Market Review
This week, the light industry manufacturing industry index rose 2.32%, outperforming the market by 0.09pct; The paper sub sector rose 0.34%, underperforming the market by 1.89pct. This week, the CSI 300 index rose by 2.23%, and the light industry manufacturing (Shenwan) index rose by 2.32%, outperforming the CSI 300 index by 0.09pct, ranking 12th among the 28 Shenwan industries; In the secondary industry, the paper sub sector rose 0.34%, underperforming the market by 1.89pct. This week, the four sub sectors of light industry were packaging and printing, furniture, entertainment products and papermaking, which rose by 3.91%, 2.48%, 2.43% and 0.34% respectively. Industrial chain data tracking
In terms of raw materials, the factory price of domestic waste increased slightly this week, and the price of foreign waste remained stable; The external quotation of wood pulp is stable, and the spot price is mixed; The price of dissolved slurry remains stable. (1) This week, the factory price of national waste (excluding tax) increased slightly by 3 yuan / ton; The CIF price of OCC Southeast Asia's main port of American waste, European waste and Japanese waste remains stable; (2) The quotation of hardwood pulp and coniferous wood pulp is stable; The spot price of hardwood pulp increased by 160 yuan / ton, and the spot price of coniferous wood pulp decreased by 17 yuan / ton; In late April 2022, the wood pulp inventory of China's three major ports totaled 1.72 million tons, an increase of 18.4% month on month; (3) The price of dissolved pulp remained stable this week.
The prices of coated paper and white cardboard remained stable this week, while the prices of double offset paper and carton board fell slightly. According to the average market price of finished paper including tax according to Zhuo Chuang information statistics, the price of double offset paper fell by 13 yuan / ton this week, and the prices of coated paper and white cardboard remained stable; The average ex factory price of carton board fell by 8 yuan / ton.
The profitability of wood pulp and waste paper products fell this week. The profitability is characterized by the price difference between finished paper and raw materials. Compared with last week, the profitability of double offset paper, coated paper and white cardboard this week decreased by about 22-81 yuan / ton, 11-68 yuan / ton and 4-45 yuan / ton; The profit level of waste paper products decreased by about 11 yuan / ton.
From January to April 2022, the cumulative output of machine-made paper and paperboard was 44.31 million tons, with a year-on-year increase of 0.9%. (1) The cumulative output of machine-made paper and paperboard from January to April 2022 was 44.31 million tons, with a year-on-year increase of 0.9%; (2) Excluding the influence of price factors, the finished product inventory (estimated value) of machine-made paper and paperboard manufacturing industry increased by 36.7% year-on-year and 2.0% month on month in March 2022; (3) In terms of import volume of paper and paperboard, from January to April 2022, the cumulative year-on-year decrease was 31.3%; In terms of export volume, the cumulative year-on-year increase from January to April was 48.7%.
Risk tips
The risk that macroeconomic growth slows down and terminal demand declines more than expected; Risk that the promotion of overseas new projects fails to meet expectations
