Investment Rating - The industry rating is "Positive" (maintained) [6] Core Insights - The industry is at a valuation and profit bottom, with pulp prices expected to rise due to the US dollar interest rate cut cycle [1][12] - The supply of commodity pulp is tightening, with limited new overseas capacity expected after 2025, while domestic self-sufficient pulp production is increasing [2][19] - Short-term demand remains resilient, driven by Chinese demand, but structural impacts from self-sufficient pulp projects may suppress commodity pulp demand in the medium term [2][25] - Current inventory levels are relatively low, supporting strong price expectations for Q1 2026 [3][41] - Cost differences in pulp production are significant, with domestic pulp relying heavily on imported wood chips [3][33] Summary by Sections Section 1: Market Cycle and Price Dynamics - The pulp and paper cycle is at a bottom, with historical price performance indicating a potential rebound [1][11] - As of January 16, paper prices are at historical low percentiles, while pulp prices are also low, providing a safety margin for the industry [1][11] - The US dollar's depreciation is expected to stimulate demand and drive pulp prices upward [12] Section 2: Supply and Demand Analysis - Commodity pulp supply is slowing, with global capacity at approximately 36.14 million tons as of 2024, and utilization rates around 90% [2][19] - Domestic self-sufficient pulp production is projected to add about 6.6 million tons in 2025-2026, primarily from vertical integration projects [24] - Global demand for hardwood pulp is expected to remain resilient, with a year-on-year increase of 7% in shipments driven by China [25][26] Section 3: Inventory Levels - Global hardwood pulp producer inventory days are at 44.7 days, indicating a relatively low stock level [3][37] - China's main port inventory has decreased to 1.906 million tons, reflecting strong demand and continuous inventory reduction [41] Section 4: Cost Structure - The cash cost of domestic pulp production varies significantly based on the source of wood chips, with costs around $480 per ton for imported wood and $420 per ton for domestic wood [3][33] - The cost structure is influenced by the production of self-sufficient pulp, which may lead to increased domestic wood chip prices [44] Section 5: Investment Recommendations - Recommended companies include Sun Paper, Nine Dragons Paper, Xianhe Paper, and Bohui Paper, which have strong cost control and high self-sufficient pulp ratios [4][56][57][58]

Group 1 - The paper sector experienced a rise of 2.07% on January 22, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the paper sector showed significant increases, with Minshida rising by 7.07% to a closing price of 56.80, and Yueyang Lin Paper increasing by 6.41% to 4.98 [1] Group 2 - The paper sector saw a net inflow of 108 million yuan from main funds, while retail investors experienced a net outflow of 66.98 million yuan [1] - Among individual stocks, Qing Shan Paper had a main fund net inflow of 67.75 million yuan, while it faced a retail net outflow of 47.15 million yuan [2] - Minshida recorded a main fund net inflow of 24.93 million yuan, with a minor retail net outflow of 0.47 million yuan [2]

Group 1 - The core viewpoint of the article highlights the growth in the number of enterprises in the paper and paper products industry in China, with a total of 8,167 companies reported as of January-November 2025, marking an increase of 125 companies or 1.55% year-on-year [1] - The proportion of the paper and paper products industry enterprises in relation to the total number of industrial enterprises stands at 1.55% [1] - The data indicates a shift in the threshold for large-scale industrial enterprises, with the minimum annual main business income requirement raised from 5 million yuan to 20 million yuan since 2011 [1] Group 2 - The report referenced is titled "Analysis of Development Models and Market Operation Potential of the Chinese Paper Industry from 2026 to 2032" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and quality services [2]

Meeting Overview - The first extraordinary general meeting of shareholders for 2026 was held on January 16, 2026, at the company's meeting room in Quzhou, Zhejiang Province [2] - The meeting was convened by the board of directors and chaired by Chairman Wang Minliang, utilizing a combination of on-site and online voting methods [2][3] Attendance and Voting - All 8 current directors attended the meeting, along with the company secretary and other senior executives, with legal counsel present for witness [3] - The voting procedures complied with the Company Law and the company's articles of association, ensuring the legitimacy of the meeting and its outcomes [2][6] Resolutions Passed - The following resolutions were approved during the meeting: 1. Proposal for the estimated external guarantee limit for 2026 [4] 2. Proposal regarding the daily related party transactions for 2025 and the expected daily related party transactions for 2026 [4] 3. Proposal for applying for a comprehensive credit limit from banks for 2026 [4] - The first proposal was passed with over two-thirds of the voting rights, while the second, third, and fourth proposals received more than half of the votes [5] Legal Compliance - The meeting was witnessed by Shanghai Jintiancheng Law Firm, confirming that the convening and procedures of the meeting adhered to legal regulations and the company's governing documents [6]

Core Viewpoint - Xianhe Co., Ltd. announced the approval of several key proposals during its first extraordinary shareholders' meeting of 2026, including expected external guarantee limits and anticipated related party transactions for 2025 and 2026 [2] Group 1: Shareholder Meeting Resolutions - The company approved the proposal regarding the expected external guarantee limit for 2026 [2] - The company reviewed and approved the proposal concerning the related party transactions for 2025 and the anticipated related party transactions for 2026 [2] - The company approved a proposal to apply for a comprehensive credit limit from banks for 2026 [2] Group 2: Board of Directors - Wang Yuzhe was re-elected as a non-independent director of the fourth board of directors [2]

| 证券代码：603733 | 证券简称：仙鹤股份 | | 公告编号：2026-002 | | --- | --- | --- | --- | | 债券代码：113632 | 债券简称：鹤 转债 | 21 | | 仙鹤股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 64 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 568,493,086 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 80.3269 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 (一) 股东会召开的时间：2026 年 1 月 16 日 (二) 股东会召开的地点：浙江省衢州市衢江区天湖南路 69 号仙鹤股份有限公 司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 ...

