行业 纸浆日报 日期 2025 年 6 月 5 日 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 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 数据来源：Wind，建信期货研究发展部 纸浆期货 09 合约前结算价为 5272 元/吨，收盘价为 5236 元/吨，整体下跌 0.68%。山东木浆市场针叶浆意向成交价格区间为 5400-6750 元/吨，低端价格较 上一工作日收盘价格持稳运行，其中山东银星报价为 6300 元/吨。 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F ...

季节性需求主导，包装纸走势或前低后高 国泰君安期货研究所·高琳琳，CFA/FRM（分析师） 投资咨询从业资格号： Z0002332 石忆宁（联系人） 期货从业资格号：F03144064 日期：2025年6月3日 Guotai Junan Futures all rights reserved, please do not reprint 核心结论：下半年走势前低后高，需求季节性为主要驱动 ➢ 供给压力仍然偏高，需求关注季节性变化。从供给端来看，瓦楞纸和箱板纸下半年产能投放压力仍然偏高，当前的利润水平对于产能 利用率可以形成一定支撑，原料端的废纸价格仍然处于震荡寻底的过程中。从需求端来看，瓦楞纸和箱板纸的需求具有明显的季节性， 消费呈现出前低后高，同比持续增长的趋势，但是流通环节库存水平较高或在一定程度上形成掣肘，潜在预期差来源于中美贸易政策 的变化。从价格角度来看，我们认为，需求仍然是主导因素，预计年内瓦楞纸和箱板纸价格前低后高。从产业链利润分配来看，与木 浆系成品纸不同的是，由于上游废纸回收行业较为分散，包装纸产业链话语权集中在下游，原料价格的上涨需要依赖于下游产成品价 格的好转，但是受产能投放速度大于需求 ...

Core Viewpoint - The company, as a leading player in the specialty paper industry, is expanding its production capacity and diversifying its product offerings, which is expected to enhance its revenue and profitability in the coming years [2][4][12]. Company Overview - The company has a total designed production capacity of 2.134 million tons per year, with key products including food packaging materials (780,000 tons/year) and glassine paper (210,000 tons/year) [3][18]. - The company has recently completed new production lines, including a 600,000 tons/year industrial packaging materials line in Hubei and a 10,000 tons/year digital transfer paper line in Jiangxi, which will further enhance its product supply capabilities [4][18]. Financial Performance - The company's revenue is projected to grow significantly due to the integration of acquired companies and the ramp-up of production capacity, with a notable increase in net profit expected [4][5]. - As of March 2025, the company's total assets were 116.84 billion, with total debt at 68.01 billion, indicating a high debt level and financial leverage [3][10]. Market Environment - The specialty paper market is experiencing pressure on sales prices due to increased competition and capacity expansion, particularly in the food packaging segment, which is affected by the decline in white cardboard prices [12][13]. - The demand for food packaging paper is supported by trends in the restaurant and takeaway sectors, driven by policies promoting eco-friendly packaging [13][14]. Risks and Challenges - The company faces risks related to the construction and operation of new projects, including a significant investment in a chemical pulp project and a public terminal project, which have long construction periods and uncertain operational outcomes [6][21]. - The company is also exposed to fluctuations in wood pulp prices and foreign exchange risks, as it continues to rely on imported wood pulp for its production [6][15]. Future Outlook - The company maintains a stable credit rating outlook, reflecting its strong market position and ongoing capacity expansion efforts [7]. - The overall industry is expected to see continued growth in production, but demand recovery remains uncertain, leading to potential supply-demand imbalances [12][15].

