1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For the sugar market, technical buying increased after a sharp decline in ICE raw sugar, showing signs of stabilization. However, global sugar production is expected to be high, and the downward potential of raw sugar has weakened. In the domestic market, Zhengzhou sugar was driven down by the macro - environment and the decline in raw sugar, with short - term technical rebounds but limited by supply - demand pressure [3]. - In the pulp market, the price of hardwood pulp is strong, while the price of softwood pulp is weak. The supply of wood pulp is high, and although there was a reduction in production by some pulp mills, the impact is not obvious. The demand for wood pulp is supported by the increase in the production of finished paper during the peak season, but the price increase of finished paper is weak, and the upward drive for pulp is limited [4]. - Regarding double - offset paper, the expectation of peak - season demand may support the price, but due to the high production capacity, the seasonal improvement may not lead to a significant price increase, and it is expected to be weak in the medium term [7]. - In the cotton market, the US cotton harvest is progressing steadily, and the domestic Xinjiang cotton harvest is also in progress. The market is under pressure from supply and consumption concerns, and the price is expected to be weak and volatile [8]. - For apples, the new - season apple harvest has a time lag and quality concerns, and the short - term futures price may be supported [10]. - In the jujube market, the inventory has decreased slightly. The futures price is at a high premium to the spot price, and investors are advised to short at high prices [13]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures Strategy** - Apple 2601: Adopt a bullish approach, with a support range of 7500 - 7600 and a pressure range of 9000 - 9200, due to the expected difference in the new - season harvest and the value of taking delivery [21]. - Jujube 2601: Short at high prices, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000, as the overall commodity sentiment is strong and attention is on weather - related price premiums [21]. - **Soft Commodity Futures Strategy** - Sugar 2601: Temporarily wait and see, with a support range of 5270 - 5300 and a pressure range of 5480 - 5500, as technical buying has increased and sentiment has improved [21]. - Pulp 2511: Short within the range, with a support range of 4700 - 4800 and a pressure range of 5100 - 5200, because the short - term valuation is not high, but supply is high and the price of domestic finished paper is weak [21]. - Double - offset paper 2601: Short on rebounds, with a support range of 4100 - 4200 and a pressure range of 4400 - 4500, as the approaching peak season supports the price, but the supply is elastic [21]. - Cotton 2601: Hold short positions cautiously, with a support range of 12800 - 13000 and a pressure range of 13600 - 13700, due to the approaching new - cotton listing and concerns about Sino - US trade relations [21]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In August 2025, the export volume of fresh apples was about 68,400 tons, a month - on - month increase of 27.59% and a year - on - year decrease of 17.57%. As of September 25, the national apple cold - storage inventory was 147,900 tons, a week - on - week decrease of 60,200 tons and a year - on - year decrease of 30,700 tons [22]. - **Spot Market**: In the Shandong production area, the inventory apple market is stable, and the new - season late - maturing Fuji has a delayed listing due to weather. In the Shaanxi production area, red apples are scarce, and the listing time is also postponed. The sales area market is stable [22][23][24]. - **Jujube Market**: The physical inventory of 36 sample points this week is 9167 tons, a week - on - week decrease of 36 tons, a decrease of 0.39% and a year - on - year increase of 93.89%. Attention is on the circulation of old - season jujubes and price changes before the new - season harvest [25]. - **Sugar Market**: In September, the average productivity of sugarcane in the central - southern region of Brazil was 71.9 tons per hectare, higher than the same period last year. Pakistan plans to purchase up to 100,000 tons of sugar on the international market, but the possibility of a deal seems to be decreasing [27]. - **Pulp Market**: Chinese traders counter - offered to import NBSK at $650 