白卡纸企业持续提价，行业利润稳步修复

Investment Rating - The industry investment rating is "Hold" [1] Core Views - The price of white cardboard has been on a continuous upward trend since the low point at the end of August 2025, reaching 4269 CNY/ton by January 30, 2026, an increase of 339 CNY/ton or 8.63% [3][21] - The recovery in industry profits is attributed to multiple factors including rising raw material costs, improved supply-demand dynamics, and price increases initiated by leading companies [4][28] Summary by Sections Weekly Special Report - White cardboard prices have shown a steady increase since the low in August 2025, with significant price recovery driven by cost pressures, supply-demand balance, and coordinated price hikes from major paper companies [3][21][28] - The inventory of white cardboard has decreased, leading to a more balanced market, which has helped stabilize prices [4][28] Weekly Market Review - From January 27 to January 31, 2026, the Shanghai Composite Index fell by 0.35%, while the Shenzhen Component Index dropped by 0.77%. The textile and apparel sector saw a slight increase of 0.01% [30][31] - The top gainers in the light industry sector included Yueyang Forest Paper (+18.35%) and Xidamen (+12.7%), while the biggest losers included Meike Home (-12.88%) and Kangxin New Materials (-11.74%) [32][33] Key Data Tracking Home Furnishing - From January 18 to January 25, 2026, the transaction area of commercial housing in 30 major cities was 121.1 million square meters, a decrease of 6.37% month-on-month [36] - In 2025, the total area of newly started residential construction was 430 million square meters, down 19.8% year-on-year [36] Packaging and Paper - As of January 30, 2026, the prices of various paper products were as follows: white cardboard at 4269 CNY/ton, with no change week-on-week [51] - The gross profit for white cardboard was -339.97 CNY/ton, an improvement from -555.13 CNY/ton at the end of August 2025 [21][28] Textile and Apparel - As of January 30, 2026, the price index for cotton in China was 16183 CNY/ton, reflecting a week-on-week increase of 1.97% [11] - In December 2025, retail sales of clothing and textiles amounted to 166.1 billion CNY, a year-on-year increase of 0.6% [11] Investment Recommendations - For the home furnishing sector, the report suggests focusing on stable companies and high-growth smart home segments due to favorable policies [14] - In the paper industry, it is recommended to pay attention to companies with diversified products and integrated operations, such as Sun Paper [14]