纸品提价落地，板块盈利修复可期 【2026.2.23-2026.3.1】 行业评级：看好 核心观点 发布日期：2026.3.3 证券研究报告——造纸行业周报 造纸行情走势图 分析师：杨素婷 执业证书编号：S0770524020002 邮箱：yangst@dtsbc.com.cn 研究助理：温慧 执业证书编号：S0770125070012 邮箱：wenh@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 风险提示 需求不及预期风险，原材料价格波动风险，政策落地偏差风险。 请务必阅读最后一页免责声明 1 纸品价格稳中有升，提价计划落地：本周纸品价格呈现上行态 势，箱板纸、瓦楞纸均价分别上涨 50 元/吨，白卡纸、白板纸 价格保持平稳。规模纸厂发布白板纸涨价函，叠加节后企业复 工复产推进，需求端逐步回暖，龙头此前提价计划落地后，后 续价格上行概率较高，行业盈利修复逻辑持续强化。 数据来源：Wind 大同证券 纸浆库存回落价格上涨，成本支撑增强：纸浆期货库存降至 15.30 万吨（周减 1601 吨），期货收盘价上涨 28 元/吨；国内 漂针浆、漂阔浆 ...

Q4 符合预期，文化纸集体发布提价涵 太阳纸业(002078) 太阳纸业公司四季度点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： Q4 业绩符合预期，文化纸集体发布 200 提价涵，需求小阳春纸价企稳可期 投资要点： | | | 林纸产品 [Table_Industry] /原材料 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格： | 23.04 | | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 13.16-17.42 | | --- | --- | | 总市值(百万元) | 48,178 | | 总股本/流通A股(百万股) | ...

S Shanghai Services Federation 上海现代服务业联合会 荣续智库 造纸行业ESG白皮书 摘要 造纸业，串联起原料供应、生产制造、产品应用的完整链条，在当下，肩负起环境、社会与治理的多重责任。 从碳排放管控到资源循环利用，从职业健康守护到供应链协同，行业正以实践书写可持续发展的新篇。 造纸行业作为国民经济的重要基础产业，不仅承载着文化 周光学 高级注册ESG分析师：24RZQLKC601641A 传播、信息记录的历史使命，也在现代经济体系中发挥着 不可或缺的作用。从原材料供应的源头把控，到造纸生产 环节的工艺精进，再到纸产品在各领域的广泛应用，整个 碳管理师：CHINAETSCM20240010170 产业链环环相扣，推动着行业的持续发展。 造纸行业因其与资源、环境的紧密关联，在ESG领域面临 国际通用ESG策略师：SH3650FCA0539 着诸多重要议题。国内政策持续加码，引导行业向绿色、 低碳、循环方向转型；国际政策的变化也对造纸企业的全 王玉周 高级注册ESG分析师：25RZQLKC002999A 球布局与运营提出了新的要求。企业在碳排放管理上不断 碳管理师：CHINAETS ...

摘要 特种纸行业虽面临阶段性竞争，但因工艺研发和客户验证周期长，难以 快速内卷。近期行业密集发布涨价函，推动价格回归，但特种纸价格传 导慢于大宗纸，通常滞后约 3 个月。一旦提价落地，短期内大幅回落概 率较低，利润改善关键在于企业成本控制能力。 仙鹤股份受益于"十四五"期间的布局，广西、湖北新增项目建设成本 较低，已进入投产和效率释放阶段。公司自制浆能力强，内部流程控制 使成本对市场浆价波动不敏感，且较外购原材料具备成本优势。2026 年，公司将通过降本增效，实现纸价上涨和浆业务利润的双重利好。 湖北基地自制浆流程调整已稳定运行，产品结构调整带来增量，新产品 市场消化良好，且持续布局低成本原材料渠道，预计 2026 年扭亏为盈。 广西基地投产首月即盈利，2026 年随纸价提升和新产能释放，成本优 化空间打开，有望进入快速复苏节奏。 2026 年初，仙鹤股份已启动格拉辛等主要品种提价，涨价函幅度为 1,000 元/吨，1 月已落实 300 元/吨，2 月将继续落实 300 元/吨，剩余 400 元/吨计划于 3 月逐步落地。行业对格拉辛提价的共识较强，普遍认 为格拉辛价格已处于低位。 Q&A 在纸浆自 2025 ...

Investment Rating - The report maintains a "Positive" outlook on the paper and light industry sectors, highlighting potential improvements in domestic demand and the impact of tariff policy changes [1][2]. Core Insights - The report emphasizes the expected marginal improvement in domestic demand, driven by real estate policy stabilization and consumer confidence recovery [2][10]. - The AI glasses market is anticipated to see significant growth, with Meta's sales surging and Apple's upcoming product launch expected to enhance market penetration [2][12]. - The paper industry is experiencing price stability and potential profitability improvements due to strong overseas production control and rising prices [2][14]. Summary by Sections Export Sector - Changes in tariff policies are expected to boost export performance, with recommendations for companies like 嘉益股份, 匠心家居, and 永艺股份 due to their strong performance certainty [2][4]. - The U.S. Supreme Court's ruling against additional tariffs and the introduction of a 10% global tariff are pivotal developments [4][10]. Home Furnishing Sector - The home furnishing industry is at a valuation bottom, with real estate policies likely to catalyze upward valuation adjustments [2][10]. - The sector is witnessing accelerated consolidation, with mid-tier companies exiting and capital entering leading firms, enhancing industry concentration [2][11]. - Companies like 顾家家居, 索菲亚, and 欧派家居 are highlighted for their potential valuation recovery [2][11]. AI Glasses Sector - Meta's smart glasses sales have seen explosive growth, with a reported increase of nearly threefold, while Apple's anticipated entry is expected to further drive market penetration [2][11]. - The report suggests focusing on companies like 康耐特光学 and 明月镜片, which are well-positioned in this emerging market [2][12]. Paper Industry - The report notes that overseas pulp mills are showing strong production control intentions, leading to price increases [2][14]. - Companies like 太阳纸业 and 玖龙纸业 are recommended due to their integrated operations and cost advantages [2][14]. Domestic Demand - There is an expectation of marginal improvement in domestic demand, with companies like 百亚股份 and 公牛集团 identified as potential beneficiaries [2][17]. - The report highlights the importance of consumer confidence and spending power recovery in driving demand [2][17].

