（编辑 任世碧） 证券日报网讯 2月2日，荣晟环保发布关于调整2025年前三季度利润分配现金分红总额的公告称，公司 2025年前三季度利润分配拟派发现金分红总额由人民币97，360，356.70元（含税）调整为99，122， 288.26元（含税）。 ...

证券日报网讯2月2日，合兴包装（002228）在互动平台回答投资者提问时表示，纸浆是公司上游供应商 的生产原材料，公司主营业务为从事中高档瓦楞纸箱(板)的研发与设计、生产、销售及服务，主要产品 为中高档瓦楞纸箱及瓦楞纸板、缓冲包装材料等。 ...

Core Viewpoint - The company is committed to focusing on its core business and enhancing its competitive edge through technological innovation and product optimization, while actively increasing its market share [2] Group 1 - The company is steadily advancing its overseas market expansion efforts [2] - The company aims to continuously strengthen its core competitiveness [2] - The company is dedicated to improving its market share through ongoing innovation [2]

Group 1 - The company stated that the overall procurement prices of raw materials have remained stable without significant fluctuations [2] - In response to recent volatility in the USD to RMB exchange rate, the company has implemented foreign exchange derivative hedging to mitigate the impact of exchange rate fluctuations on its operations [2] - The company's production and operations are currently normal, with a high capacity utilization rate [2]

格隆汇2月2日丨广博股份(002103.SZ)公布，截至2026年1月31日，公司未减持已回购股份。 ...

Group 1 - The company is actively advancing the land reserve plan for the Hongta Renheng site in Zhuhai's Xiangzhou District, as highlighted in the district's 2026 key work plan [2] - As of now, the company has completed preliminary surveying and assessment work in cooperation with relevant departments for the land reserve [2] - The company is committed to timely information disclosure regarding the progress of this matter in accordance with legal regulations [2] Group 2 - The company's ongoing projects include the Zhanjiang Zhongzhi 400,000 tons of chemical pulp project and the pilot test line for special fiber composite materials [2] - The Zhanjiang Zhongzhi project, a core part of the company's integrated pulp and paper strategy, is progressing efficiently and is expected to achieve production ahead of schedule by November 2025 [2] - The project has already begun supplying pulp to the company's white cardboard production line, with a substitution rate of nearly 80% for similar pulp types [2] - The pilot test line for special fiber composite materials has entered the trial operation phase as of December 2025, with products currently undergoing market access verification [2]

