Core Viewpoint - Anhui Linping Circular Development Co., Ltd. is seeking to raise 1.2 billion yuan through an IPO on the Shanghai Stock Exchange, focusing on the production of packaging paper products [1][5]. Company Overview - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard, recognized as a high-tech enterprise with independent R&D capabilities [3]. - The company integrates waste paper utilization, cogeneration, and green paper-making, emphasizing environmental protection and resource recycling [3]. Market Position - Linping Development has a current production capacity of 1.2 million tons and ranks among the top 30 paper production companies in China, with a projected output of 1.0197 million tons in 2024 [4]. - The company holds a significant market share in Anhui Province, accounting for 35.65% of the province's paper and board production and 0.75% of the national total [4]. Financial Performance - The company reported revenues of 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan for the years 2022 to 2024, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [5]. Future Growth Plans - The IPO proceeds will be allocated to projects aimed at producing 900,000 tons of green intelligent manufacturing materials and 600,000 tons of bio-based fiber materials [5]. - The investment projects are expected to enhance product upgrades, production capacity, and market share, thereby improving profitability [6]. - The company plans to phase out outdated production lines and invest in new intelligent production lines to enhance efficiency and product quality [6].

Core Viewpoint - The volatility of pulp prices in the current global economic environment poses significant operational risks for upstream and downstream enterprises, particularly for small and medium-sized enterprises (SMEs) that lack professional risk management teams and sufficient capital to engage in futures markets for risk management [1][2]. Group 1: Industry Background - China, as a major consumer of pulp, has a nearly 100% dependence on imported softwood pulp and over 50% dependence on hardwood pulp, leading to significant operational risks due to price volatility driven by foreign suppliers [2]. - The cost of raw materials accounts for 70% to 80% of the pricing for paper manufacturers, making them vulnerable to fluctuations in international pulp prices [2]. Group 2: Risk Management Solutions - A futures risk management company has engaged in basis trading by signing contracts with upstream suppliers to purchase large quantities of pulp and then retailing it to SMEs in the downstream pulp industry [3]. - By utilizing basis trading, upstream companies can lock in sales profits and mitigate the risk of price fluctuations [4]. - The risk management company establishes a stable inventory to ensure supply for downstream enterprises, allowing them to flexibly procure based on their production needs [5]. Group 3: Pricing Mechanisms - The company employs both front-point pricing and back-point pricing models in basis trading to accommodate different risk management needs of enterprises [6][7]. - For instance, a medium-sized paper manufacturer utilized a back-point pricing contract to manage procurement costs effectively, allowing for flexible payment and delivery based on market conditions [7][8]. Group 4: Benefits of Basis Trading - Basis trading allows enterprises to transfer price volatility risks to the risk management company, which then hedges these risks in the futures market [8]. - This trading model enhances the pricing power of downstream enterprises, making spot pricing more reflective of market supply and demand dynamics [10]. Group 5: Strengthening Supply Chains - The risk management company facilitates the establishment of stable supply chains by locking in procurement agreements with upstream suppliers and ensuring supply contracts with downstream clients [11]. - This dual approach helps SMEs mitigate risks associated with cash flow and inventory management, thereby enhancing their resilience against market fluctuations [11]. - Overall, the integration of basis trading and profit-locking tools allows for a more efficient allocation of resources and cost management across the industry chain [11].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - This week, the mainstream price of the offset printing paper market remained stable, with individual prices slightly loosening. In the short term, the supply - demand contradiction in the fundamentals is not significant, and the supply side will be basically stable next week. As publication orders are gradually picked up, the paper mill inventory may decrease. However, social orders are still in the off - season, and dealers are expected to sell at stable prices, with possible individual price cuts to boost sales at the end of the month. The suspension of the "Bratsk" brand of bleached sulfate softwood pulp futures for delivery may boost pulp prices and have a short - term positive impact on paper prices. In the long - term, the core contradiction of offset printing paper is that the growth rate of terminal demand cannot cover the growth rate of capacity expansion, and the paper price is expected to be weak with possible seasonal highs around October [5][52]. Summary According to Relevant Catalogs 1. Overview No specific content provided. 