研报掘金丨群益证券(香港)：予博汇纸业“买进”建议，看好公司未来吨纸盈利改善

Core Viewpoint - The report from Guany Securities (Hong Kong) indicates that the price of white cardboard has rebounded since hitting a low in August 2025, suggesting a potential rebalancing of supply and demand in the industry, with further upward potential for white cardboard prices [1] Industry Summary - The white cardboard industry is expected to experience a rebalancing of supply and demand due to the "anti-involution" trend, which may lead to price increases [1] - The current low price of pulp is seen as a stabilizing factor for the industry, contributing to the potential for improved profitability in the future [1] Company Summary - Bohui Paper Industry is identified as a leading domestic player in the white cardboard market, with sufficient production capacity [1] - The advancement of the chemical pulp project is expected to further enhance the company's operational resilience [1] - The company is viewed positively regarding future profitability per ton of paper, leading to a "buy" investment recommendation [1]