上海市锦天城律师事务所 关于仙鹤股份有限公司 2026 年第一次临时股东会的 上海市锦天城律师事务所 关于仙鹤股份有限公司 2026 年第一次临时股东会的 法律意见书 致：仙鹤股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 仙鹤股份有限公司（以下简称"公司"）2026 年第一次临时股东会于 2026 年 1 月 16 日（星期五）14 点 00 分在浙江省衢州市衢江区天湖南路 69 号公司会 议室如期召开。上海市锦天城律师事务所（以下简称"本所"）经公司聘请委派 邓颖律师、程雨露律师（以下简称"本所律师"）列席，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）等法律法规、其他规范性文件以及《仙鹤股份有限公司章程》（以 下简称"《公司章程》"）、《仙鹤股份有限公司股东会议事规则》（以下简称 "《议事规则》"）的规定，就本次股东会的召集和召开程序、召集人及出席会 议人员的资格、会议 ...

Group 1 - The paper sector experienced a decline of 0.34% on January 16, with Annie Co. leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] - Key stocks in the paper sector showed varied performance, with Guanmeng High-tech rising by 7.50% to a closing price of 3.44, while Annie Co. fell by 6.45% to 10.45 [2] Group 2 - The paper sector saw a net outflow of 14.20 million yuan from institutional investors and 24.42 million yuan from retail investors, while retail investors had a net inflow of 38.62 million yuan [2] - The detailed fund flow indicates that Guanmeng High-tech had a net inflow of 61.24 million yuan from institutional investors, while Annie Co. experienced a net outflow of 53.74 million yuan from retail investors [3] - The overall trading volume in the paper sector was significant, with Guanmeng High-tech achieving a transaction amount of 485 million yuan [1][2]

Market Overview - The paper sector experienced a decline of 0.61% on January 15, with Minshida leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Notable gainers in the paper sector included: - Rongsheng Environmental: closed at 13.40, up 1.21% with a trading volume of 29,700 lots [1] - Qifeng New Materials: closed at 8.60, up 0.82% with a trading volume of 78,600 lots [1] - Significant decliners included: - Minshida: closed at 53.00, down 7.70% with a trading volume of 62,500 lots [2] - Zhishi Paper: closed at 5.39, down 3.23% with a trading volume of 735,700 lots [2] Capital Flow - The paper sector saw a net outflow of 268 million yuan from institutional investors, while retail investors contributed a net inflow of 151 million yuan [2] - The capital flow for specific stocks showed: - Sun Paper: net inflow of 15.85 million yuan from institutional investors [3] - Bohui Paper: net inflow of 5.85 million yuan from institutional investors [3] - Qifeng New Materials: net inflow of 1.68 million yuan from institutional investors [3]

Core Insights - The surface sizing agents play a crucial role in enhancing the performance of paper products, with a nearly 100% retention rate, significantly reducing material loss and costs compared to internal sizing agents [1][7] - The market size for China's paper surface sizing agents is projected to reach 5.52 billion yuan in 2024, reflecting a 2% year-on-year increase, driven by rising demands for surface performance in cultural, packaging, and corrugated papers [1][6] - The global market for paper surface sizing agents is expected to grow from 1.09 billion USD in 2024 to 1.114 billion USD in 2025, influenced by the increasing standards for water resistance, oil resistance, and surface strength in packaging and specialty papers [6][10] Industry Overview - Paper surface sizing agents are additives used to enhance the surface strength of paper and prevent liquid penetration, primarily categorized into internal and surface sizing agents [3][4] - Surface sizing agents, mainly composed of styrene-ester copolymers, improve the cross-linking strength and hydrophobicity of paper coatings, offering advantages such as mechanical stability and reduced foaming [3][4] - The demand for surface sizing agents is expected to grow as consumer requirements for paper performance increase, with China being the largest producer and consumer of paper globally [4][6] Market Dynamics - The production and consumption of paper and paperboard in China are projected to reach 136.25 million tons and 136.34 million tons respectively in 2024, marking a year-on-year growth of 5.09% and 3.56% [4][5] - The highest market shares in paper and paperboard production in 2024 are held by corrugated base paper (23.08%) and boxboard (22.28%), while boxboard leads in consumption (26.27%) [5][6] Competitive Landscape - The paper surface sizing agent industry is characterized by a large number of small-scale enterprises, with major players dominating the market due to their technological and financial advantages [8][9] - Key companies in the industry include Huasoft Technology, ST Morning Paper, Bohui Paper, and others, with Huasoft Technology being a leading producer of paper chemicals [8][9] Future Trends - The demand for environmentally friendly and multifunctional surface sizing agents is expected to rise, prompting companies to invest in the development of new products such as water-based and bio-based agents [11][12] - The competitive landscape is anticipated to become more intense, with leading companies focusing on technological advancements and new entrants bringing fresh competition, leading to potential industry consolidation [12]