内容概要：溶解浆是指α-纤维素含量高于90%的漂白木浆或棉短绒，是多种纤维素工业产品的制造原 料。目前，生产溶解浆的方法主要有亚硫酸盐法、预水解硫酸盐法和烧碱法。全球溶解浆产量在经历 2020-2022年三年连续下滑后，于2023年迎来回升，2024年产量进一步增长至约800万吨，为近几年最高 值，主要得益于印度尼西亚、中国、巴西、智利、葡萄牙等国家溶解浆工厂产能的提升及产量的释放。 中国为溶解浆重要生产地与消费地，生产端，2023-2024年受益于下游需求增加，产量恢复增长态势， 2024年中国溶解浆产量约105万吨，同比增加40万吨。需求端，2024年中国溶解浆表观需求量为512.9万 吨，同比增长11.1%。我国在生产溶解浆方面面临树种资源的短缺，如缺乏适宜的桉树、冷杉等树种， 这限制了我国溶解浆生产能力的发展，导致我国溶解浆长期呈现供不应求的局面，高度依赖于进口。 2020-2024年对外依存度维持在70%以上，2024年对外依存度为79.6%。中国溶解浆进口数量不断扩大， 由2018年的283.79万吨增长至2024年的408.03万吨，期间年复合增长率为4.6%。受益于地理及成本等因 素，东南亚地 ...

Core Viewpoint - The packaging paper industry is experiencing a series of price increases driven by high raw material costs, particularly waste paper, and a combination of supply constraints and seasonal demand factors [1][2][3]. Group 1: Price Increases and Market Dynamics - Major players in the packaging paper industry, such as Nine Dragons Paper Holdings and Shanying International, have initiated multiple rounds of price hikes since August, with Nine Dragons implementing eight price increases [1]. - The average market price for AA-grade corrugated paper reached 2,789 RMB/ton by September 18, marking a 2.42% increase from the end of August and a 7.72% year-on-year rise [1]. - The combination of price increases and planned production halts during the holiday season aims to maintain a bullish market sentiment and encourage procurement from packaging factories [2]. Group 2: Demand and Supply Challenges - Despite a slight uptick in orders ahead of the holidays, the overall recovery in demand for packaging paper remains below expectations, with current price increases primarily driven by cost rather than demand [3]. - The packaging paper industry faces ongoing pressures, including an imbalance between supply and demand due to rapid capacity growth since 2012 and a slowdown in global economic growth [4]. Group 3: Industry Transformation and Future Outlook - The concept of "anti-involution" is seen as a potential key to achieving supply-demand balance in the packaging paper industry, shifting focus from quantity expansion to quality improvement [4]. - Industry leaders emphasize the need for differentiation in products and processes to escape low-price competition, with a focus on meeting customer needs through innovation [4]. - The implementation of new energy consumption standards in May 2025 is expected to drive technological upgrades and efficiency improvements within the industry [4]. - The process of capacity clearing and structural adjustment in the packaging paper industry is anticipated to take time, with price fluctuations and market competition playing a crucial role in achieving balance [5].

北京商报讯(记者张君花)9月22日，晨鸣纸业在投资者互动平台表示，目前公司寿光基地已全部恢复生 产；黄冈基地、江西基地二厂正常生产；江西基地一厂、吉林基地、湛江基地当前仍在停机检修，争取 尽快恢复生产。 ...

Core Viewpoint - The Shandong province is transforming its traditional paper industry into a high-end paper and biomass refining industry, focusing on diversification and green transformation through technological innovation and market segmentation [1][4]. Group 1: Industry Transformation - The Shandong province produces 1/6 of China's paper and paperboard, with a goal to enhance the industry by developing biomass refining and diversifying product offerings [1]. - The "Guidelines" issued by provincial authorities aim to accelerate the transformation of the paper industry into a leading domestic and globally competitive sector [1]. Group 2: Technological Innovation - The guidelines emphasize the importance of technological innovation across the entire paper industry chain, including pulping, biomass refining, and paper production [2]. - Key technological advancements include low-energy pulping, high-concentration pulping, and dry paper-making techniques [2]. - The province plans to enhance smart factory construction and implement real-time data collection and quality control in the production process [2][3]. Group 3: Market Segmentation - By 2024, China's per capita paper consumption is projected to reach 96.8 kg, indicating significant growth potential compared to developed countries [4]. - The guidelines encourage the development of specialized paper products, such as low-grammage high-strength packaging paper and medical-grade paper [4]. - There is a focus on non-paper products, including water treatment membranes and drug delivery systems, to meet the demands of various industries [4]. Group 4: Green and Sustainable Practices - Shandong's large paper companies are investing in green technologies to reduce pollution and improve water usage efficiency [7]. - The guidelines promote the development of advanced technologies in water conservation, environmental protection, and resource recycling [7]. - The province will support research and development in biomass refining and eco-friendly materials through financial incentives and collaboration with academic institutions [8].

