Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating in the given content. 2. Report Core View No explicit core view is presented in the provided content. It mainly contains data on pulp prices, import profits, and related industry indices. 3. Content Summary by Category Pulp Futures Data - The closing price of the SP main contract on November 7, 2025, was 5394.00 [1]. - From November 3 - 7, 2025, the closing prices of the main contract were 5306.00, 5288.00, 5360.00, 5368.00, and 5394.00 respectively, with daily percentage changes of 1.80353%, -0.33924%, 1.36157%, 0.14925%, and 0.48435% [1]. - The corresponding converted US - dollar prices were 650.56, 648.25, 657.08, 658.32, and 658.32 respectively [1]. - The Shandong Yinxing basis was 194, 212, 140, 132, and 106 from November 3 - 7, 2025, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 219, 227, 155, 157, and 131 respectively [1]. Pulp Import Data - With a 13% VAT calculation, the import profit of Canadian Golden Lion was -145.57, the Canadian Lion was -493.29, and the Chilean Yinxing was -41.01 [2]. - The port US - dollar prices of Golden Lion, Lion, and Yinxing were 780, 730, and 680 respectively, and the Shandong region RMB prices were 6200, 5450, and 5500 respectively [2]. Pulp and Paper Industry Price Indices - From November 3 - 7, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [2]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2]. - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from November 4 - 7, 2025, at 5725, 5670, 4350, and 841 respectively [2]. Pulp Price Difference Data - From November 3 - 7, 2025, the price differences between softwood and hardwood pulp were 1250, 1250, 1250, 1240, and 1240 respectively; between softwood and natural pulp were 100; between softwood and chemimechanical pulp were 1700; and between softwood pulp and waste paper were 3924 [2]. Pulp Product Profit Margin Data - From November 4 - 7, 2025, the estimated profit margins of double - offset paper were -0.2151%, double - copper paper were 12.9032%, white - card paper were -9.5694% on November 4 - 5 and -7.6381% on November 6 - 7, and living paper were 6.7831% on November 4 - 5 and 6.5730% on November 6 - 7 [2].

造纸板块走高，青山纸业涨停，依依股份、华泰股份、安妮股份、太阳纸业、松炀资源等涨幅居前。 ...

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11月9日 Guotai Junan Futures all rights reserved, please do not reprint 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 行业资讯 1 行业资讯 1.【常熟港纸浆库存统计】截至2025年11月6日，中国纸浆常熟港库存50.6万吨，较上周期增涨0.6万吨，环比上涨0.6%。本周常熟港库存呈现累库走势。 2.【青岛港纸浆库存统计】截至2025年11月6日，中国青岛港港内及港外仓库纸浆库存135.5万吨，较上周下降5.5万吨，环比下降3.9%。本周期青岛港库存周期内 呈现去库的走势。 3.【高栏港纸浆库存统计】截至2025年11月6日，中国纸浆高栏港库存5.6万吨，较上周上涨2.2万吨，环比上涨64.7%。本周期高栏港库存呈现累库的趋势。 ...

Group 1: Economic Outlook - The report anticipates a soft landing for the US economy, with expectations of interest rate cuts due to weakened Federal Reserve independence and employment pressures [2] - A potential economic slowdown or mild recession is expected to be countered by rapid interest rate cuts, benefiting gold and US equities over US Treasuries and cash [2] Group 2: Domestic Market Projections - The A-share market is projected to have considerable upward potential during the 14th Five-Year Plan period, with a target of over 4450 points by 2026, supported by low bond rates and improving prices [3] - The report suggests a long-term bullish trend for the Chinese stock market, aligning with the strategic focus on information technology and consumption [3] Group 3: Hong Kong Market Insights - The Hong Kong stock market is expected to benefit from a significant inflow of southbound funds, with a target range of 29000-32000 points for 2026, following a strong performance in 2025 [4] - The shift in pricing power from quantity to quality due to southbound fund inflows is highlighted as a key factor influencing Hong Kong stock valuations [4] Group 4: Industry Selection - AI applications are expected to drive growth across various sectors, including internet/software, media, hardware, semiconductors, and retail [5] - The PPI chain is anticipated to benefit midstream manufacturing and upstream raw materials industries, with a focus on sectors like electrical equipment, defense, chemicals, and machinery [5] - Non-bank financials, particularly insurance and brokerage firms, are expected to perform well due to market conditions [5] - The pharmaceutical sector is viewed positively, with new consumption trends favoring innovative drugs over traditional consumption [5] - A stable cash flow combination is projected to outperform the market, especially in a context of a weakening dollar and low bond yields [5]

Group 1 - The stock price of Shanying International (600567) closed at 1.79 yuan on November 7, 2025, up 1.13% from 1.77 yuan the previous week [1] - The highest intraday price reached 1.8 yuan and the lowest was 1.77 yuan on November 3, 2025 [1] - The current total market capitalization of Shanying International is 10.41 billion yuan, ranking 3rd in the paper industry and 1824th among all A-shares [1] Group 2 - The company announced a share repurchase plan approved by the board on June 23, 2025, with a repurchase period from June 23 to December 22, 2025, and a planned repurchase amount between 500 million yuan and 1 billion yuan [2] - As of October 31, 2025, the company has repurchased a total of 169,930,438 shares, accounting for 2.92% of the total share capital, with a total payment of approximately 326 million yuan (excluding transaction fees) [2][3] - The company has secured a special repurchase loan of 300 million yuan from the Industrial and Commercial Bank of China [2][3]

