Group 1 - The core viewpoint of the article highlights that major paper manufacturers, including Nine Dragons Paper Holdings (玖龙纸业), have announced price increases for certain products starting in early September, contributing to a nearly 5% rise in the company's stock price [1] - Since August, domestic paper manufacturers have implemented multiple rounds of price hikes, indicating a trend towards strengthening packaging paper prices, which is expected to improve profitability and valuation for packaging paper companies [1] - According to Huatai Securities, the oversupply situation in the paper industry has intensified since 2020, leading companies to adopt competitive strategies focused on price over volume, resulting in significant profit pressure in the paper manufacturing sector [1] Group 2 - The backdrop of the national "anti-involution" policy and potential supply-side structural reforms may facilitate the exit of outdated production capacity in the packaging paper industry, improving supply-demand balance and driving paper prices upward, thereby enhancing profitability for paper companies [1]

Group 1: SP Main Contract Information - The closing price of the SP main contract on September 4, 2025, was 5052.00 [3] - The closing prices of the main contract from August 29 to September 4, 2025, were 5018.00, 5040.00, 5042.00, 5050.00, and 5052.00 respectively [3] - The corresponding converted US - dollar prices were 613.87, 616.59, 615.59, 616.65, and 617.47 respectively [3] - The daily price changes were 0.31987%, 0.43842%, 0.03968%, 0.15867%, and 0.03960% respectively [3] - The Shandong Yinxing basis from August 29 to September 4, 2025, was 732, 710, 708, 700, and 663 respectively [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis from August 29 to September 4, 2025, was 747, 725, 723, 715, and 683 respectively [3] Group 2: Pulp Import Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp was - 63.20, Canadian Lion pulp was - 509.79, and Chilean Silver Star pulp was - 164.10 [4] - The port US - dollar prices of Canadian Golden Lion, Canadian Lion, and Chilean Silver Star pulp were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6300, 5450, and 5715 respectively [4] Group 3: Pulp Price and Margin Information - From August 29 to September 4, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural color pulp, and chemical mechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices of coniferous pulp, broad - leaf pulp, natural color pulp, and chemical mechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] - From September 1 to September 4, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged at 5725, 5670, 4350, and 835 respectively [4] - The margin changes of double - offset paper, double - copper paper, white card paper, and living paper from September 1 to September 4, 2025, were 0.1167, 0.1050, 0.0864, and 0.0000 respectively [4] Group 4: Pulp Price Spread Information - The price spreads between coniferous and broad - leaf pulp, coniferous and natural color pulp, coniferous and chemical mechanical pulp, and coniferous and waste paper pulp on September 4, 2025, were 1525.00, 315, 1890, and 4139 respectively [4] - The price spreads of these pulp types from August 29 to September 3, 2025, were also provided [4]

