Group 1 - The report is prepared by the Agricultural Products Research Center of Guomao Futures Research Institute, with Yang Lulin as the researcher, on November 7, 2025 [2] Group 2 - On November 6, 2025, the price of 0P2601 was 4276, a day-on-day decrease of -0.28% compared to November 5; the main contract position was 949, a day-on-day decrease of -1.86% [3] Group 3 - As of November 6, 2025, the daily and weekly price changes of various brands of double-offset paper and coated paper were 0.00% [3] Group 4 - As of November 6, 2025, the daily and weekly price changes of various types of papermaking raw materials were 0.00% [4] Group 5 - From September 12, 2025, to October 31, 2025, the double-offset paper production showed fluctuations in output, capacity utilization, factory inventory, and social inventory, and the production profits with chemimechanical pulp and hardwood pulp as the main raw materials also varied [4] Group 6 - The calculation methods of double-offset paper production profits with chemimechanical pulp and hardwood pulp as the main raw materials are provided [5] Group 7 - Recently, the fundamentals of the double-offset paper market have remained stable, with a slight increase in weekly output and inventory. Some paper mills have issued price increase letters, and it is recommended to consider shorting at high prices [5]

本报讯 （记者张文湘）2025年11月5日，金光集团APP亮相第八届中国国际进口博览会（下称"进博会"）。今年金光集团 APP将以"向善"为关键词，展示企业在推动社会发展、引领产业升级、创造美好生活方面的实践成果。 11月6日上午，金光集团APP在展台举行开馆仪式暨第四届"复旦-白玉兰论坛"—"碳路五年·绿色转型中的向善共生"国际研 讨会，并正式发布金光集团APP"3060"绿色成果。论坛由金光集团APP、复旦-金光思想库、复旦大学发展研究院联合主办， 以"双碳"目标提出五周年为契机，汇聚国内外多方力量，围绕绿色低碳转型，共同探讨林业、造纸与生态治理协同共进的实践 经验与未来行动力，推动实现产业升级与生态保护的和谐共生。 （编辑 张伟） 金光集团APP副总裁翟京丽表示，进博会是国家高水平开放的重要窗口，在这八年间，金光集团APP深度参与并受益于进 博会溢出效应，也见证了中国开放格局的不断深化，希望继续以进博会为窗口，携手更多伙伴"绿绘未来"。 作为率先将"林浆纸一体化"模式引入中国的造纸企业，金光集团APP展台在视觉上延续了一贯的绿色基调。此外，展台整 体采用环保材料搭制，让可持续的理念化作看得见、摸得着的切 ...

Core Viewpoint - The article highlights the implementation of the unemployment insurance stable job return policy in Tianyang District, which has effectively alleviated the operational pressures on local enterprises and stabilized employment for their workers [9][10][12]. Group 1: Policy Implementation - Tianyang District has actively implemented the unemployment insurance stable job return subsidy policy, increasing support and expanding the coverage of the inclusive return policy to help enterprises reduce labor costs and stabilize employment [10][11]. - The local human resources department has adopted measures such as precise selection, immediate enjoyment without review, and rapid implementation to assist enterprises in applying for subsidies [11][12]. Group 2: Impact on Enterprises - Guangxi Baikun New Materials Technology Co., Ltd. received a subsidy that alleviated operational pressure and stabilized the morale of over 500 employees, with plans to use the funds for social insurance payments and skill enhancement training [2][3][6][7]. - Tianyang Nanhua Paper Co., Ltd. quickly accessed the stable job return subsidy through an online system, receiving 120,000 yuan, benefiting 374 employees, and highlighting the efficiency of the new application process [15][17]. Group 3: Financial Data - As of October 2025, Tianyang District has disbursed 1.8985 million yuan in unemployment insurance stable job return subsidies, covering 184 insured units [20]. - The subsidies can be used for employee living allowances, social insurance payments, job transfers, and skill training, further supporting enterprises in reducing costs and stabilizing employment [21][22]. - The district plans to distribute 2.6 million yuan in stable job return subsidies in 2025, benefiting 448 enterprises [26].

