Core Points - Wuzhou Special Paper announced the repurchase and cancellation of part of the restricted stock incentive plan for 2023, necessitating an adjustment to the conversion price of "Special Paper Convertible Bonds" [2] - The conversion price was adjusted from 13.63 yuan per share to 13.65 yuan per share, effective from November 11, 2025 [2]

人民财讯11月10日电，华泰股份（600308）11月10日公告，根据2025年"数据要素×"大赛组委会发布的 获奖项目名单，公司全资子公司瞬捷数字科技申报的"'数据要素'赋能造纸产业新型工业化解决方案"项 目，在2025年"数据要素×"大赛全国总决赛中荣获三等奖。此次大赛由国家数据局等多部委联合主办， 是国内聚焦数据要素赋能发展的国家级赛事。 ...

Macroeconomic Group - In October, China's export growth rate decreased by 0.8% year-on-year in RMB terms, down from 8.4% in September, while import growth was 1.4%, down from 7.5% [4] - The trade surplus for October was $90.1 billion, lower than the expected $113.7 billion and slightly down from $90.4 billion in September [4] - The decline in export growth is attributed to several factors, including fewer working days, a high base from last year, weakening manufacturing PMI in major Western economies, and increased tariffs from the U.S. [5] Industry Comprehensive Group - SanDisk has significantly raised the contract prices for NAND flash memory by up to 50% in November, marking the third price increase this year [10] - The demand for AI computing power is strong, suggesting that the current round of storage price increases may persist for a longer duration [10] Advanced Manufacturing Group - Tianqi Lithium announced long-term supply agreements with two battery companies, covering approximately 40% of their electrolyte demand for the next three years, totaling 1.595 million tons [13] - This move is aimed at mitigating price volatility risks of upstream raw materials, indicating potential price pressures for key upstream materials in 2026 [13] Consumer Group - The packaging paper market is experiencing a price increase trend, with major companies like Nine Dragons Paper and Shanying Paper raising prices by 30 to 150 RMB per ton [15] - The market average price for boxboard and corrugated paper has risen by 40 RMB per ton, driven by strong demand during the Double Eleven shopping festival [15][16] - The pulp market is seeing a decrease in both inventory and prices, alleviating cost pressures for paper manufacturers [16]

Core Viewpoint - The company, Shanying International, has signed a strategic investment cooperation agreement with China Southern Power Grid Comprehensive Energy Co., Ltd. to establish a partnership focused on energy transformation and green transition in the paper industry, aligning with the "dual carbon" goals [1] Group 1 - The strategic cooperation will focus on energy-saving renovations and new energy development within the paper industry [1] - The collaboration aims to leverage technological synergy and capital linkage to achieve a green transformation [1] - The partnership will encompass the development and investment in new energy and energy storage projects [1]

Core Viewpoint - Xianhe Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in revenue but a decline in net profit year-on-year [2][3]. Financial Performance - As of September 30, 2025, Xianhe Co., Ltd. achieved a revenue of 9.063 billion yuan, representing a year-on-year growth of 24.80% [2]. - The net profit attributable to shareholders for the same period was 778 million yuan, which reflects a year-on-year decrease of 4.77% [2]. Stock Performance - On November 10, 2025, Xianhe's stock price increased by 2.07%, reaching 23.66 yuan per share, with a total market capitalization of 16.745 billion yuan [1]. - Year-to-date, the stock price has risen by 17.54%, with a 2.03% increase over the last five trading days and a 2.87% increase over the last twenty days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 8.19% to 13,800, while the average circulating shares per person increased by 9.20% to 51,276 shares [2]. - The company has distributed a total of 1.774 billion yuan in dividends since its A-share listing, with 819 million yuan distributed over the last three years [3]. Ownership Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 3.8612 million shares, an increase of 565,600 shares from the previous period [3]. Business Overview - Xianhe Co., Ltd. specializes in the research, production, and sales of high-performance paper-based functional materials and their raw materials, with a diverse revenue composition [1]. - The main business revenue breakdown includes daily consumer products (42.67%), food and medical packaging materials (17.26%), and other categories [1].

Core Viewpoint - Bohui Paper's stock price has shown a positive trend with a year-to-date increase of 11.22%, indicating strong market performance despite some fluctuations in shareholder activity and net profit decline [1][2]. Financial Performance - For the period from January to September 2025, Bohui Paper achieved a revenue of 14.45 billion yuan, representing a year-on-year growth of 3.46%. However, the net profit attributable to shareholders decreased by 18.57% to 121 million yuan [2]. - Cumulative cash dividends since the A-share listing amount to 889 million yuan, with 9.44 million yuan distributed over the past three years [3]. Shareholder Activity - As of September 30, 2025, the number of shareholders decreased by 6.94% to 45,800, while the average circulating shares per person increased by 7.46% to 29,216 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 8.64 million shares, an increase of 310,200 shares compared to the previous period, while Southern CSI 1000 ETF reduced its holdings by 86,800 shares [3]. Stock Performance - On November 10, Bohui Paper's stock rose by 2.15% to 5.71 yuan per share, with a trading volume of 121 million yuan and a turnover rate of 1.61%, leading to a total market capitalization of 7.633 billion yuan [1]. - The stock has seen a 11.09% increase over the last five trading days, a 13.07% increase over the last twenty days, and a 12.18% increase over the last sixty days [1]. Business Overview - Bohui Paper, established on April 29, 1994, and listed on June 8, 2004, is located in Huantai County, Zibo City, Shandong Province. The company primarily engages in the production and sales of various types of paper [1]. - The main revenue composition includes white cardboard (62.22%), cultural paper (25.10%), box board paper (6.89%), gypsum face paper (3.04%), and other supplementary products (2.75%) [1]. - The company is classified under the light industry manufacturing sector, specifically in the paper and bulk paper category [1].

