铜箔：行业协会再发文，倡议限产保价，拒绝恶性竞争

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [2]. Core Viewpoints - The industry is currently facing significant losses, particularly in the copper foil sector, where product prices are substantially below the average industry cost. The copper foil industry association has issued multiple statements advocating for price adjustments to stabilize the market [4][5]. - The association's recent communications emphasize the need for companies to focus on innovation and management improvements rather than engaging in destructive price competition, which has led to negative cash flow for many firms [5]. - The report suggests that the worst period for the copper foil industry may be over, with expectations for price increases in the near future. Companies to watch include Defu Technology, Nord Shares, Jiayuan Technology, Zhongyi Technology, and Tongguan Copper Foil [5]. Summary by Sections Industry Overview - The copper foil industry is experiencing severe internal competition, leading to prices that are unsustainably low compared to production costs. The cost range for 6μm lithium battery copper foil is between 20,000 to 22,000 yuan per ton, while for 35μm HTE electronic circuit copper foil, it is between 16,000 to 18,000 yuan per ton [5]. Market Dynamics - Many companies in the industry are selling products below variable costs, resulting in negative operational cash flows, which threatens their survival and the industry's sustainability [5]. - The association has called for companies to adjust processing fees above cost levels to escape the current loss situation and to maintain a healthy market environment [5]. Future Outlook - The report indicates a potential shift towards price recovery in the copper foil industry, driven by the association's initiatives and the recognition of the need for sustainable practices [5].