我们认为国家加快淘汰落后造纸产能、纸品价格上涨和人民币加速升值三个积极因素使得造纸行业的基本面持续向好。作为造纸行业的龙头晨鸣纸业及华泰股份凭借其规模优势将成为造纸行业景气度提升的主要受益者。但是,同时我们仍需注意潜在的估值风险。 We think the three positive factors of accelerating the phase-out of outdated paper making capacity, rising paper prices and accelerating RMB appreciation have made the fundamentals of the paper making industry continue to improve. As a leading paper industry Chenming Paper and Huatai shares by virtue of its size advantage will become the main beneficiaries of the paper industry boom. However, at the same time we still need to pay attention to the potential valuation risk.