中金公司：明年造纸行业价格中枢将温和修复，看好拥有优质林浆资产的企业

中证金牛座2025-12-12

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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