说起纸张，相信每个人都不会陌生，在我们的日常生活之中，纸张似乎是无处不在的，无论是买各种东西的小票纸袋，还是寄快递的纸箱，亦或日常工作中 的各种文件，似乎纸已经是我们生活中最便宜也最常见的物品，然而就在最近纸张涨价的消息传来，我们到底该怎么看这件事呢？ 一、两个月涨了10次价的纸？ 二、洛阳纸贵真的不再是成语了？ 近两个月国内纸张价格密集上调 10 次，终端市场甚至出现 "一纸难求" 的短暂缺货现象，这场被网友戏称为 "现代版洛阳纸贵" 的价格波动我们到底该怎么 看呢？ 首先，纸张价格的持续上涨，并非偶然现象，而是多重供需矛盾长期积累、集中爆发的必然结果。近期，国内多地纸企密集发布调价函，部分品类在短短两 个月内累计提价高达10次，引发社会广泛关注。"洛阳纸贵"这一源自西晋时期的成语，如今正以一种令人啼笑皆非的方式重返现实。这种频繁且显著的价格 上行，并非企业单方面的市场操纵，而是产业链上下游结构性变化与短期市场扰动共同作用下的系统性结果，这才是我们需要关注的重点。 据央视财经的报道，近日，多家包装纸企业发布了新一轮调价函，据不完全统计，这已经是8月以来的第10次涨价。 其次，从供给端来看，当前市场的涨价是两 ...

分行业看，受新能源、光伏等下游需求增加影响，以及人工智能在更多领域的商业化应用推动，有色金属价格指数继续走高。另外，受高 温多雨天气导致项目施工进度放缓影响，黑色价格指数和矿产价格指数环比有所回落。 专家表示，当前正处于10月传统生产旺季，随着国家反内卷、促增长系列政策落地显效，大宗商品市场有望继续保持平稳向好运行态势。 同时也要看到，全球经济复苏仍面临地缘政治、贸易摩擦等挑战，部分行业有效需求仍显不足。巩固经济回升向好态势，仍需进一步加大宏观 经济调控力度，着力激发企业创新活力，释放内需潜力。 9月份中国大宗商品价格指数为111.9点，环比上涨0.2%，连续五个月实现环比上升。与去年9月份比，中国大宗商品价格指数上涨1.7%， 同比增幅较上月扩大0.5个百分点，整体表现好于去年同期。 在中国物流与采购联合会重点监测的50种大宗商品中，9月份价格环比上涨的大宗商品有18种。其中，瓦楞纸、烧碱和电解铜涨幅居前， 较上月分别上涨6%、2.5%和2.3%。 央视网消息：中国物流与采购联合会5日公布9月份中国大宗商品价格指数。从指数运行情况看，指数连续五个月实现环比上升，表明企业 预期乐观，生产经营保持扩张，大宗商品 ...

上海钢联研究员魏莉分析，受美联储降息提振国际有色金属价格影响，以及人工智能在更多领域的商业化应用推动，有色金属价格指数继续走高，环比上涨 1.1%。其中，电解铜价格环比上涨2.3%，主因印尼Grasberg矿山因泥石流事故暂停生产，推动全球铜价大幅上扬。碳酸锂价格环比下跌5.5%，主要因市场供 过于求，过剩产能退出仍需时日。 新华财经北京10月5日电（记者刘玉龙）5日，由中物联大宗商品流通分会和上海钢联等单位联合调查，中国物流与采购联合会发布的2025年9月份中国大宗 商品价格指数（CBPI）为111.9点，环比上涨0.2%，同比上涨1.7%。从指数运行情况看，连续五个月实现环比上升，表明企业预期乐观，生产经营保持扩 张，大宗商品市场总体运行平稳。 业内人士分析，部分行业有效需求仍显不足，当前正处十月传统生产旺季，随着促增长系列政策推进，大宗商品市场有望继续保持平稳向好运行态势。 有色价格指数继续走高 黑色价格指数震荡走低 分行业看，有色价格指数继续走高，报131.8点，月环比上涨1.1%，年同比上涨5.7%；黑色价格指数未能延续反弹，震荡走低，报79.0点，月环比下跌 0.8%，年同比上涨0.7%。 | 项 ...