2. Market Trends - The average market price of 70g wood - pulp high - white offset printing paper this week was 5,163 yuan/ton, remaining unchanged from last week. The average market price of 70g wood - pulp natural - white offset printing paper was 4,821 yuan/ton, a decrease of 19 yuan/ton (0.39% decline), and the decline rate narrowed by 0.06 percentage points compared to last week [5][52]. - In the Shandong market, the prices of 70g Tianyang, 70g Chenming Yunjing, and 70g Huaxia Taiyang remained unchanged. In the Guangdong market, the price of 70g Tianyang decreased by 50 yuan/ton, while the prices of 70g Chenming Yunbao and 70g Huaxia Taiyang remained stable. The pre - tax and after - tax gross profits of offset printing paper increased compared to last week [11]. 3. Supply - Demand Data Industry Capacity - In 2024, the domestic offset printing paper industry capacity was about 16.52 million tons, a year - on - year increase of 7%. The annual output was about 9.478 million tons, with a capacity utilization rate of 57% [20]. Weekly Production and Capacity Utilization - This week, the domestic offset printing paper industry production was 162,900 tons, and the capacity utilization rate was 49.3% [23]. Weekly Sales and Inventory - This week, the domestic offset printing paper industry sales were 156,000 tons, and the enterprise inventory was 378,500 tons [29]. Import and Export - In April, the domestic offset printing paper import volume was 13,000 tons, and the export volume was 69,600 tons [37]. Inventory - In terms of inventory days, Central China > East China > South China, and the social inventory pressure is higher than the enterprise inventory [43]. Terminal Consumption - In recent years, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down [48]. 4. Market Judgment - **Market Review**: The main factors affecting the market price trend are that the paper mill production has little change, dealers' orders have not improved, publication orders have not been picked up in large quantities, social orders are weak, and the upstream wood - pulp price has declined, which has a negative impact on the offset printing paper market [5][52]. - **Future Outlook**: In the short term, the supply - demand contradiction is not significant, and the supply side will be stable. With the pick - up of publication orders, paper mill inventory may decrease. Social orders are in the off - season, and dealers are expected to sell at stable prices. The suspension of the "Bratsk" brand for delivery may boost pulp prices and have a short - term impact on paper prices. In the long - term, the paper price is expected to be weak with possible seasonal highs around October [5][52].

Report Industry Investment Ratings No relevant content provided. Core Views - The short - term oil price is mainly affected by geopolitical situations, with high uncertainty and expected to be highly volatile. The macro - risk is difficult to resolve due to the ongoing Sino - US trade negotiations and potential inflation pressure in the US. [3] - For asphalt, the cost side remains high, and the supply - demand pattern is weak. The short - term price is expected to be supported by the oil price, but the asphalt - crude oil crack spread continues to decline. [7] - The domestic liquefied gas market is under pressure during the summer off - season, but the sharp rise in oil prices provides strong support for the PG price. [9] - High - sulfur fuel oil has support from geopolitics and peak - season power generation demand, while low - sulfur fuel oil has a recovering supply and weak downstream demand. [12] - The natural gas price in the US is expected to gradually rise due to increased demand, and the European natural gas price has soared due to geopolitical tensions. [14] - For PX, the supply increases significantly in June, and the profit is compressed. The supply is expected to decrease in early July due to maintenance plans. [16] - PTA's supply - demand margin is expected to weaken in July, with the downstream in the seasonal consumption off - season. [17] - Ethylene glycol maintains a tight - balance pattern, and the supply - demand gap is expected to narrow in June. [19] - Short - fiber processing fees are expected to be strongly supported in June, with stable downstream start - up. [21] - For bottle - grade polyester chips, the production enterprises' losses are expanding, and some enterprises may stop production later. [23] - The supply of styrene is expected to increase slightly, and the medium - term supply - demand margin is expected to weaken, but the short - term price is expected to fluctuate at a high level due to low inventory. [24] - The supply - demand of polyolefins is expected to be weak, and short - term observation is recommended, with a mid - term idea of shorting on rebounds. [28] - PVC has a long - term supply - surplus pattern, and short - term observation is recommended, while maintaining a short - on - rebound idea. Caustic