Core Viewpoint - The paper industry is experiencing a significant price increase, with major companies like Nine Dragons Paper and Chenming Paper seeing substantial stock price gains as a result of rising prices across the supply chain [1] Industry Summary - Since November, the domestic paper industry has been undergoing a price surge, with companies like Shanying Paper announcing price hikes of 30-100 RMB per ton for products such as red sand paper and corrugated paper [1] - Key regions like Guangdong and Zhejiang have seen price increases of 50 RMB per ton for core product categories, indicating a widespread adjustment in pricing [1] - The price increases are being echoed by downstream paperboard manufacturers in regions like Zhejiang and Hunan, with single-instance price hikes reaching 3%-10%, creating a comprehensive price adjustment across the entire supply chain from raw paper to end packaging [1] Company Summary - Stocks of major paper companies have risen significantly, with Nine Dragons Paper up 10.23% to 6.25 HKD, Chenming Paper up 8.86% to 0.86 HKD, and Lee & Man Paper up 4.88% to 3.01 HKD [1] - Analysts from Bohai Securities suggest that the ongoing price increases in packaging paper are solidifying the foundation for price adjustments, supported by upcoming demand from events like "Double Eleven" and the New Year and Spring Festival [1] - According to Industrial Securities, the period from 2023 to 2025 is expected to be one of capacity expansion for the industry, with a slowdown in new capacity additions starting in 2026, potentially leading to an upward turning point for the paper industry [1]

Core Viewpoint - The paper industry stocks have seen significant gains due to a price increase trend in the domestic paper sector, driven by rising demand and upcoming holidays [1] Group 1: Stock Performance - Nine Dragons Paper (02689) rose by 10.23% to HKD 6.25 - Chenming Paper (01812) increased by 8.86% to HKD 0.86 - Lee & Man Paper (02314) gained 4.88% to HKD 3.01 [1] Group 2: Price Increase Trend - Since November, the domestic paper industry has experienced a continuous price increase, with Shanying Paper leading the way by raising prices for products like red sand paper and corrugated paper by CNY 30-100 per ton - Core product prices in Guangdong and Zhejiang have increased by CNY 50 per ton - Nine Dragons Paper and other companies have followed suit, with increases in kraft paper and boxboard [1] Group 3: Market Dynamics - Downstream paperboard manufacturers in regions like Zhejiang and Hunan have quickly responded with price increases of 3%-10% in a full-chain pricing adjustment from raw paper to end packaging - Bohai Securities noted that the price increase in packaging paper is spreading downstream, solidifying the basis for paper companies' price hikes, supported by the upcoming "Double Eleven" shopping festival and major holidays like New Year's and Spring Festival [1] Group 4: Industry Outlook - According to Industrial Securities, the period from 2023 to 2025 is expected to be a capacity expansion phase for the industry, with a slowdown in new capacity additions starting in 2026 - The "anti-involution" policy is expected to support the paper industry, potentially leading to an upward turning point from the bottom [1]

Core Viewpoint - The Hong Kong paper industry stocks experienced significant gains, with notable increases in share prices for key companies. Group 1: Company Performance - Nine Dragons Paper and Chenming Paper both saw their stock prices rise by over 10% [1] - Lee & Man Paper also reported a stock price increase of over 4% [1]

Group 1 - The Hong Kong stock market saw a significant rise in the paper industry stocks in the afternoon session [1] - Chenming Paper surged over 10%, while Nine Dragons Paper increased nearly 10%, and Lee & Man Paper rose over 5% [1]

港股上午盘三大指数集体收跌，恒生指数、国企指数呈现低开低走行情，午间分别下跌0.58%及 0.64%，恒生科技指数跌0.77%，市场情绪再度转向低迷。作为市场风向标的权重科技股集体弱势拖累 市场情绪，且昨日强势的大金融股(银行、保险、券商)多数表现低迷，国际油价大跌，三桶油亦集体回 落。另外，造纸行业涨价潮持续升温且力度加码，纸业股拉升明显，黄金股、铜等有色金属股涨幅居 前。(格隆汇) ...

