中国巨石股价创新高 电子布涨价成关键驱动力

Core Viewpoint - The strong recent stock performance of China Jushi (600176) is closely related to the improved market conditions in the electronic fabric industry, with prices of electronic fabrics continuously rising since the second half of 2025 [1] Industry Policy and Environment - Data indicates that ordinary electronic fabrics experienced four rounds of price increases from October 2025 to February 2026. For instance, the price of 7628 electronic fabric rose from 4.15 yuan/meter at the end of September 2025 to 4.75 yuan/meter by February 2026. This price surge is primarily driven by the explosive demand for AI servers, which require 5-8 times more electronic fabric than standard servers, leading to a supply shortage of high-end electronic fabrics [2] Performance and Operating Conditions - As a leader in the fiberglass industry, China Jushi's product structure includes electronic fabrics. In the first three quarters of 2025, the company achieved operating revenue of 13.904 billion yuan, a year-on-year increase of 19.53%, and a net profit attributable to shareholders of 2.568 billion yuan, up 67.51% year-on-year. Although the gross margin slightly decreased to 32.82% due to fluctuations in raw yarn prices, the rebound in electronic fabric prices has supported profitability [3] Recent Stock Performance - In terms of stock performance, China Jushi hit the daily limit on February 11, 2026, closing at 25.65 yuan, with a market capitalization exceeding 100 billion yuan. The stock continued to rise on February 12, reaching a midday price of 27.05 yuan, an increase of 5.46% for the day and a year-to-date increase of 58.19%. This performance aligns with the overall strength of the fiberglass sector, as the fiberglass index surged over 10% on February 11 [4] Institutional Views - Overall, the price increase of electronic fabrics and the resulting improvement in industry conditions are significant factors contributing to the recent peak in China Jushi's stock price. Analysts at Citigroup anticipate that the price of fiberglass fabrics may increase by 25% or more in 2026 [5]