资料显示，龙利得智能科技股份有限公司位于安徽省明光市工业园区体育路150号，成立日期2010年4月 2日，上市日期2020年9月10日，公司主营业务涉及专业从事瓦楞纸箱、纸板的研发、设计、生产和销 售,主要为食品饮料、日化家化、粮油、家居办公、电子器械、医药医疗等行业的客户提供包装产品和 服务,可根据客户的需求量身定制、设计综合包装方案,提供精细化服务。主营业务收入构成为：瓦楞包 装85.07%，环保纸袋5.77%，彩盒包装3.80%，工业用纸3.69%，其他1.60%，配套包装0.07%。 资金流向方面，主力资金净流入230.75万元，特大单买入119.48万元，占比5.41%，卖出0.00元，占比 0.00%；大单买入260.17万元，占比11.77%，卖出148.90万元，占比6.74%。 龙利得今年以来股价涨27.61%，近5个交易日跌3.25%，近20日涨2.70%，近60日涨4.27%。 龙利得所属申万行业为：轻工制造-包装印刷-纸包装。所属概念板块包括：小盘、微盘股、绿色包装、 增持回购、融资融券等。 11月27日，龙利得盘中上涨2.09%，截至11:00，报6.84元/股，成交2209.54万 ...

Core Viewpoint - The packaging paper industry is experiencing a new round of price increases, driven by improved supply-demand fundamentals and rising raw material costs, with expectations for continued price growth in November [1][2]. Industry Overview - As of the end of October, the average price of AA-grade corrugated paper in China was 2962 yuan/ton, reflecting a month-on-month increase of 6.51% and a year-on-year increase of 12.88% [1]. - The price of waste cardboard, a key raw material, rose to 1725 yuan/ton, with a month-on-month increase of 5.39% and a year-on-year increase of 17.55%, indicating strong cost support [1]. - The market is currently in a traditional peak season, with expectations for the average price of AA-grade 120g corrugated paper to rise further to a range of 3030 to 3130 yuan/ton in November [1]. Supply and Demand Dynamics - The supply side shows no large-scale shutdown plans from paper companies, with stable production levels expected, although tight waste paper recovery limits inventory growth [2]. - Demand is supported by the release of e-commerce orders related to events like "Double 11," despite high raw material inventory levels at downstream packaging factories potentially limiting restocking efforts [2]. Profitability and Market Trends - The cost increase in the corrugated paper market in October was lower than the rise in raw paper prices, leading to an upward correction in industry profitability [2]. - The packaging paper sector has shown resilience, becoming one of the few segments to see simultaneous increases in price and gross margin from late Q3 to early Q4 [3]. - Analysts predict that the packaging paper sector may experience a recovery in profitability in Q4, driven by cost support and strong seasonal demand [3].

Core Viewpoint - Longlide, established in 2010 and listed in 2020, operates in the domestic paper packaging industry, specializing in corrugated boxes and boards, and offers customized packaging solutions [1] Group 1: Business Performance - In Q3 2025, Longlide reported revenue of 643 million yuan, ranking 16th among 21 companies in the industry, with the top company, Yutong Technology, generating 12.601 billion yuan [2] - The net profit for the same period was 388,900 yuan, placing Longlide 17th in the industry, while the leading company, Yutong Technology, had a net profit of 1.161 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Longlide's debt-to-asset ratio was 44.53%, higher than the industry average of 35.30%, and increased from 36.39% in the previous year [3] - The gross profit margin for Longlide was 14.31%, below the industry average of 21.53%, but showed a slight improvement from 13.70% in the previous year [3] Group 3: Executive Compensation - The chairman and general manager, Xu Longping, received a salary of 971,900 yuan in 2024, an increase of 302,700 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders for Longlide was 17,600, a decrease of 0.82% from the previous period, while the average number of circulating A-shares held per shareholder increased by 0.83% to 18,800 [5]

Macro and Strategy Research - In the first nine months of 2025, profits of industrial enterprises above designated size increased by 3.2% year-on-year, with a notable recovery in profitability [2][3] - The profit growth rate improved by 2.3 percentage points compared to the previous period, with September showing a significant 21.6% increase [3] - The industrial added value maintained a year-on-year growth of 6.2%, supported by export and seasonal effects, while the PPI decline narrowed due to capacity management and market competition optimization [3][4] - Among 41 industrial categories, 21 showed positive profit growth, with high growth in sectors like mining and high-tech manufacturing [4] Company Research - The company reported a revenue of 8.076 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 26.88%, and a net profit of 1.788 billion yuan, up 26.21% [6][7] - The company improved its expense control, with a decrease in the expense ratio to 8.18%, down 1.44 percentage points from the previous year [7][8] - An employee stock ownership plan was announced to enhance governance and motivate employees, allowing up to 2,100 employees to participate [8] - Revenue forecasts for 2025-2027 are projected at 11.054 billion, 13.429 billion, and 15.808 billion yuan, with corresponding EPS of 3.08, 3.75, and 4.40 yuan [8] Industry Research - The light industry manufacturing sector underperformed compared to the CSI 300 index, with a 0.63 percentage point lag [10] - A new initiative to strengthen self-discipline in the metal packaging industry aims to shift focus from price competition to value competition, indicating a trend towards high-quality development [10][14] - Recent price increases in packaging paper and cardboard are expected to support downstream demand, particularly with the upcoming "Double Eleven" shopping festival [14] - The report maintains a neutral rating for the light industry and textile sectors, with specific companies recommended for an "overweight" rating [14] Metal Industry Research - The steel market is expected to face pressure as the off-season approaches, but positive sentiment from the "14th Five-Year Plan" may provide short-term support [15][16] - Copper supply is tightening due to accidents at major mines, which is expected to support copper prices [15][17] - The aluminum sector is seeing improved profits due to new project capacity releases, while the "anti-involution" policy is anticipated to enhance the supply structure [16][17] - The lithium market is experiencing a phase of tight supply driven by strong demand in the energy storage sector, which is expected to support prices [15][18]

