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永安期货纸浆早报-20251010
Yong An Qi Huo· 2025-10-10 00:46
纸浆早报 研究中心能化团队 2025/10/10 SP主力合约收盘价: 4804.00 | 日期 | 2025/10/09 | 2025/09/30 | 2025/09/29 | 2025/09/26 | 2025/09/25 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 4804.00 | 4834.00 | 4878.00 | 5016.00 | 5060.00 | | 折美元价 | 592.24 | 592.24 | 597.56 | 613.50 | 619.75 | | 距上一日涨跌 | -0.62060% | -0.90201% | -2.75120% | -0.86957% | 0.31721% | | 山东银星基差 | 731 | 731 | 687 | 594 | 550 | | 江浙沪银星基差 | 756 | 726 | 682 | 609 | 565 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | ...
玖龙纸业20251006
2025-10-09 02:00
玖龙纸业 20251006 摘要 九龙纸业销量保持强劲,7 月和 8 月销量均超 200 万吨,库存维持低位, 四季度旺季停机影响有限,行业协会引导价格竞争转向质量竞争,利好 龙头企业。 成品纸价格涨幅开始超过废纸价格,符合传统旺季的良性表现,预计成 品纸和废纸价格将同步上涨,但成品纸价格涨幅更大,公司整体盈利状 况基本保持稳定。 文化用纸市场承压,吨盈利下降,新增产能投放和经济复苏缓慢带来挑 战。九龙纸业通过增加出口订单缓解压力,但 2025 年底盈利仍可能受 压。 白卡纸业务已实现盈亏平衡,受益于新增产能投放,预计整体产能将超 过 300 万吨。市场价格和盈利水平已触底,未来国家消费和经济复苏将 带动市场好转。 2025 年上半年盈利增长主要归功于木浆业务发展,产量集中释放且稳 定性提高,北海和湖北基地贡献显著,同时受益于木片和木炭价格下降。 北海和湖北基地将在 2025 年下半年继续产能爬坡,盈利示范将在 FY26 财年体现,浆纸一体化基地将成为集团未来重要的盈利增长点。 公司制浆平均成本不到 3,000 元/吨,计划 2026 年不再外购木浆,木纤 维产能提升显著降低成本,卡纸类和瓦楞纸类产品吨盈利水 ...
永安期货纸浆早报-20251009
Yong An Qi Huo· 2025-10-09 01:02
纸浆早报 研究中心能化团队 2025/10/09 SP主力合约收盘价: 4834.00 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6200 | -145.57 | | | 雄狮 | CFR | 730 | 5355 | -588.29 | | 智利 | 银星 | CFR信用证 90天 | 700 | 5565 | -136.92 | 注:上一日汇率 - 7.12 美元价格以及人民币价格均采用卓创数据,以13%增值税计算 | 日期 | | | 全国均价 | | | | 山东地区均价 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 针叶浆 | 阔叶浆 | 本色浆 | 化机浆 | 针叶浆 | 阔叶浆 | 本色浆 | 化机浆 | | 2025/09/24 | 6073.75 | 4810.75 | 5415.00 | 3686.25 | 6245.00 | 477 ...
永安期货纸浆早报-20250929
Yong An Qi Huo· 2025-09-29 01:01
纸浆早报 | | 文化用纸 | | 包装纸 | | 生活用纸 | | --- | --- | --- | --- | --- | --- | | | 双胶指数 | 双铜指数 | 白卡指数 | | 生活指数 | | 2025/09/23 | 5725 | 5670 | 4350 | | 839 | | 2025/09/24 | 5725 | 5670 | 4350 | | 839 | | 2025/09/25 | 5725 | 5670 | 4350 | | 839 | | 2025/09/26 | 5725 | 5670 | 4350 | | 839 | | 变化 | 0 | 0 | 0 | | 0 | | | 双胶利润率估算 双铜利润率估算 | | 白卡利润率估算 | | 生活利润率估算 | | 2025/09/23 | 1.9642% | 15.6172% | -12.6135% | | 6.6876% | | 2025/09/24 | 1.9642% | 15.6172% | -12.6135% | | 6.7258% | | 2025/09/25 | 1.9958% | 15.6563% | -12. ...
