Investment Rating - The industry investment rating is maintained at "Overweight" [4][101]. Core Insights - The report highlights the opening of Li Ning's first outdoor store, indicating a strategic shift towards the light outdoor mass market, focusing on hiking, urban commuting, and suburban camping [6]. - The export chain is showing signs of recovery, particularly for companies like Henglin and Yongyi, with a notable increase in non-wood furniture exports to the U.S. from Vietnam [6]. - The report suggests that the upcoming Olympic cycle and improved management and inventory at Li Ning could lead to a positive turning point for the company [6]. Summary by Relevant Sections Market Performance - The light industry manufacturing index increased by 1.86%, ranking 6th among 28 industries, while the textile and apparel index decreased by 1.6%, ranking 24th [11]. - Sub-sectors within light industry manufacturing showed varied performance, with packaging printing up by 3.96% and home goods up by 0.5% [11]. Export Chain - The report emphasizes the recovery of U.S. orders post-tariff adjustments, predicting a boost in durable goods exports due to stable tariff policies and low downstream inventory levels [6]. - Companies like Henglin and Yongyi are recommended for their low valuations and potential for revenue recovery [6]. Brand Apparel - Li Ning's new outdoor store is seen as a significant step in brand image enhancement, with expectations for improved profitability in the second half of the year [6]. - Other recommended companies include Anta Sports, 361 Degrees, and Bosideng, focusing on functional footwear and apparel [6]. Manufacturing and Supply Chain - The report discusses the potential for investment opportunities in the outbound manufacturing sector, particularly in non-woven fabric and packaging industries [7]. - It highlights the need for attention on companies like Yanjing and Meiyingsen, which are positioned well for overseas expansion [7]. Textile Manufacturing - The report notes a shift in the caprolactam industry towards reducing over-competition, with a recommendation for Taihua New Materials [7]. - Companies like Crystal International and Huayi Group are highlighted for their potential growth due to improved customer structures and production capacity [7]. Home Furnishings - Recommendations include low-valuation leaders in the soft furniture sector such as Xilinmen and Kuka Home, as well as custom furniture companies like Sophia and Oppein [7]. Pet Products - The report suggests monitoring Yuanfei Pet for its growth potential in both OEM and OBM segments, particularly in Southeast Asia [7].

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The report highlights a tight supply of wood chips leading to an increase in pulp prices, with Jin Ying Group announcing a $20/ton increase for hardwood pulp in Asia for December. The anticipated shutdown of certain softwood pulp lines in Canada has halted the decline in softwood pulp prices. This price increase is expected to support the cost structure for wood pulp companies, with a continued recommendation for Sun Paper [3][7] - According to Counterpoint Research, Apple's smartphone shipments in October increased by 12% year-on-year, achieving a market share of 24.2%, the highest monthly global market share on record. The report recommends Yutong Technology based on this growth [3][7] Summary by Sections 1. Industry Performance - The light industry manufacturing sector outperformed the market, with an index increase of 1.86% compared to the 1.28% increase in the CSI 300 index for the week ending December 5, 2025 [13] - Within the light industry, the packaging and printing index rose by 3.96%, while the paper index increased by 1.18% [13] 2. Home Furnishing - In October, residential construction area decreased by 31.1% year-on-year, with cumulative sales of residential properties from January to October down by 7% [30] - Furniture retail sales showed a year-on-year increase of 9.6% in October, but furniture exports fell by 12.7% [34] 3. Paper and Packaging - As of December 5, 2025, prices for various paper products showed mixed trends, with white cardboard prices up by 10 CNY/ton and boxboard prices up by 15 CNY/ton [39] - The report notes a decline in waste paper prices, with the average price for waste yellow board at 1909 CNY/ton [52] 4. Consumer Goods - The report indicates that the fourth quarter is a peak season for e-commerce sales, with recommendations for companies in the personal care sector to expand their marketing channels [109] - The report also highlights the performance of the stationery sector, with a recommendation for Morning Glory Co., which is expected to see a recovery in operations [109] 5. New Tobacco Products - The EU is discussing revisions to the Tobacco Tax Directive, which could significantly increase taxes on tobacco and nicotine products, potentially impacting the industry [6] - The report suggests monitoring companies like Smoore International, which is expected to benefit from the growing market for heated tobacco products [6] 6. Textile and Apparel - The textile and apparel sector underperformed the market, with the industry index declining by 1.6% [23] - The report notes increased demand for warm and sports apparel due to colder weather, recommending companies like Anta and Li Ning [23]

