The market segment of tissue paper is clearly differentiated, and the brand leader enjoys the cost price advantage. This week, due to the sluggish demand in the tissue paper market and the weakening of the price of wood pulp, the paper mills in North China have lowered the ex-factory price by RMB 100/ton. The price is relatively stable, and the regional market is clearly differentiated.
We believe that the price of tissue paper enterprises with brand advantages is stable, and the competition between small manufacturers lacking brand advantage will become increasingly fierce. At the same time, the price of wood pulp is still at a historically low level. It is expected that leading paper enterprises with a general inventory of more than 6 months will benefit. Continue to give the “buy†rating to the household paper industry, H-shares recommend Hengan International, Vinda International, and A-shares recommend Zhongshun Jierou.
Commercial housing sales rebounded slightly in September, and BHI rose for three consecutive months.
As the first month of “Golden September and Silver 10â€, the national real estate sales continued to rebound slightly in September, and the sales of commercial housing showed signs of gradual recovery. The BHI index rebounded for three consecutive months. The market reflected that the furniture industry was just released from housing and the holiday effect. The impact has recovered. The custom furniture industry is mainly faced with the wedding decoration, personalized customization meets the consumer taste of young people, and the performance will be better than the overall furniture industry. Give Sofia a “buy†rating to the custom wardrobe industry.
The price of dissolving pulp products continues to fall, and the trend opportunity has not yet arrived.
This week, the price of dissolving pulp related products continued the downward trend in the previous period, with a drop of 200~400 yuan/ton.
At the same time, due to the weak demand for downstream textiles and the impact of the price advantage of imported cotton, domestic cotton pulp and lint prices continue to be low. In view of the fact that the timing of investment in the topic of dissolving pulp has not yet arrived, we will not recommend it to relevant listed companies.
The downstream demand of the packaging industry is diverging, and it continues to pay attention to domestic consumption
According to industry data, sales growth in the downstream market of the packaging industry has slowed down, with the growth of consumer goods such as food and beverage and daily cosmetics being the most stable. Taking into account the stability of the company's operation and management, we recommend Yongxin, Hexing Packaging and Tongxing Star.
risk warning
The economic growth rate exceeded expectations and the wood pulp and packaging materials exceeded expectations.
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