Core Viewpoint - Dazhengda's stock has shown a year-to-date increase of 28.18%, with recent fluctuations indicating a slight decline in the past five days, while the company continues to demonstrate growth in revenue and net profit [1][2]. Group 1: Stock Performance - On October 22, Dazhengda's stock price rose by 2.09%, reaching 9.27 CNY per share, with a total market capitalization of 5.099 billion CNY [1]. - The stock has experienced a net inflow of 1.878 million CNY from main funds, with significant buying activity noted [1]. - Year-to-date, Dazhengda's stock has increased by 28.18%, with a 0.96% decline over the last five trading days, a 5.94% increase over the last 20 days, and a 21.02% increase over the last 60 days [1]. Group 2: Company Overview - Zhejiang Dazhengda Packaging Co., Ltd. was established on November 22, 2004, and went public on July 26, 2019, specializing in the research, production, printing, and sales of corrugated boxes and paperboards [2]. - The company's revenue composition includes 55.26% from box and board products, 25.19% from cigarette labels, 13.41% from wine packaging, and smaller contributions from other products [2]. - As of June 30, the number of shareholders was 21,100, a decrease of 2.54% from the previous period, with an average of 26,119 circulating shares per person, an increase of 2.60% [2]. Group 3: Financial Performance - For the first half of 2025, Dazhengda reported a revenue of 1.025 billion CNY, reflecting a year-on-year growth of 4.77%, and a net profit attributable to shareholders of 59.1465 million CNY, up 22.30% [2]. - The company has distributed a total of 118 million CNY in dividends since its A-share listing, with 68.981 million CNY distributed over the past three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 2.1054 million shares, a decrease of 214,800 shares from the previous period [3].

Core Insights - The Mayr-Melnhof Group (MM Group) is a well-established business focused on producing consumer goods, particularly in the printing and packaging sectors [2][3] - The company operates through three divisions, with a specialization in printing consumer goods and a dedicated focus on Pharma and Healthcare Packaging since 2022 [3][4] - MM Group also produces cartonboard, emphasizing both recycled and virgin fiber cartonboard in its operations [4] Division Overview - The first division is responsible for printing consumer goods, which are commonly found in supermarkets, such as cereals, sweets, and detergents [3] - The second division focuses on Pharma and Healthcare Packaging, indicating a strategic move to cater to the growing demand in this sector [4] - The third division is dedicated to the production of cartonboard and paper, highlighting the company's commitment to sustainable practices through recycling [4]

Core Insights - The Sudanese Minister of Industry and Trade, Mukahen, attended the reopening ceremony of the Muawiya Buril Industrial Group in the Soba industrial area of southern Khartoum [1] - The group has resumed production of 14 types of products, including juice, mineral water, textbooks, and cardboard [1] - The Minister expressed hope that other companies would also quickly resume operations [1]

Company Overview - Zhejiang Dashengda Packaging Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on November 22, 2004. The company was listed on July 26, 2019. Its main business involves the research, production, printing, and sales of corrugated cartons and paperboards, providing comprehensive paper packaging solutions including design, research, testing, production, inventory management, and logistics [2]. Business Performance - For the first half of 2025, Dashengda achieved operating revenue of 1.025 billion yuan, representing a year-on-year growth of 4.77%. The net profit attributable to the parent company was 59.1465 million yuan, reflecting a year-on-year increase of 22.30% [2]. - The revenue composition of the main business includes: 55.26% from carton and paperboard products, 25.19% from cigarette labels, 13.41% from wine packaging, 3.82% from other products, 1.82% from biodegradable paper pulp eco-friendly tableware, and 0.50% from high-end equipment [2]. Stock Performance - On September 24, Dashengda's stock price decreased by 2.01%, trading at 9.27 yuan per share with a total market capitalization of 5.099 billion yuan. The stock has increased by 28.18% year-to-date, with a 4.86% rise over the last five trading days, 18.39% over the last 20 days, and 24.93% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on January 27, where it recorded a net buy of -982,600 yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Dashengda was 21,100, a decrease of 2.54% from the previous period. The average circulating shares per person increased by 2.60% to 26,119 shares [2]. - The company has distributed a total of 118 million yuan in dividends since its A-share listing, with 68.981 million yuan distributed over the past three years [3].

