（原标题：连续四年财务造假，300379拟被终止上市！纸张再迎来涨价潮！） 据统计，截至11月24日，国内瓦楞纸日均价为3213元/吨，同比上涨17.65%；箱板纸日均价为3889元/ 吨，同比上涨6.86%。 与此同时，近期国内多家知名浆纸企业密集发布产品调价通知，涉及白卡纸、铜卡、食品卡、再生牛卡 纸、高强瓦楞纸等多个纸种，调价幅度集中在50元/吨至200元/吨区间，执行时间主要集中在2025年11 月下旬至12月1日。企业普遍表示，调价旨在缓解经营压力、维护健康的市场秩序，确保能够持续为客 户提供稳定的高品质产品及服务，推动行业长期健康发展。 大同证券认为，当前造纸行业迎来"提价红利+需求改善+结构升级"三重利好。需求端，包装纸补库需 求延续，特种纸受益于环保政策与消费升级；供给端，龙头企业主导提价，低效产能逐步出清；成本 端，纸浆库存去化优化供需结构。板块估值处于历史低位，叠加行业转型带来的长期成长潜力，配置价 值进一步凸显。 今年三季度以来，包装纸行业用到的原纸，价格接连上涨。 *ST东通拟被终止上市 11月26日晚，*ST东通发布公告，公司于11月26日收到深圳证券交易所下发的《事先告知书》，拟决 ...

Core Viewpoint - The packaging paper industry is experiencing a price increase for raw paper, with multiple companies announcing new price hikes in the fourth quarter to cope with rising costs [3][4]. Group 1: Price Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been continuously rising [3]. - As of November 24, the average daily price of corrugated paper was 3,213 RMB/ton, a year-on-year increase of 17.65%, while the average price of boxboard was 3,889 RMB/ton, up 6.86% year-on-year [4]. - Several well-known pulp and paper companies have recently issued price adjustment notices for various paper types, with price increases ranging from 50 RMB/ton to 200 RMB/ton, effective mainly from late November to December 1, 2025 [4]. Group 2: Company Performance and Outlook - Companies in the packaging paper sector are adjusting their prices, with increases of 10% to 15%, which is lower than the 20% to 30% increase in upstream raw paper prices [3]. - Major securities firms believe the current paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades, with a positive outlook for profitability in the fourth quarter [4]. - Notable companies such as Sun Paper, Annie Co., Huatai Paper, and Bohui Paper have seen significant net buying in financing, indicating strong market interest [5]. - Forecasts suggest that companies like Hengfeng Paper, Qifeng New Materials, and Bohui Paper will see net profit growth rates of 70.67%, 35.33%, and 20.2% respectively for the year 2025 [5][8].

Core Viewpoint - The packaging paper industry is experiencing a price increase in raw materials, leading to a series of price hikes by paper companies, with expectations of improved profitability in the fourth quarter of 2025 [2][3]. Price Trends - Since the third quarter of this year, the price of raw paper used in the packaging paper industry has been continuously rising [2]. - As of November 24, the average daily price of corrugated paper was 3213 yuan/ton, a year-on-year increase of 17.65%, while the average price of boxboard was 3889 yuan/ton, up 6.86% year-on-year [2]. Company Responses - Many paper companies have announced price increases ranging from 50 yuan/ton to 200 yuan/ton for various paper types, effective from late November to December 1, 2025 [2]. - A packaging paper company in Hebei raised its prices by 10% to 15%, lower than the 20% to 30% increase in raw paper prices, but production levels remain high [2]. Market Outlook - Daitong Securities believes the paper industry is benefiting from a combination of price increases, improved demand, and structural upgrades [3]. - The overall profitability of the packaging paper industry is expected to improve in the fourth quarter due to rising waste paper prices and government policies aimed at reducing competition [3]. Company Performance - Notable paper companies such as Sun Paper, Annie Co., Huatai Paper, and Bohui Paper have seen significant net buying in financing, indicating strong market interest [5]. - Forecasts suggest that Hengfeng Paper, Qifeng New Materials, and Bohui Paper will experience net profit growth rates of 70.67%, 35.33%, and 20.2% respectively in 2025 [5]. Investment Activity - Shanying International has attracted long-term investors to enhance its production capabilities and competitiveness in the packaging paper sector [6]. - The company is expected to improve its profit margins in the fourth quarter despite previous price declines [6].

