担保数额占公司最近一期（2024年12月31日）经审计净资产的比例分别为 21.29%、4.6%。 2025年1至6月份，景兴纸业的营业收入构成为：造纸占比100.0%。 截至发稿，景兴纸业市值为88亿元。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） ...

Market Overview - The paper sector experienced a decline of 2.06% on November 18, with Qingshan Paper leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Notable performers included Songyang Resources, which rose by 1.16% to a closing price of 19.21, and Senlin Packaging, which increased by 1.07% to 9.47 [1] - Qingshan Paper saw a significant decline of 7.69%, closing at 3.96, with a trading volume of 2.9583 million shares [2] - Other stocks such as Yuyuan Paper and BoHui Paper also experienced declines of 2.99% and 2.70%, respectively [2] Trading Volume and Capital Flow - The paper sector saw a net outflow of 388 million yuan from institutional investors, while retail investors contributed a net inflow of 423 million yuan [2] - The trading volume for the paper sector was highlighted, with significant transactions recorded for stocks like Qingshan Paper and Yuyuan Paper [2] Capital Flow Analysis - Forest Packaging had a net inflow of 5.3532 million yuan from institutional investors, while it faced a net outflow of 747.19 million yuan from retail investors [3] - Other stocks like Hengda New Materials and Wuzhou Special Paper experienced notable net outflows from institutional investors, indicating a shift in investor sentiment [3]

Macro and Strategy Research - The scale of off-balance sheet financing and direct financing has increased, with a notable rise in entrusted loans and corporate bond financing, while overall social financing showed a year-on-year decrease of nearly 600 billion yuan in October [2][3] - The loan data indicates a weak demand, with a year-on-year decrease of 280 billion yuan in RMB loans, and a significant increase in corporate bill financing, reflecting a trend of companies being cautious about expanding capacity [2][3] - M2 growth rate slightly declined to 8.2% in October, primarily due to base effects and reduced loan-generated deposits, while M1 growth rate fell to 6.2% [3] Mergers and Acquisitions - Mergers and acquisitions are seen as crucial tools for supporting economic transformation and achieving high-quality development, with a significant increase in market activity following the introduction of new policies in 2024 [4][5] - Historical trends show that the U.S. mergers and acquisitions market has experienced several waves, characterized by horizontal, vertical, diversification, and cross-border mergers [5] - The previous wave of mergers and acquisitions in China (2014-2015) positively impacted listed companies' performance, with a notable improvement in ROE following successful mergers [6] Economic Data Analysis - In October 2025, the industrial added value grew by 4.9% year-on-year, below expectations, while retail sales increased by 2.9% [7][8] - Seasonal factors and reduced working days contributed to the slowdown in industrial production, with certain sectors like transportation equipment manufacturing performing well [8] - Fixed asset investment showed a cumulative year-on-year decline of 1.7%, with manufacturing and infrastructure investments particularly affected by weak demand and policy implementations [10] Fund Research - The cross-border ETF market continues to see net inflows, with an expansion of the "Southbound ETF Connect" list, indicating growing interest in international investments [12][13] - The overall ETF market experienced a net inflow of 24.426 billion yuan, with significant contributions from cross-border ETFs [13][14] Industry Research - The medical and biological sector is witnessing a surge in flu cases, with the proportion of flu-like cases in the northern region reaching a four-year high, suggesting potential investment opportunities in diagnostics and vaccine production [16][17] - The light industry and textile sectors are benefiting from strong performance during the "Double Eleven" shopping festival, with apparel sales leading the growth [18][20]