Group 1 - The company, International Paper, is splitting into two publicly traded companies [1] - One company will retain the International Paper brand for North American operations [1] - The other company will be created for operations in Europe, the Middle East, and Africa [1]

证券代码：600963 证券简称：岳阳林纸 公告编号：2026-003 岳阳林纸股份有限公司 关于子公司解除《温室气体自愿减排 项目林业碳汇开发合作合同》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、原合同签订情况 2022年7月14日，岳阳林纸股份有限公司（以下简称"公司"）全资子公司诚通碳汇经营管理（湖南）有 限责任公司（原名：湖南森海碳汇开发有限责任公司，以下简称"诚通碳汇"）与西藏自治区日喀则市人 民政府、西藏国有资产管理有限公司签订了《温室气体自愿减排项目林业碳汇开发合作合同》(以下简 称"《合同》")，约定对日喀则市的森林/林地进行碳汇开发，详见公司于2022年7月15日在上海证券交易 所网站发布的《关于子公司签署〈温室气体自愿减排项目林业碳汇开发合作合同〉的公告》（公告编 号：2022-038）。 二、终止的原因 2026年1月24日，诚通碳汇收到《日喀则市人民政府关于解除西藏日喀则市〈温室气体自愿减排项目林 业碳汇开发合作合同〉的函》，因西藏自治区关于林草碳汇资源开发及交易政策调整，原三方签订的 ...

Core Viewpoint - TotalEnergies has entered into a long-term agreement to supply renewable electricity to SWM, indicating a strategic move towards sustainable energy solutions in the manufacturing sector [1] Group 1: Company Details - TotalEnergies will supply 800 gigawatt-hours of renewable electricity to SWM over a period of 10 years [1] - The agreement covers three sites located in France, showcasing TotalEnergies' commitment to expanding its renewable energy footprint [1]

Core Insights - The U.S. logistics, manufacturing, and supply-chain sectors are experiencing significant layoffs, facility closures, and bankruptcy filings, affecting over 2,200 workers nationwide as companies face challenges such as lost contracts, high costs, excess capacity, and tighter credit conditions [6]. Company-Specific Summaries - Kroehler Furniture Co. has permanently closed its manufacturing facility in Conover, North Carolina, resulting in the layoff of more than 275 employees as part of a restructuring to improve long-term viability amid high wood fiber and energy costs [1]. - Packaging Corporation of America plans to lay off about 200 employees at its containerboard mill in Wallula, Washington, following the permanent shutdown of a paper machine and kraft pulping operations [2]. - AVI Food Systems is set to lay off 297 employees in Philadelphia due to a facility closure, impacting large institutional foodservice operations [4]. - RailCrew Xpress is laying off over 400 employees across multiple states after losing a major contract with CSX [5]. - I Squared Logistics has laid off 160 workers in North Carolina after abruptly shutting down operations as an Amazon delivery service partner [8]. - The Giant Co. plans to close five e-commerce fulfillment centers in Pennsylvania, resulting in the layoff of 128 workers [9]. - United Parcel Service is closing a distribution facility in Montgomery, Alabama, leading to the layoff of 128 employees as part of a broader restructuring [11]. - Comprehensive Logistics laid off 105 workers in Georgia after losing a major contract [12]. - Archer Daniels Midland will close its Memphis facility, resulting in the layoff of 95 employees as part of a new joint venture [13]. - FedEx is laying off 89 employees at a facility in Fort Worth, Texas, as part of its multiyear Network 2.0 reorganization [14]. - Microplastics Inc. has laid off 86 employees and shut down its Illinois plant amid asset sale negotiations [15]. - Post Consumer Brands is cutting 71 jobs at its Michigan cereal plant after halting production of several product lines [16]. - U.S. Endodontics is laying off 70 workers from its Tennessee facility, with no reason provided for the reduction [17]. - GNC is laying off 66 workers from its Phoenix distribution center, with no disclosed reason [18]. - United Piston Ring is closing its Wisconsin plant, resulting in the layoff of about 60 employees as part of a restructuring [19]. - Ryder Integrated Logistics is laying off 59 employees following the closure of a facility in Illinois [20]. - Ample Inc. filed for Chapter 11 bankruptcy protection amid severe cash shortages, reducing its workforce from approximately 120-160 to just a few employees [21][22]. - FlexShopper Inc. filed for Chapter 11 bankruptcy, reporting less than $1 million in assets and liabilities ranging from $100 million to $500 million [23][24]. - Food52 Inc. filed for Chapter 11 bankruptcy protection, citing sustained cash burn and declining demand, with revenue dropping from approximately $160 million in 2021 to about $74.7 million in 2024 [26][28].

