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 | ...

Core Viewpoint - The short-term supply-demand gap for wood chips is expected to emerge in 2026, with a positive outlook for the recovery of wood chip and pulp prices [1] Group 1: Supply and Demand Dynamics - Domestic production of self-made pulp has increased significantly in recent years, but the construction cycle for high-quality wood chip resources is lagging behind equipment production [1] - A phase of supply shortage in the domestic wood chip market is anticipated in 2026 due to the mismatch between production capacity and resource availability [1] Group 2: Price Recovery and Industry Opportunities - The tightening of raw material supply is expected to elevate cost pressures, while marginal improvements in demand could lead to a recovery in the central price of pulp in 2026 [1] - Leading companies with full industry chain self-sufficiency are likely to experience premium opportunities as they transition from "processing and manufacturing" to "resource revaluation" [1]

Core Viewpoint - The report from Huatai Securities indicates that the industry prosperity index shows initial signs of a turning point in December, corroborated by an unexpected rebound in PMI [1] Sector Summaries - **Upstream Resources and Public Industries**: Significant improvement in the last three months, particularly in sectors such as non-ferrous metals, coal, certain chemical products, paper, and ordinary steel driven by price increases [1] - **TMT (Technology, Media, and Telecommunications)**: Accelerated progress in AI applications, leading to improved conditions in gaming and software, with a positive trend in computing power storage and passive components [1] - **Capital Goods and Intermediate Products**: Improvement noted in sectors like new energy, automation equipment, and engineering machinery, with export orders potentially being advanced due to the later timing of the 2026 Spring Festival [1] - **Consumer Goods**: Recovery observed in dairy products, beer, and livestock sectors [1] - **Infrastructure Chain**: The construction PMI rose above the threshold in December, indicating a recovery in the construction industry [1] - **Independent Prosperity Cycle**: Notable performance in sectors such as military electronics [1] Investment Recommendations - The report suggests continuing to position for the spring market with a balanced allocation between growth and cyclical sectors, recommending a focus on non-ferrous metals, chemicals, military, storage, gaming, new energy (batteries/wind power), and pharmaceuticals at a monthly level [1] - Additionally, short-term thematic investments are favored, with a focus on humanoid robots, brain-machine interfaces, and domestic computing power, considering trading congestion [1]

（文章来源：证券日报） 证券日报网讯 1月8日，仙鹤股份在互动平台回答投资者提问时表示，面对近期市场环境的变化，公司 根据成本与供需情况，已发布了多个涨价函，对多个品种实施涨价。公司产品定价始终遵循市场化原 则，综合考量成本波动及行业趋势动态调整。依托"林浆纸用一体化"的战略布局，公司木浆自给率显著 提升，有效缓解了外部浆价上涨对生产成本的压力。在浆价上行周期中，公司自制浆对外售价相应提 高，同时也保障了内部用浆成本的整体稳定。随着新产能的逐步释放与运营效率的持续优化，公司成本 控制能力有望进一步增强，中长期盈利能力将得到巩固。具体经营情况请参阅公司定期报告。 ...