欢迎扫描下方二维码关注： 片图 享受主体 以农作物秸秆及壳皮等为原料生产纤维板等产品的纳税人 推动乡村特色产业发展 促进农业经济循环发展税收优惠 以农作物秸秆及壳皮等原料生产的 纤维板等产品取得的收入减按 90%计入企业所得税 优惠内容 自2021年1月1日起，对企业以农作物秸秆及壳皮（粮食作物秸秆、粮食壳皮、玉米芯等）、林业三剩物、次小薪材、蔗渣、糠醛渣、菌糠、酒 糟、粗糟、中药渣、畜禽养殖废弃物、畜禽屠宰废弃物、农产品加工有机废弃物为主要原材料，生产的纤维板、刨花板、细木工板、生物质压块， 生物质破碎料、生物天然气、热解燃气、沼气、生物油、电力、热力、生物炭、活性炭、栲胶、水解酒精、纤维素、木质素、木糖、阿拉伯糖、糠 醛、土壤调理剂、有机肥、膨化饲料、颗粒饲料、菌棒、纸浆、秸秆浆、纸制品等取得的收入，减按90%计入企业所得税收入总额。 享受条件 1.产品原料70%以上来自所列资源。 2.产品符合国家和行业标准。 政策依据 3.《财政部税务总局发展改革委生态环境部关于公布〈环境保护、节能节水项目企业所得税优惠目录（2021年版）〉以及〈资源综合利用企业 所得税优惠目录（2021年版）〉的公告》（2021年第 ...

欢迎扫描下方二维码关注： 推动乡村特色产业发展 促进农业经济循环发展税收优惠 以农作物秸秆为原料生产纸浆、秸秆浆 和纸实行增值税即征即退50% 片图 享受主体 以农作物秸秆为原料生产纸浆、秸秆浆和纸的纳税人 优惠内容 对销售自产的以农作物秸秆为原料生产的纸浆、秸秆浆和纸实行增值税即征即退50%政策。 享受条件 1.纳税人在境内收购的再生资源，应按规定从销售方取得增值税发票;适用免税政策的，应按规定从销售方取得增值税普通发票。销售方为依法 依规无法申领发票的单位或者从事小额零星经营业务的自然人，应取得销售方开具的收款凭证及收购方内部凭证，或者税务机关代开的发票。本款 所称小额零星经营业务是指自然人从事应税项目经营业务的销售额不超过增值税按次起征点的业务。 纳税人从境外收购的再生资源，应按规定取得海关进口增值税专用缴款书，或者从销售方取得具有发票性质的收款凭证、相关税费缴纳凭证。 纳税人应当取得上述发票或凭证而未取得的，该部分再生资源对应产品的销售收入不得适用本公告的即征即退规定。 不得适用本公告即征即退规定的销售收入=当期销售综合利用产品和劳务的销售收入×（纳税人应当取得发票或凭证而未取得的购入再生资源成 本÷ ...

Group 1 - The core viewpoint of the article is that Yuegui Co., Ltd. is intensifying its investment in the mining sector by acquiring mining rights for quartzite in Guangdong Province, which aligns with the company's strategic development plan for sustainable growth [2][3] - Yuegui Co., Ltd.'s subsidiary, Jingyuan Mining, won the bidding for mining rights at a price of 222 million yuan, with a resource reserve of 18.163 million cubic meters and an annual production capacity of 2.6 million tons [2] - The company reported that its mining sector is the largest revenue source, contributing 39.59% of total income, with mining, sugar, paper, and chemical businesses generating revenues of 538 million yuan, 292 million yuan, 198 million yuan, and 186 million yuan respectively [3] Group 2 - In the first half of 2025, Yuegui Co., Ltd. achieved a revenue of 1.359 billion yuan, a year-on-year increase of 1.29%, and a net profit of 234 million yuan, reflecting a significant year-on-year growth of 72.99% [4] - The company's net profit has shown consistent growth over seven consecutive quarters, with notable increases in each quarter, including a staggering 163.26 times increase in one quarter [5] - The company's debt-to-asset ratio improved to 33.84% by the end of the first half of 2025, down from 37.61% in the same period of 2024, indicating better financial health [5]

