证券之星消息，12月10日造纸板块较上一交易日上涨0.47%，安妮股份领涨。当日上证指数报收于 3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。造纸板块个股涨跌见下表： 从资金流向上来看，当日造纸板块主力资金净流入3633.29万元，游资资金净流出5321.91万元，散户资 金净流入1688.62万元。造纸板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

箱板瓦楞纸价格中枢有望同比修复 该行认为，箱板瓦楞纸在造纸中对消费敏感度最高，2023-24年消费量增速为8%、4%，该行预计2022- 25年消费增量为~1,000万吨;本轮供给扩张已进入收尾阶段，该行统计2023-25年已投产能合计1,500万吨 +(四家龙头占比~40%)，未来原有龙头扩张相对克制：玖龙2024年起暂停扩产箱板瓦楞纸、山鹰安徽新 增产能短期较难投产、理文暂无扩张计划，而2026年目前仅太阳70万吨产能计划年末释放，该行认为本 轮行业扩张进入尾声，该行看好2026年行业迎来产能利用率、价格中枢同比修复的行情。 优质林地、纸浆资产的稀缺性进一步提升 考虑到全球经济增长、优质林地资源有限，上游林、浆资源趋紧，该行看好拥有优质林浆资产的企业。 具体看，短期玖龙、仙鹤积极布局自制浆环节，新基地带来利润增量;长期看，国内太阳领跑行业建立 林浆纸一体化产业链，该行看好其超额利润持续累积、老挝林地的稀缺价值重估在望，海外Suzano亦受 益于优质林浆资产布局。 智通财经APP获悉，中金发布研报称，展望2026年，消费需求仍在温和修复阶段，各类纸种供给变化各 异：浆纸系纸种供需仍然宽松，浆价成为行业补库、 ...

来源：中国新闻网 中新社重庆12月10日电 (张旭)"据我了解，香港和重庆之间的合作已在多个产业渐入佳境，例如物流、 科技、金融以及现代服务业。"香港中华工商总会秘书长萧耀钦10日在重庆接受中新社专访时表示，渝 港合作正在不断深化。 2024年，渝港进出口额达575.3亿元人民币，经贸往来密切。萧耀钦介绍，渝港合作正在通过贸易展览 和投资项目等不断深化，例如，两地在新能源汽车和电子信息制造等领域，已签署了多个项目。 港企理文造纸已落户重庆永川多年，发展势头较好。萧耀钦认为，这说明港商在进入内地市场时，不仅 可以输出产品，还可通过资本和技术投资，建立长期竞争优势，尤其在制造业领域，通过规模化和自动 化实现可持续增长。 "重庆、香港各有优势，互补性很强。"萧耀钦说，重庆的优势在于工业生产，特别是在新能源汽车、电 子消费产品和笔记本电脑等领域表现出色，这些产业依托大规模制造和创新驱动。香港的优势则在金 融、贸易、专业人员服务等方面。重庆的制造业实力可以与香港的金融和贸易网络结合，实现资金、技 术和市场的对接。 为促进香港与内地交流和经贸往来，萧耀钦建议港企，可将贸易方面的成功经验和国际视野分享给内地 厂家，帮助后者 ...

来源：环球网 在豫东平原的太康县产业集聚区，满载废纸的运输车在河南龙源纸业有限公司门前排成长龙；数百里 外，河南循环科技产业集团的自动化拆解车间里，机械臂正精准拆解废旧电器。 这两个看似迥异的场景，却共同描绘着中原大地绿色转型的生动图景，而在这背后，跃动着建行河南省 分行强有力的金融脉搏。 废纸重生记：从"城市垃圾"到"绿色资源" 在周口太康县产业集聚区，河南龙源纸业股份有限公司的生产线上，废纸正经历着华丽的蜕变。成捆的 废纸经过碎解、筛选、净化等数十道工序，最终变成崭新的箱纸板和高强瓦楞纸。 "在我们行业，废纸就是'城市森林'。"企业负责人表示，公司年生产能力达150万吨，规模居河南省首 位，其中90%以上的原料都来源于废纸。通过废纸再利用，不仅实现了变废为宝，每吨再生纸还可减少 树木砍伐量，显著降低碳排放。 随着企业新建两条生产线，产能在原有基础上翻倍，同时升级热电联产项目，完善环保设施，资金压力 随之而来。建行河南省分行在梳理对接全省重点碳排放单位时了解到这一情况，立即组织专业团队深入 调研。 "在充分了解企业的生产经营、碳排放管理情况和融资需求后，我们为其创新设计了以追加碳排放权进 行质押的融资方案。 ...