Core Viewpoint - ST晨鸣's stock reached the daily limit with a price of 2.25 yuan, reflecting a 5.14% increase, driven by operational recovery and financial support measures [1][2]. Company Summary - The company has resumed operations at its Huanggang and Jiangxi production bases, while the Shouguang and Jilin bases have fully restarted, which is expected to enhance production capacity and sales [2]. - A 2.31 billion yuan syndicated loan has been approved to support the resumption of operations, alleviating short-term liquidity pressures [2]. - Financial institutions have implemented measures such as interest rate cuts and loan extensions to mitigate the company's debt risks, resulting in a 92% year-on-year improvement in cash flow from financing activities [2]. - The company received government subsidies amounting to 39.44 million yuan, further easing cash flow pressures [2]. - Governance reforms have been initiated to enhance regulatory compliance and boost market confidence [2]. Industry Summary - The paper industry may be experiencing positive trends, potentially due to improved operations among peer companies or favorable industry policies, although no significant policy changes have been identified recently [2]. - There is speculation that capital inflow into ST晨鸣 is influenced by the recovery of production bases and the alleviation of debt risks, contributing to the stock price surge [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The papermaking market has a pattern of oversupply and weak rebound. The pulp market has stable imports, a slight increase in domestic pulp production, and high inventory, with weak downstream demand. The double - offset paper market has sufficient supply and weak demand, and its valuation is weakly stable. The copper - plate paper market has a low gross profit margin and a slight increase in inventory. The domestic pulp market has a slight increase in production and a narrow decline in inventory, while the demand side of pulp in various paper products remains weak [4]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - Pulp: Imports are stable, domestic pulp production increases slightly, inventory is at a relatively high level after a narrow decline (down 2.6% to 2.008 million tons), and downstream demand in areas such as tissue paper and cultural paper is weak, showing an oversupply pattern [4]. - Double - offset paper: The weekly capacity utilization rate slightly decreases (53.4%, - 0.4%), but the production increases slightly (208,000 tons, + 1.0%) due to new sample production lines at the beginning of the month. Demand is weak with sporadic publishing tenders and dull social orders [4]. 3.1.2 Logic Analysis - Pulp: There is a supply - demand mismatch and high inventory. The supply side has no contraction pressure, and the demand side is weak, so the oversupply pattern continues, and it is more affected by inventory reduction rhythm and downstream demand changes [4]. - Double - offset paper: The supply increases slightly, and the demand is weak. The previous profit pressure restricts the upward space of valuation, and it is expected to be weakly stable until demand or supply changes [4]. 3.1.3 Strategies - Unilateral: Wait and see for SP2601; if port inventory falls below 2 million tons and the basis strengthens, increase long positions. Short OP2601 based on the actual spot transaction price [4]. - Arbitrage: Pay attention to the SP11 - 1 reverse arbitrage opportunity [4]. - Options: Wait and see for SP options; sell OP2601 - C - 4400 for OP options [4]. 3.2 Core Logic Analysis - Double - offset paper supply: Production increases slightly to 208,000 tons (+ 1.0%), capacity utilization rate decreases to 53.4% (- 0.4%). The profit is under pressure, with an average cost of 4,902 yuan/ton (up 6.4 yuan/ton) and an average weekly profit of - 259.1 yuan/ton [8]. - Double - offset paper inventory: Production enterprise inventory is 1.355 million tons (up 0.9% month - on - month), and the on - site inventory rebounds slightly and is at a multi - year high [12]. - Copper - plate paper supply: Production decreases slightly to 85,000 tons (- 1.2%), capacity utilization rate decreases to 63.1% (- 0.5%), and the gross profit margin is still low [15]. - Copper - plate paper inventory: Production enterprise inventory is 376,000 tons (up 0.8% month - on - month), and the on - site inventory rebounds slightly [20]. - Domestic pulp supply: The production of broad - leaf pulp increases to 250,000 tons, and the production of chemimechanical pulp remains unchanged at 235,000 tons. The production profit of broad - leaf pulp rebounds slightly [24]. - Wood pulp supply: The port inventory decreases to 2.008 million tons (down 2.6% month - on - month), and the chemimechanical pulp production profit remains stable, but the market is in a stalemate [27]. - Pulp demand - tissue paper: Demand is weak and there is no new increase. The average price of tissue paper remains stable at 5,883 yuan/ton, with a light trading atmosphere and slow inventory reduction [31]. - Pulp demand - white cardboard: Production decreases to 357,000 tons (- 1.11%), capacity utilization rate decreases to 78.98% (- 0.89 percentage points), and the factory inventory decreases to 1.07 million tons (- 0.93%) [34]. 3.3 Weekly Data Tracking - Double - offset paper price: The average enterprise price of 70g double - offset paper is stable at 4,642.9 yuan/ton [41]. - Copper - plate paper price: The average enterprise price of 157g copper - plate paper is stable at 4,975 yuan/ton [41]. - Pulp prices: The average spot tax - included price of imported softwood pulp is 5,424 yuan/ton (+ 0.3%); the average price of hardwood pulp is 4,250 yuan/ton (unchanged); the average price of kraft pulp is 5,079 yuan/ton (+ 1.6%); the average price of chemimechanical pulp is 3,700 yuan/ton (unchanged) [47][48].

