海通研究2016-07-21报道(摘要):今年上半年溶解浆价格同比涨幅超10%,7月份以来连续喊涨幅度高达300元/吨,涨幅加大。溶解浆与棉浆为替代品,下游为粘胶纤维,今年以来棉花和粘胶纤维涨价幅度均超过溶解浆。溶解浆涨价一方面由于国内供需仍有缺口,而进口溶解浆受反倾销限制,另一方面溶解浆生产的粘胶纤维具备舒适阻燃等优异特性,消费升级拉动需求的增长,因此我们预计涨价可持续性较强。受益公司标的:太阳纸业,华泰股份,青山纸业等。 海 通 研究 2016-07-21 Coverage (Abstract): In the first half of this year, the price of dissolving pulp rose more than 10% year-on-year, and the price of continuous shouting rose as high as 300 yuan / ton since July, or increased. Soluble pulp and cotton pulp as a substitute, the downstream viscose fiber, cotton and viscose fiber prices have surpassed the dissolution of pulp this year. Dissolved pulp prices on the one hand due to the domestic supply and demand is still a gap, while the import of soluble pulp by the anti-dumping restrictions, on the other hand dissolved pulp production of viscose fiber with a comfortable flame retardant and other excellent features, consumer spending boost demand growth, so we expect Price is more sustainable. Benefit the company’s target: Sun Paper, Huatai shares, Castle Peak Paper and so on.