声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 针对上述提问，中顺洁柔回应称："尊敬的投资者，您好！非常感谢您对公司的关注和支持！公司纸浆 采购目前主要使用外币结算，人民币升值一定程度上会降低公司采购成本。" 有投资者在互动平台向中顺洁柔提问："最近人民币升值了这么多，对贵公司是否有产生积极影响，影 响大概有多大？" ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：600356 股票简称：恒丰纸业 编号：2025-053 牡丹江恒丰纸业股份有限公司 关于收到上海证券交易所审核中心意见落实函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 牡丹江恒丰纸业股份有限公司（以下简称："公司"）拟通过发行股份的方式购买四川锦丰纸业股份有限 公司100%股权（以下简称："本次交易"）。 股票代码：600356 股票简称：恒丰纸业 编号：2025-052 牡丹江恒丰纸业股份有限公司 关于发行股份购买资产暨关联交易报告书(草案)及审核问询函回复的修订说明公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 近日，公司收到上海证券交易所出具的《关于牡丹江恒丰纸业股份有限公司发行股份购买资产暨关联交 易申请的审核中心意见落实函》（上证上审（并购重组）[2025]106号）（以下简称"《落实函》"）。 根据《公司法》《证券法》《上市公司重大资产重组管 ...

世界500强投资企业 E 突期货有限公司 成为一流的衍生品综合服务商 入 期 市 市 服 热线线 官 方 网 站 客 霜 有 谨 风 400-8888-598 www.itf.com.cn 慎 险 IIIC 国贸期货 投资咨询业务资格:证监许可【2012】31号 收费サ 国贸期货研究院 投资咨询号:Z0015194 2025/12/24 从业资格号:F3042528 农产品研究中心 杨璐琳 纸浆价格数据 周环比 2025年12月23日 周环比 2025年12月23日 日环比 日环比 SP2601 针叶浆银星 0. 04% 2. 82% 0. 00% 0. 00% 5550 5600 期货价格 现货价格 SP2609 针叶浆俄针 0. 07% 3.13% 0. 00% 0. 00% 5670 5250 (元/吨) (元/吨) SP2605 5620 -0. 04% 2. 78% 阔叶浆金鱼 0. 00% 0. 00% 4500 上期价格 月环比 上期价格 月环比 本期价格 本期价格 智利银星 智利银星 2. 94% 5559 2.91% 700 5721 680 外盘报价 进口成本 田西等鱼 巴西金鱼 540 ...

恒丰纸业（600356）(600356.SH)公告，公司拟通过发行股份的方式购买四川锦丰纸业股份有限公司 100%股权。上海证券交易所并购重组审核委员会定于2025年12月30日召开2025年第23次并购重组审核 委员会审议会议，审核公司本次交易的申请。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：600356 股票简称：恒丰纸业 编号：2025-055 牡丹江恒丰纸业股份有限公司 关于上海证券交易所并购重组审核委员会审核公司 发行股份购买资产暨关联交易事项会议安排的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 牡丹江恒丰纸业股份有限公司（以下简称："公司"）拟通过发行股份的方式购买四川锦丰纸业股份有限 公司100%股权（以下简称："本次交易"）。 2025年12月24日 股票代码：600356 股票简称：恒丰纸业 编号：2025-054 牡丹江恒丰纸业股份有限公司 关于收到上海证券交易所审核中心意见落实函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 牡丹江恒丰纸业股份有限公司（以下简称："公司"）拟通过发行股份的方式购买四川锦丰纸业股份有限 公司100%股权（以下简称："本次交易"）。 根据上海证券交易所并购重组审核委员会公告的《上海证券交易所并购 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：12月23日主力资金净流出2849.56万元，占总成交额15.47%。 来自公司公告汇总：山鹰国际股份回购比例已达4.31%，支付资金总额约5.00亿元，部分股份已用 于可转债转股。 12月23日主力资金净流出2849.56万元，占总成交额15.47%；游资资金净流入450.01万元，占总成交额 2.44%；散户资金净流入2399.55万元，占总成交额13.03%。 公司公告汇总关于股份回购比例达1%及回购实施结果暨股份变动的公告 山鹰国际于2025年6月23日至12月22日实施股份回购，累计回购271,925,638股，占总股本的4.31%，回 购价格区间为1.63元/股至1.99元/股，支付资金总额约5.00亿元。本次回购股份中已有169,930,438股用于 可转债转股，剩余101,995,200股将用于员工持股计划或股权激励。回购股份存放于专用账户，不享有表 决权等股东权利。公司已按披露方案完成回购，不影响控制权及上市地位。 截至2025年12月23日收盘，山 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The pulp and paper industry is undergoing significant structural changes, with broadleaf pulp gradually seizing market share from softwood pulp, and the industry is facing challenges such as overcapacity and compressed downstream profits [50][52][59] 3. Summary According to Related Catalogs 3.1 Pulp Mill Capacity: Is It in the Clearance Stage? - **Market Structure of Commodity Pulp**: Global commodity pulp capacity is dominated by broadleaf pulp, accounting for about 50%, followed by softwood pulp at about 20%. Suzano, APP, and UPM are major players [5] - **Pulp Production Cost Curve**: The average cash cost of BHKP is 289 dollars/ton for 70% of the capacity, and the CIF China break - even point (excluding logistics) is 580 - 600 dollars/ton for 70% - 75% of the capacity. For BSKP, the average cash cost is 500 dollars/ton for 41% of the capacity, and the CIF China break - even point (excluding logistics) is 445 - 465 dollars/ton for 85% - 90% of the capacity [8] - **Company Performance Analysis** - **SUZANO**: In 25Q1 - Q3, revenue was 37 billion reais, a year - on - year increase of 11%. Operating cost was 24.8 billion reais, a year - on - year increase of 33%. Operating profit was 7.5 billion reais, a year - on - year decrease of 1%. Net profit rebounded significantly mainly due to less derivative losses last year. Pulp revenue accounts for about 80% of the company's revenue [10][13] - **ARAUCO**: Q3 revenue was 1.5 billion dollars, a quarter - on - quarter decrease of 1%. Gross profit was 350 million dollars, with a gross profit margin of 23%. The company has been unprofitable since 2025, and Q3 net profit after non - recurring items was underwater. Pulp business EBITDA Margin is about 26.5% [22] - **Metsa Group**: Sales revenue increased, but profit reached a new low. In Q3, the operating profit margin was - 12%. Pulp sales continued to rise [26] - **Mercer**: In 25Q3, revenue was 458 million dollars, flat quarter - on - quarter. Gross profit was negative for two consecutive quarters. Net profit after non - recurring items was - 81 million dollars, the lowest since 2023. There was no substantial production cut [29][31][33] - **UPM**: Revenue continued to decline, with about 2.3 billion euros in 25Q3. Q3 gross profit margin was only 0.3%. Net profit was 18 million euros, with a net profit margin of 0.8%. ROCE in Q3 was 2.4%, the lowest in nearly two years [37][39][42] - **Solvency Analysis**: Most pulp mill asset - liability ratios are below 60%. As of Q3 2025, Mercer's asset - liability ratio was about 68.1%, and Suzano's was 60.7%. Most pulp mills' EBIT interest coverage ratios are above 1, but Arauco's was 0.36 and Mercer's was - 2.37 as of Q3 [45] 3.2 What Structural Changes Are Taking Place Currently? - **Difference between Softwood and Broadleaf Pulp Prices**: The price difference between softwood and broadleaf pulp has been widening. Broadleaf pulp capacity growth is faster than that of softwood pulp, and broadleaf pulp is gradually seizing market share from softwood pulp. The global consumption of commodity pulp is 67.7 million tons, of which about 64.6% is broadleaf pulp [50][52][53] - **Consumption Situation in Europe**: European softwood pulp monthly consumption is stable at 20 - 25 tons, far from recovering to the pre - energy - crisis level. European broadleaf pulp monthly consumption is above 50 tons and has returned to normal [55] - **Apparent Consumption and Paper Formula Adjustment**: Softwood pulp monthly apparent consumption is maintained at 60 - 80 tons, while broadleaf pulp monthly apparent consumption has increased from about 140 tons to 180 tons. The proportion of toilet paper and white cardboard has increased to about 35%, and the proportion of cultural paper has decreased. The pulp formula of toilet paper and double - glue paper has been deeply adjusted [58] - **Profit and Capacity Expansion of Finished Paper**: Downstream profits are continuously compressed, and the apparent profit per ton of many finished papers has turned negative. From 2025 to 2026, a large amount of new paper - making capacity is planned to be put into production, mainly in toilet paper, cultural paper, and white cardboard [59] - **Industrial Chain Inventory**: As of November, European softwood pulp inventory was 27 days, and broadleaf pulp inventory was 26 days. Pulp mill