Group 1 - The core viewpoint of the report from Founder Securities indicates that rising raw material prices and a strong currency are likely to improve profitability in the paper industry, particularly benefiting integrated pulp and paper companies with high self-sourcing ratios [1] - As of December 25, 2025, the Shenwan Paper Industry Index rose by 3.68%, ranking third among Shenwan's secondary industry indices for the day [1] - The appreciation of the Renminbi is expected to benefit pulp and paper companies on the cost side, as the industry relies on approximately 60% imported pulp, leading to optimized procurement costs due to the recent currency strengthening [1] Group 2 - Overseas pulp manufacturers have continued to raise prices, with Brazil's Suzano announcing a price increase of $20 per ton for the Asian market, marking the fourth price hike in 2025 [2] - Chile's Arauco also announced a $20 per ton increase for both softwood and hardwood pulp, providing cost support for domestic paper price increases [2] Group 3 - Domestic paper companies are issuing price increase notices in response to rising raw material costs, with companies like Sun Paper, Asia Pacific Forest Products, APP (China), and Bohui Paper raising prices by 200 yuan per ton starting January 1, 2026 [3]

ST晨鸣（000488.SZ）12月23日在投资者互动平台表示，当前公司正全力以赴推动实现全面复工复产， 公司目前浆、纸产能平衡，短期内无资本性开支计划。同时已实施了多项产品升级、结构优化等措施来 提升经营效益，推动公司持续稳健发展。 每经AI快讯，有投资者在投资者互动平台提问：近期资本市场对浆纸行业供需格局改善预期较强，请 问公司是否有产能扩张、产品升级或产业链整合的中长期规划？湛江基地复工后，在高端纸品（如白卡 纸、特种纸）的产能占比是否会进一步提升？ （记者 胡玲） ...

Core Viewpoint - Yunnan Zhiduo Paper Industry Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on the production of food-grade paper packaging and container products [1] Company Overview - The legal representative of Yunnan Zhiduo Paper Industry Co., Ltd. is Chen Tao [1] - The company is authorized to engage in various business activities, including the manufacturing and sales of paper products, paper pulp, and personal hygiene products [1] Business Scope - The company’s licensed projects include the production of food-grade paper packaging and container products, which require approval from relevant authorities before operation [1] - General projects include paper product manufacturing, paper sales, packaging services, and sales of office supplies and sanitary ware [1]

翟总指出，在当前全球时代背景下，企业如何保持韧性、持续创新并实现高质量发展，已成为重要课题。围绕"可持续竞争力"主题，翟总提出以纸的"四重 感知"为框架的系统性思路: 第一重感知，纸的"重量"。纸的"重量"体现于生态责任与未来契约，APP通过"林浆纸一体化"模式构建资源循环体系，让每张纸自带"生态友好"的基因，并 在"双碳"目标引领下，实现产业发展与生态保护的平衡。第二重感知，纸的"韧性"。这份韧性源于科技与金融双轮驱动。APP持续通过技术创新，为全 球"以纸代塑"提供中国智慧方案；同时，APP积极探索并落地"碳汇质押贷款"等创新金融工具，将"绿色绩效"转化为"绿色资产"。第三重感知，纸的"温 度"。纸的"温度"彰显人文关怀，APP通过"结对助学""爱·永不停'纸'"等项目实现对未来一代的温暖托举，并推动如江西金满园脐橙产业园等乡村振兴项目， 让企业发展成果惠及更多人。第四重感知，纸的"延伸"。纸的"延伸"突破产业边界，APP在企业发展的同时，不断突破固有边界。一方面是产业角色的延 展。APP从传统造纸转向"绿色材料解决方案提供者"，研发可降解包装、生物基复合材料等，应用于多元领域，另一方面是地理与协作维度的 ...

Core Viewpoint - Baoding City Mancheng District Yunjian Paper Industry Co., Ltd. has been established with a registered capital of 10,000 RMB, indicating a new player in the paper manufacturing sector [1] Company Overview - The legal representative of the newly established company is Zhang Zhanliang [1] - The company operates in various areas including paper manufacturing, sales of paper products, and office supplies [1] Business Scope - The business scope includes general projects such as: - Paper manufacturing - Sales of paper products - Sales of office supplies - Manufacturing of paper products - Manufacturing of paper and paperboard containers - Sales of personal hygiene products - Sales of sanitary and disposable medical supplies - Wholesale of kitchenware and daily miscellaneous goods - Sales and manufacturing of sanitary ware [1] - The company is also involved in the sales and manufacturing of specialized equipment for pulping and paper-making, as well as pulp manufacturing and sales [1]

Group 1 - A new company, Guxiang Paper Industry Co., Ltd., has been established in Gushi County with a registered capital of 100,000 RMB [1] - The legal representative of the company is Zhao Peng [1] - The business scope includes manufacturing and sales of paper and paperboard containers, paper products, and related activities [1] Group 2 - The company is authorized to produce food-grade paper packaging and container products, subject to approval from relevant authorities [1] - The company will operate under a general project framework, allowing it to conduct business activities autonomously with its business license [1]

