Core Viewpoint - The company primarily uses the wood pulp produced for its own paper manufacturing, while all of its dissolving pulp products are sold externally [1] Group 1 - The company, Sun Paper Industry, indicated that the wood pulp produced is mainly for self-use [1] - The dissolving pulp products are entirely exported [1]

Group 1 - The company has confirmed that the newly produced chemical pulp and chemical machine pulp are not registered for futures delivery brands [2] - The company's double glue paper is a futures delivery product, with the "Peony" brand corresponding to the futures delivery brand for double glue paper [2]

Core Viewpoint - The company has approved a plan for a targeted issuance of shares during the third extraordinary shareholders' meeting held on October 15, 2025 [1] Summary by Relevant Sections - **Share Issuance Plan** - The company will conduct a targeted issuance of shares, with the decision being valid for 12 months after the shareholders' meeting approval [1] - If the application to the China Securities Regulatory Commission (CSRC) is approved within this period, the validity will automatically extend until the issuance is completed [1] - **Application Timeline and Key Factors** - The company has not yet determined the specific time to submit the application to the CSRC [1] - Key elements such as issuance price and quantity will be determined after receiving regulatory approval, in consultation with authorized and sponsoring institutions [1] - **Completion Timeline** - Typically, the targeted issuance is expected to be completed within 6 months after obtaining approval [1] - The company will provide updates on the progress through subsequent announcements [1]

Core Viewpoint - The company primarily produces wood pulp for its own use, while all of its dissolving pulp products are sold externally. There are currently no plans for related applications regarding pulp production [1]. Group 1 - The company produces wood pulp mainly for self-use [1] - All dissolving pulp products are sold externally [1] - There are no current plans for pulp production applications [1]

Core Viewpoint - The company has established a paper production base in Zhangzhou, Fujian, and has expanded its packaging business in the region to enhance market proximity and collaboration with key clients [1]. Group 1 - The company has a strategic layout in Fujian, which is one of the seven major paper production bases and packaging networks across the country [1]. - The aim of the company's operations in Fujian is to create industrial synergy along the river and coastal areas [1].

Group 1 - The company stated that its newly produced chemical pulp and chemical machine pulp are not classified as futures delivery products and have not undergone delivery brand registration [1] - The company's double glue paper is classified as a futures delivery product, with the "Peony" brand corresponding to the futures delivery brand for double glue paper [1]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The pulp futures have reached an absolute low, but there is no upward driving force and the pressure of old warehouse receipts is significant. It is recommended to conduct a 12 - 1 reverse arbitrage [4]. - The pulp fundamentals remained stable this week, with the futures price fluctuating at a low level. The problem of old warehouse receipts has not been resolved, and it is expected that the downstream futures market will still be based on old - warehouse - receipt trading, suppressing the near - month contract prices. The 12 - 1 reverse arbitrage strategy should be maintained [7]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: The import quotations of Chile's Arauco company show a decrease in coniferous pulp and an increase in broad - leaf pulp. In October 2025, China's pulp production was 2.084 million tons, a 10.2% month - on - month increase, indicating a relatively loose supply [4]. - **Demand**: Except for white cardboard, the production and prices of other wood - pulp papers have not increased significantly. The inventory of finished paper is high, and paper mills maintain just - in - time replenishment, which has not boosted pulp prices [4]. - **Inventory**: As of November 6, 2025, the inventory of mainstream pulp ports in China was 2.008 million tons, a decrease of 53,000 tons from the previous period, a 2.6% month - on - month decline, showing a narrow - range destocking trend [4]. - **Investment Viewpoint**: 12 - 1 reverse arbitrage. - **Trading Strategy**: Unilateral: None; Arbitrage: 12 - 1 reverse arbitrage. 3.2 Futures and Spot Market Review - **Futures Market**: The pulp futures fluctuated at a low level this week. The total futures contract positions increased by 4.80% to 341,276, and the main - contract positions increased by 10.63% to 171,788 as of November 7, 2025 [23]. - **Spot Market**: Some spot prices' basis increased slightly. The prices of coniferous pulp silver star and broad - leaf pulp goldfish remained stable week - on - week and month - on - month. The price of coniferous pulp cloth needle increased by 70 yuan/ton week - on - week and 100 yuan/ton month - on - month. In October, the coniferous pulp's overseas quotation decreased, while the broad - leaf pulp's price increased [16][19]. 3.3 Pulp Supply - Demand Fundamental Data - **Import Volume**: In September, the import volume of pulp and wood chips increased. In October 2025, the total pulp import volume was 2.952 million tons, a 11.27% increase; the coniferous pulp import volume was 691,000 tons, a 12.54% increase; the broad - leaf pulp import volume was 1.356 million tons, a 7.79% increase; and the broad - leaf wood chip import volume was 1.471 million tons, a 16.84% increase [5]. - **Inventory**: The pulp port inventory decreased slightly, and the number of warehouse receipts remained stable. Overseas, the inventory of coniferous pulp mills increased, while that of broad - leaf pulp mills remained stable [34][37]. - **Downstream Demand**: The price of white cardboard increased by 3.7% month - on - month, while the prices of other paper types remained stable. In October 2025, the production of paper products increased month - on - month, with double - offset paper production increasing by 4.8%, copper - plate paper by 2.4%, tissue paper by 0.9%, and white cardboard by 1%. The inventory of double - offset paper, copper - plate paper, tissue paper, and white cardboard also increased to varying degrees [42][47]. 3.4 Pulp Futures Valuation - **Basis**: As of November 7, 2025, the basis of Shandong Russian needle decreased by 112 yuan/ton to - 444 yuan/ton, and the basis of Shandong silver star decreased by 202 yuan/ton to 106 yuan/ton. - **Month - to - Month Spread**: The 12 - 1 month - to - month spread widened, reaching - 484 yuan/ton, a decrease of 142 yuan/ton from the previous week. - **Import Profit**: As of November 7, 2025, the import profit of coniferous pulp was 7 yuan/ton, a week - on - week increase of 2.4 yuan, and the import profit of broad - leaf pulp was 37 yuan/ton, a week - on - week increase of 2 yuan [82].

