财报数据显示，松炀资源正深陷亏损泥潭。2022年至2024年，公司已连续三年净亏损，分别亏损2.77亿 元、2.37亿元、2.36亿元。2025年前三季度，公司业绩未见明显好转，实现营业收入3.14亿元，同比大 幅下滑40.2%；归母净利润为-8673.86万元，尽管同比实现17.11%的减亏，但仍未摆脱亏损状态。公司 解释，营收下滑主要源于涂布白板纸生产线关停及高强瓦楞纸机开工不足导致销售量下降。截至2025年 9月30日，公司资产负债率已攀升至67.89%，消息面上，控股股东王壮鹏拟提供不超过2亿元的财务资 助以缓解资金紧张。 松炀资源（603863）近日公告称拟以1元价格转让旗下孙公司所持松炀乐彩（北京）运营管理有限公司 51%股权，交易对方为自然人赵湘粤，是松炀乐彩原股东之一，交易前持股比例为19%。 作为一家集废纸回收、环保造纸及涂布成型于一体的企业，松炀资源2019年登陆上交所后，主业经营持 续承压。受行业市场整体下行、市场竞争加剧等因素影响，公司旗下子公司经营状况不佳。此前公告显 示，其子公司松炀新材已因持续亏损实施停产，进入存货清理阶段，大部分员工已遣散。 此次被转让的松炀乐彩成立于2024年 ...

12月25日，松炀资源盘中下跌2.08%，截至10:15，报20.71元/股，成交5147.96万元，换手率1.20%，总 市值42.38亿元。 资金流向方面，主力资金净流出249.38万元，特大单买入141.92万元，占比2.76%，卖出0.00元，占比 0.00%；大单买入806.39万元，占比15.66%，卖出1197.68万元，占比23.27%。 松炀资源今年以来股价涨2.98%，近5个交易日跌1.38%，近20日涨7.31%，近60日跌5.91%。 今年以来松炀资源已经5次登上龙虎榜，最近一次登上龙虎榜为12月16日，当日龙虎榜净买入2215.73万 元；买入总计5872.45万元 ，占总成交额比21.93%；卖出总计3656.71万元 ，占总成交额比13.65%。 责任编辑：小浪快报 资料显示，广东松炀再生资源股份有限公司位于广东省汕头市澄海区凤翔街道海围片区风雅西路西北 侧，成立日期2008年9月28日，上市日期2019年6月21日，公司主营业务涉及环保再生纸的研发、生产和 销售。主营业务收入构成为：高强瓦楞纸66.70%，特种纸31.09%，其他业务2.27%。 松炀资源所属申万行业为：轻工制 ...

来源：环球网 在豫东平原的太康县产业集聚区，满载废纸的运输车在河南龙源纸业有限公司门前排成长龙；数百里 外，河南循环科技产业集团的自动化拆解车间里，机械臂正精准拆解废旧电器。 这两个看似迥异的场景，却共同描绘着中原大地绿色转型的生动图景，而在这背后，跃动着建行河南省 分行强有力的金融脉搏。 废纸重生记：从"城市垃圾"到"绿色资源" 在周口太康县产业集聚区，河南龙源纸业股份有限公司的生产线上，废纸正经历着华丽的蜕变。成捆的 废纸经过碎解、筛选、净化等数十道工序，最终变成崭新的箱纸板和高强瓦楞纸。 "在我们行业，废纸就是'城市森林'。"企业负责人表示，公司年生产能力达150万吨，规模居河南省首 位，其中90%以上的原料都来源于废纸。通过废纸再利用，不仅实现了变废为宝，每吨再生纸还可减少 树木砍伐量，显著降低碳排放。 随着企业新建两条生产线，产能在原有基础上翻倍，同时升级热电联产项目，完善环保设施，资金压力 随之而来。建行河南省分行在梳理对接全省重点碳排放单位时了解到这一情况，立即组织专业团队深入 调研。 "在充分了解企业的生产经营、碳排放管理情况和融资需求后，我们为其创新设计了以追加碳排放权进 行质押的融资方案。 ...

PriceSeek评析 瓦楞纸，多空评分：2 广东松炀再生资源股份有限公司宣布从12月8日起上调高强瓦楞纸价格50元/吨，包括已下订单，这表明 市场需求强劲或成本压力增加，对现货价格构成重大利好。此举可能带动市场整体价格上行，反映出供 应偏紧或下游包装行业需求提升。 【大宗商品公式定价原理】生意社基准价是基于价格大数据与生意社价格模型产生的交易指导价，又称 生意社价格。可用于确定以下两种需求的交易结算价： 1、指定日期的结算价 2、指定周期的平均结算价 定价公式：结算价=生意社基准价×K＋C K：调整系数，包括账期成本等因素。 C：升贴水，包括物流成本、品牌价差、区域价差等因素。 生意社12月02日讯广东松炀再生资源股份有限公司从12月8日8:30起，我司生产的高强瓦楞纸在原有价 格基础上调50元/吨(此次调价包含已下订单)。 生意社12月02日讯广东松炀再生资源股份有限公司从12月8日8:30起，我司生产的高强瓦楞纸在原有价 格基础上调50元/吨(此次调价包含已下订单)。 PriceSeek评析 瓦楞纸，多空评分：2 广东松炀再生资源股份有限公司宣布从12月8日起上调高强瓦楞纸价格50元/吨，包括已下订单， ...

