（编辑 姚尧） 证券日报网讯 12月1日晚间，太阳纸业发布公告称，2025年前三季度利润分配方案为向全体股东每10股 派1元人民币现金（含税）。本次权益分派股权登记日为2025年12月9日，除权除息日为2025年12月10 日。 ...

Core Viewpoint - The company is focusing on transforming its operations by enhancing its upstream raw material capabilities and integrating the pulp and paper industry chain to mitigate external market fluctuations [1] Group 1: Transformation Strategy - The company is building a "smart brain" for the paper-making industry to empower full-process production management through digital intelligence [1] - Continuous optimization of product structure is being pursued, with a shift towards high value-added specialty paper and fine chemical products [1] - The company is aligning its operations with green transformation policies to establish a solid foundation for long-term development [1] Group 2: Confidence Measures - The company has implemented share buybacks and increased holdings by controlling shareholders to convey confidence to investors [1] - Future efforts will focus on executing transformation initiatives to deliver tangible operational results that meet shareholder expectations [1]

Core Viewpoint - Qifeng New Materials (002521) is committed to optimizing its dividend distribution rhythm and sharing development results with investors, based on a healthy financial status and sufficient cash flow [1] Group 1 - The company is responding positively to relevant requirements by implementing mid-term profit distribution [1] - Future dividend plans and proposals will be disclosed in accordance with regulations [1] - The company aims to enhance investors' sense of gain through its actions [1]

Core Viewpoint - The controlling shareholder and actual controller of Wuzhou Special Paper, Lin Wanming and Zhao Yunfei, announced a share reduction plan due to personal funding needs, which has now been completed [1] Group 1: Share Reduction Details - Lin Wanming plans to reduce holdings by no more than 1,240,818 shares, accounting for 0.26% of the total share capital at that time [1] - Zhao Yunfei plans to reduce holdings by no more than 480,900 shares, accounting for 0.10% of the total share capital at that time [1] - As of November 28, the reduction period has ended, with Lin Wanming having reduced 1,240,818 shares for a total amount of 14.8982 million yuan, and Zhao Yunfei having reduced 480,900 shares for a total amount of 5.6018 million yuan [1]

