Summary of Conference Call Records Industry Overview - The electronic fiberglass cloth industry is experiencing increased demand driven by AI servers and high-bandwidth switches, particularly in the context of Low-K fiberglass cloth applications in levels 6 and above, with specific usage depending on customer product design and performance requirements [1][3] - The current market for electronic fiberglass cloth is primarily focused on first-generation Low-K products, while second-generation products are used in niche markets. The PCB and CCL scrap issues have led to supply tightness, resulting in a high level of industry prosperity, with order visibility extending until the end of June [1][6] Key Insights - The demand for electronic fiberglass cloth in B200 chips and above is complex, with significant increases in the use of level 8 materials, but not all applications utilize second-generation Low-K materials, only specific scenarios like NVLink Sweet Spot boards and Arista 800G switches [1][5] - The upgrade of CACCO levels is not directly correlated with the use of electronic fiberglass cloth, as it requires analysis based on specific application scenarios, such as AI servers and GPU peripheral services [1][7] - Johnson & Johnson's sustained orders provide stable demand for the industry, with increased computational power expanding the application space for upstream Low-K materials. Domestic manufacturers are improving quality through mass production, giving them an advantage in domestic substitution [1][8] Company-Specific Developments - China National Materials Technology (中材科技) has made significant progress in the Low-K materials sector, with monthly shipments from its subsidiary Taibo increasing from 1 million meters to nearly 2 million meters, with expectations to reach 15 million meters in Q2 [4][9] - The company has reserves of specialty fiberglass products, such as quartz fiberglass cloth and low-expansion fiberglass cloth, which are expected to contribute to performance growth by 2026, with quarterly profit contributions from specialty fiberglass materials projected to rise from 30 million to 50 million [4][10] - Overall performance expectations for China National Materials Technology in 2025 are optimistic, with updated guidance indicating total performance around 1.8 billion, driven by significant growth in specialty fiberglass materials and recovery in wind power and military sectors [11][12] Future Outlook - In the coming years, China National Materials Technology is expected to achieve steady growth across multiple sectors, with an anticipated profit contribution of approximately 380-400 million by 2026. The company will continue to innovate through new product iterations to maintain competitiveness [12] - The electronic substrate sector is expected to see significant growth, supported by high demand for CACCO and PCB, making it one of the best-performing segments outside of wind power [13][14]

Group 1 - The central enterprise energy ETF has a turnover rate of 2.38% and a transaction volume of 3.0688 million yuan, with an average daily transaction volume of 5.4144 million yuan over the past week as of May 16 [2] - The index tracked by the ETF, the China Securities National New Central Enterprise Modern Energy Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 1.41, which is below 95.4% of the time over the past year, indicating a strong valuation cost-effectiveness [2] - The top ten weighted stocks in the index, including Changjiang Electric Power and China Nuclear Power, account for a total of 51.18% of the index as of April 30, 2025 [2] Group 2 - The A-share market has historically undervalued low-covariance assets due to insufficient risk awareness, but there is a growing recognition of the importance of the "return-risk ratio" amid increased market volatility, leading to a valuation uplift for utility and other low-covariance assets [2] - Huayuan Securities recommends selecting hydropower with strong risk resistance and undervalued quality thermal power benefiting from declining coal prices, while also suggesting a preference for undervalued quality wind power operators despite uncertainties in the new energy market under Document No. 136 [2]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The recent reduction in tariffs is beneficial for the fiberglass industry, with a focus on structural opportunities in low dielectric and low expansion products [2][3][17] - In the week of May 10-16, the sales area of commercial housing in 30 major cities was 1.8952 million square meters, a year-on-year decrease of 10.34% [2][16] - The current tariff rate on fiberglass stands at 55%, which is a combination of previous tariffs and new measures, but the impact on the fiberglass industry is expected to be limited compared to earlier trade disputes [2][13] - The supply side is facing significant capacity shocks, with an estimated actual capacity impact of approximately 930,000 tons in 2025 due to new production lines coming online [3][19] - The market demand for low dielectric and low expansion fiberglass is anticipated to grow, with key players like China National Materials and Honghe Technology positioned well in this segment [3][17] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12% while the construction materials sector fell by 0.15% during the past five trading days [11] - Notable stock performances included Zhongqi New Materials (+26.6%) and ST Sansheng (+11.5%) [11] Key Industry Segments - Cement prices have continued to decline, with a decrease of 1.1% observed recently, particularly in North China, East China, and Central South regions [19] - The fiberglass market is stabilizing, with mainstream prices for non-alkali yarn remaining steady, while the overall market is expected to trend weakly [19][20] Recommended Stocks - Key recommended stocks include China National Materials, Sankeshu, Western Cement, Huaxin Cement, China Resources Cement Technology, and Gaozheng Mining [20][21]

联合研究丨公司深度丨中材科技（002080.SZ） [Table_Title] AI 特种玻纤布的全球稀缺龙头 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中材科技为央企新材料平台，全资子公司泰山玻纤已成为特种玻纤的全球稀缺龙头。特种玻纤 布应科技时代而生，AI 硬件和终端设备对芯片材料提出更高要求，其中 Low-Dk 用于主板基材、 Low CTE 用于芯片封装基板，因 AI 需求爆发且供给壁垒高，均出现供不应求局面。未来在数 据通信日趋高速大容量下，特种玻纤布将迎产品升级，故量价齐升是未来几年发展趋势。 分析师及联系人 [Table_Author] 范超 邬博华 杨洋 SAC：S0490513080001 SAC：S0490514040001 SAC：S0490517070012 SFC：BQK473 SFC：BQK482 SFC：BUW100 张佩 董超 SAC：S0490518080002 SAC：S0490523030002 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% research.9557 ...