soda's 09 contract is expected to be weak, with a mid - term bearish view. [32] - For soda ash, the supply - surplus pattern is intensifying, and interval operation with a short - bias is recommended. [34] - Glass is expected to have a weak price in the short - term, and interval operation with a short - bias is recommended, paying attention to cost reduction and plant cold - repair. [36] - The log spot market still faces challenges in the long - term, and short - term observation is recommended, paying attention to 9 - 11 reverse spreads. [39] - The prices of corrugated paper and box - board paper are expected to continue to decline, with weak market transactions. [40] - The double - offset paper market shows a weak supply - demand pattern, and the price maintains a low - level fluctuation. [42] - For pulp, the short - term observation of the SP 09 contract is recommended, paying attention to the support at the Monday low. [44] - For natural rubber, hold short positions in the RU 09 and NR 08 contracts, and hold relevant spreads. [47] - For butadiene rubber, observe the BR 08 contract, paying attention to the pressure at the Monday high, and hold relevant spreads. [49] Summary by Directory Crude Oil - **Market Review**: WTI2507 contract settled at $71.77, down $1.21/barrel (- 1.66%); Brent2508 contract settled at $73.23, down $1.00/barrel (- 1.35%); SC main contract 2508 rose to 529.2 yuan/barrel and then fell to 523 yuan/barrel at night. The Brent main - second - line spread was $1.39/barrel [1] - **Related News**: Iran expressed willingness to return to negotiations and hope for a cease - fire, but the US signaled a possible entry into the Middle - East battlefield, increasing geopolitical risks. OPEC lowered the forecast of non - OPEC+ oil supply growth in 2026 [3] - **Trading Strategy**: Brent's intraday oscillation range is expected to be $72 - 77/barrel. Consider gasoline and diesel crack spreads weakening, and observe options [4] Asphalt - **Market Review**: BU2509 closed at 3605 points at night (- 1.10%), BU2512 closed at 3440 points at night (- 1.29%). Spot prices varied by region [5] - **Related News**: In different regions, asphalt prices showed different trends due to factors such as cost, supply, and weather [5][6] - **Trading Strategy**: High - level oscillation for single - side trading, weakening asphalt - crude oil spreads, and observing options [7] Liquefied Gas - **Market Review**: PG2507 closed at 4342 at night (- 0.41%), PG2508 closed at 4258 at night (- 0.35%). Spot prices varied by region [7] - **Related News**: Different regions had different price trends due to factors such as cost, supply, and demand [8][9] - **Trading Strategy**: Oscillation with a bullish bias for single - side trading [10] Fuel Oil - **Market Review**: FU09 contract closed at 3200 at night (- 1.42%), LU08 closed at 3758 at night (- 2.49%). Singapore paper - cargo spreads were given [10] - **Related News**: Russian fuel exports had different trends in different regions, and Singapore's marine fuel sales reached a 16 - month high in May [10][11] - **Trading Strategy**: Observe single - side trading, pay attention to geopolitical and macro - disturbances, and go long on the FU9 - 1 positive spread on dips [13] Natural Gas - **Market Review**: No specific market review data provided - **Related News**: US natural gas inventory increased more than expected, and European natural gas prices soared due to geopolitical tensions and high - temperature demand [14] - **Trading Strategy**: Go long on the HH contract on dips and be bullish on the TTF contract [14] PX - **Market Review**: PX2509 main contract closed at 6758 and then at 6694 at night. Spot prices and PXN were given [15] - **Related News**: Jiangsu and Zhejiang polyester yarn sales were weak [15] - **Trading Strategy**: High - level oscillation for single - side trading, long PX and short PTA for spreads, and observe options [16] PTA - **Market Review**: TA509 main contract closed at 4766 and then at 4724 at night. Spot prices and basis were given [16] - **Related News**: Jiangsu and Zhejiang polyester yarn sales were weak [16] - **Trading Strategy**: High - level oscillation for single - side trading, long PX and short PTA for spreads, and observe options [17] Ethylene Glycol - **Market Review**: EG2509 main contract closed at 4374 and then at 4336 at night. Spot prices and basis were given [18] - **Related News**: Jiangsu and Zhejiang polyester yarn sales were weak, port inventory decreased, and some Iranian devices stopped [18][19] - **Trading Strategy**: High - level oscillation for single - side trading, observe spreads and options [20] Short - Fiber - **Market Review**: PF2508 main contract closed at 6510 and then at 6448 at night. Spot prices were given [21] - **Related News**: Jiangsu and Zhejiang polyester yarn sales were weak [21] - **Trading Strategy**: High - level oscillation for single - side trading, observe spreads and options [22] Bottle - Grade Polyester Chips - **Market Review**: PR2507 main contract closed at 5980 and then at 5926 at night. Spot prices were given [22] - **Related News**: Polyester bottle - chip factory