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating in the given content. 2. Report Core View No explicit core view is presented in the provided content. It mainly contains data on pulp prices, import profits, and related industry indices. 3. Content Summary by Category Pulp Futures Data - The closing price of the SP main contract on November 7, 2025, was 5394.00 [1]. - From November 3 - 7, 2025, the closing prices of the main contract were 5306.00, 5288.00, 5360.00, 5368.00, and 5394.00 respectively, with daily percentage changes of 1.80353%, -0.33924%, 1.36157%, 0.14925%, and 0.48435% [1]. - The corresponding converted US - dollar prices were 650.56, 648.25, 657.08, 658.32, and 658.32 respectively [1]. - The Shandong Yinxing basis was 194, 212, 140, 132, and 106 from November 3 - 7, 2025, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 219, 227, 155, 157, and 131 respectively [1]. Pulp Import Data - With a 13% VAT calculation, the import profit of Canadian Golden Lion was -145.57, the Canadian Lion was -493.29, and the Chilean Yinxing was -41.01 [2]. - The port US - dollar prices of Golden Lion, Lion, and Yinxing were 780, 730, and 680 respectively, and the Shandong region RMB prices were 6200, 5450, and 5500 respectively [2]. Pulp and Paper Industry Price Indices - From November 3 - 7, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [2]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2]. - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from November 4 - 7, 2025, at 5725, 5670, 4350, and 841 respectively [2]. Pulp Price Difference Data - From November 3 - 7, 2025, the price differences between softwood and hardwood pulp were 1250, 1250, 1250, 1240, and 1240 respectively; between softwood and natural pulp were 100; between softwood and chemimechanical pulp were 1700; and between softwood pulp and waste paper were 3924 [2]. Pulp Product Profit Margin Data - From November 4 - 7, 2025, the estimated profit margins of double - offset paper were -0.2151%, double - copper paper were 12.9032%, white - card paper were -9.5694% on November 4 - 5 and -7.6381% on November 6 - 7, and living paper were 6.7831% on November 4 - 5 and 6.5730% on November 6 - 7 [2].

造纸板块走高，青山纸业涨停，依依股份、华泰股份、安妮股份、太阳纸业、松炀资源等涨幅居前。 ...

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年11月9日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1.【常熟港纸浆库存统计】截至2025年11月6日，中国纸浆常熟港库存50.6万吨，较上周期增涨0.6万吨，环比上涨0.6%。本周常熟港库存呈现累库走势。 2.【青岛港纸浆库存统计】截至2025年11月6日，中国青岛港港内及港外仓库纸浆库存135.5万吨，较上周下降5.5万吨，环比下降3.9%。本周期青岛港库存周期内 呈现去库的走势。 3.【高栏港纸浆库存统计】截至2025年11月6日，中国纸浆高栏港库存5.6万吨，较上周上涨2.2万吨，环比上涨64.7%。本周期高栏港库存呈现累库的趋势。 ...

Group 1: Economic Outlook - The report anticipates a soft landing for the US economy, with expectations of interest rate cuts due to weakened Federal Reserve independence and employment pressures [2] - A potential economic slowdown or mild recession is expected to be countered by rapid interest rate cuts, benefiting gold and US equities over US Treasuries and cash [2] Group 2: Domestic Market Projections - The A-share market is projected to have considerable upward potential during the 14th Five-Year Plan period, with a target of over 4450 points by 2026, supported by low bond rates and improving prices [3] - The report suggests a long-term bullish trend for the Chinese stock market, aligning with the strategic focus on information technology and consumption [3] Group 3: Hong Kong Market Insights - The Hong Kong stock market is expected to benefit from a significant inflow of southbound funds, with a target range of 29000-32000 points for 2026, following a strong performance in 2025 [4] - The shift in pricing power from quantity to quality due to southbound fund inflows is highlighted as a key factor influencing Hong Kong stock valuations [4] Group 4: Industry Selection - AI applications are expected to drive growth across various sectors, including internet/software, media, hardware, semiconductors, and retail [5] - The PPI chain is anticipated to benefit midstream manufacturing and upstream raw materials industries, with a focus on sectors like electrical equipment, defense, chemicals, and machinery [5] - Non-bank financials, particularly insurance and brokerage firms, are expected to perform well due to market conditions [5] - The pharmaceutical sector is viewed positively, with new consumption trends favoring innovative drugs over traditional consumption [5] - A stable cash flow combination is projected to outperform the market, especially in a context of a weakening dollar and low bond yields [5]