Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The pulp futures have stopped falling, and it is expected to maintain a low - level oscillation before the Mid - Autumn Festival peak season. It is recommended to wait and see. The pulp price is supported by the peak - season expectation and enterprises' active shutdown for price hikes, and the view of oscillation is maintained [2][4][7] Group 3: Summary According to Related Catalogs Hot - Spot Focus - The spot price of Shandong softwood pulp remained stable today, and the port inventory started to decline slightly but was still higher than the same period last year. At the beginning of September, the paper products industry saw a price - adjustment wave, with many product companies implementing a dual strategy of price hikes and shutdowns. The peak - season expectation supported the product prices [2][3] Supply and Demand Analysis - On the supply side, the supply of hardwood pulp remained loose, and Brazil's pulp exports in August increased by 35% year - on - year. On the domestic demand side, there were minor fluctuations. Among the four major paper types, the production of offset paper and household paper increased year - on - year, while that of white cardboard and coated paper decreased. The improvement of raw paper orders was limited, dragging down the pulp market [4] Technical Analysis - The pulp price in Shandong area was stable today, the market showed signs of stopping falling, but the upward drive was limited, and the trading sentiment was light. It is expected to maintain a low - level oscillation before the Mid - Autumn Festival peak season [7] Main Force Trends - The short - selling main force of pulp reduced positions, which was bullish [9]

Group 1 - The core point of the article is that Yuegui Co., Ltd. announced the establishment of a wholly-owned subsidiary, Guangdong Yuegui Jingyuan Mining Co., Ltd., with a registered capital of 100 million RMB to support its strategic transformation and operational needs [1] - The board meeting of Guangxi Yuegui Guangye Holdings Co., Ltd. took place on September 4, 2025, where the investment proposal was approved [1] - For the first half of 2025, the revenue composition of Yuegui Co., Ltd. was as follows: mining industry accounted for 39.59%, sugar production for 21.46%, paper industry for 14.59%, chemical industry for 13.66%, and other sectors for 9.72% [1]

Group 1 - *ST Tianmao has submitted an application to voluntarily terminate its listing to the Shenzhen Stock Exchange [1] - Zhongwei Company has recently launched six new semiconductor equipment products [2] Group 2 - Jingxing Paper has experienced no significant changes in its operating environment, maintaining a consecutive increase in stock performance [3] - Tongrun Equipment has also reported no major changes in its operating environment, with a consecutive increase in stock performance [3] - Anzheng Fashion has raised concerns about potential irrational speculation in its stock price, following a consecutive increase [3] - Eurasia Group's stock may also be subject to irrational speculation, as indicated by its consecutive increase [3] - Jiangsu Shuntian will change its stock abbreviation to "Suhao Fashion" starting September 10 [3] - Zhonghuan Hailu has terminated plans for a change in company control and will resume trading on September 5 [3] - Jingyi Co., Ltd. may face a change in control due to potential judicial auction of shares held by its controlling shareholder [3] - Wencan Co., Ltd.'s subsidiary Tianjin Xiongbang experienced a fire incident, but no casualties were reported [3] - Foton Motor's August sales reached 51,375 units, representing a year-on-year increase of 22.09% [3] - Yutong Bus reported August sales of 4,260 units, reflecting a year-on-year increase of 16.78% [3] Group 3 - Guoguang Chain's actual controller plans to reduce their stake in the company by no more than 2.99% [3] - Jimin Health's actual controller and concerted parties plan to reduce their stake by no more than 3% [3] - Gongdong Medical's actual controller and concerted parties intend to reduce their stake by no more than 3% [3] - Jiahe Meikang's Hongyun Jiukang plans to reduce its stake in the company by no more than 1% [3] Group 4 - Southeast Network Frame has won a bid for a project worth 1.686 billion yuan for the comprehensive development of Wucun in Pujiang Street [3] - Ningbo Construction's subsidiary has collectively won bids for construction projects totaling 1.117 billion yuan [3]