联合研究丨公司深度丨中材科技（002080.SZ） [Table_Title] AI 特种玻纤布的全球稀缺龙头 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 中材科技为央企新材料平台，全资子公司泰山玻纤已成为特种玻纤的全球稀缺龙头。特种玻纤 布应科技时代而生，AI 硬件和终端设备对芯片材料提出更高要求，其中 Low-Dk 用于主板基材、 Low CTE 用于芯片封装基板，因 AI 需求爆发且供给壁垒高，均出现供不应求局面。未来在数 据通信日趋高速大容量下，特种玻纤布将迎产品升级，故量价齐升是未来几年发展趋势。 分析师及联系人 [Table_Author] SAC：S0490513080001 SAC：S0490514040001 SAC：S0490517070012 张佩 董超 SAC：S0490518080002 SAC：S0490523030002 请阅读最后评级说明和重要声明 2 / 31 %% %% research.95579.com 2 范超 邬博华 杨洋 SFC：BQK473 SFC：BQK482 SFC：BUW10 ...

中材科技 20250518 摘要 • 中材科技 2025 年业绩预计达 15 亿元，受益于风电叶片价格上涨和高性 能材料抢装，预计 2026 年将保持至少 15%的增长，市值空间预估为 400 亿元。 • 光远新材在低介电和高性能电子布市场占据重要地位，意向订单远超产能， 行业需求旺盛，其市场份额约为四分之一，盈利能力较强。 • 中材科技正积极扩张高端电子布产能，预计 2025 年底月产能提升至 300 万米，2026 年 6 月达到 600 万米，销量预期显著增长，展现出强劲的增 长潜力。 • 红河科技专注于二代和低 CTE 电子布，占比高达自身产能的 50%，预计 今年高端电子布盈利可达 1.6 至 1.7 亿元，并持续扩张产能以满足市场需 求。 • 市场对中材科技 2025 年业绩存在分歧，但中性预测单吨盈利约 600-700 元。考虑量翻倍、结构提升及潜在涨价因素，预计 2026 年利润可达 7.5- 8.4 亿元。 • 巨石公司盈利能力强劲，预计每月盈利 600-700 元/吨，全年业绩可达 9- 10 亿元，若需求超预期，盈利能力有望进一步提升。 • 中材科技在电子布和电子纱领域拥有技术优势和先发 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The recent reduction in tariffs is beneficial for the fiberglass industry, with a focus on structural opportunities in low dielectric and low expansion products [2][3][17] - In the week of May 10-16, the sales area of commercial housing in 30 major cities was 1.8952 million square meters, a year-on-year decrease of 10.34% [2][16] - The current tariff rate on fiberglass stands at 55%, which is a combination of previous tariffs and new measures, but the impact on the fiberglass industry is expected to be limited compared to earlier trade disputes [2][13] - The supply side is experiencing significant capacity increases, with an estimated actual capacity impact of approximately 930,000 tons in 2025 due to new production lines coming online [3][19] - The market demand for low dielectric and low expansion fiberglass is anticipated to grow, with expectations for the second generation of these products to continue the high demand trend [3][17] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12% while the construction materials sector fell by 0.15% during the past five trading days [11] - Notable stock performances included Zhongqi New Materials (+26.6%) and ST Sansheng (+11.5%) [11] Key Sub-Industry Tracking - Cement prices have continued to decline, with a decrease of 1.1% observed [19] - The fiberglass market is stabilizing, with prices for non-alkali yarn remaining steady, while the overall market is expected to trend weakly [19][20] Recommendations - Key recommended stocks include Zhongcai Technology, Sankeshu, Western Cement, Huaxin Cement, and China Resources Cement Technology [20][21] - The report emphasizes the long-term value of traditional building materials and the growth potential of new energy materials [20][21]

