证券日报网讯民丰特纸（600235）11月24日在互动平台回答投资者提问时表示，公司目前从事的主要业 务为纸和纸制品的研发、生产和销售；主要面向的客户包括中烟公司、标签制造商和纸品经销商等。 ...

（文章来源：证券日报） 证券日报网讯民丰特纸11月24日在互动平台回答投资者提问时表示，根据补偿协议，公司在收到南湖厂 区的第一笔拆迁补偿款后，将专项用于土壤污染调查和修复，若有多余可用于生产经营。 ...

投资咨询业务资格：证监许可【2012】31号 【纸浆周报（SP)】 纸浆交易逻辑转向"弱需求"，考虑1-5反套 国贸期货 农产品研究中心 2025-11-24 杨璐琳 从业资格证号：F3042528 投资咨询证号：Z0015194 王新博 从业资格证号： 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 F03134647 01 PART ONE 主要观点及策略概述 纸浆交易逻辑转向"弱需求"，考虑1-5反套 | 影响因素 | 驱动 | 主要逻辑 | | | --- | --- | --- | --- | | 智利Arauco公司10月针叶浆银星报价680美元/吨，阔叶浆明星报价540美元/吨，本色浆金星报价590美元/吨，进口报价总体表现为针叶 | 供给 | 偏空 | | | 浆下降，阔叶浆上涨的情况；2025年10月中国纸浆产量为208.4万吨，环比上涨10.2%，纸浆供给端较为宽松。 | | | | | 需求 | 中性偏多 | 主要木浆用纸产量基本保持稳定，白卡纸价格出现明显上涨且有去库的趋势，生活用纸价格略有上涨，其余纸种保持稳定。 | | | 截 ...

4 纸浆成本利润 5 纸浆价格与价差 2 0 2 5 . 1 1 . 2 4 纸浆周报 中泰期货股份有限公司 高萍 从业资格号：F3002581 交易咨询证号：Z0012806 CONTENTS 1 纸浆综述 目 2 纸浆平衡表解析 录 3 纸浆供需解析 能化分析师：高萍 从业资格号：F3002581 交易咨询证号：Z0012806 数据来源：隆众资讯，中泰期货整理 Part 1 纸浆综述 1.1 纸浆综述——供给端 | | 项目 | 单位 | 2025年10月 | 2025年9月 | 环比 | 累计同比 | 预估下周/月 | 综述 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025/11/21 | 2025/11/14 | | | (根据三方数据线性预估) | | | 国产 | 阔叶浆产量 | 万吨 | 23.00 | 22.90 | 0.10 | -0.87% | 持稳 | | | （周） | | | | | | | | | | | 化机浆产量 | 万吨 | 23.70 | 23.60 | 0.10 | | | | ...

国信期货 2026 年投资策略报告 关注需求恢复，等待盘面探底回升 纸浆 2025 年 11 月 23 日 主要结论 进口方面，我国纸浆对外依存度较高，尤其是漂针浆进口依赖程度极高，且 海外产能相对集中，针叶浆进口依存度超过 95%，阔叶浆约 60%。据中华人民共 和国海关总署数据显示，2025 年 1-10 月累计进口量及金额较去年同期分别增加 4.8%、-2.0%。分情况来看，我国 2025 年 1-10 月针叶浆累计进口量 712.24 万吨， 同比增加 2.74%；1-10 月阔叶浆累计进口量 1382.63 万吨，同比增加 10.33%。 库存方面，据卓创资讯不完全统计，截至 2025 年 11 月 20 日，保定地区、 天津港、日照港、青岛港、常熟港、上海港、高栏港及南沙港纸浆合计库存量 201.04 万吨，较上周上升 1.71%，涨幅收窄 2.51 个百分点。据 Europulp 数据显 示，2025 年 9 月欧洲港口总库存环比下降 4.39%，较去年同期下降 0.49%。 国信期货交易咨询业务资格： 证监许可【2012】116 号 全球漂针浆主要浆厂有减产消息，针叶浆供应减少；但阔叶浆增产导 ...

