Group 1 - The stock of Guanhao High-tech (600433) reached the daily limit, with a turnover rate of 7.18% and a transaction amount of 424 million yuan, showing a fluctuation of 10.51% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.42%, with a net sell of 1.5168 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction of 114 million yuan, with a net buying amount of 22.8669 million yuan [2] Group 2 - The company reported a revenue of 3.403 billion yuan for the first half of the year, a year-on-year decrease of 1.47%, and a net profit of -57.9253 million yuan [3] - The latest margin trading data shows a total margin balance of 306 million yuan, with a financing balance of 306 million yuan and a securities lending balance of 0.0088 million yuan [2] - Over the past five days, the financing balance decreased by 6.1161 million yuan, a decline of 1.96%, while the securities lending balance decreased by 0.00035 million yuan, a decline of 28.41% [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The anti - arbitrage in the pulp market has reached a phased position, and attention should be paid to seasonal stabilization. After the old warehouse receipts are delivered on September 15th, the market may experience a corrective rebound. However, the rebound space is limited due to weak downstream demand and high port inventories [96][97]. 3. Summary According to the Table of Contents 3.1 Industry News - As of September 11, 2025, the pulp inventory in Changshu Port was 464,000 tons, a decrease of 18,000 tons from the previous period, a 3.7% decline; the inventory in Qingdao Port was 1.418 million tons, an increase of 3,000 tons from the previous week, a 0.2% increase; the inventory in Gaolan Port was 58,000 tons, a decrease of 5,000 tons from the previous week, a 7.9% decline. The total inventory of mainstream port samples in China was 2.062 million tons, a decrease of 4,000 tons from the previous period, a 0.2% decline [6][7]. - On September 3, 2025, the No. 1 line of the second - phase chemi - thermomechanical pulp project of Liansheng Pulp and Paper (Zhangzhou) Co., Ltd. was successfully put into operation [7]. - On September 8, 2025, the household paper production line of the seventh factory in the Shouguang base of Chenming Paper started operation, and the base will fully resume full - load production capacity [8]. 3.2 Market Data 3.2.1 Market Trends - On September 12, 2025, the basis of Silver Star was 660 yuan/ton, with a month - on - month increase of 0.30% and a year - on - year increase of 77.42%; the basis of Russian Needle was 180 yuan/ton, with a month - on - month increase of 30.43% and a year - on - year increase of 410.34%; the price difference between Silver Star and Russian Needle was 480 yuan/ton, with a month - on - month decrease of 7.69% and a year - on - year increase of 11.63% [15]. - On September 12, 2025, the 11 - 01 month - spread was - 288 yuan/ton, with a month - on - month decrease of 8.27%; the 01 - 05 month - spread was - 10 yuan/ton, with a month - on - month decrease of 66.67% [15][20]. 3.3 Fundamental Data 3.3.1 Price - The price difference between Silver Star and Goldfish was 1,470 yuan/ton on September 12, 2025, with a month - on - month decrease of 3.29% and a year - on - year increase of 19.51%; the price difference between Russian Needle and Goldfish was 990 yuan/ton, with a month - on - month decrease of 1.00% and a year - on - year increase of 23.75% [27]. - On September 12, 2025, the import profit of coniferous pulp (Silver Star) was - 208 yuan/ton, with a month - on - month decrease of 46.79% and a year - on - year decrease of 0.98%; the import profit of broad - leaf pulp (Star) was - 3 yuan/ton, with a month - on - month increase of 46.22% and a year - on - year increase of 99.50% [30]. - On September 12, 2025, the prices of imported coniferous pulp such as Silver Star, Kalip, and Northwood in the Shandong market were 5,650 yuan/ton, 5,800 yuan/ton, and 6,050 yuan/ton respectively, with varying degrees of month - on - month and year - on - year changes [32]. - On September 12, 2025, the prices of imported broad - leaf pulp such as Goldfish, Star, and Bird in the Shandong market were 4,180 yuan/ton, 4,250 yuan/ton, and 4,170 yuan/ton respectively, with varying degrees of month - on - month and year - on - year changes [37]. - On September 12, 2025, the prices of imported natural pulp and chemi - thermomechanical pulp such as Venus and Kunhe in the Shandong market were 4,900 yuan/ton and 3,700 yuan/ton respectively, with varying degrees of year - on - year changes [40]. 