国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2026年2月8日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 1 6.【五洲特纸（江西）40万吨高档信息纸、70万吨纸及10万吨涂布纸项目环评第二次公示】五洲特种纸业（江西）有限公司年产40万吨高档信息纸、70万吨纸及10 万吨涂布纸项目环境影响报告书征求意见稿现已编制完成，即将报送环境保护行政主管部门审批。按照生态环境部部令第4号《环境影响评价公众参与办法》的规 定要求，现向公众公开项目有关环境保护的信息。 行业资讯 7.【浆自给率近80%！冠豪高新土地收储＋项目投产齐推进】2月2日，冠豪高新（600433.SH）就投资者关注的红塔仁恒土地收储及在建项目进展作出回应，多项重 ...

来源：市场资讯 每股收益为0.88欧元（上年同期：-0.17欧元），扣除公允价值后的每股收益为0.41欧元（上年同 期：-0.56欧元）。 经营活动产生的现金流为8.97亿欧元（上年同期：11.87亿欧元）。扣除投资活动后现金流为1.22亿欧元 （上年同期：0.74亿欧元）。 （来源：中国造纸杂志社） 2025全年 （同比2024全年） 调整后息税前利润为5.28亿欧元（上年同期：5.98亿欧元）。 销售额为93.26亿欧元（上年同期：90.49亿欧元）。 经营业绩（国际财务报告准则）为9.42亿欧元（上年同期：0.93亿欧元）。 主要亮点 斯道拉恩索正筹备将其瑞典森林资产业务分拆为一家新的上市公司，预计将于2027年上半年完成。 斯道拉恩索已启动对其欧洲中部锯木厂和建筑解决方案业务的战略评估。评估将涵盖多种方案，其中包 括剥离该业务的可能性。 位于芬兰奥卢工厂的消费纸板生产线爬坡工作持续进行，产量正逐步增加，预计于2027年达到满产。 在企业透明度和气候行动方面的领导力获认可，再次入选2025年CDP气候变化"A级名单"。 根据在2025年11月资本市场日公布的计划，斯道拉恩索将从2026年起变更其财务目标 ...

Core Viewpoint - The company, Yueyang Lin Paper, has demonstrated significant advantages in the disposal of agricultural and forestry waste, establishing a leading practice in technology, models, and industry chain collaboration, recognized as a national-level green factory [2] Group 1: Company Operations - The company and its wholly-owned subsidiary, Juntai Technology, have developed a process to convert logging residues into high-yield chemical pulp for paper production [2] - Juntai Technology utilizes agricultural and forestry "three leftover materials" and small-diameter wood as raw materials for pulping, while solid waste such as wood chips and bark serves as fuel for its biomass power plant for electricity and heating [2] - The company is also innovating in the production of bio-based new materials, extracting valuable substances from pulping black liquor to produce high-purity lignin from coniferous trees [2]

Core Viewpoint - The financial performance of Shanying International (600567) shows a decline in revenue and profit for the first three quarters of 2025, indicating potential challenges in the company's operations and market conditions [2]. Financial Performance - For the first three quarters of 2025, Shanying International reported a total revenue of 21.133 billion yuan, a year-on-year decrease of 2.17% [2]. - The net profit attributable to shareholders was -290 million yuan, reflecting a significant year-on-year decline of 522.74% [2]. - The company's net profit excluding non-recurring items was -412 million yuan, which represents a year-on-year increase of 6.32% [2]. - In Q3 2025, the company recorded a single-quarter revenue of 7.291 billion yuan, down 0.77% year-on-year [2]. - The single-quarter net profit attributable to shareholders was -331 million yuan, showing a drastic year-on-year decline of 636.03% [2]. - The single-quarter net profit excluding non-recurring items was -347 million yuan, down 4.37% year-on-year [2]. - The company's debt ratio stood at 67.69%, with investment income of 37.952 million yuan and financial expenses of 624 million yuan [2]. - The gross profit margin was reported at 7.91% [2]. Stock Performance - As of February 5, 2026, Shanying International's stock closed at 1.63 yuan, with no change in price [1]. - The turnover rate was 1.25%, with a trading volume of 787,400 hands and a total transaction value of 129 million yuan [1]. - On February 5, the net outflow of main funds was 7.7365 million yuan, accounting for 6.01% of the total transaction value [1]. - Retail investors saw a net inflow of 4.4006 million yuan, representing 3.42% of the total transaction value [1]. - The stock received ratings from two institutions in the last 90 days, with one buy rating and one hold rating [3].