export quotes were mostly stable with partial small increases [23] - **Trading Strategy**: High - level oscillation for single - side trading, observe spreads and options [22] Styrene - **Market Review**: EB2507 main contract closed at 7589 and then at 7422 at night. Spot prices and basis were given [24] - **Related News**: Benzene - ethylene port inventory decreased, and upstream pure - benzene port inventory increased [24] - **Trading Strategy**: High - level oscillation for single - side trading, observe spreads and options [25] Plastic PP - **Market Review**: LLDPE market prices continued to rise, and PP spot prices varied by region [26] - **Related News**: PE and PP maintenance ratios changed, and producer inventory decreased [26][27] - **Trading Strategy**: Observe in the short - term, short on rebounds in the mid - term, observe spreads and options [29] PVC and Caustic Soda - **Market Review**: PVC spot prices decreased, and caustic soda spot prices in some regions decreased [29] - **Related News**: Some prices of raw materials and products changed, and some enterprises adjusted prices [30] - **Trading Strategy**: Observe PVC in the short - term, short on rebounds in the long - term; be bearish on caustic soda's 09 contract, hold 8 - 10 reverse spreads, and observe options [33] Soda Ash - **Market Review**: Soda ash futures main 09 contract closed at 1174 yuan/ton and then at 1169 yuan/ton at night. Spot prices changed [33][34] - **Related News**: Soda ash inventory increased, and production increased [34] - **Trading Strategy**: Interval operation with a short - bias for single - side trading, observe spreads, and sell out - of - the - money call options [35] Glass - **Market Review**: Glass futures main 09 contract closed at 980 yuan/ton and then at 978 yuan/ton at night. Spot prices changed [35][36] - **Related News**: The glass market was weak, and some macro - data were unfavorable [36] - **Trading Strategy**: Interval operation with a short - bias for single - side trading, observe spreads, and sell out - of - the - money call options [37] Log - **Market Review**: Log spot prices in some regions were stable, and the main contract price rose [38] - **Related News**: Imported log shipping costs were stable, and arrival volumes in some ports changed [38] - **Trading Strategy**: Observe single - side trading, pay attention to 9 - 11 reverse spreads, and observe options [39] Corrugated Paper - **Market Review**: Corrugated and box - board paper prices mostly remained stable with some declines in the South [39][40] - **Related News**: Market transactions were weak, raw material prices decreased, and production loads decreased [40] - **Trading Strategy**: No specific trading strategy provided Double - Offset Paper - **Market Review**: Double - offset paper market was stable, and production and inventory data were given [41][42] - **Related News**: The market showed a weak supply - demand pattern [42] - **Trading Strategy**: No specific trading strategy provided Pulp - **Market Review**: The SP main 09 contract showed a small oscillation [42] - **Related News**: The papermaking industry was in the off - season, and some paper enterprises tried to raise prices [43][44] - **Trading Strategy**: Observe the SP 09 contract, pay attention to the support at the Monday low, and observe spreads [44] Natural Rubber - **Market Review**: RU, NR, and BR contract prices changed, and spot prices were given [44][45] - **Related News**: China's auto production and sales increased in May [46] - **Trading Strategy**: Hold short positions in the RU 09 and NR 08 contracts, hold relevant spreads, and observe options [47] Butadiene Rubber - **Market Review**: BR contract price decreased, and related spot prices were given [47] - **Related News**: A tire company had development plans [48] - **Trading Strategy**: Observe the BR 08 contract, pay attention to the pressure at the Monday high, hold relevant spreads, and observe options [49]

Core Viewpoint - The local environmental authority is investigating complaints regarding air pollution from a paper company in Deyang, Sichuan, and has implemented measures to monitor and mitigate the issue [1][5]. Group 1: Complaint and Investigation - A resident reported persistent unpleasant odors in Guanghan City, suspecting that nearby factories were discharging untreated waste gas [3]. - The Deyang Guanghan Ecological Environment Bureau conducted multiple inspections of the paper company, confirming that its emissions were within national standards, but noted intermittent mild odors in the vicinity [5]. Group 2: Pollution Control Measures - The company has installed four sets of waste gas collection and treatment facilities to reduce emissions from its drying workshop, which had shown signs of corrosion and required maintenance [6]. - Following repairs, the monitoring data indicated a decrease in odor levels, remaining well below national emission standards [6]. Group 3: Future Oversight - The Deyang Guanghan Ecological Environment Bureau plans to enhance monitoring of the company to ensure effective odor control and compliance with environmental regulations [7].