永安期货纸浆早报-20250926
Yong An Qi Huo· 2025-09-26 02:21
Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on September 25, 2025, was 5060.00 [3] - The closing prices on September 24, 23, 22, and 19 were 5044.00, 5008.00, 5008.00, and 5018.00 respectively [3] - The corresponding converted US dollar prices were 619.75, 618.06, 614.33, 614.20, and 615.64 [3] - The price changes from the previous day were 0.31721%, 0.71885%, 0.00000%, -0.19928%, and 0.07978% [3] - The Shandong Yinxing basis was 550, 566, 602, 602, and 607 respectively [3] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 565, 581, 617, 617, and 632 respectively [3] Group 2: Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion pulp was -154.38, for Canadian Lion pulp was -541.54, and for Chilean Yinxing pulp was -99.83 [4] - The port US dollar prices were 780, 730, and 700 respectively, and the Shandong region RMB prices were 6200, 5425, and 5610 [4] Group 3: National and Regional Pulp Price Averages - From September 19 - 25, 2025, the national average prices for softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4] - The Shandong region average prices for the same types of pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 [4] Group 4: Paper Index and Profit Margin - From September 22 - 25, 2025, the cultural paper (offset paper index, copperplate paper index), packaging paper (white card index), and tissue paper (tissue index) remained unchanged at 5725, 5670, 4350, and 839 respectively [4] - The profit margins for offset paper, copperplate paper, white card, and tissue paper on September 25 were 1.9958%, 15.6563%, -12.3681%, and 6.6876% respectively [4] - The changes in profit margins were 0.0316, 0.0391, 0.2454, and -0.0382 respectively [4] Group 5: Pulp Price Spreads - On September 25, 2025, the softwood - hardwood price spread was 1370.00, the softwood - natural price spread was 210, the softwood - chemimechanical price spread was 1810, and the softwood - waste paper price spread was 4034 [4]
【热点】玖龙纸业利润飙27% 340万吨浆250万吨纸扩产落地
Xin Lang Cai Jing· 2025-09-25 05:13
来源:市场资讯 (来源:中纸网) 9月24日,玖龙纸业发布截至2025年6月30日止年度全年业绩报告。报告显示,玖龙纸业自2024年7月1日 至2025年6月30日财年期间,营业收入为632.4亿元人民币,同比上一财年增长约6.3%;当期毛利润增长 约26.9%达到72.5亿元人民币。玖龙表示毛利润增幅扩大主要是因为原料成本降幅较产品价格降幅更大 更快。 与往年一样,玖龙纸业在财报期内继续推进新项目建设。据悉,该集团位于广西北海、湖北荆州的高端 造纸及原料配置扩产项目顺利投产。今年三季度,荆州、北海基地又分别有年产120万吨白卡纸及70万 吨木浆项目、年产40万吨文化纸项目投产。 目前,玖龙纸业在东莞、太仓、泉州、重庆、荆州、天津、河北、沈阳、乐山、北海共布局了十大生产 基地,产品涵盖牛卡纸、高价特种纸及浆产品、高强瓦楞芯纸、涂布灰底白板纸、白卡纸及文化用纸; 在美国的四家浆纸厂,主要生产单面涂布纸、铜版纸、特种纸等。 截至2025年6月30日止,玖龙纸业的纤维原料、造纸、包装年产能再创新高。其中,纤维原料年产能达 750万吨、造纸年设计产能达2350万吨;瓦楞纸板、纸箱年设计产能约29亿平方米。 在新的财年 ...
