Core Viewpoint - The company, Jianfa Xingsheng (00731), anticipates a consolidated net loss of approximately HKD 38 million to HKD 43 million for the six months ending June 30, 2025, compared to a consolidated net loss of about HKD 33.8 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - The expected consolidated net loss for the upcoming period represents an increase compared to the previous period [1] - The decline in paper product sales prices due to a complex international trade environment and weak consumer market recovery has contributed to a slight decrease in revenue [1] - The reduction of government incentives related to special VAT deductions for the company's subsidiary, Yuantong Paper Industry (Shandong) Co., Ltd., has decreased by approximately HKD 6.3 million compared to the previous period [1]

Group 1 - Yibin Paper announced that its wholly-owned subsidiary, Yibin Huijie Environmental Protection Technology Co., Ltd. (Huijie Environmental), received a criminal judgment from the Naxi District People's Court of Yibin City on August 14 [1] - The court found Huijie Environmental guilty of environmental pollution, specifically for tampering with automatic monitoring data leading to illegal discharge of pollutants [1][3] - The company stated that Huijie Environmental has a sound governance structure and has made upgrades to its wastewater treatment processes, which are now operational [1] Group 2 - On May 29, 2024, there were multiple changes in Huijie Environmental's management, with Huang Zhengwen no longer serving as the legal representative and senior management [2] - Huang Zhengwen submitted his resignation as vice president of Yibin Paper on May 28, 2024, citing personal reasons [2] - Huijie Environmental plans to appeal the court's judgment, claiming errors in the factual findings and legal application [3]

Group 1 - The core viewpoint of the article revolves around the market dynamics influenced by the Federal Reserve's potential interest rate cuts and the contrasting reactions in the stock market [1][12] - The article highlights the disparity in stock performance despite similar news, emphasizing that not all investors benefit equally from market movements [3][4] - It discusses the concept of "expectation difference" as a key to profitability in the stock market, where information asymmetry leads to wealth redistribution [4][5] Group 2 - The article provides an example of the recent A-share mid-term report pre-increase trend, illustrating the varying performances of companies like "Shengtun Mining" and "Qifeng New Materials" [5][7] - It points out that the stock market is driven not by concepts but by pricing power, with institutional investors manipulating stock prices based on retail investors' perceptions [7][11] - The importance of quantitative data is emphasized, showing that significant trading behaviors leave traces in data, which can reveal the true market dynamics [8][11] Group 3 - The article advises investors to focus on understanding the real implications behind major news events, rather than reacting impulsively to market trends [12][13] - It suggests that the true advantage in the market lies in the ability to analyze and interpret data effectively, rather than merely having access to information [12][13] - Recommendations for investors include avoiding blind pursuit of news, validating market sentiment with data, and paying attention to the real movements of institutional funds [15]

天眼查App显示，近日，武汉市陈鹏纸业有限公司成立，法定代表人为欧阳菊明，注册资本1500万人民 币，经营范围为一般项目：纸制品销售，包装材料及制品销售，纸制品制造，塑料制品销售，油墨销售 （不含危险化学品），复印和胶印设备销售，旧货销售，机械设备销售，机械零件、零部件销售，货物 进出口，技术进出口，进出口代理，再生资源回收（除生产性废旧金属），企业总部管理，企业管理， 企业管理咨询，信息技术咨询服务，信息咨询服务（不含许可类信息咨询服务）。（除许可业务外，可 自主依法经营法律法规非禁止或限制的项目）。 ...

来源：金融界 融券方面，当日融券卖出0.00万股，净卖出0.00万股。 8月13日，沪深两融数据显示，山鹰国际获融资买入额0.39亿元，居两市第613位，当日融资偿还额0.61 亿元，净卖出2249.90万元。 最近三个交易日，11日-13日，山鹰国际分别获融资买入0.46亿元、0.38亿元、0.39亿元。 ...

Group 1 - The core point of the article is that Yueyang Forest and Paper has announced the approval of multiple proposals, including the cancellation of the supervisory board and the revision of related rules [2] Group 2 - The announcement was made during the fourth-fourth meeting of the eighth board of directors [2] - The decision reflects a significant governance change within the company [2] - The company aims to streamline its operations and improve decision-making processes through these changes [2]

证券日报网讯 8月13日晚间，岳阳林纸发布公告称，公司于2025年8月13日召开第八届董事会第四十四 次会议，审议通过了《关于以债权转股权对全资子公司增资的议案》，同意以债权转股权方式向全资子 公司湖南茂源林业有限责任公司（简称"茂源林业"）增资14亿元，增资完成后，茂源林业注册资本将由 47，148万元增加至187，148万元。本次增资无需提交股东大会审议。 （编辑 任世碧） ...

Group 1 - The company, Yueyang Forest and Paper, announced that it will hold its second extraordinary general meeting of shareholders on August 29, 2025 [2] - The agenda for the meeting includes a proposal to cancel the supervisory board and revise related rules [2]

天眼查App显示，近日，泸州玖玖柒纸业有限公司成立，法定代表人为康杰，注册资本100万人民币， 经营范围为一般项目：纸制品制造；纸制品销售；包装材料及制品销售；办公用品销售；普通货物仓储 服务（不含危险化学品等需许可审批的项目）；竹制品销售；日用品销售；日用杂品制造；日用品批 发；日用杂品销售；针纺织品销售；文具用品批发；文具用品零售；五金产品零售；五金产品批发；文 化、办公用设备制造；建筑材料销售；食品销售（仅销售预包装食品）。（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）。 ...

Group 1: Report Overview - The report is a pulp morning report released on August 13, 2025, by the energy and chemical team of the research center [2] Group 2: SP Main Contract Information - The closing price of the SP main contract on August 12, 2025, was 5264.00 [3] - The closing prices on previous days were 5246.00 (August 11), 5162.00 (August 8), 5186.00 (August 7), and 5170.00 (August 6) [3] - The corresponding US dollar - converted prices were 639.19, 637.80, 627.38, 630.76, and 627.72 respectively [3] - The daily price changes were 0.34312% (August 12), 1.62728% (August 11), - 0.46278% (August 8), 0.30948% (August 7), and 0.19380% (August 6) [3] - The basis of Shandong Yinxing was 586 (August 12), 604 (August 11), 673 (August 8), 624 (August 7), and 640 (August 6) [3] - The basis of Jiangsu, Zhejiang, and Shanghai Yinxing was 636 (August 12), 654 (August 11), 738 (August 8), 714 (August 7), and 730 (August 6) [3] Group 3: Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp: the CFR price of Golden Lion was 780 US dollars, the RMB price in Shandong was 6450, and the import profit was 42.73; the CFR price of Lion was 730 US dollars, the RMB price in Shandong was 5600, and the import profit was - 401.03 [4] - For Chilean pulp, the CFR price of Silver Star with a 90 - day letter of credit was 720 US dollars, the RMB price in Shandong was 5850, and the import profit was - 69.78 [4] Group 4: Pulp and Paper Price and Margin Information - From August 6 to August 12, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively; the average prices in Shandong also remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from August 7 to August 12, 2025 [4] - The estimated profit margins of double - offset paper decreased from 6.4302% on August 7 to 5.3503% on August 12; double - copper paper decreased from 24.2360% to 22.6786%; white card paper remained at - 12.0732%; and living paper decreased from 8.3301% to 7.4897% [4] Group 5: Pulp Price Difference Information - The price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp from August 6 to August 12, 2025, showed some changes. For example, the softwood - hardwood price difference was 1685.00 on August 12 [4]