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由于全球经济增长强劲和中国需求仍然旺盛,受木浆价格的高企,和中国造纸行业消费量高速增长的拉动,国内纸价出现了一定程度的上涨。鉴于木材价格上涨的长期趋势,我们认为林业资源一体化和替代效应更具有投资的吸引力。
Owing to the strong global economic growth and the still strong demand in China, the domestic paper prices have risen to a certain extent due to the high price of wood pulp and the rapid growth of consumption in China’s paper industry. Given the long-term trend of rising timber prices, we think the forestry resource integration and substitution effects are more investment attractive.