Core Viewpoint - The paper industry is experiencing a price increase driven by rising costs and supply constraints, with major companies like Nine Dragons Paper and Shanying International announcing multiple price hikes in recent weeks [1][2][3] Price Increases - Since early July, major paper companies have issued multiple price increase notices, with prices for corrugated paper and recycled cardboard rising by 30 yuan/ton and all weights of recycled paper and corrugated paper increasing by 50 yuan/ton [1] - The average price of waste yellow board paper reached 1482 yuan/ton in late July, a year-on-year increase of 2.75% [1] - The price hikes aim to restore profit levels for paper manufacturers and encourage downstream packaging companies to replenish their low inventories [2][3] Industry Challenges - The paper industry is facing a supply-demand imbalance, with new production capacity exceeding 10 million tons in 2024 while consumption growth is only 1.5% [3] - The industry is experiencing a historical low in profit margins, with an overall profit of only 520 billion yuan and a profit margin of 3%-5% [3] - The competitive landscape is characterized by excessive price competition and a significant portion of companies operating at a loss [3][5] Anti-Competition Initiatives - The Guangdong Paper Industry Association has issued an "anti-involution" initiative to combat low-price competition and promote rational business practices [4][5] - The initiative includes four main proposals: resisting disorderly low-price competition, optimizing capacity structure, focusing on quality and service, and establishing self-regulatory mechanisms [5] - Industry leaders emphasize the need to shift focus from price competition to quality, service, and innovation to enhance competitiveness [6][7] Strategic Transformations - Leading companies are pursuing strategic transformations, such as Sun Paper's integrated "forest-pulp-paper" model and Xianhe's significant investments in raw material projects [7] - There is a lack of a clear policy framework for the industry's anti-involution efforts, and specific policy tools and implementation measures remain uncertain [7] - Recommendations for the industry include shifting competition focus, ensuring healthy supply chain relationships, and avoiding blind expansion and price wars [7]

Group 1 - The company, Yuegui Co., Ltd. (SZ 000833), announced the appointment of Mr. Jian Yi as the securities affairs representative to assist the board secretary in fulfilling responsibilities [2] - For the fiscal year 2024, the revenue composition of Yuegui Co., Ltd. is as follows: mining industry accounts for 31.79%, sugar manufacturing for 19.37%, paper industry for 18.11%, chemical industry for 12.03%, trading for 10.7%, and other industries for 8.02% [2]

Report Industry Investment Rating - Not provided in the content Core View of the Report - This week, the fundamentals of offset printing paper remain weak, and paper prices continue to decline. Looking ahead, in the context of supply - demand contradictions, market transactions will be more flexible, and paper prices are expected to continue to fall next week [49][50] Summary by Relevant Catalogs Industry News - This Thursday, the inventory days of domestic double - coated paper decreased by 1.31% compared with last Thursday, and the decline rate this week narrowed by 0.83 percentage points month - on - month. Some dealers have a bearish outlook and weak stocking willingness, slowing down the inventory reduction rhythm of paper mills [6] - This week, the operating load rate of domestic double - coated paper was 50.13%, remaining flat month - on - month, and the trend changed from rising to stable. The production enthusiasm of double - coated paper manufacturers changed little, and the industry operation was basically stable [6] - In June 2025, the total inventory in European ports increased by 1.87% month - on - month and 27.23% compared with June 2024. Inventory in ports of the Netherlands, Belgium, France, and Switzerland decreased by 4.57% month - on - month, while inventory in ports of the UK, Italy, and Spain increased by 47.71%, 9.69%, and 7.15% respectively month - on - month, and inventory in German ports remained flat [6] Market Trend - As of July 31, the average price of 70g high - white double - coated paper was 4993.75 yuan/ton, the same as yesterday, and decreased by 81.25 yuan/ton compared with last week [9] - In the spot market, the prices of some paper types in Shandong and Guangdong markets decreased. In terms of cost - profit, both pre - tax and after - tax gross profits decreased [10] Supply - Demand Data Industry Capacity - The industry capacity is continuously being put into production, and the current industry as a whole is in a state of over - supply. In 2024, the domestic double - coated paper industry capacity was about 16.52 million tons, a year - on - year increase of 7%, and the annual output was about 9.478 million tons, with a capacity utilization rate of 57% [15][19] Weekly Production and Capacity Utilization - This week, the domestic double - coated paper industry output was 168,500 tons, and the capacity utilization rate was 50.1% [24] Weekly Sales and Inventory - This week, the domestic double - coated paper industry sales volume was 173,100 tons, and the enterprise inventory was 346,700 tons [29] Import and Export - In June, the domestic double - coated paper import volume was about 15,000 tons, and the export volume was about 66,000 tons [35] Inventory Situation - In terms of inventory days, Central China > East China > South China; the social inventory pressure is higher than the enterprise inventory [41] Terminal Consumption - In recent years, the growth rate of retail sales of books, newspapers, and magazines has gradually slowed down [46] Market Judgment - Supply: This week, the domestic double - coated paper industry output was 168,500 tons, and the capacity utilization rate was 50.1%. In June, the import volume was about 15,000 tons, continuing the previous low - import volume [50] - Demand: This week, the domestic double - coated paper sales volume was 173,100 tons. In June, the export volume was about 66,000 tons [50] - Price: This week, the average market price of 70g wood - pulp high - white double - coated paper was 4,998 yuan/ton, a month - on - month decrease of 1.90%, and the decline rate this week widened by 1.80 percentage points month - on - month. The average market price of 70g wood - pulp natural - white double - coated paper was 4,646 yuan/ton, a month - on - month decrease of 1.19%, and the decline rate this week widened by 1.06 percentage points month - on - month [50] - Factors Affecting Price: Some areas' publishing orders are not fully picked up, paper mills prioritize inventory reduction; dealers are cautious and have weak stocking willingness; downstream printing factories mainly consume inventory, and overall market demand is average; the cost support for double - coated paper is limited [50] - Future Outlook: Next week is the window period for paper mills to adjust quotes. It is expected that under the drive of relevant "anti - involution" policies, the quotes of large - scale paper mills will mostly remain stable. However, from the perspective of fundamentals, there are no new shutdown plans in the market next week, and it is expected that the supply side will change little. As publishing order pick - up ends, the demand side's support for paper prices will weaken. It is expected that due to supply - demand contradictions, market transactions will be more flexible, and paper prices will continue to decline next week [50] - Valuation: Based on the current pulp price, the current pre - tax gross profit of double - coated paper is about - 56 yuan/ton, and the after - tax gross profit is about - 222 yuan/ton. Although the pulp price has been falling, as the peak consumption season ends, the fundamentals of paper have weakened, and the profit of paper mills has declined [50]

Core Insights - Multiple paper companies have announced price increases, with some raising prices up to four times in the past month [1] - The price increase for corrugated paper and recycled kraft paper has reached 30-50 yuan per ton [1] - The primary reason for this round of price hikes is the rising cost of raw materials, particularly the rebound in waste paper prices [1] Industry Summary - Several paper enterprises have recently issued announcements regarding price hikes, indicating a trend in the industry [1] - The price of waste yellow board paper has gradually rebounded after hitting a nearly six-year low in February, reaching 1567 yuan per ton by the end of July, with a monthly increase of 6.74% in July [1]

另一方面，石油股跌幅明显，预计上半年净利同比下降39.5%-43.7%，中国石油(601857)化工跌近5%， 中国石油跌超2%，中资券商股、香港本地消费股、婴童概念股、煤炭股、教育股、保险股、汽车股多 数表现低迷。(格隆汇) | 名称 | | 最新价 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | Virth | 24727.78 | -0.18% | | 800000 | | | | | 国企指数 800100 | VIARA | 8882.04 | -0.01% | | 恒生科技指数 | MAR | 5446.61 | -0.12% | | 800700 | | | | | 红筹指数 800151 | | 4237.39 | -0.29% | | 南方恒生科技 | mon | 5.350 | -0.09% | | 03033 | | | | 格隆汇8月1日｜港股上午盘三大指数呈现小幅震荡行情，较近日连续回调似有止跌之势。截止午盘，恒 生指数跌0.18%，国企指数微跌0.01%，恒生科技指数跌0.12%。 | 代码 | 名称 | | 最新价 | 涨跌幅 ^ | | - ...

