ND PAPER (02689) rose over 4%, with an increase of 3.96% to HK$6.57 at the time of writing, and a turnover of HK$46.2969 million. On the news front, in May, the domestic papermaking and packaging industry chain witnessed a new round of intensive price adjustments. Leading original paper enterprises such as ND PAPER and others, along with midstream and downstream paperboard and carton processing plants, have successively issued price increase notices to adjust product prices. This round of price adjustments is directly driven by rising costs of raw materials such as waste paper and chemical auxiliary materials, combined with phased supply adjustments in the industry, serving as a collective measure for enterprises to alleviate operational pressure. Huatai Securities pointed out that although the white cardboard market faces pressure during the traditional off-season, with large-scale paper mills successively issuing price increase notices and some paper enterprises simultaneously implementing shutdown maintenance plans, the willingness of downstream enterprises to restock is expected to improve, and paper prices may see a slight increase. With the improvement in downstream demand and bargaining power under high market concentration, the white cardboard industry is expected to see a cyclical bottom reversal.