Group 1: Report Title and Date - The report is titled "Low-level Fluctuation, Pay Attention to the Stabilization of Demand - Guoxin Futures Pulp Weekly Report" and is dated September 19, 2025 [2] Group 2: Market Performance - The main contract of pulp futures, SP2511, rebounded from the bottom and then declined, maintaining a low-level fluctuation pattern [7] Group 3: Fundamental Analysis Pulp Market Price - As of September 18, the weekly average price of imported softwood pulp was 5,600 yuan/ton, a week-on-week decrease of 0.44%, with the decline narrowing by 0.04 percentage points compared to the previous period. The weekly average price of imported hardwood pulp was 4,210 yuan/ton, a week-on-week increase of 0.02%, turning from a decline to an increase [11] Cumulative Pulp Imports from January to August - In August 2025, China imported 2.653 million tons of pulp, with an import value of 1.545 billion US dollars and an average unit price of 582.36 US dollars/ton. The cumulative import volume and value from January to August increased by 5.0% and 0.3% respectively compared to the same period last year [16] Port Inventory - As of September 18, 2025, the weekly pulp inventory in major Chinese regions and ports such as Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 2.0832 million tons, a 0.54% increase from the previous week, with the growth rate narrowing by 0.17 percentage points [20] European Pulp Consumption and Inventory in July - In July 2025, the total inventory in European ports decreased by 1.91% month-on-month and increased by 19.19% compared to July 2024. Only the inventory in ports of the Netherlands/Belgium/France/Switzerland increased by 1.72% month-on-month, while the inventory in ports of the UK, Germany, Italy, and Spain decreased by 26.03%, 6.96%, 1.45%, and 7.22% respectively [24] Downstream Pulp Operating Rates - Waste paper pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption. Wood pulp consumption accounts for 31% of the total pulp consumption, and imported wood pulp consumption accounts for 21% of the total pulp consumption. Non-wood pulp consumption accounts for 6% of the total pulp consumption. As of September 18, the operating load rates of double-coated paper, offset paper, white cardboard, and tissue paper increased by 0.29, 0.66, 0.16, and 2.51 percentage points respectively week-on-week [30] Group 4: Future Outlook - As of September 18, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0832 million tons, a 0.54% increase from the previous week, with the growth rate narrowing by 0.17 percentage points. The cumulative import volume and value from January to August increased by 5.0% and 0.3% respectively compared to the same period last year, with the overall import volume showing a stable performance. Arauco of Chile announced a new round of pulp export quotes for September: softwood pulp Silver Star at 700 US dollars/ton, natural pulp Venus at 590 US dollars/ton, and hardwood pulp Star up 20 US dollars/ton to 540 US dollars/ton. With the new round of export quotes rising, some industry players are reluctant to sell and hold prices. There is a tentative price increase in the spot market of imported softwood pulp, but the profit margin of downstream paper mills is under pressure and their acceptance is limited, resulting in a slight adjustment of pulp prices. During the conversion period between the traditional off-season and peak season of pulp, the downstream demand has not improved significantly, and the market expectation is weak. It is necessary to wait for the stabilization of downstream demand for a real "reversal". The operation suggestion is to wait for the end of the correction and consider a long position at low prices [35]

南方财经9月19日电，龙利得（300883.SZ）近日公告，股东滁州浚源创业投资中心（有限合伙）通过大 宗交易方式减持公司股份。据权益变动报告书显示，滁州浚源自2023年2月起多次减持，至2025年9月17 日累计减持1792.22万股，持股比例从10.18%降至4.99997%，不再属于公司持股5%以上股东。2025年上 半年，公司实现营业收入4.29亿元，较上年同期增长20.71%；归母净利润119.58万元，同比下滑 69.52%；扣非后归母净利润仅11.97万元，同比降幅达92.44%。净利润变化主要源于营业成本同比上升 21.24%，高于收入增速，导致毛利率同比下降0.37个百分点。期间费用方面，销售费用同比增长 28.40%，管理费用增长18.65%，成本费用增长在一定程度上压缩了盈利空间。 ...

Group 1 - The core point of the news is that Shanying International's stock price dropped by 5.37% to 1.94 CNY per share, with a trading volume of 356 million CNY and a turnover rate of 3.27%, resulting in a total market capitalization of 10.614 billion CNY [1] - Shanying International, founded on October 20, 1999, and listed on December 18, 2001, is primarily engaged in the production and sales of boxboard paper, corrugated paper, specialty paper, paperboard, and paper packaging products, as well as domestic and international recycled fiber trading [1] - The revenue composition of Shanying International includes boxboard paper (36.69%), paper products (24.26%), corrugated paper (16.26%), other raw paper (13.63%), recycled fiber (7.10%), and other (1.39% and 0.67%) [1] Group 2 - From the perspective of major fund holdings, one fund under Galaxy Fund has a significant position in Shanying International, specifically the Galaxy Quantitative Steady Mixed Fund (005126), which held 58,800 shares in the second quarter, accounting for 1.64% of the fund's net value, ranking as the ninth largest holding [2] - The Galaxy Quantitative Steady Mixed Fund (005126) was established on December 1, 2017, with a latest scale of 6.8138 million CNY, achieving a year-to-date return of 31.5% and a one-year return of 79.36%, ranking 1247 out of 7980 in its category [2]

