Macroeconomics

1. [Reverse Repo] To maintain ample liquidity in the banking system, the People's Bank of China (PBOC) will conduct outright reverse repo operations totaling 500 billion RMB on August 5, 2026. The operation will utilize a fixed-quantity, interest-rate tender with multiple winning bid rates; the term is three months (92 days), with a maturity date of November 5, 2026 (postponed if falling on a holiday).

2. [Automotive] CPCA (China Passenger Car Association): In July, the domestic new energy passenger vehicle market saw a remarkable recovery. Estimated wholesale volumes of new energy passenger vehicles by domestic automakers reached 1.47 million units—up 23% year-on-year and down 1% month-on-month. The year-on-year growth rate marked the highest for any month in 2026, while the month-on-month decline was milder than seasonal trends would suggest, signaling the initial emergence of a recovery in the domestic new energy vehicle sector.

Building Materials

1. [Kraft Linerboard] At Nine Dragons Paper’s Beihai base, the price of "Dilong" premium V-grade kraft linerboard increased by 50 RMB/tonne starting August 10.

At Nine Dragons Paper’s Hubei base, the price of recycled kraft linerboard increased by 50 RMB/tonne starting August 8; prices for "Dilong" premium V-grade and standard "Dilong" kraft linerboard increased by 50 RMB/tonne starting August 10.

At Nine Dragons Paper’s Quanzhou base, the price of corrugated paper increased by 50 RMB/tonne starting August 8; the price of recycled kraft linerboard increased by 50 RMB/tonne starting August 10; and the price of "Dilong" kraft linerboard increased by 50 RMB/tonne starting August 12.

2. [Corrugated paper] At Shanying Paper’s Zhejiang base, the price of corrugated paper increased by 50 RMB/tonne starting August 7; "Jinshan I" and "T-grade" papers increased by 50 RMB/tonne starting August 9; and "Jinshan" and "Hongshan" grades increased by 50 RMB/tonne starting August 11.

At Shanying Paper’s Anhui base, the price of corrugated paper increased by 50 RMB/tonne starting August 7; "T-grade" paper increased by 50 RMB/tonne starting August 9; and "Jinshan" and "Hongshan" grades increased by 50 RMB/tonne starting August 11.

At Shanying Paper’s Fujian base, corrugated paper grades increased by 50 RMB/tonne starting August 9; "Hongshan II" increased by 50 RMB/tonne starting August 11; and "Hongshan" increased by 50 RMB/tonne starting August 13.

At Shanying Paper’s Guangdong base, the price of corrugated paper increased by 50 RMB/tonne starting August 7; "T-grade" paper increased by 50 RMB/tonne starting August 9; and "Jinshan" and "Hongshan" grades increased by 50 RMB/tonne starting August 11.

At Shanying Paper’s Central China base, "T-grade" paper and corrugated paper increased by 50 RMB/tonne starting August 8; and "Jinshan" grade increased by 50 RMB/tonne starting August 10. Rongcheng Environmental Protection Technology Co., Ltd. raised the purchase price for corrugated paper by 50 RMB/tonne starting August 7; for T2 grade paper by 50 RMB/tonne starting August 9; and for B1 grade paper by 50 RMB/tonne starting August 11.

3. [Waste Paper] On August 4, 2026, Tianjin Nine Dragons Paper raised its waste paper purchase price by 30 RMB/tonne, bringing the adjusted delivered-to-factory price to 1,830 RMB/tonne.

Quanzhou Nine Dragons Paper (Fujian) raised its waste paper purchase price by 30 RMB/tonne, bringing the adjusted delivered-to-factory price to 1,980 RMB/tonne.

Jiaxing Shanying Paper (Zhejiang) raised its waste paper purchase price by 30 RMB/tonne, bringing the adjusted delivered-to-factory price (excluding tax invoice) to 2,050 RMB/tonne.

4. [Paperboard] According to data from the Federal State Statistics Service of Russia, Russia's paper and paperboard production totaled 5.142 million tonnes from January to June 2026, a year-on-year decrease of 3.3%; production in June was 857,000 tonnes, down 0.2% year-on-year. Pulp production during the same period was 3.959 million tonnes, a year-on-year decrease of 5.2%.

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