9月22日，港股纸业股集体下跌，其中，合丰集团、综合环保集团均跌超6%，玖龙纸业跌3%，理文造纸跌2.4%，晨鸣纸业跌近1%。
消息面上，纸浆期货近期大涨（9月21日主力合约涨3.88%逼近5000元/吨），理论上应支撑纸价。但成品纸价格却持续走弱，纸价与浆价的“剪刀差”走阔，行业盈利整体收窄。这意味着成本上涨无法向下游顺畅传导，反而进一步挤压纸企利润。
传统“金九银十”旺季并未带来预期的需求改善。卓创资讯指出，白卡纸市场拐点未现，纸价反季节性下跌趋势确定。瓦楞纸9月以来累计下跌2.24%，白板纸在白卡纸替代冲击下看空情绪浓厚，文化纸供过于求格局未改。中秋国庆订单释放不及预期，纸企成品纸去库存压力加大。
高盛在最新大宗商品报告中指出，纸包装利润率因供给压力同比转弱，预计下半年利润率将持续受压。国泰君安期货分析师也认为，纸浆市场短期虽有边际改善，但整体仍处于磨底阶段，成品纸库存高企、纸企一体化新增产能投放等利空因素长期存在。
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