According to a recent research report by Minsheng Securities, on the one hand, demand for papermaking is stable (mainly consumer goods), and supply-side production capacity replacement costs are high. As the competitive pattern stabilizes, the industry's profit center gradually shifts upward. On the other hand, in the past, industry fluctuations came more from expectations of long-term demand, and pulsed supply investment brought about phased profit fluctuations. As demand growth slowed, the industry pattern solidified at an accelerated pace. Under the operating model of low gross margin and low cost ratio, leading companies, while achieving a gradual increase in industry concentration, the repurchase and dividend ratio of leading paper companies may increase, leading paper companies' repurchase and dividend ratios may increase, driving a steady upward shift in valuations.