造纸业“承压” 头部纸企着力重塑竞争格局

Group 1: Packaging Paper Industry - From June 26, some paper manufacturers in Shandong started a new round of maintenance, exacerbating supply-demand conflicts in the packaging paper industry during the traditional off-season [1] - The packaging paper market, represented by corrugated and boxboard paper, continued its downward trend from the second half of 2024, with market average prices showing a decline both month-on-month and year-on-year [1] - Analysts indicate that the main reason for the difficulty in halting the decline in the packaging paper industry is the prominent supply-demand imbalance, with increased supply from new production capacity and weakened market demand due to a significant drop in export orders [1] Group 2: Cultural Paper Market - The cultural paper market also exhibited a "more declines than increases" trend in the first half of the year, with double offset paper prices overall declining and reaching near two-year lows [2] - The decline in terminal consumption and fluctuating external conditions have led to weak demand for double offset paper, resulting in frequent price fluctuations and market averages falling below expectations [2] - The dual pressure of prominent supply-demand imbalance and declining costs has led listed paper companies to focus on pulp-paper integration and digital transformation to reshape the competitive landscape [2] Group 3: Company Developments - Shandong Sun Paper Industry plans significant investments in 2025, with multiple projects in its Nanning base, including high-end packaging paper production lines and various pulp production lines, set to enter trial production in the fourth quarter of 2025 [3] - Shandong Huatai Paper has successfully launched China's first "industry brain" for paper making, utilizing AI to achieve full-process digitalization and intelligence from raw material procurement to production, sales, logistics, and finance [3] - Analysts predict that the overall oversupply in the packaging and cultural paper industries will remain unchanged, with expectations of continued price competition and low market prices in the short term [3]