11月包装纸延续上涨，文化纸待回暖

Investment Rating - The report does not explicitly provide an investment rating for the paper industry Core Insights - In November, the price of hardwood pulp increased, while white cardboard continued to see price hikes, cultural paper prices stabilized, and black paper prices continued to rise. Profitability is slightly under pressure, with expectations for continued price increases in December for pulp and gradual transmission of price increases for white paper, while black paper prices are expected to maintain their upward trend [2] Summary by Sections Cultural Paper - Price: Strong willingness from paper mills to raise prices, stabilizing terminal prices. As of November 26, the average market price for 70g high white double glue paper was 4731 CNY/ton, a slight decrease of 3 CNY/ton, with a year-on-year decline of 7.78% [8][22] - Supply and Demand: The supply-demand gap narrowed in November due to the initiation of new publishing tenders and improved order conditions for paper mills, with expectations for higher demand than supply in December [11][12] - Profitability: Rising costs and falling prices led to a decrease in profitability, with the average theoretical gross margin for double glue paper at -7.78% as of November 26 [22] White Cardboard - Price: Continued price increases driven by price notifications from paper mills. As of November 26, the average market price for 250-400g flat white cardboard was 4194 CNY/ton, up 3.30% from October [25] - Supply and Demand: The supply-demand gap is expected to widen due to increased production and slightly declining demand, impacting the potential for price increases [28][30] - Profitability: The gross margin for white cardboard improved due to price increases outpacing cost increases, with a margin increase of 2.72 percentage points compared to October [39] Boxboard - Price: Continuous price increases with an average market price of 3843 CNY/ton as of November 26, reflecting a 3.86% increase from October [40] - Supply and Demand: Industry demand is expected to decrease, leading to increased supply pressure. The supply-demand gap narrowed in November due to reduced supply from paper mills [43][46] - Profitability: Profitability remains under pressure as price increases do not fully offset rising costs [40] Waste Paper - Price: Continued price increases due to tight supply conditions, with overall supply decreasing [4][48] - Supply and Demand: Supply remains tight, with improved willingness to sell from packing stations [4][48] Wood Pulp - Price: Continued price increases for imported hardwood pulp, with domestic prices showing signs of slowing growth [6][15] - Supply and Demand: Demand is expected to remain stable in December, with an anticipated increase in domestic production [6][17]