在中国物流与采购联合会重点监测的50种大宗商品中，9月份价格环比上涨的大宗商品有18种。其中， 瓦楞纸、烧碱和电解铜涨幅居前，较上月分别上涨6%、2.5%和2.3%。 分行业看，受新能源、光伏等下游需求增加影响，以及人工智能在更多领域的商业化应用推动，有色金 属价格指数继续走高。另外，受高温多雨天气导致项目施工进度放缓影响，黑色价格指数和矿产价格指 数环比有所回落。 中国物流与采购联合会今天（10月5日）公布9月份中国大宗商品价格指数。从指数运行情况看，指数连 续五个月实现环比上升，表明企业预期乐观，生产经营保持扩张，大宗商品市场总体运行平稳。 9月份中国大宗商品价格指数为111.9点，环比上涨0.2%，连续五个月实现环比上升。与去年9月份比， 中国大宗商品价格指数上涨1.7%，同比增幅较上月扩大0.5个百分点，整体表现好于去年同期。 专家表示，当前正处于10月传统生产旺季，随着国家反内卷、促增长系列政策落地显效，大宗商品市场 有望继续保持平稳向好运行态势。同时也要看到，全球经济复苏仍面临地缘政治、贸易摩擦等挑战，部 分行业有效需求仍显不足。巩固经济回升向好态势，仍需进一步加大宏观经济调控力度，着力激发企业 ...

中国物流与采购联合会今天（5日）公布9月份中国大宗商品价格指数。从指数运行情况看，指数连续五个月实现环比上升，表明企业预期乐观，生产经营保 持扩张，大宗商品市场总体运行平稳。 专家表示，当前正处于10月传统生产旺季，随着国家反内卷、促增长系列政策落地显效，大宗商品市场有望继续保持平稳向好运行态势。同时也要看到，全 球经济复苏仍面临地缘政治、贸易摩擦等挑战，部分行业有效需求仍显不足。巩固经济回升向好态势，仍需进一步加大宏观经济调控力度，着力激发企业创 新活力，释放内需潜力。 （文章来源：央视新闻客户端） 分行业看，受新能源、光伏等下游需求增加影响，以及人工智能在更多领域的商业化应用推动，有色金属价格指数继续走高。另外，受高温多雨天气导致项 目施工进度放缓影响，黑色价格指数和矿产价格指数环比有所回落。 9月份中国大宗商品价格指数为111.9点，环比上涨0.2%，连续五个月实现环比上升。与去年9月份比，中国大宗商品价格指数上涨1.7%，同比增幅较上月扩 大0.5个百分点，整体表现好于去年同期。 在中国物流与采购联合会重点监测的50种大宗商品中，9月份价格环比上涨的大宗商品有18种。其中，瓦楞纸、烧碱和电解铜涨幅居前 ...

来源：@央视财经微博 【部分#造纸企业2月内涨价10次##纸箱涨价#】近日，多家包装纸企业发布了新一轮调价函，据不完全 统计，这已经是8月以来的第10次涨价。记者了解到，双节来临带来的需求增长，叠加上游原材料废纸 价格的上涨，共同推高了原纸价格。纸企涨价推高下游纸箱成本。有纸企负责人告诉记者，在纸箱的成 本中，所用原纸的成本占比达到了70%到80%，从今年7月底开始，工厂制作纸箱所用的瓦楞纸和牛卡 纸原纸价格就一直上涨，直接推高了成品纸箱的价格。而废纸是制作纸箱原纸的重要原料，采访中记者 了解到，近期废纸需求增加，多地降雨影响了废纸供应，导致废纸的价格也出现了不同程度的上涨。 ...

