Core Viewpoint - The stock of Nine Dragons Paper Holdings Limited (02689) has shown a significant increase, with a rise of 3.15% to HKD 8.51, driven by market expectations regarding price adjustments and production plans in the paper industry [1] Industry Summary - Major paper manufacturers have continued the trend of price increases observed in previous months, although the actual implementation of these price hikes has slowed down [1] - Leading paper manufacturers have announced maintenance plans for December and the first two months of the following year, estimating a production reduction of over 300,000 tons, which may effectively regulate supply and support price and inventory levels before the Spring Festival [1] - The industry is expected to see an improvement in profit per ton in Q4, with differences among companies primarily based on product structure [1] Company Summary - Nine Dragons Paper is expected to pause capacity expansion starting in 2024, while other leading companies like Shanying and Lee & Man have limited short-term expansion plans [1] - The current phase of supply expansion in the industry is nearing its end, with a total of over 15 million tons of new capacity expected to be operational between 2023 and 2025, of which four leading companies account for approximately 40% [1] - By 2026, the industry is anticipated to experience a recovery in capacity utilization rates and price levels compared to previous years [1]
玖龙纸业上涨，行业龙头发布密集停机计划，支撑春节前价格和库存水平