Core Insights - The report emphasizes the growth potential of overseas markets and selective domestic demand as key investment themes for 2026, highlighting the high certainty of performance growth driven by international expansion and the favorable valuation of core targets [2][4][8]. - The report identifies a divergence in performance among leading companies in the new consumption sector, with a focus on those capable of overseas production and distribution [8]. Industry Overview - The light industry manufacturing sector saw a growth of approximately 12% from January to November 2025, ranking 17th among 31 sub-sectors [12][18]. - Key drivers for the sector's performance included asset restructuring and the emergence of new consumption trends, particularly in segments like tiles, flooring, and home furnishings [12][18]. Sub-industry Investment Recommendations - **Packaging**: Companies like Yutong, Inke, and Baosteel are recommended for their strong overseas delivery capabilities and cost advantages [8]. - **Export**: Companies with robust overseas manufacturing and multi-market operations, such as Gongchuang Turf and Yongyi Co., are highlighted [8]. - **Paper**: The report suggests investing in leading firms like Sun Paper and Nine Dragons Paper, as the paper cycle is at a low point with price increases expected [8]. - **Pet Products**: The sector is anticipated to stabilize, with recommendations for brands transitioning to premium products, such as Yiyi Co. [8]. - **Trendy Toys**: Companies like Pop Mart are recommended due to their strong market position and expansion potential in overseas markets [8]. - **Tobacco**: The report is optimistic about the HNB industry and recommends companies like Smoore International [8]. - **Home Furnishings**: Despite ongoing pressures in the real estate sector, companies like Bull Group and Gujia Home are expected to find growth opportunities [8]. - **Personal Care**: The report sees potential in brands adapting to online strategies and new retail channels, recommending companies like Baiya Co. and Dengkang Oral [8]. Financial Performance Review - The packaging and printing sector showed strong recovery with double-digit growth, while the personal care sector experienced structural differentiation in performance [22][23]. - The report provides a detailed financial performance overview, indicating a recovery in revenue growth and profitability metrics across various segments [23][24]. Fund Holdings Analysis - The fund holding ratio for the light industry sector decreased to 2.08% in Q3 2025, with notable declines in the paper, packaging, and personal care segments [28][31]. - Leading companies in fund holdings include Pop Mart, Sun Paper, and Xiangxin Home, reflecting investor sentiment towards growth-oriented firms [31][33].