Market Overview - The Hong Kong stock market showed slight fluctuations in the morning session, indicating a potential halt in the recent downward trend. The Hang Seng Index fell by 0.18%, the Hang Seng China Enterprises Index decreased by 0.01%, and the Hang Seng Tech Index dropped by 0.12% [1] Technology Sector - Major technology stocks mostly turned positive, with Meituan and Alibaba rising by 2.5%, Baidu increasing by 2%, and JD.com gaining over 1%. Xiaomi showed positive movement, while Kuaishou fell by 2%. NetEase and Tencent remained in the red [1] Gold Market - International spot gold prices returned above $3,290, leading to active performance in gold stocks [1] Paper Industry - The Guangdong paper industry issued its first anti-involution initiative, coinciding with a wave of price increases in the sector, resulting in strong performance from paper stocks, with Chenming Paper and Nine Dragons Paper leading the gains [1] Stablecoin and Related Sectors - The application window for stablecoin licenses in Hong Kong has opened, with most stablecoin concept stocks showing upward trends. Additionally, solar energy stocks, telecommunications stocks, brain-computer interface concept stocks, and traditional Chinese medicine stocks experienced some increases [1] Oil Sector - Oil stocks faced significant declines, with expectations of a year-on-year net profit drop of 39.5% to 43.7% for the first half of the year. China Petroleum & Chemical fell nearly 5%, while China National Petroleum dropped over 2% [1] Other Sectors - Chinese brokerage stocks, local Hong Kong consumer stocks, baby and child concept stocks, coal stocks, education stocks, insurance stocks, and automotive stocks mostly performed poorly [1]

据悉，江津作为重庆工业强区，聚集5000余家企业，产业聚集度高达98.4%。区内已形成废纸回收、造 纸到包装成品的完整产业链——仅本地废纸年供应量即超百万吨，配套企业集群使运输成本降低20%； 枢纽优势赋能：坐拥西部陆海新通道主枢纽地位，江津"水公铁"多式联运体系将企业辐射半径几何级放 大。 玖龙纸业(02689)涨超4%，截至发稿，涨4.63%，报4.52港元，成交额4299.04万港元。 消息面上，据纸引未来网报道，近日，玖龙纸业60亿元林浆纸一体化智能工厂项目正式签约重庆枢纽港 产业园。据介绍，西南地区纸包装需求旺盛，却长期受制于原料短板。高昂的进口纸浆物流成本与本地 规模化绿色浆源的缺失，成为区域造纸业发展的紧箍咒。玖龙纸业此次落子，以"浆纸一体化"模式直击 行业痛点：一期建设70万吨绿色制浆生产线，实现原料自主；二期规划100万吨高档纸生产线，完善产 业链闭环；智能物流加持：项目紧邻长江货运码头(直线距离)。 ...

违法事实为：1.生产经营单位对一般生产安全事故发生负有责任的，2.生产经营单位及其主要负责人或者其他人员违反操作规程或者安全管理规定作业的。 处罚依据：1.《中华人民共和国安全生产法》第一百一十四条："发生生产安全事故，对负有责任的生产经营单位除要求其依法承担相应的赔偿等责任外， 由应急管理部门依照下列规定处以罚款：（一）发生一般事故的，处三十万元以上一百万元以下的罚款；发生生产安全事故，情节特别严重、影响特别恶劣 的，应急管理部门可以按照前款罚款数额的二倍以上五倍以下对负有责任的生产经营单位处以罚款。"；2.《安全生产违法行为行政处罚办法》第四十五条 第一项："生产经营单位及其主要负责人或者其他人员有下列行为之一的，给予警告，并可以对生产经营单位处1万元以上3万元以下罚款，对其主要负责 人、其他有关人员处1000元以上1万元以下的罚款：（一）违反操作规程或者安全管理规定作业的；"，结合《山东省应急管理行政处罚自由裁量基准》（裁 量细则） 第140号第B档、第26号第A档。 处罚结果：1.罚款伍拾伍万玖仟玖佰玖拾玖元整；2.警告、罚款壹万壹仟肆佰玖拾玖元整，分别裁量、合并处警告、罚款伍拾柒万壹仟肆佰玖拾捌元 ...

