"我们坚持政务公开、民主决策，定期开展廉政学习，就是要让每一份权力都在规则下运行，守住道德 与法律的底线。"华泰集团纪委书记王玉海介绍道。这套严密的组织保障，为企业营造了风清气正的生 态，无形中提升了市场竞争力。 制度护航 "再小的权力也要关进制度的笼子。"在翻阅厚达数百页的《员工廉洁行为规范》和《重点业务领域风险 防控流程》时，华泰集团审计部有关负责人语气坚定。工程建设、原料采购、销售业务……这些易滋生 腐败的环节，正是华泰集团制度建设的靶心。 记者在廉洁文化展室见证了制度的"具象化"：展柜内陈列着各级员工主动上交的礼品——从笔记本电脑 到普通水杯。 "去年上交的礼金礼品总值又超百万元，"行政人员指着登记簿说，"领导带头，已成自觉。" ● 本报记者 张鹏飞 走进华泰集团现代化的造纸车间，纸机轰鸣，白练飞卷。在高效运转的生产线旁，一面鲜红的"党员先 锋岗"标识格外醒目。"党员亮身份、践承诺，在我们这儿不是虚的。"身着工装的老党员刘建玉指着设 备参数屏对中国证券报记者说，"清廉务实是根，根正才能苗壮。" 这家从齐鲁大地成长起来的民企巨头，正以其扎实的清廉党建实践，为高质量发展注入澎湃动能。 理论筑基 "党建不是 ...

1. Report Industry Investment Ratings - Oils and Fats: Oscillating with a bullish bias [4] - Protein Meal: Oscillating [4] - Corn and Starch: Oscillating [4] - Live Pigs: Oscillating with a bullish bias [5] - Natural Rubber: Oscillating [6] - Synthetic Rubber: Oscillating [9] - Cotton: Oscillating [10] - Sugar: Oscillating [11] - Pulp: Oscillating with a bearish bias [12] - Logs: Oscillating with a bearish bias [13] 2. Core Viewpoints of the Report - The report analyzes the market conditions of multiple agricultural products. In the short - term, the prices of live pigs and oils and fats may show a bullish trend, while protein meal, corn, and other products will oscillate. In the long - term, the supply of live pigs may face pressure, and the sugar market may decline due to expected supply increases [2][4][5]. 3. Summaries According to Relevant Catalogs 3.1 Market Views 3.1.1 Oils and Fats - Yesterday, the market oscillated and showed differentiation. The market should continue to monitor changes in the US biodiesel policy. Due to technical buying and optimistic demand expectations for soybean oil in the US biofuel industry, US soybeans rose on Wednesday, and domestic oils oscillated and showed differentiation yesterday, with palm oil being relatively strong. In the future, oils may continue to oscillate with a bullish bias, but the sustainability of the upward trend should be noted [4]. 3.1.2 Protein Meal - The price rose first and then fell, continuing to oscillate. Internationally, the US "Big and Beautiful" Act was passed, and US soybeans rebounded from the lower limit of the range. Domestically, soybean meal inventories continued to accumulate, and supply pressure may lead to a weakening of spot prices. In the long - term, protein meal may be supported by cost and oscillate in the short - term [4]. 3.1.3 Corn and Starch - The futures market remained weak, and the spot market stabilized. The current fundamentals of the corn market are affected by factors such as rainfall, changes in supply rhythm, and wheat substitution. The short - term trend is oscillating [4][5]. 3.1.4 Live Pigs - Affected by the expected supply - side reform in the industry, the live pig futures market rebounded. In the short - term, pig prices have temporarily changed from weak to strong, but in the long - term, there is still supply pressure [2][5]. 3.1.5 Natural Rubber - Rubber prices continued to fluctuate with commodities. The current fundamentals of natural rubber are relatively stable, with limited price changes, and the market is waiting for new variables [6][8]. 3.1.6 Synthetic Rubber - The weak raw materials dragged the market down. The current fundamentals of synthetic rubber are not significant, and the market mainly follows the fluctuations of natural rubber and overall commodities. The market may continue to decline, and attention should be paid to the previous low support [9]. 3.1.7 Cotton - Low inventory supports cotton prices. Although there are expectations of increased production in the new season, the current low inventory structure is expected to be beneficial to cotton prices, and the short - term price may be relatively resistant to decline [10]. 3.1.8 Sugar - The external market continued to weaken, and the domestic - foreign price difference widened. Domestically, there is an expectation of concentrated arrivals of imported sugar, and the sugar price is expected to be under pressure [11]. 3.1.9 Pulp - The futures market continued to rebound, but the spot market did not follow. The supply - demand situation of pulp is weak, and the futures market is expected to oscillate with a bearish bias [12]. 3.1.10 Logs - The fundamentals changed little, and the market oscillated. The log market is in a traditional off - season, and the medium - term supply - demand pattern is expected to be weak on both sides [13]. 3.2 Variety Data Monitoring - The report lists the data monitoring of multiple varieties, including the prices of live pigs, oils and fats, cotton, etc., but does not provide detailed analysis in this part [16][47][66][105][118][133][152]. 3.3 Rating Standards - The report provides rating standards such as "bullish", "oscillating with a bullish bias", "oscillating", "oscillating with a bearish bias", and "bearish", and the time period is the next 2 - 12 weeks [165].