Core Viewpoint - Daiwa's research report indicates that Nine Dragons Paper Holdings benefits from a rapidly growing internal pulp supply, leading to significant cost advantages and improved profitability per ton of paper [1] Financial Performance - For the second half of the fiscal year ending June 30, the profit per ton of paper improved to 127 HKD, a substantial increase from 31 HKD in the first half and 53 HKD in the second half of the fiscal year 2024 [1] - The management anticipates stable average prices and continued improvement in profit per ton of paper for the fiscal year 2026 [1] Valuation and Recommendations - Despite improved visibility, the fiscal year 2026 price-to-earnings ratio (PER) is projected at 10 times, close to the high end of the average over the past decade [1] - Daiwa has raised the earnings per share estimates for the fiscal years 2026 and 2027 by 22% to 37% and increased the target price from 5 HKD to 5.7 HKD, while maintaining a "Hold" rating based on fair value considerations [1]

Group 1 - A new company named Gongcai Paper Industry (Sichuan) Co., Ltd. has been established with a registered capital of 200,000 RMB [1] - The legal representative of the company is Wang Yongli [1] - The business scope includes various activities such as paper manufacturing, pulp manufacturing, and sales of office equipment and supplies [1] Group 2 - The company is also involved in technology services, consulting, and development, as well as import and export activities [1] - Additional services include internet sales, office equipment leasing, and retail of sports goods and electronic products [1] - The company is permitted to operate independently within the scope of its business license without needing further approval for most activities [1]

Group 1 - The paper industry stocks experienced a rise in early trading, with Lee & Man Paper (02314) up 5.17% to HKD 3.05, Nine Dragons Paper (02689) up 4.63% to HKD 5.88, and Chenming Paper (01812) up 4.6% to HKD 0.91 [1] - Major paper manufacturers, including Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper, have announced price increases for certain products starting in early September [1] - Since August, domestic paper manufacturers have implemented multiple rounds of price hikes, indicating a trend towards rising prices in the industry [1] Group 2 - According to Industrial Securities, as the fourth quarter approaches the traditional peak season, both pulp and paper prices are expected to continue rising, supported by anti-involution policies [1] - Huashan Securities previously noted that under the national "anti-involution" backdrop and supply-side structural reforms, the packaging paper industry may see the exit of outdated production capacity, improving supply-demand balance and driving up paper prices, which would enhance profitability for paper companies [1]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - In 2025, domestic liquidity is expected to remain loose, and it is in a policy window period. More incremental policies may be introduced in the second half of the year to boost the real economy. External risks are gradually easing, and the probability of the Fed cutting interest rates in September increases, further enhancing the attractiveness of RMB assets. The current market is in a resonance period of "policy bottom + capital bottom + valuation bottom", but it is necessary to adapt to the accelerating rotation of sectors and structural differentiation. The CSI 500 and CSI 1000 indexes, which have more technology - growth components, are more offensive with larger fluctuations but may bring higher returns. The SSE 50 and CSI 300, which have more dividend - blue - chip components, are more defensive with smaller fluctuations and relatively weaker price elasticity. Since July, the stock index has continued to rise with a large increase, showing signs of short - term adjustment, but the probability of the medium - to - long - term market continuation is high [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts decreased, with the decline ranging from 42.80 to 53.00. The trading volume of the IF current - month contract was 120,700, and the open interest decreased by 9,043. The spread between the next - month and current - month contracts decreased [1] - **IH Contracts**: The previous day's closing prices of IH contracts increased, with the increase ranging from 6.60 to 10.60. The trading volume of the IH current - month contract was 53,059, and the open interest increased by 9,442. The spread between the next - month and current - month contracts remained unchanged [1] - **IC Contracts**: The previous day's closing prices of IC contracts decreased, with the decline ranging from 118.20 to 126.60. The trading volume of the IC current - month contract was 105,870, and the open interest increased by 11,825. The spread between the next - month and current - month contracts increased [1] - **IM Contracts**: The previous day's closing prices of IM contracts decreased, with the decline ranging from 118.80 to 136.40. The trading volume of the IM current - month contract was 218,061, and the open interest increased by 12,533. The spread between the next - month and current - month contracts increased [1] 2. Stock Index Spot Market - **Major Indexes**: The CSI 300 index decreased by 0.74%, the SSE 50 index increased by 0.39%, the CSI 500 index decreased by 2.09%, and the CSI 1000 index decreased by 2.50%. In terms of industries, the energy, optional consumption, major consumption, and real - estate finance sectors increased, while the raw materials, industrial, pharmaceutical, and information technology sectors decreased [1] 3. Futures - Spot Basis - The basis of IF contracts decreased, the basis of IH contracts increased, the basis of IC contracts decreased, and the basis of IM contracts decreased [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index increased by 1.51%, the Shenzhen Component Index increased by 2.26%, the Small and Medium - Sized Board Index increased by 1.79%, and the ChiNext Index increased by 3.00% [1] - **Overseas Indexes**: The Hang Seng Index increased by 1.94%, the Nikkei 225 increased by 0.41%, the S&P 500 decreased by 0.43%, and the DAX Index decreased by 0.37% [1] 5. Macro Information - The joint working group of the Ministry of Finance and the central bank held its second meeting to discuss issues related to the bond market and pledged to promote the stable and healthy development of the bond market [2] - This year, 12 provinces have raised the minimum wage standard, with most provinces increasing the monthly minimum wage standard or the highest - grade monthly minimum wage standard by about 8% - 12% [2] - The Chinese Ministry of Commerce ruled that some US fiber - optic producers and exporters evaded anti - dumping measures, and imposed anti - dumping duties on relevant companies [2] - A Hong Kong legislator pointed out that the stablecoin regulations in Hong Kong are strict, with few licenses issued, and a license may be issued early next year. The legislative process for offline OTC will also be initiated next year [2] 6. Industry Information - By 2027, relevant departments plan to build a number of agricultural machinery verification platforms and application centers [2] - In August, the second - hand housing market in Beijing increased, the second - hand housing market in Shenzhen remained above the "boom - bust line" for six consecutive months, and the second - hand housing market in Guangzhou slowed down [2] - In August, the retail sales of new - energy passenger vehicles in China increased year - on - year and month - on - month, with a penetration rate of 55.3% [2] - Large paper mills such as Nine Dragons Paper, Shanying International, Lee & Man Paper, and Wuzhou Special Paper announced price increases in early September [2]

