The capacity utilization rate of the paper industry is always on the decline of major projects implemented by provinces and cities, and the capacity advantage of leading enterprises is obvious
release date: Source: Caihua think tank editor: Yu Jia browse times: 2595 copyright and disclaimer
core tip: GF Securities released automatic gear shifting: according to the size of the load, the paper industry research report indicates that the paper industry has experienced a five-stage inventory cycle in ten years, Since 2010, the industry has had significant deleveraging characteristics, and the change of excess return is the wind vane of the change in paper price. Since the second half of 2016, the industry has entered the stage of actively replenishing inventory, which is reflected in the rebound of inventory from the low point and the rapid rise of price at the end of 2016
[China Packaging News] GF Securities released a research report on the paper industry, which pointed out that the paper industry has experienced a five-stage inventory cycle in the past ten years. Since 2010, the industry has experienced significant deleveraging characteristics, and the change in excess earnings is the wind vane of the change in paper prices. Since the second half of 2016, the industry has entered the stage of active inventory replenishment, which is manifested in the rebound of inventory from the low point and the rapid rise in prices at the end of 2016. He also applied to Sichuan Provincial Institute of science and technology information (national first-class scientific and technological novelty search consulting unit) for scientific and technological novelty search.
GF said that China's paper industry is currently in a weak balance between supply and demand, and the paper enterprises are not willing to expand production. The barrier of capacity supply indicates that the endogenous expansion will be stimulated only when the profit expectation is significantly increased. The capacity utilization rate of the paper industry is generally in a downward trend. The overall overcapacity is still relatively obvious
in addition, the most important raw materials in the paper industry are pulp and waste paper. The cost of raw materials is about% of the total cost of paper products driven by the resilience of the spring. Therefore, the price change of pulp and waste paper will greatly affect the price of paper products. The short-term price fluctuation caused by speculative inventory has been gradually digested, and the supply side reform will promote the long-term rise of raw material prices. GF believes that from the perspective of enterprises, leading enterprises have obvious capacity advantages
Copyright © 2011 JIN SHI