造纸板块大爆发，恒达新材20cm涨停

Group 1 - The A-share market saw all three major indices rise collectively on December 25, with the paper industry experiencing significant gains, highlighted by stocks such as Hengda New Materials and Bohui Paper reaching their daily limit up [2] - The offshore RMB broke the 7.0 mark against the US dollar for the first time in 2024, peaking at 6.9962, which enhances purchasing power and reduces procurement costs for dollar-denominated raw materials in the paper industry [2] - Daitong Securities believes the paper industry is benefiting from a combination of "supply optimization, cost support, and policy protection," with a mild recovery in demand and resilient packaging paper demand [2] Group 2 - The supply side is improving due to production cuts and the winding down of capacity, which enhances the supply-demand balance in the paper industry [2] - The cost side is supported by rising pulp prices, which stabilize product pricing and enhance the profitability of integrated pulp and paper companies [2] - The valuation of the paper sector is at historical lows, and with expectations of industry recovery by 2026, the investment value is becoming more prominent [2]