每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 截至发稿，太阳纸业市值为412亿元。 每经AI快讯，太阳纸业（SZ 002078，收盘价：14.75元）12月9日晚间发布公告称，公司第九届第七次 董事会会议于2025年12月9日在公司会议室以现场方式召开。会议审议了《关于公司及控股子公司2026 年度向金融机构申请综合授信额度的议案》等文件。 2025年1至6月份，太阳纸业的营业收入构成为：浆及纸制品占比94.74%，电及蒸汽占比3.9%，其他业 务占比0.73%，石灰占比0.63%。 ...

Core Viewpoint - The article highlights the advancements made by Minshida Special Paper Industry Co., Ltd. in the production of aramid paper, a crucial material for aerospace, rail transportation, and new energy sectors, overcoming a 40-year foreign monopoly in manufacturing technology [1] Company Summary - Minshida has successfully broken through foreign monopolies and barriers in aramid paper production, addressing the "bottleneck" issue in the industry [1] - The company has focused on innovation and specialization, leading to an increasing global market share for its products [1] Industry Summary - Aramid paper is essential in various important fields, including aerospace, rail transportation, and new energy [1] - The manufacturing technology for aramid paper was previously dominated by foreign entities for four decades, indicating a significant shift in the competitive landscape with Minshida's advancements [1]

Core Viewpoint - Baoding City Mancheng District Yunjian Paper Industry Co., Ltd. has been established with a registered capital of 10,000 RMB, indicating a new player in the paper manufacturing sector [1] Company Overview - The legal representative of the newly established company is Zhang Zhanliang [1] - The company operates in various areas including paper manufacturing, sales of paper products, and office supplies [1] Business Scope - The business scope includes general projects such as: - Paper manufacturing - Sales of paper products - Sales of office supplies - Manufacturing of paper products - Manufacturing of paper and paperboard containers - Sales of personal hygiene products - Sales of sanitary and disposable medical supplies - Wholesale of kitchenware and daily miscellaneous goods - Sales and manufacturing of sanitary ware [1] - The company is also involved in the sales and manufacturing of specialized equipment for pulping and paper-making, as well as pulp manufacturing and sales [1]

Core Viewpoint - The company has confirmed its capability to produce household paper products through its subsidiary, addressing investor inquiries about its production capabilities [2]. Group 1 - The company, Huatai Co., Ltd. (600308.SH), has a wholly-owned subsidiary, Shandong Huatai Household Paper Co., Ltd., which is capable of producing sanitary paper and other household paper products [2].

生意社12月08日讯 2025年12月8日浙江嘉兴景兴纸业，A级黄板纸价格保持平稳，废纸收购价格暂无调整，调整后不带票 到厂价格为1970元/吨。 浙江嘉兴景兴纸业2025年12月7日起，办公废纸高白价格下调20元/吨。调整后不带票到厂收购价为： | 种类 | 级别 | 价格类型 | 价格(元/吨) | | --- | --- | --- | --- | | 黄板纸 | A级 | 不带票到厂价 | 1970 | | | 统货 | 不带票到厂价 | 1740 | | 挂面纸 | | 不带票到厂价 | 1990 | | 超市纸 | | 不带票到厂价 | 1930 | | 化纤大管 | 大管含量≥95% | 不带票到厂价 | 1770 | | 化纤小管 | | 不带票到厂价 | 1740 | | 甲牛 | A级 | 不带票到厂价 | 2520 | | | B级 | 不带票到厂价 | — | | 办公用纸 | 低白 | 不带票到厂价 | 1760↓ | | | 高白 | 不带票到厂价 | 1890↓ | | 纯白口杯纸 | | 不带票到厂价 | — | | 小花口杯纸 | | 不带票到厂价 | — | 温馨提示：1、 ...

Group 1 - The core viewpoint of the article highlights the collaboration between China Construction Bank Shandong Branch and Chenming Group to enhance financial services and support enterprise development [1] - Liu Chunlong, Deputy General Manager of China Construction Bank Shandong Branch, led a delegation to visit Chenming Group, indicating a commitment to deepen bank-enterprise cooperation [1] - The delegation toured the Shouguang Chenming Chemical Pulp Plant and the Eighth Plant, gaining insights into the company's production and operational status [1] Group 2 - The bank aims to leverage its financial service advantages to tailor comprehensive financial solutions based on the actual needs of the enterprise [1] - Group leaders Zhang Zhongshan and Meng Feng participated in the discussions, emphasizing the importance of collaboration between financial institutions and enterprises [1]

12月4日，上交所官网显示，安徽林平循环发展股份有限公司（下文简称"林平发展"）主板IPO将于12月11日上会迎考。 据了解，林平发展成立于2002年，主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售。公司主板IPO于2025年6月25日获得受理，当年7月23日进入 问询阶段。 本次冲击上市，公司拟募集资金约12亿元，扣除发行费用后的净额将用于年产90万吨绿色环保智能制造新材料项目（二期）、年产60万吨生物基纤维绿色 智能制造新材料项目。 来源：上交所官网 ...