Core Viewpoint - The company, Anhui Linping Circular Development Co., Ltd., is facing regulatory scrutiny due to declining revenues over the past two years, decreasing prices of core products, and a significant portion of net profit being derived from tax incentives [1][4][9]. Financial Performance - The company's revenue has decreased consecutively over the past two years, with figures of 2.879 billion yuan in 2022, 2.800 billion yuan in 2023, and projected 2.485 billion yuan in 2024, alongside net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [4][6]. - The main business income primarily comes from the sales of corrugated paper and boxboard, which accounted for over 99% of total revenue, with boxboard sales making up approximately 70% [6]. Tax Incentives - Tax incentives have constituted a significant portion of the company's net profit, with percentages of 63.02%, 68.65%, and 80.58% over the reporting periods, raising questions about their sustainability [9][10]. - The company asserts that the likelihood of changes to the relevant policies is low, and the tax incentives are expected to remain sustainable as long as there are no significant adverse changes in the industry environment or the company's operations [9]. Market Conditions - The decline in revenue is attributed to the cancellation of import tariffs on finished paper, leading to increased imports and lower selling prices for the company's products. Additionally, a typhoon caused production disruptions, further impacting sales [6]. - Despite current challenges, the company anticipates stable growth in demand for corrugated paper and boxboard due to ongoing economic growth and increasing needs in consumer goods, e-commerce, logistics, and express delivery sectors [6].

Core Viewpoint - Recently, Juxian Jufuxiang Paper Industry Co., Ltd. was established with a registered capital of 300,000 RMB, indicating a new player in the paper manufacturing sector [1] Company Summary - The legal representative of the newly established company is Bi Chunhua [1] - The registered capital of the company is 300,000 RMB [1] - The business scope includes manufacturing and sales of paper products, manufacturing and sales of specialized equipment for pulping and papermaking, manufacturing of paper and paperboard containers, sales of personal hygiene products, and recycling of renewable resources (excluding production waste metals) [1]

Core Points - The company signed a compensation framework agreement with the Nanhu District People's Government, resulting in a total compensation amount of RMB 1,079.63 million [1] - The first phase of the compensation, totaling RMB 150 million, is to be paid within 45 days of signing the agreement, with specific allocations for soil pollution investigation and remediation [1] - The company received the first phase compensation of RMB 130 million on November 7, 2025, and will handle the accounting in accordance with relevant regulations [2] Summary by Sections - **Compensation Agreement**: The company entered into a compensation agreement for land acquisition with the local government, amounting to RMB 1,079.63 million, with specific terms for payment and usage of funds [1] - **Payment Schedule**: The first installment of RMB 150 million is to be paid promptly, with a portion allocated for environmental remediation efforts [1] - **Financial Reporting**: The company will account for the compensation in its financial statements as per applicable accounting standards, with the impact on 2025 earnings to be confirmed in the annual report [2]