非金属新材料行业研究周报：光伏玻璃持续去库，各省海风项目持续推进

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [9] Core Views - The report highlights that the carbon fiber market is currently at a stage of price stabilization, with potential for continued price competition due to rapid capacity release by some companies. However, the original fiber segment remains limited, suggesting that price reductions in this area are unlikely [2][24] - In the photovoltaic sector, downstream demand continues to grow rapidly, but the expansion across the supply chain is also significant, indicating a need for market clearing. The offshore wind sector is expected to see increased capacity starting in 2024, with a focus on high concentration in the wind blade segment [3][72] - The report expresses optimism about the growth of foldable smartphones, particularly in the Chinese market, where significant year-on-year growth is observed. The report anticipates continued penetration of foldable technology over the next 3-5 years [58][75] Summary by Sections Carbon Fiber - The T300 large tow is believed to be at a temporary bottom, with ongoing price competition primarily in the carbon fiber segment. Companies like Jilin Carbon Valley and Shanghai Petrochemical are recommended for attention [2] - The current average price for T300 carbon fiber is around 83.75 yuan/kg, with specific price ranges for different grades [7][20] - Demand for carbon fiber remains stable, with a slight increase in production costs due to stable raw material prices [27][30] Photovoltaic Materials - The photovoltaic glass market is experiencing stable transactions with a slight decrease in inventory levels. The main order prices for 2.0mm and 3.2mm coated panels remain unchanged [46] - The report notes that the production of EVA photovoltaic materials is stable, with a projected output of approximately 120,000 tons for December [35] - The offshore wind projects are accelerating, with significant capacity expected to be delivered in 2024-2025 due to the resolution of regulatory hurdles [72][55] Display Materials - The report indicates a strong growth trajectory for foldable smartphones, with a notable increase in shipments in the Chinese market. Huawei leads the market with a significant share [59][75] - The report emphasizes the importance of upstream materials like photoresists and high-frequency circuit boards, with a focus on domestic substitution trends [2] Semiconductor Materials - The semiconductor materials index shows a stable performance, with no significant changes reported in the market [12] - The report highlights the ongoing development of new technologies in the semiconductor space, particularly in OLED and AMOLED sectors [78][79]