Core Viewpoint - The demand for graphite thermal paper in China has been continuously growing due to the explosive growth of e-commerce and logistics, the upgrade in demand for high-precision thermal paper in sectors like healthcare and finance, and the shift towards environmentally friendly products driven by regulatory policies [1][10]. Industry Overview - Graphite thermal paper is a specialized type of thermal paper made from graphite powder and thermal materials, which exhibits specific color changes when heated. It is widely used in labels, receipts, medical applications, logistics, and electronic communications [4][5]. - The production of graphite thermal paper involves a supply chain that includes raw materials such as graphite, thermal resins, color developers, and base paper, which are processed into high-quality products through advanced manufacturing techniques [5][6]. Market Demand and Growth - The production volume of graphite thermal paper in China is projected to reach 172,000 tons in 2024, representing a year-on-year increase of 10.6% [1][11]. - The rapid growth of the logistics sector, particularly in e-commerce, has significantly increased the demand for thermal paper labels, with the express delivery volume expected to reach 95.64 billion pieces in the first half of 2025, a year-on-year growth of 19.3% [9][10]. Competitive Landscape - The Chinese graphite thermal paper industry features numerous participants, including large international companies and many regional small and medium-sized enterprises. Major companies include Guangdong Crown High-tech Co., Ltd., Shandong Chenming Paper Group Co., Ltd., and Xianhe Co., Ltd. [12][13]. - Guangdong Crown High-tech Co., Ltd. reported a revenue of 1.905 billion yuan from thermal paper and sublimation paper in 2024, reflecting a year-on-year increase of 12.18% [13]. Development Trends - Technological innovation is expected to drive product upgrades, with the application of nanotechnology enhancing the heat resistance, stability, and durability of graphite thermal paper [14]. - Environmental regulations are prompting companies to adopt greener production methods, which may lead to the elimination of non-compliant firms and an overall improvement in the industry's environmental standards [15]. - The demand for graphite thermal paper is diversifying, with stable growth anticipated in the financial sector and increasing needs in logistics, healthcare, and retail, driven by advancements in smart manufacturing and Industry 4.0 [16].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The domestic pulp supply is expected to increase as there are no short - term shutdown and maintenance plans from pulp mills, and Chenming is operating at full capacity, with the output of broad - leaf pulp expected to rise gradually. Although the overseas pulp shipment volume did not significantly shrink from June to August, the arrival volume in China decreased by about 200,000 tons in August, and some shipments may arrive in September [7][8]. - The downstream pulp demand is stable. New production capacities are being put into operation, but the terminal demand is limited, resulting in stable output, gradually decreasing operating rates, and fluctuating inventories. The demand for household paper and white cardboard is entering the peak season, but the demand has not yet picked up [9][10]. - The pulp price shows a fluctuating and weak trend. The spot price is supported, but the futures price is affected by factors such as capital and old warehouse receipts, showing a fluctuating and weak trend. The prices of household paper and white cardboard are expected to rise as they enter the peak season, while the price of offset paper continues to decline during the off - season [11][12]. 3. Summary According to the Directory Part 1: Pulp Overview 1.1 Supply - side - **Domestic Production**: The output of domestic broad - leaf pulp and chemi - mechanical pulp increased in the week of September 19, 2025. There are no short - term shutdown and maintenance plans from pulp mills, and the output of broad - leaf pulp is expected to rise [7][8]. - **Imports**: In August 2025, China's pulp import volume was 2.653 million tons, a month - on - month decrease of 7.8% and a year - on - year decrease of 5.5%. The cumulative import volume for the year was 24.108 billion tons, a cumulative year - on - year increase of 5.0%. The overseas shipment volume from June to August did not significantly shrink, but the arrival volume in China decreased in August, and some shipments may arrive in September [8]. 1.2 Demand and Inventory - side - **Demand**: The downstream production of household paper, offset paper, coated paper, and white cardboard was stable this week. The new production capacities are being put into operation, but the terminal demand is limited, resulting in stable output, gradually decreasing operating rates, and fluctuating inventories. The demand for household paper and white cardboard is entering the peak season, but the demand has not yet picked up [9][10]. - **Inventory**: The port inventory is expected to show a fluctuating and accumulating trend as the arrival volume increases and the demand remains stable. The warehouse receipt inventory is stable and shows a slight decreasing trend. The low price has led to insufficient new warehouse receipt registrations, and the pressure on old warehouse receipts is acceptable. The downstream inventory tends to fluctuate and accumulate [10]. 1.3 Price and Spread - **Prices**: The overseas offer prices of silver star and goldfish remained unchanged this week, while the spot prices of some pulp varieties increased slightly. The futures price shows a fluctuating and weak trend, affected by factors such as capital and old warehouse receipts. The prices of household paper and white cardboard are expected to rise as they enter the peak season, while the price of offset paper continues to decline during the off - season [11][12]. - **Spreads**: The needle - broad spread is expected to narrow, but the range is still limited. The futures spread shows a weakening trend, and the basis has strengthened this week [12]. 1.4 Strategy Recommendation - The spot offer price of the industrial chain is stable. From the cancellation volume of warehouse receipts in the 09 contract, the actual digestion of old warehouse receipts is limited, and the intention to resell is strong. At the same time, the macro and market sentiment is poor, and the 11 contract is under pressure and increasing positions. In the short term, it is recommended to observe whether the port inventory reduction continues and the spot transaction situation [16]. Part 2: Pulp Balance Sheet - The report provides a detailed pulp balance sheet from January 2024 to October 2025, including supply (imports, domestic production), demand (pulp consumption, other demand), and inventory (warehouse receipt inventory, port inventory) data, as well as their year - on - year and cumulative year - on - year changes [19]. Part 3: Pulp Supply and Demand Analysis 3.1 Global Pulp Supply and Demand Analysis - **Supply - Global Pulp Shipment Volume**: No specific data and analysis are provided in the content. - **Demand and Inventory - European Apparent Demand and Inventory**: No specific data and analysis are provided in the content. 3.2 Domestic Pulp Supply and Demand Analysis - **Supply - side**: - **Pulp Imports**: The report provides data on China's pulp imports from 2022 to 2025, including the import volume and cumulative import volume of bleached softwood pulp, bleached hardwood pulp, chemi - mechanical pulp, and other varieties, as well as their year - on - year changes [39][44][49]. - **Pulp Imports by Country**: The report provides data on the import volume and cumulative import volume of bleached softwood pulp from different countries (Russia, Chile, Canada, etc.) from 2022 to 2025, as well as their year - on - year changes [52][64][69]. - **Import of Wood Chips**: The report provides data on the import volume and cumulative import volume of coniferous and broad - leaf wood chips from 2022 to 2025, as well as their year - on - year changes [82][83][84]. - **Demand - side**: - **Pulp Apparent Demand**: No specific data and analysis are provided in the content. - **Analysis of Downstream Finished Paper**: The report provides information on the production, supply, demand, and inventory of downstream finished paper (household paper, offset paper, coated paper, white cardboard), as well as the planned production capacity and production time of new projects [93][109]. - **Inventory - side**: - **Total Pulp Inventory**: The report provides data on China's total pulp inventory, warehouse receipt inventory, and port inventory from 2022 to 2025 [156][157][158]. - **Inventory by Port**: The report provides data on the weekly inventory of pulp in different ports (Qingdao Port, Tianjin Port, Changshu Port, etc.) from 2022 to 2025 [163][164][166]. Part 4: Cost and Profit - **Pulp Import Cost and Profit**: The report provides data on the import cost and profit of pulp from 2022 to 2025 [173]. - **Domestic Pulp Production Cost and Profit**: The report provides data on the production cost and profit of domestic pulp from 2022 to 2025 [176]. Part 5: Pulp Price and Spread Analysis - **Pulp Overseas Offer Prices**: The report provides the seasonal price data of silver star, Russian needle, goldfish, etc. from 2022 to 2025 [181][186][187]. - **Price Spreads**: The report provides the seasonal spread data of silver star - goldfish, Russian needle - goldfish, etc. from 2022 to 2025 [189][190]. - **Basis**: The report provides the basis data of silver star - main contract, Russian needle - main contract from 2022 to 2025 [192][193][196]. - **SP Main Contract Seasonal Chart and Inter - month Spread**: The report provides the seasonal chart and inter - month spread data of the SP main contract from 2022 to 2025 [200].

