Report Summary 1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Report Core View - There is no clear core view presented in the provided content. 3. Summary According to Relevant Catalogs SP Main Contract Closing Price - On March 31, 2026, the SP main contract closing price was 5124.00, with a 1.11926% decline from the previous day. The exchange - rate - converted US dollar price was 647.44, and the Shandong Yinxing basis was 31, while the Jiangsu - Zhejiang - Shanghai Yinxing basis was 41 [3]. Import Profits - For Canadian pulp, the import profit of Golden Lion was 139.53, while that of Lion was - 580.06. For Chilean pulp, the import profit of Yinxing was - 224.64, calculated with a 13% VAT and an exchange rate of 6.91 on the previous day [4]. Pulp Price Averages - From March 25 to March 31, 2026, 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. The Shandong regional average prices also remained stable [4]. Paper Indexes and Profit Margins - From March 26 to March 31, 2026, the cultural paper (double - offset and double - copper) indexes, packaging paper (white card) index, and living paper index remained unchanged. The profit margins of double - offset paper, double - copper paper, white card, and living paper changed by 0.1198, 0.1166, 0.0822, and - 0.0544 respectively [4]. Pulp Price Spreads - On March 31, 2026, the softwood - hardwood price spread was 530.00, the softwood - natural price spread was - 245, the softwood - chemimechanical price spread was 1345, and the softwood - waste paper price spread was 3579 [4].

Investment Rating - The industry investment rating is "Increase" (maintained) [4] Core Insights - The report highlights the steady growth of sports brands and the strong performance of Pop Mart's IP matrix, indicating a robust market for both sectors [5][6] - The report suggests that 2026 will be a significant year for sports events, which is expected to boost sales in the sports and outdoor products sector [6] - The report emphasizes the importance of product innovation and quality in the home furnishing sector, particularly with the introduction of smart products by companies like Kuka Home [7] Summary by Relevant Sections Industry Overview - The total market capitalization of the industry is approximately 1,115.3 billion yuan, with a circulating market value of about 942.6 billion yuan [2] - The light industry manufacturing index decreased by 0.83%, ranking 15th among 28 industries, while the textile and apparel index increased by 1.18%, ranking 5th [11] Key Company Performances - Anta Sports reported a revenue of 80.22 billion yuan and a net profit of 13.59 billion yuan for the year, with a year-on-year growth of 13.3% and 13.9% respectively [6] - Pop Mart achieved a revenue of 37.12 billion yuan in 2025, marking a year-on-year increase of 184.7%, with a gross profit of 26.765 billion yuan and a net profit margin of 35.2% [6][7] - Kuka Home launched new smart products, reinforcing its strategy focused on quality supply [7] Market Trends - The report notes a significant increase in online sales for Baia Co., with a 25% year-on-year growth, indicating a recovery in e-commerce strategies [7] - The textile manufacturing sector is experiencing price increases due to rising raw material costs, particularly in nylon, which presents opportunities for companies like Taihua New Materials [7] Recommendations - The report recommends focusing on companies with strong growth potential in the sports sector, such as Anta Sports and Li Ning, as well as home textile leaders like Mercury Home Textiles and Luolai Home Textiles [6][7] - It also suggests monitoring the performance of companies in the pet supplies sector, particularly Yuanfei Pet, which is expected to benefit from growth in both OEM and OBM businesses [7]

Investment Logic - The paper industry exhibits HALO asset characteristics, with heavy assets, low elimination rates, and long-term value stability. Supply policies are expected to accelerate the release of cyclical elasticity [3] - The carbon peak target by 2030 and the implementation of dual control on carbon emissions are likely to accelerate the elimination of small capacities and improve supply-demand dynamics in the paper industry [3][7] - The overseas pulp mills have strong coordination and production control willingness, leading to a gradual stabilization and rebound in hardwood pulp prices since the second half of 2025 [3][16] - The long-term outlook for pulp prices is bullish due to the high concentration and coordination of overseas pulp mills, making it difficult for prices to fall [3][19] Supply and Demand Summary - The supply-demand structure changes will determine the