泰尔新材料（钦州）4条生产线建成；广西宏瑞物流有限公司的仓库、堆场全面竣工；广西金桂浆 纸业有限公司前10月进出口总额达9.94亿美元……今年前三季度，钦州市实际使用外资1.85亿美元，占 全区33.7%，总量稳居全区第一；目前拥有外资企业310家，今年新注册外资企业20家。 作为广西对外开放的前沿城市，钦州何以成为全球企业眼中的"香饽饽"，让外资纷纷选择这里、深 耕这里、加码这里？答案，藏在其通江达海的区位优势、日趋完善的产业链集群以及优质的营商环境等 多重优势中。 通江达海，架起全球合作桥梁 作为印尼金光集团亚洲浆纸业有限公司旗下的企业，广西金桂浆纸业有限公司2006年就在钦州港建 立厂房，如今拥有2000多名员工，年产值102亿元，2025年跻身广西企业100强前50位。 "钦州得天独厚的港口优势，是我们深耕于此的核心原因。"公司总监汪波的话语，点出了选择落户 这里的关键。目前，企业从印尼、泰国、越南进口原材料；白卡纸产品则出口东南亚、中东和欧洲国 家。今年1—10月，进口总额4.06亿美元，出口总额5.88亿美元，其中白卡纸出口84.5万吨。 汪波坦言，北部湾港直航航线逐年加密，自动化码头投用后作业效 ...

Core Viewpoint - The emergence of "dry method" recycled pulp is being used by some companies to circumvent China's ban on importing solid waste, raising concerns about environmental compliance and health risks [1][2][3] Group 1: Environmental and Health Risks - "Dry method" recycled pulp production lacks scientific basis and poses significant environmental hazards, including the retention of chemical oxygen demand (COD) pollutants within the pulp [2][3] - The absence of water in the dry grinding process prevents effective separation of contaminants such as plastics, heavy metals, and organic pollutants, leading to potential health risks [3][4] - The current national standard for recycled pulp (GB/T 43393-2023) has low thresholds for quality, allowing substandard materials to enter the market, which could harm both the environment and public health [3][6][7] Group 2: Regulatory and Standardization Issues - The existing national standard for recycled pulp is a recommended standard rather than a mandatory one, which limits enforcement capabilities and allows non-compliant materials to be imported [7][8] - There is a call for stricter regulations and revisions to the national standard to ensure that environmental protection and health safety measures are not compromised [6][8] - The revision process for the national standard has been initiated, indicating recognition of existing issues and the need for improvement in quality control and regulatory oversight [7][8] Group 3: Industry Response and Future Directions - Industry experts advocate for a shift towards green and low-carbon technologies in pulp production to enhance sustainability and compliance within the sector [5][9] - The establishment of compliant supply chains and improved domestic recycling systems are seen as essential steps to reduce reliance on imported materials and enhance the overall competitiveness of the industry [8][9] - The need for collaboration between industry stakeholders and environmental experts in setting standards is emphasized to ensure the credibility and scientific validity of regulations [8]

废纸系：据卓创资讯，截至11月28日，废黄板纸价为1,906元/吨，周环比+12元/吨、同比+371元/吨；箱 板纸、瓦楞纸价3,892、3,216元/吨，周环比+10、+9元/吨，同比+257、+494元/吨；1-10M25箱板瓦楞纸 进口量555万吨，同比-143万吨。10月社会库存分别环比+0.1、+0.1万吨，瓦楞纸库存处于偏高水平；企 业库存分别环比-16、-15万吨，均处于偏低水平。 箱板瓦楞纸：看好Q4吨利润改善 本轮箱板瓦楞纸、废纸提价始于7月，前期涨幅主要由国废原料端带动，驱动因素在天气影响下国废回 收困难+海关总署强化进口再生浆质量管控；后期主要由旺季需求驱动、同时龙头配合基地停产检修 +涨价函。从企业吨利润角度看，看好25Q4吨利润改善表现，但考虑到原料、能源成本亦在提涨，预计 吨利润改善空间在100元内，各企业差异主要看产品结构(例如有自制纤维的高端牛卡预期改善空间更 大)。 浆纸系纸种：文化纸价格有压力，白卡纸提价持续性不强 行业近况 浆纸系：据卓创资讯，截至11月28日，针叶浆、阔叶浆价为5,453、4,394元/吨，周环比-124、+47元/ 吨，同比-56、+152元/吨；双胶 ...