供需宽松，造纸市场承压 银河化工 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 目录 第一部分综合分析与交易策略 第二部分核心逻辑分析 第三部分周度数据跟踪 GALAXYFUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 246/206/207 68/84/105 基 础 色 辅 助 色 137/137/137 210/10/16 221/221/221 208/218/234 综合分析与交易策略 【综合分析】 【逻辑分析】 2 GALAXYFUTURES 227/82/4 228/210/172 181/181/181 68/84/105 210/10/16 221/221/221 208/218/234 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 ◼ 纸浆：国产浆新线持续释放，周度产量增至60.5万吨，11月针叶浆进口预计68万吨，环比微降1.4%，主流港口库存210万吨连续六个月超往年。需 求端分化明显，文化纸拖累持续，耗浆量环比下降；包装与生活用 ...

在实施上述减持操作前，能源集团持有公司股份200,409,582股，占公司总股本的8.94%。在实施上述减 持操作后，能源集团持有公司股份178,000,000股，占公司总股本的7.94%。 2025年10月28日至2025年12月5日，青山纸业的加权均价为3.944元。按此计算，能源集团套现金额约为 8838.34万元。 中国经济网北京12月8日讯 青山纸业（600103）(600103.SH)12月5日晚间发布关于控股股东及其一致行 动人权益变动触及1%刻度的提示性公告。 本次权益变动触及《证券期货法律适用意见第19号——第十三条、第十四条的适用意见》规定的1%的 整数倍标准。 公司于2025年12月5日收到股东福建省能源集团有限责任公司（以下简称"能源集团"）出具的《关于减 持青山纸业股票权益变动触及1%刻度的告知函》，能源集团于2025年10月28日至2025年12月5日期间， 通过集中竞价交易方式合计减持公司股份22,409,582股，占公司总股本的1.00%。 因能源集团与公司控股股东福建省轻纺（控股）集团有限责任公司、股东福建省盐业集团有限责任公司 和股东福建省金皇贸易有限责任公司整体构成一致行 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - The pulp market is expected to oscillate and consolidate after the realization of positive factors in the short term. The pulp futures market strengthened this week, driven by supply - side news of international pulp mills exiting the market and concerns about the reduction of warehouse receipts. However, the market fundamentals have not changed fundamentally, with high - level port inventories and a loose supply - demand pattern continuing. The downstream paper mills' procurement remains rational and based on rigid demand, and the low processing profit of base paper cannot provide incremental support for pulp prices [96]. 3. Summary by Directory 3.1 Industry News - As of December 4, 2025, the inventory of pulp in major Chinese ports showed a de - stocking trend. The inventory in Changshu Port was 566,000 tons, down 0.6 million tons (1.0% MoM); in Qingdao Port, it was 1.395 million tons, down 34,000 tons (2.4% MoM); and in Gaolan Port, it was 45,000 tons, down 15,000 tons (25.0% MoM). The total inventory of major port samples was 2.101 million tons, down 71,000 tons (3.3% MoM) [5][6]. - Domtar will permanently close its Crofton factory in Canada, reducing its annual pulp production by about 380,000 tons of NBSK softwood pulp [6]. - Fenlin Group's Joutseno pulp mill will resume operation on December 8, 2025, and its Rauma pulp mill will start a one - month production shutdown on December 15, 2025, and plan to gradually resume production by department from January 7, 2026 [7]. - Shandong Bohui Paper plans to invest about 1.701 billion yuan to expand its chemical wood pulp project. After completion, its chemical wood pulp production capacity will increase from 95,000 tons/year to 320,000 tons/year [8]. 3.2 Market Data 3.2.1 Market Trends - On December 5, 2025, the basis of silver star was 150 yuan/ton, down 25.74% MoM and 67.67% YoY; the basis of Russian needle was - 50 yuan/ton, down 78.57% MoM and 457.14% YoY; the price difference between silver star and Russian needle was 200 yuan/ton, down 13.04% MoM and 55.56% YoY [16]. - On December 5, 2025, the 01 - 03 month - spread was - 16 yuan/ton, up 11.11% MoM; the 03 - 05 month - spread was - 24 yuan/ton, up 25.00% MoM [21]. 