Industry Overview - Glass fiber is an inorganic non-metallic material primarily composed of silica, alumina, and calcium oxide, known for its insulation, heat resistance, and corrosion resistance, widely used in construction, transportation, wind power, and electronics [1] - The glass fiber industry has strong linkages with upstream (minerals, chemicals, energy) and downstream sectors (transportation, construction, electronics, and emerging industries) [4] Industry Development - The history of China's glass fiber industry dates back to the late 1940s, with significant growth occurring in the late 1990s, leading to China holding over 50% of global glass fiber production capacity by the 21st century [7] - As of mid-2025, China's glass fiber production capacity is expected to reach 8.7 million tons, indicating ongoing capacity expansion [14] Policy Background - In 2023, various policies were introduced to encourage the development of high-performance glass fiber products, including the "Green Building Materials Industry High-Quality Development Implementation Plan" and "Guidance on Promoting the Recycling of Retired Wind Power and Photovoltaic Equipment" [11][13] Supply and Demand - China's glass fiber production capacity reached over 7.5 million tons in 2022, with a projected increase to 8.7 million tons by mid-2025, indicating a slowdown in capacity expansion [14] - The total production of glass fiber is expected to reach 7.56 million tons in 2024, reflecting a year-on-year growth of 4.6% [15] - The apparent consumption of glass fiber in China is projected to reach 5.64 million tons in 2024, with a year-on-year increase of 1.6% [24] Export and Import Trends - China's glass fiber export volume is expected to reach 2.02 million tons in 2024, the highest in a decade, while imports are projected to decline to 100,000 tons, indicating improved self-sufficiency [21] Revenue Trends - The main business revenue of large-scale glass fiber enterprises in China was approximately 114.8 billion yuan in 2023, with a slight decrease of 0.5% expected in 2024 [26] Competitive Landscape - China Jushi is the leading company in the glass fiber sector, with a revenue of 15.48 billion yuan from glass fiber-related businesses in 2024, while other companies like China National Materials, International Composites, and Changhai Co. also report revenues exceeding 1.5 billion yuan [29] - The major glass fiber companies are concentrated in Jiangsu, Shandong, Shanghai, Zhejiang, and Chongqing, with China Jushi located in Zhejiang [31] Future Development Trends - The industry is expected to phase out low-end capacities while high-end products like electronic-grade glass fiber will see increased demand due to advancements in technologies such as 5G and AI [34] - By 2030, the demand for glass fiber in China is projected to reach 6.54 million tons, driven by sectors like new energy vehicles, wind power, and advanced communication technologies [37]

Market Overview - The glass fiber sector increased by 2.59% on December 17, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] Stock Performance - Zhongcai Technology (002080) closed at 35.10, up 5.50%, with a trading volume of 777,200 shares and a turnover of 2.643 billion [1] - Honghe Technology (603256) closed at 35.35, up 5.30%, with a trading volume of 259,300 shares and a turnover of 888 million [1] - International Composite (301526) closed at 6.80, up 4.29%, with a trading volume of 1,706,100 shares and a turnover of 1.142 billion [1] - Other notable stocks include China Jushi (600176) at 15.30, up 1.86%, and Shandong Glass Fiber (605006) at 7.07, up 1.73% [1] Capital Flow - The glass fiber sector saw a net inflow of 428 million from institutional investors, while retail investors experienced a net outflow of 379 million [2] - The main stocks with significant net inflows include Zhongcai Technology with 313 million and International Composite with 151 million [3] - Retail investors showed a notable outflow from stocks like Honghe Technology, with a net outflow of 98.43 million [3]

