Core Viewpoint - The introduction of carbon labels is becoming a pivotal element in driving the green transformation of the light industry in China, reshaping its low-carbon competitiveness from source to terminal systems [1] Policy Collaboration - The Chinese light industry is responding positively to national strategies aimed at establishing a green low-carbon circular economy, with policies like the 2024 directive on comprehensive green transformation and the 2025 notice on zero-carbon park construction [2][3] - Carbon labels, while not yet included in national zero-carbon park evaluation indicators, are closely linked to the task of optimizing industrial structure within these parks, promoting the "green manufacturing" model [2] - The China Light Industry Federation plans to select 100 benchmark green manufacturing enterprises during the 14th Five-Year Plan period, focusing on low-carbon development strategies and technologies [2] Industry Standards Development - Various light industry organizations are actively establishing carbon footprint standards, with specific guidelines released by associations for lighting, home appliances, and bicycles [4] - The aim is to create a unified carbon footprint management system that supports the green transformation of the industry [4] Mechanism Design - Carbon labels represent a breakthrough in the mechanism design for the green low-carbon upgrade of the light industry, shifting from traditional administrative constraints to a market-driven approach [7] - The carbon label system encourages companies to disclose full lifecycle carbon emissions, transforming low-carbon investments into competitive advantages through market recognition and value realization [7] - The system promotes a collaborative approach across the supply chain, ensuring that carbon reduction efforts are integrated from raw material procurement to end consumption [7] Support for SMEs - To address the high carbon accounting costs faced by small and medium-sized enterprises (SMEs), a public service platform for carbon labels and a green supply chain management platform will be established [8] - These platforms will provide low-threshold accounting templates and support for data collection, enabling SMEs to participate in the carbon label system and gain market advantages [8] International Alignment - The establishment of a carbon label certification grading system aligned with international standards is crucial for the light industry to overcome trade barriers [9] - Efforts will be made to connect the carbon label system with international standards such as ISO and GHG Protocol, facilitating compliance for enterprises in both domestic and international markets [9] Future Outlook - The light industry's "carbon value revolution" aims to transform carbon emissions from hidden costs into visible competitive advantages, with goals to reduce overall carbon emission intensity by approximately 20% and increase the proportion of green products to over 50% by the end of the 14th Five-Year Plan [10]

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of futures and options for coated printing paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange, marking the introduction of the world's first financial derivatives for cultural paper [1][2]. Industry Overview - China is the largest producer and consumer of coated printing paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [2]. - The coated printing paper industry is facing significant revenue growth pressures due to complex domestic and international market conditions, leading to a high demand for risk management tools [2]. Risk Management Tools - The introduction of coated printing paper futures and options will fill the gap in domestic financial derivatives for cultural paper, providing enterprises in the cultural paper industry with tools to manage price volatility effectively [2]. - The futures and options are expected to create a complete risk management chain in the pulp and paper industry, enhancing the management of exposure risks from raw materials to finished products [2][3]. Market Impact - The new financial instruments are anticipated to serve as a "price anchor" for the industry, improving pricing efficiency in spot trading and guiding enterprises in formulating production plans [2]. - The launch of these derivatives is expected to enhance China's influence in the international paper and paper products market, promoting the export of Chinese standards and attracting foreign brand certifications [3]. Environmental Considerations - The coated printing paper industry is characterized by strong circular economy features, with a comprehensive system for renewable raw materials and recyclable products already in place [3]. - The Shanghai Futures Exchange plans to promote green and low-carbon transformation in the paper industry through contract arrangements that prioritize environmentally certified enterprises [3]. Additional Developments - The approval of options for fuel oil, asphalt, and pulp is expected to enhance the risk management capabilities of related industries, allowing for more refined hedging strategies [4].

8月25日主力资金净流出223.20万元，占流通市值0.16%。近五日主力资金累计净流出637.48万元，占流 通市值0.46%。 风险提示：股市有风险，投资需谨慎。 恒达新材8月25日报收29.80元，较前一交易日下跌0.06元。当日开盘价为29.87元，最高触及29.97元，最 低下探至29.62元，成交量为12657手。 恒达新材主要从事特种纸的研发、生产和销售，产品广泛应用于食品、医疗、电子等领域。公司总市值 26.67亿元，流通市值13.73亿元。 ...