3.3 Fundamental Data 3.3.1 Price - The import profit of softwood and hardwood pulp has recovered. On December 5, 2025, the import profit of silver star softwood pulp was 83.65 yuan/ton, up 170.04% MoM and 140.60% YoY; the import profit of star hardwood pulp was 122.95 yuan/ton, up 516.27% MoM and 226.39% YoY [30]. - The spot price of imported softwood pulp increased significantly this week. On December 5, 2025, the prices of silver star, Kalip, Beimu, Lion, and Russian needle were 5600 yuan/ton, 5750 yuan/ton, 5850 yuan/ton, 5750 yuan/ton, and 5400 yuan/ton respectively, with MoM increases of 3.70%, 1.77%, 0.86%, 1.77%, and 4.45% [33]. - The spot price of imported hardwood pulp increased. On December 5, 2025, the prices of goldfish, star, bird, and broadleaf were 4600 yuan/ton, 4600 yuan/ton, 4550 yuan/ton, and 4500 yuan/ton respectively, with MoM increases of 4.55%, 3.37%, 3.88%, and 5.88% [37]. - The prices of natural color pulp and chemimechanical pulp showed different trends. On December 5, 2025, the price of Venus natural color pulp was 5150 yuan/ton, up 0.98% MoM and down 4.63% YoY; the price of Kunhe chemimechanical pulp was 3800 yuan/ton, up 2.70% MoM and 7.04% YoY [40]. 3.3.2 Supply - The wood chip purchase price of some paper enterprises in East China decreased this week. On December 5, 2025, the purchase price of eucalyptus wood chips by Liansheng Pulp and Paper was 1180 yuan/ton, down 1.67% MoM [44]. - The supply of chemimechanical pulp increased this period. On December 4, 2025, the weekly production of domestic chemimechanical pulp was 87,300 tons, up 1.99% MoM and 1.51% YoY [49]. - In October 2025, the pulp inventory in European ports decreased MoM, and the global pulp departure volume decreased seasonally MoM [52]. - In August 2025, the W20 softwood pulp shipment was at a low level with high inventory, while the hardwood pulp shipment remained at a high level with low inventory days [54]. - In August 2025, the total softwood pulp exports of Canada, Chile, Finland, and the United States to China decreased MoM and were at a low level YoY. In September, Finland's exports to China increased significantly both MoM and YoY. In October, Chile's softwood pulp exports to China continued to increase MoM but decreased YoY [60]. - In October 2025, the total hardwood pulp exports of Brazil, India, Uruguay, and Chile to China decreased both MoM and YoY. In November, Brazil's hardwood pulp exports to China decreased significantly MoM, and Uruguay's exports decreased both MoM and YoY [61]. - In October 2025, China's pulp imports were divided. Softwood pulp imports increased 0.06% MoM, hardwood pulp imports decreased 2.77% MoM, and the imports of natural color pulp and chemimechanical pulp increased significantly MoM [65]. 3.3.3 Demand - The price of offset paper remained stable this period. The industry's supply was abundant, but the demand was weak, and the production pressure of factories increased due to the rising pulp price [69]. - The price of coated paper remained stable. The market supply changed little, and the demand was weak. The profitability of the industry continued to narrow, and factories were more willing to support prices [73]. - The price of white cardboard increased slightly. Paper mills announced price increases, but the terminal orders were not significantly improved, and the actual price increase was restricted [77]. - The price of household paper increased slightly. The market trading activity did not change much, and the demand was weak. The cost of household paper was strongly supported by the rising pulp price [81]. - In October 2025, the retail sales of cultural and office supplies, cosmetics, and daily necessities increased significantly YoY, while the dairy production decreased significantly both MoM and YoY [85]. 3.3.4 Inventory - On December 5, 2025, the total number of pulp warehouse receipts was 208,900 tons, a decrease of 0.42% MoM and 39.53% YoY [88]. - The port inventory was at a medium - level within the year and continued to show a de - stocking trend. On December 5, 2025, the total inventory of major port samples was 2.101 million tons, down 3.27% MoM and up 14.12% YoY [93].