Tianfeng Securities released a research report on April 22 stating that it gave Chenming Paper (000488.SZ) a holding rating. The main reasons for the rating include: 1) The company released the 2023 report and the 2024 quarterly report; 2) In 2023, due to weak downstream demand in the paper industry, the company's mechanical paper sales decreased year on year; at the same time, due to the concentrated investment of new production capacity, the price of machine paper, especially white card paper, was drastically reduced year on year, while the prices of raw materials such as wood chips, raw coal, chemicals are still operating at a high level, squeezing the company's profit space; 3) Improve sales management to reduce the company's profit space; 4) Refine financial management and take more measures to reduce the company's debt size; 5) Optimize procurement management to reduce the size of debt and stabilize supply Cost efficiency gain . (Mainichi Keizai Shimbun)