造纸产业链数据每周速递：本周成品纸价格均有提涨

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry in China [1][2]. Core Views - The light manufacturing industry index increased by 1.23%, underperforming the market by 0.21 percentage points, while the paper sub-sector rose by 1.72%, outperforming the market by 0.28 percentage points. The Shanghai and Shenzhen 300 index increased by 1.44% [9][24]. - The report highlights that all finished paper prices have risen this week, indicating a positive trend in the market [9][29]. Summary by Sections 1. Market Review - The light manufacturing industry index rose by 1.23%, while the paper sub-sector increased by 1.72%. The paper sub-sector ranked 24th among 28 first-level industries [9][24]. - The four major sub-sectors of light manufacturing, ranked by growth, are packaging and printing, paper, furniture, and cultural products, with respective increases of 5.04%, 1.72%, 0.13%, and a decline of 4.80% in cultural products [9][24]. 2. Industry Chain Data Tracking - The national waste price at the factory increased by 19 CNY/ton, while foreign waste prices remained stable. The price of broadleaf pulp fell by 10 USD/ton, and the spot price of pulp showed divergence [10][34]. - Finished paper prices saw an increase: double glue paper rose by 160 CNY/ton, coated paper by 74 CNY/ton, white card paper by 42 CNY/ton, high-grade corrugated paper by 50 CNY/ton, and low-grade corrugated paper by 64 CNY/ton [10][45]. - Profitability for finished paper improved, with double glue paper profitability increasing by 150-162 CNY/ton, coated paper by 73-86 CNY/ton, white card paper by 44-50 CNY/ton, and waste paper products by 30-41 CNY/ton [10][52]. 3. Production and Inventory - In October 2024, the production of mechanical paper and paperboard reached 13,994,000 tons, a year-on-year increase of 10.6%. The inventory of finished products decreased by 2.3% month-on-month [10][18]. - The total inventory of wood pulp at two major ports in China was 1.51 million tons, a decrease of 1.9% month-on-month [10][42]. 4. Investment Recommendations - The report recommends investing in leading companies in the integrated paper industry, such as Sun Paper Industry (002078, Buy), Huawang Technology (605377, Buy), Xianhe Co., Ltd. (603733, Buy), and Wuzhou Special Paper (605007, Hold). It also suggests focusing on the corrugated paper sector with companies like Jiulong Paper (02689, Buy) and Shanying International (600567, Hold) [11].