ST晨鸣（000488.SZ）12月23日在投资者互动平台表示，当前公司正全力以赴推动实现全面复工复产， 公司目前浆、纸产能平衡，短期内无资本性开支计划。同时已实施了多项产品升级、结构优化等措施来 提升经营效益，推动公司持续稳健发展。 每经AI快讯，有投资者在投资者互动平台提问：近期资本市场对浆纸行业供需格局改善预期较强，请 问公司是否有产能扩张、产品升级或产业链整合的中长期规划？湛江基地复工后，在高端纸品（如白卡 纸、特种纸）的产能占比是否会进一步提升？ （记者 胡玲） ...

格隆汇12月22日丨山鹰国际(600567.SH)公布，截至2025年12月22日，公司本次股份回购计划实施完 毕。公司通过集中竞价交易方式已累计回购股份2.72亿股，占公司总股本的比例为4.31%，成交最高价 为1.99元/股，成交最低价为1.63元/股，成交均价为1.84元/股，已支付的资金总额约为人民币5亿元（不 含佣金等交易费用）。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 广博集团股份有限公司（以下简称"广博集团"）于2025年12月23日披露公告称，公司董事会已审议通过 回购股份集中竞价减持计划，拟以集中竞价方式减持已回购股份不超过182.08万股，占公司总股本的 0.34%，减持所得资金将用于补充公司流动资金。 回购股份基本情况回顾 公告显示，广博集团于2024年7月启动股份回购计划。2024年7月12日，公司第八届董事会第十二次会议 审议通过相关方案，同意使用自有资金以集中竞价方式回购股份，用于维护公司价值及股东权益。该回 购计划资金总额不低于800万元且不超过1000万元，回购价格不超过6.00元/股。 截至2024年10月12日，回购计划实施完毕，公司共计回购股份182.08万股，占总股本的0.34%，成交均 价为4.68元/股（最高成交价4.76元/股，最低成交价4.57元/股）。 本次减持计划核心细节 广博集团强调，本次减持计划的实施存在因市场情况等因素导致无法按计划完成的风险，公司将根据进 展情况及时履行信息披露义务。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 ...

（记者 曾健辉） 截至发稿，凯恩股份市值为29亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 每经AI快讯，凯恩股份（SZ 002012，收盘价：6.22元）12月22日晚间发布公告称，公司第十届第六次 董事会会议于2025年12月22日在公司会议室召开。会议审议了《关于确认审计委员会成员及召集人的议 案》等文件。 2025年1至6月份，凯恩股份的营业收入构成为：纸基功能材料占比98.83%，其他业务占比1.17%。 ...

Core Insights - A new type of paper called "Xuanxian Paper" has been developed by a research team in Wuhan, inspired by the lunar flag from the Chang'e 6 mission, combining basalt fiber with traditional materials to enhance durability and usability [1][3][15] Group 1: Innovation and Development - The development of Xuanxian Paper integrates three seemingly unrelated materials: paper, fabric, and stone fiber, resulting in a product that retains the lightweight and ink-absorbing qualities of traditional Xuan paper while overcoming its fragility and flammability [1][3][13] - The research collaboration involves Wuhan Textile University, China Xuan Paper Co., and Weigao Medical Group, focusing on merging traditional Xuan paper materials with advanced basalt fiber technology [3][14] Group 2: Performance and Application - Initial tests of Xuanxian Paper have shown that it maintains the ink absorption and lightweight characteristics of traditional Xuan paper while offering superior resistance to moisture, mold, and insects [5][15] - The paper has been positively received by contemporary artists, demonstrating versatility for both expressive and detailed painting techniques, making it suitable for various artistic styles [8][21] Group 3: Future Prospects - Xuanxian Paper presents significant potential for the preservation and restoration of ancient texts, as well as for contemporary art, indicating a promising future for its application in both fields [6][15] - The ongoing research aims to improve the production process and explore the possibility of large-scale manufacturing, addressing current limitations in size and texture [15]