Core Viewpoint - UPM and Sappi have signed a nonbinding letter of intent to create a joint venture focused on the graphic paper market, with both companies owning equal shares in the venture [1][2]. Group 1: Joint Venture Details - The joint venture will encompass UPM's Communication Paper business and Sappi's Graphics Paper business in Europe [2]. - This collaboration reflects both companies' long-term commitment to the graphic paper market, aiming to solidify their dedication through actionable steps [2]. Group 2: Shared Values and Culture - UPM and Sappi share common values and similar corporate cultures, emphasizing quality, reliability, and sustainability, which are expected to contribute to the joint venture's success [3].

Financial Performance - Sylvamo's Adjusted EBITDA for Q3 2025 was $151 million, compared to $82 million in Q2 2025 and $193 million in Q3 2024[13] - The Adjusted EBITDA margin for Q3 2025 was 18%, up from 10% in Q2 2025 but down from 20% in Q3 2024[13] - Adjusted Operating Earnings per Share for Q3 2025 was $1.44, compared to $0.37 in Q2 2025 and $2.44 in Q3 2024[13] - Free Cash Flow for Q3 2025 was $33 million, a significant increase from -$2 million in Q2 2025 but lower than $119 million in Q3 2024[13] Market Conditions and Outlook - Uncoated freesheet sales volume increased 7% quarter-over-quarter[12] - Demand in Europe (excluding CIS) was down 5% year-over-year, while supply was down 7% year-over-year[16] - Brazil demand was up 3% year-over-year, while Other Latin America (OLA) demand was down 5%[16] - North America demand was stable year-over-year, with supply recently reduced by approximately 6%[16] Strategic Initiatives - Sylvamo expects to receive approximately 260,000 tons of uncoated freesheet from Riverdale in 2025 and approximately 100,000 tons in 2026[19] - Sylvamo's forestlands in Brazil were appraised at approximately BRL 5 billion in October 2025[20] - The company returned $60 million to shareowners in the quarter[12]

Financial Performance - The company's Q3 2025 sales were $6222 million, compared to $6142 million in Q2 2025 and $3979 million in Q3 2024[23] - Adjusted EBITDA for Q3 2025 was $859 million, up from $670 million in Q2 2025 and $366 million in Q3 2024[24] - The Adjusted EBITDA margin increased to 138% in Q3 2025, compared to 109% in Q2 2025 and 92% in Q3 2024[25] - The company reported an Adjusted EBIT loss of $240 million in Q3 2025, compared to an Adjusted EBIT of $239 million in Q2 2025 and $158 million in Q3 2024[26] - Adjusted Operating EPS was $(043) in Q3 2025, compared to $018 in Q2 2025 and $033 in Q3 2024[27] - Free cash flow was $150 million in Q3 2025, compared to $54 million in Q2 2025 and $309 million in Q3 2024[28] Packaging Solutions North America (PS NA) - PS NA YTD Adjusted EBITDA increased from $123 billion in 2024 to $172 billion in 2025, a 40% increase[16] - PS NA YTD Adjusted EBITDA margin increased by 370 bps, from 120% in 2024 to 157% in 2025[16] - PS NA Adjusted EBITDA increased from $515 million in Q2 2025 to $655 million in Q3 2025[30] - The company expects PS NA Adjusted EBITDA to be $600 million in Q4 2025[37] Packaging Solutions EMEA (PS EMEA) - PS EMEA Adjusted EBITDA increased from $194 million in Q2 2025 to $209 million in Q3 2025[30] - The company expects PS EMEA Adjusted EBITDA to be $230 million in Q4 2025[44] Strategic Initiatives and Targets - The company is targeting approximately $06 billion in incremental Adjusted EBITDA for 2026 from cost out and commercial actions[49] - The company updated its 2025 net sales target to approximately $240 billion and Adjusted EBITDA target to approximately $30 billion[51] - The company updated its 2027 net sales target to approximately $255 billion and Adjusted EBITDA target to approximately $50 billion[51]