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| 指数 涨跌 (%) | | --- | | 名称 | | 上证指数 4082 -1.26 -1.37 0.41 | | 深证综指 2680 -1.05 0.16 1.16 | | 风格指数 (%) | | | --- | --- | | 大盘指数 | 11.32 | | 中盘指数 1.78 | 26.74 | | 小盘指数 | 19.55 | | 涨幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | --- | --- | --- | --- | | 摩托车及其 114 | 3.01 | -2.59 | 2.47 | | 影视院线 | 2.7 | 15.61 | 28.26 | | 海小 | 2.5 | 1.64 | 11.89 | | 综合II | 2.06 | 11.75 | 55.72 | | 航海装备Ⅱ | 1.87 | 3.91 | -0.69 | | 跌幅居卸 行业(%) | | 昨日 近１个月 近６个月 | | | 玻璃玻纤 | -4.69 | 30.4 | 65.53 | | 工业金属 | -3.82 | 0.19 | ୧୦ ବଟ | | 小尖属工 | -3.8 | 12.8 ...

Summary of Conference Call Records Industry Overview - **Industry**: Pulp and Paper, Real Estate, Metal Cans, New Consumption, Tobacco, Personal Care, AI Applications, Pet Industry - **Key Trends**: Positive cyclical expectations, price increases in pulp, recovery in real estate transactions, and growth in various consumer sectors Key Points Pulp and Paper Industry - **Price Increases**: March pulp prices continue to rise strongly, with Suzano reporting an increase of $20 per ton in China [1] - **Supply Chain Issues**: Indonesia's revocation of forestry licenses affects the supply of hardwood pulp chips, compounded by APP's announcement of delays in the second phase of OKI production [1] - **Investment Recommendations**: Continued recommendations for companies such as Sun Paper, Nine Dragons, and Xianhe, with a focus on potential growth in the sector [1] Real Estate Sector - **Market Recovery**: Improvement in second-hand housing transactions, with the National Bureau of Statistics reporting a narrowing decline in housing prices across 70 cities [1] - **Top Picks**: Recommended companies include Kuka, Hanhai, with expectations for recovery in brands like Gongniu, Oppein, and others [1] Metal Can Industry - **Aluminum Price Adjustment**: Recent pullback in aluminum prices is beneficial for profit release, with a bottom recommendation for Aorikin and attention on Baosteel and Shengxing [1] New Consumption Sector - **Core Products**: Many core products have entered the layout phase, with various brands launching new items and maintaining high store traffic during the Spring Festival [2] - **Tobacco Market**: British American Tobacco reports rapid market share growth in Poland, with a recommendation for Smoore as a core stock [2] - **Personal Care Growth**: Brands like Leshushi and Baia are experiencing significant growth, with new product launches and marketing strategies enhancing their market positions [2] AI Applications - **Smart Glasses Sales**: Kangnait's smart glasses are projected to exceed 7 million units in sales for the year, with ongoing attention to order progress [2] - **Acquisition Plans**: Yudong plans to acquire 51% of Huayan Technology, extending its reach into precision components and AI glasses [2] Pet Industry - **Market Recovery**: The pet industry saw a recovery in January with an overall growth of 18%, with specific brands like Guibao and Zhongchong showing significant increases [3] Cross-Border Trade - **Tariff Changes**: Recent tariff adjustments are favorable, with a 5% reduction in the overall tax rate benefiting cross-border enterprises, particularly focusing on companies like Zhiou and Henglin [3]

Core Insights - The paper and paper products industry in China is projected to have 8,167 enterprises by the end of 2025, reflecting an increase of 125 enterprises compared to the previous year, which represents a year-on-year growth of 1.55% [1] Industry Overview - The number of enterprises in the paper and paper products industry has been increasing, with a total of 8,167 enterprises expected by December 2025 [1] - The growth rate of 1.55% indicates a steady expansion in the industry, contributing to 1.55% of the total industrial enterprises [1] Statistical Data - The threshold for scale enterprises in the industry has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting [1]

Group 1 - The 2026 Spring Human Resources Exchange Conference in Quzhou will be held on February 25-26, featuring over 400 quality enterprises and nearly 13,000 job positions across key industries such as manufacturing, new energy materials, and high-end equipment [1] - The conference is a major event in the city's Spring Breeze Action series, primarily involving local enterprises from Quzhou, including significant projects and listed companies that will offer a variety of positions with diverse salary ranges [1] Group 2 - Salary ranges for basic positions like production operators and workshop workers are between 6,000 to 8,500 yuan per month, while technical positions such as equipment engineers and process engineers generally earn between 8,000 to 20,000 yuan [2] - Specific high-paying roles include positions at Zhejiang Yonghe Refrigeration with salaries from 13,000 to 25,000 yuan, and core technical and management roles at companies like Huayou Cobalt and Juhua exceeding 10,000 yuan [2] - The local human resources department is implementing employment support policies, including subsidies for college graduates and social security benefits for small businesses hiring recent graduates [2]