孙宝源先生，64岁，香港特别行政区太平绅士，毕业于香港理工大学，获会计专业文凭，现为香港会计 师公会会员及英国特许公认会计师公会资深会员。其于1984年加入罗兵咸永道会计师事务所，1996年至 2021年任香港罗兵咸永道会计师事务所合伙人，曾担任多个审计部门领导职位，并于2017年至2021年兼 任普华永道大中华区及亚太区监事委员会召集人，亦为普华永道全球监事委员会成员。2021年7月退休 后，曾任富卫集团有限公司独立非执行董事（至2025年2月退任），现任大正资本有限公司高级顾问， 并担任上海银行（香港）有限公司、映美控股有限公司、中化化肥控股有限公司及南旋控股有限公司之 独立非执行董事。 来源：市场资讯 （来源：中国造纸杂志社） 玖龙纸业（控股）有限公司（股份代号：2689）宣布委任孙宝源先生为独立非执行董事，自2025年10月 16日起生效。 孙先生曾于2009年至2014年任联交所上市委员会委员，2012年获委任为太平绅士，2013年获选为香港理 工大学杰出校友，2018年获颁大学院士荣衔。其于会计及审计领域拥有近四十年经验，熟悉上市公司运 作、监管规定及资本市场发展。 孙先生与本公司订有为期一年之委 ...

Group 1: Report Information - Report Title: Double-offset Paper Data Daily Report [3] - Report Date: October 17, 2025 [4] - Researcher: Yang Lulin from the Agricultural Products Research Center of Guomao Futures Research Institute [4] Group 2: Double-offset Paper Futures Data - On October 16, 2025, the price of 0P2601 was 4210, with a daily increase of 0.10% compared to the previous day [5]. - The open interest of the main contract on October 16, 2025, was 1107, a daily decrease of 3.99% [5]. Group 3: Spot Price Data Double-offset Paper - On October 16, 2025, the prices of various double-offset papers in different regions remained stable with no daily or weekly changes, except for Beijing Gaobai Ruixue which also had no changes [5]. Copperplate Paper - The prices of most copperplate papers remained stable on October 16, 2025, but Shandong Chenming Xuetutu decreased by 2.11% week-on-week, and Shandong Taiyang Tianyang decreased by 1.03% week-on-week [5]. Group 4: Papermaking Raw Material Data - On October 16, 2025, the prices of some papermaking raw materials changed. Shandong Needle-leaf Silver Star increased by 0.71% daily and decreased by 0.88% weekly; Shandong Broad-leaf Goldfish increased by 0.71% daily and decreased by 0.88% weekly [6]. Group 5: Double-offset Paper Supply and Demand Data - From August 29, 2025, to October 17, 2025, the production volume, capacity utilization rate, factory inventory, and social inventory of double-offset paper fluctuated [6]. - The production profit of double-offset paper also fluctuated during this period, with the production profit of double-offset paper mainly using chemimechanical pulp being 586.25 on October 17, 2025, and that mainly using broad-leaf pulp being 264 [6]. Group 6: Core Viewpoint - The current spot price of double-offset paper has not stopped falling and stabilizing, and most double-offset papers are still slightly declining. The benefits of the "Golden September and Silver October" have not been reflected. The price of broad-leaf pulp in the raw material end has increased, compressing the production profit of double-offset paper. The production volume has increased due to the resumption of production of Chenming Paper, and the inventory has slightly increased. However, the current capital participation in the futures market is poor, and the overall market is fluctuating. The double-offset paper market is currently in a reasonable operating range, and short-term observation is recommended [7]

Core Viewpoint - The article emphasizes the importance of ecological protection and high-quality development in the Yellow River basin, highlighting the collaborative efforts of various provinces to enhance environmental sustainability and community well-being [1]. Group 1: Ecological Protection Initiatives - Local communities, such as the volunteer river patrol team in Qinghai, are actively participating in the protection of the Yellow River, demonstrating a strong commitment to environmental stewardship [2]. - Mechanisms for environmental management, including waste management and pollution control, have been established in counties like Cungua to ensure effective river protection [2]. - The ecological restoration of areas like Dongping Lake showcases successful efforts to revive local ecosystems that had previously suffered from over-exploitation [4]. Group 2: Water Resource Management - New Asia Paper Group in Henan has significantly reduced water consumption in its production processes, decreasing water usage from 65 cubic meters to 25 cubic meters per ton of pulp through systematic upgrades [3]. - Provinces are promoting water-saving irrigation and transitioning to high-quality development in agriculture and aquaculture, contributing to sustainable resource management [4]. Group 3: Technological Advancements in Flood Management - The implementation of advanced technologies, such as drones and satellite monitoring, enhances the flood management capabilities along the Yellow River, providing real-time data for better decision-making [6]. - The construction of the "14th Five-Year" flood control project in the lower Yellow River aims to improve the flood defense infrastructure across 42 counties in Henan and Shandong [6]. Group 4: Collaborative Efforts for Quality Development - The nine provinces along the Yellow River have signed agreements to share experiences and promote quality infrastructure, indicating a unified approach to regional development [4]. - The shift from traditional high-energy industries to emerging sectors like renewable energy and biotechnology reflects a commitment to green and sustainable economic growth in the region [4].

