国泰海通｜轻工：废纸系盈利修复，木浆系浆价连续提涨

Group 1 - The core viewpoint of the article is that the prices of waste paper are accelerating upward, with expectations of continued profit recovery in August and September. The leading paper manufacturers are likely to benefit from this trend [1][2]. - In the waste paper sector, leading companies have been continuously raising prices, with prices for recycled containerboard increasing by 125-195 RMB compared to early July, and AA-grade high corrugated paper prices rising by 165-265 RMB [1]. - The price of hardwood pulp has also seen continuous increases, with domestic prices ranging from 4160 to 4250 RMB per ton, up by 150-190 RMB per ton since early July. International prices are also rising, with Suzano announcing a price increase of 20 USD per ton for September [2]. Group 2 - The article anticipates that as the peak season approaches, the prices of paper products will stabilize and potentially increase, driven by the need for paper mills to replenish their stocks [2]. - Multiple factors, including the approaching peak season, collaboration among leading companies, and low levels of profitability and inventory, suggest that the price levels in the paper industry chain are likely to continue rising [2]. - Leading paper manufacturers are expected to benefit from higher self-sufficiency in raw materials and advantages in production capacity [2].