Group 1 - The core point of the article is that Bohui Paper (600966.SH) plans to invest 1.701 billion yuan to upgrade its existing chemical pulp production line, increasing annual capacity from 95,000 tons to 320,000 tons, which is a key move in its "pulp-paper integration" strategy [2][4] - The company aims to enhance its self-supply ratio of raw materials, reduce production costs, and improve its core competitiveness and influence after the completion of the investment project, which is expected to take 24 months [4] - The domestic paper industry is highly dependent on imported wood pulp, and fluctuations in international pulp prices have been eroding profit margins for companies like Bohui Paper [3] Group 2 - Bohui Paper's net profit has been declining significantly, dropping from 1.706 billion yuan in 2021 to 176 million yuan in 2024, a cumulative decrease of over 90% [3] - In 2022, despite a revenue increase of 12.81% to 18.362 billion yuan, the company's net profit plummeted by 86.63% to 228 million yuan, indicating a situation of "increased revenue but decreased profit" [3] - For the first three quarters of 2025, Bohui Paper reported a revenue of 14.450 billion yuan, a year-on-year increase of 3.46%, while net profit attributable to shareholders decreased by 18.57% to 121 million yuan [3]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The pulp market has shown a strong rebound with improved fundamentals. The decrease in imports in October has raised concerns about supply tightening, international producers' shutdown news and price - increase announcements have boosted the market. With the recovery of downstream paper mills' operating rates, the spot market of imported wood pulp has an upward price expectation, and it is recommended to consider a small - position long trial [2][36]. 3. Summary by Directory 3.1 This Week's Market Review - The main pulp futures contract SP2601 rebounded strongly from the bottom, and slightly declined after a rapid rise [7]. 3.2 Fundamental Analysis - **Pulp Market Price**: As of December 4, the weekly average price of imported softwood pulp was 5488 yuan/ton, up 0.44% from last week, turning from a decline to an increase; the weekly average price of imported hardwood pulp was 4454 yuan/ton, up 1.46% from last week, also turning from a decline to an increase [12]. - **October Pulp Import Volume**: In October 2025, China imported 261.8 tons of pulp with an import value of 1.5317 billion US dollars and an average unit price of 585.06 US dollars/ton. The import volume in October decreased by 11.31% month - on - month, and the cumulative import volume and value from January to October increased by 4.8% and decreased by 2.0% respectively compared with the same period last year [17]. - **Port Inventory Situation**: As of December 4, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0429 million tons, up 0.09% from last week, with the growth rate narrowing by 1.44 percentage points [21]. - **October European Port Wood Pulp Inventory Situation**: In October 2025, the total European port inventory decreased by 10.22% month - on - month and 6.47% compared with October 2024. Except for a 3.98% month - on - month increase in German port inventory, the port inventories in the Netherlands/Belgium/France/Switzerland, the UK, Italy, and Spain decreased by 9.13%, 12.08%, 20.24%, and 2.48% respectively month - on - month [25]. - **Downstream Pulp Operating Rates**: Waste paper pulp consumption accounts for 63% of China's total pulp consumption. As of December 4, the operating load rate of double - copper paper increased by 0.87 percentage points week - on - week; that of double - offset paper increased by 0.79 percentage points; that of white cardboard increased by 0.51 percentage points; and that of household paper remained flat [30]. 3.3 Future Outlook - The decrease in pulp imports in October has led to concerns about supply tightening. International softwood pulp producers' shutdown news has boosted the market, and downstream paper mills' operating rates have recovered. The spot market of imported wood pulp has an upward price expectation, and it is recommended to consider a small - position long trial [36].

南财智讯12月5日电，华旺科技公告，华旺科技股票代码605377，投资金额不超过人民币180000万元， 投资品种为安全性高、流动性好、投资期限不超过12个月（含）的银行理财产品及其他金融机构理财产 品，资金来源为自有资金，公司已于2025年12月5日召开第四届董事会第十四次会议审议通过该事项， 无需提交股东会审议。 ...