Upgrades - Baird upgraded Zions Bancorp (ZION) to Outperform from Neutral with an unchanged price target of $65, advising investors to take advantage of the selloff in shares [2] - Stifel upgraded International Paper (IP) to Buy from Hold with an unchanged price target of $57.80, noting that initial exuberance following the CEO's appointment has been replaced by more realistic expectations [2] - HSBC upgraded Freeport-McMoRan (FCX) to Buy from Hold with a price target of $50, up from $43, citing record-high precious metal prices and copper's outperformance due to supply disruptions [2] - KeyBanc upgraded AppFolio (APPF) to Overweight from Sector Weight with a $285 price target, indicating renewed confidence in the company's momentum following customer conversations at its annual conference [3] - UBS upgraded Deere (DE) to Buy from Neutral with a price target of $535, down from $545, expecting 2026 to be the last year of earnings downturn before recovery in 2027 [4] Downgrades - TD Cowen downgraded Booz Allen (BAH) to Hold from Buy with a price target of $105, down from $125, anticipating a reduction in fiscal 2026 guidance [5] - Barclays double downgraded AST SpaceMobile (ASTS) to Underweight from Overweight with an unchanged price target of $60, citing excessive stock valuation despite attractive opportunities [5] - Raymond James downgraded Bank OZK (OZK) to Market Perform from Outperform without a price target, reducing next year's EPS forecast by roughly 12% due to softer loan growth expectations and higher expenses [5] - Raymond James downgraded Graphic Packaging (GPK) to Market Perform from Outperform without a price target, indicating that recent share weakness limits differentiation [5] - Raymond James downgraded Silgan Holdings (SLGN) to Outperform from Strong Buy with a price target of $53, down from $60, while still constructive on the company, taking a more conservative approach due to caution from Q2 items [5]

Core Viewpoint - Holmen Board and Paper has launched Holmen Elevate, a new lightweight kraftliner that is positioned as the lightest on the market, designed for sustainable packaging solutions [1][2] Product Features - Holmen Elevate is available in 72gsm, 82gsm, and 92gsm options, offering water-resistance and recyclability [1] - The kraftliner is suitable for lightweight corrugated packaging and has been approved for direct food contact [2] Sustainability and Production - The product is made from fresh fibres sourced from sustainably managed forests, utilizing a resource-efficient supply chain that incorporates pulpwood and wood chips from Holmen's co-located sawmill [2] - Holmen Elevate boasts one of the lowest carbon dioxide (CO₂) footprints in the sector, with CO₂ emissions reported to be 80% below the European average for the board and paper sector [2] Strategic Importance - The launch of Holmen Elevate is a significant step in the company's strategy to expand within the containerboard market, addressing current market demands for cost-efficient and low climate impact solutions [3] - The product combines low weight with high strength properties, enabling packaging producers to reduce material consumption and emissions without compromising quality [3]

News Summary Core Viewpoint - The approval of futures and options for various paper products by the China Securities Regulatory Commission (CSRC) indicates a growing interest in the paper market, particularly in pulp and related commodities [1]. Group 1: Market Developments - The CSRC has approved the registration of futures and options for coated printing paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange [1]. - As of August 15, the warehouse futures inventory of pulp was 235,114 tons, a decrease of 39 tons from the previous trading day, while the factory inventory remained stable at 19,240 tons [1]. - By August 14, 2025, the inventory of mainstream ports for pulp in China reached 2.099 million tons, an increase of 51,000 tons from the previous period, reflecting a 2.5% rise [1]. Group 2: Supply and Demand Dynamics - Southwest Futures reports that expectations of supply contraction are driving market sentiment, with major international pulp producers like Suzano and Bracell announcing production cuts or shifts [2]. - External pricing has increased by $20 per ton, providing cost support for the current pulp market, although demand improvements are uncertain [2]. - The transition from the off-peak to peak season in the downstream market is leading paper mills to cautiously pass on cost pressures, but high finished paper inventories and low profit margins are limiting the rebound potential for pulp prices [2]. Group 3: Price Outlook - New Lake Futures indicates that while there is clear cost support for pulp prices, the slight increase in inventory this week has reduced pressure compared to earlier periods [3]. - The overall sentiment in the commodity market is positive, suggesting that pulp prices may maintain a slightly stronger oscillation, although terminal consumption is lagging, limiting the upside potential [3]. - A strategy of low-margin positioning may be advisable given the current market conditions [3].