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下调10美元/吨

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 6.95%, outperforming the market by 6.16 percentage points, with the paper sub-sector rising by 3.16%, also outperforming the market by 2.36 percentage points [2][9] - The report highlights that the recent decline in overseas hardwood pulp prices will help leading paper companies gradually relieve cost pressures, and as downstream demand shifts into the traditional peak season, prices for cultural and specialty papers are expected to stabilize [3] Summary by Sections Market Review - The light manufacturing industry index rose by 6.95%, while the paper sub-sector increased by 3.16%, ranking third among 28 primary industries [2][9] - The four major sub-sectors of light manufacturing, ranked by growth, are furniture (up 9.64%), packaging and printing (up 8.42%), paper (up 3.16%), and entertainment products (up 2.00%) [9] Industry Chain Data Tracking - Domestic waste paper prices increased by 6 CNY/ton, while foreign waste prices remained stable; Chilean hardwood pulp prices decreased by 10 USD/ton, and spot pulp prices fell [2][13] - The average market price for various paper products showed a decline: double glue paper down 33 CNY/ton, copper plate paper down 44 CNY/ton, and white card paper down 34 CNY/ton, while low-grade boxboard paper increased by 24 CNY/ton [2][17] - The cumulative production of mechanical paper and paperboard from January to September 2024 grew by 11.4% year-on-year, with a total output of 11,633 million tons [2][12] Profitability Levels - Profitability for copper plate and white card paper decreased, while profitability for boxboard paper increased; small paper companies saw a 5 CNY/ton increase, while large companies experienced a 20 CNY/ton decrease [2][17] - The report indicates that the profitability of double glue paper varied, with small companies increasing by 5 CNY/ton and large companies decreasing by 20 CNY/ton [2][17] Investment Recommendations - The report recommends investing in leading companies in the integrated forest-pulp-paper industry, such as Sun Paper (002078, Buy), Huawang Technology (605377, Buy), Xianhe Co. (603733, Buy), and Wuzhou Special Paper (605007, Hold) [3] - It also suggests monitoring companies like Jiulong Paper (02689, Not Rated) and Shanying International (600567, Hold) in the waste paper sector, as domestic waste prices have slightly rebounded [3]