Core Insights - The implementation of four action plans has achieved full coverage of 19 iconic industrial chains in Shandong Province, focusing on technological innovation in key industries [1] Group 1: Robotics Industry - The robotics industry will leverage the strategic opportunity of integrating robotics technology with artificial intelligence, focusing on key components, software systems, and complete machine manufacturing [2] - The plan aims to develop advanced servo motors, operating system software, and special robots, while expanding application scenarios across various sectors such as automotive, home appliances, and healthcare [2] - The goal is to create 100 representative benchmark application scenarios, positioning Shandong as a national hub for robotics technology innovation [2] Group 2: Modern Food Industry - The modern food industry will emphasize safety, nutrition, green, and intelligent development, addressing the entire supply chain from raw materials to processing equipment [2] - A technical system will be established for food safety, including traceability, quality control, and green packaging, enhancing consumer safety and satisfaction [2] - The industry aims to create over 100 innovative products, significantly increasing the added value of modern food [2] Group 3: Light Industry and Textiles - The light industry and textiles sector will focus on high-end, green, and intelligent development, enhancing low-carbon production processes and advanced product development [3] - Innovations will include multifunctional advanced fiber products and high-end medical textiles, as well as new paper products for specialized applications [3] Group 4: Modern Metallurgy Industry - The modern metallurgy industry will accelerate the development of high-end raw materials and precision processing technologies, targeting products like ultra-high-strength steel and marine aluminum alloys [3] - The focus will also be on developing frontier materials such as rare earth functional materials and special magnesium and titanium alloys to capture future industry opportunities [3] Group 5: Implementation Measures - The four action plans propose specific measures for promoting innovation resources, building innovation platforms, and ensuring the transformation of scientific achievements [3] - The provincial science and technology department will implement policies to inject new momentum into the construction of a modern industrial system [4]

Core Points - The company, Zhejiang Rongsheng Environmental Protection Paper Co., Ltd., has completed the share repurchase and cancellation process as of November 12, 2025, reducing its total share capital from 272,625,097 shares to 263,928,065 shares [2] - Following the share repurchase, the shareholding percentage of major shareholder Feng Ronghua and his concerted parties increased from 51.70% to 53.41%, due to the reduction in total shares, without changing the number of shares they hold [2] - This change in equity does not result in a change of the company's controlling shareholder or actual controller [2]

Group 1: Report Information - Report title: Paper Industry Risk Management Daily [1] - Date: November 12, 2025 [1] Group 2: Price Forecast and Risk Management Price Forecast - Paper pulp price range (monthly): 4750 - 5600, current volatility: 9.14%, current volatility historical percentile (3 years): 5.86% [2] - Offset printing paper price range (monthly): 4150 - 4350, current volatility: 8.72%, current volatility historical percentile (3 years): 50.00% [2] Risk Management Strategies Inventory Management - For high inventory, sell pulp/offset printing paper futures (SP2601 at 5500 - 5600, OP2601 at 4350 - 4400) and sell call options (SP2601C5300, OP2601C4400) [2] Procurement Management - For low inventory, buy pulp/offset printing paper futures (SP2601 at 5150 - 5250, OP2601 at 4100 - 4150) and sell put options (SP2512P4850, OP2601P4050) [2] Group 3: Core Contradictions and Market Analysis Paper Pulp - Futures and spot prices: Futures show high - level oscillation, spot price is stable [3] - Supply - demand factors: Supply pressure reduces due to Maine pulp mill's temporary shutdown; demand is relatively negative in the short - term but overall demand recovers; port inventory is high, and its support is limited [3] Offset Printing Paper - Futures and spot prices: Spot price is stable after previous increases, futures price oscillates at a relatively high level [3] - Supply - demand factors: Market is in the cost - support stage, paper enterprises issued price - increase letters, but spot demand is weak, and the shutdown events have little impact [3] - Short - term trend: Both pulp and offset printing paper are expected to oscillate with a slightly downward central price [3] Group 4: Strategies Paper Pulp - Futures: Short - term, short at high prices and focus on 12 - 01 backwardation [5] - Options: Temporarily wait and see [5] Offset Printing Paper - Futures: Short - term, short at high prices [5] - Options: Temporarily wait and see [6] Group 5: Market Factors Bullish Factors - Paper enterprises and pulp mills raise quotes [10] - Tariffs on the US remain [10] - US Magnolia pulp mill's temporary shutdown [10] Bearish Factors - Overseas shipping costs may decrease [10] - High - level port inventory is difficult to deplete [10] - Four major paper enterprises issued shutdown announcements [10] Group 6: Price and Inventory Data Price Data - Pulp and offset printing paper futures prices, price differences, and their daily and weekly changes [13] - Pulp and double - offset paper spot prices, regional price differences, and their daily and weekly changes [14] Inventory Data - Pulp inventory in China (weekly) [11] - Pulp inventory warehouse receipts [15] Group 7: Basis Data - Pulp basis daily changes and seasonal data [8][9] - Offset printing paper basis daily changes [8]