Core Viewpoint - Several large paper manufacturers have announced price increases for certain products starting in early September, following multiple rounds of price hikes since August, indicating a potential recovery in the paper industry due to various favorable factors [1] Group 1: Price Trends and Market Dynamics - The paper industry is expected to see a continuous price recovery driven by the upcoming peak season, collaboration among leading companies, and low levels of profitability and inventory [1] - The current state of the paper industry shows a solid bottom, with limited new capacity expected from 2025 to 2026 after years of expansion, and many paper types currently at cyclical bottom prices and reasonable inventory levels [1] Group 2: Industry Outlook and Growth Potential - The paper and pulp prices are at historical lows, with limited downside potential, and are expected to rise as the industry enters the traditional peak season in the fourth quarter, leading to improvements in the industry fundamentals [1] - The period from 2023 to 2025 is anticipated to be a capacity expansion phase for the industry, with a slowdown in new capacity additions starting in 2026, supported by "anti-involution" policies, which may lead to an upward turning point for the paper industry [1]

Core Viewpoint - A new company, Qian'an Hongcheng Paper Industry Co., Ltd., has been established with a registered capital of 100,000 RMB, focusing on various paper and stationery manufacturing and sales activities [1] Company Summary - The legal representative of the company is Cui Hongyue [1] - The registered capital of the company is 100,000 RMB [1] - The business scope includes paper manufacturing, paper product manufacturing, pulp manufacturing, stationery manufacturing, and sales of various office supplies [1] Industry Summary - The company is involved in general projects such as paper and pulp manufacturing, stationery production, and sales, indicating a focus on the paper and stationery industry [1] - The company also engages in domestic trade agency, import and export of goods, and technology import and export, suggesting a broader operational scope within the industry [1]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has experienced a significant stock increase of over 4%, with a current price of HKD 5.64, following the announcement of an expected annual profit growth of 165% to 190% for the fiscal year ending June 2025, driven by increased sales and a notable decline in raw material costs [1][1][1] Financial Performance - The company anticipates an annual profit of approximately RMB 2.1 billion to RMB 2.3 billion, reflecting a substantial year-on-year increase [1][1] - The profit growth is primarily attributed to a rise in sales volume and a faster decline in raw material costs compared to product price reductions, leading to an increase in gross profit [1][1] Cost Management - According to a report from CICC, the key to the company's better-than-expected annual performance lies in significant cost reductions, particularly in self-produced pulp costs, which have exceeded expectations [1][1] - The integration of pulp and paper production at the Beihai base in Guangxi has been crucial for profit recovery in various paper grades [1][1] Market Conditions - The price of thermal coal has seen a significant year-on-year decline, providing additional profit margins for different paper grades [1][1] - Looking ahead, the report indicates that coal prices have begun to recover since the second half of 2025, suggesting that the energy cost advantage may narrow, necessitating close monitoring of changes in self-produced pulp costs and the pricing strategies for certain paper grades during peak seasons [1][1]