在"双碳"目标的宏观背景下，造纸和纸制品等资源循环利用产业正成为我国战略性新兴产业，受到了政 策的大力支持和重点培育，这也为林平发展等专注于资源循环利用的企业带来了重要的发展机遇。 近期，林平发展在上交所主板的上市进程迎来关键进展，将于12月11日接受上会审议。作为我国造纸行 业的优质企业，安徽林平循环发展股份有限公司深耕循环造纸领域多年，是一家集废纸利用、热电联 产、绿色造纸于一体的资源综合利用企业，其业务模式高度契合国家绿色发展战略，在行业转型中展现 出强劲的发展潜力。 行业规模领先，展现良好盈利能力和发展韧性 目前，我国造纸行业仍处于集中度低、中低端产品产能高的发展阶段。行业内多数企业规模较小，且技 术水平参差不齐。在此情况下，拥有较高的产能规模及生产水平的企业则更易实现成本控制与资源高效 利用，从而在市场竞争中占据优势地位。 林平发展凭借多年的深耕与积累，已形成规模化的循环造纸生产能力。公司主要从事包装用瓦楞纸、箱 板纸产品的研发、生产和销售，产销量位居行业前列。公司现有产能115万吨，2024年原纸产量合计达 101.97万吨，占安徽省纸及纸板产量和全国纸及纸板产量的比例为35.65%和0.75%， ...

Report Investment Ratings - Iron ore: Oscillation [2] - Coking coal and coke: Oscillation [2] - Rolled steel and rebar: Oscillation [2] - Glass: Weak oscillation [2] - Soda ash: Oscillation [2] - Shanghai Stock Exchange 50 Index: Oscillation [3] - CSI 300 Index: Oscillation [3] - CSI 500 Index: Rebound [3] - CSI 1000 Index: Rebound [3] - 2 - year Treasury bond: Oscillation [3] - 5 - year Treasury bond: Oscillation [3] - 10 - year Treasury bond: Downward [3] - Gold: Strong - biased oscillation [4] - Silver: Strong - biased oscillation [4] - Logs: Oscillation and bottom - building [4] - Pulp: Oscillation [7][8] - Offset paper: Oscillation [8] - Soybean oil: Range - bound operation [8] - Palm oil: Range - bound operation [8] - Rapeseed oil: Range - bound operation [8] - Soybean meal: Weak - biased oscillation [8][9] - Rapeseed meal: Weak - biased oscillation [8] - No. 2 soybeans: Weak - biased oscillation [9] - No. 1 soybeans: Weak - biased oscillation [9] - Live pigs: Strong - biased oscillation [9] - Rubber: Oscillation [10][11] - PX: Wide - range oscillation [11] - PTA: Oscillation [11] - MEG: Weak oscillation [11] - PR: Wait - and - see [11] - PF: Wait - and - see [11] Core Views - The iron ore market has an oversupply situation, with limited upward momentum for prices in the high - level range. The coal - coke market has a weak demand but short - term support at low levels. The steel market is in a bottom - oscillating state, and the glass market's future depends on cold - repair progress and macro factors. In the financial market, the short - term adjustment is expected, but the medium - term trend remains optimistic. The precious metals market is supported by long - term factors, with short - term disturbances from interest rate policies and risk - aversion sentiment. The light industry products like logs and pulp have their own supply - demand characteristics and price trends. The oilseeds and oils market is expected to continue range - bound operation, and the agricultural products market, such as live pigs, has specific supply - demand and price trends. The soft commodities and polyester products also have their own price trends based on supply, demand, and cost factors [2][3][4][7][8][9][10][11] Summary by Categories Black Industry - **Iron ore**: Global iron ore shipments increased by 44.7 million tons to 3.3232 billion tons, while the arrival volume at 47 ports decreased by 155.5 million tons to 2.784 billion tons. Daily hot - metal production dropped by 23,800 tons to 2.323 million tons. The demand core lies in real estate, with new construction at the 2005 level and weak domestic demand. Port iron ore inventory slightly increased to an 8 - month high. The oversupply pattern is hard to reverse, and although the probability of short - term negative feedback is low, the price oscillates in the high - level range with limited upward momentum [2] - **Coal and coke**: On December 1st, the first round of coke price cuts was implemented, and there are still expectations for further cuts. After continuous declines, the valuation of coking coal and coke has become reasonable and stopped falling this week. The National Development and Reform Commission's emphasis on energy supply during the heating season has reduced the expectation of new anti - involution measures in the coal industry. Some domestic coal mines are affected by safety inspections, with a slight decline in the weekly operating rate. The profit of some coking enterprises has improved, but the demand is weakening, and the game between steel mills and coking enterprises has intensified. There is still a need for inventory replenishment in the short term, providing support at low levels [2] - **Rolled steel and rebar**: The downstream demand is sluggish, and winter - storage replenishment has not started yet. The core lies in steel demand, with real - estate new construction at the 2005 level and weak domestic demand. Steel prices may stop falling if the output is reduced by more than 5% in the fourth quarter of 2025 and anti - involution policies are effectively implemented. Currently, the price is expected to remain at the bottom, with no significant change