Core Viewpoint - Jingxing Paper's stock price has shown significant fluctuations, with a year-to-date increase of 39.39%, but a recent decline over the past five and twenty trading days, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Jingxing Paper achieved a revenue of 4.197 billion yuan, representing a year-on-year growth of 3.64%. However, the net profit attributable to shareholders decreased by 18.33% to 40.8615 million yuan [2]. - The company has cumulatively distributed 286 million yuan in dividends since its A-share listing, with 29.6064 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 26, Jingxing Paper's stock price was 5.52 yuan per share, with a market capitalization of 8.141 billion yuan. The stock experienced a trading volume of 189 million yuan and a turnover rate of 2.59% [1]. - The stock has appeared on the "Dragon and Tiger List" ten times this year, with the most recent appearance on October 9, where it recorded a net buy of -34.05 million yuan [1]. Shareholder Information - As of September 30, the number of shareholders for Jingxing Paper reached 181,300, an increase of 93.45% from the previous period. The average number of tradable shares per shareholder decreased by 40.73% to 7,081 shares [2]. Business Overview - Jingxing Paper, established on November 1, 1996, and listed on September 15, 2006, primarily engages in the production and sale of industrial packaging paper, cardboard, and various types of household paper. The revenue composition includes 70.02% from raw paper, 14.39% from household paper, 6.72% from cardboard, and 2.93% from recycled pulp board [1][2]. Industry Classification - Jingxing Paper is classified under the light industry manufacturing sector, specifically in the paper and bulk paper category. It is associated with concepts such as drones, Yangtze River Delta integration, flying cars, and robotics [2].

Core Insights - The People's Bank of China (PBOC) has established a re-lending policy for technological innovation and equipment renovation since April 2024, aimed at supporting regional industrial transformation and upgrading through financial means [1] Group 1: Policy Framework - The PBOC's Datong branch has implemented a series of guiding opinions and action plans to support the "Two New" policies, establishing a cross-departmental working mechanism to promote the re-lending policy and secure more favorable funding [2] - By October 2025, all 20 projects listed for technological renovation and equipment updates had been successfully matched, with three projects receiving re-lending support amounting to 284 million yuan [2] Group 2: Resource Allocation - The PBOC's Datong branch created a special re-lending quota for small and medium-sized technology enterprises in June 2024, offering preferential interest rates to encourage local financial institutions to increase support for these companies [3] - Shanxi Yungang Paper Co., Ltd. benefited from this policy, reducing its annual loan interest rate by 335 basis points, saving 1.11 million yuan in costs over one year [3] Group 3: Policy Service Enhancement - The PBOC's Datong branch has guided financial institutions to quickly engage in financing based on a list of selected projects, with Everbright Bank customizing loan solutions for public transport companies [4] - Everbright Bank has issued loans totaling 190 million yuan for the purchase of 249 electric buses, marking the largest application of re-lending in the transportation sector in Shanxi Province [4]

□郭占春 刘昌盛 黄平/文 罗平/图数说南溪区"十四五" 乡村振兴 全市唯一拥有2个省级粮油现代农业园区、唯一获立项建设国家现代农业产业园的区县 建成2个市级"天府粮仓"样板区 蔬菜种植面积、产量均居全市第一 粮食播种面积43.63万亩、产量19.72万吨，实现"双增长" 入选全国首批"五好两宜"和美乡村试点试验 获评全省乡村振兴先进区、农村改革工作先进区、农民增收工作先进区，连续3年获评市级乡村振兴先进区 产业跃升 2022年斩获"世界美酒特色产区" 2024年获"中国生态白酒之乡"称号，白酒税收占全区税收收入的60% 规上工业企业从91户增至106户，稳居全市第二 远东电缆一期1阶段预计产值50亿元，远东铜箔达产后年产值可达150亿元 活力迸发 先后获评省级现代服务业集聚区、省级服务业强县（市、区）、全国县域商业"领跑县" 创建7个A级旅游景区，宜宾欢乐田园年接待游客30万人次 "运动之城"品牌落地南溪，承办各级体育赛事300余场 "长江婚典"IP年均吸引游客超10万人次，激活"甜蜜经济" 累计发放消费券3000万元，拉动消费超7亿元 夜间经济活力迸发，带动消费超500万元，成为消费新增长点 绿色赋能 环 ...

