The hottest waste paper raises the tide of rising

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The price of waste paper has risen, and the share price of industry leaders has reached a new high. Many institutions have rushed to raise funds. Release date: Source: first finance and economics

affected by the epidemic, the recycling of waste paper in the upstream of the paper industry has been significantly affected. The limited amount of recycling has led to a wave of "price rise" in the factory price of waste paper in the market, so the share price of A-share paper companies has also "risen". After hours data today showed that a total of six institutional seats participated in the transactions of Bohui paper, with a total net purchase of 191million institutions. On the disk, Bohui paper closed at 8.4 today. The material adopts the advanced "3 Meiji" structure 6, setting a recent high

at the same time, due to the impact of transportation, the supply of raw materials such as pulp and wood chips is relatively tight, resulting in some downstream enterprises to limit or stop production. Among them, Asia Pacific Senbo pulp and paper, tensile strength, constant elongation, constant elongation force value, yield strength, Chenming Shouguang, sun paper and other enterprises have reduced the production of self-made pulp by more than 30% due to the restriction of imported pulp and wood chips

since mid February, some base paper mills have completed four rounds of price increases, with a cumulative increase of 500~600/ton, and the maximum has exceeded 1000/ton. After this wave of "price rise", the price of paper has risen by 30% to 50%

Zhao Wei, President of the China Household Paper Association, pointed out that affected by the epidemic, China's waste paper recycling has fallen sharply. In addition, China began to restrict the import of waste paper in 2017. In the short term, the supply of waste paper "exceeds the demand", which eventually led to the price rise in multiple links of the industrial chain

the Research Report of Huachuang Securities pointed out that due to the epidemic, the paper enterprises as a whole lack raw materials, which leads to the low operating rate of paper mills. As the downstream enterprises resume production and work one after another, it is expected that the rise in paper prices due to the tension at the supply side will continue for some time. In addition, regional logistics in some regions has not been fully restored, and the transportation of waste paper and finished paper will be affected to a certain extent

however, Da Mo said that with the resumption of the waste paper recycling industry, the short-term shortage of waste paper supply has gradually eased. Although the recent rise in paper prices, with the gradual correction of raw material prices and weak downstream demand, it is expected to put pressure on the short-term average price of products

Shanxi securities also believes that although the overall industry in the country still maintains an upward trend, with the resumption of work, it is expected that the paper price will slowly cool down and return to rationality

China International Finance pointed out that throughout the year, the demand for wrapping paper is uncertain, and it is optimistic about the improvement of cultural paper profits. The overseas epidemic may affect the external demand for wrapping paper, and the contradiction of domestic waste shortage may continue to be delayed. The overseas epidemic is still escalating, external demand may decline, and the annual demand for wrapping paper may be dragged down by the overseas epidemic. In this context, it is expected that there will not be a significant gap in national waste throughout the year, and small enterprises will face limited pressure to reduce production. At the same time, at the current time point, the average price of domestic cultural paper has been 8% higher than the average price in the first half of 2019, while the spot prices of needle leaf and broad-leaved pulp are 16% and 28% lower than the average price in the first half of 2019 respectively. We continue to be optimistic about the pulp and paper price of the cultural paper industry in the first half of 2020. At present, the technical parameters of temperature change rate provided by foreign environmental experimental equipment manufacturers refer to the performance improvement brought by the widening of the average rate difference in the whole process. Throughout the year, the demand for cultural paper is expected to remain stable, and the industry's profits are expected to improve moderately year-on-year. We are optimistic about the improvement in the certainty of gross profit rate this year and the continuous growth of sun paper in the same period. It is suggested to pay attention to Nine Dragons Paper and Shanying paper, which are the leaders of packaging paper

Orient Securities pointed out that in the short term, the differentiation of raw material structure in the paper industry has led to the differentiation of enterprise profits. As the price difference between domestic waste and foreign waste has widened again, enterprises with higher foreign waste quotas have obvious cost side advantages compared with enterprises that adopt all domestic waste; From 2020 to 2021, the import of waste paper will be reduced year by year, and the raw material cost advantage of leading paper enterprises is expected to be reflected in the form of overseas layout of waste pulp and overseas finished paper projects. If the price of raw materials rises in the coming years, the cost advantage of leading enterprises will become increasingly prominent

data shows that listed companies involved in papermaking are,

A-share listed companies: Hexing packaging, Zhongshun jierou, Shanying paper, Yinge investment, Jingxing paper, Yutong technology, sun paper, Qingshan Paper, LMZ, Rongsheng environmental protection, Jihong shares, global printing, etc

Hong Kong listed companies: Liwen paper, Nine Dragons Paper, Chenming paper, Junsi group

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