1. Report Industry Investment Rating - The investment rating for the pulp industry is "观望" (wait - and - see). Given the current situation where bullish factors on the supply side and bearish factors on the demand side are intertwined, along with significant macro - fluctuations in commodities, it is recommended to observe cautiously [4]. 2. Core Viewpoints of the Report - The pulp market is currently influenced by a combination of multiple factors. Supply - side factors are relatively strong, demand - side factors are neutral to bearish, and inventory factors are bearish. Overall, the market lacks clear - cut trends, and it is advisable to wait and see before making investment decisions [4]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: Supply factors are strong. APP has raised global pulp prices by $20 per ton, and Suzano has announced a $10 per - ton price increase. APRIL plans unplanned maintenance shutdowns on selected pulp production lines from February to March 2026, with an expected production reduction of about 150,000 tons [4]. - **Demand**: Demand factors are neutral to bearish. The price of household paper has continued to rise this week, while the price of coated paper has fallen. The prices of offset paper and white cardboard have remained stable. Paper production has slightly decreased due to maintenance, and most paper mills have gradually completed pre - Spring Festival inventory preparations [4]. - **Inventory**: Inventory factors are bearish. As of January 29, 2026, the inventory of mainstream pulp ports in China was 2.169 million tons, a cumulative increase of 101,000 tons from the previous period, a month - on - month increase of 4.9%. Port inventory has been increasing for four consecutive weeks [4]. - **Investment View**: Given the current situation where bullish supply - side and bearish demand - side factors are intertwined, along with significant macro - fluctuations in commodities, it is recommended to observe cautiously [4]. - **Trading Strategy**: For the single - side trading, the view is bearish. For arbitrage, it is necessary to monitor overseas pulp mill inventory levels and domestic finished paper prices [4]. 3.2 Review of Futures and Spot Market Conditions - **Futures Market**: Pulp futures have continued to perform weakly this week. The price of hardwood pulp has slightly declined, and the basis of softwood pulp has slightly strengthened. With the lack of positive drivers in the pulp futures market and a weakening of macro sentiment, it is expected to continue its weak performance next week [8]. - **Spot Market**: The price of hardwood pulp has softened, and the basis of softwood pulp has weakened. The price of softwood pulp (Silver Star) is 5,300 yuan per ton, a week - on - week decrease of 50 yuan per ton and a month - on - month decrease of 150 yuan per ton. The price of softwood pulp (Buzhen) is 4,650 yuan per ton, a week - on - week decrease of 50 yuan per ton and a month - on - month decrease of 170 yuan per ton. The price of hardwood pulp (Goldfish) is 4,550 yuan per ton, a week - on - week decrease of 70 yuan per ton and a month - on - month increase of 100 yuan per ton [17]. - **External Quotes**: In January, the external quote for softwood pulp increased. Chile's Arauco Company's January softwood pulp offer was $710 per ton, an increase of $10 per ton; the offer for hardwood pulp (Star) was $590 per ton, an increase of $20 per ton; the offer for natural pulp (Venus) was $620 per ton, remaining unchanged. The APP Group has increased pulp prices by $20 per ton in all global markets [19]. - **Open Interest**: As of January 30, 2025, the total open interest of pulp futures contracts was 372,546 lots, a 7% increase from the previous week; the open interest of the main pulp futures contract was 277,027 lots, a 6% increase from the previous week [21]. 3.3 Fundamental Data of Pulp Supply and Demand - **Imports**: In December, the import volume of hardwood chips increased significantly. The total pulp import volume was 3.246 million tons, a 23.99% increase; the softwood pulp import volume was 725,000 tons, a 4.92% increase; the hardwood pulp import volume was 1.765 million tons, a 33.88% increase; the hardwood chip import volume was 1.49 million tons, a 55.69% increase [6]. - **Inventory**: Pulp port inventory has increased, and futures warehouse receipts have slightly increased. As of January 29, 2026, the inventory of mainstream pulp ports in China was 2.169 million tons, a cumulative increase of 101,000 tons from the previous period, a month - on - month increase of 4.9%. The inventory at the delivery warehouse was 104,500 tons, a 4.30% increase [6]. Overseas pulp mill inventory days are basically stable. In late November, the inventory of commodity pulp suppliers in 20 countries was 46 days. The inventory days of bleached softwood pulp were 49 days, and the inventory days of bleached hardwood pulp were 45 days [37]. - **Downstream Demand**: The prices of wood - pulp paper products have remained stable. As of January 30, 2026, the price of offset paper was 4,725 yuan per ton, unchanged week - on - week; the price of coated paper was 4,660 yuan per ton, unchanged week - on - week; the price of household paper was 5,875 yuan per ton, unchanged week - on - week; the price of white cardboard was 4,269 yuan per ton, unchanged week - on - week. In December 2025, the production volume of paper products increased significantly month - on - month. The production of offset paper was 867,400 tons, a 9.7% month - on - month increase and a 15.8% year - on - year increase; the production of coated paper was 409,200 tons, a 4.3% month - on - month increase and a 21.1% year - on - year increase; the production of household paper was 858,600 tons, a 3% month - on - month increase and a 10.2% year - on - year increase; the production of white cardboard was 1.125 million tons, a 4.4% month - on - month increase and a 30.4% year - on - year increase [42][51]. - **Overseas Market**: In December 2025, European demand for softwood pulp was 198,600 tons (a 7.1% month - on - month decrease and an 8.3% year - on - year decrease); demand for hardwood pulp was 476,000 tons (an 11.59% month - on - month decrease and a 2.55% year - on - year increase). European pulp inventory decreased. In December 2025, the softwood pulp inventory was 222,800 tons (a 6.93% month - on - month increase and a 0.71% year - on - year increase); the hardwood pulp inventory was 493,800 tons (a 9.59% month - on - month increase and a 15.53% year - on - year increase) [79]. - **Price Spreads**: The basis of softwood pulp has weakened, and the 5 - 9 spread has remained flat. As of January 30, 2026, the basis of Shandong Silver Star was 0 yuan per ton, an increase of 48 yuan per ton from the previous week; the basis of Shandong Goldfish was - 750 yuan per ton, an increase of 28 yuan per ton from the previous week. As of January 23, 2026, the pulp 5 - 9 spread was - 44 yuan per ton, unchanged from the previous week [85].

Group 1 - Hengfeng Paper Industry's stock price dropped by 5.08% to 9.35 CNY per share, with a trading volume of 1.57 billion CNY and a turnover rate of 5.56%, resulting in a total market capitalization of 27.93 billion CNY [1] - The company, established on March 6, 1994, and listed on April 19, 2001, specializes in the production and sale of specialty papers, including cigarette paper, filter rod paper, and aluminum foil lining paper [1] - The revenue composition of Hengfeng Paper Industry includes 65.48% from tobacco industrial paper, 15.50% from other paper types, 11.75% from mechanical gloss paper, 6.08% from thin printing paper, and 1.19% from other sources [1] Group 2 - The top circulating shareholder of Hengfeng Paper Industry includes a fund from China International Fund Management, specifically the China International State-Owned Enterprise Reform Flexible Allocation Mixed A Fund (519756), which entered the top ten circulating shareholders in the third quarter with 5.6999 million shares, accounting for 1.91% of circulating shares [2] - The estimated floating loss for this fund today is approximately 2.85 million CNY [2] - The China International State-Owned Enterprise Reform Flexible Allocation Mixed A Fund was established on June 10, 2015, with a current scale of 1.571 billion CNY, yielding 8.21% this year, ranking 2526 out of 9000 in its category, and 27.57% over the past year, ranking 4520 out of 8193 [2]