近一年中国纸浆、纸及其制品进口情况统计图 相关报告：智研咨询发布的《2025-2031年中国再生纸浆行业市场现状调查及未来趋势研判报告》 近一年中国纸浆、纸及其制品出口情况统计图 根据中国海关数据显示：2025年10月中国纸浆、纸及其制品进口数量为330万吨，同比下降5.5%，进口 金额为19.51亿美元，同比下降15.3%，2025年10月中国纸浆、纸及其制品出口数量为154万吨，同比增 长5.5%，出口金额为23.22亿美元，同比下降7.9%。 数据来源：中国海关，智研咨询整理 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2026, the price trends of softwood pulp and offset printing paper are expected to be described as "low recovery" and "weak stabilization" respectively. The price center of softwood pulp is expected to move slightly upward, while the price of offset printing paper is expected to remain weak and stable, mainly supported by costs [5]. - Overall, the futures prices of pulp and offset printing paper will fluctuate. In the medium - term, low - buying opportunities can be considered for pulp futures, and high - selling opportunities can be considered for the near - month contracts of offset printing paper [8]. 3. Summary According to the Table of Contents 3.1 Viewpoint Summary 3.1.1 Trend Forecast - In 2026, the supply expansion trend of softwood pulp will slow down, and the demand is expected to stabilize and rebound. However, the market sentiment is limited, and there are still upper limits, with inventory pressure needing continuous attention. The price of double - offset paper is expected to be mainly supported by costs and remain weak and stable [5]. 3.1.2 Strategy Outlook - Pulp and offset printing paper futures prices will fluctuate. Mid - term, consider low - buying for pulp futures and high - selling for near - month offset printing paper contracts [8]. 3.1.3 Risk Points - Risks include changes in macro - policies, significant changes in international trade situations, large - scale shutdowns or resumptions of pulp and paper mills, and restrictions on some supply and transportation channels [9]. 3.2 Market Review 3.2.1 Spot Price Review of Softwood Pulp and Double - Offset Paper - Softwood pulp spot prices declined this year, with a short - term increase in January - February due to domestic supply gaps. After reaching a high of about 6617 yuan/ton in early February, prices dropped by 17.84% by the end of November. Recent slight rebounds are due to traders' reluctance to sell and spot enterprise regulation. The spread between softwood and hardwood pulp prices has fallen to a reasonable range. Double - offset paper prices also declined after a slight increase in Q1, dropping by 13.02% from 5087.5 yuan/ton in mid - March to 4425.0 yuan/ton at the end of November, due to weak demand and over - supply [10][12][16]. 3.2.2 Futures Price Trend Review of Pulp and Offset Printing Paper - Pulp futures reached a high of 6204 yuan/ton in February, then declined, with a temporary halt in the decline in Q3 due to North American pulp mill maintenance expectations. After reaching a low of 4750 yuan/ton in mid - October, prices reversed and rose due to downstream paper mills' price increases, positive macro - sentiment, and news of a US pulp mill shutdown. Offset printing paper futures were listed in September, fluctuated in the first month, rose to 4360 yuan/ton due to paper mills' price support, and then dropped to 3980 yuan/ton, a decline of 8.72% [19]. 3.2.3 Continued Weak Overall Demand - Weak demand is a major factor for the weak pulp and double - offset paper prices. China's softwood pulp monthly apparent consumption in the first 10 months was 707.3 tons, up 2.84% year - on - year, with only 6, 7, 9 months above the average. European consumption of bleached softwood pulp was the lowest in a decade. Paper industry's start - up rates were low, with softwood pulp downstream demand improving slightly but still weak. Double - offset paper demand was even weaker, with the apparent consumption in the first 10 months at 666.7 tons, down 9.87% year - on - year [25]. 3.2.4 Supply Growth Slowed but Pressure Persisted - Pulp supply growth slowed this year, but the overall stock was still high. China's softwood pulp imports had low growth but a high base and increased since August. Paper pulp production increased significantly after mid - September, with a 17.43% year - on - year increase in early December. Global pulp shipments were relatively high, and those to China were lower than in 2023 but higher than last year. Double - offset paper's start - up rate was at a low, but production increased in the second half of the year, and the supply pressure remained due to new capacity [30][32]. 3.2.5 High Inventory and Low Profit - High inventory suppressed pulp and paper prices. China's pulp port inventory was above 200 tons for a long time this year, dropping to 199.3 tons by December 19. Double - offset paper inventory also increased, with both production enterprise and social inventories above the average. Most small and medium - sized enterprises in the softwood pulp and double - offset paper markets were in a loss - making state, with negative gross margins for Chinese softwood pulp since April last year [34][37]. 3.3 Core Focus Points 3.3.1 Macro Changes - Pulp is significantly affected by macro - factors. Interest rate cuts may reduce import costs. Policy changes and tariff adjustments can also impact the industry. For example, if Brazil's export tariff exemption to the US is removed, it may increase China's pulp supply pressure [41]. 3.3.2 Inventory Reduction - High inventory is a key factor suppressing pulp and paper prices. Pulp inventory has declined recently, and the reduction in available registered warehouse receipts due to the adjustment of delivery standards has provided some support to futures prices [42]. 3.3.3 Shutdown/Resumption of Pulp and Paper Mills - Shutdowns or resumptions of pulp and paper mills can affect supply and market sentiment. For example, Domtar's permanent shutdown of the Crofton pulp mill had a positive impact on futures prices [44]. 3.4 Valuation Feedback and Supply - Demand Outlook 3.4.1 Valuation: Relatively Reasonable - Pulp futures valuation is relatively reasonable, with the basis fluctuating and the number of warehouse receipts at a historical low. Offset printing paper futures valuation is currently weak, but the rising basis provides some support at the bottom. The volatility of both pulp and offset printing paper futures is expected to remain low in 2026 [45][47][50]. 3.4.2 Demand: Weak Stabilization - Pulp demand is expected to stabilize and rebound in 2026, with the "14th Five - Year Plan" promoting economic growth and the narrowing price spread between softwood and hardwood pulp potentially increasing softwood pulp demand. Double - offset paper demand is expected to be weak, with factors such as the decline in textbook demand and the popularity of paperless office, but policies like the "National Reading Promotion Regulations" may bring some positive effects [52][57]. 3.4.3 Supply: Pressure Converging - In 2026, the supply pressure of softwood pulp is expected to converge, with limited new capacity growth. Double - offset paper supply pressure remains due to continuous new capacity investment in recent years. Overall, the supply - demand situation of softwood pulp in 2026 is expected to be slightly better than this year, while double - offset paper supply and demand are expected to remain weak and stable [59][61][63].