Report Industry Investment Ratings - Iron ore: Oscillating [2] - Coking coal and coke: Oscillating weakly [2] - Rolled steel and rebar: Weakly [2] - Glass: Oscillating weakly [2] - SSE 50 Index: Oscillating [2] - CSI 300 Index: Oscillating [2] - CSI 500 Index: Oscillating [4] - CSI 1000 Index: Downward [4] - 2 - year Treasury bond: Oscillating [4] - 5 - year Treasury bond: Oscillating [4] - 10 - year Treasury bond: Rebounding [4] - Gold: Oscillating strongly [4] - Silver: Oscillating strongly [4] - Pulp: Consolidating [6] - Logs: Weakly oscillating [6] - Soybean oil: Oscillating [6] - Palm oil: Oscillating [6] - Rapeseed oil: Oscillating [6] - Soybean meal: Oscillating weakly [6] - Rapeseed meal: Oscillating weakly [6] - Soybean No. 2: Oscillating weakly [6] - Soybean No. 1: Oscillating weakly [7] - Live pigs: Oscillating strongly [7] - Rubber: Oscillating [9] - PX: On - hold [9] - PTA: Oscillating [9] - MEG: On - hold [9] - PR: On - hold [9] - PF: On - hold [9] Core Views - The steel industry's steady - growth policy from 2025 - 2026 doesn't limit steel production, focusing on industrial added - value. The iron ore market has limited fundamental contradictions and is expected to oscillate at high levels. The coal - coke market is weakening, and the rolled steel and rebar market is in a weak fundamental pattern [2]. - The overall market is weakening, and it is recommended to control risk appetite and reduce long positions in stock indices. Treasury bonds are trending weakly, and long positions should be held lightly. Gold and silver are expected to oscillate strongly due to various factors such as central bank buying, geopolitical risks, and interest - rate expectations [4]. - Pulp is expected to oscillate and rise, but the increase may be limited. Logs are expected to run weakly. Oils and fats are likely to oscillate, and meal products are expected to oscillate weakly. Live pigs are expected to see a slight price increase [6][7]. - Natural rubber is expected to remain strong in the short - term due to supply constraints and inventory decline. PX, PTA, MEG, PR, and PF in the polyester industry have different trends based on factors like supply - demand and cost [9]. Summary by Industry Black Industry - **Iron ore**: The 2025 - 2026 steel industry policy doesn't limit production. The price is relatively strong, with limited fundamental contradictions. The expected reduction in daily hot - metal production in the Beijing - Tianjin - Hebei region has little impact on demand, and it is expected to oscillate at high levels [2]. - **Coking coal and coke**: The fundamentals are weakening, with increasing supply and decreasing demand. It is expected to oscillate weakly [2]. - **Rolled steel and rebar**: The supply remains high, and the total demand is difficult to show counter - seasonal performance. The inventory is accumulating, and it is expected to run weakly [2]. - **Glass**: The market sentiment has cooled, and the supply - demand pattern hasn't improved significantly. The key lies in the cold - repair path, and it is expected to oscillate weakly [2]. Financial Industry - **Stock indices**: Most stock indices are in an oscillating state, with the CSI 1000 Index trending downward. The market is weakening, and risk control is recommended [2][4]. - **Treasury bonds**: The yields are fluctuating, and the market is trending weakly. Long positions should be held lightly [4]. - **Precious metals**: Gold and silver are expected to oscillate strongly due to factors such as central bank buying, geopolitical risks, and interest - rate expectations [4]. Light Industry - **Pulp**: The cost supports the price, but the demand improvement is uncertain. It is expected to oscillate and rise, but the increase may be limited [6]. - **Logs**: The supply pressure is small, the peak season expectation is uncertain, and the delivery willingness is weak. It is expected to run weakly [6]. Agricultural Products Industry - **Oils and fats**: The supply of raw materials is relatively loose, and the demand is growing. It is expected to oscillate, and attention should be paid to weather and production - sales conditions [6]. - **Meal products**: The market sentiment has worsened, the supply is abundant, and the demand is weakening. It is expected to oscillate weakly [6][7]. - **Live pigs**: The average transaction weight is decreasing, the slaughter rate is rising, and the price is expected to rise slightly [7]. Soft Commodities and Polyester Industry - **Natural rubber**: The supply is tight, the demand is relatively stable, and the inventory is decreasing. It is expected to remain strong in the short - term [9]. - **PX, PTA, MEG, PR, PF**: Their trends are affected by factors such as supply - demand, cost, and market sentiment, with different performance and expectations [9].

Macro and Strategy Research - The liquidity environment is expected to improve, providing a mid-term layout window for the A-share market, with a focus on strengthening domestic circulation as a key policy direction [2][3] - The capital market is experiencing a liquidity-driven trend, with increased trading volume and a rise in margin financing balances, indicating a positive influx of funds into the market [3] Industry Research Metal Industry - The steel industry reported a revenue of CNY 945.23 billion in H1 2025, a year-on-year decrease of 9.16%, while net profit increased by 157.66% to CNY 13.14 billion, indicating significant improvement in overall performance [8] - The non-ferrous metal industry achieved a revenue of CNY 1,819.66 billion in H1 2025, a year-on-year growth of 6.49%, with net profit rising by 36.55% to CNY 95.36 billion, reflecting strong performance [10] Light Industry and Textile - The light industry manufacturing sector reported a revenue of CNY 297.01 billion in H1 2025, with a slight year-on-year increase of 0.01%, but net profit decreased by 23.14% to CNY 13.95 billion, indicating pressure on profitability [15] - The textile and apparel sector saw a revenue decline of 5.16% and a net profit decrease of 8.40% in H1 2025, highlighting challenges in the market [16] Pharmaceutical and Biotech - The pharmaceutical and biotech sector experienced a revenue decline in H1 2025, with innovative drugs and CXO segments showing strong performance, while medical devices faced pressure [18][19] - The chemical pharmaceutical segment reported a revenue of CNY 136.94 billion in Q2 2025, a year-on-year decrease of 1.4%, but net profit increased by 9.0%, indicating a recovery in profitability [19]

