证券日报网讯2月9日，齐峰新材（002521）在互动平台回答投资者提问时表示，广西贵港20万吨特种纸 项目(一期)8万吨产线已于2024年8月建成投产，经历了产能爬坡释放，当前已基本达到预期产能，产销 平衡，具体经营数据请以公司定期报告披露内容为准。 ...

（文章来源：证券日报） 证券日报网讯 2月9日，齐峰新材在互动平台回答投资者提问时表示，公司目前是我国装饰原纸行业少 数掌握高档装饰原纸生产技术的龙头企业，是装饰原纸、表层耐磨纸、壁纸原纸等近10项国家标准和行 业标准的主要起草人，目前公司主要产品可分为四大系列：装饰原纸系列、乳胶纸系列、个人卫材系列 以及其他系列。 ...

Core Viewpoint - The global latex paper market has a capacity of approximately 90,000 tons, with high-end latex paper accounting for about 40,000 tons and mid-to-low-end latex paper for about 50,000 tons. The main companies in this market include Qifeng New Materials, American Neenah, and French Minsik [1] Company Summary - Qifeng New Materials is currently the only domestic manufacturer capable of stably providing high, medium, and low-end latex paper in bulk [1] - The company has over 40 mature latex paper varieties and a sufficient order backlog [1]

格隆汇2月9日丨中顺洁柔(002511.SZ)公布，截至本公告披露日，公司通过股份回购专用证券账户以集 中竞价交易方式累计回购公司股份2714.88万股，占公司目前总股本的2.11%，其中，最高成交价为8.69 元/股，最低成交价为6.01元/股，成交总金额为2.08亿元（不含交易费用）。 ...

Investment Rating - The report indicates a "stable weakening" outlook for the overall credit quality of the paper industry over the next 12 to 18 months, with expectations that it will remain above a "negative" status level [5]. Core Insights - Since 2025, the paper industry has experienced continuous negative growth in PPI, with overall profitability under pressure due to weak demand recovery and a loose supply environment. The industry is expected to hover at the bottom of its economic cycle in 2026 [5][9]. - The report highlights that leading companies with advantages in "product differentiation and integrated pulp-paper operations" are likely to recover profitability first, while mid-tier companies that rely heavily on purchased pulp and face low operating rates may encounter risks of "incremental growth without profit" or even losses [5][29]. - The report emphasizes that the overall credit quality of the paper industry is expected to weaken compared to the previous year, but still remains in a stable condition [5]. Summary by Sections Analysis Approach - The analysis of the paper industry's credit fundamentals begins with macroeconomic factors, followed by a focus on changes in raw materials, production supply, and consumer demand, leading to insights on product price trends and competitive dynamics [8]. Industry Fundamentals - The paper industry is characterized as a typical cyclical industry, with its performance closely correlated to macroeconomic trends. The GDP growth rate slightly increased to 5.20% in 2025, while the added value of the paper industry decreased to 3.10% [9]. - The report notes that from January to November 2025, the total profit of large-scale paper and paper product enterprises decreased by 10.70% year-on-year, indicating a weak industry outlook [9]. Industry Financial Performance - The report states that the overall profitability indicators, cash generation ability, and debt repayment indicators of the paper industry have weakened since 2025. It anticipates a low-level recovery in operational indicators in 2026, but warns of increased debt pressure due to new investments [30]. - The sample of 30 companies analyzed includes a diverse representation of the paper industry, covering cultural, packaging, life, and specialty paper sectors, providing a comprehensive view of the industry's operational and financial performance [30]. Market Dynamics - The report indicates that the prices of major paper types have generally declined since 2025 due to a loose supply environment, with expectations for continued pressure on prices in 2026 [40]. - It highlights that the competition remains intense, with leading companies likely to recover profitability faster than those with high reliance on purchased pulp and low operating rates [40].

