造纸产业链数据每周速递：本周成品纸价格维稳

Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry sector [6] Core Insights - The light manufacturing industry index fell by 2.21%, underperforming the market by 1.77 percentage points, while the paper sub-sector dropped by 3.41%, underperforming the market by 2.97 percentage points [2][12] - Recent price stability in finished paper products is noted, with expectations for price recovery in cultural paper and white cardboard due to cost support [4] - Historical data indicates that specialty paper companies typically experience profit expansion within six months following an increase in pulp prices [4] Summary by Sections Market Overview - The light manufacturing industry index decreased by 2.21%, while the paper sub-sector saw a decline of 3.41%, ranking 11th among 28 primary industries [2][12] - The four major sub-sectors of light manufacturing, ranked by decline, are furniture, entertainment products, paper, and packaging printing, with respective declines of 0.10%, 0.79%, 3.41%, and 4.69% [2][12] Industry Chain Data Tracking - The national waste price decreased by 12 CNY/ton, while international waste prices showed mixed trends [23] - Finished paper prices remained stable, with double glue paper averaging 5413 CNY/ton, copper plate paper at 5530 CNY/ton, and white cardboard at 4300 CNY/ton [35] - The production of mechanical paper and cardboard reached 1377 million tons in November 2024, a year-on-year increase of 4.5% [21] Investment Recommendations - Recommended stocks include Sun Paper Industry (002078, Buy), Xianhe Co. (603733, Buy), Huawang Technology (605377, Buy), and Wuzhou Special Paper (605007, Accumulate) [4] - The report anticipates a gradual improvement in overall supply and demand dynamics in the industry, with a significant slowdown in new supply growth expected in 2025 [4]