Group 1 - The company emphasizes the importance of continuous innovation in its operations [2] - The company will announce any significant information through designated disclosure media [2]

Group 1 - Fitch expects the Federal Reserve to cut interest rates twice in the first half of 2026, with the unemployment rate stabilizing at 4.6% [1] - Goldman Sachs reports that investor sentiment towards oil is at its most pessimistic level in nearly a decade, with over 59% of surveyed institutional investors bearish on the oil market [2] - Goldman Sachs forecasts a robust global economic growth of 2.8% in 2026, surpassing the market expectation of 2.6%, driven by a strong performance in the US and China [3] Group 2 - Guggenheim indicates that the market has largely absorbed geopolitical risks but remains cautious about headline risks that could impact stock market resilience [4] - UOB raises its gold price forecast due to increased demand for safe-haven assets amid rising geopolitical risks, projecting gold prices to reach $5,000 per ounce by Q4 2026 [5] - CICC anticipates a short-term supply gap in the wood chip market in 2026, leading to a potential increase in pulp prices as demand improves [6] Group 3 - Tianfeng Securities is optimistic about A-share gaming companies entering a strong product cycle in 2026, driven by improved competition and stable regulatory environments [7] - CITIC Securities expects an expansion in the issuance of local government bonds in 2026, with a focus on matching issuance pace with market conditions [8] - CITIC Securities predicts that the Hang Seng Index will undergo adjustments, with 38 stocks expected to enter the Hong Kong Stock Connect [9] Group 4 - CITIC Securities highlights the potential for increased domestic tourism revenue in 2026, estimating an annual increment of 500 to 1,650 billion yuan due to new policies promoting worker consumption [10] - CITIC Jian Investment identifies a bottoming opportunity in the liquor sector, suggesting that the current adjustment phase may soon reverse as market expectations improve [11] - Huatai Securities sees a recovery in the innovative drug sector in Hong Kong, driven by liquidity restoration and multiple catalysts expected in the upcoming year [12]

从资金流向上来看，当日造纸板块主力资金净流出4572.24万元，游资资金净流入1520.96万元，散户资金 净流入3051.28万元。造纸板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002235 | 安妮股份 | 9673.70万 | 10.23% | -1988.76万 | -2.10% | -7684.93万 | -8.12% | | 920394 | 民士达 | 1967.42万 | 7.54% | 286.69万 | 1.10% | -255.56万 | -0.98% | | 605007 | 五洲特纸 | 1604.01万 | 10.38% | 325.78万 | 2.11% | --1929.79万 | -12.49% | | 600567 | 山鹰国际 | 1297.30万 | 7.37% | -1325.10万 | -7.53% | 27.80万 | 0.16% | | ...

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The price of waste paper rebounded due to the price increase by leading paper mills but will be weak after the festival as downstream demand remains unimproved [5] - The price of box - board paper will remain stable, with supply contraction expected but short - term supply remaining ample, and it may see a price recovery window after the Spring Festival if production halts and demand picks up [12] - The price of double - offset paper will fluctuate within a range, with small mills likely to continue trading at lower prices, and the futures market has limited upside in the medium - to - long term [20] - The pulp futures market has a strong bullish sentiment, but the de - stocking pressure remains. It is recommended to trade within a range, with short positions on high prices and long positions on low prices under certain conditions [29] 3. Summary by Related Catalogs Waste Paper - **Price**: On January 9, the national benchmark price was 1,622 yuan/ton, with a daily decline of 1.1%, continuing the downward trend [4] - **Supply - Demand**: Supply is relatively sufficient, and the recycling system operates normally. Some areas have slight fluctuations in recycling volume due to weather. Paper mills have regional price adjustments. Demand is weak, and downstream packaging factories mainly make rigid purchases with weak pre - festival stocking intentions [4] - **Inventory**: The inventory of paper mills and packing stations is at a medium level. Some paper mills control the inbound volume due to price fluctuations, and the inventory pressure of some paper mills in South China and East China has slightly increased, slowing down the overall de - stocking pace [4] - **Profit**: The profit of packing stations is meager, and the profit of the waste carton recycling link is at a low level, with the overall profitability being weak [4] Box - Board Paper - **Price**: On January 9, the overall price remained stable, and Jiulong Paper's 140g box - board paper was quoted at 4,600 yuan [12] - **Supply**: The supply is abundant. Some paper mills plan to shut down for maintenance or switch production due to poor profitability. Leading paper enterprises have announced shutdown plans at the beginning of 2026, increasing the expectation of supply contraction, but the short - term supply remains sufficient [12] - **Demand**: Downstream demand is still weak. The packaging industry has insufficient orders, and transactions are light. The shipment in coastal areas is relatively better than that in inland areas, and end - customers purchase cautiously to digest existing inventories [12] - **Inventory**: The inventory of paper mills continues to rise, and the industry inventory level is at a relatively high level within the year. Due to weak downstream demand, paper mills have a large pressure on inventory de - stocking [12] - **Profit**: The profit margin is limited. Affected by raw material costs and high inventory, the profitability of box - board paper enterprises is low. Some small paper mills are near the break - even point, while large paper mills have relatively better profit conditions through scale effects and cost control, but the overall industry profit is under pressure [12] Double - Offset Paper - **Price**: The price is stable. In the Shandong market, the mainstream transaction price of high - white double - offset paper is 4,650 - 4,750 yuan/ton, and that of natural - white double - offset paper is 4,300 - 4,500 yuan/ton [20] - **Supply - Demand**: The supply is abundant, and the paper mill operating rate has increased. Some paper mills exchange volume for price to maintain market share. The futures market has rebounded to repair the previous discount, but the upside is limited in the medium - to - long term [20] Pulp - **Price**: On January 9, the price of softwood pulp in Shandong increased by 50 yuan [29] - **Supply - Demand**: Downstream paper mills' profits are weak, and they mainly make purchases as needed. The operating rates of double - offset paper and white cardboard have declined month - on - month, and spot transactions are light. The futures market has a strong bullish sentiment [29] - **Inventory**: The de - stocking pressure has not been fundamentally alleviated. The port inventory has fallen below 2 million tons and has been de - stocking for 5 consecutive weeks [29]