随着国内互联网经济的飞速发展，电子商务已深度融入大众生活，强力驱动着快递业务的扩张。2024年，我国快 递业务量达到1745亿件，业务收入高达1.4万亿元。海量的快递包裹带来了对包装纸的巨大需求，作为纸箱"骨 架"与"外衣"，瓦楞纸与箱板纸的需求也随着物流与消费的增长而持续攀升。中国造纸协会数据显示，2024年中国 瓦楞纸消费量达3407万吨，同比增长4.13%；箱板纸消费量3582万吨，同比增长4.80%。 在此背景下， 安徽林平循环发展股份有限公司 （股票代码：603284，简称"林平发展"）将于2月10日成功登陆上 交所主板。这家扎根安徽的造纸企业，凭借115万吨的年产能稳居省内行业领先地位，更以独特的绿色循环发展路 径，在传统造纸行业中开辟出一条差异化竞争之路。 聚焦核心赛道，产能区位构筑双重壁垒 造纸及纸制品业作为现代经济的重要支柱，被公认为永不衰竭的行业，其中包装用纸是规模最大的细分领域。瓦 楞纸与箱板纸因应用广泛，稳居包装用纸细分品类的前两位。据中国造纸协会统计，2024 年中国纸和纸板行业细 分产品中，瓦楞原纸产量达到3,134万吨，箱板纸产量达到3,035万吨，产量居于纸和纸板产量的前两名。 ...

Group 1 - The company announced the public transfer of 100% equity of its wholly-owned subsidiary, Songyang New Materials, starting from December 3, 2025, at an initial transfer price of 100 million yuan [1] - The transfer price was adjusted to 51.2 million yuan during the fourth listing on January 23, 2026 [1] - As of February 6, 2026, no qualified interested parties had been solicited, leading to a fifth listing on February 10 at a price of 40.96 million yuan, with potential adjustments to the announcement period or price depending on future developments [1]

Report Industry Investment Rating - The report views pulp futures as oscillating with a downward bias, lacking positive narratives [1] Core Viewpoints - The main trading logic of pulp futures is the regression to the value of warehouse receipts in the absence of new positive factors. The "strong hardwood, weak softwood" pattern persists. The supply - tight situation of hardwood pulp has eased slightly, but there are still tight expectations. The demand side lacks positive drivers. After the "strong supply - side expectation" is falsified, the futures mainly return to the "weak reality", and the current futures price may gradually regress to the actual delivery value of futures warehouse receipts [3] Summary by Directory Part One: Main Views and Strategy Overview - **Supply and Inventory**: The supply - tight situation of hardwood pulp has eased, and port inventories have risen for five consecutive weeks, but the "strong hardwood, weak softwood" pattern remains. In January 2026, the shipment of hardwood pulp from three South American countries to China was 1.075 million tons, a 12% month - on - month and 20% year - on - year decrease. In February 2026, Arauco's softwood pulp offer was $710/ton (unchanged), and the hardwood pulp Star offer was $600/ton, up $10/ton [3] - **Demand**: The prices of the four major wood - pulp papers did not change significantly this week. Most factories' pre - holiday stocking is coming to an end. In January 2026, the output of the four major wood - pulp papers in China was 4.1 million tons, a 1.6% month - on - month decrease and 28.3% year - on - year increase, mainly due to Chenming Paper's resumption of production. Seasonally, paper mills are likely to issue price - increase letters after the festival, but the implementation may be poor, and the demand side lacks positive drivers [3] - **Summary and Strategy**: After the "strong supply - side expectation" is falsified by the flat offer of the new round of softwood pulp, the futures mainly return to the "weak reality", and the current futures price may gradually regress to the actual delivery value of futures warehouse receipts [3] Part Two: Review of Futures and Spot Market - **Futures Market**: Pulp futures continued to be weak this week. Hardwood pulp prices were stable at 4,550 yuan/ton, and the softwood pulp basis weakened slightly. With port inventories rising for five consecutive weeks, pulp futures lack positive drivers and the macro sentiment has weakened, so they are expected to remain weak next week [9] - **Spot Market**: The price of softwood pulp Silver Star was 5,230 yuan/ton, a week - on - week decrease of 70 yuan/ton and a month - on - month decrease of 230 yuan/ton. The price of softwood pulp Ussuri was 5,020 yuan/ton, a week - on - week decrease of 80 yuan/ton and a month - on - month decrease of 230 yuan/ton. The price of hardwood pulp Goldfish was 4,550 yuan/ton, unchanged week - on - week and a month - on - month decrease of 180 yuan/ton [16] - **Foreign Offers**: In February, the foreign offer of softwood pulp was flat, while the price of hardwood pulp increased. Arauco's softwood pulp offer in February was $710/ton (unchanged); the hardwood pulp Star offer was $600/ton, up $10/ton; and the natural pulp Venus offer was $620/ton (unchanged) [19] - **Open Interest**: As of February 9, 2025, the total open interest of pulp futures contracts was 385,128 lots, a 3% increase from last week; the open interest of the main pulp futures contract was 287,362 lots, a 4% increase from last week [21] Part Three: Pulp Supply - Demand Fundamental Data - **Imports**: In December, the import volume of hardwood chips increased significantly. In January 2026, the total pulp import volume was 3.246 million tons, a 23.99% increase. The softwood