Group 1: Report Information - Researcher: Yang Lulin from the Agricultural Products Research Center of Guomao Futures Research Institute [2] - Date: November 5, 2025 [2] - Data Sources: Zhuochuang Information, Steel Union Data [5] Group 2: Investment Rating - No investment rating information provided in the report Group 3: Core Viewpoints - The fundamentals of the double-offset paper market have remained stable recently. Weekly production has increased, and inventory has risen slightly. Some paper mills have issued price increase letters, and the implementation of these letters needs to be closely monitored [5]. - In the short term, the positions and trading volume in the futures market are low, and it is recommended to stay on the sidelines [5]. Group 4: Double-Offset Paper Futures Data - On November 4, 2025, the price of OP2601 was 4,266, a day-on-day decrease of 0.42% compared to November 3. The position of the main contract was 943, a day-on-day increase of 0.11% [3]. Group 5: Spot Price Data Double-Offset Paper - Shandong High-White Swan: 4,675 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Ben-White Tianyang: 4,475 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Ben-White Peony: 4,450 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong High-White Blue Leaf: 4,600 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Beijing High-White Ruixue: 4,725 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. Coated Paper - Guangdong Chenming Snow Rabbit: 4,650 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong Huaxia Sun: 4,900 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Guangdong Jindong Dongfan: 5,300 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Chenming Snow Rabbit: 4,650 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. - Shandong Sun Tianyang: 4,800 yuan/ton, with 0.00% day-on-day and week-on-week changes [3]. Group 6: Papermaking Raw Material Data - Shandong Broadleaf Goldfish: 5,500 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Silver Star: 4,250 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Russian Needle: 5,100 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Guangdong Broadleaf Goldfish: 4,300 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Coniferous Moon: 3,700 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. - Shandong Chemical Mechanical Kunhe: 5,350 yuan/ton, with 0.00% day-on-day and week-on-week changes [4]. Group 7: Double-Offset Paper Supply and Demand Data Production - On September 19, 2025: 20.7 million tons [4]. - On October 24, 2025: 20.3 million tons [4]. - On October 17, 2025: 21 million tons [4]. - On September 26, 2025: 20.87 million tons [4]. - On September 12, 2025: 20.5 million tons [4]. - On September 5, 2025: 19.48 million tons [4]. Capacity Utilization - On September 19, 2025: 53% [4]. - On October 24, 2025: 56.9% [4]. - On October 17, 2025: 55.7% [4]. - On September 26, 2025: 52.93% [4]. - On September 12, 2025: 54% [4]. - On September 5, 2025: 56.69% [4]. Factory Inventory - On September 19, 2025: 131.5 million tons [4]. - On October 24, 2025: 122.7 million tons [4]. - On October 17, 2025: 122.7 million tons [4]. - On September 26, 2025: 130 million tons [4]. - On September 12, 2025: 121 million tons [4]. - On September 5, 2025: 119.6 million tons [4]. Social Inventory - On September 19, 2025: 58 million tons [4]. - On October 24, 2025: 53.2 million tons [4]. - On October 17, 2025: 53.4 million tons [4]. - On September 26, 2025: 54 million tons [4]. - On September 12, 2025: 53.1 million tons [4]. - On September 5, 2025: 53.6 million tons [4]. Production Gross Margin - Chemical Mechanical Pulp-Based: On September 19, 2025, it was 437; on October 24, 2025, it was 512; on October 17, 2025, it was 572; on September 26, 2025, it was 528; on September 12, 2025, it was 541.25; on September 5, 2025, it was 614 [4]. - Broadleaf Pulp-Based: On September 19, 2025, it was 270; on October 24, 2025, it was 329; on October 17, 2025, it was 203; on September 26, 2025, it was 240; on September 12, 2025, it was 264; on September 5, 2025, it was 360 [4].

Industry Overview - The household paper industry is a significant sub-sector of the light manufacturing industry, closely related to daily life and consumer needs [3][4] - The market for household paper in China has grown rapidly, with retail market size increasing from 124.9 billion RMB in 2018 to 170.4 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 6.4% from 2018 to 2023 [3][4] Consumption Trends - Per capita consumption of household paper in China has risen from 5.3 kg/year in 2018 to 6.7 kg/year in 2023, with a CAGR of 4.8% [6] - Despite this growth, per capita consumption in China remains significantly lower than in developed countries, where it stands at 10.3 kg/year in the US, 12.4 kg/year in Japan, and 9.3 kg/year in Western Europe [6] Product Diversification - There is a growing demand for specialized household paper products tailored to various life scenarios, moving away from the "one paper for all uses" concept to a "specialized paper for specific uses" approach [9] - The consumption structure of household paper is evolving, with toilet paper's share of total consumption decreasing from 81.9% in 2010 to 70.0% in 2023, indicating growth in other product categories [9] Market Dynamics - The household paper market is experiencing structural optimization, driven by rising living standards and increased health awareness among consumers [9] - Manufacturers are responding to diverse consumer needs by introducing a range of mid-to-high-end products, such as napkins, facial tissues, and kitchen paper, which are gaining popularity [9]