per ton, but sellers refused to reduce prices. A European supplier sold NBSK at $650 per ton, lower than the market level. A major Brazilian supplier will increase the price of South American bleached hardwood pulp to the Asian market by $20 per ton [30]. - **Double - offset Paper Market**: In different regions such as Shandong, Guangdong, Beijing, and Tianjin, the price of double - offset paper is relatively stable. The supply is relatively loose as some production lines resume production after the holiday, and the demand shows no sign of improvement [31][32]. - **Cotton Market**: In September 2025, Bangladesh's clothing export volume decreased year - on - year and month - on - month. In August, Vietnam's cotton textile production increased year - on - year and month - on - month, while clothing production decreased. As of October 13, the cotton harvest progress in Xinjiang was about 53.2%. Brazil's cotton production is expected to be adjusted slightly [33]. 3.3 Third Part: Market Review - **Futures Market Review**: The closing prices of apple 2601, jujube 2601, sugar 2601, pulp 2511, and cotton 2601 are 8665, 11105, 5403, 4856, and 13270 respectively, with daily changes of 0.01%, - 0.05%, 0.11%, 0.21%, and 0.04% [34]. - **Spot Market Review**: The spot prices of apple, jujube, sugar, pulp, double - offset paper, and cotton are 3.75 yuan per catty, 9.40 yuan per kilogram, 5790 yuan per ton, 5550 yuan (Shandong Silver Star), 4450 yuan (Sun Tianyang - Tianjin), and 14674 yuan per ton respectively, with corresponding changes [40]. 3.4 Fourth Part: Basis Situation No specific summarized content provided, only relevant charts are mentioned, such as the basis of apple 1 - month, jujube main contract, etc. 3.5 Fifth Part: Inter - monthly Spread Situation - For apples, the 10 - 1 spread is 535, with a month - on - month change of - 1 and a year - on - year change of - 97, expected to fluctuate repeatedly, and the recommended strategy is to wait and see. - For jujubes, the 9 - 1 spread is 315, with a month - on - month change of 295 and a year - on - year change of - 55, expected to fluctuate within a range, and the recommended strategy is to wait and see. - For sugar, the 1 - 5 spread is 32, with a month - on - month change of 5 and a year - on - year change of 15, expected to fluctuate, and the recommended strategy is to wait and see. - For cotton, the 1 - 5 spread is - 60, with a month - on - month change of - 5 and a year - on - year change of 25, expected to fluctuate within a range, and the recommended strategy is to wait and see temporarily [59]. 3.6 Sixth Part: Futures Positioning Situation No specific summarized content provided, only relevant charts about the top 20 long and short positions, trading volume, and net long and short changes of various varieties are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt volumes of apple, jujube, sugar, pulp, and cotton are 0, 0, 8438, 227676, and 2773 respectively, with corresponding month - on - month and year - on - year changes [85]. 3.8 Eighth Part: Option - related Data No specific summarized content provided, only relevant charts about option trading volume, open interest, put - call ratio, and historical volatility of apple, sugar, and cotton are mentioned.

Transaction Overview - The company, Shanying International Holdings Co., Ltd., established Wuhu Shengying Enterprise Management Consulting Partnership (Limited Partnership) by investing 2,977.0435 million RMB for 100% equity of Shanying Paper (Guangdong) Co., Ltd. and 36.56% equity of Xiangheng Creative Packaging Co., Ltd. [1] - The company introduced long-term investors including China Orient Asset Management Co., Ltd., Caixin Jixiang Life Insurance Co., Ltd., Xinda Capital Management Co., Ltd., and Zibo Hengtie Investment Partnership (Limited Partnership) through the transfer of partnership shares, with a total transfer amount not exceeding 747.5 million RMB [1]. Transaction Progress - As of the announcement date, the company has received a total of 747.48220833 million RMB from Tianjin Xinlu Financial Equity Investment Partnership (Limited Partnership) and Hangzhou Guangyao, comprising 496.48220833 million RMB and 250 million RMB respectively [3]. - The company will proceed with the necessary business registration changes as per the agreement and will closely monitor the transaction's implementation progress while fulfilling information disclosure obligations in accordance with relevant laws and regulations [3].

