银河证券：供给紧俏推升价格，电子布行业迎上行周期

Core Viewpoint - The demand for specialty fiberglass cloth is expected to continue to grow due to the surge in AI computing power, driven by advancements in electronic information technology and the rapid iteration of terminal products such as AI servers, 5G base stations, and data center switches [1] Industry Summary - Electronic information technology is advancing towards high frequency, high speed, and high integration, which increases the requirements for signal transmission speed and stability, directly driving the performance upgrades of copper-clad laminates [1] - Specialty fiberglass cloth, used as a reinforcement material in copper-clad laminates, is experiencing rapid demand growth due to the explosive increase in AI computing needs, characterized by low dielectric constant, low dielectric loss, and low thermal expansion coefficient [1] - Currently, the number of global specialty fiberglass cloth suppliers is limited due to high production technical barriers, resulting in a supply-demand imbalance and continuously rising prices [1] - Although fiberglass manufacturers are accelerating capacity expansion by 2025, there will be a lag in capacity release, and combined with the sustained high demand for AI computing, the supply shortage of specialty fiberglass cloth is expected to persist [1] Investment Directions - The first investment direction focuses on the sustained high demand for specialty fiberglass cloth due to the explosion of AI demand and accelerated domestic substitution, with prices expected to continue rising, leading to significant earnings elasticity for companies with production technology for specialty fiberglass products [1] - The second investment direction highlights the supply tightness of traditional electronic cloth driven by capacity conversion, with prices continuing to rise, which is likely to restore profitability for companies in this sector [1]