天眼查App显示，近日，深圳市天杰纸业有限公司成立，法定代表人为王朋，注册资本50万人民币，经 营范围为一般经营项目是：纸制品销售；办公用品销售；办公设备耗材销售；计算机及办公设备维修； 电子产品销售；互联网销售（除销售需要许可的商品）；纸制品制造；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；信息技术咨询服务；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：包装装潢印刷品 印刷。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文 件或许可证件为准）。 ...

021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 行业 纸浆日报 日期 2025 年 9 月 18 日 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾 ...

（编辑 任世碧） 证券日报网讯 9月17日晚间，景兴纸业发布公告称，公司股票连续3个交易日内，即2025年9月15日、 2025年9月16日、2025年9月17日，日收盘价格涨幅偏离值累计达到20%，属于股票交易异常波动情况。 经核实，截至本公告日，公司前期披露的信息不存在需要更正、补充之处；公司未发现近期公共传媒报 道了可能或已经对公司股票及可转债交易价格产生较大影响的未公开重大信息；公司近期经营情况及内 外部经营环境未发生重大变化。 ...

Core Points - Zhuhai Huayue Paper Products Co., Ltd. has been established with a registered capital of 30,000 RMB [1] - The company operates in various sectors including paper product sales, stationery wholesale and retail, packaging materials sales, and photography services [1] - The business scope also includes digital content production, technical services, and professional design services [1] Company Overview - The registered capital of the company is 30,000 RMB [1] - The company is involved in the manufacturing and sales of paper products [1] - It provides a range of services including information technology consulting and enterprise management consulting [1]

Company Overview - Hunan Yurun New Materials Technology Co., Ltd. has recently been established with a registered capital of 2.08 million RMB [1] - The legal representative of the company is Zhou Mengchang [1] Business Scope - The company operates in various sectors including the manufacturing and sales of paper products, paper manufacturing, and the production of paper and paperboard containers [1] - Additional activities include the sale of specialized equipment for pulping and papermaking, as well as the sale of pulp and recycled resources [1] - The company is also involved in wood processing, wood acquisition, and the manufacturing of metal packaging containers and materials [1] Licensing and Regulatory Compliance - The company is permitted to engage in road cargo transportation (excluding hazardous materials) [1] - All business activities are subject to approval by relevant authorities, and specific operations will be conducted based on the necessary permits and licenses [1]

证券代码：600963 证券简称：岳阳林纸 公告编号：2025-044 岳阳林纸股份有限公司 关于参加2025年湖南辖区上市公司投资者网上集体接待日暨半年度业绩说明会活动的公告 ● 活动时间：2025年9月19日（星期五）下午14:00-17:00 ● 投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互动交流。 为进一步加强与投资者的互动交流，岳阳林纸股份有限公司（以下简称"公司"）将参加由湖南证监局、 湖南省上市公司协会与深圳市全景网络有限公司联合举办的"资本聚三湘 楚光耀新程一一2025年湖南辖 区上市公司投资者网上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 二〇二五年九月十七日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信 公众号：全景财经，或下载全景路演APP,参与本次互动交流，活动时间为2025年9月19日（星期五） 14:00-17:00。届时公司董事会秘书等相关人员将在线就公司2024年至2025年半年度业绩、公司治理、发 展战略 ...

Group 1 - The core viewpoint of the announcement is the resolution of the fourth temporary shareholders' meeting of Zhejiang Rongsheng Environmental Paper Co., Ltd. held on September 16, 2025, with no rejected proposals [1][2] - The meeting was convened by the board of directors and chaired by Mr. Feng Shengyu, utilizing a combination of on-site and online voting methods, complying with relevant laws and regulations [2][3] - All seven current directors attended the meeting, along with the board secretary and other executives [3] Group 2 - The meeting reviewed several proposals, including the 2025 semi-annual profit distribution plan, which was approved [4] - Other approved proposals included amendments to the company's articles of association and the implementation details of the cumulative voting system, as well as the remuneration management system for directors and senior management [5] - The voting results indicated that the special resolution required more than two-thirds of the votes from attending shareholders, while ordinary resolutions required more than half [5] Group 3 - The meeting was witnessed by lawyers from Shanghai Jintiancheng Law Firm, confirming that all procedures and results were in compliance with legal requirements [6] - The legal opinion provided by the lawyers affirmed the legality and validity of the meeting's convening, attendance, voting procedures, and results [6]