Group 1: Market Overview - The overall market sentiment is cautious, with limited orders and expectations of futures listings contributing to a wait-and-see attitude among participants [1][2] - Downstream printing factories are experiencing average order volumes, with some manufacturers in South China facing temporary shutdowns due to weather, leading to slower consumption of raw paper [2][3] Group 2: Cultural Paper - As of September 28, the market average price for 70g wood pulp high white double glue paper is 4807 RMB/ton, down 137 RMB/ton or 2.77% month-on-month [2] - The resumption of production lines in Shandong has increased market supply pressure, causing some distributors to lower their order prices [2] Group 3: White Cardboard - As of September 28, the market average price for 250-400g flat white cardboard is 3960 RMB/ton, up 0.35% from August but down 8.08% year-on-year [3] - Cost pressures remain high, with paper mills raising prices by 100 RMB/ton, which has a positive upward impact on the market [3] Group 4: Corrugated Paper - As of September 28, the market average price for AA-grade corrugated paper (120g) is 2777 RMB/ton, with a month-on-month increase of 5.27% and a year-on-year increase of 6.97% [4] - Major paper mills continue to raise factory prices and have announced shutdown plans for the National Day holiday, leading to a shift in market transaction focus [4] Group 5: Wood Pulp - The average price of imported wood pulp in September showed a downward trend, with only broadleaf pulp prices slightly increasing [5] - The Shanghai Futures Exchange's main contract price for wood pulp has been fluctuating downwards, impacting the average price of imported needle wood pulp [5]

Group 1 - The article discusses tax incentives aimed at promoting the development of rural specialty industries and the circular economy in agriculture, specifically through the use of agricultural crop straw as raw material for producing pulp and paper [1] - A 50% immediate VAT refund policy is implemented for taxpayers producing pulp and paper from agricultural crop straw [1] - Taxpayers must meet specific conditions to qualify for the VAT refund, including obtaining proper invoices and maintaining a record of recycled resource purchases [2][3] Group 2 - Taxpayers are required to establish a record-keeping system for recycled resource acquisitions, detailing supplier information, resource types, quantities, prices, and invoice status [3] - The policy excludes sales of products that fall under categories deemed as high pollution or high environmental risk, as defined by relevant environmental regulations [3][4] - Taxpayers must ensure that over 70% of raw materials used in production come from the specified resources and comply with environmental discharge standards [4] Group 3 - The article outlines that small-scale taxpayers can enjoy VAT exemptions if their monthly sales do not exceed 100,000 yuan or quarterly sales do not exceed 300,000 yuan, with the policy extended until December 31, 2027 [8] - Small-scale taxpayers are subject to a reduced VAT rate of 1% on applicable sales, down from the standard 3% [8][15] - The article provides guidance on how small-scale taxpayers should fill out their VAT declaration forms based on their sales figures and invoice status [9][12]

Core Viewpoint - UBS reports that Nine Dragons Paper Holdings (02689) is expected to achieve a net profit growth of 135% year-on-year to 1.8 billion RMB in the fiscal year 2025, exceeding market expectations due to lower coal prices improving paper product margins and vertical integration driving product structure upgrades [1] Group 1: Financial Performance - The net profit for Nine Dragons Paper in fiscal year 2025 is projected to be 1.8 billion RMB, a 135% increase compared to the previous year [1] - UBS has raised its target price for Nine Dragons Paper from 4.58 HKD to 7 HKD, maintaining a "Buy" rating [1] Group 2: Management Outlook - Management expresses confidence in the profit outlook, forecasting a 10% year-on-year sales growth for fiscal year 2026 [1] - UBS has increased its profit forecasts for Nine Dragons Paper for fiscal years 2026 to 2028 by 61% to 78% [1] Group 3: Profitability Drivers - The profit forecast for fiscal year 2026 has been raised from 1.6 billion RMB to 2.9 billion RMB, primarily driven by increased sales volume and improved profitability [1]