Group 1 - The China International Import Expo (CIIE) showcases companies founded by overseas Chinese, emphasizing their commitment to the Chinese market and investment opportunities [1][2] - Nippon Paint, founded by Chinese entrepreneur Wu Qingliang, has expanded its exhibition space from 300 square meters to 500 square meters and introduced innovative products such as the "Low-altitude Flight Full-domain Coating Solution" [1] - APP, an Indonesian company, presented new eco-friendly paper products at the expo, highlighting its focus on high-quality development and sustainable living solutions [2] Group 2 - Tianshi Group, a representative Thai company, has significantly invested in China, with a total investment of 4.36 billion RMB over the past five years, and has successfully launched various energy drink products [3] - The CIIE serves as a vital platform for multinational companies to understand market trends and seize opportunities in China, reinforcing the belief that investing in China equates to long-term certainty [3]

2024年，我国轻工企业数量达13.66万家；轻工业出口总额占全国出口总额的25.9%，连续5年保持 全国第一；截至2024年，1321家轻工企业入选国家级绿色工厂，覆盖家电、造纸、食品等行业......轻工 业既事关人民美好生活，也关系国民经济增长。《绘说现代化》第97期，一起感受中国式现代化的磅礴 力量！ ...

来源：市场资讯 （来源：中纸网） 纸浆市场供需趋紧，库存去库反映需求增强，可能推高现货价格。结合纸浆期货行情，如主力合约2601 收盘价5368元/吨，较上期上涨48元/吨，涨幅显著。 截至2025年11月6日，中国纸浆主流港口库存量为200.8万吨，环比减少5.3万吨，降幅2.6%，其中青岛 港出货速度提升，常熟港出货量增加至接近10万吨。 ...

Core Viewpoint - The company reported strong Q3 2025 performance with revenue of 3.07 billion yuan, a year-on-year increase of 15.5%, and a net profit attributable to shareholders of 304 million yuan, up 13.9% year-on-year, indicating robust operational stability and improved profitability driven by integrated operations in the pulp and paper sector [1][2]. Financial Performance - Q3 2025 revenue reached 3.07 billion yuan, with a year-on-year growth of 15.5% and a net profit of 304 million yuan, reflecting a 13.9% increase year-on-year [1]. - The company achieved a non-recurring net profit of 247 million yuan, which is a 1.5% increase year-on-year [1]. - Investment income from joint ventures and associates amounted to 52.29 million yuan in Q3 [1]. Production and Cost Analysis - The total production and sales volume for Q3 2025 was 38,000 tons, remaining stable quarter-on-quarter, with an average selling price of 7,241 yuan per ton, down 174 yuan from the previous quarter [2]. - The cost per ton was 6,062 yuan, a decrease of 367 yuan quarter-on-quarter, leading to a gross profit of 1,179 yuan per ton, which is an increase of 193 yuan quarter-on-quarter [2]. - The net profit per ton for the main business was 640 yuan, up 29 yuan quarter-on-quarter, while excluding contributions from the summer king, the net profit per ton was 500 yuan, an increase of 37 yuan quarter-on-quarter [2]. Profitability and Efficiency - The gross profit margin for Q3 2025 was 14.59%, stable year-on-year and up 1.77 percentage points quarter-on-quarter [3]. - The net profit margin was 9.88%, down 0.15 percentage points year-on-year but up 1.94 percentage points quarter-on-quarter [3]. - The operating cash flow for Q3 2025 was 590 million yuan, compared to 371 million yuan in the same period last year, indicating strong cash flow performance [4]. Strategic Positioning - The company is a leading player in the specialty paper sector, with a comprehensive production capacity exceeding 2 million tons annually across various locations in China [4]. - The integration of pulp and paper operations is expected to smooth out cyclical fluctuations and provide substantial growth momentum [4]. Investment Outlook - The company anticipates a recovery in pulp prices from Q3 to Q4, with expected revenue growth of 24%, 19%, and 18% for 2025, 2026, and 2027, respectively [5]. - Projected net profits for 2025, 2026, and 2027 are 1.108 billion, 1.389 billion, and 1.683 billion yuan, respectively, with corresponding EPS of 1.57, 1.97, and 2.38 yuan [5].

Group 1: Coal Industry - The overall coal price center is expected to slightly decline due to weak demand and constrained supply [4][2] - Domestic economic resilience and increased electrification support total energy demand, but renewable energy continues to marginally replace thermal coal demand [4][2] - Domestic coal production may gradually shrink due to the exit of old and exhausted capacities, while imports are unlikely to see significant increases [4][2] Group 2: Construction Materials - The demand for construction materials is expected to remain at a low point in 2026, with three main focus areas: (1) sub-sectors benefiting from "anti-involution" policies such as cement, waterproofing, and glass; (2) consumer building material manufacturers maintaining relative profitability through improved business models; (3) fiberglass manufacturers potentially exceeding expectations due to AI infrastructure investments [6][5] - Cement production is projected to decline to approximately 15.4 billion tons in 2026, with a capacity utilization rate of around 64%, significantly improving from 55% in 2025 [6][5] Group 3: Steel Industry - The steel industry is expected to see marginal improvements in supply and demand under "anti-involution" policies, with a slight decrease in crude steel production anticipated [11][10] - The core contradiction in steel demand is shifting from real estate to exports, with a slight decline in demand projected at 0.6% for 2026 [11][10] - The release of raw material supply cycles is expected to alleviate profit erosion, leading to a potential recovery in steel industry profitability [11][10] Group 4: Paper Industry - The expansion of paper production capacity is nearing its end, with demand expected to continue a mild recovery supported by consumption stimulus policies [13][12] - The supply side is experiencing a gradual recovery in capacity utilization, particularly in the boxboard segment, while other varieties may take longer to recover [13][12] - The paper industry is facing short and rapid price cycles due to intense competition between paper mills and pulp mills, impacting profitability [13][12]