Core Viewpoint - The company and its subsidiary have been approved to become the first delivery warehouses for the futures of offset printing paper, enhancing their market position and operational efficiency [1] Group 1 - The Shanghai Futures Exchange announced the approval of the first delivery warehouses for offset printing paper futures on September 3, 2025 [1] - The company and its subsidiary, Guangxi Sun Paper Industry Co., Ltd., have been granted the qualification to serve as delivery warehouses for offset printing paper futures [1] - The company's "Tianyang" brand has been selected as one of the first deliverable product brands for offset printing paper futures [1] Group 2 - This approval reflects the company's comprehensive strength in the domestic cultural paper sector [1] - The qualification is expected to improve the company's asset utilization efficiency and expand its industry recognition and influence [1] - The integration of the spot market and futures market is anticipated to enhance the company's risk resistance and market competitiveness [1]

Delivery Warehouses - The Shanghai Futures Exchange (SHFE) has approved several companies as the first batch of delivery warehouses for the newsprint futures, including Xiamen Jianfa Warehousing Co., Qingdao China Foreign Trade Supply Chain Management Co., and others [1] - The SHFE will adjust the delivery warehouse capacity based on market development and will gradually expand the delivery warehouse layout [1] Delivery Factories - The SHFE has designated multiple companies as the first batch of delivery factories for newsprint futures, including Yueyang Forest & Paper Co., Shandong Bohui Paper Industry Co., and others [2] - Delivery factories are required to prepare for the futures delivery business according to the approved capacity and ensure compliance with relevant regulations [2] Deliverable Products - The first batch of deliverable products for newsprint futures includes 13 brands, such as "Yueyang Tower" produced by Yueyang Forest & Paper Co. and "Galaxy Ru Yi" produced by Shandong Galaxy Ruixue Paper Industry Co., all subject to standard pricing [2] - The SHFE will monitor changes in the newsprint market and may adjust the list of deliverable products accordingly [2] Designated Inspection Institutions - The SHFE has approved several institutions as designated inspection agencies for newsprint futures, including China Light Industry Paper Products Inspection and Certification Co. and Shanghai Customs Industrial Products and Raw Materials Testing Technology Center [3] - These institutions are required to conduct inspection services according to the relevant regulations and ensure orderly operations [3] - A set of inspection guidelines for newsprint futures has been jointly developed and filed by the designated inspection agencies [3]

Report Summary Report Information - The report is titled "Pulp Morning Report" and is dated September 3, 2025, prepared by the Energy and Chemicals Team of the Research Center [2] SP Main Contract Information - On September 2, 2025, the closing price of the SP main contract was 5042.00. The closing prices on September 1, August 29, August 28, and August 27 were 5040.00, 5018.00, 5002.00, and 5010.00 respectively. The corresponding US dollar prices were 615.59, 616.59, 613.87, 611.42, and 610.38. The daily price changes were 0.03968%, 0.43842%, 0.31987%, -0.15968%, and -1.18343% respectively. The Shandong Yinxing basis was 708, 710, 732, 723, and 725, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 723, 725, 747, 748, and 765 [3] Pulp Pricing and Profitability - With a 13% VAT calculation, the US dollar prices and RMB prices in Shandong for different pulp brands from various origins are as follows: Canadian Golden Lion (CFR) at 780 with a RMB price of 6300 and an import profit of -72.01; Canadian Lion (CFR) at 730 with a RMB price of 5450 and an import profit of -518.04; Chilean Silver Star (CFR, 90 - day letter of credit) at 720 with a RMB price of 5750 and an import profit of -137.24. The exchange rate on the previous day was 7.15 [4] Pulp Price Averages - From August 27 to September 2, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong for these pulp types also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Paper Product Indexes and Profit Margins - For paper products, from August 28 to September 2, 2025, the double - offset paper index, double - copper paper index, and white cardboard index remained at 5725, 5670, and 4350 respectively. The living paper index was 828 on August 28 and 29, 835 on September 1, and 828 on September 2. The profit margins for double - offset paper, double - copper paper, white cardboard, and living paper on August 28 were 3.6870%, 19.0975%, - 13.2222%, and 8.0818% respectively, and there were changes in the following days, but remained stable from September 1 to 2 [4] Pulp Price Spreads - From August 27 to September 2, 2025, the price spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp showed some fluctuations. For example, the softwood - hardwood pulp spread was 1560.00 on September 2, 1560 on September 1, 1560 on August 29, 1565 on August 28, and 1560 on August 27 [4]

