Report Information - Report Type: Pulp Daily Report [1] - Date: September 18, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The pulp market is in a short - term state of relatively abundant supply. The downstream paper mills'开工 has increased, but they mainly purchase at low prices due to cost pressure, and the market continues to adjust with low - level fluctuations [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price and closing price of the pulp futures 01 contract were both 5348 yuan/ton, with an overall increase of 0.00%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5020 - 6600 yuan/ton, and the low - end price remained stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5630 - 5650 yuan/ton [7] - Chile's Arauco Company announced the new September wood pulp export price list: the price of softwood pulp Yinxing was 700 US dollars/ton, a decrease of 20 US dollars/ton from last month; the price of natural pulp Jinxing was 590 US dollars/ton, the same as last month; the price of hardwood pulp Mingxing was 520 US dollars/ton, an increase of 20 US dollars/ton from last month [8] - In August, the European wood pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%; the European wood pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4%. China's total pulp imports in August were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6%. As of September 11, 2025, the weekly pulp inventory in major regions and ports was 2.072 million tons, an increase of 0.71% from the previous week [8] - In the downstream cultural paper market, the restart of previously shut - down production lines has led to an increase in supply, and recently, the inventory pressure of paper enterprises has increased, showing a weak and volatile operation [8] 2. Industry News - On September 17, the China Enterprise Confederation and the China Entrepreneurs Association released the "Top 500 Chinese Enterprises in 2025" list. The controlling shareholder of the company, Shandong Sun Holding Group Co., Ltd., ranked 326th, an improvement of 10 places from last year [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [15][17][19]

（编辑 任世碧） 证券日报网讯 9月17日晚间，景兴纸业发布公告称，公司股票连续3个交易日内，即2025年9月15日、 2025年9月16日、2025年9月17日，日收盘价格涨幅偏离值累计达到20%，属于股票交易异常波动情况。 经核实，截至本公告日，公司前期披露的信息不存在需要更正、补充之处；公司未发现近期公共传媒报 道了可能或已经对公司股票及可转债交易价格产生较大影响的未公开重大信息；公司近期经营情况及内 外部经营环境未发生重大变化。 ...

Core Points - Zhuhai Huayue Paper Products Co., Ltd. has been established with a registered capital of 30,000 RMB [1] - The company operates in various sectors including paper product sales, stationery wholesale and retail, packaging materials sales, and photography services [1] - The business scope also includes digital content production, technical services, and professional design services [1] Company Overview - The registered capital of the company is 30,000 RMB [1] - The company is involved in the manufacturing and sales of paper products [1] - It provides a range of services including information technology consulting and enterprise management consulting [1]

Company Overview - Hunan Yurun New Materials Technology Co., Ltd. has recently been established with a registered capital of 2.08 million RMB [1] - The legal representative of the company is Zhou Mengchang [1] Business Scope - The company operates in various sectors including the manufacturing and sales of paper products, paper manufacturing, and the production of paper and paperboard containers [1] - Additional activities include the sale of specialized equipment for pulping and papermaking, as well as the sale of pulp and recycled resources [1] - The company is also involved in wood processing, wood acquisition, and the manufacturing of metal packaging containers and materials [1] Licensing and Regulatory Compliance - The company is permitted to engage in road cargo transportation (excluding hazardous materials) [1] - All business activities are subject to approval by relevant authorities, and specific operations will be conducted based on the necessary permits and licenses [1]

证券代码：600963 证券简称：岳阳林纸 公告编号：2025-044 岳阳林纸股份有限公司 关于参加2025年湖南辖区上市公司投资者网上集体接待日暨半年度业绩说明会活动的公告 ● 活动时间：2025年9月19日（星期五）下午14:00-17:00 ● 投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互动交流。 为进一步加强与投资者的互动交流，岳阳林纸股份有限公司（以下简称"公司"）将参加由湖南证监局、 湖南省上市公司协会与深圳市全景网络有限公司联合举办的"资本聚三湘 楚光耀新程一一2025年湖南辖 区上市公司投资者网上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 二〇二五年九月十七日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信 公众号：全景财经，或下载全景路演APP,参与本次互动交流，活动时间为2025年9月19日（星期五） 14:00-17:00。届时公司董事会秘书等相关人员将在线就公司2024年至2025年半年度业绩、公司治理、发 展战略 ...

