Group 1 - The core point of the article is that Hong Kong Yuanshi International Limited plans to reduce its stake in Global Printing by selling up to 3,200,400 shares, which represents 1% of the company's total share capital [1] - As of the announcement, Global Printing's market capitalization is 2.6 billion yuan [1] - The revenue composition for Global Printing for the first half of 2025 is as follows: 48.31% from the paper and paper products industry, 35.9% from the printing and packaging supply chain, 15.04% from mobile internet advertising, and 0.75% from other sources [1]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp market is expected to remain in a volatile pattern in the short - term. High port inventories, slow de - stocking, and weak demand prevent significant price increases, while firm foreign offers, cost support, and potential pre - National Day restocking limit the downside [99][100] 3. Summary by Relevant Catalogs 3.1 Industry News - As of September 18, 2025, the pulp inventory at Changshu Port was 508,000 tons, up 44,000 tons (9.5% YoY); at Qingdao Port, it was 1,432,000 tons, up 14,000 tons (1.0% YoY); at Gaolan Port, it was 49,000 tons, down 9,000 tons (15.5% YoY). The total inventory of major ports was 2,112,000 tons, up 50,000 tons (2.4% YoY) [5][6] - Chile's Arauco company's September coniferous pulp Silver Star quoted price remained at $700/ton, broadleaf pulp Star increased to $540/ton, and natural pulp Venus remained at $590/ton [6] - Chenming Group's Shouguang Base No. 8 plant with an annual output of 800,000 tons of high - grade coated paper started operation. Sichuan Xianhe New Materials plans to add 200,000 tons/year of household paper production capacity [7] 3.2 Market Data - **Basis and Spread**: On September 19, 2025, the basis of Silver Star was 632 yuan/ton, down 4.24% MoM; the basis of Russian Needle was 182 yuan/ton, up 1.11% MoM; the Silver Star - Russian Needle spread was 450 yuan/ton, down 6.25% MoM [18] - **Monthly Spread**: On September 19, 2025, the 11 - 01 monthly spread was - 298 yuan/ton, down 3.47% MoM; the 01 - 05 monthly spread was - 18 yuan/ton, down 80.00% MoM [24] 3.3 Fundamental Data - **Price**: The needle - broadleaf spread narrowed. The import profit of coniferous and broadleaf pulp decreased. The price of pulp futures first rose and then fell. The price of broadleaf pulp showed a narrow - range upward trend [28][34] - **Supply**: The wood chip purchase price in East China was generally stable, with some increases. The supply of domestic chemical mechanical pulp and broadleaf pulp decreased. In July, the European port inventory decreased slightly, and the global pulp out - bound volume increased seasonally. In July, the export of coniferous and broadleaf pulp from Canada, Finland, Chile, the US, Brazil, Indonesia, Uruguay, etc. changed [45][54][60] - **Demand**: The demand for downstream base paper was weak. The white cardboard market was relatively better, the offset paper market was bearish, and the household paper market was weak. In August, the retail sales of terminal demand areas for pulp increased seasonally [99][84] - **Inventory**: The total inventory of major ports was at a medium level this year, showing a narrow - range accumulation trend. The warehouse receipt quantity decreased slightly [96][87]

Core Viewpoint - Shenzhen Xingmaosheng Paper Products Co., Ltd. has been established with a registered capital of 30,000 RMB, indicating a new player in the paper and packaging industry [1] Company Summary - The legal representative of the company is He Zhiheng, which may suggest a local management structure [1] - The company’s business scope includes manufacturing paper and paperboard containers, selling packaging materials and products, and engaging in domestic trade and import-export activities [1] - The company does not have any licensed business projects, indicating a focus on general operations without regulatory constraints [1]

