造纸轻工行业造纸产业链数据每周速递：本周木浆系纸品价格下跌，废纸系纸品价格维稳
Orient Securities·2024-09-30 00:42

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry in China [1] Core Viewpoints - The light manufacturing industry index increased by 16.47%, outperforming the market by 0.77 percentage points, while the paper sub-sector rose by 15.49%, underperforming the market by 0.21 percentage points [10] - The report highlights that the prices of wood pulp paper products have decreased, while waste paper product prices have remained stable [2][3] Summary by Sections Market Overview - The light manufacturing industry index rose by 16.47%, ranking 9th among 28 first-level industries, with the paper sub-sector increasing by 15.49% [10] - The four major sub-sectors of light manufacturing ranked by growth are furniture, cultural products, paper, and packaging printing, with increases of 18.27%, 15.98%, 15.49%, and 14.93% respectively [10] Industry Chain Data Tracking - Domestic waste paper prices slightly decreased by 1 RMB/ton, while U.S. waste paper prices fell by 3-10 USD/ton [15] - Chilean hardwood pulp prices remained stable, with hardwood pulp spot prices dropping by 43 RMB/ton and softwood pulp prices increasing by 48 RMB/ton [15] - The total inventory of wood pulp at two major Chinese ports reached 1.73 million tons, a month-on-month increase of 10.3% [15] Product Pricing - The average market price for double glue paper decreased by 41 RMB/ton, copper plate paper by 7 RMB/ton, and white card paper by 23 RMB/ton, while high-end and low-end corrugated paper prices remained stable [22] - The profitability of cultural paper and white card paper declined, while the profitability of copper plate paper and corrugated paper improved [26] Export and Production Data - From January to August 2024, China's paper and paperboard exports increased by 17.7% year-on-year, with a cumulative production of 10.318 million tons, a 13.2% increase year-on-year [33][34] - The inventory of finished products in the paper and paper products industry showed a month-on-month growth of 1.8% in July 2024 [34]