in supply and demand expectations, and attention should be paid to the impact of December's macro - policy expectations on winter storage [2] - **Glass**: There are supply - side disturbances. It is expected that three production lines in Hubei will undergo cold - repair in December, but there are rumors of a delay. The price in the Shahe area has weakened again, and the futures price is running weakly. The total inventory of float - glass sample enterprises has decreased, reaching the lowest level since October. The real - estate completion decline has dragged down demand, and whether the price can stop falling depends on the cold - repair progress and macro factors [2][3] Financial - **Stock index futures/options**: The previous trading day saw the CSI 300 Index up 0.34%, the SSE 50 Index up 0.38%, the CSI 500 Index up 0.24%, and the CSI 1000 Index up 0.01%. There was capital inflow in the engineering machinery and semiconductor sectors and capital outflow in the catering, tourism, and retail sectors. There are various exchanges and communications between Chinese and American enterprises and organizations, and relevant policies and statements are also involved. The market is in short - term adjustment, but the medium - term trend is optimistic, with the high - tech industry continuing to grow [3] - **Treasury bonds**: The yield of the 10 - year Chinese Treasury bond increased by 2bps, FR007 rose by 1bp, and SHIBOR3M remained unchanged. The central bank conducted 180.8 billion yuan of 7 - day reverse - repurchase operations on December 4th, with a net withdrawal of 175.6 billion yuan. The spot - bond interest rate is consolidating, and the market trend shows a slight rebound [3] Precious Metals - **Gold**: In the context of high interest rates and globalization reconstruction, the pricing mechanism of gold is shifting from being centered on real interest rates to central - bank gold purchases. The US debt problem has damaged the dollar's credit, highlighting gold's de - fiat - currency attribute. In a high - interest - rate environment, gold's substitution effect for bonds is weakened, and its sensitivity to US Treasury real interest rates has decreased. Geopolitical risks and China's physical - gold demand support the price. The logic behind the current gold - price increase remains unchanged, with short - term disturbances from the Fed's interest - rate policy and risk - aversion sentiment. The Fed has cut interest rates twice this year, and factors such as non - farm data and inflation data also affect the market [4] - **Silver**: Similar to gold, it shows a strong - biased oscillation trend, affected by the Fed's interest - rate policy, risk - aversion sentiment, and economic data [4] Light Industry - **Logs**: The daily average shipment volume at ports last week was 613,000 cubic meters, a decrease of 31,000 cubic meters from the previous week. The national daily average outbound volume was stable above 600,000 cubic meters but decreased last week. The volume of New Zealand's logs shipped to China in October increased by 2% compared to the previous month, while China's coniferous - log imports decreased by 4.67% from the previous month and 7.14% year - on - year. The expected arrival volume last week decreased by 48%. The port inventory decreased by 600,000 cubic meters. The spot - market price is running weakly, and the price of 4/6 - meter medium - grade A logs has decreased. The supply pressure has improved, with downstream demand mainly for rigid needs and weak cost support. The price is expected to oscillate and build a bottom [4][7][8] - **Pulp**: The spot - market price continued to show a strong trend in the previous trading day, with the price of some softwood - pulp spot markets rising by 20 - 150 yuan/ton and that of hardwood - pulp by 20 - 50 yuan/ton. The latest FOB price of softwood pulp remained at $680/ton, and that of hardwood pulp increased by $10 to $550/ton, strengthening the cost support for pulp prices. The profitability of the paper - making industry is low, and paper mills have high inventory pressure, with low acceptance of high - priced pulp. The demand is weak, and although traders have raised their quotes, downstream procurement is rational. The price is expected to return to oscillation [7][8] - **Double - offset paper**: The spot - market price stabilized in the previous trading day. The production of double - offset paper is expected to be stable, with little change in the supply side. The publication tenders are basically over, and orders are expected to increase, which is beneficial for paper - enterprise sales. Large - scale paper enterprises have a strong willingness to support prices, and