多家纸业巨头2025年末涨价，行业还有望受益于人民币继续升值

Industry Overview - Major companies such as Shanying, Jiu Long, APP, and Asia Pacific Forest have announced price increases for their products, effective from late November to early December. The price increase for packaging paper is moderate, around 50 yuan/ton, while cultural paper sees a significant rise of 200 yuan/ton [1] - The concentration trend in the paper industry is clear, with several large paper companies, including Shanying and Jiu Long, announcing maintenance plans that will temporarily reduce supply and accelerate the elimination of inefficient capacity. Leading companies are gaining dominance in the price increase wave due to their full industry chain layout and channel control [1] Market Dynamics - The market anticipates continued appreciation of the RMB over the next two months, which benefits the paper sector. The fundamental improvement signals are clear, highlighting the sector's allocation value. The current logic for profit recovery in the paper industry is evident, with price increases in packaging paper resonating with the reduction of pulp inventory. On the demand side, restocking demand continues; on the supply side, paper companies' maintenance and changes in import policies are constraining supply; on the cost side, stable to rising pulp prices support product pricing. The sector's valuation is at historical lows, further emphasizing allocation value due to structural optimization in the industry [2] Company Insights - Xianhe Co., Ltd. is a leading player in specialty paper, strategically positioned in the consumer sector and successfully advancing towards pulp-paper integration. The company has production bases and joint ventures in various regions, with an annual production capacity exceeding 2 million tons across over 60 varieties in six major series [3] - Sun Paper Industry is expected to release profit increments in the fourth quarter as new production capacity comes online [4]