Folding carton is one of the most used eco-friendly packaging solutions due to its ability to be produced in various sizes with a small footprint, when compared to other packaging options, thus, making it feasible for use in different end-user industries. Indonesia’s growing paper production, coupled with soaring export of paper products, has helped the country become one of the world’s leading paper suppliers in the global market. According to a report from Indonesia Investments, the paper industry in the country plays a significant role in the country’s economy, accounting for 6.7% of its processing industry’s gross domestic product (GDP). According to the United Nations COMTRADE database on international trade, Indonesian exports of paper and paperboard, articles of pulp, paper, and board was worth USD 4.48 billion in 2018. The Indonesian packaging industry growth is driven by the country’s expanding population and hi gh demand for low-cost, fl exible pack aging. F or instance, according to the International Monetary Fund (IMF), in 2018, the total population of Indonesia increased to approximately 264.16 million inhabitants in 2018 from 252.17 million inhabitants in 2014.

近期家居企业在疫情影响下纷纷开启线上直播，如尚品宅配联合家居界KOL“阿爽”线上直播5 小时，欧派多轮线上直播，订单皆突破1 万单。被传统电商影响较小的家居行业，逐步在内容电商的支持下，在线上多个平台开启了直播道路。

未来1-2 年外废进口量逐年减少，废纸缺口将显现，国废价格有望上涨，已投产以及将于未来较早在海外投产的废纸浆、在海外直接利用外废生产的成品纸项目成本优势显著，将享受到较高的盈利。建议关注已实现原材料前瞻性布局、具有先发优势的龙头纸企，即已在废纸浆及替代纤维、海外成品纸等方面率先实现综合性布局的企业——太阳纸业(002078，买入)、理文造纸(02314，未评级)、玖龙纸业(02689，未评级)、 山鹰纸业(600567，未评级)。

近期进口木浆现货市场价格底部震荡，针叶浆、阔叶浆部分品牌小幅上探20-50 元/吨。浆市较淡主因：第一，港口库存仍呈累库态势，2 月中旬较上旬增加9%左右，出货速度虽较上旬有改善，但仍显迟缓；第二，中小型纸厂复工较晚，且可消耗前期库存，导致需求并未改善。价格方面，2 月21 日国内木浆价格为4040 元/吨，较上周上涨0.79%；年初至今均价4026 元/吨，同比下跌25.9%。