S Shanghai Services Federation 上海现代服务业联合会 荣续智库 造纸行业ESG白皮书 摘要 造纸业，串联起原料供应、生产制造、产品应用的完整链条，在当下，肩负起环境、社会与治理的多重责任。 从碳排放管控到资源循环利用，从职业健康守护到供应链协同，行业正以实践书写可持续发展的新篇。 造纸行业作为国民经济的重要基础产业，不仅承载着文化 周光学 高级注册ESG分析师：24RZQLKC601641A 传播、信息记录的历史使命，也在现代经济体系中发挥着 不可或缺的作用。从原材料供应的源头把控，到造纸生产 环节的工艺精进，再到纸产品在各领域的广泛应用，整个 碳管理师：CHINAETSCM20240010170 产业链环环相扣，推动着行业的持续发展。 造纸行业因其与资源、环境的紧密关联，在ESG领域面临 国际通用ESG策略师：SH3650FCA0539 着诸多重要议题。国内政策持续加码，引导行业向绿色、 低碳、循环方向转型；国际政策的变化也对造纸企业的全 王玉周 高级注册ESG分析师：25RZQLKC002999A 球布局与运营提出了新的要求。企业在碳排放管理上不断 碳管理师：CHINAETS ...

箱瓦纸厂节后纷纷提价，如何看后续纸价走势？ 20260226 摘要 2026 年初瓦楞纸、箱板纸市场呈现与往年不同的特点，1 月龙头企业大 幅降价去库存，累计降幅达 150-350 元/吨，为节后提价奠定基础。纸 厂主动降价旨在转移库存压力，为后续销售政策和利润表现创造有利条 件。 春节后复工虽顺畅，但行业复工率低于 2025 年，部分地区受环保影响 停机，大型纸厂轮停，供应压力减小。九龙、山鹰等大厂提前至 2 月 25 日上调价格 50 元/吨，中小纸厂跟随，双一级瓦楞纸和箱板纸均价分别 升至 2,733 元/吨和 3,545 元/吨。 需求端出现分化，二级厂消化节前订单为主，新订单不足；终端快消品 和快递行业恢复慢，库存多，补库意愿不强，将影响 3 月后走势。下游 心态谨慎，以消化自身库存为主，对涨价接受度理性。 2026 年市场驱动由需求转向供给优化与预期博弈。纸厂库存偏低，社 会库存处于中位水平，上下游具备补库弹性。短期看涨预期，转折点或 在 3 月下旬，4-5 月淡季供应增加，价格大概率震荡下行。 Q&A 春节前到春节后，瓦楞纸、箱板纸价格走势发生了哪些变化，主要驱动因素是 什么？ 春节后开工以来， ...

太阳纸业（002078.SZ）2025 年业绩快报点评 Q4 盈利环比改善，龙头α属性凸显 glmszqdatemark 太阳纸业发布 2025 年业绩快报： 2025 年公司实现营收 391.84 亿元（同比- 3.79%），归母净利润 32.58 亿元（同比+5.05%），扣非归母净利润 32.00 亿元 （同比-1.07%）；其中 Q4 公司实现营收 102.48 亿元（同比+5.10%），归母净利 润 7.58 亿元（同比+18.01%），扣非归母净利润 7.29 亿元（同比+13.29%）。 南宁新产能投产，2025Q4 收入同比/环比分别增加 5.10%/4.33%。价：25Q4 双胶纸/铜版纸/箱板纸/瓦楞纸/阔叶浆（内盘）/针叶浆（内盘）吨均价环比分别 变动-3.26%/-8.42%/+7.34%/+16.56%/+6.65%/-4.71%，文化纸价格承压，废 纸成本支撑下箱板瓦楞纸价格走强。量：广西基地2条高档包装纸（南宁园区PM11 和 PM12）、4 条生活用纸生产线（南宁园区 PM16、PM17、PM18 和 PM19）、 40 万吨特种纸（南宁园区 PM9）、35 万吨化学浆、15 ...

