受节能减排政策影响,国内低产能、污染重的造纸企业将被强制关闭,行业的供给增速将受到影响,短期内没有关闭的企业将从中受益。投资者应该抓住节能减排、林纸一体和纸产品消费结构变化的主线,把握造纸行业的投资机会。 Affected by the energy-saving and emission-reduction policies, the paper-making enterprises with low production capacity and heavy pollution in China will be forced to shut down and the supply growth of the industry will be affected. Enterprises that have not been closed in the short term will benefit from it. Investors should seize the main line of energy conservation, forestry-paper integration and changes in the consumption structure of paper products to grasp the investment opportunities in the paper industry.