证券日报网讯 12月1日，齐峰新材在互动平台回答投资者提问时表示，公司目前海外业务前景向好，公 司已构建覆盖全球40多个国家和地区的销售与服务网络，已与宜家家居、IP公司、Coveright、圣戈班、 索菲亚等国内外知名企业建立了长期战略合作，并成为宜家使用的预浸渍纸的国内独家供应商。2025 年，公司进一步加大了出口力度，前三季度出口业务大幅增长，为全年出口量翻番目标奠定了坚实基 础。借助广州家具博览会，公司九大产品系列吸引了超100家国际客户洽谈；在欧洲壁纸展会上，与多 家大型厂商达成多项合作，全球品牌影响力持续提升。同时，公司充分发挥产能与地缘优势，依托南北 双基地布局优势，利用广西毗邻东盟的区位条件，积极把握RCEP机遇，有效降低物流成本，迅速响应 东南亚新兴市场需求，为出口业务创造了良好条件。 （文章来源：证券日报） ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - After a significant decline, pulp is expected to move in a volatile manner. The main logic of "weak demand" for pulp continues, but the strengthening of the basis of mainstream softwood pulp in the market indicates that demand may have slightly bottomed out. Mainstream paper mills have issued a new round of price increase letters, and the implementation situation remains to be observed. It is expected that the downstream will operate in a volatile manner [7]. - The fundamentals of hardwood pulp are better than those of softwood pulp, and the basis of hardwood pulp is expected to continue to strengthen [4]. 3. Summary by Relevant Sections 3.1 Main Viewpoints and Strategy Overview - **Supply**: It is neutral. Chile's Arauco Company offered its hardwood pulp "Star" at $550 per ton and its unbleached kraft pulp "Venus" at $620 per ton in November. In November 2025, China's pulp production was 2.342 million tons, a month - on - month decrease of 1.7% [4]. - **Demand**: It is slightly bullish. Mainstream paper mills have issued a new round of price increase letters, and the price of household tissue paper has slightly increased. The subsequent implementation needs to be observed [4]. - **Inventory**: It is neutral. As of November 27, 2025, the inventory of mainstream pulp ports in China was 2.172 million tons, a decrease of 0.1 million tons from the previous period, a month - on - month decrease of 0.05%. The inventory showed a slight de - stocking trend during this period [4]. - **Investment Viewpoint**: Long spread on hardwood pulp. The fundamentals of hardwood pulp are better than those of softwood pulp, and the basis of hardwood pulp is expected to continue to strengthen [4]. - **Trading Strategy**: For single - side trading, no specific strategy is provided. For arbitrage, no specific strategy is provided. Attention should be paid to the cancellation of old warehouse receipts and the registration of new warehouse receipts [4]. 3.2 Futures and Spot Market Review - **Market Review**: Pulp prices declined slightly this week. Following a significant decline last week, the main logic of "weak demand" for pulp continued. However, the strengthening of the basis of mainstream softwood pulp in the market may indicate that demand has slightly bottomed out. Mainstream paper mills using wood pulp have generally issued price increase letters, and the implementation situation remains to be observed. It is expected that the downstream will operate in a volatile manner [7]. - **Spot Market**: The price of hardwood pulp increased, while the price of softwood pulp decreased. The price of softwood pulp "Silver Star" was 5,350 yuan per ton, a week - on - week decrease of 70 yuan per ton and a month - on - month decrease of 100 yuan per ton. The price of softwood pulp "Buzhen" was 4,700 yuan per ton, a week - on - week decrease of 150 yuan per ton and a month - on - month increase of 70 yuan per ton. The price of hardwood pulp "Jinyu" was 4,450 yuan per ton, a week - on - week increase of 50 yuan per ton and a month - on - month increase of 150 yuan per ton [16]. - **Position on the Board**: The total position of pulp futures contracts increased, and the roll - over process began. As of November 28, 2025, the total position of pulp futures contracts was 359,967, a 10.60% increase from last week. The position of the main pulp futures contract was 127,140 lots, a 9.24% decrease from last week [24]. 3.3 Pulp Supply and Demand Fundamental Data - **Pulp/Wood Chip Imports**: In October, the imports of softwood pulp and wood chips decreased [26]. - **Inventory**: The pulp inventory at ports was stable, and the cancellation of old warehouse receipts increased. Overseas pulp mill inventory days decreased. As of the end of September, the inventory days of 20 major global pulp suppliers were 46 days. The inventory days of bleached softwood pulp were 47 days, and the inventory days of bleached hardwood pulp were 45 days [34][39]. - **Downstream Demand**: The price of household tissue paper increased slightly, while the prices of other paper types remained stable. In October 2025, the production of paper products increased month - on - month. The inventory of double - offset paper increased, and the available days of inventory also increased. European pulp demand recovered, and US demand was stable [41][48][71]. 3.4 Pulp Futures Valuation - **Spread**: The basis and monthly spread were stable. As of November 28, 2025, the basis of Shandong "Russian Needle" was - 498 yuan per ton, a decrease of 120 yuan per ton from last week. The basis of Shandong "Silver Star" was 152 yuan per ton, a decrease of 40 yuan per ton from last week. As of November 21, 2025, the 12 - 1 monthly spread of pulp was - 494 yuan per ton, an increase of 30 yuan per ton from last week [80]. - **Import Profit**: The import profit of pulp was stable. As of November 28, 2025, the import profit of softwood pulp was - 39.43 yuan per ton, a week - on - week increase of 54.46 yuan per ton. The import profit of hardwood pulp was 190.4 yuan per ton, an increase of 3.41 yuan per ton from last week [84].

Group 1 - The company ST晨鸣 (000488.SZ) is currently assessing materials for its Zhanjiang base and plans to meet the conditions for resuming production by the end of the year [1] - The specific timeline for the resumption of operations and production will be communicated through company announcements [1]

研究中心能化团队 2025/12/01 SP主力合约收盘价： 5198.00 | 日期 | 2025/11/28 | 2025/11/27 | 2025/11/26 | 2025/11/25 | 2025/11/24 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5198.00 | 5184.00 | 5208.00 | 5212.00 | 5220.00 | | 折美元价 | 639.16 | 639.16 | 642.20 | 641.47 | 641.40 | | 距上一日涨跌 | 0.27006% | -0.46083% | -0.07675% | -0.15326% | -0.15302% | | 山东银星基差 | 212 | 241 | 257 | 253 | 270 | | 江浙沪银星基差 | 187 | 251 | 227 | 238 | 280 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | ...

证券日报网讯11月30日晚间，五洲特纸（605007）发布公告称，截至本公告披露日，公司及控股子公司 对外担保总额为840，225.60万元，占公司最近一期经审计归属于上市公司股东净资产的237.94%，对外 担保余额为474，699.16万元，占公司最近一期经审计归属于上市公司股东净资产的134.43%。截至本公 告披露日，公司无逾期担保。 ...

每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 2025年1至6月份，环球印务的营业收入构成为：造纸及纸制品业占比48.31%，印刷包装供应链业占比 35.9%，移动互联网广告占比15.04%，其他占比0.75%。 （记者 王晓波） 每经AI快讯，环球印务（SZ 002799，收盘价：9.18元）11月28日晚间发布公告称，公司第六届第十六 次董事会会议于2025年11月28日在公司会议室以现场及通讯方式召开。会议审议了《关于召开2025年第 三次临时股东会的议案》等文件。 截至发稿，环球印务市值为29亿元。 ...