industry's prosperity over the long term [4] - The paper industry has experienced prolonged bottoming out, but capital expenditures are expected to taper off by 2026, leading to gradual recovery [6] - The dual control of carbon emissions is anticipated to accelerate industry consolidation and improve supply-demand conditions [8][10] Pulp Market Insights - The pulp market is characterized by significant price volatility, influenced by global economic cycles, new capacity releases, and supply-side reforms [11][15] - The average price of domestic needle and hardwood pulp as of March 20, 2026, was 5,128 and 4,531 CNY per ton, respectively, with a narrowing price gap [22] - The supply of pulp is expected to improve significantly in 2026 due to a slowdown in new capacity additions [27][29] Paper Types Overview - The demand for cultural paper is weak, influenced by declining birth rates and changing consumption patterns, with a projected 6% decrease in double glue paper consumption in 2025 [30][32] - The white card paper market is expected to benefit from the substitution of plastic with paper, with strong growth potential despite recent slowdowns in domestic demand [55] - The boxboard and corrugated paper markets are showing slight improvements in supply-demand dynamics, with a focus on domestic and export demand changes [3][4] Industry Recommendations - Companies with integrated supply chains and significant cost advantages, such as Sun Paper and Nine Dragons Paper, are recommended for investment as they are likely to benefit from improving supply-demand conditions [3][4] - In the specialty paper segment, firms with strong management capabilities and high dividends, such as Huawang Technology and Xianhe Co., are suggested for consideration [3][4]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pulp market has supply - demand contradictions and will operate in a short - term low - level range - bound manner due to insufficient terminal orders and resistance to downstream paper price increases [8] 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 05 contract was 5,174 yuan/ton, and the closing price was 5,182 yuan/ton, with an overall increase of 0.15%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,620 - 5,350 yuan/ton, and the low - end price remained stable compared to the previous trading day's closing price. The Shandong Yinxing offer was 5,180 - 5,200 yuan/ton [7] - Suzano announced a price increase of 20 US dollars/ton for eucalyptus hardwood pulp in the Asian market and 50 US dollars/ton in the European and American markets in April 2026, effective April 1. The FOB price of hardwood pulp remained firm. According to the February report released by PPPC, the chemical pulp shipments of the world's top 20 pulp - producing countries decreased by 1.4% year - on - year, softwood pulp decreased by 4.8% year - on - year, and hardwood pulp increased by 1.5% year - on - year. According to Europulp data, the total wood pulp inventory in European ports in February 2026 increased by 15.3% month - on - month and 3.0% year - on - year. From January to February 2026, the cumulative total pulp imports were 6.0439 million tons, a year - on - year decrease of 5.4%. As of March 26, 2026, the weekly pulp inventory in major regions and ports was 2.3512 million tons, a month - on - month increase of 7.42%, turning from a decline to an increase [8] 3.2. Industry News - On March 27, the National Bureau of Statistics released the profit situation of national large - scale industrial enterprises from January to February 2026. From January to February, the total profit of national large - scale industrial enterprises reached 1.02456 trillion yuan, a year - on - year increase of 15.2% (calculated on a comparable basis). Among large - scale industrial enterprises, state - owned holding enterprises achieved a total profit of 366.56 billion yuan, a year - on - year increase of 5.3%; joint - stock enterprises achieved a total profit of 803.29 billion yuan, an increase of 22.1%; foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises achieved a total profit of 216.75 billion yuan, a decrease of 3.8%; private enterprises achieved a total profit of 284.45 billion yuan, an increase of 37.2%. The paper and paper products industry achieved a total profit of 5.04 billion yuan, a year - on - year increase of 6.1%; the printing and recording media reproduction industry achieved a total profit of 3.59 billion yuan, a year - on - year decrease of 1.1% [9] 3.3. Data Overview - The report provides multiple data charts, including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, softwood - hardwood price differences, inter - period price