Core Viewpoint - The company, Chongqing International Composite Materials Co., Ltd., has shown significant growth in revenue and profit, driven by its advancements in 5G-related low dielectric glass fiber technology and its applications in high-end products like Huawei smartphones [2][8]. Company Overview - Chongqing International Composite Materials Co., Ltd. was established on August 27, 1991, and is located in the Jiankiao Industrial Park B area of Dadukou District, Chongqing. The company was listed on December 26, 2023, and its main business involves the research, production, and sales of glass fiber and its products, with 97.51% of revenue coming from this segment [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 6.413 billion yuan, representing a year-on-year growth of 19.01%. The net profit attributable to the parent company was 273 million yuan, showing a remarkable increase of 273.53% compared to the previous year [8]. Market Position and Technology - The company has developed independent intellectual property for 5G low dielectric glass fiber, which has entered mass production and is being utilized in Huawei's flagship smartphones and key communication products [2][3]. - The company emphasizes the accumulation and innovation of core glass fiber technologies, mastering the entire production process from pool kiln design to fiber formation and surface treatment [3]. Shareholder Information - As of November 20, the number of shareholders for the company was 75,100, a decrease of 4.24% from the previous period. The average circulating shares per person increased by 4.42% to 18,696 shares [8]. - The company has distributed a total of 113 million yuan in dividends since its A-share listing [9]. Investment and Market Trends - The stock has seen a net inflow of 128 million yuan today, with a total market capitalization of 25.642 billion yuan. The stock's turnover rate was 12.15% [1]. - The average trading cost of the stock is 7.11 yuan, with recent price movements indicating a potential resistance level at 6.91 yuan [6].

Group 1 - The stock of International Composite Materials (301526) closed at 6.52 yuan on December 16, 2025, down 4.54%, with a turnover rate of 6.46% and a trading volume of 907,900 hands, amounting to a total transaction value of 598 million yuan [1] - On December 16, the net outflow of main funds was 46.79 million yuan, accounting for 7.83% of the total transaction value, while retail investors saw a net inflow of 44.38 million yuan, representing 7.43% of the total transaction value [1] Group 2 - In the past five days, the financing data shows that the financing buy amounted to 37.58 million yuan, while financing repayment was 40.75 million yuan, resulting in a net repayment of 3.17 million yuan [2] - The stock's financing and securities lending balance is 320 million yuan, with a securities lending balance of 861,300 yuan and a remaining amount of 132,100 shares [2] Group 3 - For the first three quarters of 2025, International Composite Materials reported a main revenue of 6.413 billion yuan, an increase of 19.01% year-on-year, and a net profit attributable to shareholders of 273 million yuan, up 273.53% year-on-year [3] - The third quarter of 2025 saw a single-quarter main revenue of 2.26 billion yuan, an increase of 18.3% year-on-year, and a net profit attributable to shareholders of 41.63 million yuan, up 167.66% year-on-year [3] - The company has a debt ratio of 57.54%, with investment income of -9.31 million yuan and financial expenses of 86.95 million yuan, while the gross profit margin stands at 17.67% [3]

证券日报网12月15日讯 国际复材在12月11日、12月12日回答调研者提问时表示，2025年，为降低汇率 波动对经营的影响，公司主要通过匹配外币采购支出与销售收入，实现自然对冲。针对欧元、美元、日 元等主要结算币种，公司还综合运用外币贷款等方式进行主动对冲，通过负债与资产的匹配管理汇率波 动带来的亏损。对于巴西雷亚尔，由于当地实行外汇管制并设有金融交易税，融资成本较高，公司主动 对冲手段受到限制；但该币种并非公司主要经营与结算货币，整体来看，公司已建立系统性的外汇风险 管理体系，旨在有效缓冲汇兑影响，保障主营业务盈利的稳定性。 （编辑 袁冠琳） ...

Core Viewpoint - The company, as one of the earliest domestic producers of electronic-grade glass fiber, emphasizes its technological accumulation and R&D advantages in the high-end electronic fine yarn sector, producing high-performance low dielectric electronic fine yarns and ultra-fine yarns that rank among the industry's best [1] Group 1 - The company has launched low dielectric electronic series products, including the first and second generations of LDK, in response to trends in high-end electronic product applications [1] - The company actively optimizes its product and capacity structure to provide advanced solutions that better meet customer needs, thereby reinforcing its leading position in the high-end electronic materials sector [1] - Specific capacity data and future plans will be disclosed in the company's official communications [1]