pulp import volume was 725,000 tons, a 4.92% increase, and the hardwood pulp import volume was 1.765 million tons, a 33.88% increase [5] - **Inventory**: Pulp port inventories have risen for five consecutive weeks. Overseas pulp mill inventory days were basically stable in November 2025. The inventory days of bleached softwood pulp were 49 days, and that of bleached hardwood pulp were 45 days [31][37] - **Downstream Demand**: As of February 6, 2026, the prices of the four major wood - pulp papers were stable, and their gross profit margins increased slightly week - on - week. In January 2026, the output of some paper products decreased slightly month - on - month, while the inventory of some paper products increased month - on - month. For example, the double - offset paper inventory was 1.915 million tons, a 0.78% month - on - month decrease and a 15.72% year - on - year increase [40][47][55] - **Overseas Market**: In December 2025, European pulp demand decreased, with softwood pulp demand at 198,600 tons (a 7.1% month - on - month and 8.3% year - on - year decrease) and hardwood pulp demand at 476,000 tons (a 11.59% month - on - month decrease and a 2.55% year - on - year increase). European pulp inventories started to accumulate again, with softwood pulp inventory at 222,800 tons (a 6.93% month - on - month and 0.71% year - on - year increase) and hardwood pulp inventory at 493,800 tons (a 9.59% month - on - month and 15.53% year - on - year increase) [77] - **Spreads**: As of February 7, 2026, the softwood pulp basis weakened slightly, with the Shandong Silver Star basis at - 4 yuan/ton, a 4 - yuan/ton decrease from last week; the Shandong Goldfish basis was - 684 yuan/ton, a 66 - yuan/ton increase from last week. The 5 - 9 spread was flat at - 44 yuan/ton, unchanged from last week [83]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pulp market continues to have a situation of oversupply. The domestic production of broadleaf pulp has increased, and port inventories have been accumulating for five consecutive weeks. The downstream paper mills' procurement is almost stagnant, and overall demand support is weak [5]. - The supply - demand of double - offset paper maintains a weak balance. Supply has increased, but downstream consumption is flat, and the contradiction between supply and demand has not been effectively alleviated. Its valuation is at a low level, and short - term trading is light due to the Spring Festival [5]. - Pulp valuation shows a weak shock trend. In the short term, there is a lack of positive support, and in the long term, it is necessary to pay attention to the downstream resumption of work and restocking rhythm after the festival and port destocking [5]. 3. Summary According to Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **Comprehensive Analysis**: The pulp market has an oversupply pattern, and the double - offset paper market has a weak supply - demand balance. Pulp valuation is weak, and double - offset paper valuation is at a low level [5]. - **Trading Strategies**: For single - side trading, the main idea is to short SP2505 and be bearish on OP2502; for arbitrage, mainly wait and see, and pay attention to 4SP - OP arbitrage; for options, wait and see for SP options and sell OP2602 - C - 4250 [5]. 3.2 Core Logic Analysis - **Pulp Market**: The supply of domestic broadleaf pulp is 24.9 tons (a month - on - month increase of 0.9 tons), and chemical mechanical pulp slightly increases by 0.2 tons. Port inventories have accumulated to 218.2 tons, and downstream paper mills' procurement is almost stagnant [5]. - **Double - Offset Paper**: Production is 20.1 tons (a month - on - month increase of 7.5%), capacity utilization is 51.4%. Downstream consumption is flat, and enterprise inventories are 142.2 tons (a month - on - month increase of 1.1%) [5]. - **Pulp Valuation**: It is in a weak shock state, with core pressure from pre - festival demand stagnation and continuous port inventory accumulation [5]. - **Double - Offset Paper Valuation**: It is at a low level, with supply abundance and weak demand as core constraints. Short - term trading is light, and long - term improvement depends on the optimization of the supply - demand pattern [5]. 3.3 Weekly Data Tracking 3.3.1 Supply - **Double - Offset Paper**: Production is 20.1 tons, a month - on - month increase of 1.4 tons (7.5%), and capacity utilization is 51.4%, a month - on - month increase of 3.5%. The weekly average profit is - 483.8 yuan/ton, and the gross profit margin drops by 1.2 percentage points [9]. - **Coated Paper**: Production is 8.4 tons, a month - on - month increase of 0.1 tons (1.2%), and capacity utilization is 62.0%, a month - on - month increase of 0.4%. The weekly average profit is - 5.5 yuan/ton, and the gross profit margin rises by 1.1 percentage points [17]. - **Domestic Pulp**: The production of broadleaf pulp is 24.9 tons, an increase of 0.9 tons from last week. The production profit margin is relatively stable [25]. - **Wood Pulp**: The market price of chemical mechanical pulp is 2575 yuan/ton, remaining flat. As of February 5, 2026, the inventory of mainstream port samples is 218.2 tons, a month - on - month increase of 1.3 tons (0.6%) [29]. 