ND PAPER (02689) rose more than 6%, reaching a gain of 6.33% to HK$6.72 by the time of writing, with a turnover of HK$117 million. On the news front, following the 2025 Spring Festival, the domestic containerboard and corrugated paper market has not seen the consecutive price increases observed in the latter half of the previous year, instead entering a downward trend. Leading paper enterprises, including ND PAPER, Shanying International, and Rongcheng, have issued notices for production halts in May, directly reflecting the market pressures. Major factories are implementing output reductions to curb production, aiming to alleviate inventory and price pressures. Bohai Securities pointed out that paper manufacturers such as ND PAPER, Shanying International, and Rongcheng have announced maintenance shutdown plans for April and May, affecting multiple production bases under these companies. The duration of the shutdowns ranges from 3 to 13 days, with a combined estimated impact on capacity of approximately 100,000 tonnes. This is expected to provide some short-term support for packaging paper prices.