轻工行业行业月报：浆纸系价格仍存压力，废纸系需求有所回暖

Investment Rating - The report maintains a "Recommended" investment rating for the light industry sector [5]. Core Insights - The pulp and paper industry is currently facing weak demand, compounded by concentrated capacity releases, leading to ongoing supply-demand pressures and declining prices. However, upcoming economic policies are expected to improve overall economic conditions and terminal demand, potentially initiating a new upward cycle [4]. Summary by Sections Raw Materials - As of November 15, 2024, the average price of Chinese needle pulp and broadleaf pulp was 6,278 and 4,527 CNY/ton respectively, with year-on-year changes of +2.30% and -16.74% [16]. - The price of waste yellow board paper (Grade A) was 1,503 CNY/ton, showing a year-on-year decrease of -3.28% but a month-on-month increase of +3.02% [39]. Cultural Paper - On November 15, 2024, the average price of double-gloss paper and double-copper paper was 5,113 and 5,340 CNY/ton respectively, with year-on-year changes of -18.36% and -11.59% [50]. - Demand for cultural paper remains weak, with limited order contributions from downstream printing factories and publishers [50]. Packaging Paper - The average price of corrugated paper and boxboard paper as of November 15, 2024, was down by -5.2% and up by +4.94% year-on-year respectively [3]. - The market saw price adjustments from large paper mills, which alleviated inventory pressures and improved demand from packaging factories [3]. Household Paper - The average price of household paper was 4,625 CNY/ton, reflecting a year-on-year decrease of -7.29% [4]. - Factors affecting prices include new capacity releases in northern markets and limited purchasing enthusiasm in southern markets [4].