投资者提问： 在之前的回复中，公司提到在二级市场中的表现与同行业其他公司并无重大差异，但事实上今年以来同 行业其他公司股价较之年初几乎都是上涨的，请问公司是否考虑收回这一言论？ 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 董秘回答(岳阳林纸SH600963)： 您好，这是该时段与国内造纸行业其他同类型产品上市企业的比较而言。我们也尊重投资者的判断。谢 谢！查看更多董秘问答>> ...

021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 行业 纸浆日报 日期 2025 年 11 月 25 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

Market Overview - The paper sector increased by 1.03% on November 25, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.25, up 6.84% with a trading volume of 259,500 shares and a turnover of 158 million yuan [1] - Qingshan Paper (600103) closed at 3.53, up 4.13% with a trading volume of 1,452,200 shares and a turnover of 508 million yuan [1] - Songyang Resources (603863) closed at 18.83, up 2.62% with a trading volume of 48,600 shares and a turnover of 91.68 million yuan [1] - Other notable performers include BoHui Paper (600966) and Anni Co. (002235), with increases of 2.55% and 1.77% respectively [1] Capital Flow Analysis - The paper sector saw a net inflow of 64.07 million yuan from institutional investors, while retail investors experienced a net outflow of 98.59 million yuan [2][3] - Speculative funds contributed a net inflow of 34.51 million yuan [2] Detailed Capital Flow for Selected Stocks - Qingshan Paper (600103) had a net outflow of 54.08 million yuan from institutional investors [3] - Sun Paper (002078) saw a net inflow of 16.68 million yuan from institutional investors [3] - BoHui Paper (600966) experienced a net inflow of 11.26 million yuan from institutional investors [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The fundamentals of pulp have not improved significantly. The current futures price is close to the import cost of deliverable goods, with limited room for further increase. Consider 1 - 3 reverse spreads or 1 - 5 reverse spreads [6] 3. Summary by Related Catalogs 3.1 Price Data - **Futures Prices (yuan/ton)**: On November 24, 2025, SP2601 was 5220 (-0.15% day - on - day, -4.64% week - on - week), SP2512 was 4712 (0.17% day - on - day, -3.84% week - on - week), and SP2605 was 5278 (-0.15% day - on - day, -3.55% week - on - week) [6] - **Spot Prices (yuan/ton)**: Coniferous pulp Silver Star was 5400 (-0.92% day - on - day, -2.70% week - on - week), Russian Needle was 5170 (-0.58% day - on - day, -4.26% week - on - week), and Broadleaf pulp Goldfish was 4400 (0.00% day - on - day, 0.00% week - on - week) [6] - **Outer - Disk Quotes (USD/ton)**: Chilean Silver Star was 680 (-2.86% month - on - month), Japanese Neko was 530 (3.92% month - on - month), and Chilean Venus was 590 (0.00% month - on - month) [6] - **Import Costs (yuan/ton)**: Chilean Silver Star was 5559 (-2.83% month - on - month), Brazilian Goldfish was 4344 (3.87% month - on - month), and Chilean Venus was 4830 (0.00% month - on - month) [6] 3.2 Fundamental Data - **Import Volume (10,000 tons)**: In October 2025, coniferous pulp was 69.1 (0.00% month - on - month) and broadleaf pulp was 131.8 (-2.80% month - on - month) [6] - **Domestic Production (10,000 tons)**: For broadleaf pulp, the production on November 20, 2025, was 23; for chemimechanical pulp, it was 23.7 [6] - **Inventory (10,000 tons)**: As of November 20, 2025, the pulp port inventory was 217.3 (3.0% week - on - week), and the futures delivery warehouse inventory was 20.9 [6] - **Finished - Paper Production (10,000 tons)**: Double - offset paper was 20.70, coated paper was 8.00, tissue paper was 28.52, and white cardboard was 36.20 [6] 3.3 Valuation Data - **Basis**: On November 24, 2025, the Russian Needle basis was 458 (quantile level 0.948), and the Silver Star basis was 688 (quantile level 0.905) [6] - **Import Profit**: For coniferous pulp Silver Star, it was - 159 (quantile level 0.378); for broadleaf pulp Goldfish, it was 56 (quantile level 0.704) [6] 3.4 Supply and Demand - **Supply**: Chilean Arauco's October offer for coniferous pulp Silver Star was 680 USD/ton, down 20 USD/ton; the offer for broadleaf pulp Star was 540 USD/ton, unchanged [6] - **Demand**: Recently, wood - pulp paper producers have issued price - increase letters. Only the implementation of white cardboard price increases is good, and its production is stable [6] 3.5 Inventory - As of November 20, 2025, the inventory of China's main pulp ports was 217.3 tons, an increase of 6.3 tons from the previous period, a 3.0% week - on - week increase. The inventory has been accumulating for two consecutive weeks [6]

