Group 1: Report Information - Report type: Pulp Daily Report [1] - Date: February 11, 2026 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp futures contract 05: The previous settlement price was 5,220 yuan/ton, and the closing price was 5,202 yuan/ton, a decline of 0.34% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 4,670 - 5,550 yuan/ton, with the price remaining stable compared to the previous trading day's closing price. The quotation of Shandong Silver Star was 5,300 - 5,320 yuan/ton [7] - Arauco's February quotation: The price of softwood pulp Silver Star remained flat at $710/ton, and the price of hardwood pulp Star increased to $600/ton [7] - Chemical pulp shipments: In November, the chemical pulp shipments of 20 pulp - producing countries in the world decreased by 6.9% year - on - year, with softwood pulp down 7.6% and hardwood pulp down 7.3%. Shipments to the Chinese market decreased significantly [7] - European port wood pulp inventory: In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, a month - on - month increase of 8.6% and a year - on - year increase of 4.4% [7] - Pulp imports: In December 2025, the total pulp imports were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8% [7] - Main regional and port weekly pulp inventory: As of February 4, 2026, it was 2.1127 million tons, a month - on - month decrease of 0.34% [7] - Demand side: The raw material procurement of paper mills has ended, the demand in the pulp market has narrowed, and the purchase and sales have become weaker [7] - Operation suggestion: In the short term, pulp is restricted by the sector and weak downstream procurement, and it will mainly fluctuate and adjust before the Spring Festival. Pay attention to the support at the previous low [7] Group 3: Industry News - Packaging industry in 2025: There were 20,230 above - scale enterprises in the national packaging industry. The cumulative operating income was 2.054627 trillion yuan, a year - on - year decrease of 2.35%. The cumulative total profit was 95.152 billion yuan, a year - on - year decrease of 1.69% [8] - Packaging industry import and export: The total import and export volume was $52.317 billion, an increase of $1.019 billion compared to the same period of the previous year. The import volume was $6.908 billion, a year - on - year decrease of 2.79%, and the export volume was $45.409 billion, a year - on - year increase of 2.76% [8]

Core Viewpoint - The company is focusing on the development and production of green and health-friendly packaging materials, specifically in the food-grade paper sector, which includes fluorine-free oil-resistant paper and water-based barrier packaging paper [1] Group 1: Product Development - The company is emphasizing the layout of food-grade packaging paper and other green health products [1] - It has the capability for large-scale production of these materials [1] - The products are certified by multiple authoritative organizations, including the EU [1] Group 2: Market Application - The green packaging materials are widely used in various applications such as lunch boxes, cups, and liquid food packaging [1] - The company is continuously increasing its research and market promotion of health-friendly paper-based materials [1]

Core Viewpoint - Linping Development Co., Ltd. has successfully listed on the Shanghai Stock Exchange, with a closing price of 58.93 yuan, reflecting a significant increase of 55.57% on its first day of trading, and a total market capitalization of 4.444 billion yuan [1]. Company Overview - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent research and innovation capabilities [2]. - The company's controlling shareholder is Li Jianshe, who holds 84.86% of the shares directly and controls an additional 3.54% indirectly, totaling 88.40% of the voting rights [2]. Financial Performance - For the first half of 2025, Linping Development reported operating revenue of 122,379.45 million yuan and a net profit of 9,141.90 million yuan [6][7]. - The company’s revenue and net profit have shown fluctuations over the years, with a notable decline in net profit in 2024 compared to 2023 [6][7]. - In the first nine months of 2025, the company achieved an operating revenue of 192,837.15 million yuan, a year-on-year increase of 2.79%, while net profit decreased by 11.86% [8]. Fundraising and Investment Projects - Linping Development raised a total of 714.18 million yuan from its IPO, with a net amount of 624.09 million yuan after deducting issuance costs, which was significantly lower than the planned 1.2 billion yuan [4]. - The funds are intended for two major projects: an annual production of 900,000 tons of green and intelligent manufacturing new materials and an annual production of 600,000 tons of bio-based fiber green intelligent manufacturing new materials [4][5]. Future Projections - The company forecasts its operating revenue for 2025 to be between 2.64 billion yuan and 2.78 billion yuan, representing a growth of 6.23% to 11.87% year-on-year [9][10]. - The projected net profit for 2025 is expected to be between 180 million yuan and 200 million yuan, indicating a growth of 17.76% to 30.84% [9][10].

