ND PAPER (02689) surged nearly 4%, reaching HK$5.78 by the time of writing, with a trading volume of HK$47.615 million. The rise follows reports of a new round of price adjustments in China's white cardboard market. Multiple paper manufacturers, including ND PAPER, have issued price hike notices, announcing a uniform increase of RMB 200 per ton for white cardboard products effective November 1, 2025.

Huafu Securities noted that while white cardboard prices are gradually recovering, they remain near cyclical lows. Leading companies are strongly motivated to maintain higher prices, suggesting potential profit recovery for the industry. The firm anticipates robust packaging demand in Q4, driven by the Double 11 shopping festival and the approaching Lunar New Year, which may sustain strong pricing for corrugated and boxboard paper.

Industrial Securities added that Q4 is traditionally a peak demand season, supported by favorable cost conditions, further boosting optimism for the packaging paper sector.