Group 1 - The core viewpoint of the article is that Jingxing Paper is beginning to sell its household paper products in Europe through distributors, although the volume is still relatively small [2] Group 2 - The company's expansion into the European market is currently in its initial stages [2] - The sales volume of household paper products in Europe remains limited at this time [2]

格隆汇2月4日丨中顺洁柔(002511.SZ)公布，截至2026年2月3日，公司通过回购专用证券账户以集中竞 价交易方式累计回购公司股份2625万股，占公司目前总股本比例约为2.04%，其中，最高成交价为8.69 元/股，最低成交价为6.01元/股，成交总金额为2亿元（不含交易费用）。 ...

智通财经APP讯，中顺洁柔(002511.SZ)公告，公司截至2026年2月3日以集中竞价交易方式累计回购公司 股份2625.46万股，占公司目前总股本比例约为2.04%，成交总金额为2亿元(不含交易费用)。 ...

中枢运转提速度 服务保障"做加法" 南宁高新区自开展"转作风 提士气 促发展"专项党建活动以来，坚持问题导向、靶向施策，着力推进作 风建设常态化、长效化，将作风建设贯穿推动经济高质量发展的全过程。如今，务实高效、担当作为的 新风正气劲吹开发区，覆盖从机关运行到项目建设，发展态势持续向好。 作风转变，首先体现在"运行中枢"的高效运转上。南宁高新区以党建为引领，将党工委办公室作为转作 风、提效能的"前哨"与"枢纽"，着力锻造精准高效的综合服务保障能力。在重大会议活动筹备现场，文 稿字斟句酌、流程反复推演成为常态，各方协调密集高效，体现了高度负责、精益求精的严谨态度，严 把材料关，细抓协调链，强化跨部门协作，确保重大会议和重要活动顺利举行。 围绕年度重点工作，南宁高新区党工委办公室建立"部署—跟踪—反馈—问效"闭环管理机制，通过限时 督办、动态反馈等方式，加大执行力度，对进展缓慢或存在堵点的问题，主动协调解决，确保各项任 务"有回音、有着落"。2025年12月，南宁高新区党工委办公室获评全区党办系统服务保障工作先进集 体。 专员下沉解难题 一线服务显温度 作风转变，核心落在服务一线。南宁高新区将党建的着力点放在服务 ...

Investment Overview - The company plans to invest a total of 34,948.81 million yuan in a new green printing project aimed at enhancing its competitiveness in the tobacco sector and diversifying its product offerings [2][6] - The project will produce 800,000 boxes of cigarette labels, helping the company reduce reliance on a single product and strengthen its competitive edge and risk resilience [2] Board Approval - The board of directors approved the investment in the green printing project on February 3, 2026, with unanimous support from all attending members [3] Project Details - The project will be located on the existing industrial land adjacent to the company's current facilities [4] - The investment breakdown includes 33,881.78 million yuan for construction, 396.89 million yuan for construction period interest, and 670.14 million yuan for working capital [6] - The construction will involve building a new cigarette label production workshop and associated facilities, with a total area of approximately 20,917.40 square meters [7] Market Positioning and Feasibility - The tobacco industry is experiencing stable growth, with increasing demand for high-quality and personalized cigarette packaging, which presents significant opportunities for the printing sector [8] - The project targets the core market in Northeast China and aims to expand into regions such as North China and Inner Mongolia, leveraging industry expertise to ensure successful project execution [8] Impact on the Company - The new project is expected to enhance the company's market presence, increase production capacity, and drive revenue growth, aligning with the company's long-term development goals [11] - The project will also facilitate the company's diversification strategy and strengthen its collaborative efforts with existing customers [11]

Project Overview - The company plans to invest CNY 34,948.81 million in a new green printing project aimed at enhancing its competitiveness in the tobacco sector and diversifying its product offerings [2][4] - The project will produce 800,000 boxes of cigarette labels, reducing reliance on a single product and strengthening the company's competitive edge and risk resilience [4] Board Meeting and Approval - The board of directors held a meeting on February 3, 2026, where all 9 attending directors unanimously approved the investment proposal for the new green printing project [5] Project Details - The project will be located on the existing industrial land adjacent to the company's current facilities [7] - The total investment includes CNY 33,881.78 million for construction, CNY 396.89 million for construction period interest, and CNY 670.14 million for working capital [8] - The project involves constructing a new cigarette label production workshop and associated facilities, with a total building area of 20,917.40 square meters [9] Market Positioning and Feasibility - The tobacco industry shows stable growth, with increasing demand for high-quality and personalized cigarette labels, driven by consumer preferences and stricter environmental regulations [11] - The project targets the core market in Northeast China and aims to expand into North China and Inner Mongolia, leveraging industry expertise to ensure smooth production operations [11] Impact on Company - The new project is expected to enhance the company's market presence, increase production capacity, and drive revenue growth, aligning with the company's long-term development goals [14]