differences, warehouse receipt totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and price differences of coated paper and offset paper, prices and price differences of white cardboard and whiteboard paper, and the US dollar - RMB exchange rate [15][17][19][24][28][30]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The positive expectations of biodiesel support the strengthening of edible oils. The prices of soybean oil, palm oil, and rapeseed oil are expected to be oscillating upwards. Considering the high uncertainty in the Middle East situation, high - running crude oil prices, and the expected increase in biodiesel demand, it is recommended to focus on the strategy of buying at stage - low prices [1][6]. - For protein meal, the supply - demand is weak on both sides, and the market will continue to oscillate. The market for soybean meal and rapeseed meal will be affected by the Middle East situation and industrial factors, showing an oscillating trend [7]. - The sentiment in the corn market is loosening, and both futures and spot prices are falling. In the short - term, the price will face callbacks, and in the medium - term, it will maintain an oscillating range [9]. - The supply of live pigs remains high, and the pig price is still weak. In the short - term, the price will run weakly; in the medium - term, the downward cycle continues; in the long - term, the pig price is expected to gradually bottom out and warm up in the third quarter [10]. - The sentiment in the natural rubber market is warm, and the market will maintain an oscillating trend. The price is mainly driven by the macro - logic, and there are some positive factors on the supply side [11][13]. - The sentiment in the synthetic rubber market has cooled slightly, and it maintains a high - level oscillation. The tight supply of butadiene supports the market, and it is still likely to rise [14]. - The cotton price is running strongly. In the medium - and long - term, both the domestic and international cotton markets are bullish, and in the short - term, the 05 contract will oscillate strongly [15][16]. - The sugar price is oscillating, and the supply - demand pattern is still loose, waiting for the new - season harvest in Brazil. In the short - term, it will oscillate, and in the medium - and long - term, there may be an upward driving force [17][18]. - The pulp market is in a stalemate and maintains an oscillating trend. The price is restricted by the weak supply - demand of softwood pulp but supported by costs [20][21]. - The double - offset paper market is weakly oscillating. In the short - term, the spot price drags down the market, and in the medium - term, the publishing tender will support the price [22][23]. - The log inventory is decreasing, and the market is strongly oscillating. The high cost and low inventory support the market, but there is a risk of high - level oscillation [24]. 3. Summary According to Relevant Catalogs 3.1.行情观点 3.1.1. Oils and Fats - **Viewpoint**: The positive expectations of biodiesel support the strengthening of edible oils [1][6]. - **Logic**: Geopolitical risks exist, and oil prices are oscillating at a high level. Indonesia will continue the biodiesel B50 plan, and Malaysia's palm oil production decreased and exports increased in March. The US EPA released renewable fuel obligation targets, increasing the production and consumption of biodiesel. Domestic soybean oil inventory decreased due to refinery maintenance, and rapeseed oil inventory decreased weekly, with expected increased supply [1][6][8]. - **Outlook**: Soybean oil, palm oil, and rapeseed oil are expected to oscillate upwards. It is recommended to focus on the strategy of buying at stage - low prices [1][6]. 3.1.2. Protein Meal - **Viewpoint**: The supply - demand is weak on both sides, and the market will continue to oscillate [7]. - **Logic**: Internationally, the market expects an increase in US soybean planting area, and the Middle East situation affects oil prices. The renewable fuel obligation targets are in line with expectations, and there are both positive and negative factors for US soybeans. Domestically, oil mills are actively hedging, and the market expects a decrease in soybean crushing volume. Feed enterprises' demand is weak [7]. - **Outlook**: Soybean meal and rapeseed meal will oscillate [7]. 3.1.3. Corn - **Viewpoint**: The sentiment is loosening, and both futures and spot prices are falling [9]. - **Logic**: Upstream, the warming temperature leads to an increase in the grain - selling rhythm. Downstream, the demand from the feed and deep - processing sectors is stable and recovering. The supply - demand pattern is gradually easing, and there is competition from substitute grains [9]. - **Outlook**: The price will oscillate. In the short - term, there is a risk of callbacks, and in the medium - term, it will maintain an oscillating range [9]. 