中金公司研报称,展望2026年,消费需求仍在温和修复阶段,各类纸种供给变化各异:浆纸系纸种供需仍然宽松,浆价成为行业补库及去库关键推动力,浆纸一体化龙头有望继续获得超额利润;箱板瓦楞纸产能已基本收尾,有望率先走出本轮供需失衡周期,迎来产能利用率修复,吨纸价格中枢同比抬升的业绩修复行情。整体而言,2026年是行业消化过去几年新增供给、需求继续修复、产能利用率抬升的一年,看好价格中枢温和修复。此外,...
Source Link中金公司研报称,展望2026年,消费需求仍在温和修复阶段,各类纸种供给变化各异:浆纸系纸种供需仍然宽松,浆价成为行业补库及去库关键推动力,浆纸一体化龙头有望继续获得超额利润;箱板瓦楞纸产能已基本收尾,有望率先走出本轮供需失衡周期,迎来产能利用率修复,吨纸价格中枢同比抬升的业绩修复行情。整体而言,2026年是行业消化过去几年新增供给、需求继续修复、产能利用率抬升的一年,看好价格中枢温和修复。此外,...
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