Core Viewpoint - The packaging paper industry is experiencing a price increase for raw materials, with significant implications for companies involved in this sector [1][3]. Group 1: Company News - *ST Dongtong is facing delisting due to financial fraud, with the Shenzhen Stock Exchange planning to terminate its stock listing after discovering false disclosures in annual reports from 2019 to 2022 [2]. - The company has been fined 229 million yuan for fraudulent issuance based on false financial data [2]. Group 2: Industry Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been rising, with a reported increase of 20% to 30% for upstream raw paper [3]. - As of November 24, the average daily price of corrugated paper was 3,213 yuan per ton, up 17.65% year-on-year, while boxboard paper averaged 3,889 yuan per ton, up 6.86% year-on-year [3]. - Major paper companies have announced price increases for various paper products, with adjustments ranging from 50 to 200 yuan per ton, aimed at alleviating operational pressures and maintaining market order [3]. Group 3: Market Outlook - The paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades, with leading companies driving price hikes and inefficient capacity being phased out [4]. - Analysts predict that the overall profitability of the packaging paper industry will improve in the fourth quarter due to rising waste paper prices and government policies against excessive competition [4]. Group 4: Profit Forecasts - Companies such as Sun Paper, Annie Co., Huatai Co., and Bohui Paper have seen significant net buying in financing, indicating positive market sentiment [5]. - Forecasts suggest that Hengfeng Paper, Qifeng New Materials, and Bohui Paper will experience substantial net profit growth in 2025, with increases of 70.67%, 35.33%, and 20.2% respectively [6]. - Shanying International is expected to turn profitable, supported by investments aimed at enhancing production capabilities and competitiveness [6].

Core Viewpoint - The packaging paper industry is experiencing a price increase for raw paper, with multiple companies announcing new price hikes in the fourth quarter to cope with rising costs [3][4]. Group 1: Price Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been continuously rising [3]. - As of November 24, the average daily price of corrugated paper was 3,213 RMB/ton, a year-on-year increase of 17.65%, while the average price of boxboard was 3,889 RMB/ton, up 6.86% year-on-year [4]. - Several well-known pulp and paper companies have recently issued price adjustment notices for various paper types, with price increases ranging from 50 RMB/ton to 200 RMB/ton, effective mainly from late November to December 1, 2025 [4]. Group 2: Company Performance and Outlook - Companies in the packaging paper sector are adjusting their prices, with increases of 10% to 15%, which is lower than the 20% to 30% increase in upstream raw paper prices [3]. - Major securities firms believe the current paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades, with a positive outlook for profitability in the fourth quarter [4]. - Notable companies such as Sun Paper, Annie Co., Huatai Paper, and Bohui Paper have seen significant net buying in financing, indicating strong market interest [5]. - Forecasts suggest that companies like Hengfeng Paper, Qifeng New Materials, and Bohui Paper will see net profit growth rates of 70.67%, 35.33%, and 20.2% respectively for the year 2025 [5][8].

Core Viewpoint - The packaging paper industry is experiencing a price increase in raw materials, leading to a series of price hikes by paper companies, with expectations of improved profitability in the fourth quarter of 2025 [2][3]. Price Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been continuously rising [2]. - As of November 24, the average daily price of corrugated paper was 3213 yuan/ton, a year-on-year increase of 17.65%, while the average price of boxboard was 3889 yuan/ton, up 6.86% year-on-year [2]. Company Responses - Many paper companies have announced price increases ranging from 50 yuan/ton to 200 yuan/ton for various paper types, effective from late November to December 1, 2025 [2]. - A packaging paper company in Hebei raised its prices by 10% to 15%, lower than the 20% to 30% increase in raw paper prices, but production levels remain high [2]. Market Outlook - Daitong Securities believes the paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades [3]. - The overall profitability of the packaging paper industry is expected to improve in the fourth quarter due to rising waste paper prices and government policies aimed at reducing competition [3]. Company Performance - Notable paper companies such as Sun Paper, Annie Co., Huatai Paper, and Bohui Paper have seen significant net buying in financing, indicating strong market interest [5]. - Forecasts suggest that Hengfeng Paper, Qifeng New Materials, and Bohui Paper will experience net profit growth rates of 70.67%, 35.33%, and 20.2% respectively in 2025 [5]. Investment Activity - Shanying International has attracted long-term investors to enhance its production capabilities and competitiveness in the packaging paper sector [6]. - The company is expected to improve its profit margins in the fourth quarter despite previous price declines [6].

