港股異動 | 紙業股強勁 理文造紙(2314.HK)漲近5%
格隆匯12月9日丨港股紙業股表現強勁,理文造紙(2314.HK)漲4.91%、玖龍紙業(2689.HK)漲2.55%、陽光紙業(2002.HK)漲1.68%。中泰證券認為,當下時點紙週期類似16年年底造紙週期開啟邏輯。庫存週期方面,各大紙種庫存均處於低位,原材料庫存增速轉向向上,表明主動去庫存階段結束,行業進入被動去庫存階段。因此,明年一二季度可能因主動補庫存帶來淡季不淡行情。文化紙處於被動補庫存階段,噸盈利改善明顯。目前成品文化紙價格已經企穩,而上游木漿價格較年初顯著下跌,企業噸盈水平明顯回升。當前雙膠紙,白卡紙,銅版紙噸盈持續改善,同2017年紙週期上行區間噸盈相當。
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