Report Summary 1. Report Industry Investment Rating No information provided 2. Core Viewpoints No information provided 3. Summary by Relevant Catalog - SP主力合约收盘价2025年11月4日为5288.00 较上一日跌0.33924% 折美元价650.56 山东银星基差212 江浙沪银星基差227 [3] - 以13%增值税计算 加拿大金狮CFR港口美元价780 山东地区人民币价6200 进口利润-145.57 雄狮CFR港口美元价730 山东地区人民币价5400 进口利润-543.29 智利银星CFR信用证90天港口美元价680 山东地区人民币价5500 进口利润-41.01 [4] - 2025年10月29日至11月4日 全国及山东地区针叶浆 阔叶浆 本色浆 化机浆均价无变化 文化用纸 包装纸 生活用纸价格指数无变化 但双胶 双铜 白卡利润率有变化 生活利润率无变化 [4] - 2025年11月4日针叶阔叶价差1250.00 针叶本色价差100 针叶化机价差1700 针叶废纸价差3924 [4]

Core Viewpoint - The paper industry in China is facing challenges of "involution," yet Yueyang Forest and Paper (Yueyang Lin Paper) has reported impressive performance in its Q3 financials, highlighting its transformation into a low-carbon pioneer through technological innovation and carbon sink development [1][2]. Financial Performance - Yueyang Lin Paper achieved approximately 2.091 billion yuan in revenue for the first three quarters of 2025, a slight decrease of 2.95% year-on-year, while net profit attributable to shareholders, excluding non-recurring gains and losses, was about 132 million yuan, marking a turnaround from losses [1]. Technological Advancements - The company has established a comprehensive R&D system covering the entire "forest + pulp + paper" chain, investing over 1 billion yuan in technology upgrades and equipment modifications [3]. - A new cultural paper project with an annual capacity of 450,000 tons has been developed, featuring the world's fastest paper machine, which significantly reduces water and energy consumption [3]. Product Innovation - Yueyang Lin Paper is focusing on differentiated products, such as the "Yueyang Tower Soft Light Paper," which utilizes nanomaterials for glare reduction, filling a gap in the domestic market [4]. - The company is also adopting an "eco-friendly packaging" strategy by replacing plastic with paper, responding to national environmental initiatives [5]. Market Expansion - In 2024, the company plans to ship nearly 2,000 standard containers of finished paper globally, enhancing its international competitiveness [6]. - Yueyang Lin Paper is expanding its production capacity through the acquisition of a 100% stake in Hunan Juntai New Materials Technology Co., which will add 400,000 tons of pulping capacity [6]. Carbon Sink Development - As the first state-owned enterprise in the forestry carbon sink sector, Yueyang Lin Paper is developing a sustainable system centered on carbon sinks, leveraging its extensive self-owned forest resources [7]. - The company has won multiple contracts for carbon sink development projects across various regions, indicating its growing influence in the carbon market [8]. Strategic Outlook - The integration of artificial intelligence into the carbon sink development process is underway, aiming to optimize project management and enhance operational efficiency [9]. - Analysts suggest that the company's consolidation of resources and focus on carbon sink initiatives will provide greater flexibility for future growth, especially as the carbon trading market expands [9].

Core Insights - The eighth China International Import Expo (CIIE) is approaching, and the company aims to showcase its achievements in green and sustainable development [1][2] - The company has accumulated approximately $730 million in orders from previous CIIE participations, highlighting the significant brand effect and business opportunities [1] - The theme for this year's exhibition is "Coexistence for Good, Green Future," reflecting the company's commitment to green development [1] Company Initiatives - The company will creatively design its exhibition space around the green theme, featuring installations that symbolize "infinite coexistence" and a eucalyptus seedling sculpture to illustrate its integrated development model [1] - Product innovation is a core highlight of this year's exhibition, with multiple upgraded and newly launched eco-friendly products set to be showcased [1] Industry Engagement - The company will host the fourth Fudan-Baiyulan Forum during the CIIE, focusing on "Carbon Road Five Years: Green Transformation and Coexistence for Good," emphasizing the importance of cross-sector and international dialogue [2] - The company actively participates in regional cooperation under the RCEP framework, enhancing industrial integration with ASEAN countries [2] - The company invests significantly in research and development each year, aiming to support its transformation and meet the growing market demand for green products [2]

Core Viewpoint - The domestic paper industry is experiencing a new wave of price increases as major companies announce price adjustments for various paper products in November 2025, indicating strong pricing signals in the industry [1] Group 1: Price Adjustments - Major companies such as Nine Dragons, Sun Paper, Chenming, and APP (China) have issued price adjustment notices for November [1] - The price increase affects three main types of paper products: kraft paper, corrugated paper, and cultural paper [1] - The price of cultural paper is set to increase by 200 yuan per ton, while packaging paper will see a simultaneous increase of 50 yuan per ton [1]

Group 1 - Company Bohui Paper (SH 600966) announced on October 31 that it plans to sell idle assets of chemical pulp to related parties Guangxi Jinguijang Paper Industry Co., Ltd. and Jinlong Pulp Industry (Jiangsu) Co., Ltd. for an assessed amount of 32.978 million yuan [1] - For the first half of 2025, Bohui Paper's revenue composition is 100.0% from the manufacturing sector [1]