证券研究报告——造纸行业周报 龙头纸企提价待落地 【2026.2.9-2026.2.15】 行业评级：看好 核心观点 发布日期：2026.2.25 分析师：杨素婷 执业证书编号：S0770524020002 邮箱：yangst@dtsbc.com.cn 研究助理：温慧 执业证书编号：S0770125070012 邮箱：wenh@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 风险提示 需求不及预期风险，原材料价格波动风险，政策落地偏差风险。 请务必阅读最后一页免责声明 1 造纸行情走势图 纸品价格保持平稳，龙头提价节奏延续：本周纸品价格整体平 稳，箱板纸、瓦楞纸、白卡纸、白板纸价格均与上周持平。行 业提价逻辑持续强化，玖龙等龙头此前已落地 2 月调价，3 月 提价计划明确，白卡纸春节后提价概率较高，叠加多数纸厂停 机检修导致供给收缩，为后续纸价上行奠定基础。 数据来源：Wind 大同证券 纸浆库存回升价格下行，供需格局相对宽松：纸浆期货库存升 至 15.46 万吨（周增 8165 吨），期货收盘价下降 84 元/吨至 5160 元/吨；国内漂 ...

Group 1 - The core focus of the news is on Linping Development, a company specializing in the research and production of corrugated paper and boxboard, which is set to be listed on the Shanghai Stock Exchange. The company has established a strong reputation with 27 patents and has participated in drafting national industry standards, showcasing its commitment to quality and innovation [1] - Linping Development has automated its entire production process, resulting in a high product qualification rate and lower costs compared to competitors. The company has long-term stable partnerships with major downstream companies like Hexing Packaging, significantly exceeding the industry average in production and sales scale [1] - The company is pursuing a circular economy model through waste paper recycling and cogeneration, which not only enhances its environmental credentials but also provides cost advantages. It has previously received recognition as an advanced private enterprise in poverty alleviation in Anhui province [1] Group 2 - The news highlights the importance of understanding market dynamics beyond just news headlines. It emphasizes that institutional trading behavior is crucial for stock pricing, and relying solely on news can lead to poor investment decisions [3][5] - The article discusses how quantitative data tools can help investors discern the underlying market logic, allowing them to make more informed decisions rather than reacting emotionally to market fluctuations [11] - The narrative illustrates the contrast between stocks that are influenced by institutional trading versus those driven by retail investors, emphasizing the need for a data-driven approach to investment strategies [9][11]

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. has officially listed on the Shanghai Stock Exchange, marking a significant milestone for the company in the packaging paper industry [2][4]. Group 1: Company Overview - Established in 2002, Linping Development specializes in the research, production, and sales of corrugated paper and boxboard, with products widely used in logistics and packaging [2][4]. - The company has gained recognition in the circular paper industry, with its "Linping" trademark awarded as a famous Chinese trademark and its high-grade A-level coated corrugated paper recognized as an Anhui famous brand product [4]. Group 2: Production Capacity and Financial Performance - In 2024, Linping Development's total paper output is projected to reach 1.0197 million tons, placing it among the top 30 paper enterprises in China [4]. - The company's revenue for 2022, 2023, and 2024 is reported as 2.879 billion yuan, 2.800 billion yuan, and 2.485 billion yuan, respectively, with net profits of 154 million yuan, 212 million yuan, and 153 million yuan [4]. - Following a period of low-price competition, the company anticipates a return to strong growth in 2025, with expected revenue between 2.640 billion yuan and 2.780 billion yuan, representing a year-on-year growth of 6.23% to 11.87% [4]. Group 3: Future Projects and Investment - The IPO proceeds will be allocated to two major projects: a 900,000-ton green and intelligent manufacturing new materials project (Phase II) and a 600,000-ton bio-based fiber green intelligent manufacturing new materials project [5]. - Upon completion, these projects will enable the production of 300,000 tons of corrugated paper and boxboard annually, significantly enhancing the company's production capacity and addressing current capacity bottlenecks [7].

1 月行业提价逐步落地，盈利进入改善通道 [Table_Industry] 造纸业 造纸行业月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 1 月阔叶浆价格上涨，白卡纸继续发布提价函，文化纸价格企稳，盈利略有承压，预 计木浆市场供应先降后增，需求跟进不足，白纸价格逐步传导，黑纸价格承压。 投资要点： [Table_Report] 相关报告 造纸业《12 月包装纸延续上涨，文化纸待回暖》 2026.01.07 造纸业《11 月包装纸延续上涨，文化纸待回暖》 2025.12.10 造纸业《10 月包装纸表现较好，文化纸需求较 弱》2025.11.16 造纸业《全球视角看阔叶木材供需变化趋势》 2025.10.26 造纸业《9 月多数纸种价格上涨，文化纸 ...