Market Overview - The Hong Kong stock market experienced a slight increase, with the Hang Seng Index rising 0.13% to close at 25,928.08 points, while the total trading volume reached 2,070.78 million HKD [1] - Short-term risk factors for the Hong Kong market are decreasing, but a catalyst is needed for a confirmed rebound. The current position is considered attractive for medium to long-term investment [1] Blue Chip Performance - Meituan-W (03690) led the blue-chip stocks, rising 5.65% to 103.8 HKD, contributing 47.97 points to the Hang Seng Index. Alibaba's CFO indicated a significant reduction in investment for Taobao Flash Sales in the upcoming quarter, suggesting a "temporary truce" [2] - Other notable blue-chip movements include ZTO Express-W (02057) up 4.24%, Shenzhou International (02313) up 3.2%, while Chow Tai Fook (01929) fell 6.1% [2] Sector Performance Technology Sector - The technology sector showed mixed results, with Meituan rising over 5%, while Alibaba fell nearly 2% post-earnings, exacerbating e-commerce concerns. Tencent also saw a decline of 0.88% [3] Paper Industry - The paper industry stocks performed well, with Nine Dragons Paper (02689) up 5% and Lee & Man Paper (02314) up 4.88%. Several major paper companies announced price adjustments for various paper types, with increases ranging from 50 to 200 CNY per ton [3] Aviation Sector - Airline stocks rebounded, with China Eastern Airlines (00670) up 6.96% and Air China (00753) up 4.2%. The strengthening of the RMB and expectations of reduced oil prices contributed to this rebound [4] Innovative Pharmaceuticals - The innovative pharmaceutical sector showed strong performance, with Hengrui Medicine (01276) up 4.55% and Kangfang Bio (09926) up 3.97%. Analysts remain optimistic about the sector's fundamentals and growth potential [5] Consumer Sector - Consumer stocks were active, with Miniso (09896) up 2.64% and Pop Mart (09992) up 2.2%. The government has introduced a plan to enhance consumer goods supply and demand, aiming for significant improvements by 2027 [6] Notable Stock Movements - Yao Cai Securities Financial (01428) rose 5.73% after extending its acquisition offer deadline with Ant Group [7] - Changfei Optical Fiber (06869) increased by 4.77%, benefiting from negotiations with Meta and Google regarding data center chip usage [8] - Pony.ai (02026) saw a 4.37% increase, reporting significant revenue growth and profitability in its Robotaxi business [9] - Chow Tai Fook (01929) fell 6.1% post-earnings, reporting a slight decrease in revenue but a marginal increase in profit [10]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Group 1: Stock Performance - Nine Dragons Paper (02689) increased by 5.34%, reaching HKD 6.11 [1] - Lee & Man Paper (02314) rose by 4.18%, reaching HKD 2.99 [1] Group 2: Price Adjustments - Several major domestic pulp and paper companies have announced price increases for products such as white card paper, copper plate card, food card, recycled kraft paper, and high-strength corrugated paper [1] - The price adjustment range is between 50 CNY/ton to 200 CNY/ton, with implementation scheduled mainly from late November to December 1, 2025 [1] Group 3: Market Trends - After five years of stagnation, the white card paper industry is beginning to rebound [1] - Driven by e-commerce stocking demands, paper companies are maintaining high operating rates, supported by high costs and low inventory levels [1] - White card paper prices have been consistently rising since November, with a strong determination from companies to increase prices due to significant pressure on industry profitability and confirmed replenishment intentions from downstream packaging paper manufacturers [1] - It is expected that paper manufacturers will aim to improve profitability, leading to a continued steady increase in white card paper prices [1]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Group 1: Price Adjustments - Several major domestic pulp and paper companies have announced price increases for products including white cardboard, coated paper, food-grade cardboard, recycled kraft paper, and high-strength corrugated paper, with adjustments ranging from 50 to 200 yuan per ton [1] - The implementation of these price changes is primarily scheduled between late November and early December 2025 [1] Group 2: Market Conditions - After five years of stagnation, the white cardboard industry is showing signs of recovery [1] - Driven by e-commerce stocking demands, paper companies are maintaining high operating rates, supported by high costs and low inventory levels, which have contributed to the continued price increase of corrugated and boxboard paper [1] Group 3: Future Outlook - White cardboard prices have been consistently rising since November, with a strong determination from companies to increase prices due to significant pressure on industry profitability and a clear willingness from downstream packaging paper manufacturers to replenish stocks [1] - It is anticipated that paper manufacturers will aim to improve profitability, leading to a steady upward trend in white cardboard prices [1]