碳纤维行业景气度有望持续改善

Core Viewpoint - The carbon fiber industry is currently in a recovery phase from a cyclical bottom, with signs of price stabilization and improved supply-demand dynamics [1] Price Trends - As of August 2025, the market prices for mainstream carbon fiber models in East China are as follows: T300-12K at 85 RMB/kg, T300-24/25K at 75 RMB/kg, T300-48/50K at 70 RMB/kg, and T700-12K at 105 RMB/kg [1] - Domestic carbon fiber prices have remained relatively stable since the beginning of 2025, providing a stable external environment for improving industry profitability [1] Industry Recovery Indicators - As of August 2025, the industry operating rate has recovered to 61.52%, an increase of 10.02 percentage points since the beginning of the year, indicating signs of partial recovery [1] - The carbon fiber industry is experiencing a gradual restoration of supply-demand balance following previous price adjustments and capacity reductions [1] Strategic Focus Areas - Companies are advised to focus on three main areas: 1. High-end applications in aerospace, drones/eVTOL, with production capabilities for 3K yarn and T700 grade or higher high-performance carbon fibers [1] 2. Companies with advantages in the new energy industry chain, particularly those closely tied to quality customers in wind power and hydrogen energy, possessing cost advantages and economies of scale [1] 3. Suppliers with clear overseas expansion strategies, showcasing strong export performance and actively exploring international markets [1]