1. Report Information - Report Name: Pulp Daily Report [1] - Date: September 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Pulp futures contract 01 had a previous settlement price of 5,340 yuan/ton and a closing price of 5,324 yuan/ton, a decline of 0.30%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 5,000 - 6,650 yuan/ton, with the low - end price unchanged from the previous trading day's closing price. The Shandong Yinxing was quoted at 5,750 yuan/ton [7]. - Chile's Arauco Company announced the new August wood pulp export quotes: softwood pulp Yinxing at $720/ton, natural pulp Jinxing at $590/ton, and hardwood pulp Mingxing at $520/ton, remaining stable compared to the June quotes. In July, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1%. In July 2025, the total wood pulp inventory in European ports decreased by 1.9% month - on - month and increased by 19.2% year - on - year. China's pulp imports in July were 2.877 million tons, down 5.1% month - on - month and up 23.7% year - on - year. As of September 4, 2025, the weekly pulp inventory in major regions and ports increased by 0.52% month - on - month. In July, the cumulative year - on - year profit of the papermaking and paper products industry decreased by 21.9%, with a slightly wider decline. With limited cost guidance and ample supply, waiting for peak - season demand, pulp prices are in a low - level oscillatory adjustment [8]. 3. Industry News - On September 3, the Shanghai Futures Exchange issued multiple announcements regarding offset printing paper futures, covering the first batch of delivery warehouses, delivery plants, deliverable commodities, and designated inspection institutions. - On September 4, with the arrival of the traditional peak season in the industry and many paper mills implementing a dual strategy of "price increase + shutdown", the upward trend of paper prices may continue. Since September, leading paper companies have adjusted prices. Recently, large paper mills such as Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper issued price - increase letters, announcing price hikes for some products in early September. In the first half of this year, among the 23 A - share listed companies in the papermaking industry, only 4 achieved positive net profit growth. Analysts believe that affected by the slowdown in the domestic FMCG consumption growth rate and cautious channel inventory replenishment willingness, the raw paper price has continued to bottom out, and the market is in a deep structural adjustment period [9] 4. Data Overview - The report includes multiple data charts, such as the spot price of imported bleached softwood pulp in Shandong, pulp futures price, pulp spot - futures price difference, needle - broadleaf price difference, inter - period price difference, warehouse receipt volume, domestic main port pulp inventory, European main port wood pulp inventory, prices and price differences of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][28][29][32]

Group 1 - The State Council issued an opinion to promote high-quality development of the sports industry, aiming to cultivate influential sports enterprises and events by 2030, with a total scale exceeding 7 trillion yuan [1] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation released an action plan for the electronic information manufacturing industry, focusing on high-quality development in the photovoltaic and lithium battery sectors, and implementing quality management for related products [2] - The China Securities Index Company will launch several new indices to provide diversified investment targets for the market [2] Group 2 - Huawei launched its second foldable smartphone, the MateXTs, marking it as the world's second mass-produced foldable device [3] - China Shipbuilding Industry Company announced the termination of the listing of China Heavy Industry's A-shares [3] - National Semiconductor successfully tested a new high-performance chip for automotive electronics [3][4] Group 3 - Guotai Junan Securities expects the brokerage sector to benefit from the dual drivers of increased allocation and performance elasticity, continuing to recommend the brokerage sector [5] - Huafu Securities anticipates an improvement in profitability for most sub-sectors of the light manufacturing industry in the second half of the year, driven by stable domestic demand and recovering external demand [6]

Group 1 - The State Council issued an opinion to promote high-quality development of the sports industry, aiming for a total scale exceeding 70 trillion yuan by 2030 [2] - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system [2] - The Ministry of Industry and Information Technology released an action plan for the electronic information manufacturing industry, focusing on high-quality development in sectors like photovoltaics and lithium batteries [3] Group 2 - Huawei launched its second foldable smartphone, the MateXTs, marking it as the world's second mass-produced foldable phone [5] - China Shipbuilding Industry Group's A-share stock will be delisted [6] - Guoxin Technology successfully tested a new high-performance chip for automotive electronics [10] Group 3 - Huafu Securities expects improvement in profitability for most sub-sectors in the light manufacturing industry in the second half of the year [21] - The packaging sector is maintaining steady growth, while the home furnishing and paper-making sectors are gradually bottoming out [21] - The brokerage sector is recommended due to the dual drivers of increased allocation and performance improvement [21]

