Core Viewpoint - Wuzhou Special Paper (605007.SH) reported a revenue of 2.335 billion yuan in the third quarter, reflecting a year-on-year growth of 14.77%, while net profit attributable to shareholders decreased by 37.33% [1] Financial Performance - The company achieved a revenue of 2.335 billion yuan in Q3, marking a 14.77% increase compared to the previous year [1] - Net profit attributable to shareholders was 59.2784 million yuan, which represents a decline of 37.33% year-on-year [1] - The net profit after excluding non-recurring gains and losses was 54.5425 million yuan, down 40.30% year-on-year [1] - Basic earnings per share stood at 0.12 yuan [1]

格隆汇10月24日丨晨鸣纸业(01812.HK)宣布，董事会会议将于2025年10月30日(星期四)举行，藉以(其中 包括)考虑及批准公司及其附属公司截至2025年9月30日止九个月之未经审核业绩及其发布。 ...

Group 1 - The core point of the article is that Yueyang Lin Paper (SH 600963) held its 46th meeting of the 8th Board of Directors on October 24, 2025, to review the Q3 2025 report and other documents [1] - For the year 2024, the revenue composition of Yueyang Lin Paper is as follows: Paper industry accounts for 84.81%, Municipal landscaping 5.44%, Power 4.42%, Other businesses 2.13%, and Construction installation 1.9% [1] - As of the report date, the market capitalization of Yueyang Lin Paper is 8.1 billion yuan [1] Group 2 - The article mentions that the Chinese innovative drug sector has sold overseas authorizations worth 80 billion USD this year, highlighting a hot secondary market in biomedicine while the primary market faces fundraising challenges [1]

Group 1 - The closing price of the SP main contract on October 23, 2025, was 5250.00 [3] - The closing prices of the main contract from October 17 - 23, 2025, were 5122.00, 5156.00, 5170.00, 5220.00, and 5250.00 respectively [3] - The corresponding converted US - dollar prices were 627.35, 631.87, 634.15, 639.70, and 639.70 respectively [3] - The daily price changes were 5.47776%, 0.66380%, 0.27153%, 0.96712%, and 0.57471% respectively [3] - The Shandong Yinxing basis from October 17 - 23, 2025, was 478, 444, 430, 380, and 350 respectively [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis from October 17 - 23, 2025, was 438, 404, 390, 340, and 310 respectively [3] Group 2 - With a 13% VAT calculation, the import profits for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were - 145.57, - 593.29, and - 101.92 respectively [4] - The port US - dollar prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 780, 730, and 700 respectively [4] - The Shandong region RMB prices for Canadian Golden Lion, Canadian Lion, and Chilean Yinxing were 6200, 5350, and 5600 respectively [4] Group 3 - From October 17 - 23, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4 - From October 20 - 23, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and the price of household paper (household index) remained unchanged at 5725, 5670, 4350, and 839 respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 20, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.1077% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 21, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.0696% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 22, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 6.9741% respectively [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and household paper on October 23, 2025, were - 0.0774%, 12.9677%, - 10.3133%, and 7.1077% respectively [4] - The change in the household paper profit margin from October 20 - 23, 2025, was 0.1336, while the others remained unchanged [4] Group 5 - From October 17 - 23, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood pulp and waste paper remained unchanged at 1360.00, 200, 1800, and 4024 respectively [4]

Core Viewpoint - The Chinese paper industry is projected to see a modest growth in production, with a forecasted output of 13.48 million tons of paper and paperboard in April 2025, reflecting a year-on-year increase of 1.6% [1] Industry Summary - According to data from the National Bureau of Statistics, the cumulative production of paper and paperboard (excluding purchased raw paper processing) in China from January to April 2025 is expected to reach 51.57 million tons, marking a cumulative growth of 3.3% [1] - The report by Zhiyan Consulting outlines the market research and development prospects for the Chinese paper industry from 2025 to 2031, indicating a focus on industry trends and investment opportunities [1] Company Summary - Listed companies in the paper industry include Sun Paper Industry (002078), Chenming Paper (000488), Bohui Paper (600966), Yueyang Forest & Paper (600963), Shanying International (600567), and Hengfeng Paper (600356) [1]

Core Viewpoint - The announcement by multiple government departments aims to regulate the import of recycled paper pulp, enhancing quality and safety standards to promote a green and healthy development of China's paper industry [3][4]. Regulatory Framework - The announcement specifies that imported recycled paper pulp must be made from classified recycled paper, cardboard, and paper products, adhering to the GB/T 43393 national standard [3][4]. - The customs code for imported recycled paper pulp is 4706200000, which is for customs declaration reference only [4]. Quality Control Measures - Customs will conduct sensory inspections and test key indicators as per technical specifications. If imported recycled paper pulp is suspected to be solid waste, it will be identified by a professional agency, and if confirmed, it will be returned [4]. - The announcement emphasizes the need for strict management across the entire supply chain, including raw materials, production, processing, storage, and transportation, to ensure ecological and biological safety [3][4]. Industry Standards - The "Key Indicator Requirements for Recycled Paper Pulp" outlines that recycled paper pulp should not contain rotten pulp or unpleasant odors, and must have consistent shape, color, and material [4]. - Specific limits are set for contaminants, including a maximum of 0.50% for foreign materials, and prohibitions against radioactive substances and hazardous waste [4][5]. Heavy Metal Regulations - The announcement includes regulations on heavy metal content, specifying limits for lead (Pb), chromium (Cr), mercury (Hg), and cadmium (Cd) [5].