Group 1 - The paper industry is experiencing a wave of price adjustments, with several companies increasing their prices for corrugated paper [1] - Nine Dragons Paper Industries has raised the price of its Dragon brand corrugated paper by 30 yuan per ton at its Dongguan base starting from July 4 [1] - Other bases of Nine Dragons, including Taicang and Quanzhou, have also implemented a price increase of 30 yuan per ton for all corrugated paper starting July 4 [1] Group 2 - Shanying International has a broader range of price adjustments, with its bases in Zhejiang, Anhui, Central China, Guangdong, Fujian, and Jilin increasing corrugated paper prices by 30 yuan per ton starting July 4 [1] - Zhejiang Jinlong Recycled Resources Technology Co., Ltd. has also joined the price adjustment trend, raising the sales price of its high-strength corrugated paper by 30 yuan per ton starting July 5, which includes all previously unfulfilled orders [1]

Core Viewpoint - Brazil's Ministry of Development, Industry, Trade and Services has initiated an anti-dumping investigation against decorative paper imported from China, following a request from Brazilian producer Munksjö Caieiras Ltda. [1] Group 1: Investigation Details - The anti-dumping investigation period is set from July 2023 to June 2024, while the damage investigation period spans from July 2019 to June 2024 [1] - The products under investigation are uncoated, non-printed, and non-impregnated decorative paper rolls, with a width of 125 cm or more and a weight ranging from 50 to 150 grams per square meter [1] Group 2: Stakeholder Participation - Questionnaires will be sent to exporters, producers, importers, and other domestic manufacturers, who must submit their responses within 30 days of receipt via the SEI electronic information system [2] - Stakeholders can request a hearing within five months from the initiation of the investigation [2]

Core Viewpoint - The national carbon market in China is expanding its coverage to include more industries, with significant policy advancements in 2023 aimed at enhancing carbon emissions trading and promoting low-carbon technologies [1][2]. Group 1: Carbon Market Expansion - The national carbon emissions trading market has officially expanded to include the steel, cement, and aluminum industries, following the power generation sector [1][2]. - The government aims to gradually include key products from the petrochemical, chemical, paper, and aviation industries into the carbon market starting in 2026 [1][2]. - The expansion follows a "mature first, include first" principle, with scientific assessments submitted to the State Council for approval [1][2]. Group 2: Industry-Specific Insights - The cement industry was prioritized for inclusion due to its mature production processes and data foundation, while the aluminum smelting sector has a relatively low direct carbon emission impact [2]. - Approximately 730 steel enterprises are engaged in annual carbon emissions accounting, with long-process steel companies accounting for 90% of total emissions in the sector [2]. - The chemical industry presents complexities in product inclusion due to the variety of products and their respective emissions profiles, with over 200 million tons of key products currently reported [3]. Group 3: Paper Industry Dynamics - The paper industry, while not yet included in the carbon market, has a significant relationship with carbon emissions due to its energy consumption patterns, with coal accounting for 75% of its energy use [4]. - The industry utilizes self-owned power plants, which are already included in the carbon market, leading to potential challenges in accounting for emissions from self-generated steam [5]. - Opportunities for the paper industry include enhancing energy efficiency and utilizing biomass in self-owned power plants, which can contribute to carbon reduction efforts [6][7]. Group 4: CCER Mechanism and Development - The CCER (China Certified Emission Reduction) mechanism currently allows for a 5% offset in the carbon market, with an estimated demand of approximately 400 million tons post-expansion [9][10]. - The existing CCER methodologies cover limited sectors, necessitating the development of additional methodologies to meet the growing demand for carbon credits [9][10]. - Expanding methodologies to include waste treatment and other sectors can facilitate low-carbon transitions and enhance the overall effectiveness of the carbon market [10].