每经AI快讯，环球印务（SZ 002799，收盘价：8.22元）9月21日晚间发布公告称，西安环球印务股份有 限公司股东香港原石国际有限公司持有公司股份约3513万股，占公司总股本比例的10.98%。香港原石 计划以集中竞价交易合计减持不超过3,200,400股公司股份，占公司总股本比例的 1%。 2025年1至6月份，环球印务的营业收入构成为：造纸及纸制品业占比48.31%，印刷包装供应链业占比 35.9%，移动互联网广告占比15.04%，其他占比0.75%。 每经头条（nbdtoutiao）——鲍威尔"大战"特朗普，11:1赢得一场独立性之战！特朗普的"沉默48小时"： 揭秘美联储降息背后…… （记者 曾健辉） 截至发稿，环球印务市值为26亿元。 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to remain in a volatile pattern in the short - term. High port inventories, slow de - stocking, and weak demand prevent significant price increases, while firm foreign offers, cost support, and potential pre - National Day restocking limit the downside [99][100] 3. Summary by Relevant Catalogs 3.1 Industry News - As of September 18, 2025, the pulp inventory at Changshu Port was 508,000 tons, up 44,000 tons (9.5% YoY); at Qingdao Port, it was 1,432,000 tons, up 14,000 tons (1.0% YoY); at Gaolan Port, it was 49,000 tons, down 9,000 tons (15.5% YoY). The total inventory of major ports was 2,112,000 tons, up 50,000 tons (2.4% YoY) [5][6] - Chile's Arauco company's September coniferous pulp Silver Star quoted price remained at $700/ton, broadleaf pulp Star increased to $540/ton, and natural pulp Venus remained at $590/ton [6] - Chenming Group's Shouguang Base No. 8 plant with an annual output of 800,000 tons of high - grade coated paper started operation. Sichuan Xianhe New Materials plans to add 200,000 tons/year of household paper production capacity [7] 3.2 Market Data - **Basis and Spread**: On September 19, 2025, the basis of Silver Star was 632 yuan/ton, down 4.24% MoM; the basis of Russian Needle was 182 yuan/ton, up 1.11% MoM; the Silver Star - Russian Needle spread was 450 yuan/ton, down 6.25% MoM [18] - **Monthly Spread**: On September 19, 2025, the 11 - 01 monthly spread was - 298 yuan/ton, down 3.47% MoM; the 01 - 05 monthly spread was - 18 yuan/ton, down 80.00% MoM [24] 3.3 Fundamental Data - **Price**: The needle - broadleaf spread narrowed. The import profit of coniferous and broadleaf pulp decreased. The price of pulp futures first rose and then fell. The price of broadleaf pulp showed a narrow - range upward trend [28][34] - **Supply**: The wood chip purchase price in East China was generally stable, with some increases. The supply of domestic chemical mechanical pulp and broadleaf pulp decreased. In July, the European port inventory decreased slightly, and the global pulp out - bound volume increased seasonally. In July, the export of coniferous and broadleaf pulp from Canada, Finland, Chile, the US, Brazil, Indonesia, Uruguay, etc. changed [45][54][60] - **Demand**: The demand for downstream base paper was weak. The white cardboard market was relatively better, the offset paper market was bearish, and the household paper market was weak. In August, the retail sales of terminal demand areas for pulp increased seasonally [99][84] - **Inventory**: The total inventory of major ports was at a medium level this year, showing a narrow - range accumulation trend. The warehouse receipt quantity decreased slightly [96][87]

