Core Viewpoint - The report from CICC indicates that leading paper manufacturers are continuing their trend of price increases, although the actual implementation of these price hikes has slowed down. Additionally, major manufacturers have announced maintenance plans that could reduce production by over 300,000 tons, which may help stabilize prices and inventory levels before the Spring Festival [1]. Group 1: Company Performance - 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]. - CICC is optimistic about the improvement in profit per ton for the fourth quarter, with differences among companies primarily depending on product structure [1]. Group 2: Industry Trends - The sensitivity of corrugated box paper to consumer demand is highlighted, with the current supply expansion phase nearing its end. From 2023 to 2025, over 15 million tons of new capacity is expected to be added, with four leading companies accounting for approximately 40% of this capacity [1]. - Future expansions by leading companies are expected to be relatively restrained, with Nine Dragons pausing expansion plans starting in 2024, and other companies like Shanying and Lee & Man also showing limited expansion intentions [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