Group 1 - The legal opinion letter is issued by Shanghai Jintiancheng Law Firm regarding the 2024 annual general meeting of Shandong Bohui Paper Industry Co., Ltd. [1][2] - The meeting was convened by the company's board of directors, with the decision made during the fifth meeting of the eleventh board on April 28, 2025 [2][3] - The notice for the annual general meeting was published on April 30, 2025, and included details such as the meeting date, time, and voting procedures [3] Group 2 - A total of 257 shareholders and their proxies attended the meeting, representing 548,838,618 shares, which is 44.3752% of the total voting shares [5] - The qualifications of the attending shareholders and other participants, including directors and senior management, were verified and deemed valid [5][11] Group 3 - The meeting discussed and voted on several proposals, all of which were within the authority of the shareholders' meeting and consistent with the announced agenda [6][11] - Voting was conducted through both on-site and online platforms, with specific time slots allocated for each method [3][6] Group 4 - The voting results showed a high level of agreement on the proposals, with the majority receiving over 99% approval from the attending shareholders [6][7][8] - The voting results for small investors indicated a significant majority in favor of the proposals, with percentages ranging from 80% to over 83% [10]

Core Points - The company held its annual general meeting on May 29, 2025, with a total attendance representing 44.3752% of the shares [1] - All proposed resolutions were passed during the meeting, with significant support from shareholders [2] Meeting Details - The meeting was convened at the company's office and chaired by the chairman, Lin Xinyang [1] - Voting was conducted through a combination of on-site and online methods, complying with legal and regulatory requirements [1] Voting Results - The voting results showed overwhelming support for the resolutions, with the highest approval rate being 99.6429% for the annual salary proposal [2] - Specific voting numbers included 546,879,098 votes in favor and 1,231,320 against for the salary proposal, indicating strong shareholder confidence [2] - The resolutions related to the annual profit distribution and the appointment of financial auditing and internal control institutions were also approved with similar high support [2]

Group 1 - Yibin Paper's stock price has surged by 178% since April 8, 2025, reaching a historical high by May 27, 2025 [1] - Major shareholder Shudao Investment Group reduced its stake by 341.46 million shares, representing a 1.93% decrease, bringing its ownership down from 11.93% to 10.001% [1] - The reduction in stake will not significantly impact the company's governance structure or ongoing operations [1] Group 2 - The recent stock price increase is primarily attributed to an acquisition, where Yibin Paper acquired 67% of Sichuan Pushi Acetate Fiber Co., Ltd. for 206 million yuan [3] - The acquired company reported a net profit of 149 million yuan in 2023, with a low price-to-earnings ratio of 2 [3] - Despite the acquisition, Yibin Paper's overall performance in 2024 is expected to decline, with projected revenue of 2.238 billion yuan, a decrease of 8.34%, and a net loss of 128 million yuan [3] - In Q1 2025, Yibin Paper's revenue increased to 612 million yuan, a year-on-year growth of 9.51%, and net profit reached 16.027 million yuan, up 99.80% [3] - Shudao Group's decision to reduce its stake may indicate that it believes the stock price has already reflected the benefits of the acquisition [3]

宜宾纸业(600793)今日晚间公告，公司主要股东蜀道投资集团有限责任公司于4月24日至5月27日期间减持公司股份341.46万股，减持比例达 1.93%。宜宾纸业近期股价大涨，从4月8日之后启动上涨，两个月不到，至昨日高点涨幅已达178%。 公告显示，蜀道集团是通过集中竞价交易方式减持，其所持股权为原四川省铁路产业投资集团有限责任公司参与宜宾纸业非公开发行股票而取 得。本次权益变动后，蜀道集团持有公司股份比例从11.93%下降至10.001%。 | 股东名称 | 变动方 | 变动日 | 股份种 | 减持数量(股) | 变动比例 | | --- | --- | --- | --- | --- | --- | | | 式 | 期 | 炭 | | (%) | | 蜀道投资 集团有限 | 价 | 2025年4 月 24 日 -2025 年 | 无限售 条件流 | 3, 414, 600 | 1.93% | | | 集中竞 | | | | | | 责任公司 | | 5 月 27 | 通股 | | | | | | 日 | | | | | 合计 | | | | 3, 414, 600 | 1. 93% | 公告表示，本次 ...

