Group 1 - The company Zhongshun Jierou announced a cash dividend distribution plan for the first half of 2025, proposing to distribute RMB 0.63 per 10 shares to all shareholders (including tax) [2] - The record date for the stock rights is set for September 23, 2025, and the ex-dividend date is September 24, 2025 [2]

Group 1: SP Main Contract Information - The closing price of the SP main contract on September 15, 2025, was 5056.00, with a daily increase of 1.32265%. The closing prices on September 12 - 9 were 4990.00, 5016.00, 4996.00, and 4970.00 respectively, with corresponding daily changes of -0.51834%, 0.40032%, 0.52314%, and -1.11421% [4]. - The converted US - dollar prices on September 15 - 9 were 611.31, 611.31, 614.44, 612.08, and 608.62 respectively [4]. - The Shandong Yinxing basis on September 15 - 9 was 609, 675, 674, 694, and 720 respectively, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 624, 690, 684, 704, and 740 respectively [4]. Group 2: Import Profit and Price Information - With a 13% VAT calculation, the import profits for brands like Jinshi, Xiongshi, and Yinxing were -145.57, -533.29, and -197.83 respectively. The port US - dollar prices were 780, 730, and 720, and the Shandong region RMB prices were 6200, 5410, and 5665 [5]. - From September 9 - 15, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemimechanical pulp remained unchanged, with changes of 0.00. The same was true for the Shandong region average prices [5]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from September 10 - 15, 2025, with changes of 0 [5]. - The profit margins of double - offset paper, double - copper paper, white - card paper, and living paper remained mostly unchanged from September 10 - 15, 2025, with the living paper profit margin changing slightly from 7.7571% on September 10 to 8.0245% on September 12 and remaining at this level on September 15 [5]. - The price differences between coniferous and broad - leaf pulp, coniferous and natural pulp, coniferous and chemimechanical pulp, and coniferous pulp and waste paper from September 9 - 15, 2025, showed little change [5].

Core Viewpoint - The stock price of Guanhao High-tech reached a strong limit-up, closing at 3.47 yuan with an increase of 10.16%, marking the first limit-up in recent years, which has attracted widespread market attention [1] Group 1 - The recent limit-up is linked to the company's breakthrough in hydrogen energy carbon paper technology and its first order landing [1] - The company's Secretary of the Board, Ren Xiaoping, stated that the limit-up is more of a natural correction of long-term undervaluation rather than an 'abnormal' market movement [1] - Two main reasons were provided for the limit-up: the overall rotation of the capital market since September last year and the company's stable fundamentals, indicating that the market's value discovery function is at play [1]

Core Viewpoint - Guanhao High-tech's stock price surged to a limit of 10.16%, closing at 3.47 yuan, marking its first limit-up in recent years, attributed to breakthroughs in hydrogen energy carbon paper technology and its first order landing [2] Group 1: Market Reaction - The stock surge is seen as a natural correction of long-term undervaluation rather than an unusual market movement, according to the company's secretary [2] - The overall market rotation since September last year and the company's stable fundamentals are cited as reasons for the stock's performance [2] Group 2: Company Strategy - The company is committed to its strategic plan of developing a competitive, green, high-end pulp and paper industry while nurturing related diversified new industries [2] - Progress in hydrogen energy carbon paper technology is being made according to the established strategic plan, with initial validation of technology reserves [2] Group 3: Production Capacity and Industry Outlook - The timeline for scaling production will depend on national industrial policies, as there are various technological routes and industrial paths in the hydrogen energy sector [2] - The company is actively participating in the hydrogen energy field, contributing to the green economy [2]

Group 1 - The stock of Guanhao High-tech (600433) reached the daily limit, with a turnover rate of 7.18% and a transaction amount of 424 million yuan, showing a fluctuation of 10.51% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of 10.42%, with a net sell of 1.5168 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction of 114 million yuan, with a net buying amount of 22.8669 million yuan [2] Group 2 - The company reported a revenue of 3.403 billion yuan for the first half of the year, a year-on-year decrease of 1.47%, and a net profit of -57.9253 million yuan [3] - The latest margin trading data shows a total margin balance of 306 million yuan, with a financing balance of 306 million yuan and a securities lending balance of 0.0088 million yuan [2] - Over the past five days, the financing balance decreased by 6.1161 million yuan, a decline of 1.96%, while the securities lending balance decreased by 0.00035 million yuan, a decline of 28.41% [2]

