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%。业内普遍认为，在这一轮涨价当 中，由于下游需求相对稳定，上游环节的议价能力要更强。 卓创资讯瓦楞及箱板纸资深分析师 徐玲：短期来看，瓦楞及箱板纸（价格）还是呈现上涨的趋势，但涨势有所放缓。一方面目前纸厂的库存处于低位，供 应端暂时没有很大的压力；另一方面，随着春节、元旦的订单陆续释放，需求存在增加的预期。整个产业链的利润向上游偏移，涨价向下游传导难度加大。 在河北廊坊一家包装纸企业的办公室里，负责人向记者展示了最近一段时间他们收到的来自上游的大量涨价函。 河北廊坊三泰纸业总经理程传雨告诉记者，面对成本不断上涨的情况，他们也随之上调了企业生产的包装纸价格，但涨幅比上游原纸20%到30%的幅度要 低，总体保持在10%到15%左右。不过，成本的上涨并未影响到企业产量，在这个工厂，记者了解到包装纸产线和纸箱产线基本都处于满产状态。 （央视财经《经济信息联播》）原纸价格因上游废纸涨价而出现上涨，下游的纸板厂和包装厂企业是否受到了涨价的影响？年底纸张需求的传统旺季已经到 来，纸张企业的生产情 ...

Group 1: Industry Development - Jiangyang District allocated 800,000 yuan to create a technology incubation demonstration project for the ginger industry, promoting its development towards scale, standardization, and branding [2] - The assistance team helped improve the production line and added new equipment for the Green Start Technology Co., Ltd., significantly increasing production capacity from previously insufficient levels to 100,000 cartons per day [7][8] - The production value of Green Start is projected to grow from 5 million yuan in 2023 to over 20 million yuan in 2024, marking its transition to a regulated enterprise [8] Group 2: Infrastructure Improvement - The assistance team invested 660,000 yuan to construct a safe drinking water project in Xiapagou Village, benefiting over 800 households by providing access to clean water [10][11] - In the past two years, the assistance team has invested over 6 million yuan to strengthen rural infrastructure, ensuring over 12,000 people have access to safe drinking water [11] Group 3: Education Support - The "Luzhou Class" at the Ethnic Middle School of Yanyuan has seen significant success, with teachers conducting home visits and providing targeted support to students, leading to improved academic outcomes [12][13] - Over the past two years, Jiangyang District has organized more than 20 training sessions annually in Yanyuan County, training over 800 teachers and contributing positively to the local education sector [13]

Core Insights - Multiple packaging paper companies have announced a new round of price increases, marking the 10th price hike since August [1] - The demand surge due to the upcoming holidays, combined with rising raw material costs, particularly waste paper, has driven up the price of original paper [1] Industry Summary - The cost of original paper constitutes 70% to 80% of the total cost of producing cartons, leading to increased prices for finished cartons [1] - Since the end of July, the prices of corrugated paper and kraft paper have been consistently rising, directly impacting carton prices [1] - Increased demand for waste paper and supply disruptions due to recent rainfall have contributed to the rising prices of waste paper [1]

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 does not explicitly state an investment rating for the industry Core Insights - The North Exchange's consumption service sector has a high proportion of specialized and innovative companies, with 74% classified as such, and a total of 46 companies across 11 secondary industries [2][11] - The average market capitalization of the 46 companies increased from 1.592 billion to 2.366 billion, marking a growth of 48.61% from the end of 2024 to September 10, 2025 [2][19] - The food and beverage sector has the highest number of companies and market capitalization, with a total market value of 20.999 billion [3][24] - The transportation sector saw the highest market capitalization growth of 93%, increasing from 4.3 billion to 8.2 billion [3][25] Summary by Sections Section 1: Overview of the North Exchange Consumption Service Sector - The North Exchange consumption service sector includes 46 companies, categorized into 11 secondary industries such as professional services, food and beverage, and transportation [11][23] - The food and beverage sector has the highest representation, accounting for 19.57% of the total number of companies and 19.29% of the total market capitalization [24] Section 2: Investment Logic and Case Studies - The report highlights the growth potential of specific companies like Yicheng Konjac, which focuses on konjac products and has shown significant revenue growth of 29% year-on-year [3][26] - Jiahe Technology, a packaging company, achieved a revenue increase of 124% year-on-year and is noted for its successful acquisition strategy [3][10] Section 3: Growth Potential in the Consumption Service Sector - The report identifies a rich pool of companies with strong growth potential, emphasizing the importance of selecting larger-scale companies among those in the queue for listing [2][31] - In 2024, 34.78% of companies reported an increase in net profit, while 58.70% reported revenue growth [30][31] - For the first half of 2025, 36.96% of companies saw an increase in net profit, and 63.04% reported revenue growth [36][37]