Core Viewpoint - UBS reports that Nine Dragons Paper Holdings (02689) is expected to achieve a net profit growth of 135% year-on-year to 1.8 billion RMB in the fiscal year 2025, exceeding market expectations due to lower coal prices improving paper product margins and vertical integration driving product structure upgrades [1] Group 1: Financial Performance - The company is projected to have a net profit of 1.8 billion RMB in fiscal year 2025, a significant increase of 135% compared to the previous year [1] - UBS has raised its profit forecast for Nine Dragons Paper for fiscal years 2026 to 2028 by 61% to 78% [1] - The profit forecast for fiscal year 2026 has been increased from 1.6 billion RMB to 2.9 billion RMB, primarily driven by increased sales volume and improved profitability [1] Group 2: Market Outlook - Management expresses confidence in the profit outlook, predicting a 10% year-on-year sales growth for fiscal year 2026 [1] - The target price for Nine Dragons Paper has been raised from 4.58 HKD to 7 HKD, maintaining a "Buy" rating [1]

Group 1: Overview of Jiangsu Manufacturing - Jiangsu manufacturing is gaining popularity in overseas markets with small yet appealing products like paper, pens, sticky notes, and toothbrushes [1] Group 2: Company Innovations and Market Performance - Jiangsu Huateng Personal Care Products Co., Ltd. has successfully entered the global high-end market by adapting product designs and formulations based on regional preferences, achieving a stable annual growth rate of around 20% in foreign trade orders [2] - Jiangsu Sanxiao Group has implemented intelligent production methods, increasing production efficiency by over 50% and maintaining order volumes while raising product prices [2] - In the first eight months of this year, the export value of oral hygiene products from Yangzhou reached 1.762 billion yuan, with toothbrush exports at 1.476 billion yuan, reflecting a year-on-year growth of 3.5% [2] Group 3: Export Trends in Stationery Products - After September, there has been a surge in exports of stationery products like cartoon sticky notes and colored loose-leaf paper, with Jiangsu Fengxin Stationery Manufacturing Co., Ltd. leveraging its unique IP products to expand its market share [3] - The company has helped importers save approximately 890,000 yuan in tariffs, enhancing its pricing power and market presence [3] - In the first eight months, Lehui Stationery Nantong Co., Ltd. exported over 33 million yuan worth of stationery products to 28 countries and regions [3] Group 4: Trade Policies and Growth in Pen Manufacturing - Jiangsu Xiangzhao Stationery Co., Ltd. has seen its processing trade import and export volume exceed 19 million yuan in the first eight months, a 1.8-fold increase from the previous year, aided by favorable customs policies [4] - The export of pens and their components from Jiangsu Province reached 1.02 billion yuan, marking a year-on-year increase of 10.6% [4] Group 5: Paper Industry Expansion - Jiangsu Bohui Paper Industry Co., Ltd. reported an export value exceeding 500 million yuan in the first eight months, a 67.3% increase year-on-year, driven by strong overseas demand [5] - The company has benefited from RCEP, issuing over 1,072 certificates of origin, which has reduced export costs and enhanced competitiveness in international markets [5] - The establishment of customs supervision sites for imported wood chips has significantly lowered logistics costs for the company, ensuring a stable supply of production materials [5]

每经头条（nbdtoutiao）——中科院博导带队，中国固态电池技术又有重大突破！ （记者 曾健辉） 2025年1至6月份，齐峰新材的营业收入构成为：造纸业占比99.81%，其他业务占比0.19%。 截至发稿，齐峰新材市值为54亿元。 每经AI快讯，齐峰新材（SZ 002521，收盘价：9.63元）10月14日晚间发布公告称，公司第六届第十五 次董事会会议于2025年10月14日在公司会议室以现场参加的方式召开。会议审议了《关于修订 <公司章 程> 的议案》等文件。 ...

Group 1 - The core viewpoint of the article is that Yuegui Co., Ltd. (SZ 000833) expects a significant increase in net profit for the third quarter of 2025, projecting a range of 420 million to 470 million yuan, which represents a year-on-year growth of 86.87% to 109.11% [1] - The main reasons for the profit increase include ongoing cost reduction and efficiency improvement efforts, which have effectively lowered product costs, along with a year-on-year rise in the prices of major ore products [1] - As of the report date, the market capitalization of Yuegui Co., Ltd. is 10.8 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Yuegui Co., Ltd. is as follows: mining industry accounts for 39.59%, sugar production for 21.46%, paper industry for 14.59%, chemical industry for 13.66%, and other industries for 9.72% [1]