HK Stock Market Move | ND PAPER (02689) is now up more than 4%, the leading paper company announces a shutdown plan, and institutions have high expectations for improving profits per ton in the fourth quarter.

ND PAPER (02689) is currently up more than 4%, with a 3.64% increase to HKD 6.27 at the time of writing, with a trading volume of HKD 26,375,500. On the news front, Nine Dragons, Lee & Man, and Sun Paper have successively announced maintenance plans for January-February 2026. According to the shutdown notices that have been issued, it is expected to reduce production by about 270,000 tons of packaging paper, the majority of which is corrugated cardboard. It is reported that Sun Paper, Nine Dragons, APP, Asia Pulp and other major companies have previously issued price adjustment letters, planning to raise prices for their products at the end of November to early December. CICC previously pointed out that the current round of price increases for corrugated cardboard and waste paper started in July, with the earlier increase mainly driven by domestic waste raw materials, and the later increase mainly driven by strong seasonal demand, as well as leading companies coordinating production shutdowns for maintenance and price increases; from the perspective of ton profit for enterprises, it is expected that the profit for Q4 2025 will improve. In terms of pulp and paper varieties, the production of cultural paper in the first ten months of the year decreased year-on-year, and there may be significant pressure on industry prices and ton profits in 2026; the supply-demand contradiction in white board paper has not yet eased, and from a fundamental perspective, the sustainability of price increases is low.