Analysis of investment in paper industry in 2006

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Investment analysis on the development and utilization of new materials with high safety and good quality and performance in papermaking industry in 2006

2005 can be said to be a milestone year for China's papermaking industry. In the context of increasingly fierce market competition, some important comparative relationships are changing. First, the growth momentum of imported wood pulp has been effectively curbed. In the first half of last year, while the production of paper products increased by 19.7%, the number of imported wood pulp fell by 2.05%; Second, while the import of paper and paperboard decreased by 20.1% year-on-year, the export increased by 50.9%; Third, the planting of fast-growing forests and the integration of forest and paper by many large paper companies have been significantly accelerated

the overall investment in the industry is not overheated. It is estimated that the domestic paper industry has invested more than 100 billion yuan in the past five years, which is verified by the increase of annual production and the increasingly fierce market competition. The demand for medical high molecular materials, bioceramics and medical metals will increase significantly. However, compared with the scale of manufacturing and fixed assets of the whole society, the overall investment in the domestic paper industry is not overheated

from the average level, the annual average growth of investment in the paper industry (capital construction plus renovation) from 1997 to 2003 is 11.37%, which is not only lower than the annual average growth of 17.16% in the manufacturing industry, but also lower than the average growth of 14.28% in the total social fixed asset investment

raw materials. Last year, the international pulp price will show a trend of rising at both ends, which is likely to be higher than the level in 2004 on the whole. It is judged that the international wood pulp price will not further strengthen this year, and will maintain the price level of last year or slightly lower. As China's demand for waste paper is still growing strongly, the import price of waste paper will not be lower than that of last year

finished paper. Except that the price of medium and low-grade cultural paper is affected by the mandatory closure of small paper mills by the state. If you add clean oil, the price of most domestic paper products shows a downward trend, and the main varieties such as paper, coated paper, coated packaging paper, etc. decline significantly. This year, the price of paper will continue to decline, and coated paper and coated packaging paper are basically stable or slightly declining

the stock investment value of major enterprises is significantly underestimated. On the one hand, the secondary market share price continued to fall, on the other hand, the company's performance grew rapidly. The valuation level of leading enterprises in the industry is not only lower than that of similar companies in the U.S. market, but also significantly lower than that of Liwen paper, which is listed in Hong Kong. After the share reform, the investment value is more prominent. Therefore, it is suggested that Chenming and Huatai continue to maintain "increased holdings", Yueyang Paper maintain "prudent increased holdings", and Bohui paper's rating is raised from "neutral" to "prudent increased holdings"

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