Group 1 - The stock price of Sun Paper Industry fell by 5.11% to 15.96 CNY per share, with a trading volume of 354 million CNY and a turnover rate of 0.78%, resulting in a total market capitalization of 44.601 billion CNY [1] - Sun Paper Industry, established on April 26, 2000, and listed on November 16, 2006, is located in Yanzhou District, Jining City, Shandong Province. The company specializes in the production and sales of various paper products, including kraft linerboard, double offset paper, coated paper, and dissolving pulp [1] - The revenue composition of Sun Paper Industry includes kraft linerboard (27.32%), double offset paper (21.99%), coated paper (10.55%), and other paper products (10.39%), among others [1] Group 2 - Huatai Baoxing Fund holds a significant position in Sun Paper Industry, with its Huatai Baoxing Value Growth A fund (012132) owning 115,000 shares, accounting for 2.88% of the fund's net value, making it the eighth largest holding [2] - The Huatai Baoxing Value Growth A fund was established on November 10, 2021, with a latest scale of 58.8295 million CNY. Year-to-date returns are 5.4%, with a one-year return of 21.15% [2] - The fund manager, Shang Shuohui, has been in the position for 8 years and 318 days, with the fund's total asset size at 847 million CNY. The best return during his tenure is 190.74%, while the worst return is -38.16% [3]

Summary of Conference Call on the Pulp and Paper Industry Industry Overview - The pulp and paper industry is expected to see an improvement in market conditions after a year of declining fixed asset investment, with a potential recovery in 2026 [1][2] - The Producer Price Index (PPI) has shown a slight increase since September 2025, indicating stabilization in pricing, although demand has not fully recovered yet [1][2] Key Insights - The anticipated decline in interest rates and a stronger RMB are expected to drive up pulp prices, which will subsequently lead to an increase in paper prices [1][2] - The U.S. Federal Reserve's interest rate cuts may enhance liquidity and stimulate end-user demand, while a weaker dollar could reduce upstream pulp manufacturers' profitability, providing them with pricing power [2] - China remains the largest consumer market for commodity pulp, accounting for nearly 40% of global demand, with seasonal demand expected to support pulp prices in March and April 2026 [5] - Domestic leading paper companies are expected to increase their self-produced pulp capacity, which may create variability in demand linked to end-user consumption [5] Supply and Demand Dynamics - The supply pressure for commodity pulp is expected to ease significantly in 2026, with only the APP Indonesia OKI Phase II project having uncertain production plans [5] - Some overseas pulp manufacturers have announced production cuts or shifts in production plans, contributing to a likely balanced supply-demand scenario in 2026 [5] - The European and American markets are projected to recover in 2026, with European port inventories showing a downward trend since October 2025 [5] Segment Analysis - **Cultural Paper**: Prices are at historical lows (approximately 4,700 RMB/ton), with many companies facing losses due to excess capacity. However, seasonal demand may provide some price support [7] - **White Cardboard**: Currently priced around 4,200 RMB/ton, it has seen slight price increases but remains at historical lows due to supply pressures. Marginal improvements are expected in 2026 [7] - **Specialty Paper**: This segment has faced declining profitability due to weak demand and increased competition. Price recovery is unlikely in the short term [7] - **Recycled Paper**: Prices have fluctuated due to raw material costs, with boxboard prices around 3,500 RMB/ton and corrugated prices at 2,700 RMB/ton. A clear improvement in supply-demand dynamics is anticipated [7] Future Outlook - The overall economic environment, cost control, and seasonal demand are expected to support gradual recovery across all segments of the paper industry [8] - The boxboard sector is experiencing positive changes in supply-demand dynamics, with prices expected to recover moderately [9] - The industry is approaching a critical inflection point for supply contraction, with minimal new capacity expected from 2026 or 2027 onwards [10] Recommended Companies - Leading companies with integrated pulp and paper capabilities are recommended for investment, such as Sun Paper, Jiulong, and Xianhe, due to their cost advantages from self-produced pulp [11] - Companies like Huawang Technology, Bohui, Chenming Paper, and Wuzhou Specialty are also suggested for consideration based on their relatively low valuations and potential for profit recovery [11]