Core Viewpoint - The introduction of "Xuanxian Paper," a new material derived from basalt fiber, marks a significant innovation in traditional Chinese paper-making, enhancing durability and functionality for contemporary Chinese painting [4][7][15]. Group 1: Product Innovation - "Xuanxian Paper" is created by combining traditional materials like Qingtan bark and Shatian rice straw pulp with basalt fiber, resulting in a paper that is moisture-resistant, flame-retardant, and less prone to wrinkling [7][15]. - The first batch of Xuanxian Paper samples was produced in March, and it has been tested against multiple international standards, showing it retains the lightweight and ink-absorbent qualities of traditional Xuan paper while overcoming its vulnerabilities [7][11]. Group 2: Artistic Application - Renowned artists, including Li Naiwei, have tested the Xuanxian Paper, finding it versatile for both expressive and detailed painting styles, effectively bridging the characteristics of raw and cooked Xuan paper [9][15]. - The new paper is expected to inject fresh vitality into traditional Chinese painting and offer new possibilities for the restoration of ancient texts [15]. Group 3: Collaborative Efforts - The development of Xuanxian Paper is a collaborative effort involving Wuhan Textile University, China Xuan Paper Co., and Weigao Medical Group, showcasing a blend of traditional craftsmanship and modern technology [7][15]. - The project is part of a broader initiative to explore the sustainable development of traditional Xuan paper-making techniques, ensuring the longevity of this cultural heritage [15].

12月19日晚间，博汇纸业发布"提质增效重回报"行动方案，提出七项举措：一、深耕主营业务，持续提 升核心竞争力；二、增加股东回报，维护股东利益；三、加快发展新质生产力；四、加强投资者沟通， 增进市场认同；五、坚持规范运作，完善公司治理；六、强化"关键少数"责任，落实履职责任。 （文章来源：证券日报） ...

证券日报网讯12月19日，山鹰国际（600567）在互动平台回答投资者提问时表示，公司会根据自身发展 战略规划审慎决策相关事项，如有相关融资或并购计划，公司将严格按照法律法规及时履行信息披露义 务，公司有关信息请以法定信披媒体公布内容为准。 ...