ND PAPER (02689) surged over 4%, trading at HK$6.27 by press time with a turnover of HK$26.38 million. The uptick follows announcements by ND PAPER, Lee & Man Paper, and Shanying International regarding maintenance plans for January-February 2026. Based on disclosed shutdown notices, packaging paper production is expected to decrease by approximately 270,000 tons, predominantly corrugated cardboard.

Major producers including Shanying, ND PAPER, APP, and Asia Symbol recently issued price adjustment notices, planning hikes for end-November to early December. CICC noted that the current round of price increases for corrugated paper and wastepaper began in July, initially driven by domestic waste material costs and later supported by seasonal demand. Industry leaders have coordinated production halts and price hikes to bolster margins, with analysts forecasting improved profit per ton in Q4 2025.

For pulp-based paper varieties, cultural paper output declined year-on-year in the first ten months, potentially pressuring 2026 prices and per-ton profits. Meanwhile, supply-demand imbalances persist for white cardboard, limiting sustained price growth from a fundamental perspective.