3.1.4. Live Pigs - **Viewpoint**: The supply remains high, and the pig price is still weak [10]. - **Logic**: In the short - term, the supply is abundant, and the demand is weak. In the medium - term, the出栏 pressure continues. In the long - term, the production capacity reduction process is not smooth, and the pig price is expected to bottom out and warm up in the third quarter [10]. - **Outlook**: The price will oscillate weakly. In the first half of the year, it is recommended to focus on the hedging opportunity of short - selling at high prices. In the fourth quarter, the price is expected to rise moderately [10]. 3.1.5. Natural Rubber - **Viewpoint**: The sentiment in the market is warm [11]. - **Logic**: The market risk preference is improving, and the price is mainly driven by the macro - logic. There are some positive factors on the supply side, and the downstream inventory is relatively optimistic. There is a need for price adjustment seasonally [13]. - **Outlook**: The market will maintain an oscillating trend [13]. 3.1.6. Synthetic Rubber - **Viewpoint**: The sentiment has cooled slightly, and it maintains a high - level oscillation [14]. - **Logic**: The tight supply of butadiene supports the market. Although the upward momentum has cooled, the supply shortage situation remains, and it is still likely to rise [14]. - **Outlook**: The market will follow the sector sentiment. If the crude oil price continues to rise, the market will remain strong in the short - term [14][15]. 3.1.7. Cotton - **Viewpoint**: The cotton price is running strongly [15]. - **Logic**: Internationally, the supply of cotton in the 26/27 season is expected to tighten. Domestically, the commercial inventory is decreasing, and the demand is stable. The overall fundamentals are positive [16]. - **Outlook**: The market will oscillate strongly. In the medium - and long - term, it is bullish, and it is recommended to focus on the opportunity of buying at low prices after callbacks [16][17]. 3.1.8. Sugar - **Viewpoint**: The sugar price is oscillating, and the supply - demand pattern is still loose, waiting for the new - season harvest in Brazil [17]. - **Logic**: In the short - term, the price will oscillate due to the impact of the Middle East conflict on oil prices. In the medium - and long - term, if the oil price remains high, it may affect Brazil's production and tighten the global sugar supply [18]. - **Outlook**: The market will oscillate. In the short - term, the price range is 5300 - 5500 yuan/ton. In the medium - and long - term, there may be an upward driving force [18]. 3.1.9. Pulp - **Viewpoint**: The market is in a stalemate and maintains an oscillating trend [20]. - **Logic**: The consumption of hardwood pulp is strong, and that of softwood pulp is weak. The demand will decrease seasonally, and the supply pressure is high. However, the cost provides support [21]. - **Outlook**: The market will oscillate. The price is restricted by the supply - demand but supported by costs [21][22]. 3.1.10. Double - Offset Paper - **Viewpoint**: The market is weakly oscillating [22]. - **Logic**: The spot price is weak, and the supply pressure is increasing. The publishing tender in April and May will support the price, but the long - term supply - demand pattern is loose [23]. - **Outlook**: The market will oscillate, and the price will run in the range of 4000 - 4300 yuan/ton [23]. 3.1.11. Logs - **Viewpoint**: The inventory is decreasing, and the market is strongly oscillating [24]. - **Logic**: The port inventory is low, and the supply is affected by geopolitical factors, resulting in high costs and low supply. The demand has some resilience, but there is a risk of high - level oscillation [24]. - **Outlook**: The market will oscillate strongly. The price is supported by the cost but faces hedging pressure [24]. 3.2.品种数据监测 No specific data information is provided in the given content for detailed summary. 3.3.中信期货商品指数 - **综合指数**: The comprehensive index, specialty index (including commodity index, commodity 20 index, and industrial products index), and sector index (agricultural products index) are provided. The commodity 20 index increased by 1.01% to 2829.64, the industrial products index increased by 1.10% to 2584.88, and the agricultural products index increased by 0.04% on March 30, 2026, with a 5 - day decline of 0.42%, a 1 - month increase of 0.87%, and a year - to - date increase of 2.12% [185][187].

