浆纸系纸价及木浆价格复盘-行业数据

浆纸系纸价及木浆价格复盘

➢ 后续研判：由于造纸下游需求以广谱性消费为主，整体景气度与整体社零消费相关性较强，后续盈利修复弹性关键在价格，背后是内需消费支撑。在经营活动环比改善预期下，叠加25年以来行业资本开支节奏明显放缓，市场供需矛盾得到一定缓解，预计中期纸价温和修复下支撑纸企盈利稳健修复。

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