盘面上，科技股今日涨跌不一，美团涨超5%，阿里巴巴绩后跌近2%，电话会"短期波动"说法加剧电商 忧虑，腾讯则跌0.88%。纸业巨头密集发布产品调价通知，纸业股涨幅居前；油汇成本改善利好航企业 绩，航空股迎来反弹；创新药、消费、机器人概念股等普遍活跃。另一边，军工股延续调整，中船防务 （600685）跌近5%；黄金股、内房股、煤炭股等多数飘绿。 1. 纸业股涨幅居前。截至收盘，玖龙纸业(02689)涨5%，报6.09港元；理文造纸(02314)涨4.88%，报3.01 港元。 近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生牛卡纸、高 强瓦楞纸等多个纸种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11月下旬至12 月1日。兴业证券认为，造纸行业Q3整体收入和利润均有压力，目前仍处在低位，Q4是传统需求旺季， 各纸种纷纷发布涨价函，预计会部分或全部落地，叠加成本端废纸/纸浆价格均有上行，行业景气度有 望向上。 2. 航空股今日反弹。截至收盘，东方航空(00670)涨6.96%，报4.61港元；中国国航（601111）(00753)涨 4.2%，报6.45港 ...

智通财经获悉，纸业股集体走高，截至发稿，玖龙纸业(02689)涨5.34%，报6.11港元；理文造纸(02314) 涨4.18%，报2.99港元。 本文源自：智通财经网 消息面上，近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生 牛卡纸、高强瓦楞纸等多个纸种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11 月下旬至12月1日。值得关注的是，在经历了长达五年的低迷后，白卡纸行业开始触底反弹。 国金证券指出，受电商备货需求带动，纸企开工率维持高位，在高成本和低库存支撑下，瓦楞及箱板纸 价延续前期涨势。11 月以来，白卡纸价持续上涨，且由于行业盈利承压明显、下游包装纸厂补库意愿 确定，企业拉涨态度坚决。预计后续纸厂以改善盈利为目标，白卡纸价或将继续稳步上行。 ...

国金证券指出，受电商备货需求带动，纸企开工率维持高位，在高成本和低库存支撑下，瓦楞及箱板纸 价延续前期涨势。11月以来，白卡纸价持续上涨，且由于行业盈利承压明显、下游包装纸厂补库意愿确 定，企业拉涨态度坚决。预计后续纸厂以改善盈利为目标，白卡纸价或将继续稳步上行。 消息面上，近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生 牛卡纸、高强瓦楞纸等多个纸种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11 月下旬至12月1日。值得关注的是，在经历了长达五年的低迷后，白卡纸行业开始触底反弹。 纸业股集体走高，截至发稿，玖龙纸业(02689)涨5.34%，报6.11港元；理文造纸(02314)涨4.18%，报2.99 港元。 ...

智通财经APP获悉，纸业股集体走高，截至发稿，玖龙纸业(02689)涨5.34%，报6.11港元；理文造纸 (02314)涨4.18%，报2.99港元。 国金证券指出，受电商备货需求带动，纸企开工率维持高位，在高成本和低库存支撑下，瓦楞及箱板纸 价延续前期涨势。11 月以来，白卡纸价持续上涨，且由于行业盈利承压明显、下游包装纸厂补库意愿 确定，企业拉涨态度坚决。预计后续纸厂以改善盈利为目标，白卡纸价或将继续稳步上行。 消息面上，近期，国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜版卡、食品卡、再生 牛卡纸、高强瓦楞纸等多个纸种，调价幅度在50元/吨至200元/吨区间，执行时间主要集中在2025年11 月下旬至12月1日。值得关注的是，在经历了长达五年的低迷后，白卡纸行业开始触底反弹。 ...

Core Viewpoint - ST晨鸣 is facing significant challenges despite recent recovery efforts, with ongoing operational issues and a heavy debt burden impacting its ability to fully recover [1][2][3] Company Situation - ST晨鸣 has resumed operations at its Shouguang base, while the Huanggang and Jiangxi second plant are also operating normally, but the Jiangxi first plant, Jilin base, and Zhanjiang base remain under maintenance [1][3] - The company is under risk warning due to production halts and non-standard audit opinions for its 2023 financial statements [2] - The company is implementing a four-pronged strategy to alleviate its debt crisis, including negotiating with financial institutions for debt extension and interest reduction, disposing of non-core assets, enhancing receivables collection, and leveraging cash flow from resumed operations [2][3] Industry Context - The paper industry is experiencing a significant supply-demand imbalance, with new capacity being added while end demand remains weak, leading to intensified market competition [4][5] - In the first half of 2025, the paper industry saw a 2.3% decline in revenue and a 21.4% drop in total profits, indicating a challenging market environment for companies like ST晨鸣 [5] - The industry is expected to undergo a transformation towards greener production methods, driven by new energy consumption standards and government policies aimed at reducing chaotic price competition [6]

Group 1: Production Recovery - The company has five major production bases: Shouguang, Zhanjiang, Huanggang, Jiangxi, and Jilin. Currently, the Shouguang base has fully resumed operations, while Huanggang and Jiangxi's second plant are in normal production. The first plant in Jiangxi, Jilin, and Zhanjiang bases are still under maintenance, with efforts to resume production as soon as possible [2] - The funding required for resuming operations has been secured, with a capital injection of 1 billion CNY from the government and a completed approval for a syndicated loan of 2.31 billion CNY, with the first tranche already disbursed [2][3] Group 2: Government Support - Local governments have established a task force to facilitate production recovery, including forming a debt committee and coordinating the issuance of a 2.31 billion CNY loan specifically for resuming operations. Measures include maintaining existing credit lines and providing support such as loan extensions and interest rate reductions [3] Group 3: Asset Management - The company is actively working to manage and dispose of non-core assets, with an asset management center established to enhance efficiency. The disposal of properties located in key cities like Shanghai, Jinan, and Shenzhen is being accelerated [3] Group 4: Financial Challenges - The company is addressing its debt issues by negotiating extensions and interest reductions with most financial institutions, which has already reduced financial costs by approximately 700 million CNY. Further efforts include accelerating the disposal of non-core assets and enhancing the collection of receivables [3] - The company plans to leverage operational cash flow post-resumption to continue reducing debt levels [3] Group 5: Industry Outlook - The paper industry is facing challenges due to increased production capacity and weakened terminal demand, leading to supply-demand imbalances. However, with the implementation of the "dual carbon" strategy and policies aimed at reducing competition, the industry is expected to see improved conditions in the medium to long term. The overall performance is anticipated to gradually recover as domestic demand policies take effect [4]