Core Viewpoint - The latest margin financing balance of the ChiNext market is 535.695 billion yuan, showing a decrease of 0.836 billion yuan compared to the previous period, with 18 stocks experiencing a margin financing balance growth of over 10% [1]. Group 1: Margin Financing Overview - The total margin financing balance for ChiNext stocks is 537.576 billion yuan, down by 0.821 billion yuan from the previous trading day [1]. - The margin financing balance decreased by 0.836 billion yuan, while the margin short selling balance increased by 15.4828 million yuan [1]. - A total of 403 ChiNext stocks saw an increase in margin financing balance, with 18 stocks having an increase of over 10% [1]. Group 2: Top Gainers in Margin Financing - The stock with the highest increase in margin financing balance is Shaoyang Hydraulic, with a latest balance of 119.2499 million yuan, reflecting a 34.17% increase and a price increase of 19.98% on the same day [3]. - Other notable stocks with significant margin financing balance growth include Jingxue Energy (26.82% increase) and Haheng Huadong (21.86% increase) [3]. - Among the stocks with over 10% increase in margin financing, the average price increase on that day was 4.25%, with stocks like Huicheng Vacuum and New Xunda showing gains of 8.44% and 8.08% respectively [1][3]. Group 3: Decliners in Margin Financing - A total of 544 stocks experienced a decrease in margin financing balance, with 50 stocks showing a decline of over 5% [4]. - The stock with the largest decrease in margin financing balance is International Composite Materials, which saw a 29.46% drop, bringing its balance to 34.43764 million yuan [4]. - Other significant decliners include Siling Co. (-24.94%) and Qiaoyuan Co. (-21.87%) [4].

人民财讯12月15日电，国际复材（301526）近日在机构调研中表示，公司电子级玻璃纤维生产线设备更 新及数智化提质增效项目，目前整体推进顺利，各项工作均按计划有序开展。项目现已进入最后的收尾 阶段，预计本月中下旬可达到点火条件。 ...

编号：2025-011 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 (请文字说明其他活动内容) 参与单位名称及 人员姓名 兴业证券股份有限公司：姚康 中信建投证券股份有限公司：辛侠平 国泰海通证券股份有限公司：杨冬庭 长江证券股份有限公司：董超 时间 2025 年 12 月 11 日-12 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书：黄敦霞 财务部、运营管理部、董事会办公室相关人员 投资者关系活动 主要内容介绍 现场交流环节主要内容如下： 近期机构调研中公司回答过的问题，本次活动披露文件中 未做重复介绍。 1.请问公司的新项目建设的进度如何？ 公司电子级玻璃纤维生产线设备更新及数智化提质增效 项目，目前整体推进顺利，各项工作均按计划有序开展。项目 现已进入最后的收尾阶段，预计本月中下旬可达到点火条件。 具体投产安排及点火时间，敬请以公司官方发布的宣传信息为 准。 证券代码：301526 证券简称：国际复材 重庆国际复合材料股份有限公司 投资者关系活动记录表 作为国内最早从事电子级玻璃纤维生产的企业，公司持 ...

Market Overview - The Shanghai Composite Index rose by 0.41% on December 12, with 21 out of the 28 sectors experiencing gains, led by the non-ferrous metals and electronics sectors, which increased by 1.50% and 1.46% respectively [1] - The retail and comprehensive sectors saw the largest declines, with drops of 1.28% and 1.18% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 4.872 billion yuan, with 14 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow, amounting to 2.805 billion yuan, and it rose by 1.42% [1] - The machinery equipment sector followed with a net inflow of 1.771 billion yuan and a daily increase of 1.21% [1] - The electronics sector experienced the largest net outflow, totaling 3.703 billion yuan, followed by the computer sector with a net outflow of 2.501 billion yuan [1] Construction Materials Sector - The construction materials sector declined by 0.47%, with a net capital outflow of 383 million yuan [2] - Out of 71 stocks in this sector, 18 rose, including one that hit the daily limit, while 49 fell [2] - The top net inflow stock was Qibin Group, with an inflow of 127 million yuan, followed by Zaiseng Technology and China National Materials, with inflows of 59.7249 million yuan and 38.7227 million yuan respectively [2] - The stocks with the highest net outflows included Sichuan Jinding, with an outflow of 284 million yuan, International Composite Materials with 176 million yuan, and Leizhi Group with 37.3974 million yuan [2] Individual Stock Performance - The following stocks had significant capital flow and performance metrics: - Sichuan Jinding: -4.01% change, -284.13 million yuan outflow [2] - International Composite Materials: -4.06% change, -175.88 million yuan outflow [2] - Leizhi Group: -5.91% change, -37.3974 million yuan outflow [2] - Qibin Group: +1.33% change, +12.675 billion yuan inflow [4] - Zaiseng Technology: +10.05% change, +59.7249 million yuan inflow [4]