Report Summary 1. Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints - The short - term trend of pulp futures prices is expected to be volatile or weakly volatile, with the price center slightly shifting downwards. Attention should be paid to the impacts brought by changes in supply and demand [2][3]. - In the short - term trading logic, the overall idea should be to short at high levels, but beware of the possibility of price rebounds at low levels. In the long - term trading, although the impact of needle pulp warehouse receipts has been mostly priced in, there are uncertainties in the supply of long - term warehouse receipts, which brings certain benefits. The Fed's continuous interest - rate cut process may stop, and the macro sentiment is relatively weak, while there may be favorable policy factors [3][4]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Recommendations - **Core Contradictions** - The core influencing factors this week are the poor downstream bidding situation and the accumulation of port inventories. The poor bidding situation has affected the confidence of paper enterprises and prices. The increase in Chinese port inventories by 63,000 tons has also put pressure on futures prices. In addition, some pulp mills are expected to increase production in the future, which will increase the supply pressure. The downstream paper - making operating rate has declined, and demand has weakened. The previous increase in pulp futures prices was also affected by capital, and the current decline is a return to a relatively normal price [2][3]. - **Trading - type Strategy Recommendations** - Futures trading can consider temporary waiting and watching, or short - term shorting at high levels. Options strategies can also wait and watch temporarily. The 12 - 01 backwardation spread arbitrage can continue to be held [15]. - **Industrial Customer Operation Recommendations** - For enterprises with high inventories of finished products (needle pulp/offset printing paper) who are worried about price drops, they can short pulp/offset printing paper futures to lock in profits and cover production costs, or sell call options to collect premiums. For papermaking enterprises with low inventories that want to purchase according to orders, they can buy pulp/offset printing paper futures to lock in procurement costs in advance, or sell put options to collect premiums [9]. 3.2 This Week's Important Information - **Positive Information** - Some pulp mills are under maintenance, and European port pulp inventories decreased in September [11]. - **Negative Information** - Port inventories have accumulated, the Thurderbay pulp mill and the US Woodland pulp mill will switch to producing needle pulp, and the bidding situation of paper enterprises is poor [16]. - **Spot Transaction Information** - The report provides detailed price information on various types of pulp, including futures prices, domestic spot prices, and domestic finished - paper average prices, as well as their price changes [17]. 3.3 Disk Interpretation - **Price - Volume and Capital Interpretation** - The SP2601 contract fluctuated widely this week. Both long and short positions showed signs of slight reduction. The RSI indicator rose and is still in the buying range but is approaching the neutral range, with a high possibility of continued short - term fluctuations [19]. - **Basis and Spread Structure** - The 12 - 06 contract maintains a C - structure, and the 07 - 11 contract is in a B - structure. The suppression of needle pulp warehouse receipts continues, and the current inventory reduction is slow. Attention can be paid to the 12 - 01 spread backwardation arbitrage [22]. 3.4 Supply, Demand, and Inventory - **Inventory** - On November 21st, the inventory was 2.173 million tons (+63,000 tons), showing a significant increase compared to last week. The domestic monthly import volume of needle pulp in late September was 760,000 tons, showing a rebound from August. The global pulp shipment volume to China at the end of August increased by 5.7% month - on - month, which will put pressure on subsequent pulp inventory reduction. The inventories of downstream finished papers in enterprises are continuously accumulating, and the profit margins have declined this week, restricting the raw - material replenishment actions of downstream enterprises [26]. - **Supply** - It includes domestic production volume and import volume. The report provides historical data and seasonal charts of domestic pulp production and import volume [51][53]. - **Demand** - It includes the capacity utilization rate, production volume, export volume, and consumption volume of finished papers. The report provides historical data and seasonal charts of these aspects [60][64][68][73].

天眼查App显示，近日，中山市顺尔美纸业有限公司成立，注册资本5万人民币，经营范围为一般项 目：纸制品制造；纸制品销售；复印和胶印设备制造；纸和纸板容器制造；塑料制品销售；塑料制品制 造；包装材料及制品销售；包装服务；专业设计服务；互联网销售（除销售需要许可的商品）；货物进 出口；技术进出口；办公服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可 项目：印刷品装订服务；包装装潢印刷品印刷；文件、资料等其他印刷品印刷；特定印刷品印刷。（依 法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证 件为准）。 ...

Group 1 - The core viewpoint of the article is that Kane Co., Ltd. (SZ 002012) has engaged in a research meeting with Hangzhou Zheyun Private Fund Management Co., Ltd. on November 20, 2025, where key executives participated in addressing investor inquiries [1] - For the first half of 2025, Kane Co., Ltd.'s revenue composition shows that paper-based functional materials accounted for 98.83%, while other businesses contributed 1.17% [1] - As of the report date, Kane Co., Ltd. has a market capitalization of 2.8 billion yuan [1]

编号：2025-005 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 杭州哲云私募基金管理有限公司基金经理葛列刚 | | 人员姓名 | | | 时间 | 年 月 日（周四） 2025 11 20 | | 地点 | 公司会议室 | | 上市公司接待人 | 1、董事、董事会秘书、财务总监杨照宇 | | 员姓名 | 2、证券事务高级经理董成龙 投资者提出的问题及公司回复情况 | | | 1、公司控股股东合并破产事项有什么进展？ | | | 公司就投资者提出的问题进行了答复，主要交流内容如下： | | 投资者关系活动 | 答：公司于 2024 年 6 月 29 日披露《关于控股股东被申请实质 | | 主要内容介绍 | 合并破产清算的公告》，目前尚未收到进一步信息。后续我们 | | | 会积极关注股东进展并及时按要求披露进展公告。 | | | 2、公司目前业务经营情况如何？ | | | 答：公司现有生产经 ...

天眼查App显示，近日，润纸家（深圳）纸业有限公司成立，法定代表人为冉冬来，注册资本115万人 民币，经营范围为一般经营项目是：纸制品销售；办公用品销售；包装材料及制品销售；塑料制品销 售；办公设备耗材销售；互联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭营业 执照依法自主开展经营活动），许可经营项目是：特定印刷品印刷。（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...