Core Viewpoint - Jingxing Paper Industry experienced a decline of 5.28% on October 16, with a stock price of 6.28 CNY per share and a total market capitalization of 9.001 billion CNY [1] Company Overview - Zhejiang Jingxing Paper Industry Co., Ltd. is located in Pinghu City, Zhejiang Province, established on November 1, 1996, and listed on September 15, 2006. The company primarily engages in the production and sale of industrial packaging paper, cardboard, and various types of household paper [1] - The revenue composition of the company includes: 70.02% from raw paper, 14.39% from household paper, 6.72% from cardboard and paperboard, 5.94% from other products, and 2.93% from recycled pulp board [1] Fund Holdings - Guolian Fund has a significant holding in Jingxing Paper Industry through its fund Guolian Xin Value Mixed A (004836), which held 15,400 shares in the second quarter, unchanged from the previous period, accounting for 0.25% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 5,378.8 CNY [2] - Guolian Xin Value Mixed A was established on March 9, 2018, with a latest scale of 12.0881 million CNY. Year-to-date return is 3.95%, ranking 7063 out of 8161 in its category; the one-year return is 7.92%, ranking 6390 out of 8021; and since inception, the return is 0.7% [2] Fund Manager Information - The fund manager of Guolian Xin Value Mixed A is Pan Wei, who has been in the position for 7 years and 37 days. The total asset scale of the fund is 13.233 billion CNY, with the best fund return during his tenure being 22.74% and the worst being -3.81% [3]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Shunhao Co., indicating a mixed sentiment in the market with a slight increase in stock price but negative net financing [1] - On October 15, Shunhao Co. saw a stock price increase of 1.97% with a trading volume of 144 million yuan, while the net financing was negative at -13.95 million yuan [1] - As of October 15, the total margin trading balance for Shunhao Co. was 715 million yuan, accounting for 9.32% of its market capitalization, indicating a high level of margin trading activity [1] Group 2 - As of June 30, the number of shareholders for Shunhao Co. was 46,100, a decrease of 11.52% from the previous period, while the average circulating shares per person increased by 13.01% to 23,011 shares [2] - For the first half of 2025, Shunhao Co. reported a revenue of 620 million yuan, a year-on-year decrease of 12.19%, while the net profit attributable to shareholders increased by 23.11% to 33.30 million yuan [2] Group 3 - Since its A-share listing, Shunhao Co. has distributed a total of 427 million yuan in dividends, with 68.81 million yuan distributed over the past three years [3]

Group 1 - The company will hold a performance briefing on October 22, 2025, from 13:00 to 14:00 [2][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online interactive format [3][4] - Investors can submit questions from October 15 to October 21, 2025, and the company will address common concerns during the briefing [2][4] Group 2 - The briefing aims to provide a comprehensive understanding of the company's half-year operating results and financial status for 2025 [2][3] - The company encourages investor participation through the online platform, ensuring timely responses to inquiries [4][6] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center website [6]

Group 1 - A new company, Jiexi County Shuanglong Paper Industry Co., Ltd., has been established with a registered capital of 300,000 RMB [1] - The legal representative of the company is Lin Yankai [1] - The business scope includes sales of paper products, recycling of renewable resources, manufacturing of pulp, and sales of various industrial and agricultural products [1] Group 2 - The company is involved in the processing and handling of non-metallic and metallic waste materials [1] - It also engages in the sales of construction steel products, agricultural machinery, chemical products, mechanical equipment, office supplies, and plastic products [1] - The company operates independently based on its business license without needing prior approval for its activities [1]

