证券之星消息，10月13日造纸板块较上一交易日下跌0.55%，景兴纸业领跌。当日上证指数报收于 3889.5，下跌0.19%。深证成指报收于13231.47，下跌0.93%。造纸板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600793 | 直宾纸业 | 24.44 | 2.69% | 11.15万 | 2.70亿 | | 600235 | 民丰特纸 | 7.32 | 2.38% | 17.38万 | 1.25亿 | | 002521 | 齐峰新材 | 9.46 | 1.94% | 8.12万 | 7489.18万 | | 920394 | 民士达 | 43.11 | 1.10% | 2.22万 | 9530.68万 | | 605500 | 蒜林包装 | 9.25 | 0.54% | 5.34万 | 4838.03万 | | 605377 | 华旺科技 | 9.51 | 0.53% | 15.74万 | 1.48亿 | | 600308 | 华泰股份 | 3.66 | ...

Core Insights - The report maintains a positive outlook on the light manufacturing industry, emphasizing the potential for recovery and growth in various segments [1][4]. Group 1: Industry Performance - The overall export value for furniture, entertainment products, paper, and packaging printing from January to August was 898.9 billion, 2132.4 billion, 524.5 billion, and 401.2 billion respectively, with year-on-year changes of -7.9%, -1.2%, +2.2%, and -1.4% [6]. - Domestic industry performance from January to August showed a year-on-year increase in value added for furniture at -5.1%, entertainment products at +0.9%, paper at +3.2%, and packaging printing at +1.3% [6]. Group 2: Market Trends - The report highlights that the information technology sector is enhancing global production efficiency, leading to ongoing supply innovation and product upgrades [6]. - The report suggests that the pet and personal care sectors are still in a favorable economic cycle, while the furniture sector is in a bottoming process [6]. Group 3: Investment Recommendations - The report recommends focusing on companies related to pets, personal care, and the export chain, as these areas are expected to benefit from ongoing trends in supply chain innovation and product upgrades [6]. - Specific companies are highlighted with projected revenues and profit margins for Q3 2025, indicating a range of expected growth rates [7].

Core Viewpoint - The new regulations for importing recycled paper pulp, effective from October 10, require importers to specify the production method (dry or wet) on customs declarations, aiming to combat the import of "foreign garbage" [2][3]. Group 1: Production Methods - The dry method involves manual sorting, crushing, and pressing into blocks, lacking effective impurity removal and sterilization processes [3][7]. - The wet method utilizes hydraulic pulping, impurity removal, pressure screening, concentration, and sheet formation, aligning with industrial pulp production standards [3][4]. Group 2: Regulatory Implications - The new customs requirement for "dry and wet separation" is seen as a strategic move to enhance inspection efficiency and target the import of solid waste more effectively [7]. - The national standard for recycled paper pulp specifies that it applies to pulp used as a fiber raw material, excluding merely sorted, cut, or packaged waste paper fragments, indicating that products from the dry method do not meet this standard [5][7].

Core Viewpoint - Starting from October 10, new regulations will be implemented for the import of recycled paper pulp, requiring importers to specify the production method used, either "dry" or "wet" [1] Group 1: Regulatory Changes - The General Administration of Customs issued an announcement on October 9, 2025, detailing the new declaration requirements for imported recycled paper pulp [1] - Importers or their agents must indicate the production method in the declaration form, which aims to differentiate between "dry" and "wet" processing methods [1] Group 2: Industry Insights - Many industry professionals are not familiar with the definitions of "dry" and "wet" methods, leading to potential confusion and attempts to misclassify dry processing as acceptable [1] - Experts provided video demonstrations of the "dry" and "wet" processing methods, highlighting significant differences in their industrial processes [1][2] Group 3: Process Comparison - The dry method involves manual sorting, crushing, and pressing into blocks, lacking effective impurity removal and sterilization steps [1] - The wet method includes hydraulic pulping, sand removal, pressure screening, concentration, and sheet formation, aligning with industrial pulp production standards [1] Group 4: Standards and Implications - The national standard for recycled paper pulp specifies that it applies to pulp used as a fiber raw material, excluding merely sorted, cut, and packaged waste paper fragments [5] - The dry processing method is deemed unsuitable for the national standard, as it omits essential production steps, effectively categorizing it as "foreign waste" [5] - The "dry-wet separation" requirement is seen as a strategic measure to enhance customs inspections and combat the import of solid waste [5]

岳阳林纸公告，全资子公司诚通碳汇经营管理(湖南)有限责任公司成为富源县林业碳汇资源合作开发项 目中标单位。项目开发范围包括云南省曲靖市富源县全部林地，合作年限初步确定为20年，采用利润分 成模式合作开发。项目实施将对公司年度经营业绩产生积极影响，提升公司在碳汇市场的影响力。 ...

