“供给侧改革和环保趋严促造纸行业供需格局持续改善,行业景气度触底复苏;一季报纸企业绩靓丽,预计2017年全年业绩高增长持续。”1宏观:大周期L,小周期V十九大以及政府换届之后的改革红利值得期待。中国的大周期复苏有赖改革红利,伴随着十八届六中全会、十九大、2018年政府换届的实施,改革的组织保障逐渐到位,改革将进入 “Supply-side reform and environmental protection more stringent to promote the pattern of supply and demand in the paper industry continued to improve, the industry boom bottoming out recovery; quarterly newspaper business performance is beautiful, the full-year performance of 2017 is expected to continue high growth. ” 1 macro: large cycle L, small Cycle V nineteen and the reform of the government after the dividend worth the wait. China’s large-cycle recovery depends on the reform dividend. With the implementation of the 6th Plenary Session of the 18th CPC Central Committee, the 19th National Congress and the change of government in 2018, the organizational guarantee for reform will gradually be put into place and the reform will enter