Core Viewpoint - The report from CICC indicates that leading paper manufacturers are continuing the trend of price increases observed in the previous months, although the actual implementation of these price hikes has slowed down [1] Company Summary - Nine Dragons Paper (玖龙纸业) shares rose over 4%, currently trading at HKD 8.51 with a transaction volume of HKD 10.4884 million [1] - The company is expected to see an improvement in profit per ton in Q4 2025, with differences among companies primarily based on product structure [1] Industry Summary - Leading paper manufacturers have announced maintenance plans for December and the first two months of next year, estimating a production cut of over 300,000 tons, which may effectively regulate supply and support price and inventory levels before the Spring Festival [1] - The sensitivity of corrugated box paper to consumer demand is highlighted, with the current supply expansion phase nearing its end [1] - From 2023 to 2025, the total new capacity added exceeds 15 million tons, with four leading companies accounting for approximately 40% of this capacity [1] - Future expansions by existing leaders are expected to be relatively restrained, with Nine Dragons pausing expansion from 2024, and other companies like Shanying and Lee & Man also showing limited expansion plans [1] - The industry is anticipated to see a recovery in capacity utilization rates and price levels by 2026, as the expansion phase concludes [1]
港股异动 | 玖龙纸业(02689)涨超4% 行业龙头发布密集停机计划 支撑春节前价格和库存水平