Papermaking: the pressure on the industry has accelerated, the concentration has increased, the pulp price has risen, and the performance elasticity of downstream enterprises can be expected. Waste paper: as of March 25, the price of waste yellow paperboard was 2296 yuan / ton, up 1.55% from last week; The price of corrugated box board was 3772 yuan and 4833 yuan / ton respectively, up 0.08% and stable compared with last week. Pulp and paper: as of March 25, the prices of broad-leaved pulp, coniferous pulp and chemical mechanical pulp were 6127, 7018 and 5442 yuan / ton respectively, a change of – 66, + 153 and + 142 yuan / ton respectively compared with last week; The prices of double offset paper, double copper paper and white cardboard were 6225, 5680 and 6385 yuan / ton respectively, with a change of 0%, 0% and – 0.08% compared with last week. Special paper: in the short term, the raw materials of special paper are mainly pulp and chemical raw materials. The rise of pulp price supports the continuous rise of special paper price, and the performance flexibility of head enterprises can be expected; In the medium and long term, the downstream demand of special paper continues to expand, the competition pattern is good, and the leading enterprises continue to carry out capacity construction and layout self-sufficient pulp, with significant long-term growth of performance. It is suggested to pay attention to: pulp and paper is the leading [ Shandong Sun Paper Co.Ltd(002078) ]; Special paper faucet [ Quzhou Wuzhou Special Paper Co.Ltd(605007) ], [ Xianhe Co.Ltd(603733) ], [ Hangzhou Huawang New Material Technology Co.Ltd(605377) ].
Home furnishing: the industry has entered the “whole family” era, and the performance growth of leading enterprises can be expected. The whole family model raises the industry threshold and puts forward higher requirements for household enterprises. The whole model requires furniture enterprises to have strong product design and R & D, brand cooperation, large-scale production and supply chain management capabilities, exclude middle and tail enterprises, and the market concentration will continue to improve. 315 the whole package realizes multi category coordination and helps enterprises improve customer unit price. While realizing multi brand cooperation, furniture enterprises make use of their own advantageous categories and the influence of cooperative brands to jointly drain the weak categories of enterprises and bind sales in package mode, so as to drive their rapid development. It is suggested to pay attention to: [ Oppein Home Group Inc(603833) ], [ Suofeiya Home Collection Co.Ltd(002572) ], [ Zbom Home Collection Co.Ltd(603801) ], [ Jason Furniture (Hangzhou) Co.Ltd(603816) ] and [Minhua holdings].
Packaging: the market is better controlled, the profit is restored, and the business is vertically expanded and integrated. Paper packaging: benefiting from the trend of environmental protection, the paper packaging industry is expected to expand, but the market concentration is low and needs to be improved; Leading enterprises began to transform from manufacturers to packaging solution providers, and their business achieved vertical development. Metal packaging: the rise in the price of raw materials and the improvement of supply and demand pattern will improve the profitability of enterprises; Drinks and drinks are the main downstream applications of metal packaging. Compared with overseas, there is a wide space for the improvement of beer canning rate in China, and the downstream demand of metal packaging will continue to develop. It is suggested to pay attention to: [ Shanghai Ailu Package Co.Ltd(301062) ], [ Org Technology Co.Ltd(002701) ] and [ Shenzhen Yuto Packaging Technology Co.Ltd(002831) ].
E-cigarette: the new regulations of e-cigarette continue to ferment, and the long-term growth is still significant. The latest regulatory policy of e-cigarettes has made adjustments to the taste. In terms of taste, the regulation prohibits the sale of flavored e-cigarettes other than tobacco taste, which will have an impact on terminal demand in the short term. In the long run, China has the world’s largest group of smokers, and the penetration rate of e-cigarettes is low, so there is still broad space in the future. China is the location of the world’s major e-cigarette industry chain. Driven by the growth of overseas e-cigarette market, China will realize continuous expansion in the future. It is suggested to pay attention to: benefiting from the broad growth space of new-type tobacco and relying on advanced atomization technology, it is a leading atomization enterprise [smore international]; [ Shenzhen Jinjia Group Co.Ltd(002191) ] Based on the large packaging business, comprehensively layout the new tobacco field and master the core technical resources.
Risk tip: the risk that the economic growth is less than expected; Risk of sharp fluctuations in raw material prices.
