智通财经APP获悉，玖龙纸业(02689)现涨超4%，截至发稿，涨3.64%，报6.27港元，成交额2637.55万港 元。 消息面上，玖龙、理文和山鹰陆续宣布2026年1-2月检修计划。根据目前已经发布的停机通知，预计减 产约27万吨包装纸，其中绝大多数为箱板瓦楞纸。据悉，山鹰、玖龙、APP、亚太森博等主要企业此前 纷纷发布调价函，计划在11月底至12月初对旗下产品进行提价。 中金此前指出，本轮箱板瓦楞纸、废纸提价始于7月，前期涨幅主要由国废原料端带动，后期主要由旺 季需求驱动、同时龙头配合基地停产检修+涨价函；从企业吨利润角度看，看好25Q4吨利润改善表现。 浆纸系纸种方面，文化纸前十月产量同比下滑，2026年行业价格及吨利润或有明显压力；白卡纸供需矛 盾尚未缓和，后续基本面维度看，提价可持续性低。 ...

Industry Overview - As of November 28, the prices for various paper types are as follows: double glue paper at 4,733 CNY/ton, copper plate paper at 4,742 CNY/ton, and white card paper at 4,214 CNY/ton, with week-on-week changes of +2, -28, and +0 CNY/ton respectively, and year-on-year changes of -379, -598, and +447 CNY/ton [1][2] - The price of waste yellow board paper is 1,906 CNY/ton, with a week-on-week increase of +12 CNY/ton and a year-on-year increase of +371 CNY/ton [2] - The social inventory of double glue paper is at a high level, with an increase of 8,000 tons in October [2] Price Trends and Profitability - The recent price increase for box board and waste paper began in July, initially driven by the raw material end and later by seasonal demand, along with production halts and price increase notices from leading companies [3] - The expected improvement in profit per ton for Q4 2025 is anticipated to be limited to within 100 CNY due to rising raw material and energy costs, with variations depending on product structure [3] Specific Paper Types - Cultural paper faces significant price pressure due to increased supply and weak demand for educational materials, with a year-on-year production decline of 10% [4] - The white card paper market is under pressure with a low capacity utilization rate of approximately 63% in October, and the latest estimated gross margin is -5%, indicating low sustainability for price increases [4] Recommended Companies - Short-term focus is on Nine Dragons Paper (02689), while Sun Paper (002078) is favored for the long term [5]