Group 1 - New Tai City focuses on optimizing government services and improving the business environment to stimulate market vitality and innovation, contributing to high-quality economic development [1][3] - The DePu New Materials Industrial Park is undergoing expansion and upgrade, with the project expected to start production in May next year after completing equipment automation testing [1] - The New Tai City Administrative Approval Service Bureau provides comprehensive support for the project, including tailored solutions for specific challenges such as steam pipeline installation and high-voltage line setup [1] Group 2 - The "Park Affairs Handled by the Park" mechanism integrates one-stop services for project commencement and chemical project completion, ensuring smooth construction and production [2] - Tai'an Baichuan Paper Co., Ltd. has completed a strategic restructuring and is focusing on high-value specialty paper products, expanding its market reach internationally [2] - The company has adopted an "Internet + Paper" model, actively developing e-commerce and exporting products to various countries, including Turkey, Italy, and Germany [2]

12月2日，粤桂股份涨5.18%，截至发稿，报21.11元/股，成交7.99亿元，换手率8.60%，总市值169.32亿 元。 资料显示，广西粤桂广业控股股份有限公司位于广东省广州市荔湾区流花路85号建工大厦3层，成立日 期1994年10月5日，上市日期1998年11月11日，公司主营业务涉及机制糖(白砂糖、赤砂糖)的生产和销 售,纸浆(本色浆、漂白浆)和机制纸(文化纸、特种纸)的生产和销售,硫铁矿的开采、加工、销售,硫酸、 试剂酸(精制硫酸)、铁矿粉(硫铁矿烧渣)和磷肥(普通过磷酸钙)的生产和销售。同时,继续开展加工贸易 糖业务。主营业务收入构成为：硫精矿37.15%，机制糖21.46%，浆13.92%，其他7.53%，硫酸5.79%， 铁矿粉4.79%，银粉2.30%，磷肥1.89%，块矿1.40%，贸易业务0.97%，-3mm矿0.96%，文化纸0.67%， 氨基磺酸0.58%，试剂硫酸0.50%，出口手捡矿0.08%。 从粤桂股份十大流通股东角度 数据显示，天弘基金旗下1只基金位居粤桂股份十大流通股东。天弘中证食品饮料ETF（159736）三季 度新进十大流通股东，持有股数158.64万股，占流通股的 ...

在第二轮审核问询函中，林平发展业绩及毛利率等、采购与供应商等问题遭到追问。 本次冲击上市，林平发展拟募集资金约12亿元，扣除发行费用后，将全部用于年产90万吨绿色环保智能 制造新材料项目（二期）、年产60万吨生物基纤维绿色智能制造新材料项目。 北京商报讯（记者 马换换 李佳雪）12月1日，上交所官网显示，安徽林平循环发展股份有限公司（以下 简称"林平发展"）主板IPO对外披露了第二轮审核问询函回复。 据了解，林平发展主要从事包装用瓦楞纸、箱板纸产品的研发、生产和销售，是一家具有自主研发及创 新能力的高新技术企业；经过多年发展，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。公司主板IPO于2025年6月25日获得受理，2025年7月23日进入问询阶段。 ...

