Investment Rating - The report maintains a "Positive" investment rating for the paper and light industry [6] Core Viewpoints - The light manufacturing industry index increased by 1.76%, outperforming the market by 0.18 percentage points, while the paper sub-sector rose by 0.21%, underperforming the market by 1.38 percentage points [1][13] - The report highlights that the prices of double-sided paper have slightly increased, while packaging paper prices have decreased [8][39] Summary by Sections Market Review - The light manufacturing industry index rose by 1.76%, ranking 13th among 28 first-level industries, with the paper sub-sector increasing by 0.21% [1][13] - The four major sub-sectors of light manufacturing, ranked by growth, are furniture, packaging printing, cultural products, and paper, with respective increases of 2.66%, 2.30%, 0.55%, and 0.21% [1][13] Industry Chain Data Tracking - The national waste price increased by 27 CNY/ton, while foreign waste prices remained stable [25] - The average market price for double-sided paper rose by 5 CNY/ton to 5450 CNY/ton, while white cardboard prices fell by 8 CNY/ton to 4310 CNY/ton [39] - The report notes a mixed profitability among finished paper products, with double-sided paper profitability increasing by 1-18 CNY/ton [49] Investment Recommendations and Targets - Suzano announced a price increase of 20 USD/ton for broadleaf pulp, supporting the price recovery of cultural paper and white cardboard [3] - Recommended stocks include Sun Paper Industry (002078, Buy), Xianhe Shares (603733, Buy), Huawang Technology (605377, Buy), and Wuzhou Special Paper (605007, Hold) [3] - The report anticipates a slowdown in the growth of new supply in the industry by 2025, leading to gradual improvement in overall supply and demand, recommending Jiulong Paper (02689, Buy) and Shanying International (600567, Hold) [3]
造纸产业链数据每周速递：本周双胶纸价格小幅上涨，包装纸价格下跌-2025-03-17
Orient Securities·2025-03-17 01:50