softwood pulp inventory days reached 48 days, a historical high for the same period, and broadleaf pulp inventory days were 45 days, flat month - on - month. Domestic pulp inventory has started to decline, with a structural surplus of softwood pulp [62] - **Stable Growth of Broadleaf Pulp Consumption**: The natural demand for BHKP may increase to 459,000 tons, with a CAGR of + 2.1%. Emerging markets contribute the main increment, and toilet paper and specialty paper are the main drivers [64] 3.3 Future Development Trends of the Pulp and Paper Industry Chain - **Industry Status**: The cumulative revenue of the paper - making industry was 1.16 trillion yuan, a year - on - year decrease of 2.4%. The profit was 31.22 billion yuan, a year - on - year decrease of 11.7%. The industry loss area exceeded 30%, and the cumulative loss of loss - making enterprises reached 16.7 billion yuan, a year - on - year increase of 10%, the highest in the same period in history. The SW paper - making industry index had a revenue of 125.7 billion yuan in 2025Q1 - Q3, a year - on - year decrease of 12%, and a net profit attributable to the parent company of - 1.8 billion yuan, a year - on - year decrease of 138%. The asset - liability ratio of listed paper enterprises exceeded 60%, and the current ratio and quick ratio fell below 1 [68][71] - **Integration of Forest, Pulp, and Paper**: Leading paper enterprises are implementing pulp - paper integration strategies, and some enterprises have a high degree of forest - pulp - paper integration. Domestic wood pulp consumption has increased from 9.5 million tons in 2015 to 26 million tons in 2024, and imported wood pulp has increased from 17.57 million tons to 25.95 million tons. The proportion of domestic wood pulp has increased from less than one - third to 50% [76] - **Integration Project Commissioning**: From 2025 to 2029, about 4.6 million tons of self - used BHKP capacity will be put into production in China. It is expected that the output of major wood - pulp - based finished papers will increase by 2.58 million tons in 2029, and self - used pulp will crowd out 2.66 million tons of commercial pulp demand for these paper types [80] - **Supply - Demand Changes of Commercial Pulp**: BHKP commercial pulp capacity will increase from 46.5 million tons to 50.5 million tons from 2024 to 2029E. Although demand continues to grow, capacity utilization will decline due to new capacity. The commissioning of integrated capacity is expected to reduce the demand for broadleaf commercial pulp by 4.4 million tons from 2024 to 2029 [83]

证券日报网讯12月23日，龙利得（300883）在互动平台回答投资者提问时表示，公司始终将客户合作置 于重要位置，通过技术创新与产能保障的双重支撑，深度融入各行业的发展进程，以共享行业增长红 利。目前，公司已与日化、家化、食品饮料、粮油类、特殊食品、家具家居、茶饮快消等多个领域的客 户建立了长期稳定的合作关系，客户数量众多，具体领域合作情况请关注公司披露的定期报告。 ...

2025 年 12 月 23 日 证券分析师 庞盈盈 A0230522060003 panqyy@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 「内需提消费下关注 舞碁道;美注永艺股 造纸轻工周报 2025/12/15-2025/12/19 H Press From The States of the S 重点提示: 1) 内需消费: 在扩大内需、提振消费的背景下,关注结构性消费机会, 如国 强起的个护、相对高景气的宠物用品、悦己消费催化的 IP 潮玩; 2) 出口: 外部扰动洞 u 弱,美国降息有望拉动家具消费,中国企业 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司湛江基地当前设备检修、原料备货的具体进 度如何？是否已明确复工复产的精确时间窗口？该基地复工后的产能爬坡节奏、产品结构规划，是否会 同步披露以回应市场关切？ （记者 王晓波） ST晨鸣（000488.SZ）12月23日在投资者互动平台表示，湛江基地生产所需的主要原材料木片已开始陆 续运至原料场，同时正加快设备检修，计划年底前具备复产条件，具体时间进度请及时关注公司公告。 湛江基地复工后的产能及产品结构将根据市场需求情况动态调整，相关情况请及时关注公司官方信息。 ...