8月20日，截至港股收盘，恒生指数上涨0.17%，报25165.94点。玖龙纸业（02689.HK）收报5.4港元/ 股，上涨12.27%，成交量9120.38万股，成交额4.74亿港元，振幅13.31%。 本文源自：金融界 作者：行情君 行业估值方面，原材料行业市盈率（TTM）平均值为21.6倍，行业中值6.35倍。玖龙纸业市盈率22.42 倍，行业排名第26位；其他大成生化科技（00809.HK）为1.16倍、骏东控股（08277.HK）为1.4倍、中 木国际（01822.HK）为2.15倍、中国三江化工（02198.HK）为4.04倍、武汉有机（02881.HK）为4.8 倍。 资料显示，玖龙纸业(控股)有限公司成立于1995年,总部位于中国广东省东莞市,2006年于香港联交所主 板上市,目前为全球产能排名第一的造纸集团和林浆纸一体化的龙头企业(主要产品为各类环保包装纸、 高档全木浆纸及其上下游产业链)。集团现有造纸设计年产能为超过2,000万吨,员工20,000余人。玖龙纸 业目前在中国的东莞、太仓、重庆、天津、乐山、泉州、沈阳、河北及湖北拥有生产基地,并于广西北 海建设浆纸基地。玖龙纸业积极响应'一 ...

8月20日，玖龙纸业(02689)盘中上涨10.19%，截至14:09，报5.3元/股，成交2.55亿元。 玖龙纸业是全球产能排名第一的造纸集团，主要产品为各类环保包装纸、高档全木浆纸及其上下游产业 链，设计年产能超过2000万吨。公司在中国和海外拥有多个生产基地，并通过收购和扩建，不断推进国 际化发展和产业链完善。 截至2024年中报，玖龙纸业营业总收入334.65亿元、净利润4.7亿元。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has announced a significant increase in expected profits for the fiscal year ending June 30, 2025, projecting earnings between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to last year's RMB 794 million [1] Group 1 - The company's profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which decreased at a faster rate than the drop in product prices, thereby boosting gross margins [1] - The company plans to issue USD 400 million in perpetual capital securities in June 2024 [1] - The expected profit attributable to perpetual capital securities holders for the current year is approximately RMB 400 million, leading to an anticipated profit attributable to equity holders of around RMB 1.7 billion to RMB 1.9 billion, an increase of 126% to 153% from last year's RMB 751 million [1]

本文源自：财华网 【财华社讯】玖龙纸业(02689.HK)公布，预计截至2025年6月30日止年度盈利约21亿元至23亿元之间(人 民币,下同)，同比增长165%至190%。该盈利增长主要得益于销量上升，且原材料成本下降幅度及速度 显着快于产品售价降幅，从而推动毛利上升。 公司于2024年6月发行4亿美元永续资本证券。年度永续资本证券持有人的应占盈利为约4亿元。因此， 集团预计公司的权益持有人应占盈利约17亿元至19亿元之间，较同比增加126%至153%。 ...

本文源自：金融界AI电报 玖龙纸业(2689.HK)公布，集团预计将录得截至2025年6月30日止盈利约人民币 21.00亿元至人民币23.00 亿元之间，较去年度人民币7.93.9亿元增长165%至190%。该盈利增长乃主要得益于销量上升，且原材 料成本下降幅度及速度显著快于产品售价降幅，从而推动毛利上升。 ...

Core Viewpoint - The company reported a revenue of 4.12 billion yuan for 1H2025, reflecting a year-on-year increase of 20.1%, while the net profit attributable to shareholders was 120 million yuan, down 47.6% year-on-year [1] Group 1: Financial Performance - In 1H2025, the company achieved a production volume of 1.0237 million tons of mechanical paper and a sales volume of 987,200 tons, representing year-on-year increases of 76.3% and 74.4% respectively [1] - The average price per ton for mechanical paper was 4,175 yuan, a decrease of 1,886 yuan year-on-year [1] - The gross margin for 1H2025 was 8.2%, down 3.9 percentage points year-on-year, with 1Q and 2Q gross margins at 8.8% and 7.7%, respectively, showing year-on-year declines of 4.2 and 3.6 percentage points [1] Group 2: Market Conditions - The market is experiencing intensified competition, leading to price reductions; the average price per ton for paper cup base paper in 1Q and 2Q2025 was 6,800 yuan and 6,489 yuan, down 300 yuan and 418 yuan year-on-year, respectively [1] - The average price per ton for hardwood pulp in 1Q and 2Q2025 was 4,782 yuan and 4,284 yuan, reflecting year-on-year decreases of 402 yuan and 1,383 yuan, respectively [1] Group 3: Cost Structure - The company's expense ratio for 1H2025 was 4.8%, a slight decrease of 0.1 percentage points year-on-year; the sales, management, R&D, and financial expense ratios were 0.3%, 1.1%, 1.1%, and 2.2%, with respective year-on-year changes of +0.1, -0.2, -0.5, and +0.6 percentage points [1] - The increase in financial expense ratio was primarily due to rising financial costs [1] Group 4: Future Outlook - The specialty paper industry is expected to bottom out and recover in the second half of the year; since July, prices for certain paper types, such as heat transfer paper, have shown signs of recovery, which may improve profitability [1] - The company is currently constructing a 70,000-ton decorative base paper production line [1]

格隆汇8月20日丨玖龙纸业(02689.HK)公布，集团预计将录得截至2025年6月30日止盈利约人民币 21.00 亿元至人民币23.00亿元之间，较去年度人民币7.93.9亿元增长165%至190%。该盈利增长乃主要得益于 销量上升，且原材料成本下降幅度及速度显著快于产品售价降幅，从而推动毛利上升。 公司于2024年六月发行4亿美元永续资本证券。该年度永续资本证券持有人的应占盈利为约人民币4亿 元。因此，集团预计公司的权益持有人应占盈利在年度为约人民币17.00亿元至人民币19.00亿元之间， 较去年度人民币7.507 亿元增加126%至153%。 ...