the price may be raised at the beginning of the month. The price is expected to maintain oscillation in the short term [8] Oilseeds and Oils - **Oils**: US soybean crushing reached a record high, but the US biodiesel policy is uncertain. In October, the production and inventory of Malaysian palm oil were higher than expected, and the export in November decreased by 19.7% month - on - month. However, palm oil is supported by the expected production reduction due to floods in Southeast Asia and the postponement of EU policies. A large amount of soybeans are arriving in China, the oil - mill operating rate is high, and although the oil inventory has decreased, the supply is abundant. The demand may gradually pick up, and with cost support, the oil market is expected to continue range - bound operation, with attention paid to the weather in the Brazilian soybean - producing area and the production - sales changes of Malaysian palm oil [8] - **Meals**: The US soybean production, exports, and ending inventory have all been adjusted downward, with a structurally tight supply, but the global soybean supply is still relatively abundant. The Sino - US trade agreement may promote US soybean exports to China, but US soybeans are more expensive than Brazilian ones, and the US biodiesel policy is uncertain, resulting in uncertain demand prospects. The weather in the Brazilian soybean - producing area is generally favorable, while that in the Argentinean area is uneven. The domestic oil - mill operating rate is high, and a large amount of imported soybeans are arriving. The supply of soybean meal is abundant, and although the demand from the breeding industry supports feed consumption, the breeding efficiency is poor, and feed enterprises are cautious in procurement. The price is expected to oscillate weakly, with attention paid to the weather in South American soybean - producing areas and the progress of Sino - US trade [8][9] Agricultural Products - **Live pigs**: The average trading weight of live pigs nationwide is 124.62 kg, and it is showing a downward trend in most provinces this week. Due to the lag in the monthly slaughter progress, breeding enterprises are accelerating sales, increasing the supply of live pigs. Retail farmers are mainly slaughtering large - weight pigs, which do not fully match market demand. Slaughtering enterprises are more inclined to purchase from large - scale farms, leading to a slight decrease in the trading weight, which may continue to decline slightly in the next week. The average settlement price of live pigs at key slaughtering enterprises nationwide is 12.09 yuan/kg, a decrease of 0.84% from the previous period. The settlement price is continuously falling. The average operating rate of slaughtering enterprises nationwide is 38.92%, a 0.7 - percentage - point increase from last week. The supply of live pigs is generally abundant, and with the temperature drop, the terminal consumption has slightly recovered, increasing the orders of slaughtering enterprises and supporting the slight increase in the operating rate. However, the operating rate is expected to weaken next week. The profitability of self - breeding and piglet - fattening has decreased, and the decline in breeding costs is less than that in sales revenue. The average weekly price of live pigs is expected to continue to decline in the next week [9] Soft Commodities - **Rubber**: In the Yunnan rubber - producing area, the weather is average, and the raw - material price is stable, with the factory price increase driving up the raw - material price. In Hainan, the weather is good this week, but the output has decreased due to temperature. Affected by continuous rain and typhoon weather, the overall glue output is lower than the same period in previous years. The production and purchase costs of local processing plants have slightly increased, providing support for the price. In Thailand, there is a lot of rain, and the average weekly price has reached 57 Thai baht/kg, with both the glue and cup - lump prices rising. In Vietnam, the raw - material supply in the southern area is gradually recovering, while other areas are still affected by rainfall. The total inventory is at a low level. The capacity utilization rate of Chinese semi - steel tire sample enterprises is 66%, and that of full - steel tire sample enterprises is 62%. The capacity utilization rate decreased this week due to short - term maintenance plans in some enterprises, but it will gradually recover. According to the China Association of Automobile Manufacturers, in October, China's automobile production and sales reached 3.35 million and 3.32 million vehicles respectively, with