Summary of Earnings Estimates for China Commodities Industry Overview - The report focuses on the **China commodities** sector, specifically covering various sub-sectors including steel, coal, cement, aluminum, copper, gold, EV metals, paper, and agriculture. Key Points in Earnings Estimates Revisions - **General Update**: Earnings estimates for China commodities have been refreshed to reflect mark-to-market price changes for Q3 2025 and the current quarter. Target price changes range from -5% to +5%, with investment ratings remaining unchanged. The changes are not viewed as material, and the overall investment thesis remains intact [1][2]. Steel Sector - **Baosteel and Maanshan-H/A**: Earnings estimates cut by 3% to 5%. Loss estimates for Angang-H/A increased by 4% for 2025E [9]. Coal Sector - **Shenhua-H/A, Yankuang-H/A, Chinacoal-H/A**: Earnings estimates updated by -3% to +5% for 2025-27E based on recent coal price trends. Chinacoal-H/A target price adjusted to HK$6.5 from HK$6.4, maintaining a Sell rating [9]. Cement Sector - **CNBM, WCC, BBMG-H/A, Conch-H/A, CRBMT**: Earnings estimates updated by -5% to +3% for 2025-27E, reflecting recent unit gross profit trends [9]. Aluminum Sector - **Chalco-H/A and Hongqiao**: Earnings estimates adjusted by -5% to +5% for 2025-27E based on mark-to-market aluminum and alumina prices. Hongqiao target price fine-tuned to HK$20.0 from HK$19.6, maintaining a Neutral rating [9]. Base Metals (Copper and Gold) - **Zijin-H/A, JXC-H/A, CMOC-H/A, MMG, Zhaojin**: Earnings estimates updated by -5% to +5% for 2025-27E to reflect mark-to-market prices of copper and other metals [9]. EV Metals - **Huayou and GEM**: Earnings estimates adjusted by -3% to +5% for 2025-27E based on mark-to-market nickel/cobalt prices and cathode spreads. Huayou's target price fine-tuned to Rmb32.6 from Rmb32.4, maintaining a Sell rating [9]. Paper Sector - **ND Paper and Sun Paper**: Earnings estimates updated by 0% to 2% for 2025-27E to reflect mark-to-market paper prices [10]. Agriculture Sector - **Hog and Feed Coverage**: Earnings estimates revised by -5% to +3% for companies like Wens, New Hope, Haid, and Dabeinong, incorporating mark-to-market hog and feed prices. For animal health and conventional seeds, estimates revised by -5% to -2% [10][13]. Target Price Methodologies and Risks - **Cement Companies**: Target prices based on historical P/B vs. ROE correlations. Key risks include weaker-than-expected construction demand and slower unauthorized cement capacity exit [14]. - **Base Metals**: Target prices based on historical P/B vs. ROE correlations. Key risks include lower commodity prices and operational risks [14]. Additional Insights - The report emphasizes the importance of considering these estimates as part of a broader investment decision-making process, highlighting potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [3]. This summary encapsulates the key updates and insights from the earnings estimates for the China commodities sector, providing a comprehensive overview of the changes and their implications for investors.

天眼查App显示，近日，合肥市墨韵恒印包装有限公司成立，法定代表人为王军，注册资本50万人民 币，经营范围为一般项目：包装服务；纸制造；医用包装材料制造；普通玻璃容器制造；食品用塑料包 装容器工具制品销售（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）许可项目：包装 装潢印刷品印刷；出版物印刷；印刷品装订服务；文件、资料等其他印刷品印刷（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Company Overview - Huize Chuangsheng Paper Industry Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Chen Wenkuan [1] Business Scope - The company operates in various sectors including the manufacturing of paper products, paper, and pulp, as well as the sales of paper products and pulp [1] - Additional activities include the manufacturing and sales of rubber products, high-quality synthetic rubber, and synthetic materials (excluding hazardous chemicals) [1] - The company is also involved in logistics services and labor services (excluding labor dispatch) [1] Licensing and Regulatory Compliance - The company is authorized to produce food-grade paper packaging and container products, which requires approval from relevant authorities [1] - Business activities are conducted in accordance with the business license and relevant regulatory approvals [1]

港股上午盘三大指数集体收跌，恒生指数、国企指数呈现低开低走行情，午间分别下跌0.58%及 0.64%，恒生科技指数跌0.77%，市场情绪再度转向低迷。作为市场风向标的权重科技股集体弱势拖累 市场情绪，且昨日强势的大金融股(银行、保险、券商)多数表现低迷，国际油价大跌，三桶油亦集体回 落。另外，造纸行业涨价潮持续升温且力度加码，纸业股拉升明显，黄金股、铜等有色金属股涨幅居 前。(格隆汇) ...