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2025年9月14日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1.【常熟港纸浆库存统计】截至2025年9月11日，中国纸浆常熟港库存46.4万吨，较上周期下降1.8万吨，环比下降3.7%。本周常熟港库存呈现去库走势。 2.【青岛港纸浆库存统计】截至2025年9月11日，中国青岛港港内及港外仓库纸浆库存141.8万吨，较上周上涨0.3万吨，环比上涨0.2%。本周期青岛港库存周期内 呈现累库的走势。 3.【高栏港纸浆库存统计】截至2025年9月11日，中国纸浆高栏港库存5.8万吨，较上周下降0.5万吨，环比下降7.9%。本周期高栏港库存呈现去库的趋势。 CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 4 ...

天眼查App显示，近日，衡阳旭铭贸易有限公司成立，法定代表人为蒋小兵，注册资本208万人民币， 经营范围为一般项目：纸制品制造;纸和纸板容器制造;纸制品销售;纸浆销售;包装服务;制浆和造纸专用 设备制造;制浆和造纸专用设备销售;五金产品零售;建筑用金属配件销售;殡仪用品销售;互联网销售（除 销售需要许可的商品）（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动）。 ...

Company News - Dongcai Technology announced on September 12 that due to the rising demand in the high-end server industry, there has been increased market attention on its high-speed electronic resin products, benefiting from the high-quality development in emerging fields such as artificial intelligence and computing power upgrades [4] - Qingshan Paper Industry, which has seen its stock price hit the limit up for four consecutive trading days since September 9, stated that its subsidiary's net profit is minimal and will not impact the main business. The company noted high stock price volatility and turnover rate, indicating potential speculation risks [5] - Tuojing Technology plans to issue A-shares to no more than 35 specific investors, raising up to 4.6 billion yuan for high-end semiconductor equipment industrialization and technology research projects [5] - TCL Technology signed a project cooperation agreement to build an 8.6-generation printed OLED display panel production line with a total investment of approximately 29.5 billion yuan, with TCL contributing 8.85 billion yuan [6] - *ST Guandao announced it received an administrative penalty from the China Securities Regulatory Commission and will face mandatory delisting due to major violations [7] - *ST Dongtong is under investigation for financial data falsification, facing a fine of 229 million yuan and potential delisting procedures due to significant violations [7] Industry News - The Ministry of Industry and Information Technology, along with other agencies, issued a work plan for the power equipment industry, projecting an average revenue growth rate of around 6% for traditional power equipment from 2025 to 2026, with a 7% growth for advanced manufacturing clusters [3] - The National Development and Reform Commission announced a new action plan for large-scale construction of new energy storage, aiming for an installed capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [3] - The China Securities Regulatory Commission revised the classification supervision regulations for futures companies to improve the regulatory framework and resource allocation [2]

Core Viewpoint - The company, Huawang Technology, has received a final anti-dumping tax ruling from the European Commission, imposing a tax rate of 26.4% to 26.9% on decorative paper originating from China, with the company securing the lower rate of 26.4% [1] Group 1 - The company has managed to mitigate the impact of the anti-dumping tax by reaching agreements with some EU customers to shift sales regions and develop new clients, resulting in a relatively small effect on actual sales volume [1] - The company is focused on developing high value-added products as part of its market diversification strategy [1] - The company leverages its global layout and technological advantages to maintain stable development in its overall export business [1]

Group 1 - The core viewpoint of the article highlights that Jinghua Laser (SH 603607) held its third board meeting on September 12, 2025, to discuss the election of a director to manage company affairs [1] - For the fiscal year 2024, Jinghua Laser's revenue composition indicates that the paper and paper products industry accounted for 99.05% of its total revenue, while other businesses contributed 0.95% [1] - As of the report, Jinghua Laser's market capitalization stands at 4.3 billion yuan [1]