SINOLINK SECURITIES(SH:600109) 智通财经网·2025-09-22 06:32Core Viewpoint - The report from Guojin Securities indicates that the glass fiber industry is experiencing a price increase due to a recovery in demand, particularly from second and third-tier manufacturers, following a slight decline in export conditions since Q2. The Federal Reserve's recent interest rate cut is expected to enhance the price and volume elasticity of glass fiber exports, signaling a potential industry rebound [1][2][4]. Group 1: Price Adjustments and Market Dynamics - On September 5, companies such as Shandong Glass Fiber, Jinniu, and Sanlei announced price increases for various glass fiber products, with increases ranging from 5% to 10% per ton [1][4]. - The current price adjustments are primarily observed in mid-to-low-end products from second and third-tier manufacturers, driven by a slight decline in export demand since Q2 [1][4]. - The glass fiber industry has a global pricing characteristic, and with the recent interest rate cut by the Federal Reserve, both volume and price elasticity for exports are expected to improve [1][3]. Group 2: Export and Demand Analysis - In 2024, the direct export volume of glass fiber and products is projected to be 2.02 million tons, accounting for 26.7% of the total domestic production of 7.56 million tons [3]. - The export volume from January to July 2025 was 1.223 million tons, reflecting a year-on-year decrease of 5.5%, primarily due to tariff expectations affecting the downstream supply chain [3]. - The glass fiber industry has already undergone domestic substitution, establishing China as a key global supplier, making both external and internal demand critical [3]. Group 3: Industry Recovery and Future Outlook - The report suggests that the industry is at a clear bottom and is poised for recovery, with a focus on the wind power sector, which saw a significant increase in new installations [4]. - The price recovery among second and third-tier manufacturers is seen as a self-driven response to previous price wars, indicating a potential stabilization in the market [4]. - Future observations will focus on the pricing strategies of leading manufacturers and changes in industry inventory levels, as the current cycle appears to be gaining momentum [4]. Group 4: Downstream Demand and AI Impact - The report highlights optimism regarding the price elasticity of electronic cloth in Q4 2025, driven by AI electronic cloth business performance and valuation boosts [5][6]. - The electronic cloth sector has seen limited supply growth over the past few years, with no new production or shutdowns expected in 2023 and minimal capacity additions in 2024 [5]. - The demand from downstream industries such as CCL and PCB is currently high, with AI applications contributing to new demand, further supporting price increases in electronic cloth [5][6].