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The paper product prices are on the rise, with significant price increases observed in boxboard, corrugated paper, and whiteboard paper, while specialty paper prices have seen a notable increase of 500 CNY/ton [2][4] - The pulp market is experiencing a divergence in price and volume, with domestic prices for bleached kraft pulp and bleached hardwood pulp showing slight increases, while international pulp prices are mixed [2][15] - The industry is accelerating its high-end transformation, with significant capacity expansion in high-end paper production in Beihai, Guangxi, indicating a trend towards high-end, integrated, and green development [2][6] - The report emphasizes the importance of price elasticity and industrial clusters, suggesting a focus on companies with strong price increase expectations in packaging and specialty paper, as well as those with integrated forest-pulp-paper advantages [2][31] Summary by Sections Industry News - Beihai has established a high-end paper industry with 26 production lines and an annual capacity exceeding 10.19 million tons, contributing to local economic development [3] Price Trends - The average price of boxboard is 4650 CNY/ton, corrugated paper is 3580 CNY/ton, and whiteboard paper is 3558 CNY/ton, with the latter showing a slight increase of 5 CNY/ton [20] Company Developments - Multiple companies, including Sun Paper and Wuzhou Specialty Paper, have announced price increases for their specialty paper products due to rising operational costs [4][7] - The report highlights the ongoing construction of a 20,000-ton specialty paper project by Tengzhou Jinhong Specialty Paper [26] Investment Strategy - The report suggests focusing on companies with significant price increases and stable costs, particularly in the specialty and packaging paper sectors, while monitoring the price trends of pulp and the release of production capacity [31]

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The paper product prices are on the rise, with significant price increases observed in various categories such as boxboard, corrugated paper, and specialty paper, indicating a strong recovery in industry profitability [2][4] - The pulp market is experiencing a divergence in price trends, with domestic prices for bleached kraft pulp and bleached hardwood pulp increasing, while international prices show mixed results, leading to a relatively stable cost environment for paper companies [2][15] - The industry is accelerating its transition towards high-end, integrated, and green production, with significant capacity expansions in regions like Beihai and Guangxi, enhancing competitive advantages for leading enterprises [2][6] - The report emphasizes the importance of price elasticity and industrial clusters, recommending a focus on leading companies in packaging and specialty paper with strong price increase expectations, as well as those benefiting from integrated supply chains [2][31] Summary by Sections Industry News - Beihai's high-end paper industry has achieved a production capacity exceeding 10 million tons, with 26 production lines operational, contributing to local economic growth [3] Price Trends - The prices of various paper products have increased, with boxboard averaging 4650 CNY/ton (up 50 CNY), corrugated paper at 3580 CNY/ton (up 50 CNY), and whiteboard paper at 3558 CNY/ton (up 5 CNY) [20] Company Developments - Major paper companies have announced price increases for specialty papers, with some raising prices by 500 CNY/ton to address rising operational costs [4][7] - Companies like Nanjing Jinlong Paper and Jiangxi Fulmin Paper have also adjusted their prices due to increased raw material costs [7][8] Investment Strategy - The report suggests focusing on companies with significant price increases and stable cost structures, particularly in the specialty and packaging paper sectors, while monitoring the market for signs of demand recovery [31]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - Pulp companies are