[Citic Securities: pulp Price Rapid downward Household Paper profit inflection Point to reach] April 18, CITIC Securities Research newspaper pointed out that the new round of outer disk quotation for wood pulp has been sharply reduced, and the pulp price has fallen faster than expected. Household paper consumption attribute is strong, pulp consumption is high, materials will benefit from the pulp price decline, household paper enterprises are expected to improve the profitability of 2023Q3. Considering the competition pattern and the leading price strategy, the net interest rate of household paper leader in the downward cycle of pulp price is expected to return to 8% and 10%.