银河期货瓦楞纸日报-20250522

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The corrugated and boxboard paper market is mainly stable with some price increases. The downstream orders have not improved significantly, but the inventory pressure on paper mills has eased [4]. - Paper companies' price - increase letters and tariff policy adjustments have boosted market confidence and downstream replenishment enthusiasm. However, weak terminal demand restricts the price - increase transmission efficiency, and some small and medium - sized paper enterprises still face over - capacity problems [8]. 3. Summary by Relevant Catalogs 3.1 Data Analysis (First Part) - The daily average price of China's AA - grade 120g corrugated paper is 2540 yuan/ton, a 0.22% increase from the previous working day. The average price of China's boxboard paper is 3524.4 yuan/ton, a 0.15% increase [4]. - The price of waste yellow board paper in the Shandong market has risen. The national average price is 1452 yuan/ton, an increase of 7 yuan/ton. The supply of waste yellow board paper in some areas is short, and paper mills' purchasing intention is strong [4]. 3.2 Market Outlook (Second Part) - Paper companies' concentrated price - increase letters and tariff policy adjustments have increased the market confidence and downstream packaging enterprises' replenishment enthusiasm. The order volume of paper companies in the eastern and southern coastal areas has increased this week, and the inventory turnover days have generally fallen below 15 days [8]. - Weak terminal demand in traditional packaging industries restricts the price - increase transmission efficiency. Small and medium - sized paper enterprises still face over - capacity pressure, and there are hidden price cuts in some regions [8]. 3.3 Relevant Attachments (Third Part) - There are four charts including corrugated paper production, in - plant inventory, social inventory, and production profit, showing the data from 2021 - 2025 [9][11]