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: Packaging Paper Industry - From June 26, some paper manufacturers in Shandong started a new round of maintenance, exacerbating supply-demand conflicts in the packaging paper industry during the traditional off-season [1] - The packaging paper market, represented by corrugated and boxboard paper, continued its downward trend from the second half of 2024, with market average prices showing a decline both month-on-month and year-on-year [1] - Analysts indicate that the main reason for the difficulty in halting the decline in the packaging paper industry is the prominent supply-demand imbalance, with increased supply from new production capacity and weakened market demand due to a significant drop in export orders [1] Group 2: Cultural Paper Market - The cultural paper market also exhibited a "more declines than increases" trend in the first half of the year, with double offset paper prices overall declining and reaching near two-year lows [2] - The decline in terminal consumption and fluctuating external conditions have led to weak demand for double offset paper, resulting in frequent price fluctuations and market averages falling below expectations [2] - The dual pressure of prominent supply-demand imbalance and declining costs has led listed paper companies to focus on pulp-paper integration and digital transformation to reshape the competitive landscape [2] Group 3: Company Developments - Shandong Sun Paper Industry plans significant investments in 2025, with multiple projects in its Nanning base, including high-end packaging paper production lines and various pulp production lines, set to enter trial production in the fourth quarter of 2025 [3] - Shandong Huatai Paper has successfully launched China's first "industry brain" for paper making, utilizing AI to achieve full-process digitalization and intelligence from raw material procurement to production, sales, logistics, and finance [3] - Analysts predict that the overall oversupply in the packaging and cultural paper industries will remain unchanged, with expectations of continued price competition and low market prices in the short term [3]