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on June 13, 2025 [1] SP Main Contract Information - The closing price of the SP main contract on June 12, 2025, was 5268.00 [2] - The closing prices on previous days were 5346.00 on June 11, 5376.00 on June 10, 5394.00 on June 9, and 5280.00 on June 6 [2] - The corresponding US dollar - converted prices were 640.45, 649.76, 653.35, 655.85, and 641.73 respectively [2] - The daily price changes were - 1.45903% on June 12, - 0.55804% on June 11, - 0.33370% on June 10, 2.15909% on June 9, and 0.00000% on June 6 [2] - The Shandong Yinxing basis was 867 on June 12, 814 on June 11, 824 on June 10, 766 on June 9, and 880 on June 6 [2] - The Jiangsu - Zhejiang - Shanghai Yinxing basis was 882 on June 12, 854 on June 11, 839 on June 10, 806 on June 9, and 920 on June 6 [2] Import Profit Information - Calculated with a 13% VAT, for Canadian pulp brands: the CFR price of Golden Lion was 780 US dollars, with a Shandong - area RMB price of 6650 and an import profit of 201.55; the CFR price of Lion was 730 US dollars, with a Shandong - area RMB price of 5800 and an import profit of - 167.78 [3] - For the Chilean brand Yinxing with a CFR letter of credit for 90 days, the price was 740 US dollars, the Shandong - area RMB price was 6135, and the import profit was 61.08 [3] Pulp Price Averages - From June 6 to June 12, 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 [3] - The Shandong - area average prices of these pulp types also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [3] Paper Product Indexes - From June 9 to June 12, 2025, the cultural paper indexes (double - offset index and double - copper index), packaging paper index (white - card index), and living paper index remained unchanged at 5725, 5670, 4350, and 843 respectively [3] Paper Product Profit Margins - From June 9 to June 12, 2025, the estimated profit margins of double - offset paper changed from 8.4932% to 8.1437% (a change of 0.1068), double - copper paper from 23.2196% to 23.0093% (a change of 0.1051), white - card paper from - 10.3810% to - 9.7262% (a change of 0.2976), and living paper from 10.2775% to 9.9056% (a change of 0.4091) [3] Pulp Price Spreads - From June 6 to June 12, 2025, the softwood - hardwood price spread changed from 2050 to 1995, the softwood - natural price spread from 760 to 735, the softwood - chemimechanical price spread from 2310 to 2385, and the softwood - waste paper price spread from 4584 to 4559 [3]

流向 温江区 90吨挥发性有机物总量指标 青白江区 60吨氮氧化物总量指标 用途 ●打破了区（市、县）之间环境要素资源配置壁垒 ●推动指标"跟着项目走" ●对优化营商环境具有重要意义 继山东、天津等地之后，四川也实现建设项目大气污染物总量指标跨区域置换——6月9日，记者从 成都市生态环境局获悉，成都市温江区与青白江区已达成《大气污染物总量指标批量互换协议》，双方 将进行氮氧化物与挥发性有机物总量指标跨区域置换，其中90吨挥发性有机物总量指标从温江区流向青 白江区，60吨氮氧化物总量指标反向置换至温江区。 这是四川首例建设项目大气污染物总量指标跨区域置换。为何要进行大气污染物总量指标跨区域置 换？置换对地方经济发展有什么影响？ ●温江区 置换来的氮氧化物总量指标，将用于保障成都西电中特大型特种变产线、四川海思科制药新建锅 炉、四川锦丰纸业技改等项目落地，总投资超30亿元 ●青白江区 置换来的挥发性有机物总量指标，将用来支持巨石集团高性能玻纤智能制造基地、秀德畅盈碳纤维 全产业链一体化产业基地、中环院西南中试基地等重大项目，总投资额约150亿元 意义 ●解了两地项目总量指标供需的燃眉之急 为何换？ 推动指标"跟着 ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - **Market Review**: This week, the mainstream of the double - offset paper market remained stable, with prices of some natural - white specifications falling. The average market price of 70g wood - pulp high - white double - offset paper was 5,163 yuan/ton, unchanged from last week, and the trend turned stable from a decline. The average market price of 70g wood - pulp natural - white double - offset paper was 4,862 yuan/ton, down 21 yuan/ton (a 0.43% decline), and the decline rate widened by 0.10 percentage points compared to last week. The main influencing factors included stable paper mill offers at the beginning of the month, cautious inventory building by traders, little change in downstream printer orders, and a decline in the average price of upstream wood pulp, weakening cost support [4][52]. - **Short - term Outlook**: In the short term, some production lines in East and Central China have shut down, and the resumption time is unclear. Supply is