1. Report Industry Investment Rating No information provided in the documents. 2. Core Views of the Report - Soft Commodity Sector: - **Sugar**: Macro risks and supply - side pressure led to a more than 3% drop in ICE raw sugar. Brazilian sugar production recovery and expected global output increase in the new season add to supply pressure. With weakening demand expectations, Zhengzhou sugar is expected to be weak in the short - term but has limited downside due to cost support [3]. - **Pulp**: Broad - leaf pulp prices are strong, but coniferous pulp is stable to weak. Global pulp supply remains high, and demand support from finished paper is weakening. Pulp is expected to stay at a low level in the short - term [4]. - **Double - offset Paper**: Although the peak season may support prices, high supply elasticity limits the upside potential, and it is expected to be weak in the medium - term [6][7]. - **Cotton**: Both international and domestic cotton markets are under pressure. The international market focuses on yield and economic expectations, while the domestic market is affected by new - season supply and trade relations. Cotton prices are expected to be weak [8]. - Fresh Fruit and Vegetable Sector: - **Apple**: New - season yield and quality uncertainties and mixed consumption support short - term prices [9]. - **Jujube**: The jujube futures price shows a weak - oscillation pattern. Fourth - quarter production and consumption changes affect its price. Investors are advised to adopt different strategies based on their risk tolerance [10][11]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures**: - **Apple 2601**: Adopt a bullish approach. New - season yield expectations and trading value provide support, with a support range of 7500 - 7600 and a pressure range of 9000 - 9200 [19]. - **Jujube 2601**: Consider shorting at high prices. Seasonal factors and market sentiment influence the strategy, with a support range of 10500 - 11000 and a pressure range of 11500 - 12000 [19]. - **Soft Commodity Futures**: - **Sugar 2601**: Hold short positions cautiously. The sharp drop in raw sugar affects Zhengzhou sugar, with a support range of 5272 - 5300 and a pressure range of 5477 - 5500 [19]. - **Pulp 2511**: Adopt a bearish approach in the range. High supply and weak domestic finished - paper prices limit upward movement, with a support range of 4700 - 4800 and a pressure range of 5100 - 5200 [19]. - **Double - offset Paper 2601**: Short on rebounds. The approaching peak season supports prices, but supply elasticity limits the upside, with a support range of 4100 - 4200 and a pressure range of 4400 - 4500 [19]. - **Cotton 2601**: Hold short positions cautiously. New - season supply and trade relations put pressure on prices, with a support range of 12800 - 13000 and a pressure range of 13600 - 13700 [19]. 3.2 Second Part: Market News Changes - **Apple Market**: - **Fundamental Information**: In August 2025, fresh apple exports were about 68,400 tons, up 27.59% month - on - month and down 17.57% year - on - year. As of September 25, national apple cold - storage inventory was 147,900 tons, down 60,200 tons week - on - week and 30,700 tons year - on - year [20]. - **Spot Market**: In Shandong, inventory apple prices are stable, and new - season late - maturing Fuji supply is delayed due to weather. In Shaanxi, red apples are scarce, and prices vary by quality. The market in sales areas is stable [20][21][22]. - **Jujube Market**: The inventory of 36 sample physical warehouses decreased slightly. Attention is paid to the circulation of old - season goods and price changes before the new - season harvest [23]. - **Sugar Market**: In the first half of September 2025, 61,000 tons of out - of - quota raw sugar arrived, and 460,000 tons were forecasted for September. On October 14, ICE raw sugar dropped 3.04%. Indian sugar exports in the 2024/25 season reached 775,000 tons. Sugar spot prices were lowered [25]. - **Pulp Market**: Chinese traders counter - offered imported NBSK at $650/ton, but sellers refused. A European supplier sold at a low price. Global pulp supply is high, and demand is weak [28]. - **Double - offset Paper Market**: Prices in different regions are stable. Supply is relatively loose, and demand shows no significant improvement [29][30]. - **Cotton Market**: As of the end of September, textile enterprises' in - stock and available cotton decreased. Egyptian cotton exports increased, and Pakistan's production is expected to be 930,000 - 1,008,000 tons. Xinjiang's production needs further observation [31]. 