Introduction to this report:
The price of domestic waste moved up slightly, the recycling price of packaging station increased, and the packaging paper was greatly stable and small due to the obstruction of logistics. Imported wood pulp spot long short game, high pulp price shock, light pulp paper trading, weak shock.
Summary:
Maintain the “overweight” rating of light industry. The competition pattern of cultural paper and white cardboard continues to improve, the supply of waste paper raw materials is tightened, the demand still needs macro support, and the incremental track of special paper continues to be developed. The recommended standard is the following of the following: Hongda Xingye Co.Ltd(002002) 078 , Shanying International Holdings Co.Ltd(600567) .
The supply pressure of new production capacity of overseas broad-leaved pulp may continue to increase, the stability of coniferous pulp is relatively strong, the import volume of wood pulp finished paper increases, the demand support of China’s downstream is poor, and the pattern of cultural paper industry is expected to continue to be optimized; Waste paper is a raw material, and the control ability determines the core competitiveness. The terminal demand of finished paper still needs macroeconomic support. Wood pulp: the supply pressure of new production capacity of broad-leaved pulp may continue to increase, and coniferous pulp will maintain a relatively medium and high level. Waste paper: the import of foreign waste is prohibited. The total supply of waste paper in China is tightening, and the national waste is expected to continue to operate at a relatively high level. Special paper: high boom terminal demand, new scene development increment of the track, high value-added categories to resist cyclical fluctuations, and the profit center of the integrated layout of Forest Pulp paper is expected to break through. Cultural paper: the increase of China’s imported paper has impacted the price of finished paper, the double reduction of education and the double control of energy consumption may affect supply and demand, and the pattern of cultural paper industry is expected to continue to be optimized. Box board corrugated paper: the cost support of waste paper is relatively strong, and it has weakened after the recovery and growth of end consumer demand; In recent years, the newly added capacity is relatively limited, and the ability to control raw material channels determines the future industry position. White cardboard: high concentration, relatively stable profit level, expansion potential on the demand side and more new capacity on the supply side. Household paper: the oversupply pattern needs to be improved, the channel layout of leading paper enterprises is accelerated, the optimization of product structure continues, and the competition of end products is intensified.
The national waste price moved up slightly, and the recycling price in the packing bin increased. Corrugated box board market is stable and minor. The price of white paperboard fell partially, the market trading was still light, and the white paperboard Market fluctuated in a narrow range.
The average price of national waste yellow paperboard was 2348 yuan / ton, up 0.13% month on month and 10.44% year-on-year. The weekly average price of 120g corrugated paper was 3815 yuan / ton, with a month on month increase of 0.13% and a year-on-year increase of 7.71%; The average price of box board paper was 4872 yuan / ton, a month on month increase of 0.16% and a year-on-year increase of 6.77%. The average price of whiteboard was 4865 yuan / ton, down 0.23% from last week and 18.58% year-on-year. The average price of white cardboard was 6450 yuan / ton, up 0.53% from last week and down 34.61% year-on-year.
Imported wood pulp spot long short game, pulp price shock finishing. Coated paper shock is weak, and the double offset paper market is slightly loose. The overall atmosphere of household paper is not good. The average price of imported coniferous pulp was 7168 yuan / ton, up 1.83% from last week and 0.12% year-on-year; The average price of imported broad-leaved pulp was 6018 yuan / ton, down 0.30% from last week and up 10.96% year-on-year. The average price of coated paper was 5642 yuan / ton, down 0.67% month on month and 23.45% compared with the same period last year; The average price of double offset paper was 6081 yuan / ton, down 0.56% month on month and 11.72% year-on-year. The average price of household paper was 6910 yuan / ton, down about 0.20% month on month.
Risk tips: price fluctuation of raw materials and macroeconomic fluctuation