Core Points - The announcement aims to regulate the supervision of imported recycled paper pulp to enhance quality and safety standards, promoting the green and healthy development of China's paper industry [1][2] - The new regulations will take effect from October 18, 2023, and require that the raw materials for imported recycled paper pulp must be classified recycled paper, cardboard, and paper products [1] - Importers must comply with the national standard GB/T 43393, ensuring strict quality control throughout the entire production and supply chain [1][2] Regulatory Requirements - Imported recycled paper pulp must not contain rotten pulp or unpleasant odors, and should have consistent shape, color, and material [3] - The allowable contamination level of foreign materials is set at ≤0.50%, and the pulp must not contain radioactive substances or hazardous waste [3] - Key indicators for recycled paper pulp include limits on heavy metal content and the strength of hand-made sheets [3][4] Customs and Compliance - Customs will conduct sensory inspections and assess key indicators as per technical specifications [1][2] - If imported recycled paper pulp is suspected to be solid waste, customs can delegate to professional institutions for identification, and if confirmed as solid waste, it will be returned [2] - Government departments are tasked with strengthening oversight and enhancing communication and collaboration to ensure effective regulation [2]

Core Viewpoint - Heilongjiang's state-owned enterprises are actively engaging in technological innovation to upgrade traditional industries, develop emerging sectors, and achieve breakthroughs in key technologies, thereby fostering new productive forces for high-quality economic development in the region [1]. Group 1: Traditional Industry Upgrades - Hengfeng Paper Industry has successfully developed a series of coffee filter paper products that meet international leading standards, addressing common industry pain points such as slow filtration and inadequate cleanliness [2][4]. - The new coffee filter paper features superior thickness and breathability, enhancing oil interception and flavor release, thus transforming domestic products from merely meeting needs to setting industry standards [4][11]. Group 2: Low-altitude Economy Development - The JiaoTuo Group is spearheading the low-altitude economy by establishing a comprehensive industrial layout focused on logistics, emergency rescue, traffic management, and tourism integration, supported by a low-altitude flight service center [5][8]. - During the Winter Asian Games, JiaoTuo Group's innovations in low-altitude economy were tested, including drone systems for highway inspections and emergency rescue, showcasing practical applications in logistics and enhancing visitor experiences [5][8]. Group 3: Water Resource Monitoring Innovations - The Dahu Company, under the Heilongjiang Water Investment Group, has developed a vehicle-mounted X-band rain monitoring radar that operates autonomously and significantly reduces operational costs while enhancing monitoring capabilities [9][10]. - This radar system integrates big data and machine learning technologies to provide real-time rainfall forecasts, improving prediction accuracy by over 30% compared to traditional methods, thus bolstering flood prevention efforts [10][11]. Group 4: Overall Economic Contributions - In the first half of the year, Heilongjiang's state-owned enterprises invested in 27 new strategic industry projects, totaling 1.949 billion yuan, which accounted for 36.15% of total investments, generating revenues of 11.01 billion yuan [11]. - The provincial government has set clear goals for technological innovation across various sectors, with significant increases in R&D investments, highlighting the commitment to fostering new productive forces [11].

Core Insights - The event "Discover Guangdong: Encountering the Beauty of Rural Areas" was recently held in Dongguan, highlighting the economic achievements of rural areas [1] - In September, the collective assets of Huangyong Village in Zhongtang Town surpassed 10 billion yuan, making it the second "billion-yuan village" in Dongguan after Yantian Village in Fenggang Town [1] - Huangyong Village is recognized as a "Chinese Paper Village" and has been included in the first batch of typical villages for the provincial "Hundred Million Project" [1] Economic Development - Huangyong Village has focused on industrial development, leveraging its paper industry as a leading sector while promoting a "four-wheel drive" development strategy that includes real economy, property economy, investment economy, and service economy [1] - This approach aims to enhance collective economic development and promote common prosperity among villagers [1] Regional Progress - Dongguan has 34 towns and streets, with 613 villages (communities) under its jurisdiction [1] - Over the past three years, Dongguan has successfully cultivated 28 towns and 234 villages as typical examples of the provincial "Hundred Million Project," creating a positive trend of "point-to-surface, all-round promotion" [1] - Among the 613 villages (communities) in Dongguan, 450 have collective assets ranging from 10 million to 5 billion yuan, indicating strong collective economic strength [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The price of double - offset paper futures is expected to remain volatile and weak due to increased industry supply, lack of significant boost in downstream consumption, and an upward trend in enterprise inventory [4]. - The price of pulp futures is expected to continue to run weakly, with the previous suggestion of short - selling on rebounds remaining valid, and it should still be regarded as volatile and weak [9]. - For both pulp and double - offset paper, the reduction of long - position main players is a bearish signal [11]. 3. Summary by Related Catalogs Double - Offset Paper Futures - **Basic Situation**: The inventory of double - offset paper production enterprises is 131.5 million tons, with a month - on - month increase of 1.2%. The shutdown devices have basically resumed production, new production devices are gradually stabilizing, and downstream users mainly make replenishment orders based on rigid demand. Traders mostly maintain a just - in - time inventory rhythm, leading to an increase in enterprise inventory compared to last week [4]. Pulp Futures - **Basic Situation**: The price of pulp in Shandong is stable. From January to September, China's cumulative pulp imports were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventories remain high, and the peak season in September was lackluster [9].