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11月份造纸行业双景气的快速回升受益于竞争缓和。根据05年以来的固定资产投资及其驱动因素判断,05年9-11月份行业竞争缓和趋势将延续至今年的1季度。我们认为,国内纸业优势公司已经具有外资收购的必要条件,预计06年外资收购国内纸业优势公司或其预期将成为后者股价上涨的导火索,龙头公司晨鸣纸业、华泰股份及拥有林业资源的岳阳纸业机会较为明显。
In November, the rapid rebound in the paper industry double benefit benefited from the relaxation of competition. According to the investment in fixed assets since 2005 and its driving factors, the trend of relaxation of the industry competition in September-November 2005 will continue to the first quarter of this year. We think domestic paper-based companies already have the necessary conditions for foreign acquisitions. It is expected that in 2006 foreign-owned acquisitions of domestic paper-based companies or their expectation will be the trigger for the latter’s share price hike. The leading companies, namely Chenming Paper, Huatai Shares and Yueyang Paper with forestry resources more obvious opportunities.