a slight month - on - month increase and a record - high year - on - year increase. The natural - rubber inventory is increasing significantly, with the total social inventory reaching 1.08 million tons, a 1.7% increase from the previous period. Both bonded and general - trade warehouses are accumulating inventory, and it is in the seasonal inventory - accumulation period. The weakening of raw - material procurement prices and the inventory - accumulation trend suppress price increases, and with weak demand - side support, the natural - rubber price is expected to show a wide - range oscillation [10][11] Polyester - **PX**: Geopolitical instability has led to supply risks, and with the Fed likely to cut interest rates in December, oil prices have rebounded. The current PX supply is high, but the downstream polyester load has rebounded, which is beneficial for PX demand. The PXN price difference is temporarily stable, and the PX price is oscillating widely [11] - **PTA**: The wide - range oscillation of oil prices has affected the PX end, causing the cost of PTA to loosen. Although the short - term supply - demand situation of PTA has improved, the industry's seasonal weakness is inevitable, and the supply - demand situation will deteriorate in the future. The processing margin is still low, and the spot price is expected to mainly follow the cost - side fluctuations in the short term, with the spot basis fluctuating within a range [11] - **MEG**: In the long - term, the inventory - accumulation pressure of MEG still exists, but the situation has improved in the near - term due to a reduction in some supplies. Attention should be paid to the continuous changes in the supply side. As the port inventory increases, the liquidity of goods in the market has increased, and the MEG spot basis has weakened. In the short term, the MEG price is expected to oscillate weakly, with continuous upward pressure [11] - **PR**: The terminal performance remains weak, and the order - taking pressure of factories and traders has increased. With weak raw - material support, the polyester - bottle - chip market may oscillate weakly [11] - **PF**: The upward trend of oil prices continues, and the current supply - demand structure of polyester staple fiber is acceptable. However, the market is in a wait - and - see state [11]

Core Viewpoint - Despite high costs and pressure on profitability in the paper industry, the company Bohui Paper (600966.SH) is increasing its investment by expanding its chemical pulp project, aiming to enhance production capacity significantly [1][2]. Group 1: Investment and Expansion - The company plans to invest 1.701 billion yuan to expand its chemical pulp project, increasing capacity from 95,000 tons to 320,000 tons, representing a 237% increase [1]. - The expansion aims to adjust the existing raw material product structure and improve the diversity of raw materials and products, enhancing cost control and supporting high-end paper products [1][2]. Group 2: Financial Performance - The company's net profit has declined significantly for three consecutive years, projected to drop to 176 million yuan in 2024, while revenue increased by 3.46% in the first three quarters of this year, but net profit fell by 18.57% to 121 million yuan [2]. Group 3: Risk Management and Asset Optimization - To address market price fluctuations, the company will engage in futures and derivatives trading for hedging purposes, with a maximum trading margin and premium of 150 million yuan [5]. - The company is also optimizing its asset structure by selling idle assets for 32.978 million yuan and purchasing new equipment for 46 million yuan to enhance production efficiency and reduce costs [6].

纸浆早报 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6300 | -1.50 | | | 雄狮 | CFR | 730 | 5535 | -457.04 | | 智利 | 银星 | CFR信用证 90天 | 680 | 5525 | 22.41 | 注：上一日汇率 - 7.07 美元价格以及人民币价格均采用卓创数据，以13%增值税计算 研究中心能化团队 2025/12/05 SP主力合约收盘价： 5496.00 | 日期 | 2025/12/04 | 2025/12/03 | 2025/12/02 | 2025/12/01 | 2025/11/28 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5496.00 | 5458.00 | 5328.00 | 5190.00 | 5198.00 | | 折美元价 | 674.79 | 674.79 | 658.04 | 640.65 ...

石忆宁 投资咨询从业资格号：Z0022533 shiyining@gtht.com 【基本面跟踪】 表 1：基本面数据(元/吨) 2025 年 12 月 05 日 胶版印刷纸：多单择机止盈 | 市场 | 区域 | 纸种 | 2025/12/4 | 2025/12/3 | 环比 | | --- | --- | --- | --- | --- | --- | | | | 70g天阳 | 4475 4675 | 4475 4675 | 0 | | | 山东市场 | 70g晨鸣云镜 | | | 0 | | | | 70g华夏太阳 | 4725 | 4725 | 0 | | 现货市场 | | 70g本白牡丹 | 4450 | 4450 | 0 | | | | 70g天阳 | 4400 | 4400 | 0 | | | 广东市场 | 70g晨鸣云豹 | 4600 | 4600 | 0 | | | | 70g华夏太阳 | 4700 | 4700 | 0 | | | | 含税收入 | 4738 | 4738 | 0 | | | 税前 | 含税成本 | 5207 | 5170 | 37 | | | | 税前毛利 | -469 ...