Report Summary Report Information - Report title: Pulp Morning Report - Research team: Energy and Chemicals Team of the Research Center - Date: December 2, 2025 [2] Core Data - SP main contract closing price on December 1, 2025: 5190.00 [3] - Price changes from November 25 - December 1, 2025: closing price decreased from 5212.00 to 5190.00, with a daily change of -0.15391% on December 1; converted US - dollar price decreased from 641.47 to 641.02; Shandong Yinxing basis decreased from 253 to 185; Jiangsu - Zhejiang - Shanghai Yinxing basis decreased from 238 to 195 [3] - Import profit on December 1, 2025: Canada's Golden Lion - 110.31, Lion - 600.29; Chile's Yinxing - 135.27 [4] - National average price from November 25 - December 1, 2025: no change in the average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp; for paper products, cultural paper, packaging paper prices remained unchanged, while the living paper index increased by 2; profit margins of double - offset paper remained unchanged, double - copper paper increased by 0.0163, white cardboard increased by 0.0117, and living paper increased by 0.7022 [4] - Price differences on December 1, 2025: softwood - hardwood pulp price difference 925.00, softwood - natural pulp price difference - 25, softwood - chemimechanical pulp price difference 1575, softwood - waste paper price difference 3799 [4][5] Core View The report presents the price data of the SP main contract, import profit, national average price of pulp and paper products, and price differences in the pulp market from November 25 - December 1, 2025, reflecting the current market price trends and profit situations [3][4][5]

Core Viewpoint - Ningbo Fubang plans to sell a 2.5% stake in Ningbo Zhonghua Paper Industry Co., Ltd. to Jin Guang Paper (China) Investment Co., Ltd. for 370 million yuan to improve asset utilization and enhance sustainable development capabilities [1] Company Summary - The transaction will result in Ningbo Fubang no longer holding any equity in Zhonghua Paper [1] - As of the report, Ningbo Fubang's market capitalization is 1.8 billion yuan [1] Revenue Composition - For the year 2024, Ningbo Fubang's revenue composition is as follows: - Electrical contacts: 61.5% - Trade: 25.82% - Aluminum processing: 12.54% - Other businesses: 0.14% [1]

Q&A 仙鹤股份在 2025 年第三季度的业绩表现如何？未来的盈利预期是什么？ 仙鹤股份 20251128 摘要 仙鹤股份多元化原材料布局，包括芦苇浆、甘蔗浆等非桉木类纤维，湖 北基地芦苇浆生物用纸已满产，广西一期投产，二期筹划绒毛浆等，增 强抗风险能力，为新产品开发奠定基础。 仙鹤股份国内外产能扩张稳步推进，国内广西二期预计 2026 年底投产， 四川独家项目预计 2027 年底部分投放；海外柬埔寨基地预计 2026 年 底投产，并考虑中东等地布局，规避贸易壁垒，拓展国际市场。 仙鹤股份预计 2026 年行业涨价将改善利润，将推进海外基地建设，加 强成本控制和稳定原材料供应，消费出海、生产出海将显著影响公司业 务和利润表现。 仙鹤股份在柬埔寨投资旨在探索东南亚市场，服务越南和柬埔寨客户， 未来计划考察印尼、泰国和马来西亚，审慎推进海外布局，规避反倾销 风险。 纸浆价格呈周期性上行趋势，9 月已上涨，预计 2026 年将继续走高， 木片成本上升是主要推动力，利好浙江产能企业，促进行业整体利润提 升。 仙鹤股份在 2025 年第三季度的业绩超出预期，主要得益于广西和湖北基地纸 浆部分的增量贡献。公司整体上游配套 ...

2 行业资讯 国泰君安期货·能源化工 胶版印刷纸周度报告 国泰君安期货研究所·石忆宁 投资咨询从业资格号：Z0022533 日期：2025年11月30日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情走势 02 供需数据 03 行情研判 04 行业资讯 现货价格 成本利润 季节性特征 供给 需求 库存 进出口 行情研判 Special report on Guotai Junan Futures 资料来源：国泰君安期货研究 Special report on Guotai Junan Futures 4 行情走势 02 1 行业资讯 1、据卓创资讯数据监测统计，本周四双胶纸库存天数较上周四上升0.78%，本周增幅环比扩大0.24个百分点。出版订单尚未大规模提货，纸 厂库存消耗进度不快，且部分纸企为供应出版订单提前备库，导致行业处于累库状态。 2、据卓创资讯数据统计，本周双胶纸开工负荷率在51.90%，环比下降0.30个百分点，本周降幅环比收窄0.03个百分点。规模产线基本正常 排产，江苏地区 ...