Report Overview - Report Type: Pulp Daily Report - Date: September 3, 2025 - Industry: Pulp 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The pulp market is experiencing low - level volatility adjustment. Cost - side guidance is limited, supply remains loose, and the market is awaiting the emergence of peak - season demand [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Pulp Futures**: The previous settlement price of the pulp futures 01 contract was 5316 yuan/ton, and the closing price was 5308 yuan/ton, with an overall decline of 0.15% [7]. - **Shandong Wood Pulp Market**: The intended transaction price range of softwood pulp in the Shandong wood pulp market is 5000 - 6650 yuan/ton. The low - end price remained stable compared to the previous trading day's closing price. The price of Shandong Silver Star was quoted at 5720 - 5730 yuan/ton [7]. - **Arauco's August Offer**: Chile's Arauco Company announced its new round of August wood pulp export offers. The price of softwood pulp Silver Star was 720 dollars/ton, the price of unbleached pulp Venus was 590 dollars/ton, and the price of hardwood pulp Star was 520 dollars/ton, remaining stable compared to the June offer [8]. - **Production and Inventory Data**: In July, the chemical pulp shipments of the world's 20 major pulp - producing countries increased by 7.3% year - on - year, with softwood pulp up 4.1% and hardwood pulp up 11.1%. In July 2025, the total wood pulp inventory in European ports decreased by 1.9% month - on - month and increased by 19.2% year - on - year. China's pulp imports in July were 287.7 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 23.7%. As of August 28, 2025, the weekly pulp inventory in major regions and ports increased by 1.23% month - on - month. The cumulative year - on - year profit of the papermaking and paper products industry in July decreased by 21.9%, with a slightly wider decline [8]. 3.2 Industry News - **Domestic Paper Price Adjustment**: Since the end of August, the domestic paper products industry has witnessed a wave of price adjustments, with the adjustment range from 30 yuan/ton to 100 yuan/ton. Some enterprises raised the price of cardboard products by 3%. Bohui Paper announced that starting from September 1, 2025, all products would increase by 100 yuan/ton compared to the August 2025 price [9]. - **Shandong's Paper Industry Policy**: Four departments in Shandong jointly issued a document to promote the development of the papermaking industry. Shandong is a traditional stronghold in the papermaking industry, producing 1/6 of China's, 1/12 of Asia's, and 1/24 of the world's paper and paperboard. The policy aims to transform the traditional papermaking industry into a leading domestic and world - class high - end papermaking and biomass refining industry base [9]. 3.3 Data Overview - The report presents multiple data charts including those related to inventory (such as warehouse receipts, domestic main port pulp inventory, European main port wood pulp inventory), paper prices (coated paper, offset paper, white cardboard, and white board paper), and exchange rates (USD to RMB). However, no specific data analysis is provided in the summary section [22][29][32].

Financial Performance - The company's operating revenue for the current reporting period is approximately 19.11 billion yuan, a decrease from 20.52 billion yuan in the same period last year, representing a decline of about 6.9% [1] - The net profit attributable to shareholders of the listed company is approximately 1.78 billion yuan, slightly up from 1.76 billion yuan year-on-year, indicating a growth of about 1.3% [1] - The net profit after deducting non-recurring gains and losses is approximately 1.76 billion yuan, down from 1.82 billion yuan in the previous year, reflecting a decrease of about 3.0% [1] - The net cash flow from operating activities is approximately 1.89 billion yuan, a significant decline of 37.42% compared to 3.03 billion yuan in the same period last year [27] - The basic and diluted earnings per share are both 0.64 yuan, compared to 0.63 yuan in the previous year [1] Asset and Liability Changes - As of the end of the current reporting period, total assets amount to approximately 56.45 billion yuan, an increase from 52.63 billion yuan at the end of the previous year, showing a growth of about 7.0% [1] - The net assets attributable to shareholders of the listed company are approximately 30.36 billion yuan, up from 28.61 billion yuan, indicating an increase of about 6.1% [1] - The company's short-term borrowings have increased by 27.92%, while long-term borrowings have risen by 26.81%, reflecting a growing reliance on debt financing [45] Shareholder Structure - The top ten circulating shareholders include a new shareholder, Taikang Life Insurance Co., Ltd., which replaced the previous quarter's shareholder, Jiashi Value Evergreen Mixed Securities Investment Fund [53] - The largest shareholder, Shandong Sun Paper Holdings Group Co., Ltd., holds approximately 44.74% of the total share capital, remaining unchanged [54] Valuation Metrics - As of August 27, the company's price-to-earnings (P/E) ratio is approximately 13.06 times, the price-to-book (P/B) ratio is about 1.34 times, and the price-to-sales (P/S) ratio is around 1.04 times [1]