Group 1 - The chairman of Yuegui Co., Ltd., Liu Fuhua, has submitted his resignation due to retirement, effective immediately upon delivery of the resignation report to the board [1] - After his resignation, Liu Fuhua will no longer hold any positions within the company, including chairman, legal representative, and committee roles [1] - As of the report, Yuegui Co., Ltd. has a market capitalization of 11.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Yuegui Co., Ltd. is as follows: mining industry accounts for 39.59%, sugar production for 21.46%, paper industry for 14.59%, chemical industry for 13.66%, and other sectors for 9.72% [1]

Group 1: Market Overview - The Hang Seng Index fell by 0.61%, down 157 points, closing at 25,460 points, while the Hang Seng Tech Index dropped by 1.78% [1] - The early trading volume in the Hong Kong stock market reached HKD 183.6 billion [1] Group 2: Banking Sector Performance - Chinese banks showed a significant recovery in performance for the first half of the year, attracting insurance capital inflows amid asset scarcity [1] - Chongqing Rural Commercial Bank rose by 4.15%, Agricultural Bank of China increased by 3.65%, and Postal Savings Bank of China gained 2.50% [1] Group 3: Notable Stock Movements - Haotian International Investment surged over 11% as its subsidiary plans to apply for virtual asset trading services [1] - Yunfeng Financial increased by over 8% following a strategic cooperation agreement with Ant Group and investment in Pharos blockchain [1] - China Nonferrous Mining rose over 4% due to rising copper prices improving mid-term performance [1] - Saint Noble Pharmaceutical-B saw a mid-day increase of over 10%, with a 91% year-on-year reduction in shareholder losses [1] - Hualing Pharmaceutical-B gained 2.67%, achieving its first profit in the first half of the year [1] Group 4: Declining Stocks - Chenming Paper Industry fell over 5% due to ongoing production line maintenance, reporting a loss exceeding CNY 3.8 billion for the first half [2] - ZTE Corporation dropped over 8% as its mid-term gross margin significantly declined, with analysts suggesting market optimism was excessive [2] - JS Global Life fell over 8%, reporting a shareholder loss of USD 5,924.2 million and a decrease in gross margin from third-party sales [3] - New Quality Digital plummeted over 11%, with its stock price halved in three trading days due to forced sale of shares by an executive [4]

Core Viewpoint - Morning Paper Industry (01812) has experienced a significant decline in stock price, dropping over 6% due to a substantial loss reported in its recent financial results, alongside ongoing production line maintenance issues [1] Financial Performance - The company reported a revenue of 2.107 billion RMB for the first half of 2025, representing a year-on-year decrease of 84.83% [1] - The net loss attributable to shareholders reached 3.858 billion RMB, marking a shift from profit to loss compared to the previous year [1] Production Issues - Several production lines at the company's Zhanjiang, Jilin, and Shouguang bases are currently undergoing maintenance, which has led to a decline in production volume and sales [1] - The ongoing maintenance has adversely affected the company's revenue and profit levels [1] Financial Health - As of the end of the reporting period, the company has accumulated overdue debts amounting to 3.821 billion RMB [1] - The company has had 332 bank accounts frozen, with a total frozen amount of 39.3805 million RMB (excluding deposits) [1]

Core Viewpoint - Chenming Paper Industry (01812) has experienced a significant decline in stock price, dropping over 6% to HKD 0.84, with a trading volume of HKD 2.6198 million [1] Financial Performance - For the first half of 2025, the company reported a revenue of RMB 2.107 billion, a year-on-year decrease of 84.83% [1] - The net loss attributable to shareholders was RMB 3.858 billion, marking a shift from profit to loss compared to the previous year [1] Operational Challenges - Several production lines at the company's Zhanjiang, Jilin, and Shouguang production bases were under maintenance, leading to a decline in production and sales, which adversely affected revenue and profit [1] - The company has recognized impairment and bad debt provisions on certain assets and receivables due to the impact of maintenance shutdowns, contributing to the decline in profitability [1] Debt and Financial Health - As of the end of the reporting period, the company had overdue debts totaling RMB 3.821 billion and had 332 frozen bank accounts, with a total frozen amount of RMB 39.3805 million (excluding deposits) [1] - Some production lines remain under maintenance, indicating ongoing operational challenges [1]