Group 1 - Linping Development officially listed on the Shanghai Stock Exchange on February 10, 2026, becoming the first listed company in Anhui Province for the year [1] - The issuance price was set at 37.88 yuan per share, with a price-to-earnings ratio of 18.69 times, and a total of 18.8537 million shares were publicly issued [1] - The raised funds will be allocated to the construction of a new project with an annual production capacity of 900,000 tons of green and environmentally friendly intelligent manufacturing new materials (Phase II) and a project for 600,000 tons of bio-based fiber green intelligent manufacturing new materials [1] Group 2 - Linping Development, established in 2002, focuses on the research, production, and sales of corrugated paper and boxboard, with applications in logistics, industrial products, and consumer goods packaging [3] - The company has developed a circular economy industrial chain centered on waste paper recycling, combined with cogeneration, reducing reliance on imported wood pulp [3] - Through cogeneration projects, the company converts production by-products such as pulp residue and biogas into electricity and steam, significantly lowering energy consumption costs per ton of paper [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary by Relevant Catalog 3.1 SP Main Contract Closing Price - The closing price of the SP main contract on February 9, 2026, was 5200.00. The closing prices on February 6, 5, 4, and 3 were 5234.00, 5254.00, 5324.00, and 5276.00 respectively. The daily price changes were -0.64960%, -0.38066%, -1.31480%, 0.90978%, and 0.18990% [3]. - The corresponding US - dollar prices were 655.25, 658.48, 660.96, 670.20, and 664.21 respectively [3]. - The basis of Shandong Yinxing was 110, 76, 81, 51, and 99 respectively, and that of Jiangsu - Zhejiang - Shanghai Yinxing was 140, 106, 136, 66, and 114 respectively [3]. 3.2 Import Profitability - Calculated with 13% VAT, for Canadian Golden Lion (CFR), the port US - dollar price was 780, the RMB price in Shandong was 6300, and the import profit was 121.90. For Canadian Lion (CFR), the port US - dollar price was 730, the RMB price in Shandong was 5270, and the import loss was 516.56. For Chilean Yinxing (CFR, 90 - day letter of credit), the port US - dollar price was 700, the RMB price in Shandong was 5310, and the import loss was 241.63 [4]. 3.3 Pulp and Paper Price Averages and Margins - From February 3 to 9, 2026, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong also remained unchanged [5]. - The indices of cultural paper (double - offset and double - coated), packaging paper (white card), and tissue paper remained unchanged from February 4 to 9, 2026. The double - offset index was 5725, the double - coated index was 5670, the white - card index was 4350, and the tissue index was 867 [5]. - The estimated margins of double - offset paper, double - coated paper, white - card paper, and tissue paper on February 9, 2026, were - 2.1797%, 7.9583%, - 7.7945%, and 8.5041% respectively, remaining unchanged from the previous data [5]. 3.4 Pulp Price Spreads - From February 3 to 9, 2026, the softwood - hardwood price spread was 755.00, 755, 780, 800, and 800 respectively; the softwood - natural color price spread was - 90, - 90, - 65, - 25, and - 25 respectively [5]. - The softwood - chemimechanical price spread was 1435, 1435, 1460, 1500, and 1500 respectively; the softwood - waste paper price spread was 3734, 3734, 3759, 3799, and 3799 respectively [6].

Group 1: Report Overview - Industry: Pulp [1] - Date: February 10, 2026 [2] Group 2:行情回顾与操作建议 Market Review - Pulp futures contract 05 had a previous settlement price of 5,252 yuan/ton and a closing price of 5,200 yuan/ton, a decline of 0.99%. The intended transaction price range of coniferous pulp in the Shandong wood pulp market was 4,670 - 5,550 yuan/ton, remaining stable compared to the previous trading day's closing price. The quoted price of Shandong Yinxing was 5,300 - 5,320 yuan/ton [7] - Arauco announced its February prices. The price of coniferous pulp Yinxing remained unchanged at $710/ton, while the price of broadleaf pulp Mingxing increased to $600/ton. In November, the chemical pulp shipments of 20 pulp - producing countries decreased by 6.9% year - on - year, with coniferous pulp down 7.6% and broadleaf pulp down 7.3%. Shipments to the Chinese market decreased significantly year - on - year. In December 2025, the total wood pulp inventory in European ports was 1.5086 million tons, a month - on - month increase of 8.6% and a year - on - year increase of 4.4%. The total pulp imports in December 2025 were 3.113 million tons, a month - on - month decrease of 4.1% and a year - on - year decrease of 3.8%. As of February 4, 2026, the weekly pulp inventory in major regions and ports was 2.1127 million tons, a month - on - month decrease of 0.34% [8] Operation Suggestion - In the short term, pulp prices are constrained by the impact of the sector and weak downstream procurement, and are expected to adjust in a volatile manner before the holiday. Attention should be paid to the support at the previous low [8] Group 3: Industry News - On February 9, the 400,000 - ton chemi - mechanical pulp project of Zhanjiang Zhongzhi, a core project of the company's pulp - paper integration strategy, started construction in June 2024, was originally planned for a 24 - month construction period, and was put into operation ahead of schedule at the end of November 2025, achieving a breakthrough in self - made pulp. As of now, the project has achieved partial self - supply of pulp to the company's white cardboard production line, with a substitution rate of similar pulp types approaching 80%. The company is still optimizing the process to reach full production and efficiency as soon as possible, enhance the self - control ability of upstream raw materials, and reduce costs and market fluctuation risks. The pilot test line project of special fiber composite materials was put into trial operation in December 2025. Currently, the pilot products are being sent for testing and have entered the market access verification stage. The company will actively promote technology transformation and capacity implementation [9]

