The Packaging Corporation of America (PCA) has posted net income of $246.7m, or $2.73 per share, excluding special items, in the third quarter (Q3) of 2025. This exceeded the previous year's figure of $238.8m, or $2.65 per share. When including one-time items, earnings stood at $2.51 per share, compared with $2.64 in the corresponding quarter of 2024. These items comprised costs and charges linked to the acquisition of Greif’s containerboard business and expenses from closures of corrugated products faci ...

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The packaging paper price increase trend continues, with leading paper companies like Nine Dragons and Shanying announcing price hikes, indicating a strong demand and cost transmission effect in the paper industry [3][4] - The pulp market inventory is decreasing, with the average price of domestic bleached softwood kraft pulp dropping by 96.25 yuan/ton, easing cost pressures for paper companies [3][10] - Policies and corporate initiatives are accelerating the industry's transformation towards "green, intelligent, and integrated" production, with several companies achieving significant milestones in water efficiency and resource utilization [3][5][22] - The valuation and fundamentals of the paper sector are resonating positively, with many companies listed among the top 500 manufacturing enterprises in China, indicating strong cash flow and performance certainty [3][5] Summary by Sections Industry News - Hebei province has included the paper industry in its carbon offset program, aiming to reduce greenhouse gas emissions while promoting sustainable practices [4] - Multiple paperboard manufacturers are passing on cost pressures to downstream packaging companies, indicating a sustained price increase trend for raw paper [4] High-Frequency Data - The average inventory of pulp futures has decreased to 229,000 tons, down by 3,123.75 tons week-on-week, while the average closing price has slightly increased to 4,818 yuan/ton [6] Company Events and Announcements - Asia Pacific Forestry and Paper has been recognized as a leading water-efficient enterprise in Shandong, achieving a 95.98% industrial water recycling rate [22] - Guangxi Jianhui Paper's first batch of wood chips has successfully entered the factory, marking a significant step in its integrated supply chain [22] - The 220 billion yuan integrated forestry and paper project by Liansheng has commenced full production, significantly altering the regional paper industry landscape [22] Investment Strategy - The current phase of the paper sector is characterized by deepening price increases and policy support, with a focus on the packaging paper price increase and the upcoming demand from the Double Eleven shopping festival [23]

广发期货研究通讯 2025 年 10 月 16 日星期四 价差复盘：过剩格局下的淀粉盈利博弈 广发期货研究所 电 话：020-88830760 E-Mail：zhudi@gf.com.cn 摘要： 本文对 2021-2025 年中国玉米淀粉与玉米价差进行了系统复盘， 旨在分析过剩格局下淀粉行业的盈利博弈逻辑。 本文首先介绍玉米淀粉产业链的全景，点明其下游消费及产能分 布。在此基础上，介绍了行业两大结构性特征：持续的"产能过剩" 限制了价差的上方空间，而日益提升的"产业集中度"则强化了价差 的底部支撑，共同导致近五年价差波动区间呈现系统性收窄的趋势。 | 1．玉米淀粉产业链情况 1 | | | | | --- | --- | --- | --- | | 2．玉米淀粉产能变化 2 | | | | | 3．玉米淀粉与玉米价差复盘 3 | | | | | 3.1 3 | 2021 | 年：淀粉供需主导 | | | 3.2 | 2022 | 年：成本支撑强 | 4 | | 3.3 | 2023 | 年：开机低位 | 5 | | 3.4 | 2024 | 年：供需偏弱 | 6 | | 3.5 | 2025 | 年：供应承 ...

近年来，中国箱纸板处于贸易逆差状态；2022年，中国纸箱板进口数量为360万吨，较上年下降9.77%；出口数量为11万吨，同比增长37.50%。净进口量为 349 万吨。 华经产业研究院研究团队使用桌面研究与定量调查、定性分析相结合的方式，全面客观的剖析箱纸板行业发展的总体市场容量、产业链、经营特性、盈利能 力和商业模式等。科学使用SCP模型、SWOT、PEST、回归分析、SPACE矩阵等研究模型与方法综合分析箱纸板行业市场环境、产业政策、竞争格局、技术 革新、市场风险、行业壁垒、机遇以及挑战等相关因素。根据箱纸板行业的发展轨迹及实践经验，精心研究编制《2025-2031年中国箱纸板行业市场需求预 测及投资规划建议报告》，为企业、科研、投资机构等单位投资决策、战略规划、产业研究提供重要参考。 本文节选自华经产业研究院发布的《2023年中国箱纸板行业生产量、消费量、产业链、进出口及重点企业分析「图」》，如需获取全文内容，可进入华经情 报网搜索查看。 整体来看，中国箱纸板生产量及消费量均呈波浪式上升态势，但生产量与消费量之间的缺口有不断扩大的趋势。2022年箱纸板生产量为2810万吨，较上年增 长0.18%，消费 ...