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我们认为浆纸一体化企业在未来能够保持领先的成本优势,其毛利率较浆纸脱钩型企业更高,盈利增长的后劲更为强劲。因此,买入浆纸一体化企业是浆价上升阶段最好的投资策略。
We think the pulp and paper integrated enterprise can maintain the leading cost advantage in the future, its gross profit margin is higher than that of paper-pulp decoupling enterprises, and the stamina of earnings growth is even stronger. Therefore, the purchase of pulp and paper integrated enterprise is the best investment strategy of pulp price rise phase.