Group 1 - A new company, Guangzhou Lunya Paper Box Co., Ltd., has been established with a registered capital of 10,000 RMB [1] - The legal representative of the company is Luo Jianye [1] - The business scope includes manufacturing of paper, paper products, paper and cardboard containers, import and export of goods and technology, pulp manufacturing, and sales of related equipment and products [1]

Core Viewpoint - The packaging paper industry, represented by companies like Rongsheng Environmental Protection, is facing significant profit declines due to falling sales prices that outpace the reduction in raw material costs, a trend observed across the industry [1][3]. Company Performance - Rongsheng Environmental Protection reported a revenue of 1.061 billion yuan in the first half of 2025, a year-on-year decrease of 5.53%, with a net profit of 115 million yuan, down 34.57% [1][2]. - The company's second-quarter performance showed a revenue of 528 million yuan, a decline of 8.39%, and a net profit of 44.43 million yuan, down 47.47% [2]. - Other companies in the industry also reported profit declines, with Shanying International's net profit down 63.17% to 41.82 million yuan and Xianhe Co.'s net profit down 13.8% to 474 million yuan despite a revenue increase of 30.14% [1][2]. Industry Overview - The domestic paper industry is experiencing a demand contraction, particularly in packaging paper and cultural paper, attributed to a slowdown in e-commerce growth leading to reduced orders [2][3]. - National statistics indicate that the total profit of the paper and paper products industry fell by 21.4% year-on-year, while revenue decreased by 2.3% [3]. - The average price of corrugated paper in the first half of 2025 was 3,616 yuan per ton, a decrease of 3.42% year-on-year, with prices fluctuating between 3,787 yuan and 3,464 yuan [3][4]. Market Dynamics - The industry is facing a supply-demand imbalance, with excess supply leading to price declines, and companies are attempting to raise prices to counteract this trend [5][6]. - The Guangdong Paper Industry Association has initiated a campaign to promote fair pricing and discourage below-cost selling practices [5][6]. - Analysts predict that the price of corrugated paper will experience a trend of rising and then falling, with an expected price range of 3,455 to 3,525 yuan per ton in the second half of the year [6][7]. Future Outlook - Demand is anticipated to recover slightly in the second half of the year due to traditional peak seasons and e-commerce promotions, with total demand expected to increase by 5.11% to 1.843 million tons [7]. - However, the overall supply-demand pressure is expected to persist, with an additional 2.68 million tons of new capacity set to be released, leading to a projected total supply of 21.59 million tons, a 4.34% increase from the first half [6][7].

Core Viewpoint - As of August 15, 2025, the stock price of Forest Packaging closed at 9.96 CNY, reflecting a decline of 0.70% from the previous trading day, indicating market volatility and investor sentiment towards the company [1] Company Overview - Forest Packaging specializes in the research, production, and sales of packaging paper and paper products, including kraft linerboard and corrugated paper [1] - The company's products are widely used in various sectors such as home appliances, food and beverage, and express logistics, highlighting its significance in the packaging industry in Zhejiang [1] Stock Performance - On August 15, the stock opened at 10.04 CNY, reached a high of 10.15 CNY, and a low of 9.86 CNY during the trading session, showcasing intraday price fluctuations [1] - The trading volume was 116,100 hands, with a total transaction amount of 115 million CNY, indicating active trading [1] Capital Flow - On the same day, there was a net outflow of 1.8232 million CNY in main funds, while the cumulative net inflow over the past five trading days was 3.249 million CNY, suggesting mixed investor interest [1] - A rapid price adjustment was observed, with a drop exceeding 2% within five minutes around 9:35 AM, reaching a low of 9.86 CNY [1]