玖龙纸业绩后倒跌超3% 全年纯利同比增长约1.35倍
Zhi Tong Cai Jing· 2025-09-25 03:58
Core Viewpoint - Nine Dragons Paper Holdings Limited reported a significant increase in annual performance metrics, yet the stock price declined over 3% following the announcement, indicating market skepticism about future growth potential [1] Financial Performance - Sales volume increased by 9.6% to approximately 21.5 million tons [1] - Revenue rose by approximately 6.3% to 63.241 billion yuan [1] - Gross profit increased by approximately 26.9% to 7.245 billion yuan [1] - Profit attributable to equity holders surged by approximately 135.4% to 1.767 billion yuan [1] Future Capacity Expansion - The company plans to add 2.5 million tons of cultural paper and packaging paper capacity, along with 1.35 million tons of pulp capacity in the fiscal year 2026 [1] - Initial contributions from the increased capacity may be limited and could be offset by lower average pulp prices [1] Profitability Outlook - Citigroup's report suggests that as long as monthly profits remain above 200 million yuan, there is potential for further upward adjustments in profit forecasts for fiscal year 2026 [1]
港股异动 | 玖龙纸业(02689)绩后倒跌超3% 全年纯利同比增长约1.35倍
智通财经网· 2025-09-25 03:56
Core Viewpoint - Nine Dragons Paper Holdings Limited reported a significant increase in sales and profits for the fiscal year ending June 30, 2025, but the stock price fell over 3% following the earnings announcement [1] Financial Performance - Sales volume increased by 9.6% to approximately 21.5 million tons [1] - Revenue rose by approximately 6.3% to 63.241 billion yuan [1] - Gross profit increased by approximately 26.9% to 7.245 billion yuan [1] - Profit attributable to equity holders surged by approximately 135.4% to 1.767 billion yuan [1] Future Capacity Expansion - The company plans to add 2.5 million tons of cultural and packaging paper capacity and 1.35 million tons of pulp capacity in fiscal year 2026 [1] - Initial contributions from the increased capacity may be limited and could be offset by lower average pulp prices [1] Profitability Outlook - Citigroup's report suggests that as long as monthly profits remain above 200 million yuan, there is potential for further upward adjustments in the profit forecast for fiscal year 2026 [1]
大行评级|花旗:上调玖龙纸业目标价至8港元 重申“买入”评级
Ge Long Hui· 2025-09-25 03:49
Core Viewpoint - Citigroup's research report indicates that Nine Dragons Paper Holdings' net profit for the fiscal year ending June 2025 surged 135% year-on-year to 1.767 billion HKD, aligning with earlier guidance of 1.7 billion to 1.9 billion HKD [1] Group 1: Financial Performance - The bank raised its earnings forecasts for the fiscal years 2026 to 2027 by 12% to 16% due to better-than-expected performance [1] - The conservative estimate for the fiscal year ending June 2026 is a 43% year-on-year increase in profit to 2.529 billion HKD [1] - The target price has been adjusted from 6.2 HKD to 8 HKD, maintaining a "buy" rating [1] Group 2: Capacity Expansion - The group plans to add 2.5 million tons of cultural and packaging paper capacity and 1.35 million tons of pulp capacity in the fiscal year 2026 [1] - Initial contributions from the increased capacity may be limited and could be offset by lower average pulp prices [1] Group 3: Profitability and Sales Forecast - As long as monthly profits remain above 200 million HKD, there is potential for further upward adjustments in the profit forecast for fiscal year 2026 [1] - Sales volume for fiscal year 2026 is expected to grow approximately 9% to 23.5 million tons, with a projected net profit per ton of 108 HKD, down from 129 HKD in fiscal year 2025 [1]
永安期货纸浆早报-20250925
Yong An Qi Huo· 2025-09-25 01:51
Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on September 25, 2025 [2] SP Main Contract Closing Price - On September 24, 2025, the SP main contract closing price was 5044.00, with a 0.71885% increase from the previous day. The converted US dollar price was 618.06. The Shandong Yinxing basis was 566, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 581 [3] Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion was -145.57, for Canadian Lion was -533.29, and for Chilean Yinxing was -91.92. The previous day's exchange rate was 7.12 [4] Price Averages - From September 18 - 24, 2025, the national average prices for 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 unchanged [4] - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged from September 19 - 24, 2025 [4] Profit Margins - The double - offset profit margin on September 24, 2025, was 1.9642%, the double - copper profit margin was 15.6172%, the white card profit margin was - 12.6135%, and the living paper profit margin was 6.7258%, with a 0.0382 change compared to previous data [4] Price Spreads - On September 24, 2025, the softwood - hardwood price spread was 1370.00, the softwood - natural price spread was 210, the softwood - chemimechanical price spread was 1785, and the softwood - waste paper price spread was 4034 [4]