Core Viewpoint - The diaphragm is a critical component in power batteries, essential for preventing short circuits and overheating, and the industry is poised for significant growth driven by the global push for carbon neutrality and supportive government policies [1][18]. Industry Overview - The power battery diaphragm is a porous film that separates the positive and negative electrodes in batteries, preventing short circuits and facilitating lithium-ion migration. It is categorized into dry-process and wet-process diaphragms based on production methods [3][4]. - The global lithium battery diaphragm market is expected to see a substantial increase, with China's diaphragm shipment volume projected to grow by 28.60% year-on-year in 2024, reaching 22.75 billion square meters [1][21]. Industry Policies - The Chinese government has implemented various supportive policies to foster the development of the new energy vehicle industry, which in turn boosts the diaphragm sector. Key policies include enhancing battery safety standards and promoting the integration of new energy vehicles with the power grid [5][6]. - Local governments, such as those in Guizhou and Chongqing, have also introduced initiatives to support the diaphragm production and technology advancements [5][7]. Industry Development History - The Chinese diaphragm industry began in the early 2000s, with significant advancements in technology and production capacity occurring after 2010. By 2014, Chinese manufacturers started supplying major automotive companies, marking a shift towards global competitiveness [8][17]. Industry Chain - The diaphragm industry chain includes upstream raw materials like polyethylene and polypropylene, with domestic production increasingly meeting the needs of diaphragm manufacturers. The midstream involves diaphragm production, while the downstream consists of battery manufacturers [10][12]. Market Dynamics - The competition in the diaphragm industry is intensifying, with major players expanding capacity and facing price competition. Key companies include Enjie, Cangzhou Mingzhu, and Xingyuan Materials, with wet-process diaphragms gaining a larger market share [23][25]. Future Trends - The industry is moving towards high-performance materials and technological upgrades, focusing on thinner and higher porosity diaphragms. There is also a trend towards vertical integration and regional industrial clusters to enhance supply chain security [29][30]. - Companies are increasingly looking to expand globally and participate in standard-setting to enhance their competitive edge in international markets [31][32].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The monetary policy has been intensified, with simultaneous reductions in reserve requirements and interest rates, which is expected to support the real estate market and stabilize housing demand [5][21] - Cement prices continue to decline, while glass inventory has increased on a month-on-month basis [6][40] - Recommendations include focusing on the African supply chain and domestic substitution chain, with leading companies being the main investment focus for the year [8][9] Summary by Sections Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [5] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4% [5][21] - The personal housing provident fund loan interest rate was reduced by 0.25 percentage points, with the rate for first-time homebuyers over five years dropping from 2.85% to 2.6% [5] Cement Market - The average shipment rate for cement companies in key regions was 48%, down approximately 1.4 percentage points month-on-month and 6.3 percentage points year-on-year [6] - National cement prices decreased by 1.2% month-on-month, with regional production issues contributing to the price decline [6][25] - The national average cement price was 387.42 yuan/ton, a decrease of 4.52 yuan/ton month-on-month, but an increase of 25.16 yuan/ton year-on-year [26] Glass Market - The overall price of float glass has seen more declines than increases, with a slight downward shift in price levels [7][40] - The production capacity of float glass decreased, with 220 out of 286 production lines operational, and daily melting capacity reduced to 156,505 tons [7] - The total inventory of glass in monitored provinces increased by 191 million weight boxes, a rise of 3.39% [7][40] Recommended Companies - For the African supply chain, Keda Manufacturing is recommended as a leading local player with advantages in production, channels, and brand [8] - For domestic substitution, companies such as China National Materials, Puyang Huicheng, and Meijiaxin Color are highlighted due to their strong market positions and growth potential [8] - The report emphasizes the importance of existing leading companies as a stable investment focus for 2025 [9]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The sales decline of the top 100 real estate companies has stabilized, with a year-on-year sales amount decrease of 7.8% and a sales area decrease of 18.9% from January to April 2025, showing a significant narrowing compared to the previous year [5][6] - Cement prices continue to decline, while prices for fiberglass from small and medium enterprises are loosening [5][6] - Recommendations include focusing on the African supply chain and computing power chain, with leading companies in existing markets being the main focus for the year [8][9] Summary by Sections Sales Performance - In April 2025, the year-on-year sales amount for the top 100 real estate companies decreased by 10.3%, and the sales area decreased by 18.3%, showing slight improvement compared to the previous month [5][6] - The sales amount in April decreased by 12.4% month-on-month, which is better than 2024 but weaker than the average from 2018 to 2024 [5] Cement Market - As of late April, domestic cement market demand has slightly improved, with a national shipment rate of 49.3%, up by approximately 2.1 percentage points month-on-month but down by 2.5 percentage points year-on-year [6][23] - The national average cement price is 391.94 yuan/ton, down by 3.06 yuan/ton month-on-month but up by 27.74 yuan/ton year-on-year [24] Glass Market - The domestic float glass market is experiencing weak transactions, with limited price adjustments and general market demand [7][34] - The national average glass price is 75.13 yuan/weight box, up by 0.06 yuan/weight box month-on-month but down by 17.23 yuan/weight box year-on-year [37] Fiberglass Market - The market for non-alkali roving has seen price loosening among some small and medium enterprises, with overall trading activity declining [42] - The electronic yarn market prices have remained stable, with downstream purchasing being demand-driven [42] Recommendations - The report recommends focusing on the African supply chain, particularly highlighting Keda Manufacturing as a leading local player with advantages in production, channels, and brand [8] - In the computing power chain, Zhongcai Technology is recommended as a leading domestic special fiberglass cloth manufacturer benefiting from domestic substitution [8][9]