Joy Zhang 28 November 2025 | 12:31PM HKT Equity Research CHINA COMMODITIES Data update; refreshing earnings estimates, mainly to reflect mark to market price changes We refresh our earnings estimates for our China commodities coverage, mainly to reflect mark to market price changes in the 3Q25 and quarter to date. Our target prices changes are -5% to +5%, and our investment ratings are unchanged. We do not view these changes as material, and there is no change to our investment thesis. Key points in our est ...

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) ...

Core Viewpoint - Recently, Xuzhou Qinghe Packaging Technology Co., Ltd. was established with a registered capital of 3 million RMB, indicating a new player in the packaging industry [1] Company Summary - The legal representative of the newly established company is Zhu Wei [1] - The registered capital of the company is 3 million RMB [1] - The business scope includes packaging services, technology promotion and application services, manufacturing and sales of paper products, paper manufacturing, pulp manufacturing and sales, manufacturing of paper and paperboard containers, and recycling of renewable resources (excluding production waste metals) [1]

天眼查App显示，近日，徐州同顺纸业有限公司成立，法定代表人为许春荣，注册资本60万人民币，经 营范围为一般项目：纸制造；纸制品销售；纸浆销售；纸制品制造；纸浆制造；纸和纸板容器制造；包 装服务；日用品销售；日用杂品销售；办公用品销售；个人卫生用品销售；日用品批发；文具用品批发 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The company, Sun Paper, announced that by the end of 2024, its total production capacity for paper and self-produced pulp (including dissolving pulp and new fiber raw materials) will exceed 12 million tons, with paper products exceeding 7 million tons and self-produced pulp nearing 5 million tons [1] Group 1 - The total production capacity of the company will exceed 12 million tons by the end of 2024 [1] - The production capacity for paper products will exceed 7 million tons [1] - The production capacity for self-produced pulp will be close to 5 million tons [1]

Core Insights - A new company, Qianjiang Shengsen Paper Products Co., Ltd., has been established with a registered capital of 6.8 million RMB [1] Company Overview - The legal representative of the company is Liu Jinxin [1] - The company’s business scope includes various activities such as paper manufacturing, paper product manufacturing, and sales, as well as pulp sales [1] - Additional operations include research and development in new material technology, manufacturing and sales of specialized equipment for pulping and papermaking, and technical services [1] Industry Activities - The company is involved in biomass liquid fuel production process research and development, as well as the sale of biomass fuels and processed agricultural waste [1] - It also engages in the recycling of renewable resources (excluding production waste metals) and provides ordinary goods warehousing services [1]

Core Insights - The company, Sun Paper (002078.SZ), disclosed its pulp production capacity for the next five years, indicating a total capacity exceeding 12 million tons by the end of 2024 [2]. Production Capacity Summary - The total production capacity for paper and self-made pulp (including dissolving pulp and new fiber raw materials) will exceed 12 million tons [2]. - The production capacity for paper products will exceed 7 million tons [2]. - The production capacity for self-made pulp will be close to 5 million tons [2].

Group 1 - The establishment of Changde Desheng Paper Industry Co., Ltd. has been registered with a legal representative named Wan Chunxiu and a registered capital of 1 million RMB [1] - The company is involved in various licensed activities including retail of tobacco products and alcohol, which require approval from relevant authorities before operation [1] - General business activities include manufacturing and sales of pulp, paper, and paper products, as well as wholesale and retail of daily necessities and cosmetics [1] Group 2 - The company also engages in health care services (non-medical), sales of pre-packaged health food, and sales of food (only pre-packaged food) [1] - It is authorized to sell first and second-class medical devices and provide conference and exhibition services, subject to legal regulations [1]