3.3.2 Inventory - **Double - Offset Paper**: The production enterprise inventory is 142.2 tons, a month - on - month increase of 1.1%. It is expected to continue increasing in the next cycle [13]. - **Coated Paper**: The production enterprise inventory is 39.7 tons, a month - on - month increase of 2.1%. It is expected to continue increasing in the next cycle [22]. - **Life - Use Paper**: The production is 29.83 tons, a month - on - month decrease of 0.13%. The inventory is 63 tons, a month - on - month increase of 0.16%, and the inventory days are 20.52 days, a month - on - month increase of 0.15% [33]. - **White Cardboard**: The production is 35.0 tons, a month - on - month increase of 1.9 tons (5.74%). The production factory inventory is 104.0 tons, a month - on - month decrease of 0.2 tons (0.19%) [36]. 3.3.3 Price - **Double - Offset Paper**: The enterprise average price of 70g double - offset paper is 4571.4 yuan/ton, a month - on - month decrease of 1.5% [44]. - **Coated Paper**: The enterprise average price of 157g coated paper is 4903.6 yuan/ton, a month - on - month decrease of 1.4% [44]. - **Imported Pulp**: The average spot price of coniferous pulp is 5331 yuan/ton, a month - on - month decrease of 0.4%; the average spot price of broadleaf pulp is 4600 yuan/ton, a month - on - month decrease of 0.6%; the average spot price of chemical mechanical pulp is 3800 yuan/ton, remaining flat; the average spot price of natural color pulp is 4950 yuan/ton, a month - on - month decrease of 0.58% [48].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The pulp market is expected to be weak in the short - term. As the Spring Festival approaches, the market enters a seasonal lull under the pattern of weak supply and demand. The increase in the cost of broad - leaf pulp in the international market cannot be effectively transmitted to the domestic market due to weak demand. The price of softwood pulp is dominated by the futures market sentiment, and the actual downstream demand in the spot market is also relatively weak, putting pressure on the pulp price. With the shrinking demand, the price - holding strategy in the international market has not been smoothly transmitted to the domestic market, and buyers are dominant in the current supply - demand relationship, so the weak demand suppresses the pulp market. Before the festival, the production activities in the downstream base paper market slow down, and the near - stagnant procurement market makes the price lack support [102]. 3. Summary According to the Table of Contents 3.1 Industry News - As of February 5, 2026, the inventory of pulp in Changshu Port was 612,000 tons, a decrease of 13,000 tons from the previous period, a month - on - month decrease of 2.1%. The inventory in Qingdao Port was 1.41 million tons, an increase of 20,000 tons from the previous week, a month - on - month increase of 1.4%. The inventory in Gaolan Port was 42,000 tons, a decrease of 3,000 tons from the previous week, a month - on - month decrease of 6.7%. The sample inventory of China's main pulp ports was 2.182 million tons, an increase of 13,000 tons from the previous period, a month - on - month increase of 0.6%, showing a continuous inventory accumulation trend for five weeks [5][6]. - Arauco of Chile offered softwood pulp at $710 per ton in February, unchanged; broad - leaf pulp Star at $600 per ton, up $10 per ton; and unbleached pulp Venus at $620 per ton, unchanged [6]. - Wuzhou Special Paper (Jiangxi) Co., Ltd.'s project environmental impact report solicitation draft has been completed [7]. - On February 2, Guanhao High - tech responded to investors' concerns. The land acquisition of Hongta Renheng's Qianshan Factory and the core construction projects are in progress. The 400,000 - ton chemi - mechanical pulp project in Zhanjiang Zhongzhi was put into production ahead of schedule, and the self - made pulp substitution rate is close to 80%. The pilot test line of special fiber composite materials was put into trial operation in December 2025 [8]. 3.2 Market Data 3.2.1 Market Trends - On February 6, 2026, the basis of Silver Star was 66 yuan/ton, a month - on - month increase of 230.00%; the basis of Russian Needle was - 134 yuan/ton, a month - on - month increase of 10.67%; the price difference between Silver Star and Russian Needle was 200 yuan/ton, a month - on - month increase of 17.65% [15]. - On February 6, 2026, the 03 - 05 month - spread was - 20 yuan/ton, a month - on - month increase of 9.09%; the 05 - 07 month - spread was - 22 yuan/ton, a month - on - month increase of 38.89% [20]. 