高浆价将带来自制浆比例高的企业盈利大幅提升,拥有较多自制浆的企业业绩超市场预期的可能性极大。而落后产能的淘汰以及人民币升值也会带来纸业的超预期。 High pulp prices will significantly increase the profitability of enterprises with high pulping ratios. It is highly probable that the performance of companies with more self-made pulp exceeds market expectations. The elimination of backward production capacity and the appreciation of the renminbi will also bring about more than expected paper.