造纸轻工行业造纸产业链数据每周速递：11月智利木浆外盘报价环比持平

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 fell by 3.68%, underperforming the market by 0.38 percentage points, while the paper sub-sector dropped by 4.07%, underperforming the market by 0.77 percentage points [9][24]. - The report highlights that the recent price trends in raw materials and finished paper products indicate a mixed market environment, with some prices stabilizing while others are experiencing fluctuations [10][43]. Summary by Sections 1. Market Overview - The light manufacturing index and the paper sub-sector both experienced declines, with the paper sub-sector ranking 16th among 28 primary industries [9][24]. - The four major sub-sectors of light manufacturing, ranked by decline, are entertainment products, packaging and printing, paper, and furniture, with respective declines of 0.39%, 2.73%, 4.07%, and 5.06% [9][24]. 2. Industry Chain Data Tracking - Domestic waste paper prices increased by 14 CNY/ton, while foreign waste prices decreased by 5-10 USD/ton [10][33]. - The external prices for Chilean hardwood and softwood pulp remained stable, with hardwood pulp prices at 560 USD/ton and softwood pulp at 785 USD/ton [10][34]. - The total inventory of wood pulp at two major Chinese ports was 1.54 million tons, a decrease of 2.2% from the previous month [10][34]. 3. Finished Paper Products - The average market price for double glue paper remained stable at 5123 CNY/ton, while copper plate paper prices fell by 38 CNY/ton to 5340 CNY/ton [43]. - White cardboard prices increased by 8 CNY/ton to 4155 CNY/ton, and low-grade boxboard prices rose by 18 CNY/ton to 2823 CNY/ton [43]. 4. Profitability Levels - The profitability of double glue paper increased by 4-9 CNY/ton, while copper plate paper profitability decreased by 24-30 CNY/ton [10][43]. - The profitability of white cardboard increased by 13-15 CNY/ton, and waste paper products saw a profitability increase of 4-9 CNY/ton [10][43]. 5. Production and Inventory - The production of mechanical paper and cardboard reached 11.633 million tons from January to September 2024, a year-on-year increase of 11.4% [10][11]. - The inventory of finished products in the paper and cardboard manufacturing industry grew by 2.2% month-on-month and 22.4% year-on-year [10][11].