证券之星消息，12月9日造纸板块较上一交易日下跌1.16%，凯恩股份领跌。当日上证指数报收于 3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。造纸板块个股涨跌见下表： 从资金流向上来看，当日造纸板块主力资金净流出2.03亿元，游资资金净流入6479.93万元，散户资金净 流入1.38亿元。造纸板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Fund Research - The market saw a majority of equity indices rise, with the largest increase in the ChiNext Index, which rose by 1.86% during the week from December 1 to December 5, 2025 [2] - Public funds experienced significant inflows, with the first ETF tracking the CSI 300 Quality Index closing its fundraising, and Moer Thread emerging as the biggest winner in the offline allocation results [2] - Various equity fund types performed well, with equity funds averaging a rise of 0.93% and a positive return ratio of 76.27% [3] Company Research: Hongsoft Technology (688088) - Hongsoft Technology specializes in AI visual algorithms, providing algorithm licensing and system solutions, with mobile intelligent terminal visual solutions being the main revenue source [5][6] - The company reported a net profit of 142 million yuan for the first three quarters of 2025, marking a year-on-year increase of 60.51% [6] - The global smartphone shipment reached 923 million units in the first three quarters of 2025, with an AI smartphone penetration rate expected to reach 34% [6] - The smart glasses market saw a shipment of 4.065 million units in the first half of 2025, a 64.2% increase year-on-year, with expectations for the market to exceed 40 million units by 2029 [6] - The automotive sector showed a 12.4% year-on-year increase in sales, with the domestic passenger car market's DMS function penetration rate reaching a historical high of 26.2% in September 2025 [6] - The company’s PSAI product has penetrated multiple e-commerce platforms, serving hundreds of thousands of small businesses and over 300 major apparel brands [7] - Earnings per share (EPS) forecasts for 2025-2027 are 0.63 yuan, 0.85 yuan, and 1.18 yuan, with a 2025 price-to-earnings (PE) ratio of 76.07, which is below the average valuation of comparable companies [7] Industry Research: Light Industry Manufacturing & Textile Apparel - The light industry manufacturing sector outperformed the CSI 300 Index by 0.58 percentage points from December 1 to December 5, 2025, while the textile and apparel sector underperformed by 2.88 percentage points [8][10] - Recent price increases in packaging paper have been noted, with companies like Nine Dragons and others announcing price hikes of 50 yuan per ton [10] - The government is actively engaging in trade discussions with the U.S., which may positively impact export chain companies [10] - The domestic real estate market is under pressure, but recent policies to enhance home purchase subsidies may improve the situation in the medium term [10]

证券日报网讯 12月8日晚间，景兴纸业发布公告称，公司于2025年12月8日召开八届董事会第二十三次 会议，审议通过了《关于开展外汇衍生品交易业务（套期保值）的议案》，同意公司及合并报表范围内 的子公司在金额不超过3，000万美元（或等值其他币种，在前述额度内可以滚动使用）的范围内，开展 外汇衍生品交易业务，决议有效期为自公司董事会审议通过之日起12个月内，同时授权董事长在批准的 权限内行使该项交易决策权并签署或授权相关子公司负责人签署相关合同与文件，财务部门协同业务部 门负责外汇衍生品交易业务的具体操作和管理。 （文章来源：证券日报） ...

证券日报网讯12月8日，华泰股份（600308）在互动平台回答投资者提问时表示，公司高度重视研发工 作，近三年公司累计研发费用7.93亿元，占公司近三年营业收入的1.91%，公司研发投入主要通过三大 方向创造实际价值：一是通过工艺优化直接降低生产成本、提升生产效率；二是推动产品升级，切入高 端纸品及新材料领域，拉高盈利空间；三是数智化转型提升全产业链运营效率，同时积累长期技术储备 构筑竞争壁垒。公司目前已获得7项国家科技进步奖，其中1等奖一项，2等奖六项，是国内造纸行业荣 获该奖项最多的企业。未来公司将继续依托国家级技术中心、博士后工作站等平台，加速科研成果转 化，推动造纸工业4.0进程，通过技术创新实现盈利质量稳步提升。 ...

（文章来源：证券日报） 证券日报网讯 12月8日，华泰股份在互动平台回答投资者提问时表示，公司始终积极推进节能减排，核 心减排项目包括已投产的70万吨化学浆项目、废渣污泥焚烧发电项目，以及在建的分布式光伏项目，通 过生产工艺优化与绿色能源布局实现显著减排成效。目前，公司碳减排指标主要参与国内碳市场交易。 未来，公司将持续推进碳捕集与资源化利用，完善碳资产管理体系，拓展减排指标应用场景，进一步提 升碳资产价值，为绿色低碳转型与业绩增长注入持续动力。 ...