Group 1 - The paper industry chain is expected to see a price recovery due to multiple factors such as the approaching peak season, collaboration among leading companies, and low levels of profitability and inventory [1] - Leading paper manufacturers are anticipated to benefit from higher raw material self-sufficiency and economies of scale [1] - Recommendations include companies with strong operational capabilities such as Sun Paper (002078.SZ) and Nine Dragons Paper (02689), which is accelerating its integrated layout of boxboard and pulp [1] Group 2 - The price of recycled paper has accelerated, with a significant increase in August, where prices for recycled boxboard rose by 125-195 RMB compared to early July, and AA-grade high corrugated prices increased by 165-265 RMB [1] - The company expects continued price increases in August and September, leading to a widening price gap and a recovery in profitability [1] - In the wood pulp sector, domestic prices for hardwood pulp have risen by 150-190 RMB/ton compared to early July, with international prices also increasing [2] - The upcoming peak season is expected to drive further price increases for hardwood pulp as paper manufacturers replenish their stocks [2]

8月13日晚，岳阳林纸（600963）公告，拟以债权转股权方式向全资子公司茂源林业增资14亿元。增资 完成后，茂源林业的注册资本将由4.71亿元增加至18.71亿元。此次增资不需提交股东大会审议，且不构 成关联交易或重大资产重组。 资料显示，截至2024年12月底，茂源林业的资产总额为34.39亿元，负债总额为29.61亿元，资产负债率 为86%。 岳阳林纸表示，此次增资是为了响应国资管控的需要和战略转型。根据国资委《关于中央企业降杠杆减 负债的指导意见》，公司实际控制人中国诚通控股集团有限公司要求推动高负债子企业资产负债率尽快 回归合理水平。茂源林业属于传统产业，对国家政策及自然因素依赖程度高，国家生态保护政策趋严， 仅靠自身经营降低资产负债达到管控目标，短时间几乎无法实现。 另一方面，根据岳阳林纸整体战略规划发展需要，茂源林业定位为功能公司，力争做到为直接控制人全 系统30%的纤维原料供应提供保障。目前处于转型发展时期，资产负债率过高严重制约其市场信誉度、 银行授信、核心竞争力，不利于战略目标实现。 通过此次增资，茂源林业的资产负债率将降低至约45%，有利于改善茂源林业的资产负债结构，提高其 抗风险能力， ...

Group 1 - The SP2509 contract experienced significant volatility in July, rising from 5080 points to a peak of 5560 points, an increase of 9.4%, followed by a decline of 6.1% in the last week [1] - The macroeconomic factors are driving the market more than the fundamentals, as indicated by the stable pulp spot market and weakening basis [1] - Global economic indicators, such as Citigroup's Global Surprise Index, have remained above zero this year, with most data exceeding expectations [1] Group 2 - In June, China's social financing increased by 4.20 trillion yuan, marking seven consecutive months of year-on-year growth, supporting the logic of a strong macroeconomic environment [1] - The supply of hardwood pulp has decreased compared to softwood pulp, while downstream consumption continues to rise, indicating a better fundamental outlook for hardwood pulp [1] - The price spread between hardwood and softwood pulp is expected to narrow from -174 points to -1211 points by the second half of 2024, reflecting an improvement in hardwood pulp fundamentals [1] Group 3 - The softwood pulp supply side is underperforming, with a sales-to-inventory ratio of 0.92 in Europe for June, leading to seven consecutive months of inventory accumulation [1] - Domestic imports of softwood wood chips and pulp reached 793,000 tons in June, marking a marginal increase for seven consecutive months, which negatively impacts SP valuations [1] - The domestic paper industry is facing ongoing operational pressures, with total profits decreasing by 21.4% year-on-year in June and total losses increasing by 29.8% year-on-year [1] Group 4 - In May, electricity consumption in the paper industry was 846 million kilowatt-hours, a year-on-year decrease of 2.1%, falling below the average of 875 million kilowatt-hours for the previous year [1] - By the end of July, the paper industry issued an anti-involution initiative, aiming to reduce finished paper production, limit wood pulp capacity expansion, and improve the quality of finished paper [1] - Overall, the market fundamentals are considered average [1]

Group 1 - The report indicates that the "bull market atmosphere" is continuously strengthening, with the main logic of "anti-involution" significantly improving the supply-demand structure for midstream manufacturing in 2026 [6][14] - The report suggests that the conditions for residents to fully allocate equity are still lacking, but the profit effect is accelerating, potentially leading to an earlier time for comprehensive incremental speculation in A-shares [6][14] - The report recommends actively seeking new structural opportunities in the current market phase, which is seen as a transitional stage for the market to find the main structure of the bull market [6][14] Group 2 - The report highlights the "iron triangle" stocks: Ruike Laser, Giant Network, and Heng Rui Medicine, which are expected to perform well due to their strong market positions and growth potential [6][17] - Other recommended stocks include: Pengding Holdings, Yangnong Chemical, Sun Paper, Zhongmin Resources, China Shipbuilding, Maifusi (Hong Kong), and Jianfa International Group (Hong Kong) [6][17] - The report emphasizes the importance of technology with industrial trend catalysts and midstream manufacturing with improved supply-demand dynamics as key investment themes [6][14] Group 3 - The previous stock combination from July 1 to July 31, 2025, achieved a return of 5.11%, with A-shares averaging a 3.53% increase, while the Hang Seng Index saw an increase of 2.91% [6][2] - Since the first release of the stock combination on March 28, 2017, the cumulative increase has reached 322.85%, with A-shares up 251.34% and Hong Kong stocks up 809.47% [6][2] - The report provides detailed performance metrics for the recommended stocks, including market capitalization and price changes, indicating a strong performance relative to benchmarks [6][15]