Core Points - The company Yantai Minshida Special Paper Co., Ltd. announced the lifting of restrictions on 96,860,000 shares, which accounts for 66.23% of the total share capital, effective from September 10, 2025 [1] - The reasons for the lifting of restrictions include annual releases for directors, supervisors, and senior management, as well as voluntary releases and other specific circumstances [1] - After the lifting of restrictions, the total share capital will be 146,250,000 shares, with 99.02% being unrestricted shares [1] Summary by Sections Stock Release Details - Total number of shares released from restrictions: 96,860,000 shares [1] - Percentage of total share capital: 66.23% [1] - Effective date for trading: September 10, 2025 [1] Reasons for Lifting Restrictions - Annual release for directors, supervisors, and senior management [1] - Release due to resignation of directors, supervisors, and senior management [1] - Voluntary lifting of restrictions and other specific reasons [1] Post-Release Share Capital Structure - Total unrestricted shares: 144,813,750 shares (99.02%) [1] - Total restricted shares: 1,436,250 shares (0.98%) [1] - Total share capital after release: 146,250,000 shares [1] Additional Information - No unfulfilled commitments from shareholders requesting the lifting of restrictions [1] - No non-operational fund occupation by shareholders requesting the lifting of restrictions [1] - No violations or guarantees harming the company's interests related to the shareholders requesting the lifting of restrictions [1]

Group 1: Economic Policy Initiatives - Shandong Province is launching a new round of targeted "policy support packages" to enhance economic quality and stability, focusing on key sectors such as services, construction, and cultural tourism [1][2] - The Shandong Development and Reform Commission has developed a policy list to promote stable economic growth, emphasizing funding support, consumption stimulation, and project construction [2][3] Group 2: Support for Service Industry - Shandong will allocate 200 million RMB in service industry development guidance funds, with an additional 100 million RMB in the second half of the year to support high-growth and newly regulated enterprises [2][3] - The province's service industry value added increased by 5.8% year-on-year in the first half of the year, outpacing the GDP growth rate by 0.2 percentage points [3] Group 3: Construction Industry Measures - A new work plan has been established to promote high-quality development in the construction industry, including measures to clear overdue payments to construction companies [4] - Private enterprises contributed 73% of employment and 59% of output in Shandong's construction industry in the first half of the year [4] Group 4: Cultural and Tourism Consumption - Shandong has introduced a plan to expand cultural and tourism consumption, featuring 20 measures to enhance the integration of culture and tourism [5][6] - In the first half of the year, Shandong received 410 million tourists, generating over 500 billion RMB in tourism revenue, both showing nearly 10% year-on-year growth [6]

Major Events - China Shipbuilding announced that it plans to absorb and merge with China Heavy Industry, with the latter's A-share stock set to be delisted on September 5, 2025. After the delisting, the stock value will not be reflected in investors' accounts until the conversion to China Shipbuilding A-shares is completed [4] - Anzheng Fashion's stock has experienced three consecutive trading days of limit-up prices, indicating potential irrational speculation in the market. No significant media reports or market rumors have been found that could impact the stock price [5] - Zhonghuan Hailu has terminated its plans for a change in control after failing to reach an agreement with the trading party regarding future development. The company's stock will resume trading on September 5 [6] - Kebo Da plans to acquire 60% of Kebo Da Intelligent Technology for 345 million yuan, aiming to enter the automotive intelligence sector and enhance its technological capabilities [7] - Shangneng Electric reported no undisclosed significant matters that could affect its stock trading, confirming stable operational conditions [8] - Jingxing Paper also stated that there have been no significant changes in its operational environment, with no undisclosed major information affecting stock prices [9] - Guoxin Health announced the passing of its independent director Bai Yan due to illness on August 31, 2025 [10] - Jiangsu Shuntian will change its stock name to "Suhao Fashion" starting September 10, 2025, while the stock code remains unchanged [11] Performance Overview - Yutong Bus reported sales of 4,260 units in August 2025, representing a year-on-year increase of 16.78%. Cumulative sales from January to August reached 28,800 units, up 4.51% year-on-year [12][13] - Wen's Shares recorded sales of 324,570 pigs in August, generating revenue of 4.825 billion yuan, with a slight month-on-month decline of 1.07%. The average selling price of live pigs was 13.9 yuan/kg, with year-on-year changes of 37.88% and -17.7% respectively [14] - Jiangling Motors reported a year-on-year increase of 8.92% in automobile sales for August, totaling 30,003 units. Cumulative sales from January to August reached 226,500 units, up 5.67% year-on-year [15] Shareholding Changes - Jimin Health's controlling shareholder plans to reduce its stake by up to 3%, equivalent to a maximum of 15.7527 million shares, within three months after 15 trading days [16] - Changfei Fiber announced that its major shareholder, Yangtze Communication, intends to reduce its stake by up to 0.15%, or 1.1 million shares, within three months after 15 trading days [17] Major Contracts - Ningbo Construction's subsidiaries have won construction projects worth a total of 1.117 billion yuan [18]