纸浆早报 注：上一日汇率 - 7.11 研究中心能化团队 2025/11/25 SP主力合约收盘价： 5220.00 | 日期 | 2025/11/24 | 2025/11/21 | 2025/11/20 | 2025/11/19 | 2025/11/18 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5220.00 | 5228.00 | 5298.00 | 5396.00 | 5408.00 | | 折美元价 | 641.97 | 641.97 | 650.10 | 662.95 | 664.17 | | 距上一日涨跌 | -0.15302% | -1.32125% | -1.81616% | -0.22189% | -1.20570% | | 山东银星基差 | 270 | 262 | 212 | 154 | 142 | | 江浙沪银星基差 | 280 | 272 | 212 | 144 | 132 | | | 文化用纸 | | 包装纸 | | 生活用纸 | | --- | --- | --- | --- | --- | --- | | | 双胶指 ...

Core Viewpoint - Qing Shan Paper Industry's stock has shown significant volatility, with a year-to-date increase of 35.79% but a recent decline of 12.63% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Qing Shan Paper Industry reported a revenue of 1.768 billion yuan, a year-on-year decrease of 11.87% [2] - The net profit attributable to the parent company for the same period was 64.99 million yuan, down 25.07% year-on-year [2] Stock Market Activity - As of November 25, the stock price was 3.46 yuan per share, with a market capitalization of 7.753 billion yuan [1] - The stock has been on the "龙虎榜" (a trading list for stocks with significant trading activity) 14 times this year, with the latest appearance on October 20, where it saw a net buy of 51.29 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 207,900, a rise of 113.93% from the previous period [2] - The average number of circulating shares per shareholder decreased by 53.26% to 10,640 shares [2] Dividend Distribution - Since its A-share listing, Qing Shan Paper Industry has distributed a total of 321 million yuan in dividends, with 175 million yuan distributed over the last three years [3] Business Segments - The company's main business segments include pulp industry (67.47% of revenue), pharmaceutical industry (15.32%), paper product processing (11.45%), and others [2]

华安证券研报数据显示，2025年以来，中国白卡纸行业供需缺口由1月份的308.97千吨下降至9月份的255.68千吨，呈现出 明显的收窄态势。同时，白卡纸库存在长时间处于高位后也迎来下降，去库存效果显现。 整体来看，新一轮价格上涨不仅由纸厂主动拉涨驱动，更得益于成本支撑、库存下降、新增产能投放延后以及包装纸行业 整体回暖等多重因素的共同推动。 从成本端来看，进口木浆市场可外售货源有限，国产浆及外盘价格同步上行，预计后续仍有涨价空间。在此背景下，纸厂 为改善盈利，继续推动价格上移。 另外，在近期行业"反内卷"的自律调整中，供给端正迎来积极变化。行业消息显示，原计划于10月份投产的120万吨白卡 纸新增产能有所推迟，目前仅有少量B级产品释放，正式出纸时间尚未明确。孔祥芬表示，新产能投放节奏的放缓，也减轻了 市场对供应过剩的担忧，进一步巩固了纸厂的拉涨信心，同时叠加9月份以来企业库存的持续下降，为纸价拉涨提供了保障。 本报记者 王僖 近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生牛卡纸、高强瓦楞纸等多个纸 种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11 ...