expected to decrease slightly next week. Since the pick - up time for publication orders has not arrived and social demand is stable, there will be no significant improvement in demand. It is expected that the transaction of base paper will change little next week, with prices remaining stable [4][52]. - **Medium - and Long - term Outlook**: In the medium - and long - term, the core contradiction of double - offset paper is that the growth rate of terminal demand cannot cover the growth rate of production capacity. Paper prices are expected to be weak and volatile in the second half of the year. However, due to seasonal demand, there may be a phased high in prices within the year, expected to be from September to October, driven by improved demand and seasonal inventory replenishment by dealers. From a valuation perspective, the phased rebound of pulp prices has led to a decline in paper mill profits and a phased repair of valuation. As the US dollar market enters a price - cut cycle, the negative feedback between pulp and paper is expected to continue, and there is still room for paper prices to fall [4][52]. 3. Summary by Directory 3.1 Industry News - **Inventory**: As of this Thursday, the inventory days of double - offset paper increased by 1.13% compared to last Thursday, and the increase rate widened by 0.15 percentage points. Some large - scale paper mills intended to build inventory in advance for publication orders, and overall de - stocking was not obvious due to mainly rigid demand from downstream inquiries [6]. - **Production Load**: This week, the operating load rate of double - offset paper was 47.71%, down 0.77 percentage points from last week, and the decline rate narrowed by 0.58 percentage points. The resumption of some shut - down production lines in Jiangsu was offset by non - resumption in Shandong and maintenance of some lines in Hunan [7]. - **Canadian Pulp Exports to China in April 2025**: Coniferous pulp exports were 126,800 tons, down 32.10% month - on - month and 21.20% year - on - year; hardwood pulp exports were 11,900 tons, down 53.91% month - on - month and 31.64% year - on - year; chemimechanical pulp exports were 83,000 tons, down 0.73% month - on - month and up 2.45% year - on - year [7]. - **Arauco's June 2025 Wood Pulp Offer**: Arauco's offer for coniferous pulp (Silver Star) was 740 US dollars/ton, and for natural - colored pulp (Venus) was 620 US dollars/ton. There was no offer for hardwood pulp (Star), with no supply in June and partial supply expected to resume in July [7]. 3.2 Market Trends - **Price Data**: The average price of 70g high - white double - offset paper on June 6 was 5,162.5 yuan/ton, unchanged from the previous day and last week [10]. - **Spot Market and Cost - Profit**: In the Shandong and Guangdong markets, prices of various 70g double - offset paper products remained unchanged week - on - week. Before tax, the pre - tax gross profit increased by 17 yuan, and after tax, the after - tax gross profit decreased by 15 yuan [11]. 3.3 Supply - Demand Data - **Industry Capacity**: The industry is in a state of over - capacity. In 2024, the domestic double - offset 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% [17][21]. - **Weekly Production and Capacity Utilization**: This week, the domestic double - offset paper industry output was 157,600 tons, and the capacity utilization rate was 47.7% [26]. - **Weekly Sales and Inventory**: This week, the domestic double - offset paper industry sales were 153,500 tons, and the enterprise inventory was 367,100 tons [32]. - **Imports and Exports**: In April, the import volume of double - offset paper was 13,000 tons, and the export volume was 69,600 tons [38]. - **Inventory Structure**: In terms of inventory days, Central China > East China > South China; social inventory pressure was higher than enterprise inventory [44]. - **Terminal Consumption**: In recent years, the growth rate of retail sales of books, newspapers, and magazines has gradually slowed down [49].

