国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2026年2月8日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 行业资讯 1 行业资讯 1.【常熟港纸浆库存统计】截至2026年2月5日，中国纸浆常熟港库存61.2万吨，较上周期下降1.3万吨，环比下降2.1%。本周常熟港库存呈现去库走势。 2.【青岛港纸浆库存统计】截至2026年2月5日，中国青岛港港内及港外仓库纸浆库存141万吨，较上周上涨2.0万吨，环比上涨1.4%。本周期青岛港库存周期内呈现 累库的走势。 3.【高栏港纸浆库存统计】截至2026年2月5日，中国纸浆高栏港库存4.2万吨，较上周下降0.3万吨，环比下降6.7%。本周期高栏港库存呈现去库的趋势。 4.【中国纸浆 ...

国泰君安期货·能源化工 纸浆周度报告 国泰君安期货研究所·高琳琳 投资咨询从业资格号：Z0002332 日期：2026年2月8日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 行业资讯 01 行情数据 02 基本面数据 03 本周观点总结 04 行业资讯 行情走势 基差与月差 现货价格 供给 库存 需求 本周观点总结 Special report on Guotai Junan Futures 2 1 6.【五洲特纸（江西）40万吨高档信息纸、70万吨纸及10万吨涂布纸项目环评第二次公示】五洲特种纸业（江西）有限公司年产40万吨高档信息纸、70万吨纸及10 万吨涂布纸项目环境影响报告书征求意见稿现已编制完成，即将报送环境保护行政主管部门审批。按照生态环境部部令第4号《环境影响评价公众参与办法》的规 定要求，现向公众公开项目有关环境保护的信息。 行业资讯 7.【浆自给率近80%！冠豪高新土地收储＋项目投产齐推进】2月2日，冠豪高新（600433.SH）就投资者关注的红塔仁恒土地收储及在建项目进展作出回应，多项重 ...

Core Viewpoint - Minfeng Special Paper announced the failure of its second asset auction, indicating challenges in asset liquidation and operational adjustments following the closure of its Nanhu plant [2][3] Group 1: Asset Auction Details - The company attempted to sell unused equipment from the Nanhu plant through public auction but failed to attract any bidders in both the first and second rounds [2] - The initial auction price was set at 169,968,254.00 yuan, which was reduced by 10% to 152,971,428.60 yuan for the second auction after the first round ended in failure [2] - The assets for sale included multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [3] Group 2: Operational Changes - The Nanhu plant was fully shut down by the end of June this year, with production operations shifting to a modernized facility in Haiyan [2] - The company aims to enhance asset efficiency and liquidity through the sale of these unused assets [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit of 18.64 million yuan, down 69.43% year-on-year [3] - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3]

Core Viewpoint - Minfeng Special Paper's assets are being auctioned off due to operational shifts, with two rounds of auctions resulting in no buyers, prompting a price reduction for the second attempt [1][2]. Group 1: Auction Details - The company announced a second auction for unused assets from the Nanhu plant, which has been fully shut down since June 2023, with the initial auction price set at 169,968,254.00 yuan, later reduced by 10% to 152,971,428.60 yuan after the first auction failed [1][2]. - The assets for sale include multiple paper machines and other equipment, with some items being removed from the auction list based on the company's needs [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 889 million yuan, a year-on-year decrease of 23.61%, and a net profit attributable to shareholders of 18.64 million yuan, down 69.43% compared to the previous year [2]. Group 3: Market Reaction - As of November 27, the company's stock price increased by 1.19%, closing at 6.79 yuan per share, with a total market capitalization of 2.385 billion yuan [3].