造纸轻工行业造纸产业链数据每周速递：8月机制纸及纸板产成品库存环比增长2.7%

Investment Rating - The report maintains a "Positive" outlook for the paper and light industry in China [5] Core Insights - The light manufacturing industry index fell by 7.01%, underperforming the market by 3.75 percentage points, while the paper sub-sector dropped by 5.58%, underperforming the market by 2.33 percentage points [10] - In August, the inventory of finished products in the mechanism paper and paperboard sector increased by 2.7% month-on-month [2][33] - The cumulative production of mechanism paper and paperboard from January to August 2024 reached 10,318 million tons, a year-on-year increase of 13.2% [33] Summary by Sections Market Review - The light manufacturing industry index decreased by 7.01%, while the paper sub-sector fell by 5.58%, ranking 23rd among 28 first-level industries [10] - The four major sub-sectors of light manufacturing, ranked by decline, are paper, packaging and printing, cultural products, and furniture, with declines of 5.58%, 6.68%, 7.01%, and 8.10% respectively [10] Industry Chain Data Tracking - The national waste price decreased by 10 CNY/ton, while foreign waste prices remained stable [2][16] - The price of double glue paper fell by 28 CNY/ton, while white cardboard decreased by 25 CNY/ton [23] - The profitability of cultural paper and white cardboard declined, while the profitability of copperplate paper and boxboard paper showed differentiation [26] Production and Inventory - The production of mechanism paper and paperboard in August 2024 was 1,375 million tons, a year-on-year increase of 12.3% [33] - The finished product inventory in the mechanism paper and paperboard manufacturing industry increased by 2.7% month-on-month, with a year-on-year increase of 11.5% [33] - The cumulative import of paper and paperboard from January to August 2024 increased by 0.5% year-on-year, while exports increased by 17.7% [33] Investment Recommendations - With the recent large-scale production of new capacities from Suzano Cerrado and Liansheng Commodity Pulp, the report recommends focusing on leading companies in the integrated pulp and paper industry such as Sun Paper (002078, Buy), Huawang Technology (605377, Buy), and Xianhe Co. (603733, Buy) [3] - The report also suggests paying attention to the boxboard and corrugated paper industry, which is expected to continue recovering in the second half of the year [3]