Group 1 - The decline in corrugated cardboard sales is seen as a non-traditional economic indicator, suggesting potential retail demand adjustments in the near future [1] - U.S. cardboard shipments have reached their lowest second-quarter level since 2015, with a reported 5% year-over-year decline in daily shipments from International Paper [1] - Smurfit Kappa Group reported a 4.5% drop in North American corrugated cardboard sales, the largest decline across all its operational regions [1] Group 2 - The seasonal nature of the cardboard industry allows it to reflect real-time purchasing and manufacturing activities, serving as an early warning signal for retail spending [2] - The uncertainty surrounding tariffs has led companies to hesitate in stockpiling large volumes of packaging materials, impacting packaging demand [2] - FedEx and UPS have not updated their annual guidance due to the unclear situation, with UPS noting that consumer confidence is at a near historical low [2] Group 3 - There is a lack of organic growth in consumer goods, with promotions like "buy two, get one free" indicating weak demand [3] - Low housing transaction volumes are leading to decreased purchases of large items that require packaging, such as refrigerators and sofas [3] - The surge in packaging demand during the early COVID-19 pandemic was a temporary phenomenon, and the industry continues to face challenges from high costs and outdated facilities [3] Group 4 - The closure of a factory by International Paper has significant local economic impacts, including school closures due to reduced tax revenue [4] - There is hope that a revival in U.S. manufacturing could boost local product transportation and packaging demand, but this is contingent on offsetting the effects of reduced imports [4] - The overall outlook for cardboard manufacturers remains pessimistic, with all tracked indicators pointing towards a challenging environment [4]

Industry Information - Report Type: Pulp Daily Report [1] - Date: July 22, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Report Highlights 1. Market Review and Operational Suggestions - The previous settlement price of the pulp futures 09 contract was 5,292 yuan/ton, and the closing price was 5,334 yuan/ton, a rise of 0.79%. The intended transaction price range of softwood pulp in the Shandong market was 5,220 - 6,700 yuan/ton, with the low - end price stable compared to the previous trading day. The Shandong Yinxing was quoted at 5,950 yuan/ton [7]. - Chile's Arauco announced its July offer. Yinxing had no new offers as all transactions were completed, and the net price of Uruguay's hardwood pulp, New Star, was $500/ton [7]. - According to PPPC data, the shipment volume of softwood pulp from the world's 20 major pulp - producing countries in May was 1.69 million tons, a 4.4% increase month - on - month and an 8.2% decrease year - on - year [7]. - According to UTIPULP data, the European wood pulp inventory in June increased by 2.4% month - on - month and 6.6% year - on - year; consumption decreased by 9.9% month - on - month and 10.6% year - on - year [7]. - China's total pulp imports in June were 3.03 million tons, a 0.4% increase month - on - month and a 16.1% increase year - on - year [7]. - As of July 17, 2025, the weekly pulp inventory in major regions and ports decreased by 1.08% month - on - month, changing from an increase to a decrease [7]. - Affected by the off - season atmosphere, the prices of downstream paper products were weak. With limited changes in fundamentals, pulp fluctuated and rose slightly in the short term, driven by the commodity market atmosphere [7] 2. Industry News - The 18,000 - ton cardboard and 16,000 - ton carton project of Dongsheng Paper Products Co., Ltd. in Guitou Town, Ruyuan County, Shaoguan City, Guangdong Province, successfully completed its trial production. The company is a Hong Kong - funded enterprise and the only corrugated cardboard manufacturer in Shaoguan [8]. - The project won the "Representative Project of Guangdong - Hong Kong Social Investment and Development" at the 2025 Hong Kong - Macau Spring Reception. With a total investment of 150 million yuan, covering 56 mu and a planned construction area of 37,000 square meters, it is expected to be put into production this year, with an annual production capacity of about 30,000 tons of corrugated cardboard, an expected annual output value of about 160 million yuan, and about 100 job opportunities [8] 3. Data Overview The report includes various data charts related to pulp, such as pulp futures prices, import prices, inventory levels in different regions (including Europe and China), and prices of related paper products, with data sources from Wind, PPPC, UTIPULP, and other institutions [7][27][29]