Market Overview - The Hong Kong stock market experienced a slight increase, with the Hang Seng Index rising 0.13% to close at 25,928.08 points, while the total trading volume reached 2,070.78 million HKD [1] - Short-term risk factors for the Hong Kong market are decreasing, but a catalyst is needed for a confirmed rebound. The current position is considered attractive for medium to long-term investment [1] Blue Chip Performance - Meituan-W (03690) led the blue-chip stocks, rising 5.65% to 103.8 HKD, contributing 47.97 points to the Hang Seng Index. Alibaba's CFO indicated a significant reduction in investment for Taobao Flash Sales in the upcoming quarter, suggesting a "temporary truce" [2] - Other notable blue-chip movements include ZTO Express-W (02057) up 4.24%, Shenzhou International (02313) up 3.2%, while Chow Tai Fook (01929) fell 6.1% [2] Sector Performance Technology Sector - The technology sector showed mixed results, with Meituan rising over 5%, while Alibaba fell nearly 2% post-earnings, exacerbating e-commerce concerns. Tencent also saw a decline of 0.88% [3] Paper Industry - The paper industry stocks performed well, with Nine Dragons Paper (02689) up 5% and Lee & Man Paper (02314) up 4.88%. Several major paper companies announced price adjustments for various paper types, with increases ranging from 50 to 200 CNY per ton [3] Aviation Sector - Airline stocks rebounded, with China Eastern Airlines (00670) up 6.96% and Air China (00753) up 4.2%. The strengthening of the RMB and expectations of reduced oil prices contributed to this rebound [4] Innovative Pharmaceuticals - The innovative pharmaceutical sector showed strong performance, with Hengrui Medicine (01276) up 4.55% and Kangfang Bio (09926) up 3.97%. Analysts remain optimistic about the sector's fundamentals and growth potential [5] Consumer Sector - Consumer stocks were active, with Miniso (09896) up 2.64% and Pop Mart (09992) up 2.2%. The government has introduced a plan to enhance consumer goods supply and demand, aiming for significant improvements by 2027 [6] Notable Stock Movements - Yao Cai Securities Financial (01428) rose 5.73% after extending its acquisition offer deadline with Ant Group [7] - Changfei Optical Fiber (06869) increased by 4.77%, benefiting from negotiations with Meta and Google regarding data center chip usage [8] - Pony.ai (02026) saw a 4.37% increase, reporting significant revenue growth and profitability in its Robotaxi business [9] - Chow Tai Fook (01929) fell 6.1% post-earnings, reporting a slight decrease in revenue but a marginal increase in profit [10]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Group 1: Stock Performance - Nine Dragons Paper (02689) increased by 5.34%, reaching HKD 6.11 [1] - Lee & Man Paper (02314) rose by 4.18%, reaching HKD 2.99 [1] Group 2: Price Adjustments - Several major domestic pulp and paper companies have announced price increases for products such as white card paper, copper plate card, food card, recycled kraft paper, and high-strength corrugated paper [1] - The price adjustment range is between 50 CNY/ton to 200 CNY/ton, with implementation scheduled mainly from late November to December 1, 2025 [1] Group 3: Market Trends - After five years of stagnation, the white card paper industry is beginning to rebound [1] - Driven by e-commerce stocking demands, paper companies are maintaining high operating rates, supported by high costs and low inventory levels [1] - White card paper prices have been consistently rising since November, with a strong determination from companies to increase prices due to significant pressure on industry profitability and confirmed replenishment intentions from downstream packaging paper manufacturers [1] - It is expected that paper manufacturers will aim to improve profitability, leading to a continued steady increase in white card paper prices [1]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Group 1: Price Adjustments - Several major domestic pulp and paper companies have announced price increases for products including white cardboard, coated paper, food-grade cardboard, recycled kraft paper, and high-strength corrugated paper, with adjustments ranging from 50 to 200 yuan per ton [1] - The implementation of these price changes is primarily scheduled between late November and early December 2025 [1] Group 2: Market Conditions - After five years of stagnation, the white cardboard industry is showing signs of recovery [1] - Driven by e-commerce stocking demands, paper companies are maintaining high operating rates, supported by high costs and low inventory levels, which have contributed to the continued price increase of corrugated and boxboard paper [1] Group 3: Future Outlook - White cardboard prices have been consistently rising since November, with a strong determination from companies to increase prices due to significant pressure on industry profitability and a clear willingness from downstream packaging paper manufacturers to replenish stocks [1] - It is anticipated that paper manufacturers will aim to improve profitability, leading to a steady upward trend in white cardboard prices [1]

