Paper stocks surged collectively in Hong Kong. As of press time, ND PAPER (02689) rose 5.34% to HK$6.11, while LEE & MAN PAPER (02314) gained 4.18% to HK$2.99. The rally follows recent price adjustment notices issued by several major domestic pulp and paper companies, covering products such as white cardboard, coated paperboard, food-grade cardboard, recycled kraft paper, and high-strength corrugated paper. The price hikes range from RMB 50 to RMB 200 per ton, with effective dates mainly set between late November and December 1, 2025. Notably, the white cardboard sector has started to rebound after five years of downturn. Guojin Securities noted that driven by e-commerce restocking demand, paper manufacturers are operating at high capacity utilization rates. Supported by elevated costs and low inventory levels, prices for corrugated and boxboard paper continue their upward trend. Since November, white cardboard prices have steadily climbed, with producers determined to push prices higher amid clear pressure on profitability and firm restocking demand from downstream packaging plants. Further steady price increases are expected as paper mills aim to improve margins.