白卡纸厂连番提价，行业利润修复进行时

Core Viewpoint - Since the end of August, the price of white cardboard has been continuously increasing, leading to an improvement in industry profitability despite raw material costs showing a temporary divergence from paper prices [1][2][4]. Price Trends - White cardboard prices have been raised monthly, starting with a 100 yuan/ton increase in September, accumulating to a total increase of 600 yuan/ton over four rounds by December [2][3]. - As of December 11, the average market price for white cardboard in China reached 4244 yuan/ton, reflecting a 7.99% increase since the end of August [2]. Raw Material Costs - The cost of raw materials has shown a mixed trend, with wood pulp prices fluctuating. As of December 11, the overall cost of white cardboard has increased by 2.51% since the end of August, which is lower than the price increase of white cardboard [4][6]. - The cost of white cardboard remains below the five-year average from September to November [4]. Profitability Analysis - Despite the price increases, the gross margin for white cardboard remains negative at -6.31% as of December 11, although it has improved by 5.68 percentage points since the end of August [6]. - When considering domestic pulp substitutes, the gross margin for white cardboard has been between 0.98% and 4.84%, indicating that the industry is operating at a marginal profit level [8]. Market Dynamics - The current market for white cardboard is characterized by overcapacity and intense price competition, with companies that have their own pulp production gaining a competitive advantage [8].