7月浆纸价格下跌放缓，箱瓦纸下旬拉涨

Investment Rating - The report rates the paper industry as "Overweight" [6] Core Views - In July, the decline in pulp and paper prices slowed, with expectations for a rebound in pulp prices and stabilization in white paper prices, while black paper prices continued to rise [2] Summary by Sections Cultural Paper - Prices for cultural paper have been declining, with the average market price for 70g high white double glue paper at 5094 CNY/ton, down 1.11% month-on-month and 9.34% year-on-year [10][23] - Supply and demand remain imbalanced, with production recovering but overall demand still weak [13][10] - Profitability is stable as both prices and costs are declining, with the average theoretical gross margin at 1.59% [23] White Cardboard - Prices continue to decline due to weak seasonal demand, with the average market price for 250-400g white cardboard at 4036 CNY/ton, down 1.25% month-on-month and 9.02% year-on-year [24] - The supply-demand gap is expected to widen, putting further pressure on prices [27] - Profit margins are decreasing as the price drop exceeds the cost drop, with gross margins declining [39] Boxboard - Prices for boxboard have shown mixed trends, with the average price at 3449 CNY/ton, down 1.49% month-on-month [42] - Demand is expected to recover in August, alleviating some supply pressure [46] - Profitability remains low as the price drop is greater than the cost drop [11] Waste Paper - The supply of waste paper is tight, leading to a gradual increase in prices [12] Wood Chips - Import volumes have increased month-on-month, with overall demand stabilizing [14] Wood Pulp - External prices are stabilizing, but the supply-demand imbalance persists, with average prices for imported hardwood pulp at 490 USD/ton [15][6]