泰国纸厂火灾已致至少8人死亡 智通财经7月1日电，据央视新闻报道，泰国北标府一纸厂当地时间6月30日发生的火灾，已导致至少8人 死亡，仍有数人失踪。 ...

Report on the Investment Rating of the Industry No information about the industry investment rating is provided in the content. Core Views of the Report - This week, the market price of offset printing paper decreased slightly. In the short term, the supply side will remain stable next week. Although the pick - up of publication orders will support paper prices, social orders are in the off - season, and there may be individual price cuts to promote orders. It is expected that the weekly average price of the offset printing paper market will decline next week. In the long - term, the overall capacity of the offset printing paper industry is still in excess, and a bearish view is maintained [5][53]. Summary According to the Table of Contents 1. Overview No specific overview content is provided in the content other than the title. 2. Market Trends - This week, the 70g wood - pulp high - white offset printing paper market average price was 5,133 yuan/ton, a 0.58% week - on - week decrease, and the trend changed from stable to downward. The 70g wood - pulp natural - white offset printing paper market average price was 4,795 yuan/ton, a 26 yuan/ton decline or 0.54% decrease, and the decline rate increased by 0.15 percentage points week - on - week [5][53]. - In the spot market, prices of some paper types in Shandong and Guangdong markets remained stable, while prices of some decreased. In terms of cost - profit, pre - tax and after - tax gross margins changed slightly [12]. 3. Supply - Demand Data Supply - In 2024, the domestic offset printing paper industry's capacity was about 16.52 million tons, a year - on - year increase of 7%. The annual output was about 9.478 million tons, with a capacity utilization rate of 57% [21]. - This week, the domestic offset printing paper industry's output was 165,100 tons, and the capacity utilization rate was 50.0% [26]. Demand - From the perspective of terminal consumption, the growth rate of the retail sales of books, newspapers, and magazines has gradually slowed down in recent years [49]. Inventory - This Thursday, the offset printing paper inventory days decreased by 0.79% compared with last Thursday, and the trend changed from increasing to decreasing. In terms of inventory days, Central China > East China > South China; social inventory pressure is higher than enterprise inventory [7][44]. Import and Export - In April, the domestic offset printing paper import volume was 15,000 tons, and the export volume was 74,400 tons [38]. 4. Market Judgment - **Review**: This week, the market price of offset printing paper decreased slightly. The reasons include stable supply, cautious purchasing by dealers, slow consumption of downstream base paper, and weakening cost support [5][53]. - **Outlook**: In the short term, supply will be stable next week. Although publication orders will support paper prices, social orders are in the off - season, and prices may decline. From the pulp market perspective, there is insufficient positive support from the cost side. In the long - term, the overall capacity of the offset printing paper industry is in excess, and a bearish view is maintained [5][53]. 5. Industry News - The weekly enterprise inventory of domestic offset printing paper decreased this week, and the start - up load rate was 49.97%, a 0.68 - percentage - point increase from last week [7][8]. - Arauco in Chile announced a new round of wood - pulp export quotations: coniferous pulp Silver Star at $720/ton, natural - color pulp Venus at $620/ton, and no quotation for hardwood pulp Star [8]. - The Shanghai Futures Exchange solicited public opinions on the futures contracts, option contracts, and relevant business rules of offset printing paper [8].

