Report Summary 1. Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints - The short - term trend of pulp futures prices is expected to be volatile or weakly volatile, with the price center slightly shifting downwards. Attention should be paid to the impacts brought by changes in supply and demand [2][3]. - In the short - term trading logic, the overall idea should be to short at high levels, but beware of the possibility of price rebounds at low levels. In the long - term trading, although the impact of needle pulp warehouse receipts has been mostly priced in, there are uncertainties in the supply of long - term warehouse receipts, which brings certain benefits. The Fed's continuous interest - rate cut process may stop, and the macro sentiment is relatively weak, while there may be favorable policy factors [3][4]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Recommendations - **Core Contradictions** - The core influencing factors this week are the poor downstream bidding situation and the accumulation of port inventories. The poor bidding situation has affected the confidence of paper enterprises and prices. The increase in Chinese port inventories by 63,000 tons has also put pressure on futures prices. In addition, some pulp mills are expected to increase production in the future, which will increase the supply pressure. The downstream paper - making operating rate has declined, and demand has weakened. The previous increase in pulp futures prices was also affected by capital, and the current decline is a return to a relatively normal price [2][3]. - **Trading - type Strategy Recommendations** - Futures trading can consider temporary waiting and watching, or short - term shorting at high levels. Options strategies can also wait and watch temporarily. The 12 - 01 backwardation spread arbitrage can continue to be held [15]. - **Industrial Customer Operation Recommendations** - For enterprises with high inventories of finished products (needle pulp/offset printing paper) who are worried about price drops, they can short pulp/offset printing paper futures to lock in profits and cover production costs, or sell call options to collect premiums. For papermaking enterprises with low inventories that want to purchase according to orders, they can buy pulp/offset printing paper futures to lock in procurement costs in advance, or sell put options to collect premiums [9]. 3.2 This Week's Important Information - **Positive Information** - Some pulp mills are under maintenance, and European port pulp inventories decreased in September [11]. - **Negative Information** - Port inventories have accumulated, the Thurderbay pulp mill and the US Woodland pulp mill will switch to producing needle pulp, and the bidding situation of paper enterprises is poor [16]. - **Spot Transaction Information** - The report provides detailed price information on various types of pulp, including futures prices, domestic spot prices, and domestic finished - paper average prices, as well as their price changes [17]. 3.3 Disk Interpretation - **Price - Volume and Capital Interpretation** - The SP2601 contract fluctuated widely this week. Both long and short positions showed signs of slight reduction. The RSI indicator rose and is still in the buying range but is approaching the neutral range, with a high possibility of continued short - term fluctuations [19]. - **Basis and Spread Structure** - The 12 - 06 contract maintains a C - structure, and the 07 - 11 contract is in a B - structure. The suppression of needle pulp warehouse receipts continues, and the current inventory reduction is slow. Attention can be paid to the 12 - 01 spread backwardation arbitrage [22]. 3.4 Supply, Demand, and Inventory - **Inventory** - On November 21st, the inventory was 2.173 million tons (+63,000 tons), showing a significant increase compared to last week. The domestic monthly import volume of needle pulp in late September was 760,000 tons, showing a rebound from August. The global pulp shipment volume to China at the end of August increased by 5.7% month - on - month, which will put pressure on subsequent pulp inventory reduction. The inventories of downstream finished papers in enterprises are continuously accumulating, and the profit margins have declined this week, restricting the raw - material replenishment actions of downstream enterprises [26]. - **Supply** - It includes domestic production volume and import volume. The report provides historical data and seasonal charts of domestic pulp production and import volume [51][53]. - **Demand** - It includes the capacity utilization rate, production volume, export volume, and consumption volume of finished papers. The report provides historical data and seasonal charts of these aspects [60][64][68][73].

天眼查App显示，近日，中山市顺尔美纸业有限公司成立，注册资本5万人民币，经营范围为一般项 目：纸制品制造；纸制品销售；复印和胶印设备制造；纸和纸板容器制造；塑料制品销售；塑料制品制 造；包装材料及制品销售；包装服务；专业设计服务；互联网销售（除销售需要许可的商品）；货物进 出口；技术进出口；办公服务。（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：印刷品装订服务；包装装潢印刷品印刷；文件、资料等其他印刷品印刷；特定印刷品印刷。（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）。 ...

Group 1 - The core viewpoint of the article is that Kane Co., Ltd. (SZ 002012) has engaged in a research meeting with Hangzhou Zheyun Private Fund Management Co., Ltd. on November 20, 2025, where key executives participated in addressing investor inquiries [1] - For the first half of 2025, Kane Co., Ltd.'s revenue composition shows that paper-based functional materials accounted for 98.83%, while other businesses contributed 1.17% [1] - As of the report date, Kane Co., Ltd. has a market capitalization of 2.8 billion yuan [1]

编号：2025-005 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 杭州哲云私募基金管理有限公司基金经理葛列刚 | | 人员姓名 | | | 时间 | 年 月 日（周四） 2025 11 20 | | 地点 | 公司会议室 | | 上市公司接待人 | 1、董事、董事会秘书、财务总监杨照宇 | | 员姓名 | 2、证券事务高级经理董成龙 投资者提出的问题及公司回复情况 | | | 1、公司控股股东合并破产事项有什么进展？ | | | 公司就投资者提出的问题进行了答复，主要交流内容如下： | | 投资者关系活动 | 答：公司于 2024 年 6 月 29 日披露《关于控股股东被申请实质 | | 主要内容介绍 | 合并破产清算的公告》，目前尚未收到进一步信息。后续我们 | | | 会积极关注股东进展并及时按要求披露进展公告。 | | | 2、公司目前业务经营情况如何？ | | | 答：公司现有生产经 ...