Group 1: Linping Development (603284) - Linping Development focuses on the research, production, and sales of corrugated paper and boxboard products, recognized as a high-tech enterprise with independent R&D capabilities [2] - The company is controlled by Li Jianshe, who holds 84.86% of the shares directly and an additional 3.54% indirectly, totaling 88.40% of the voting rights [2] - The total funds raised by Linping Development amount to 714.18 million yuan, with a net amount of 624.09 million yuan allocated for projects including the annual production of 900,000 tons of green intelligent manufacturing new materials [2] Group 2: Electric Science Blue Sky (688818) - Electric Science Blue Sky specializes in the R&D, production, sales, and services of electric energy products and systems, covering applications from deep sea to deep space [3] - The company is primarily controlled by China Electronics Technology Group Corporation, which holds 48.97% of the shares directly and additional indirect holdings, resulting in a total control of 84.50% of the voting rights [3] - The total funds raised by Electric Science Blue Sky are 1.64 billion yuan, with a net amount of 1.58 billion yuan designated for the industrialization of aerospace power systems [4] Group 3: Aide Technology (920180) - Aide Technology is engaged in the R&D, production, and sales of orthopedic medical devices, focusing on products such as spinal, trauma, and sports medicine consumables [5] - The company is controlled by Lu Qiang and Huang Meiyu, who together hold 79.07% of the shares before the issuance, with a reduction to 59.30% post-issuance [5] - The total funds raised by Aide Technology amount to 226.50 million yuan, with a net amount of 196.99 million yuan allocated for projects including the expansion of orthopedic consumables production and the establishment of a research center [5]

Core Viewpoint - The company has approved multiple adjustments to its share repurchase plan, increasing the total repurchase amount and modifying the funding sources, while also detailing the implementation and results of the repurchase program [2][3][4]. Group 1: Share Repurchase Plan Adjustments - The initial repurchase plan proposed a total fund of no less than RMB 30 million and no more than RMB 60 million, which was later adjusted to a range of RMB 110 million to RMB 160 million [2]. - Further adjustments increased the repurchase fund to a range of RMB 160 million to RMB 210 million and changed the funding source to include both self-owned and self-raised funds [3]. Group 2: Implementation Details - The company completed the repurchase of 27,148,800 shares, representing 2.11% of the total share capital, with a total transaction amount of RMB 207.6 million [4][5]. - The repurchase price ranged from a maximum of RMB 8.69 per share to a minimum of RMB 6.01 per share [4]. Group 3: Future Plans and Share Distribution - Of the repurchased shares, 23 million shares were transferred to the fourth employee stock ownership plan, leaving 4,148,800 shares in the repurchase account [9]. - The company plans to use the repurchased shares for future employee stock ownership or incentive plans, with any unused shares to be canceled if not utilized within 36 months [10].

Group 1 - The company Zhongshun Jierou announced the completion of its share repurchase plan, having repurchased a total of 27.1488 million shares, which accounts for 2.11% of its total share capital [2] - The total amount spent on the repurchase was approximately 207.6 million yuan, with repurchase prices ranging from 6.01 yuan to 8.69 yuan per share [2] - Out of the repurchased shares, 23 million shares have been transferred to the fourth employee stock ownership plan, while the remaining 4.1488 million shares are held in a special account and will be canceled if not used within 36 months [2]

Core Viewpoint - Qifeng New Materials (002521) has successfully completed the first phase of its 200,000-ton specialty paper project in Guigang, Guangxi, with an 80,000-ton production line that began operations in August 2024, achieving expected capacity and production-sales balance [1] Group 1 - The 80,000-ton production line of the specialty paper project has been built and put into operation [1] - The company has experienced a ramp-up in production capacity, which has now reached expected levels [1] - Current operational data will be disclosed in the company's regular reports [1]