Core Viewpoint - The company, Huatai Co., Ltd. (600308.SH), has successfully had its "AR Digital Workshop" project selected as a typical case for the "2025 Metaverse" by the Ministry of Industry and Information Technology, highlighting its innovation in integrating metaverse technology with industrial manufacturing [1][2] Group 1: Project Recognition - The "AR Digital Workshop" project, developed by the company's wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., is recognized as a benchmark case in the digital transformation of the paper industry [1] - This recognition reflects the authoritative acknowledgment of the company's capabilities in the application of metaverse technology within industrial manufacturing [1][2] Group 2: Technological Integration - The project integrates technologies such as AR (Augmented Reality), digital twin, and industrial internet, connecting core business systems like QCS (Quality Control System), MES (Manufacturing Execution System), and ERP (Enterprise Resource Planning) [1] - It visualizes production data, equipment status, and process parameters through AR tags, enabling comprehensive production management [1] Group 3: Operational Efficiency - The implementation of the project provides functionalities such as remote equipment maintenance, on-site visual operation guidance, and cross-regional expert collaboration, addressing key industry pain points like data fragmentation and low operational efficiency [1] - This initiative is expected to enhance production efficiency and optimize costs, further solidifying the company's leading position in the digital transformation of the paper industry [1][2] Group 4: Brand Influence - The selection as a national-level metaverse typical case demonstrates the company's technological strength and application level in the industrial metaverse field, enhancing its brand influence in the diversified layout of "paper + chemicals + digital technology" [2] - The rollout and promotion of the AR Digital Workshop will continue to optimize the company's production operational efficiency and reduce management costs, positively impacting its long-term business development [2]

格隆汇1月9日丨华泰股份(600308.SH)公布，近日，国家工业和信息化部科技司发布了《"2025 年元宇宙 典型案例"入选案例名单》，公司全资子公司瞬捷数字科技(山东)有限公司申报的"AR 数字车间"项目成 功入选工业和信息化部 2025 年元宇宙典型案例(行业应用类)，成为造纸行业数字化转型领域的标杆案 例之一。本次入选是国家主管部门对瞬捷数字科技在元宇宙技术与工业制造融合应用领域创新能力的权 威认可，也体现了公司在造纸主业数字化、智能化转型过程中的技术积淀与实践成果。 瞬捷数字科技"AR 数字车间"项目融合AR 增强现实、数字孪生、工业互联网等技术，打通造纸生产环 节的QCS(质量控制系统)、MES(制造执行系统)、ERP(企业资源计划)等核心业务系统，将生产数据、设 备状态、工艺参数等信息通过 AR 标签可视化呈现，实现生产管理"一图全览"。项目落地后，可提供设 备远程运维、现场可视化操作指导、跨区域专家协同等功能，有效解决传统造纸车间生产数据割裂、现 场操作协同效率低、设备故障排查慢等行业痛点，助力公司生产环节的效率提升与成本优化，进一步巩 固公司在造纸行业数字化转型中的领先地位。 本次入选国家级 ...

