The acceptance of price increase in the hottest pa

Paper industry: the acceptance of price increase is not high, and there is great pressure to destock

for most enterprises that do not understand paperboard this week, we are still relatively professional. The rise of the block and the market converges: the paper sector rose 4.36% this week, while the Shanghai and Shenzhen 300 index rose 4.37% in the same period. The trend of the block converges with the market and is in the period of oversold rebound. Although the sector has increased significantly recently, there is still a certain premium relative to the market, and the industry prosperity index is still low. We are generally bearish on the recent market performance of the industry

the acceptance of price increase in the downstream is not high: Recently, we learned from our research that after the tentative price increase of leading enterprises, the quotation of traders also increased by yuan, but the downstream trading volume is relatively flat, and the acceptance of price increase is not high; In terms of raw materials, pulp prices and waste paper prices continued to rise steadily. The market has not yet warmed up, and demand is still weak

at the end of 2011, the output and consumption fell, and the inventory period was high: the output of paper and pulp fell in December; The import volume of pulp and waste paper increased significantly; In November, the consumption and inventory of wood pulp in Europe fell slightly; In December, the inventory period of major domestic paper varieties was at a high level, which was difficult to digest in a short time, and there was great pressure to destock

2011 profit bottomed out, and the deterioration of supply and demand and rising costs were the main reasons: the decline of industry profitability in 2011 was mainly affected by the deterioration of supply and demand relationship and rising costs; With the seasonal (1) nano inorganic filling materials about the problems that should be paid attention to in the operation of universal testing machine, the demand for paper may rise, but under the dual pressure of overcapacity and high inventory, it still takes time to improve the fundamentals of supply and demand

companies with outstanding advantages in the industrial chain and good cash flow deserve attention: at present, the paper price is showing signs of bottoming, but the relationship between supply and demand has not been fundamentally improved, and raw materials have resumed the upward trend. It is expected that the industry will experience a downturn. In this case, we still believe that companies with outstanding industrial chain advantages, good paper structure and abundant cash flow deserve special attention

risk tips: 1. The price of raw materials rises; 2. Intensive launch of new capacity

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