3.3 Third Part: Market Review - **Futures Market**: - **Apple 2601**: Closed at 8664, up 26 or 0.30% [32]. - **Jujube 2601**: Closed at 11110, down 20 or 0.18% [32]. - **Sugar 2601**: Closed at 5397, down 73 or 1.33% [32]. - **Pulp 2511**: Closed at 4846, up 4 or 0.08% [32]. - **Cotton 2601**: Closed at 13265, down 35 or 0.26% [32]. - **Spot Market**: - **Apple**: Spot price was 3.75 yuan/jin, unchanged month - on - month and up 0.50 yuan/jin year - on - year [37]. - **Jujube**: Spot price was 9.40 yuan/kg, down 0.10 yuan/kg month - on - month and down 5.30 yuan/kg year - on - year [37]. - **Sugar**: Spot price was 5810 yuan/ton, up 10 yuan/ton month - on - month and down 730 yuan/ton year - on - year [37]. - **Pulp**: Spot price of Shandong Silver Star was 5550 yuan/ton, down 100 yuan/ton month - on - month and down 700 yuan/ton year - on - year [37]. - **Double - offset Paper**: Spot price of Tianyang in Tianjin was 4450 yuan/ton, unchanged month - on - month and down 550 yuan/ton year - on - year [37]. - **Cotton**: Spot price was 14755 yuan/ton, down 34 yuan/ton month - on - month and down 799 yuan/ton year - on - year [37]. 3.4 Fourth Part: Basis Situation No specific summary information provided in the text, only relevant figure references [46]. 3.5 Fifth Part: Inter - month Spread Situation - **Apple 10 - 1 Spread**: Current value is 536, up 24 month - on - month and down 23 year - on - year, expected to fluctuate; recommended to wait and see [56]. - **Jujube 9 - 1 Spread**: Current value is 295, up 285 month - on - month and down 115 year - on - year, expected to range - bound; recommended to wait and see [56]. - **Sugar 1 - 5 Spread**: Current value is 27, down 5 month - on - month and up 9 year - on - year, expected to oscillate; recommended to wait and see [56]. - **Cotton 1 - 5 Spread**: Current value is - 55, up 5 month - on - month and up 40 year - on - year, expected to range - bound; recommended to wait and see temporarily [56]. 3.6 Sixth Part: Futures Positioning Situation No specific summary information provided in the text, only relevant figure references [64]. 3.7 Seventh Part: Futures Warehouse Receipt Situation - **Apple**: 0 warehouse receipts, no change month - on - month and year - on - year [82]. - **Jujube**: 0 warehouse receipts, no change month - on - month and year - on - year [82]. - **Sugar**: 8488 warehouse receipts, down 193 month - on - month and down 1378 year - on - year [82]. - **Pulp**: 231287 warehouse receipts, down 104 month - on - month and down 171586 year - on - year [82]. - **Cotton**: 2823 warehouse receipts, down 44 month - on - month and down 1470 year - on - year [82]. 3.8 Eighth Part: Option - related Data No specific summary information provided in the text, only relevant figure references [82].

智通财经APP讯，齐峰新材(002521.SZ)发布2025年三季度报告，该公司前三季度营业收入为25.3亿元， 同比减少0.83%。归属于上市公司股东的净利润为1.02亿元，同比减少3.82%。归属于上市公司股东的扣 除非经常性损益的净利润为8366.87万元，同比减少9.99%。基本每股收益为0.18元。 ...

Core Viewpoint - Qifeng New Materials (002521) reported a significant increase in net profit for Q3 2025, indicating strong operational performance despite a decline in net profit for the first three quarters [1] Financial Performance - In Q3 2025, the company achieved revenue of 850 million yuan, representing a year-on-year growth of 8.06% [1] - The net profit attributable to shareholders in Q3 reached 39.29 million yuan, showing a remarkable year-on-year increase of 1608.27% [1] - For the first three quarters of 2025, the net profit attributable to shareholders was 102 million yuan, reflecting a year-on-year decline of 3.82% [1]

齐峰新材10月14日公告，2025年第三季度实现营业收入8.5亿元，同比增长8.06%；归属于上市公司股东 的净利润3929.13万元，同比增长1608.27%；基本每股收益0.07元/股。 前三季度实现营业收入25.3亿 元，同比下降0.83%；归属于上市公司股东的净利润1.02亿元，同比下降3.82%。 ...