Group 1 - The core viewpoint of the announcement is the resolution of the fourth temporary shareholders' meeting of Zhejiang Rongsheng Environmental Paper Co., Ltd. held on September 16, 2025, with no rejected proposals [1][2] - The meeting was convened by the board of directors and chaired by Mr. Feng Shengyu, utilizing a combination of on-site and online voting methods, complying with relevant laws and regulations [2][3] - All seven current directors attended the meeting, along with the board secretary and other executives [3] Group 2 - The meeting reviewed several proposals, including the 2025 semi-annual profit distribution plan, which was approved [4] - Other approved proposals included amendments to the company's articles of association and the implementation details of the cumulative voting system, as well as the remuneration management system for directors and senior management [5] - The voting results indicated that the special resolution required more than two-thirds of the votes from attending shareholders, while ordinary resolutions required more than half [5] Group 3 - The meeting was witnessed by lawyers from Shanghai Jintiancheng Law Firm, confirming that all procedures and results were in compliance with legal requirements [6] - The legal opinion provided by the lawyers affirmed the legality and validity of the meeting's convening, attendance, voting procedures, and results [6]

Group 1 - The company Zhongshun Jierou announced a cash dividend distribution plan for the first half of 2025, proposing to distribute RMB 0.63 per 10 shares to all shareholders (including tax) [2] - The record date for the stock rights is set for September 23, 2025, and the ex-dividend date is September 24, 2025 [2]

Group 1: SP Main Contract Information - The closing price of the SP main contract on September 15, 2025, was 5056.00, with a daily increase of 1.32265%. The closing prices on September 12 - 9 were 4990.00, 5016.00, 4996.00, and 4970.00 respectively, with corresponding daily changes of -0.51834%, 0.40032%, 0.52314%, and -1.11421% [4]. - The converted US - dollar prices on September 15 - 9 were 611.31, 611.31, 614.44, 612.08, and 608.62 respectively [4]. - The Shandong Yinxing basis on September 15 - 9 was 609, 675, 674, 694, and 720 respectively, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 624, 690, 684, 704, and 740 respectively [4]. Group 2: Import Profit and Price Information - With a 13% VAT calculation, the import profits for brands like Jinshi, Xiongshi, and Yinxing were -145.57, -533.29, and -197.83 respectively. The port US - dollar prices were 780, 730, and 720, and the Shandong region RMB prices were 6200, 5410, and 5665 [5]. - From September 9 - 15, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemimechanical pulp remained unchanged, with changes of 0.00. The same was true for the Shandong region average prices [5]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from September 10 - 15, 2025, with changes of 0 [5]. - The profit margins of double - offset paper, double - copper paper, white - card paper, and living paper remained mostly unchanged from September 10 - 15, 2025, with the living paper profit margin changing slightly from 7.7571% on September 10 to 8.0245% on September 12 and remaining at this level on September 15 [5]. - The price differences between coniferous and broad - leaf pulp, coniferous and natural pulp, coniferous and chemimechanical pulp, and coniferous pulp and waste paper from September 9 - 15, 2025, showed little change [5].

Core Viewpoint - The stock price of Guanhao High-tech reached a strong limit-up, closing at 3.47 yuan with an increase of 10.16%, marking the first limit-up in recent years, which has attracted widespread market attention [1] Group 1 - The recent limit-up is linked to the company's breakthrough in hydrogen energy carbon paper technology and its first order landing [1] - The company's Secretary of the Board, Ren Xiaoping, stated that the limit-up is more of a natural correction of long-term undervaluation rather than an 'abnormal' market movement [1] - Two main reasons were provided for the limit-up: the overall rotation of the capital market since September last year and the company's stable fundamentals, indicating that the market's value discovery function is at play [1]

Core Viewpoint - Guanhao High-tech's stock price surged to a limit of 10.16%, closing at 3.47 yuan, marking its first limit-up in recent years, attributed to breakthroughs in hydrogen energy carbon paper technology and its first order landing [2] Group 1: Market Reaction - The stock surge is seen as a natural correction of long-term undervaluation rather than an unusual market movement, according to the company's secretary [2] - The overall market rotation since September last year and the company's stable fundamentals are cited as reasons for the stock's performance [2] Group 2: Company Strategy - The company is committed to its strategic plan of developing a competitive, green, high-end pulp and paper industry while nurturing related diversified new industries [2] - Progress in hydrogen energy carbon paper technology is being made according to the established strategic plan, with initial validation of technology reserves [2] Group 3: Production Capacity and Industry Outlook - The timeline for scaling production will depend on national industrial policies, as there are various technological routes and industrial paths in the hydrogen energy sector [2] - The company is actively participating in the hydrogen energy field, contributing to the green economy [2]