中國造紙業_瑞銀華寶（英文版）.pdf44

Contents page
Summary and investment case 3
Why we find the paper market attractive 3
The paper industry 4
Risks 10
Product analysis: We prefer high-end paper 16
Chenming Paper is our top pick 20
Company reports 21
— Shandong Chenming Paper Holdings ......................22
— Shandong Huatai Paper Co ............................32
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