1、央行：二季度末本外币绿色贷款余额增长14.4% 7月22日，中国人民银行发布2025年二季度金融机构贷款投向统计报告。根据报告，2025年二季度末， 本外币绿色贷款余额42.39万亿元，比年初增长14.4%，上半年增加5.35万亿元。分用途看，基础设施绿 色升级贷款、能源绿色低碳转型贷款、生态保护修复和利用贷款余额分别为18.75万亿元、8.25万亿元和 4.95万亿元，上半年分别增加2.11万亿元、5889亿元和5622亿元。分行业看，电力、燃气及水生产和供 应业绿色贷款余额8.66万亿元，上半年增加6742亿元；交通运输、仓储和邮政业绿色贷款余额7.64万亿 元，上半年增加6397亿元。 南方财经全媒体记者郭晓洁 21世纪经济报道记者李德尚玉 实习生叶方旋 广州报道 随着绿色金融市场的快速发展，相关的资讯和数据变得越来越丰富。绿色金融周报从宏观视角和机构绿 色金融实践等角度，关注绿色金融领域的最新前沿动态，追踪绿色金融市场的最新趋势，为绿色金融相 关参与方提供决策依据和参考。 一、重点关注 21碳中和课题组快评：上半年我国绿色贷款余额持续增长，且增长超过两位数，金融机构对绿色产业的 支持力度不断加大， ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Paper pulp futures are mainly influenced by macro - sentiment and will fluctuate widely. The supply - demand fundamentals remain in a stalemate, with high port inventory pressure, abundant supply of circulating goods, limited improvement in downstream demand, and low operating rates. It is expected that the price of the pulp 2509 contract will fluctuate widely in the range of 5260 - 5590 this week [4]. Summary According to the Table of Contents 1. Pulp Price Analysis - **Spot Pulp Price Review**: Coniferous pulp prices remained relatively stable, while broad - leaf pulp prices rose slightly. Among them, the price of broad - leaf pulp such as Jin Yu, Xiao Niao, and A Er Pai increased, with increases ranging from 1.22% to 1.74%. Coniferous pulp prices such as Yin Xing, Kai Li Pu, and Bei Mu remained unchanged. Chemical mechanical pulp and bleached kraft pulp prices remained stable, while reed pulp prices dropped significantly by 15.22% [11][14]. - **Pulp Futures Review**: The pulp futures contract SP2509 continued to oscillate upwards last week, closing at 5520 yuan/ton, up 4.31% for the week. The weighted trading volume was 1.936 million lots, an increase of 689,000 lots, and the weighted open interest was 305,000 lots, an increase of 28,000 lots [15]. - **Pulp Futures - Spot Basis Comparison**: The basis discount of softwood pulp and the closing price of the futures main contract was 400 yuan/ton, and the discount decreased by 228 yuan/ton compared with last week [19]. - **Log Futures Review**: The main log futures contract 2509 showed a trend of rising first and then falling last week, closing at 830 yuan/cubic meter, up 0.18% for the week. The weighted trading volume was 164,000 lots, a decrease of 23,900 lots, and the weighted open interest was 31,500 lots, a decrease of 9900 lots [20]. 2. Pulp Supply - Side Analysis - **Weekly Pulp Production**: Last week, pulp production was 482,000 tons, a decrease of 1.83% from the previous week. Among them, broad - leaf pulp production was 205,000 tons, and chemical mechanical pulp production was 210,000 tons, both showing a decline [22]. - **Capacity Utilization of Broad - Leaf Pulp and Chemical Mechanical Pulp**: Last week, the capacity utilization rate of domestic broad - leaf pulp was 75.8%, a decrease of 1.7% from the previous week, and the capacity utilization rate of chemical mechanical pulp was 88.1%, a decrease of 1.8% from the previous week [27]. - **Monthly Pulp Production**: In June 2025, domestic pulp production was 2.072 million tons, a decrease of 3.36% from the previous month. Among them, wood pulp production was 1.746 million tons, a decrease of 7.69%, and non - wood pulp production was 326,000 tons, a decrease of 2.69% [28]. - **Monthly Capacity Utilization**: In June 2025, the capacity utilization rate of chemical mechanical pulp was 85.0%, an increase