行业 纸浆日报 日期 2025 年 8 月 8 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：李金（甲醇） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | --- | | | 73 | | FR 107 | 底价 | ...

行业 纸浆日报 日期 2025 年 8 月 7 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 ＃summary＃ 每日报告 一、行情回顾与操作建议 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PT ...

Group 1 - Nine Dragons Paper (02689) shares increased by over 6%, reaching HKD 4.98 with a trading volume of HKD 45.85 million [1] - Nine Dragons Paper (Beihai) successfully launched the PM56 production line, which has a design speed of 1000m/min and an annual production capacity of 250,000 tons of high-grade cultural paper [1] - The company is also constructing another cultural paper production line, PM55, expected to commence production by the end of this year [1] Group 2 - On August 1, Nine Dragons Paper raised the price of corrugated paper and recycled kraft paper by HKD 30 per ton, following multiple price increases in July [1] - According to Zheshang Securities, the paper industry is expected to benefit from supply-demand imbalances and the "anti-involution" trend [1] - Guotai Junan noted that the new national standards have strengthened energy consumption restrictions, favoring leading paper companies over smaller competitors, potentially initiating a new supply-side clearing cycle in the industry [1]

Group 1 - Nine Dragons Paper Industries (02689) saw a stock increase of over 6%, reaching HKD 4.98 with a trading volume of HKD 45.85 million [1] - The PM56 production line of Nine Dragons Paper (Beihai) has successfully commenced operations, with a design capacity of 250,000 tons of high-grade cultural paper annually [1] - The company is also constructing another cultural paper production line, PM55, which is expected to be operational by the end of this year [1] Group 2 - On August 1, Nine Dragons Paper raised the prices of corrugated paper and recycled kraft paper by HKD 30 per ton, following multiple price increases in July [1] - According to Zheshang Securities, the paper industry is expected to benefit from the "anti-involution" trend due to supply-demand imbalances and profitability at the bottom of the cycle [1] - Guotai Junan pointed out that the new national standards have strengthened energy consumption restrictions, favoring leading paper companies with new and old capacity advantages over smaller firms, potentially catalyzing a new supply-side clearing cycle in the industry [1]

Core Viewpoint - The article discusses the recent price adjustments made by Nine Dragons Paper, led by Zhang Yin, in response to rising operational costs and the challenges faced in the paper industry, which is characterized by cyclical fluctuations and pressure on profit margins [2][3][8]. Price Adjustments - On July 15, Nine Dragons Paper implemented a price increase of 30 yuan per ton for corrugated paper at its Dongguan and Quanzhou bases [2]. - This marks the third price adjustment in the past half month, indicating a strategy of gradual price increases amid fluctuating market conditions [3][5]. Industry Context - The paper industry is highly cyclical, with prices closely tied to macroeconomic changes. Key raw materials like wood pulp and waste paper are subject to price volatility and supply instability [8][9]. - Since 2021, paper mills have been releasing capacity while downstream demand has not kept pace, leading to a challenging environment where price adjustments are necessary to maintain market share [11]. Financial Performance - Nine Dragons Paper's market capitalization has dropped over 70% from its peak, currently hovering around 16 billion HKD [4]. - In the 2024 fiscal year, the company reported a revenue of 33.46 billion RMB, with a gross profit of 3.19 billion RMB, reflecting an 18% increase in gross profit year-on-year [33]. Strategic Initiatives - Zhang Yin is focusing on expanding production capacity and moving towards high-end products to avoid price wars in the low-end market [30]. - The company is also investing in upstream integration to enhance raw material supply capabilities, which constitute about 60% of total production costs [35]. Future Outlook - Analysts predict a potential market recovery around September, with seasonal demand expected to increase during the National Day and Mid-Autumn Festival periods [19][20]. - Nine Dragons is expanding its production capacity significantly, with new projects expected to come online in the second quarter of this year, aiming for a total design capacity of 819 million tons of fiber raw materials and 2,537 million tons of paper production [38][39].

Group 1 - The "Lucky 6666" vessel, carrying 38,000 cubic meters of wood chips, is unloading at Zhangzhou Port, which is the largest timber distribution center in Southeast China [3] - In the first half of this year, Zhangzhou Port has imported 1.6185 million cubic meters of wood chips, representing a year-on-year increase of 177.34% [3] - The Zhangzhou border inspection station has implemented measures to streamline customs procedures, reducing average processing time by 40% and saving over 33 million yuan in customs costs for enterprises in 2024 [3][4] Group 2 - The wood chip import business has significantly boosted the local timber industry, which is becoming an important source of income for Zhangzhou [4] - The logistics system at Zhangzhou Port allows for efficient transportation of raw wood to local processing facilities, where it is transformed into various paper products [4]

Core Viewpoint - The company is actively enhancing its operational efficiency and competitiveness through digital transformation and strategic projects in response to challenges in the paper and chemical industries. Group 1: Digital Transformation and Operational Efficiency - The company launched the "Industry Brain" project in April 2023, which is expected to improve production capacity by 8.57%, product quality by 7.6%, production efficiency by 5.8%, and transportation efficiency by 15% during its trial run in 2024 [2] - The "Industry Brain" integrates five major models covering the entire process from raw material procurement to production, sales, logistics, and finance, aiming to create a smart business model in the paper industry [2][3] - The project aims to reduce reliance on manual experience and enable rapid adjustments in production parameters, facilitating flexible production [2] Group 2: Strategic Projects and Market Positioning - The company has completed the construction of a 700,000-ton chemical wood pulp project, which is expected to enhance product scale, cost, and quality advantages, while ensuring raw material supply [3] - The company is focusing on integrating pulp and paper production to mitigate the impact of raw material price fluctuations and align with carbon neutrality trends [4] - The company is transitioning towards high-end cultural paper and specialty paper, with successful product development in various new categories following the relocation and renovation of its subsidiary [5] Group 3: Future Plans and Industry Position - The company plans to accelerate the transformation of research achievements and promote the advancement of Industry 4.0 in the paper sector by 2025 [3] - The company aims to extend its salt chemical and fine chemical industry chains, enhancing upstream resource development and downstream new product production to improve profitability in the chemical sector [5]