announcing maintenance shutdowns or production cuts, leading to a tightening global wood pulp supply, which supports price increases for pulp [4][18] - Many paper companies are issuing price increase notices due to rising raw material costs, with whiteboard paper prices increasing by 50 CNY/ton and special paper prices rising by 500 CNY/ton [5][22] - The average price of white card paper has slightly declined, but the underlying support for prices remains strong due to rising raw material costs and a firm market stance from paper manufacturers [6][29] Summary by Sections Weekly Topic - Pulp companies are implementing maintenance shutdowns, with significant production cuts announced by major players like Suzano and Ahlstrom-Munksjö, contributing to a global tightening of wood pulp supply [4][18] - The average prices for needle and broadleaf pulp have increased, with current prices at 5185.58 CNY/ton and 4572.89 CNY/ton respectively [4][18] Price Tracking - Paper companies are raising prices across various products, including a 50 CNY/ton increase for whiteboard paper and a 200 CNY/ton increase for white card paper [5][22] - The average price of white card paper has decreased from 4269 CNY/ton to 4188 CNY/ton due to increased supply and lower-than-expected demand recovery [6][29] Key Data Tracking - Real estate data shows a 14.4% increase in the transaction area of commercial housing in major cities, indicating potential growth in home-related consumption [39] - Furniture sales in February reached 27.6 billion CNY, reflecting an 8.8% year-on-year increase, while exports of furniture and parts surged by 67.9% [51]

山東晨鳴紙業集團股份有限公司 SHANDONG CHENMING PAPER HOLDINGS LIMITED* 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 聯交易預計公告」、「二〇二五年度獨立董事述職報告（楊彪）」、「二〇二五年度獨 立董事述職報告（李志輝）」、「二〇二五年度獨立董事述職報告（尹美群）」、「二 〇二五年度獨立董事述職報告（孫劍非）」、「二〇二五年度獨立董事述職報告（張 志元）」、「二〇二五年度獨立董事述職報告（羅新華）」、「二〇二五年度獨立董事 述職報告（萬剛）」、「二〇二五年度獨立董事述職報告（孔鵬志）」、「內部審計制 度」、「董事、高級管理人員薪酬管理制度」、「關於2026年度董事、高級管理人員 薪酬方案的公告」、「關於購買董事及高級管理人員責任險的公告」、「關於計提資 產減值準備的公告」、「董事會關於2024年度內部控制審計報告非標意見涉及事項 影響已消除的專項說明」、「審計委員會對董事會關於2024年度內部控制審計報告 ...

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [5] - The report also maintains "Buy" ratings for specific companies including Oppein Home (603833), Sophia (002572), Toread (300005), Semir Apparel (002563), Guai Bao Pet (301498), and Zhongchong Co. (002891) [5] Core Insights - The light industry manufacturing and textile apparel sectors have shown resilience, with the outdoor segment expected to grow significantly due to rising temperatures and increased outdoor activities [4][42] - The report highlights that the domestic outdoor market is projected to have a compound annual growth rate (CAGR) exceeding 15% over the next three years, with a focus on professional performance and lightweight design as competitive advantages [4][42] - The report notes that major sports apparel companies have demonstrated strong operational resilience despite increased competition and a weak recovery in domestic apparel consumption [4][42] Industry News - In January-February 2026, the paper and paper products industry achieved a total profit of 5.04 billion yuan, a year-on-year increase of 6.1% [12] - H&M Group reported a continuous increase in operating profit for the first quarter of the 2026 fiscal year, supported by effective cost control and improved gross margins [12] Important Company Announcements - Chaohongji reported a 156.66% year-on-year increase in net profit attributable to shareholders for 2025 [36] - Hailan Home reported a 0.34% year-on-year increase in net profit attributable to shareholders for 2025 [36] Market Review - From March 23 to March 27, the light industry manufacturing sector outperformed the CSI 300 index by 0.58 percentage points, while the textile apparel sector outperformed by 2.59 percentage points [35][39] - The report indicates that the recent performance of domestic sports brands listed in Hong Kong, such as Anta Sports, Li Ning, and others, showed varying revenue growth rates, with Anta Sports achieving a 13.26% increase [42]