The hottest is to follow the policy guidance and s

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Following the government's demand and technical requirements for plastic granulators, the policy guidance is also constantly improving, seeking high growth varieties

pulp and paper prices have rebounded sharply, and the industry's profits have improved significantly. In the fourth quarter of last year, the prices of imported wood pulp and waste paper fell sharply, and the profits of the industry deteriorated significantly. In addition, a large amount of provision for inventory falling prices led to huge losses in the industry. With the recovery of paper price and the improvement of demand, the profitability of the paper industry has improved significantly. The gross profit margin of the industry in the third quarter has recovered to 19.2%, which has returned to the average level of the industry in previous years. It is difficult for the gross profit margin of the paper industry to increase significantly. Next year, it will be mainly stable. It will mainly rely on demand growth and price increase to expand the scale of revenue and achieve profit growth. At the same time, it will also improve the net profit margin of the company by improving management efficiency and reducing financing costs

the relationship between supply and demand will not deteriorate significantly, and structural opportunities will be sought. It is estimated that by 2010, the effective production capacity of the paper industry will reach 105 million tons, and the consumption of paper and paperboard will be about 96 million tons. Without considering the net export of 0.71 ~ 0.80, the paper industry is indeed oversupplied. What are the requirements of the structure and operation method of concrete pressure testing machine, but if you are optimistic, the effective production capacity is about 1.09 times the consumption, so we believe that the supply-demand relationship of the whole paper industry will not deteriorate significantly. However, in 2010, 3.65 million tons of coated paper will be put into production, accounting for 80% of the output of the whole industry in 2008, which will have a great impact on the market. Coupled with the anti-dumping of Chinese coated paper by the United States, the profitability of domestic coated paper is not optimistic

the policy favors low quantitative and high-quality products. In the paper industry policy issued in 2007, the function of the drop hammer impact tester to improve the proportion of wood pulp in raw materials, vigorously develop the integration of Forest Pulp and paper, and improve the industry concentration have become the direction of industry development. We believe that in the future, the demand growth rate of varieties with wood pulp as raw materials will exceed that of the whole industry, mainly including white card paper, coated paper, high-end double offset paper, etc

RMB appreciation enhances the investment value of the industry. The sales market of paper and paperboard is mainly in China, and nearly 40% of the main raw material pulp depends on imports. In addition to raw materials, paper machines also depend on imports, which determines that the paper industry benefits from the appreciation of the RMB. In addition, the appreciation of RMB also brings exchange gains for enterprises, comprehensive capacity expansion plans and existing foreign currency loans. We believe that Chenming Paper and Huatai Co., Ltd. have a significant effect on the thickening of the company's performance in the future

the paper industry has completely come out of the economic crisis. Next year's performance growth mainly depends on demand growth and price increase. In the long run, we are optimistic about the varieties of wood pulp as raw materials, and maintain the industry's short-term recommendation and long-term-a investment rating

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