机构：造纸产业链价格水平有望持续回升

Core Viewpoint - Several large paper manufacturers have announced price increases for certain products starting in early September, following multiple rounds of price hikes since August, indicating a potential recovery in the paper industry due to various favorable factors [1] Group 1: Price Trends and Market Dynamics - The paper industry is expected to see a continuous price recovery driven by the upcoming peak season, collaboration among leading companies, and low levels of profitability and inventory [1] - The current state of the paper industry shows a solid bottom, with limited new capacity expected from 2025 to 2026 after years of expansion, and many paper types currently at cyclical bottom prices and reasonable inventory levels [1] Group 2: Industry Outlook and Growth Potential - The paper and pulp prices are at historical lows, with limited downside potential, and are expected to rise as the industry enters the traditional peak season in the fourth quarter, leading to improvements in the industry fundamentals [1] - The period from 2023 to 2025 is anticipated to be a capacity expansion phase for the industry, with a slowdown in new capacity additions starting in 2026, supported by "anti-involution" policies, which may lead to an upward turning point for the paper industry [1]