国泰海通发布研报称，截至11月26日，11月70g木浆高白双胶纸市场均价为4731元/吨，环比下跌3元/ 吨，跌幅0.06%，月初部分纸企喊涨，但经销商备库偏谨慎，新单跟进有限。箱瓦纸方面，截至11月26 日，中国AA级瓦楞纸120g市场月均价3164元/吨，环比涨幅6.35%，同比涨幅16.71%。11月上旬上游纸 厂库存低位，涨价意愿明显，为价格提供了有力支撑；中下旬部分规模纸厂装置检修3-8天，减少了供 应量，进一步巩固了价格支撑；规模纸厂价格延续上涨政策，持续提振市场看涨情绪。 国泰海通主要观点如下： 文化纸：纸厂提价稳定终端价格，需求疲软延续 截至11月26日，11月70g木浆高白双胶纸市场均价为4731元/吨，环比下跌3元/吨，跌幅0.06%，第一， 月初部分纸企喊涨，但经销商备库偏谨慎，新单跟进有限；第二，月内除江苏地区部分产线短暂检修以 外，规模纸厂多数生产稳定，市场供应充足；第三，出版招标陆续推进，个别地区招标价格偏低，加重 市场观望心态；第四，上游原料木浆市场先涨后跌，月内浆纸传导效应减弱。 箱瓦纸：纸厂持续拉涨，盈利承压 截至11月26日，中国AA级瓦楞纸120g市场月均价3164元/吨 ...

Group 1: Cultural Paper - The average market price of 70g wood pulp high white double glue paper as of October 29 is 4735 CNY/ton, a decrease of 66 CNY/ton or 1.37% month-on-month [1] - New production capacity of 400,000 tons in South China is gradually being released, increasing local supply pressure and negatively impacting paper prices [1] - Demand remains weak with limited support for paper prices from essential needs, as only a few units have issued tender announcements this month [1] Group 2: White Cardboard - The average market price of 250-400g flat white cardboard as of October 29 is 4054 CNY/ton, an increase of 2.30% from September [2] - Paper manufacturers continue to raise prices, with a new price increase notice issued on the 22nd, planning to raise prices by 200 CNY/ton [2] - Sufficient prior orders for production enterprises and the absence of new domestic capacity release support a bullish market sentiment [2] Group 3: Corrugated Paper - The average market price of AA-grade corrugated paper (120g) as of October 29 is 2962 CNY/ton, with a month-on-month increase of 6.51% and a year-on-year increase of 12.88% [3] - Tight performance in the waste paper market has led to increased procurement costs for paper manufacturers, prompting multiple price increases to alleviate losses [3] - Downstream packaging companies are stocking up due to concerns over rising prices, further reducing inventory pressure for paper manufacturers [3] Group 4: Wood Pulp - The average price of imported wood pulp in October shows mixed trends, with market transactions primarily driven by essential needs [4] - The continuous price increase of broadleaf pulp in the external market provides cost support, while domestic demand remains weak [4] - The tightening of import inspections for recycled fiber pulp has shifted some demand towards virgin pulp, leading to price increases [4]