造纸轻工行业造纸产业链数据每周速递：10月智利阔叶浆外盘报价维稳，针叶浆价格上涨

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry in China [1]. Core Views - The light manufacturing industry index increased by 0.82%, underperforming the market by 0.16 percentage points, while the paper sub-sector declined by 1.58%, underperforming the market by 2.56 percentage points [3][12]. - The report highlights that the recent drop in waste paper prices and the increase in needle pulp prices may relieve cost pressures for leading paper companies, with expectations for cultural and specialty paper prices to stabilize as demand enters the traditional peak season [5]. Summary by Sections Industry Performance - The light manufacturing index rose by 0.82%, while the paper sub-sector fell by 1.58%, ranking 20th among 28 primary industries [3][12]. - The four major sub-sectors of light manufacturing ranked by growth were entertainment products, furniture, packaging and printing, and paper, with respective increases of 1.98%, 1.75%, and 1.23% [3][12]. Raw Material Prices - Domestic waste paper prices decreased by 8 CNY/ton, while prices for American and Japanese waste paper fell by 10-15 USD/ton [4][17]. - Chilean needle pulp prices increased by 20 USD/ton, while the spot price for needle pulp rose by 58 CNY/ton [4][17]. - The total inventory of wood pulp at two major Chinese ports was 1.58 million tons, a decrease of 9.0% month-on-month [4][17]. Finished Paper Prices - The average market price for double glue paper fell by 30 CNY/ton, copper plate paper by 32 CNY/ton, and white card paper by 56 CNY/ton, while low-grade box board paper increased by 9 CNY/ton [4][22]. - High-grade box board paper prices remained stable [4][22]. Profitability Levels - Profitability for wood pulp-based paper products decreased, with double glue paper profitability dropping by 27-36 CNY/ton, copper plate paper by 28-38 CNY/ton, and white card paper by 51-56 CNY/ton [25][30]. - Conversely, profitability for waste paper products increased by 4-14 CNY/ton [25][30]. Production and Inventory - The cumulative production of mechanical paper and paperboard from January to August 2024 was 10.318 million tons, a year-on-year increase of 13.2% [4][16]. - The inventory of finished products in the paper and paper products industry increased by 2.7% month-on-month [4][16].