3.3 Fundamental Data 3.3.1 Price - The price difference between Silver Star and Goldfish was stable this week, while the price difference between Russian Needle and Goldfish narrowed. On February 6, 2026, the price difference between Silver Star and Goldfish was 720 yuan/ton, unchanged from the previous period; the price difference between Russian Needle and Goldfish was 520 yuan/ton, a month - on - month decrease of 5.45% [24][26]. - The import profit of softwood and broad - leaf pulp continued to decline this period. On February 6, 2026, the import profit of softwood pulp (Silver Star) was - 363.21 yuan/ton, a month - on - month decrease of 3.69%; the import profit of broad - leaf pulp (Star) was - 218.20 yuan/ton, a month - on - month decrease of 73.96% [31][32]. - The price of the main pulp contract was weak and fluctuating. The spot price of imported softwood pulp declined this week. The downstream base paper price was stable, and the spot price of imported broad - leaf pulp declined [34][36]. - On February 6, 2026, the price of Venus was 4,950 yuan/ton, unchanged from the previous period; the price of Kunhe was 3,800 yuan/ton, unchanged from the previous period [41]. 3.3.2 Supply - The purchase price of wood chips by paper enterprises in East China was generally stable this week, with individual increases [43]. - The price of domestic chemi - mechanical pulp decreased slightly this period, and the supply increased. On February 5, 2026, the weekly operating load rate of domestic chemi - mechanical pulp was 70%, a month - on - month increase of 1.45%; the weekly output was 86,000 tons, a month - on - month increase of 1.18% [48][50]. - European pulp port inventory increased in December 2025, and the global pulp outbound volume continued to decline in November 2025 [53]. - In November 2025, the shipment volume of W20 softwood pulp was low and the inventory was high; the inventory of broad - leaf pulp was at a high level, the shipment volume decreased, and the inventory days returned to a year - on - year high [55]. - The export volume of Chilean softwood pulp to China increased significantly in December 2025. The export volume of softwood pulp from four countries (Canada, Chile, Finland, and the United States) to China decreased significantly in November 2025 [59][62]. - The export volume of broad - leaf pulp from four countries (Brazil, Indonesia, Uruguay, and Chile) to China increased significantly in December 2025. The export volume of Brazilian and Uruguayan broad - leaf pulp to China decreased in January 2026 [66]. - China's pulp imports were divided in December 2025. The import volume of softwood pulp increased by 7.27% month - on - month, the import volume of broad - leaf pulp decreased by 23.38% month - on - month, and the import volume of unbleached and chemi - mechanical pulp increased significantly [68]. 3.3.3 Demand - The domestic offset paper market was slightly adjusted this period, with a weakening trading atmosphere. The supply of goods in the market was abundant, and the demand from the consumer side was weak [72]. - The price of the domestic coated paper market was stable this period, facing the dual pressures of high costs and weak demand, with a weakening trading atmosphere. The supply of goods in the market was abundant, and the downstream consumption was flat [76]. - The price of the white cardboard market was mainly stable this period. The production of white cardboard increased by 5.74% month - on - month, which had a negative impact on the price. The demand decreased, and the paper mills faced increased production and sales pressure and inventory risks [80]. - The price of the household paper market was mainly stable, with a slightly weak trading atmosphere. As the Spring Festival approached, the downstream stocking of household paper was coming to an end, and the demand improvement was limited [84]. - In December 2025, the retail sales of books, newspapers, magazines, Chinese and Western medicines, tobacco and alcohol products, and the output of dairy products increased significantly month - on - month, while the retail sales of cosmetics decreased significantly month - on - month. The retail sales of cultural office supplies and cosmetics were at a year - on - year high [90]. 3.3.4 Inventory - On February 6, 2026, the total number of pulp warehouse receipts was 146,400 tons, including 131,400 tons in warehouses and 15,000 tons in factories. The number of factory warehouse receipts increased by 36.36% month - on - month [91]. - The port inventory was at a moderately high level this year, showing a continuous inventory accumulation trend. The inventory in Qingdao Port continued to accumulate, and the inventory in Changshu Port decreased slightly [98].