交易提示 敬请参阅文后的免责声明 期市有风险投资须谨慎 交易提示 | 金 | | | 录-1.51%，中证 500 股指收录-2.00%，中证 1000 股指收录-1.49%。软饮 | | --- | --- | --- | --- | | 融 | 沪深 300 | 震荡 | 料、林木板块呈现资金净流入，半导体、电脑硬件板块呈现资金净流出。 | | | | | 商务部回应近期中方相关经贸政策措施指出，中国的稀土出口管制不是禁 | | | 中证 500 | 下行 | 止出口，对符合规定的申请将予以许可。中方事先已就措施可能对产供链 | | | | | 产生的影响进行了充分评估，并确信相关影响非常有限。中方注意到美方 | | | | | 宣布将对中方加征 100%关税的有关情况，美方的行为严重损害中方利益， | | | | | 严重破坏双方经贸会谈氛围，中方对此坚决反对。动辄以高额关税进行威 | | | 中证 1000 | 下行 | 胁，不是与中方相处的正确之道。对于关税战，中方的立场是一贯的，我 | | | | | 们不愿打，但也不怕打。国新办举行"高质量完成'十四五'规划"系列 | | | | | 主题新闻发 ...

| 日期 | 2025/10/10 | 2025/10/09 | 2025/09/30 | 2025/09/29 | 2025/09/26 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 4788.00 | 4804.00 | 4834.00 | 4878.00 | 5016.00 | | 折美元价 | 586.14 | 588.02 | 592.24 | 597.56 | 613.50 | | 距上一日涨跌 | -0.33306% | -0.62060% | -0.90201% | -2.75120% | -0.86957% | | 山东银星基差 | 747 | 731 | 731 | 687 | 594 | | 江浙沪银星基差 | 772 | 756 | 726 | 682 | 609 | 以13%增值税计算 纸浆早报 研究中心能化团队 2025/10/13 SP主力合约收盘价： 4788.00 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | ...

林平发展成立于2002年，主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售。经过二十余年发展，公司已成长为集废纸利用、热电联产、绿色造纸于 一体的资源综合利用企业。 作为安徽省内的主要造纸企业，林平发展2024年原纸产量占安徽省纸及纸板产量的35.65%，在全国市场占比为0.75%。公司现有产能120万吨，在全国造纸 企业产量排名中进入前30名。 瞭望塔财经获悉，安徽林平循环发展股份有限公司（以下简称"林平发展"）的IPO申请已于2025年6月25日获得上交所受理，并于7月23日进入问询阶段。这 家号称国家级专精特新"小巨人"的造纸企业，募资12亿元计划将产能翻倍。 然而，在其光鲜的招股书背后，瞭望塔财经发现林平发展面临着营收连续下滑、税收优惠贡献超八成净利润、产能利用率不足仍扩张产能、研发投入低于行 业平均水平等多重隐患。 1、公司背景与行业地位 根据行业梯队划分，林平发展属于第二梯队中型造纸企业，与第一梯队的玖龙纸业、太阳控股、理文造纸、山鹰国际等年产量500万吨以上的企业相比，存 在明显差距。 林平发展被认定为国家级专精特新"小巨人"企业和"绿色工厂"。但这家看似符合国家政策导向的企业，其IPO之旅却 ...

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights the resilience of defensive assets and manufacturers with overseas production capabilities amid fluctuations in the trade environment between China and the U.S. Recommended stocks include Meiyingsen, Yutong Technology, and Yongxin Co., with a focus on companies like Jiangxin Home and Aopu Technology [1][5]. - The light industry manufacturing sector is expected to see a steady performance in Q3, with leading companies in personal care maintaining stable operations and overseas manufacturers strengthening their competitive edge [1][5]. Summary by Sections Light Industry Manufacturing - The light industry manufacturing index increased by 0.71% from October 8 to October 10, 2025, outperforming the CSI 300 index, which decreased by 0.51% [11]. - Key companies expected to perform well include Meiyingsen (projected Q3 net profit growth of 20%-30%), Yutong Technology (5%-15%), and Yongxin Co. (0%-10%) [6][7]. Home Furnishing - The home furnishing sector is experiencing pressure, with a notable bankruptcy in the custom home industry reflecting challenges for smaller firms. However, leading companies are expected to gain market share as demand stabilizes [5][6]. - The report suggests a left-side investment opportunity in home furnishing stocks, particularly those with high dividend yields [5]. Paper and Packaging - The report notes a mixed performance in the paper and packaging sector, with prices for various paper types showing fluctuations. For instance, double glue paper prices decreased by 50 RMB/ton, while corrugated paper prices increased by 65.62 RMB/ton [37]. - The overall revenue for the paper and paper products industry saw a decline of 1.9% year-on-year from January to August 2025, indicating a challenging environment [46][48]. Consumer Goods - The consumer goods segment is expected to benefit from a strong Q4, with companies like Zhengkang Oral Care and Mingyue Lens projected to see revenue growth of 10%-20% and 0%-10%, respectively [6]. - The report emphasizes the potential for growth in the personal care sector, particularly with brands expanding their marketing channels [6]. Export Chain - The report discusses the impact of U.S. tariffs on imported furniture and cabinetry, which may benefit companies with established overseas production capabilities [6]. - Companies like Zhongxin Co. and Jiangxin Home are highlighted as key players in the export chain, with expected net profit declines of 20%-10% for Q3 [6]. Cost Tracking - The report provides insights into cost trends, noting a decrease in shipping costs and fluctuations in raw material prices, which could impact overall profitability in the sector [33][40].

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 Special report on Guotai Junan Futures 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10月12日 Guotai Junan Futures all rights reserved, please do not reprint 3.【高栏港纸浆库存统计】截至2025年10月9日，中国纸浆高栏港库存5.4万吨，较上周上涨1.3万吨，环比上涨31.7%。本周期高栏港库存呈现累库的趋势。 4.【中国纸浆主流港口样本库存周数据统计】截至2025年10月9日，中国纸浆主流港口样本库存量：207.7万吨，较上期累库4.4万吨，环比上涨2.2%，库存量在本 周期呈现累库的走势。本周期纸浆国内主流港口青岛港库存数量呈现去库走势，节日期间因天气原因，港口卸货速度减缓，导致去库；港外库存数量较港内多，港 内出货速度亦有所减缓。本周期常熟港库存呈现累库的趋势 ...