Core Insights - The 20th Guangzhou International Paper Exhibition and Asia Life Paper Exhibition opened on June 5, showcasing a record scale with over 300 exhibitors and more than 10,000 global buyers [1][3] - The exhibition has evolved from a regional industry gathering to an international trade platform for the paper industry, serving as a trade and technology hub for the global paper supply chain [1][3] Industry Overview - The exhibition features various zones including pulp and paper technology, paper chemicals, paper industry, life paper, and alternatives to plastic, highlighting advancements in green, intelligent, and international transformation of China's paper industry [3] - The core value of the exhibition is "Global Paper Trade," establishing an efficient and precise global trade connection network, and promoting the "Paper Silk Road" along the Belt and Road Initiative [3] Event Statistics - The cumulative exhibition area reached 150,000 square meters, with a total of 4,000 participating companies and 500,000 attendees, including 50,000 overseas buyers, with a significant increase in purchasing groups from the Middle East and Southeast Asia [3]

Group 1 - 24 solar companies, including JA Solar, JinkoSolar, Tongwei Co., Longi Green Energy, and GCL Group, jointly released the "Global Solar Sustainable Alliance" initiative to promote sustainable development in the solar industry [1] - The initiative aims to address social and environmental challenges while providing clean energy, focusing on building a sustainable supply chain and promoting green mining practices [1] - The theme of the initiative is "Together Towards Tomorrow," emphasizing collaboration among stakeholders in the solar industry for sustainable growth [2] Group 2 - The Shanghai Stock Exchange and China Securities Index Co. announced revisions to the Shanghai 380 Index, including new ESG screening criteria and investment conditions [3] - The revised index will implement changes such as excluding companies with ESG ratings of C or below and limiting the weight of individual samples to a maximum of 10% [3] - These changes are set to take effect on June 16, 2025, aiming to enhance the index's focus on sustainable and responsible investment [3] Group 3 - China's first national standard for green data center evaluation, titled "Green Data Center Evaluation," will be implemented starting June 1, providing guidelines for energy-efficient and environmentally friendly data center construction [4] - The standard outlines five key indicators for data centers, including energy resource utilization, green design, procurement, operation, and service [4] - This initiative aims to facilitate the regular assessment and certification of green data centers in the industry [4] Group 4 - The Hong Kong government is taking measures to assist small and medium-sized enterprises (SMEs) in integrating ESG principles, addressing challenges such as rising costs and lack of knowledge [5] - SMEs represent over 98% of businesses in Hong Kong, and the government aims to support them in adopting ESG practices through various initiatives [5] - The focus is on providing resources and professional assistance to help SMEs overcome difficulties in implementing ESG strategies [5] Group 5 - The Chinese paper industry is undergoing a significant green transformation in response to the EU's Carbon Border Adjustment Mechanism (CBAM) and the ongoing "dual carbon" policy [6][7] - The industry is exploring the "forest-pulp-paper integration" model, which includes carbon trading and ecological co-construction to enhance sustainability [7] - This transformation is seen as essential for the survival of high-carbon industries in the face of global ecological challenges [6] Group 6 - The China Red Cross Foundation launched the "Oral Health and Nutrition Promotion Project" to enhance public awareness of oral disease prevention and improve overall oral health [8] - The project will focus on high-risk groups such as children and the elderly, conducting community screenings and educational activities [8] - The initiative aligns with national health priorities and aims to strengthen the capabilities of grassroots medical institutions in oral health care [8] Group 7 - Zhinanzhen announced the resignation of its chairman, Dun Heng, due to personal reasons, with the vice chairman, Leng Xiaoxiang, temporarily assuming the chairman's responsibilities [9] - The company is in the process of electing a new chairman and will continue its operations under the interim leadership [9] Group 8 - Jinfutech was fined 7.5 million yuan for false financial reporting, including inflated revenue figures for the first three quarters of 2021 [10] - The Jiangsu Securities Regulatory Bureau has issued a warning to the company and its executives for the violations [10] Group 9 - Aerospace Chenguang has been suspended from participating in military procurement activities due to violations of regulations, affecting its logistics support business [11] - The company is currently investigating the reasons behind the suspension and preparing to appeal the decision [11]