国泰海通：11月包装纸延续上涨 文化纸待回暖

Group 1: Market Overview - As of November 26, the average market price for 70g wood pulp high white double glue paper is 4731 CNY/ton, showing a slight decrease of 3 CNY/ton or 0.06% month-on-month [1][2] - The average market price for AA-grade corrugated paper (120g) is 3164 CNY/ton, reflecting a month-on-month increase of 6.35% and a year-on-year increase of 16.71% [1][4] Group 2: Cultural Paper Insights - Demand for cultural paper remains weak, with cautious inventory levels among distributors leading to limited new orders despite some paper companies announcing price increases [2] - The upstream raw material market for wood pulp has shown a weakening transmission effect, with prices fluctuating throughout the month [2] Group 3: White Cardboard Analysis - The average market price for 250-400g flat white cardboard is 4194 CNY/ton, which has increased by 3.30% compared to October, with a larger increase of 0.85 percentage points [3] - Cost pressures remain significant, prompting paper manufacturers to continue raising prices, which supports upward price movement in the market [3] Group 4: Corrugated Paper Dynamics - The price of AA-grade corrugated paper has been supported by low inventory levels at upstream paper mills and a clear willingness to raise prices [4] - Despite general order conditions being average for downstream packaging factories, the continuous rise in raw paper prices has maintained a reasonable level of purchasing activity [4] Group 5: Wood Pulp Market Trends - The imported wood pulp market shows a mixed trend, with overall trading driven by essential demand [5] - The price of imported hardwood pulp continues to rise due to strong external market conditions, while the price of imported chemical pulp is under pressure due to demand constraints [5]