Core Insights - The company reported a revenue of 13.842 billion yuan for the first half of 2025, representing a year-on-year decline of 2.89% [1] - The net profit attributable to shareholders was 41.82 million yuan, down 63.17% year-on-year [1] - The company experienced a loss of 65.78 million yuan in non-recurring net profit [1] - Basic earnings per share stood at 0.01 yuan [1]

Core Viewpoint - The paper industry is facing continuous pressure on performance due to supply-demand imbalances and policy adjustments, as evidenced by the financial results of leading domestic paper company Shanying International in the first half of 2025 [1][2]. Financial Performance - Shanying International reported a revenue of 13.842 billion yuan, a year-on-year decline of 2.89%, and a net profit of 41.8154 million yuan, down 63.17% year-on-year [1]. - The company's net profit after deducting non-recurring items was -65.7799 million yuan, indicating a significant narrowing of losses compared to the previous year [1]. - The raw paperboard segment saw production increase to 3.5664 million tons, up 4.3% year-on-year, while sales reached 3.4742 million tons, a slight increase of 0.29% [1]. Segment Performance - The raw paperboard segment's sales revenue was 9.215 billion yuan, down 3.56% year-on-year due to product price reductions [1]. - The packaging segment achieved a production volume of 977 million square meters, a decrease of 0.95%, but sales increased to 1.03 billion square meters, up 2.29% year-on-year, with a revenue of 3.358 billion yuan, an increase of 2% [1]. - New valuable clients in the packaging business included Nestlé, Unilever, and Pinduoduo [1]. Cost Management and Profitability - Despite weak market demand, Shanying International improved its gross profit margin to 9.51%, an increase of 0.72 percentage points year-on-year, with the core paperboard segment's gross margin rising to 8.05%, up 1.31 percentage points [2]. - The company implemented measures such as lean production and cost reduction to enhance profitability [2]. Industry Trends and Strategic Initiatives - The Guangdong Paper Association initiated an "anti-involution" campaign to resist low-price competition and optimize capacity structure [2]. - Shanying International adopted a strategy of "strategic contraction, value focus, and industry collaboration" to address overcapacity and price wars [2]. - The company has announced price increases and is focusing on high-end corrugated paper markets while enhancing collaboration with leading e-commerce platforms [2]. Future Outlook - With the implementation of "anti-involution" policies, the industry supply-demand balance is expected to improve, leading to stabilized prices and enhanced profitability for companies [3]. - Forecasts suggest that the cost of raw materials may decrease due to an expected 15% year-on-year increase in wood pulp imports, which will support profit levels [3]. - Shanying International is also diversifying its growth by establishing the "Zhiyuan Fund" to invest in industrial technology-related enterprises and is focusing on smart logistics solutions [3].

Group 1 - The core viewpoint of the article highlights the financial performance of Qingshan Paper Industry for the first half of 2025, indicating a decline in revenue but a slight increase in net profit [1] - Qingshan Paper's operating revenue for the first half of 2025 is approximately 1.21 billion yuan, representing a year-on-year decrease of 15.27% [1] - The net profit attributable to shareholders of the listed company is around 56.08 million yuan, showing a year-on-year increase of 1.74% [1] - The basic earnings per share is 0.0252 yuan, which is an increase of 2.44% compared to the previous year [1] Group 2 - As of the report, Qingshan Paper's market capitalization stands at 5.3 billion yuan [2]