Core Viewpoint - The recent surge in A-share "Guzi" economy concept stocks, particularly Jinghua Laser, is linked to the second listing application of its core supplier, Kayo Animation, on the Hong Kong Stock Exchange, and the ongoing rise in Pop Mart's stock price, which enhances the investment outlook for the sector [2][11]. Group 1: Company Performance - Jinghua Laser's stock price increased significantly, achieving a 54.78% rise over six trading days, marking it as the top performer in its sector [2]. - The company reported a remarkable growth in its cultural and creative business, with revenue reaching 184.62 million yuan in 2023, a year-on-year increase of 240.83% [5][14]. - The main driver for this growth is the popularity of card products associated with well-known IPs like "My Little Pony" and "Ye Luo Li," which have gained traction among students [5][6]. Group 2: Business Strategy and Partnerships - Jinghua Laser has established a strong partnership with Kayo Animation, providing support for various card products, including those based on popular IPs like "Ultraman" and "Detective Conan" [6][10]. - The company plans to expand its production capacity by investing in a new project to produce 20,000 tons of UV photolithography anti-counterfeiting materials, which is expected to alleviate current supply constraints [10]. Group 3: Market Dynamics and Future Outlook - The anticipated release of "Nezha 2" is expected to boost sales of related merchandise, particularly collectible card products, contributing positively to Jinghua Laser's performance in 2025 [10][11]. - Kayo Animation's recent application for a second listing on the Hong Kong Stock Exchange has created short-term bullish sentiment for Jinghua Laser's stock, although the success of this IPO remains uncertain due to previous regulatory challenges [11][13]. Group 4: Risks and Challenges - The volatility of the cultural and creative business is highlighted, with revenue fluctuations observed from 88.68 million yuan in 2022 to 18.46 million yuan in 2024, indicating potential unpredictability in future earnings [14]. - Kayo Animation's compliance issues regarding the sale of card products to minors may pose risks to its IPO process and, consequently, to Jinghua Laser's business outlook [13][14].

5月27日，纸业上市公司荣晟环保（603165.SH）开盘大跌5.34%，报11元/股，总市值报29.99亿元。 消息面上，荣晟环保昨日晚间发布公告称，当日收到控股股东、实际控制人冯荣华家属的通知，冯荣华 因个人原因被公安机关采取强制措施。 "冯荣华所涉事项仅涉及其个人行为，与公司无关，公司目前日常经营运作正常。"荣晟环保在公告中表 示，"目前，冯荣华已不在公司担任任何职务，已对相关工作进行了妥善安排。" 荣晟环保还称，公司拥有完善的治理结构及内部控制机制，将按照相关法律法规和相关制度规范运作。 截至公告披露日，公司其他董监高人员均正常履职，董事会运作正常，财务及生产经营管理情况正常。 不过，南财快讯记者注意到，同日晚间发布的一份董事长变更公告显示，荣晟环保董事会于5月24日收 到董事长冯荣华的书面辞职报告。 据披露，由于冯荣华已达到法定退休年龄，其提请辞去董事长、董事会战略委员会主任委员及董事会审 计委员会委员职务。根据相关规定，冯荣华的辞职视为同时辞去法定代表人。辞职后，冯荣华不在公司 担任任何职务。 公开资料显示，冯荣华生于1965年3月，今年刚满60岁。他历任浙江省平湖造纸厂副厂长、厂长，浙江 省平湖 ...

2 0 2 5 . 5 . 2 6 纸浆周报 中泰期货股份有限公司 高萍 交易咨询证号：Z0012806 目录 CONTENTS 1 纸浆综述 2 纸浆平衡表解析 3 纸浆供需解析 4 纸浆成本利润 5 纸浆价格与价差 Part 1 纸浆综述 1.1 纸浆综述——供给端 | | | 项目 | 单位 | 2025年4月 | 2025年3月 | 环比 | 累计同比 | 预估下周/月 (根据三方数据线性预估) | 综述 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025/5/23 | 2025/5/16 | | | | | | | 国产 | 阔叶浆产量 | 万吨 | 20.00 | 20.70 | -0.70 | | 上升 | | | | （周） | | | | | | -0.26% | | | | | | 化机浆产量 | 万吨 | 20.00 | 20.10 | -0.10 | | | | | | | 纸浆总进口量 | | 289.3 | 324.9 | -35.60 | 5.01% | | | | | | ...