轻工纺服行业周报：晨鸣纸业超七成产能停产，部分纸类供需有望好转

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The report highlights that Shandong Chenming Paper Group Co., Ltd. has suspended over 70% of its production capacity, which may lead to an improvement in the supply-demand situation for certain paper products [2][26] - The report indicates that the market scale for white cardboard and cultural paper in China has seen a long-term stable increase, transitioning from high-speed growth to stability [27] - The report suggests that the paper industry is experiencing a price increase trend, with major manufacturers raising prices for various paper products [32] Summary by Sections Weekly Topic - Shandong Chenming Paper has announced that over 70% of its production capacity is suspended due to financial difficulties and declining product prices, particularly for white cardboard [2][26] Market Review - From November 18 to November 22, 2024, the Shanghai Composite Index fell by 1.91%, while the Shenzhen Component Index dropped by 2.89%. The light industry manufacturing sector decreased by 0.46% [36] Key Data Tracking Home Furnishing - The report provides data on real estate transactions and housing starts, indicating a decline in new housing construction and sales [5] Packaging and Paper - The report tracks prices for various paper products, noting fluctuations in prices for wood pulp and recycled paper [5][8] Textile and Apparel - The report includes data on cotton prices and retail sales for clothing, showing a year-on-year increase in retail sales [6][8] Industry News - The report discusses the impact of Chenming Paper's production suspension on market share and potential price increases for cultural and white cardboard paper if the suspension lasts longer [27][30] Company Announcements - The report lists significant announcements from companies in the industry, including price adjustments and production changes [39]