每经头条（nbdtoutiao）——最高返现60%！惠民保年末销售乱象调查：业务员"贴钱"冲考核，谁在"赔 本赚吆喝"？ （记者 曾健辉） 每经AI快讯，仙鹤股份12月31日晚间发布公告称，公司第四届第六次董事会会议于2025年12月31日以 通讯表决方式召开。会议审议了《关于2025年度日常关联交易情况及2026年度日常关联交易预计的议 案》等文件。 ...

智通财经APP获悉，12月31日，中国证监会发布《关于同意安徽林平循环发展股份有限公司首次公开发行股票注册的批复》。据悉，林平发展拟在上交所主 板上市，国联民生证券为其保荐机构，拟募资12亿元。 | 索 引 号 | bm56000001/2025-00015280 | | --- | --- | | 发布机构 | | | श्र N | 关于同意安徽林平循环发展股份有限公司首次公开发行股票注册的批复 | | 粤 文 | 证监许可〔2025〕3019号 | 据招股书，林平发展主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售，是一家具有自主研发及创新能力的高新技术企业;经过多年发展，公司已成 长为集废纸利用、热电联产、绿色造纸于一体的资源综合利用企业。公司一直重视环境保护、节能降耗工作，公司通过废纸利用、污水处理、白水和中水回 用、沼气燃烧发电、污泥回用、热电联产、绿色制造等工艺，实现资源的循环利用和可持续发展。 公司主要产品包括瓦楞纸、箱板纸，公司产品销往下游制作成瓦楞纸箱，被广泛应用于物流运输、工业品及消费品包装领域。 ...

Core Viewpoint - Hengfeng Paper Industry announced plans to issue shares to acquire 100% equity of Sichuan Jinfeng Paper Industry, which constitutes a related party transaction but does not qualify as a major asset restructuring or restructuring listing [1] Group 1 - The transaction was approved by the Shanghai Stock Exchange's M&A Review Committee on December 30, 2025 [1] - The company disclosed the draft (pre-meeting version) on December 24, 2025, and the draft (registration version) on January 1, 2026 [1] - The registration draft updated sections on major event notifications and major risk warnings, including the expression of "risk of new product market development not meeting expectations" [1]

Core Viewpoint - The company has signed a sales contract for approximately 1,500 air-dry tons of softwood lignin with Hunan Lvjunn New Materials Co., Ltd., indicating a strategic move to enhance its product offerings in the bio-based materials sector [1] Group 1 - The contract duration is from the signing date until December 31, 2026, showcasing a long-term commitment to supply [1] - The subsidiary, Hunan Juntai Bio-based New Materials Technology Co., Ltd., focuses on utilizing agricultural and forestry residues as raw materials to produce and sell a range of bio-based materials and biomass energy products [1] - The company aims to leverage its advanced technology in the bio-based materials and biomass energy fields to expand its green and environmentally friendly product line, addressing market demands for sustainable development [1]

Core Viewpoint - Yueyang Lin Paper (600963.SH) announced a sales contract for pine solid lignin with Hunan Green Jun New Materials Co., Ltd. through its wholly-owned subsidiary Hunan Jun Tai Bio-based New Materials Technology Co., Ltd. [1] Group 1 - The contract involves the sale of approximately 1,500 air-dry tons of pine solid lignin [1] - The contract period extends from the signing date until December 31, 2026 [1]

Core Viewpoint - The company Yueyang Forest and Paper (600963.SH) has signed a contract confirmation with the state-owned Mulan Weichang Forest Farm in Hebei Province to develop a forestry project covering an area of 77,800 acres, which meets national afforestation methodology requirements [1] Group 1 - The project will have a contract duration of 21 years, including both the application period and the cooperation period [1] - Successful implementation of the contract is expected to positively impact the company's annual operating performance for the project [1]

财报数据显示，松炀资源正深陷亏损泥潭。2022年至2024年，公司已连续三年净亏损，分别亏损2.77亿 元、2.37亿元、2.36亿元。2025年前三季度，公司业绩未见明显好转，实现营业收入3.14亿元，同比大 幅下滑40.2%；归母净利润为-8673.86万元，尽管同比实现17.11%的减亏，但仍未摆脱亏损状态。公司 解释，营收下滑主要源于涂布白板纸生产线关停及高强瓦楞纸机开工不足导致销售量下降。截至2025年 9月30日，公司资产负债率已攀升至67.89%，消息面上，控股股东王壮鹏拟提供不超过2亿元的财务资 助以缓解资金紧张。 松炀资源（603863）近日公告称拟以1元价格转让旗下孙公司所持松炀乐彩（北京）运营管理有限公司 51%股权，交易对方为自然人赵湘粤，是松炀乐彩原股东之一，交易前持股比例为19%。 作为一家集废纸回收、环保造纸及涂布成型于一体的企业，松炀资源2019年登陆上交所后，主业经营持 续承压。受行业市场整体下行、市场竞争加剧等因素影响，公司旗下子公司经营状况不佳。此前公告显 示，其子公司松炀新材已因持续亏损实施停产，进入存货清理阶段，大部分员工已遣散。 此次被转让的松炀乐彩成立于2024年 ...

Group 1 - The company plans to acquire 100% equity of Jinfeng Paper Industry through a share issuance for asset purchase, with the assessed value of the equity at 262.08 million yuan and an appreciation rate of 279.14% [2] - The share issuance price is set at 8.25 yuan per share, with a total of 30,805,126 shares to be issued, representing 9.35% of the company's total share capital post-transaction [3] - The transaction is classified as a related party transaction, as the acquiring party will hold more than 5% of the company's total equity after the transaction [3] Group 2 - The controlling shareholder of the company is Hengfeng Group, which holds 29.93% of the shares, while the actual controller is the Heilongjiang Provincial State-owned Assets Supervision and Administration Commission [4] - The target company primarily produces and sells specialty papers, including cigarette paper and high-transparency forming paper, with the controlling shareholder being Zhang Hua [4] - Recent financial data shows that for the first five months of 2025, the company reported operating income of 459.19 million yuan and a net profit attributable to the parent company of 12.56 million yuan [7]

日期 2025 年 12 月 31 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 行业 纸浆日报 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

环保再生纸企业松炀资源，在2年前曾进军彩票行业。近日，松炀资源宣布拟转让控股子公司松炀乐彩 （北京）运营管理有限公司控股权。这家松炀乐彩去年在北京开设了两家彩票实体店，是松炀资源彩票 业务的主体运营公司。值得注意的是，根据出售公告，松炀乐彩2024年营业收入9.6万元，亏损150.92万 元，今年前三季度营业收入19.82万元，亏损61.13万元。 ...