Group 1 - Multiple packaging paper companies have announced a new round of price increases, marking the 10th price hike since August [1][3] - The increase in paper prices is attributed to rising demand due to the upcoming "Double Festival" and the rising costs of raw materials, particularly waste paper [3][5] - The price of corrugated paper and kraft paper has seen increases of 30 to 50 yuan per ton, with some companies reporting a total increase of 200 yuan per ton this month [3][5] Group 2 - The cost of raw paper constitutes 70% to 80% of the total cost of producing paper boxes, leading to higher prices for finished products [5] - From late July, the price of corrugated paper has risen from approximately 2800 yuan per ton to an increase of 300 to 350 yuan, reflecting a rise of 10% to 15% [7]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the light industry sector [7][11]. Core Insights - The light industry sector's revenue increased by 3.59% year-on-year in Q2 2025, reaching 1580.45 billion yuan, while H1 2025 saw a 2.34% increase to 2958.02 billion yuan. However, the net profit attributable to shareholders decreased by 23.98% to 72.05 billion yuan in Q2 2025, and by 20.32% to 136.67 billion yuan in H1 2025 [4][15]. - The paper industry experienced a revenue decline of 11.91%, while the home furnishing and packaging sectors achieved double-digit growth. The custom home furnishing segment faced pressure, while the soft furnishings performed relatively better [4][9][15]. Summary by Sections Overall Light Industry - The light industry sector's revenue growth is steady, but profitability is diverging across segments. The paper segment is under pressure, while home furnishing and packaging are performing well [4][15]. - The overall gross margin for the light industry decreased by 0.41 percentage points in Q2 2025 compared to the previous year, indicating profitability challenges [15][26]. Home Furnishing - The home furnishing sector's revenue grew by 10.68% year-on-year in Q2 2025, reaching 679.39 billion yuan, but net profit decreased slightly by 0.28% to 58.84 billion yuan [31]. - Custom orders are under pressure, while soft furnishings are performing better than expected. The sector is adapting to market conditions by adjusting pricing strategies [31][32]. Paper Industry - The paper segment's revenue fell by 11.91% to 425.04 billion yuan in Q2 2025, with a net profit of -7.47 billion yuan, indicating significant challenges [9][24]. - Despite the challenges, leading companies like Sun Paper are seeing a recovery in profitability, and there are expectations for price rebounds in the future [9][15]. Packaging - The packaging sector's revenue increased by 14.98% to 338.65 billion yuan in Q2 2025, with a net profit growth of 15.07% to 15.20 billion yuan, reflecting strong performance [9][33]. - The sector is benefiting from stable demand in consumer electronics and proactive overseas expansion strategies [9][15]. Entertainment Products - The entertainment products sector's revenue grew by 1.85% to 137.36 billion yuan in Q2 2025, but net profit decreased by 10.14% to 5.47 billion yuan, indicating pressure on profitability [10][42]. - The sector is seeing growth driven by new product launches and channel promotions, particularly in personal care and AI glasses [10][42]. Export Chain - The export chain's revenue increased by 5.01% to 199.59 billion yuan in Q2 2025, but net profit decreased by 3.53% to 16.86 billion yuan, highlighting mixed performance across companies [10][51]. - Tariff uncertainties are impacting orders, but companies with established overseas production capabilities are mitigating risks effectively [10][51].

来源：市场资讯 （来源：中纸网） 9月26日，阳光纸业（02002）披露2025年中期报告。报告期内，公司实现营业收入35.73亿元，同比下 降9.71%；归母净利润8318.4万元，同比下降56.09%；据报告显示，阳光纸业基本每股收益为0.08元， 平均净资产收益率为1.71%。 2025年上半年，受同质化竞争越来越激烈，行业内卷越来越严重的压力，本公司收入及效益层面面临挑 战，完成机制纸销量96.7万吨，较去年同期101.5万吨下降4.73%；实现营业收入35.7亿元，较去年同期 39.6亿元下降9.7%。实现本公司拥有人应占利润8,318万元，较去年同期的18,944万元下降56.1%。得益 于内部不断沉淀的基础管理，本公司综合管理能力持续提升，流动比率由2024年底的0.88提升至当期的 0.93，并多渠道採取有效降低融资成本的策略。 在收入减低的情况下，融资成本所占收入的比例由去年同期的2.2%降低至当期的1.7%，融资成本显著 下降：受行业大环境及收购阳光王子（寿光）特种纸有限公司影响，存货周转率由去年同期的5.3次降 低至当期的5.08次，但仍处于行业较好水平，有效控制了库存资金占压，提高了企 ...

Core Viewpoint - The company reported FY25 results that met expectations, with significant growth in both revenue and net profit, indicating strong operational performance and effective cost management [1][2]. Financial Performance - FY25 revenue reached 63.241 billion yuan, a year-on-year increase of 6.3% - Net profit was 2.202 billion yuan, up 177.3% - Net profit attributable to shareholders was 1.767 billion yuan, an increase of 135.4% after deducting approximately 400 million yuan in perpetual bond interest - Sales volume for FY25 was 21.5 million tons, a growth of 9.6% [1]. Segment Performance - In FY25, revenue from various paper products was as follows: - Corrugated paper: 33.344 billion yuan (+9.1%) - Grey bottom white paper: 6.901 billion yuan (-15.3%) - White card paper: 3.723 billion yuan (+51.2%) - Cultural paper: 5.408 billion yuan (+30.8%) - The share of cultural paper and white card paper has significantly increased, benefiting from favorable competition dynamics [3]. Production Capacity and Raw Material Advantage - As of FY25, the company had 4.73 million tons of wood pulp capacity, with plans to increase this to 7.43 million tons by FY27 - The self-produced wood pulp provides a significant cost advantage compared to external sourcing, contributing positively to FY25H2 profitability [2][4]. Market Dynamics - The demand for corrugated paper is expected to improve due to a gradual recovery in downstream demand and a slowdown in new capacity from leading manufacturers - The pricing for corrugated paper and other products has shown signs of stabilization and potential upward movement, driven by supply-demand dynamics [3][4]. Future Outlook - The company has raised its net profit forecasts for FY26-27 to 3.117 billion yuan and 3.759 billion yuan, respectively, reflecting a strong growth trajectory - The projected PE ratios for FY26-28 are 7.9, 6.5, and 5.5, indicating attractive valuation levels [4].