Core Viewpoint - The Indian Ministry of Finance has decided to cancel the anti-dumping duties on Zhejiang Kingdecor Co., Ltd. while continuing to impose duties on other Chinese manufacturers of decorative paper, following a positive final ruling from the Ministry of Commerce [1][2]. Group 1: Anti-Dumping Duties - The Indian Ministry of Finance announced the cancellation of anti-dumping duties for Zhejiang Kingdecor Co., Ltd. while maintaining duties for other manufacturers, with rates set at $110/ton for Shandong Boxing Ouhua Special Paper Co., Ltd. and Zibo OU-MU Special Paper Co., Ltd., and $297/ton for Hangzhou Huawang New Material Technology Co., Ltd. [1] - The anti-dumping measures are effective from December 27, 2021, and will last for five years [1]. - The investigation into the anti-dumping duties was initiated on September 30, 2020, based on a complaint from ITC Limited Paperboards and Specialty Papers Division [2]. Group 2: Investigation and Review Process - The Ministry of Commerce initiated a review investigation on March 28, 2024, based on requests from Hangzhou Huawang New Material Technology Co., Ltd. and various Indian importers and manufacturers [3]. - This review aims to reassess the scope of the products involved and to re-determine the dumping margins, covering all aspects of previous final investigation results [3]. - The positive final ruling from the Ministry of Commerce was issued on March 25, 2025, confirming the findings of the review [3].

Core Viewpoint - Zhejiang Jingxing Paper Industry Co., Ltd. is actively managing its financial and operational risks while navigating a challenging market environment, particularly in the paper industry, which is facing price pressures and fluctuating demand. Financial Performance - The company reported a slight increase in revenue for 2024, with total revenue reaching 54.79 billion yuan, driven by a rise in sales from its recycled pulp board project in Malaysia [14][5]. - The net profit for 2024 saw a decline due to increased operating expenses and reduced non-recurring income, with the first quarter of 2025 showing a net loss [5][14]. - The company's asset-liability ratio remains low, indicating a stable financial structure, with cash reserves providing a buffer for debt repayment [2][1]. Market Position - Jingxing Paper is recognized as a leading player in the domestic corrugated paper industry, benefiting from a favorable market position and high operational efficiency [1][2]. - The company maintains a diverse product portfolio, with packaging paper accounting for approximately 74.99% of its revenue in 2024 [14][15]. - The company has a strong market presence in the Yangtze River Delta region, with over 80% of its sales concentrated in Zhejiang, Shanghai, and Jiangsu [15][14]. Industry Trends - The paper industry is experiencing a cyclical downturn, with overall demand and prices under pressure due to increased competition and weak end-user demand [6][7]. - In 2024, the production of paper and paperboard in China reached 136.25 million tons, reflecting a year-on-year growth of 5.09%, while consumption grew by 3.56% [7][6]. - The industry is facing challenges from rising raw material costs, particularly for waste paper and wood pulp, which significantly impact production costs [8][9]. Investment Projects - The company has invested significantly in a recycled pulp board project in Malaysia, with total investments amounting to 19.22 billion yuan, aimed at securing raw material supply [4][5]. - The project is expected to reach an annual production capacity of 800,000 tons, with the first phase already operational and contributing to revenue [4][14]. Risk Factors - The company faces risks related to raw material price volatility, particularly for waste paper and wood pulp, which constitute a significant portion of production costs [23][24]. - Geopolitical risks and currency fluctuations associated with overseas investments, particularly in Malaysia, could impact financial stability [2][5]. - Environmental regulations and compliance costs are increasing, posing additional operational challenges for the company [11][19].

Group 1 - Linping Development Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange, with a fundraising target of 1.2 billion yuan for two major projects [3] - The company specializes in the research, production, and sales of corrugated paper and boxboard, and was established in 2002 with a registered capital of 56.5611 million yuan [3] - The company plans to use the raised funds for a 900,000-ton green and intelligent manufacturing new materials project (Phase II) and a 600,000-ton bio-based fiber green intelligent manufacturing new materials project [3] Group 2 - Li Jianshe is the controlling shareholder, holding 84.86% of the company's shares, and through an investment partnership, he indirectly controls an additional 3.54% of the voting rights, totaling 88.40% [5] - Li Jianshe has a background in transportation and paper trading, and has held various positions within the company since its inception [6] Group 3 - The company's projected revenues for 2022, 2023, and 2024 are 2.879 billion yuan, 2.8 billion yuan, and 2.485 billion yuan, respectively, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan [6] - The company experienced a decline in performance in 2024 due to the impact of Typhoon "Bebinca," which caused damage to facilities and inventory, leading to a production halt of over 30 days [6] - The comprehensive gross profit margins for the years 2022, 2023, and 2024 are 7.67%, 9.85%, and 9.37%, respectively [6]