方正证券：“风驰电掣”与竞争范式重构共振 玻纤龙头领先优势扩大

Group 1 - The glass fiber market is expected to face supply-demand pressure in 2025, but price fluctuations will be limited due to enhanced consensus on price stability among companies [1] - From 2026 onwards, supply-demand relationships are expected to marginally improve as new supply is gradually digested and competition shifts towards high-value areas [1] - Investment strategies in the glass fiber industry will focus on two main lines: stable pricing for mid-to-low-end products and structural opportunities in high-end products like specialty electronic fabrics [1] Group 2 - The demand for glass fiber is projected to grow by 6.4% in 2025, driven by wind power installations and lightweight materials for new energy vehicles, despite a supply growth of 9.3% [2] - The ordinary electronic yarn market is expected to see steady growth, with demand projected at 151,000 tons in 2025 and 159,000 tons in 2026, reflecting a growth rate of 5.4% [3] - The competition in the glass fiber industry is shifting from low-end to high-end, with leading companies like China Jushi focusing on high-value segments and stabilizing cash flow through collaborative pricing strategies [4]