Core Viewpoint - The company reported a significant decline in net profit despite an increase in production and sales volume, indicating challenges in pricing and revenue generation [1] Financial Performance - The company achieved operating revenue of 13.842 billion yuan, with a net profit attributable to shareholders of 41.8154 million yuan, a year-on-year decrease of 63.17% [1] - The production volume of the paperboard segment was 3.5664 million tons, an increase of 4.30% year-on-year, while sales volume reached 3.4742 million tons, up 0.29% year-on-year [1] - The sales revenue from the paperboard segment was 9.215 billion yuan, reflecting a decrease of 3.56% compared to the same period last year due to price reductions [1] Operational Efficiency - The company improved production costs through lean production and efficiency enhancement measures, leading to a recovery in the gross profit margin of the paper manufacturing segment [1] - The completion of the Suzhou facility marks the establishment of seven major paper manufacturing bases, positioning the company for future growth [1] Strategic Focus - The company plans to concentrate on technological innovation, process optimization, and smart manufacturing to create differentiated high-quality products [1] - There will be an increased emphasis on lean initiatives to further reduce costs and enhance profitability, thereby strengthening the company's competitive advantage [1]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The current supply - demand contradiction in the offset printing paper (double - offset paper) industry is prominent, and the industry's pessimistic sentiment is strong. The price of double - offset paper may have further room to decline [5][61]. 3. Summary by Relevant Catalogs 3.1. Research Purpose - On August 15, 2025, the China Securities Regulatory Commission approved the registration of offset printing paper futures and options on the Shanghai Futures Exchange, which will be launched on September 10, 2025. In the current market environment, the research aims to understand how different links in the industrial chain view the listing of double - offset paper futures, their participation willingness, and their expectations for the future market of double - offset paper, helping investors gain insights and investment ideas [13]. 3.2. Research Core Conclusions - **Cost difference**: The production cost of double - offset paper varies greatly among different manufacturers and product qualities. The main raw material is wood pulp, accounting for about 70%. Due to profit pressure, enterprises increase the proportion of chemimechanical pulp. The production cash cost of current natural white double - offset paper is about 3800 - 4200 yuan/ton, and most enterprises can maintain a certain gross profit [14]. - **Demand shift**: The demand for paper in publishing orders has shifted backward this year. Factors such as improved printing efficiency, high inventory levels, and pessimistic market expectations have led to a delay in the start of autumn publishing tenders to mid - late April, and concentrated printing of autumn textbooks from July to August [16]. - **Supply - demand and profit**: The industry generally recognizes the over - supply and profit pressure. In the long - term, factors like a decrease in school - age population, the "One Textbook, One Supplementary Material" policy, and the popularity of electronic reading will reduce demand, while new production capacity is being added. In the short - term, prices may rebound slightly during the spring publishing tender season from October to November [18]. - **Divergent attitudes**: Different industrial players have different attitudes towards the listing of offset printing paper futures. Some large - scale paper mills will actively respond, while small and medium - sized paper mills are more cautious. Downstream enterprises are relatively conservative, and the willingness of long - position holders to take delivery is expected to be weak [22][24]. 3.3. Detailed Research Situation - **Double - offset paper production enterprise A**: Located in Henan, with a total pulp and paper production capacity of 110 - 120 tons/year. The production line was fully loaded in the first half of the year. The pulp ratio is 1/3 each for broad - leaf, coniferous, and chemimechanical pulp, with a self - supply rate of about 40% - 50%. Downstream orders are mainly for social printing. The long - term view is that prices will decline, but the short - term price may rebound in October - November [25][27][30]. - **Double - offset paper trading enterprise B**: Based in Henan, with a trading volume of about 40,000 tons this year. It purchases through long - term supply agreements. It believes that the "One Textbook, One Supplementary Material" policy has reduced the demand for private books, and it generally does not stock up [31][32][34]. - **Double - offset paper production enterprise C**: A Henan pulp and paper enterprise with a cultural paper production capacity of 180,000 tons/year. The starting rate in the first half of the year was about 80%. It uses coniferous and chemimechanical pulp, with self - sufficient chemimechanical pulp. Downstream orders are mainly for publishing. In the long - term, prices may fall below the cost line [36][37][42]. - **Double - offset paper production enterprise D**: A Shandong pulp and paper enterprise with a cultural paper production capacity of 500,000 tons/year. The production line was fully operational in the first half of the year. The proportion of chemimechanical pulp varies by product. Downstream customers are mainly dealers. In the long - term, demand will decline, but textbook revisions may bring short - term demand growth [43][44][49]. - **Double - offset paper production enterprise E**: A Shandong paper mill with a cultural paper production capacity of 200,000 tons/year. The capacity utilization rate is about 90%, and it stopped production in August for equipment transformation. It mainly uses external high - quality wood pulp. Downstream orders are mainly for social printing. In the next two years, the market is expected to be difficult, and the current price may fall further [50][51][55]. - **Material printing and publishing enterprise F**: A Shandong group with a paper and pulp trading volume of about 200,000 tons each. It purchases through competitive negotiations. Orders are mainly for publishing, and the "One Textbook, One Supplementary Material" policy has increased publishing orders. It hopes for stable paper prices [56][57][60]. 3.4. Investment Suggestions - Due to the prominent supply - demand contradiction in the double - offset paper industry and the strong pessimistic sentiment, enterprises may adjust the pulp ratio to reduce costs, which may lead to a decline in product quality rather than capacity optimization. Therefore, the price of double - offset paper may further decline [61].

Group 1 - The paper sector experienced a rise of 0.94% on August 25, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Notable stock performances included Songyang Resources with a closing price of 19.69, up 6.89%, and Hengfeng Paper with a closing price of 9.79, up 5.50% [1] Group 2 - The paper sector saw a net outflow of 60.37 million yuan from institutional funds and 34.82 million yuan from speculative funds, while retail investors contributed a net inflow of 95.19 million yuan [3]

Group 1 - On August 22, a total of 3,713 stocks in the A-share market received financing funds, with 625 stocks having a buying amount exceeding 100 million yuan [1] - The top three stocks by financing buying amount were Dongfang Caifu, SMIC, and ZTE, with amounts of 4.002 billion yuan, 3.517 billion yuan, and 3.11 billion yuan respectively [1] - Five stocks had financing buying amounts accounting for over 30% of the total transaction amount on that day, with Guangzhou Port, China Merchants Jinling, and Shanying International ranking highest at 38.22%, 36.22%, and 32.44% respectively [1] Group 2 - There were 48 stocks with a net financing buying amount exceeding 100 million yuan, with SMIC, ZTE, and Northern Rare Earth leading at 921 million yuan, 915 million yuan, and 790 million yuan respectively [1]