1 月行业提价逐步落地，盈利进入改善通道 [Table_Industry] 造纸业 造纸行业月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 1 月阔叶浆价格上涨，白卡纸继续发布提价函，文化纸价格企稳，盈利略有承压，预 计木浆市场供应先降后增，需求跟进不足，白纸价格逐步传导，黑纸价格承压。 投资要点： [Table_Report] 相关报告 造纸业《12 月包装纸延续上涨，文化纸待回暖》 2026.01.07 造纸业《11 月包装纸延续上涨，文化纸待回暖》 2025.12.10 造纸业《10 月包装纸表现较好，文化纸需求较 弱》2025.11.16 造纸业《全球视角看阔叶木材供需变化趋势》 2025.10.26 造纸业《9 月多数纸种价格上涨，文化纸 ...

Core Viewpoint - Linping Development's successful IPO marks a significant milestone in its capital empowerment and high-quality development, showcasing the expertise of Guolian Minsheng Securities in the green industry investment banking sector [1][2] Group 1: IPO Details - Linping Development issued 18.8537 million shares at a price of 37.88 yuan per share, raising a total of 714 million yuan [1] - The funds raised will primarily be used for the "Annual Production of 900,000 Tons of Green Environmental Protection Intelligent Manufacturing New Materials Project (Phase II)" and the "Annual Production of 600,000 Tons of Bio-based Fiber Green Intelligent Manufacturing New Materials Project" [1] Group 2: Company Strategy and Achievements - Linping Development has been implementing a dual-driven development strategy of "green manufacturing + circular economy," focusing on resource efficiency and environmental friendliness [3] - The company has received multiple honors, including the title of "Famous Trademark of China" and "Anhui Province Famous Brand," reflecting its stable product quality and market recognition [3] - Linping Development emphasizes R&D investment in new technologies and equipment to enhance product quality, production efficiency, and reduce costs [3] Group 3: Future Plans - The company aims to focus on the R&D, production, and sales of corrugated paper and boxboard, enhancing its core competitiveness through technological innovation and capacity expansion [4] - Linping Development aspires to become a benchmark enterprise in green intelligent manufacturing within the paper industry, integrating waste paper recycling, ecological papermaking, and cogeneration [4]

Core Viewpoint - Anhui Linping Circular Development Co., Ltd. successfully listed on the Shanghai Stock Exchange, marking it as the first listed company in Anhui province in 2026 and the fourth on the main board of the Shanghai Stock Exchange [1] Group 1: Company Overview - Linping Development focuses on the research, production, and sales of corrugated paper and boxboard, which are the largest products in China's paper and board industry, widely used in logistics and packaging [3] - The company ranks among the top in the industry in terms of production capacity, with raw paper output of 863,800 tons in 2022, projected to reach 1,053,500 tons in 2024 [3] - Linping Development has established long-term partnerships with well-known companies such as Hexing Packaging and Xiamen Guomao, enhancing its market position [3] Group 2: Financial Performance - The company demonstrated strong profitability with revenues of 2.879 billion yuan in 2022, 2.800 billion yuan in 2023, and projected 2.485 billion yuan in 2024, alongside net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [4] - For the first ten months of 2025, the company achieved revenue of 2.193 billion yuan and a net profit of 136 million yuan, indicating a stable operational trend [4] Group 3: Market and Policy Environment - The company benefits from national support for resource recycling industries under the "dual carbon" goals, aligning with the country's strategy for circular economy and green industries [5] - The booming e-commerce and logistics sectors are driving demand for packaging paper, with national paper and board consumption expected to reach 136.34 million tons in 2024, a year-on-year increase of 3.56% [5] Group 4: Research and Development - Linping Development maintains a high level of R&D investment, with R&D expenses consistently above 3% of revenue, totaling approximately 94.79 million yuan in 2022 [5] - The company has obtained 27 patents, focusing on key areas such as wastewater treatment and energy-efficient production, which enhance resource utilization and reduce operational costs [5] Group 5: Future Growth and Capital Utilization - The funds raised from the IPO will be used for projects aimed at increasing production capacity, including a 900,000-ton green intelligent manufacturing project and a 600,000-ton bio-based fiber project [6] - Upon completion, the company's total raw paper capacity will increase from 1.15 million tons to 2.35 million tons, aligning with industry trends towards lightweight, high-strength, and environmentally friendly packaging [6] - The successful listing opens avenues for Linping Development to leverage capital for accelerated growth, reinforcing its competitive edge in the industry [6]