3.3.2 Supply - The wood chip purchase prices of paper enterprises in East China were generally stable, and the purchase price of poplar wood chips of Champion Paper continued to decline [42]. - The supply of domestic broad - leaf pulp increased this week. On September 11, 2025, the weekly production of domestic broad - leaf pulp was 133,000 tons, with a month - on - month increase of 19.82% [46][48]. - In July 2025, the port inventory in Europe decreased slightly month - on - month; in June, the global pulp outbound volume increased seasonally month - on - month but was lower year - on - year [51]. - In June 2025, the export volume of coniferous pulp from Canada, Chile, Finland, and the United States to China increased month - on - month but was still at a low level year - on - year; in July, the export volume of coniferous pulp from Canada, Chile, and the United States to China increased significantly month - on - month; in August, the export volume of coniferous pulp from Chile to China decreased month - on - month [55]. - In July 2025, the export volume of broad - leaf pulp from Brazil, Indonesia, and Uruguay to China continued to be at a year - on - year high and increased month - on - month; in August, the export volume of broad - leaf pulp from Brazil to China decreased seasonally month - on - month, while the export volume of Uruguay to China increased significantly month - on - month [57]. - In July 2025, China's pulp import volume decreased overall, with coniferous pulp decreasing by 4.64% month - on - month and broad - leaf pulp decreasing by 5.84% month - on - month [61]. 3.3.3 Demand - For offset paper, the average price of enterprises was stable, production increased slightly, supply was abundant, downstream demand was weak, and the market was bearish [65]. - For coated paper, the average price of enterprises was stable, production changed little, supply was abundant, consumption was difficult to improve, and the market was in a wait - and - see state [69]. - For white cardboard, both supply and demand increased, paper mills' production and sales were relatively balanced, prices increased, and the market improved [73]. - For household paper, the market price was flat, demand was weak, the overall trading atmosphere improved little, and the industry's operating rate remained low [77]. - In July 2025, the retail sales in the terminal demand areas of pulp weakened seasonally month - on - month. The year - on - year growth of cultural office and daily necessities was significant, while the retail sales of books, newspapers, and magazines and the output of dairy products decreased year - on - year [81]. 3.3.4 Inventory - On September 12, 2025, the total warehouse receipt quantity of pulp was 245,000 tons, with a month - on - month decrease of 0.79% and a year - on - year decrease of 49.53% [84]. - The port inventory was at a medium level within the year, showing a narrow de - stocking trend. Qingdao Port's inventory increased slightly, and Changshu Port's inventory decreased [93]. 3.4 This Week's Viewpoint Summary - Supply: In August 2025, the pulp import volume decreased for the second consecutive month, with a month - on - month decrease of 7.8% to 2.653 million tons and a year - on - year decrease of 5.5%. The cumulative import volume from January to August was 24.108 million tons, still a 5.0% year - on - year increase. The supply remained abundant. The shipment volume from Brazil to China in August was 647,300 tons, a significant month - on - month decrease of 21.5% but a year - on - year increase of 55.3%, and the cumulative year - on - year increase was 20.3%. The foreign market quotation was firm, and the cost - side support was strengthened [96]. - Demand: The performance of downstream demand in the peak season was disappointing, lacking traditional peak - season characteristics. In general, the terminal consumption capacity of the paper industry did not improve, and the demand side had a "buy - on - dips" mentality, providing limited support to the pulp market [96]. - Viewpoint: After the old warehouse receipts are delivered on September 15th, the market may experience a corrective rebound. However, the rebound space is limited due to weak downstream demand and high port inventories [97]. - Strategy: Unilateral: Try to go long on contracts 01 and 05 on dips; Inter - period: Consider converting the 11 - 1 reverse arbitrage to a positive arbitrage; Inter - variety: No strategy [98].