天眼查App显示，近日，润纸家（深圳）纸业有限公司成立，法定代表人为冉冬来，注册资本115万人 民币，经营范围为一般经营项目是：纸制品销售；办公用品销售；包装材料及制品销售；塑料制品销 售；办公设备耗材销售；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），许可经营项目是：特定印刷品印刷。（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 - Forest Packaging (605500.SH) reported a significant increase in revenue but a substantial decline in net profit for the first three quarters of 2025, indicating potential challenges in profitability despite revenue growth [1]. Financial Performance - The company achieved operating revenue of 1.98 billion yuan, representing a year-on-year increase of 17.03% [1][3]. - The net profit attributable to shareholders was 30.22 million yuan, down 77.68% compared to the previous year [1][3]. - The net profit after deducting non-recurring gains and losses was 25.28 million yuan, reflecting an 80.16% decrease year-on-year [1][3]. - The net cash flow from operating activities was -30.52 million yuan, a significant decline from 18.93 million yuan in the same period last year [1][3]. Fundraising and Utilization - Forest Packaging raised a total of 949 million yuan, with a net amount of 890 million yuan after deducting issuance costs [4]. - The funds were allocated as follows: 198 million yuan for a green and environmentally friendly paper packaging online custom smart factory, 192 million yuan for expanding production capacity of paper packaging materials, 376 million yuan for a green digital inkjet printing paper packaging smart factory, and 124 million yuan for working capital [4].

Core Viewpoint - Minfeng Special Paper Co., Ltd. is proceeding with the public auction of unused equipment from its Nanhu plant, initially set at a valuation of RMB 174,651,109.00, which has been adjusted to RMB 169,968,254.00 after excluding certain equipment. The first auction was unsuccessful, leading to a second auction with a 10% price reduction to RMB 152,971,428.60 [2][3][4] Group 1: Transaction Overview - The company held board meetings on September 29, 2025, and October 15, 2025, to approve the sale of unused equipment from the Nanhu plant to enhance asset liquidity and operational efficiency [3][13] - The initial auction price was set at RMB 174,651,109.00, later adjusted to RMB 169,968,254.00 after removing specific equipment [2][14] - The first auction period ran from October 17, 2025, to November 17, 2025, but resulted in no interested buyers, leading to a failed auction [3][14] Group 2: Subsequent Arrangements - On November 19, 2025, the board approved a second public auction with a 10% price reduction from the adjusted price, setting the new auction price at RMB 152,971,428.60 [4][14] - The second auction will proceed without requiring further shareholder approval, as it was authorized by the board [4][14] Group 3: Management Changes - The company announced the resignation of General Manager Cao Jihua on November 18, 2025, due to work reasons, while he will continue to serve as a board member and chairman [16][17] - The board appointed Han Jiyou as the new General Manager, effective immediately, with a term lasting until the end of the current board's tenure [17][18]

格隆汇11月19日丨龙利得(300883.SZ)公布，龙尔利近日收到中国银行股份有限公司滁州分行出具的贷 款承诺函，中国银行股份有限公司滁州分行承诺将为龙尔利提供不超过人民币10,000万元，且不超过本 次增持总金额的90%的贷款专项用于增持本公司股票，贷款期限不超过36个月，具体贷款事宜将以双方 签订的贷款合同为准。 ...

Core Points - Minfeng Special Paper announced the sale of unused equipment and assets at its Nanhu plant through a public listing with an initial price of RMB 174,651,109.00 [2] - After removing certain equipment from the auction, the adjusted listing price for the assets is set at RMB 169,968,254.00 [2] - The first auction failed to attract any interested buyers, resulting in a failed bid [2] - The company plans to conduct a second public auction, reducing the price by 10% to RMB 152,971,428.60 [2] Company Actions - The company will sell unused equipment and assets through Jiaxing Property Trading Co., Ltd. [2] - The board of directors approved the proposal for the second public auction during the 20th meeting of the 9th board session [2] - The company aims to maintain the remaining auction details unchanged while adjusting the price [2]

Core Viewpoint - The company is actively responding to national industrial policy and emphasizes the importance of independent research and innovation in core technologies [1] Group 1: Technological Development - The company is continuously investing resources in technological breakthroughs in the field of special new materials [1] - The pilot run of the wet paper-making machine for fuel cell carbon paper has commenced, achieving breakthroughs in key technologies such as ultra-low concentration wet forming technology and uniformity control [1] Group 2: Industry Collaboration - The company plans to promote domestic substitution of carbon paper in collaboration with upstream and downstream partners in the industry chain [1]