Core Viewpoint - Huatai Co., Ltd. has announced that its wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., has successfully been selected for the "2025 Metaverse Typical Case" list by the Ministry of Industry and Information Technology, highlighting its innovative capabilities in the integration of metaverse technology and industrial manufacturing [1] Group 1 - The "AR Digital Workshop" project is recognized as a benchmark case in the digital transformation of the paper industry, showcasing the company's technological accumulation and practical achievements in digitalization and intelligence [1] - The selection as a national-level metaverse typical case demonstrates the company's technical strength and application level in the industrial metaverse field, enhancing its brand influence in the diversified layout of "paper + chemicals + digital technology" [1] - The implementation and promotion of the AR Digital Workshop will continuously optimize the company's production operation efficiency and reduce management costs, positively impacting the company's long-term operational development [1]

Core Viewpoint - Huatai Co., Ltd. (600308.SH) announced that its wholly-owned subsidiary, Shunjie Digital Technology (Shandong) Co., Ltd., has successfully been selected for the "2025 Metaverse Typical Case" list by the Ministry of Industry and Information Technology, highlighting its innovative capabilities in the integration of metaverse technology and industrial manufacturing [1] Group 1 - The "AR Digital Workshop" project by Shunjie Digital Technology is recognized as a benchmark case in the digital transformation of the paper industry [1] - This recognition reflects the company's technological accumulation and practical achievements in the digital and intelligent transformation of its core paper business [1] - The inclusion in the national-level metaverse typical case demonstrates the company's technical strength and application level in the industrial metaverse field [1] Group 2 - The successful implementation and promotion of the AR Digital Workshop will continuously optimize the company's production operation efficiency and reduce production management costs [1] - This development is expected to have a positive impact on the company's long-term operational growth [1] - The recognition will enhance the brand influence of the company's diversified layout in "paper + chemicals + digital technology" [1]

Core Viewpoint - The report from Southwest Securities indicates that the performance of the light industry sector in 2025 is expected to be flat, with cyclical and traditional manufacturing valuations under pressure, while packaging, exports, and personal care sectors show differentiated performance [1] 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, the packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [1] - The export sector showed some differentiation due to tariff policy disruptions, with companies that have balanced production capacity, strong demand resilience, and low tariff impact performing better [1] - The personal care sector achieved excess returns in the first half of the year but entered a valuation digestion phase in the second half due to intensified competition in e-commerce channels. However, domestic brands are expected to continue their growth trajectory due to product structure optimization and channel expansion [1] 2026 Stock Selection Strategy - The focus will be on undervalued cyclical assets as valuation recovery is anticipated amid changes in the bulk commodity cycle, gradually realizing allocation value [2] - There is a need to balance the valuation and growth potential of new consumption and export sectors, favoring high-growth or low-valuation, high-safety stocks [2] - Four main lines of focus for stock selection include: 1. Gradually emphasizing undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by "anti-involution" and traditional peak season factors, with net profit per ton likely to recover [2] 2. Export stocks with strong demand resilience and manufacturing capabilities are still considered valuable for allocation, especially those with good growth potential in niche categories and minimal tariff impact [2] 3. Domestic personal care brands are expected to see upward trends in market share and growth potential due to rapid product iteration and competitive pricing [2] 4. New consumption trends in AI glasses, new tobacco products, pet supplies, and trendy toys are expected to continue their upward trajectory, contributing to the growth of the consumption sector [2] Recommended Stocks - Recommended stocks include Sun Paper, Bohui Paper, Weigao Medical, Baiya Co., Nobon Co., Yiyi Co., Mengbaihe, and Gujia Home [3]

2026 年 1 月 9 日 胶版印刷纸：逢高布空 石忆宁 投资咨询从业资格号：Z0022533 shiyining@gtht.com 【基本面跟踪】 表 1：基本面数据(元/吨) | 市场 | 区域 | 纸种 | 2026/1/8 4475 | 2026/1/7 4475 | 环比 0 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | | | 0 | | | 山东市场 | 70g晨鸣云镜 | 4675 | 4675 | | | | | 70g华夏太阳 | 4725 | 4725 | 0 | | 现货市场 | | 70g本白牡丹 | 4450 | 4450 | 0 | | | | 70g天阳 | 4400 | 4400 | 0 | | | 广东市场 | 70g晨鸣云豹 | 4600 | 4600 | 0 | | | | 70g华夏太阳 | 4700 | 4700 | 0 | | | | 含税收入 | 4725 | 4725 | 0 | | | 税前 | 含税成本 | 5294 | 5298 | -4 | | 成本利润 | | 税前毛利 | -569 | ...