Core Viewpoint - Hengyang Xuming Trading Co., Ltd. has been established with a registered capital of 2.08 million RMB, indicating a new player in the paper and packaging industry [1] Company Summary - The legal representative of Hengyang Xuming Trading Co., Ltd. is Jiang Xiaobing [1] - The company’s registered capital is 2.08 million RMB [1] - The business scope includes manufacturing and sales of paper products, paper and cardboard containers, and pulp sales [1] - Additional activities include packaging services, manufacturing and sales of specialized equipment for pulping and papermaking, retail of hardware products, sales of metal fittings for construction, sales of funeral supplies, and internet sales [1]

Company News - Dongcai Technology announced on September 12 that due to the rising demand in the high-end server industry, there has been increased market attention on its high-speed electronic resin products, benefiting from the high-quality development in emerging fields such as artificial intelligence and computing power upgrades [4] - Qingshan Paper Industry, which has seen its stock price hit the limit up for four consecutive trading days since September 9, stated that its subsidiary's net profit is minimal and will not impact the main business. The company noted high stock price volatility and turnover rate, indicating potential speculation risks [5] - Tuojing Technology plans to issue A-shares to no more than 35 specific investors, raising up to 4.6 billion yuan for high-end semiconductor equipment industrialization and technology research projects [5] - TCL Technology signed a project cooperation agreement to build an 8.6-generation printed OLED display panel production line with a total investment of approximately 29.5 billion yuan, with TCL contributing 8.85 billion yuan [6] - *ST Guandao announced it received an administrative penalty from the China Securities Regulatory Commission and will face mandatory delisting due to major violations [7] - *ST Dongtong is under investigation for financial data falsification, facing a fine of 229 million yuan and potential delisting procedures due to significant violations [7] Industry News - The Ministry of Industry and Information Technology, along with other agencies, issued a work plan for the power equipment industry, projecting an average revenue growth rate of around 6% for traditional power equipment from 2025 to 2026, with a 7% growth for advanced manufacturing clusters [3] - The National Development and Reform Commission announced a new action plan for large-scale construction of new energy storage, aiming for an installed capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [3] - The China Securities Regulatory Commission revised the classification supervision regulations for futures companies to improve the regulatory framework and resource allocation [2]

Core Viewpoint - The company, Huawang Technology, has received a final anti-dumping tax ruling from the European Commission, imposing a tax rate of 26.4% to 26.9% on decorative paper originating from China, with the company securing the lower rate of 26.4% [1] Group 1 - The company has managed to mitigate the impact of the anti-dumping tax by reaching agreements with some EU customers to shift sales regions and develop new clients, resulting in a relatively small effect on actual sales volume [1] - The company is focused on developing high value-added products as part of its market diversification strategy [1] - The company leverages its global layout and technological advantages to maintain stable development in its overall export business [1]

Group 1 - The core viewpoint of the article highlights that Jinghua Laser (SH 603607) held its third board meeting on September 12, 2025, to discuss the election of a director to manage company affairs [1] - For the fiscal year 2024, Jinghua Laser's revenue composition indicates that the paper and paper products industry accounted for 99.05% of its total revenue, while other businesses contributed 0.95% [1] - As of the report, Jinghua Laser's market capitalization stands at 4.3 billion yuan [1]

Core Viewpoint - Wuzhou Special Paper announced that as of the date of the announcement, all business operations are normal and there are no overdue guarantees [2] Company Summary - Wuzhou Special Paper has confirmed the stability of its business operations [2] - The company has reported no overdue guarantees, indicating a strong financial position [2]

Core Insights - Qing Shan Paper Industry (600103) experienced a trading halt with a daily increase limit, achieving a turnover rate of 11.50% and a transaction volume of 9.61 billion yuan, with a price fluctuation of 4.11% [1] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 8.49%, with a net sell-off of 18.11 million yuan from the Shanghai-Hong Kong Stock Connect [1] - The company reported a 15.27% year-on-year decline in revenue for the first half of the year, totaling 1.21 billion yuan, while net profit increased by 1.74% to 56.08 million yuan [1] Trading Data - The top five trading departments accounted for a total transaction volume of 302 million yuan, with buying amounting to 102 million yuan and selling at 200 million yuan, resulting in a net sell-off of 98.24 million yuan [1] - The main capital flow indicated a net outflow of 154 million yuan, with large orders contributing to a net outflow of 121 million yuan and significant orders showing a net outflow of 32.62 million yuan [1] - Over the past five days, the main capital flow has seen a net inflow of 135 million yuan [1] Major Trading Departments - The top buying department was Dongya Qianhai Securities, contributing 38.34 million yuan, followed by Haitong Securities and Huaxin Securities with 20.63 million yuan and 20.56 million yuan respectively [1] - The largest selling department was Guolian Minsheng Securities, with a sell-off of 112.58 million yuan, followed by Huaxin Securities and Zhongtai Securities with 35.14 million yuan and 20.31 million yuan respectively [1]

Core Viewpoint - Wuzhou Special Paper (605007.SH) announced a capital increase of RMB 780 million to its wholly-owned subsidiary Wuzhou Special Paper (Jiangxi) to optimize its capital structure and enhance overall efficiency [1] Group 1: Capital Increase Details - The capital increase will raise the registered capital of Wuzhou Special Paper (Jiangxi) from RMB 1.1 billion to RMB 1.88 billion [1] - The company's ownership percentage in Wuzhou Special Paper (Jiangxi) will remain unchanged after the capital increase [1]

天眼查App显示，近日，隆回县众星纸业有限公司成立，法定代表人为李亮斌，注册资本5万人民币， 经营范围为许可项目：特定印刷品印刷;文件、资料等其他印刷品印刷（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）一般项目：纸制品制造;纸 制品销售;互联网销售（除销售需要许可的商品）;货物进出口;纸制造（除依法须经批准的项目外，自主 开展法律法规未禁止、未限制的经营活动）。 ...