China International Capital Corporation's research report believes that in the first half of 2024, the marginal changes in demand and supply of the papermaking industry will be flat, and cost changes will become the most important marginal change in the industry: the rising cycle of pulp prices brings a double dividend of stock replenishment and cost advantages to the pulp and paper series leaders, making the profit performance of the pulp and paper series leaders bright in the first half of the year. If sector paper prices can remain stable in Q3 2024, companies are expected to welcome a situation of 'scissors gap expansion' of inventory cost reduction + downstream peak season stock replenishment and price increases in Q4 2024, and companies with excellent cost control, stable sector structure, and profit safety margins are expected to benefit greatly.