of 0.8% from the previous month, and the capacity utilization rate of broad - leaf pulp was 80.6%, a decrease of 1.1% from the previous month [32]. - **Monthly Production Profit**: In June 2025, the production profit of broad - leaf pulp was 493.6 yuan/ton, a decrease of 25.31% from the previous month, and the production profit of chemical mechanical pulp was - 376.9 yuan/ton, a reduction in losses of 41.1 yuan/ton [36]. - **Pulp Imports**: In June 2025, pulp imports were 3.0306 million tons, an increase of 0.48% from the previous month and 16.12% from the same period last year. The cumulative imports from January to June were 18.5777 million tons, an increase of 4.2% from the same period last year [37]. 3. Pulp Demand - Side Analysis - **Downstream Tissue Paper Market**: Last week, domestic tissue paper production was 279,000 tons, a slight increase of 0.07% from the previous week, and the capacity utilization rate was 63.2%, an increase of 0.1% from the previous week [39]. - **Downstream Cultural Paper Market**: Last week, the production of coated paper was 79,000 tons, an increase of 1.28% from the previous week, and the capacity utilization rate was 58.0%, an increase of 0.4% from the previous week. The production of offset paper was 196,000 tons, a decrease of 2.0% from the previous week, and the capacity utilization rate was 55.1%, a decrease of 1.1% from the previous week [43]. - **Downstream Packaging Paper Market**: Last week, the production of white cardboard was 311,000 tons, a decrease of 0.32% from the previous week, and the capacity utilization rate was 75.85%, a decrease of 0.25% from the previous week. The production of corrugated paper was 462,300 tons, a decrease of 1.64% from the previous week, and the capacity utilization rate was 61.97%, a decrease of 1.04% from the previous week. The production of containerboard was 594,000 tons, a decrease of 1.02% from the previous week, and the capacity utilization rate was 65.6%, a decrease of 0.66% from the previous week [46][49]. - **Downstream Base Paper Spot Price Analysis**: Last week, the prices of tissue paper and cultural paper remained basically stable, the price of white cardboard decreased slightly, and the prices of whiteboard paper, corrugated paper, and containerboard remained stable [50][54][56]. - **Downstream Base Paper Capacity Utilization**: In June 2025, the capacity utilization rate of tissue paper decreased by 1.5% from the previous month, the capacity utilization rate of white cardboard increased by 2.58% from the previous month, the capacity utilization rate of offset paper increased slightly, and the capacity utilization rate of coated paper decreased slightly. The actual domestic pulp consumption decreased slightly [60][64][67]. 4. Pulp Inventory - Side Analysis - **Pulp Port Inventory**: Currently, the overall port inventory is in a destocking trend, with a total inventory of 2.143 million tons in mainstream ports, a decrease of 1.74% from the previous week. Among them, the inventory in Qingdao Port increased by 0.96%, the inventory in Changshu Port decreased by 5.26%, and the inventory in Tianjin Port increased by 5.36% [70][73]. - **Futures Pulp Warehouse Receipts**: Currently, pulp futures warehouse receipts are 243,600 tons, an increase of 1.43% from the previous week. The total warehouse receipts in Shandong area are 224,500 tons, an increase of 1.8% from the previous week [74].