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on September 19, 2025, from 15:30 to 17:00 via an online platform [2] - Key company representatives included the Chairman and CEO Liu Peng, Board Secretary and Vice President Liang Ge Yu, and CFO Gao Bo [2] Group 2: Share Buyback and Executive Compensation - The share buyback plan is valid until April 1, 2026, and investors are encouraged to monitor announcements regarding its progress [2] - Concerns were raised about executive salaries being above industry standards during economic downturns; the company explained that a compensation committee is in place to align management incentives with long-term corporate goals [3] Group 3: Dividend and Financial Performance - The company disclosed its 2025 semi-annual equity distribution announcement on September 17, 2025, and will comply with legal disclosure obligations for any related matters [3] - The company currently offers a range of core brands and products, including household paper, personal care items, and health products, aiming to meet evolving consumer needs [3] Group 4: Future Outlook - The company is committed to embracing digital market developments and aims to be a companion in enhancing the quality of life for consumers [3] - The company invites investors to visit its headquarters for product experiences and further engagement [3]

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]

Core Viewpoint - The shareholder Chuzhou Junyuan Venture Capital Center has reduced its stake in Longlide (300883.SZ) through block trading, decreasing its shareholding from 10.18% to 4.99997% as of September 17, 2025, thus no longer being a major shareholder [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 429 million yuan, representing a year-on-year growth of 20.71% [1] - The net profit attributable to the parent company was 1.1958 million yuan, a significant decline of 69.52% compared to the same period last year [1] - The net profit after deducting non-recurring items was only 119,700 yuan, reflecting a drastic year-on-year decrease of 92.44% [1] Cost and Expense Analysis - The change in net profit is primarily attributed to a year-on-year increase in operating costs by 21.24%, which outpaced revenue growth, leading to a decrease in gross margin by 0.37 percentage points [1] - Selling expenses increased by 28.40% year-on-year, while management expenses rose by 18.65%, indicating that rising costs have compressed the company's profit margins [1]

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）。 ...

Report Information - Report Type: Pulp Daily Report [1] - Date: September 18, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The pulp market is in a short - term state of relatively abundant supply. The downstream paper mills'开工 has increased, but they mainly purchase at low prices due to cost pressure, and the market continues to adjust with low - level fluctuations [8] Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price and closing price of the pulp futures 01 contract were both 5348 yuan/ton, with an overall increase of 0.00%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5020 - 6600 yuan/ton, and the low - end price remained stable compared to the previous trading day's closing price. The quotation of Shandong Yinxing was 5630 - 5650 yuan/ton [7] - Chile's Arauco Company announced the new September wood pulp export price list: the price of softwood pulp Yinxing was 700 US dollars/ton, a decrease of 20 US dollars/ton from last month; the price of natural pulp Jinxing was 590 US dollars/ton, the same as last month; the price of hardwood pulp Mingxing was 520 US dollars/ton, an increase of 20 US dollars/ton from last month [8] - In August, the European wood pulp inventory was 707,800 tons, a month - on - month increase of 3.5% and a year - on - year increase of 11.3%; the European wood pulp consumption was 700,800 tons, a month - on - month decrease of 13.7% and a year - on - year increase of 2.4%. China's total pulp imports in August were 2.653 million tons, a month - on - month decrease of 7.9% and a year - on - year decrease of 5.6%. As of September 11, 2025, the weekly pulp inventory in major regions and ports was 2.072 million tons, an increase of 0.71% from the previous week [8] - In the downstream cultural paper market, the restart of previously shut - down production lines has led to an increase in supply, and recently, the inventory pressure of paper enterprises has increased, showing a weak and volatile operation [8] 2. Industry News - On September 17, the China Enterprise Confederation and the China Entrepreneurs Association released the "Top 500 Chinese Enterprises in 2025" list. The controlling shareholder of the company, Shandong Sun Holding Group Co., Ltd., ranked 326th, an improvement of 10 places from last year [9] 3. Data Overview - The report provides multiple data charts, including import bleached softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, needle - broadleaf price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of white cardboard and whiteboard paper, prices and price differences of coated paper and offset paper, and the US dollar - RMB exchange rate [15][17][19]

（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。 ...