Sichuan Finance Week's opinion of the cardboard block: In terms of waste paper, the price of waste paper continued to adjust this week. At present, the Ministry of Environmental Protection has announced a total of 4 batches of 2019 waste paper import approval lists, Nine Dragons Paper, Lee & Man Paper, Shanying Paper (600567) The three paper companies accounted for 52.87% of the total approved amount, and the quotas continue to lean towards the leading position. In terms of pulp, due to the weak demand in the fourth quarter of 2018, there will be pressure on pulp destocking recently, and pulp prices will have a downward trend, but in the long run, we believe There is not much room for pulp prices to fall. Home furnishing sector: In terms of custom home furnishing, due to the continued deviation between real estate sales data and completion data, and the government work report of the two sessions clearly mentions the steady advancement of real estate tax legislation, the direction of real estate policy in 2019 is worthy of attention. We believe that industry leaders with a large number of stores, complete product categories, and front-end integrated channels are expected to stand out; in the software home furnishing sector, the price of raw materials TDI has fallen, and the cost pressure of the sector has eased. As the integration of the software industry accelerates, the competitive landscape continues For the better, we are currently optimistic about Gujia Home Furnishing, a software home furnishing company with channel advantages and a complete range of categories. Packaging and printing sector: The impact of rising raw material prices is being ironed out, and the profitability of the paper packaging industry is at an inflection point. At the same time, it is recommended to pay attention to the new tobacco industry.

Compared with last Friday’s closing price, the Shanghai Composite Index rose 2.73% to close at 3104.15 this week; the Shanghai and Shenzhen 300 Index rose 2.37% to close at 3833.80; the Growth Enterprise Market Index rose 1.88% to close at 1693.87; the light industry manufacturing index It rose 5.00% to close at 2462.71. The light industry manufacturing sector index ranked 6/28 in weekly gains and losses, and the overall sector ranked in the middle. Among the sub-sectors, the packaging and printing sector closed at 2942.47, an increase of 6.14%; the household light industry sector closed at 2195.38, an increase of 4.55%; and the cardboard sector closed at 2274.44, an increase of 4.50%.

Price tracking The average price of corrugated paper market this week was 3,793 yuan/ton, down 2.69% month-on-month and 15.05% year-on-year; the average price of cardboard paper was 4562 yuan/ton, down 1.36% month-on-month and 11.56% year-on-year; A-level 250g gray-bottom whiteboard The average price of paper including tax was 4363 yuan/ton, down 0.68% month-on-month and 5.74% year-on-year; the average price of 250-400g white cardboard paper including tax was 5,043 yuan/ton, the same month-on-month, down 24.27% year-on-year; the market price of coated paper was 5487 yuan/ Tons, the same month-on-month, down 24.58% from the same period last year; the average market price of offset paper was 5950 yuan/ton, up 0.56% from the previous month and down 19.59% from the same period last year.

Company announcement Yutong Technology (002831): The company released a convertible bond plan, and the total amount of funds to be raised is not more than RMB 1.4 billion (inclusive); Sun Paper (002078) (002078): The company has recently obtained high-tech enterprise certification and qualification The validity period is three years. Starting from 2018, it can enjoy the preferential tax policy of 15% corporate income tax for three consecutive years (2018, 2019, 2020).

Risk warning: The macro economy is not up to expectations; the price of raw materials fluctuates; the company's operation and management risks.