天眼查App显示，近日，深圳市星茂盛纸品有限公司成立，法定代表人为何志恒，注册资本3万人民 币，经营范围为一般经营项目是：纸和纸板容器制造；包装材料及制品销售；纸制品制造；纸制品销 售；国内贸易代理；货物进出口；技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展 经营活动），许可经营项目是：无。 ...

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on September 19, 2025, from 15:30 to 17:00 via an online platform [2] - Key company representatives included the Chairman and CEO Liu Peng, Board Secretary and Vice President Liang Ge Yu, and CFO Gao Bo [2] Group 2: Share Buyback and Executive Compensation - The share buyback plan is valid until April 1, 2026, and investors are encouraged to monitor announcements regarding its progress [2] - Concerns were raised about executive salaries being above industry standards during economic downturns; the company explained that a compensation committee is in place to align management incentives with long-term corporate goals [3] Group 3: Dividend and Financial Performance - The company disclosed its 2025 semi-annual equity distribution announcement on September 17, 2025, and will comply with legal disclosure obligations for any related matters [3] - The company currently offers a range of core brands and products, including household paper, personal care items, and health products, aiming to meet evolving consumer needs [3] Group 4: Future Outlook - The company is committed to embracing digital market developments and aims to be a companion in enhancing the quality of life for consumers [3] - The company invites investors to visit its headquarters for product experiences and further engagement [3]