Group 1: SP Main Contract Information - The closing price of the SP main contract on August 19, 2025, was 5178.00, showing a -1.40899% change from the previous day [3] - The corresponding converted US dollar price was 629.40 [3] - The basis for Shandong Yinxing was 672, and for Jiangsu, Zhejiang, and Shanghai Yinxing was 707 [3] Group 2: Import Profit and Price Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US dollar price was 780, the Shandong region RMB price was 6350, and the import profit was -48.45; for Canadian Lion (CFR), the port US dollar price was 730, the Shandong region RMB price was 5580, and the import profit was -392.78; for Chilean Yinxing (CFR with 90 - day letter of credit), the port US dollar price was 720, the Shandong region RMB price was 5850, and the import profit was -61.65 [4] Group 3: Pulp and Paper Price Averages - From August 13 - 19, 2025, the national and Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper also remained unchanged during this period [4] Group 4: Profit Margin Information - The estimated profit margins of double - offset paper, double - copper paper, white card paper, and living paper showed little change from August 14 - 19, 2025, except for the living paper which had a 0.1528 change [4] Group 5: Price Spread Information - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper showed minor changes from August 13 - 19, 2025 [4]

证券之星消息，8月19日，博汇纸业（600966）融资买入966.05万元，融资偿还887.05万元，融资净买入 79.01万元，融资余额1.52亿元，近3个交易日已连续净买入累计416.65万元，近20个交易日中有14个交 易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-19 | 79.01万 | 1.52亿 | 2.21% | | 2025-08-18 | 167.42万 | 1.51亿 | 2.19% | | 2025-08-15 | 170.22万 | 1.50亿 | 2.23% | | 2025-08-14 | -274.84万 | 1.48亿 | 2.23% | | 2025-08-13 | 61.78万 | 1.51亿 | 2.22% | 融券方面，当日融券卖出0.0股，融券偿还9900.0股，融券净买入9900.0股，融券余量11.66万股。 | 交易日 | (船) 田樹虎栄區 | | 融券会量(股) | 融券余额(元) | | --- | --- | --- | --- ...

Macro and Strategy - The report analyzes the current bull market in the ChiNext index, noting that it has risen by 21.69% year-to-date as of August 18, 2025, with comparisons to previous bull markets in 2015, 2013, and 2020, which had significantly higher gains [8][3] - The report highlights the differences between the bull markets of 2013-2015, characterized by broad-based gains, and the more structural gains seen from 2018-2021, where a lower percentage of stocks saw significant increases [8] Light Industry Manufacturing - The light industry manufacturing weekly report indicates that the price of boxboard and corrugated paper continues to rise, with July furniture retail sales in the U.S. increasing by 5.1% year-on-year [3][10] - Domestic prices for hardwood pulp have risen slightly, while cultural paper and white cardboard prices remain under pressure due to supply and demand dynamics [9][10] - The report notes that China's furniture exports increased by 3.0% year-on-year in July, with expectations for recovery in the export chain due to recent tariff extensions and upcoming U.S. interest rate cuts [10][11] Automotive Industry - The automotive industry report indicates that vehicle production and sales in July 2025 were 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [13] - The report highlights a strong pre-sale for the new Tank 500 model, indicating robust consumer interest [13] - The report suggests a focus on the performance of the automotive sector's mid-year results, with a notable increase in wholesale vehicle sales in early August [14] Copper Industry - The report on Tongling Nonferrous Metals indicates a 34% year-on-year decline in net profit for the first half of 2025, despite a revenue increase of 6.4% to 76.1 billion yuan [21][22] - The company has become the largest copper smelting company globally, with a production capacity of 2.2 million tons following the commissioning of a new copper smelting project [22] - The report anticipates a significant increase in copper production capacity with the upcoming commissioning of the Mirador copper mine's second phase [23] Gold Industry - The report on Shanjin International shows a 42.14% year-on-year increase in revenue for the first half of 2025, with net profit rising by 48.43% [24] - The report notes that the company is on track to meet its annual gold production target of at least 8 tons, despite a slight decline in production in the first half [24][25] - The report highlights the potential for future growth through acquisitions and new projects, particularly in Namibia and other regions [25] Electronic and Battery Materials - The report on Shengquan Group indicates a 51.19% year-on-year increase in net profit for the first half of 2025, driven by strong performance in advanced electronic materials and battery materials [31][32] - The company has expanded its market share in synthetic resin and advanced materials, with significant growth in sales volume [32][33] - The report emphasizes the company's ongoing development of new products and applications in the biomass sector, with new projects expected to launch in the near future [34] Medical Aesthetics - The report on Aimeike shows a 21.59% year-on-year decline in revenue for the first half of 2025, with net profit down by 29.57% [35][36] - The company is facing increased competition in the medical aesthetics market, but it is expanding its product line through acquisitions and new product development [36][37] - The report suggests that while short-term challenges exist, the long-term growth potential remains strong due to increasing consumer demand for medical aesthetics [37] Beverage Industry - The report on Yanghe Distillery indicates a significant decline in revenue and net profit for the first half of 2025, with a focus on maintaining pricing power and controlling production volume [38]