造纸轻工行业造纸产业链数据每周速递：本周木浆系纸品价格均有上涨

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry in China [4] Core Insights - The light manufacturing industry index increased by 3.61%, outperforming the market by 4.61 percentage points, while the paper sub-sector rose by 2.73%, also beating the market by 3.74 percentage points [1][17] - The prices of wood pulp paper products have generally risen, with low-grade corrugated paper seeing a significant increase [2][37] - Profitability levels for finished paper products have improved across the board, indicating a positive trend in the industry [2][44] Summary by Sections 1. Market Overview - The light manufacturing industry index rose by 3.61%, ranking 5th among 28 primary industries, while the paper sub-sector increased by 2.73% [1][17] - The four major sub-sectors of light manufacturing ranked by growth are entertainment products, furniture, paper, and packaging printing, with increases of 10.46%, 3.08%, 2.73%, and 2.07% respectively [1][17] 2. Raw Materials - The domestic waste paper price increased by 6 CNY/ton, while prices for American and European waste paper rose by 5 USD/ton [2][26] - The external prices for Chilean hardwood and softwood pulp remained stable, but spot prices for hardwood pulp fell by 39 CNY/ton and softwood pulp by 29 CNY/ton [2][27] - As of late November 2024, the total inventory of wood pulp at two major Chinese ports was 1.51 million tons, a decrease of 1.9% month-on-month [2][28] 3. Finished Paper - The average market price for double glue paper increased by 30 CNY/ton, copper plate paper by 27 CNY/ton, and white card paper by 6 CNY/ton, while high-grade corrugated paper prices remained stable and low-grade corrugated paper prices rose by 44 CNY/ton [2][37] - The profitability of finished paper products has improved, with double glue paper profitability increasing by 44-49 CNY/ton, copper plate paper by 35-39 CNY/ton, and white card paper by 17-20 CNY/ton [2][44] 4. Inventory and Production - In October 2024, the production of mechanical paper and paperboard reached 13.994 million tons, a year-on-year increase of 10.6% [2][18] - The inventory of finished products in the paper and paperboard manufacturing industry decreased by 2.3% month-on-month [2][19]