Core Viewpoint - The paper industry stocks have collectively risen, with notable increases in companies like Nine Dragons Paper and Lee & Man Paper, driven by recent price adjustments in various paper products [1] Industry Summary - Several well-known domestic pulp and paper companies have announced price increases for products including white cardboard, coated paper, food-grade cardboard, recycled kraft paper, and high-strength corrugated paper, with price hikes ranging from 50 to 200 yuan per ton, effective from late November to December 1, 2025 [1] - After five years of stagnation, the white cardboard industry is beginning to rebound, indicating a potential recovery in the sector [1] - Driven by e-commerce stocking demands, the operating rates of paper companies remain high, supported by high costs and low inventory, leading to continued price increases for corrugated and boxboard paper [1] - Since November, the price of white cardboard has been on the rise, with a strong determination from companies to increase prices due to significant pressure on industry profitability and confirmed replenishment intentions from downstream packaging paper manufacturers [1] - It is anticipated that paper manufacturers will aim to improve profitability, suggesting that the price of white cardboard may continue to rise steadily in the future [1]

Group 1 - The paper industry is experiencing a wave of price increases, with major companies like Nine Dragons Paper and Lee & Man Paper issuing multiple price hike notices since July, affecting various types of paper products [1][3] - The price increase ranges from 30 to 50 yuan per ton, with the market average prices for corrugated paper and boxboard also showing upward trends [1][2] - The price hikes are primarily driven by rising raw material costs and increased operational expenses, with companies expressing strong expectations for price increases due to low profitability [3][4] Group 2 - The paper and paper products industry reported a revenue of 681.21 billion yuan in the first half of the year, a year-on-year decline of 2.3%, and a profit total of 17.57 billion yuan, down 21.4% [4] - The upcoming traditional peak seasons, such as the Mid-Autumn Festival and National Day, are expected to increase demand, while inventory pressures for paper mills remain manageable [4][5] - The industry is facing severe supply-demand imbalances, with an expected production increase of 8.6% in 2024, leading to intensified competition and price wars among companies [6][8] Group 3 - In response to the low-price competition, industry associations in Guangdong and Jiangsu have initiated measures to promote high-quality development and curb "involution" in the paper industry [6][8] - Major companies like Nine Dragons Paper and Lee & Man Paper have responded to the "anti-involution" initiative by issuing shutdown notices to support industry stability [8]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has seen its stock price increase by over 6%, reaching HKD 4.98, with a trading volume of HKD 45.85 million, following the successful commissioning of its PM56 production line in Beihai [1]. Company Summary - The PM56 production line, equipped with main machinery from Taiwan's Yuli and a pulp box from Finland's Valmet, has a width of 7250mm and a design speed of 1000m/min, capable of producing 250,000 tons of high-grade cultural paper annually [1]. - Additionally, Nine Dragons is constructing another cultural paper production line, PM55, which is expected to commence production by the end of this year [1]. Industry Summary - On August 1, Nine Dragons raised the price of corrugated paper and recycled kraft paper by HKD 30 per ton, following multiple price increases in July [1]. - According to Zheshang Securities, the paper industry, characterized by an imbalance in supply and demand and at a profit bottoming phase, is likely to benefit from the "anti-involution" trend [1]. - Guotai Junan pointed out that the new national standards have strengthened energy consumption restrictions, particularly impacting existing production capacity, which may favor leading paper companies over smaller ones, potentially catalyzing a new supply-side clearing cycle in the industry [1].

Group 1 - Nine Dragons Paper (02689) shares increased by over 6%, reaching HKD 4.98 with a trading volume of HKD 45.85 million [1] - Nine Dragons Paper (Beihai) successfully launched the PM56 production line, which has a design speed of 1000m/min and an annual production capacity of 250,000 tons of high-grade cultural paper [1] - The company is also constructing another cultural paper production line, PM55, expected to commence production by the end of this year [1] Group 2 - On August 1, Nine Dragons Paper raised the price of corrugated paper and recycled kraft paper by HKD 30 per ton, following multiple price increases in July [1] - According to Zheshang Securities, the paper industry is expected to benefit from supply-demand imbalances and the "anti-involution" trend [1] - Guotai Junan noted that the new national standards have strengthened energy consumption restrictions, favoring leading paper companies over smaller competitors, potentially initiating a new supply-side clearing cycle in the industry [1]