SINOLINK SECURITIES·2025-05-18 09:20Investment Rating - The report suggests a positive outlook for the carbon fiber sector, particularly for companies like Jilin Chemical Fiber and Zhongfu Shenying, due to increasing demand driven by the low-altitude economy and UAV applications [14][15]. Core Insights - Jilin Chemical Fiber announced a price increase of 10,000 yuan per ton for its wet 3K carbon fiber products, driven by strong demand and supply constraints [14]. - The carbon fiber composite materials are critical for lightweighting in low-altitude economy aircraft, comprising approximately 60-80% of the total structure weight of UAVs [14]. - The eVTOL market in China is projected to exceed 100,000 units by 2030, potentially increasing carbon fiber demand by approximately 20,400 tons [14]. - The report highlights ongoing supportive policies for the low-altitude economy, including a 300 million yuan annual fund in Sichuan to promote development [14]. Summary by Sections 1. Weekly Discussion - Jilin Chemical Fiber's price adjustment reflects the growing demand in the low-altitude economy and UAV sectors, with carbon fiber being a key material [14]. 2. Belt and Road Initiative - Recent developments include Colombia's intention to join the Belt and Road Initiative and cooperation agreements signed between China and Brazil [15]. 3. Cyclical Linkage - The report provides insights into various construction materials, noting a slight decline in cement prices and stable pricing in the glass and fiberglass sectors [16][19]. 4. National Subsidy Tracking - The home appliance market shows significant growth during the May Day holiday, with online retail sales increasing by 24.7% year-on-year [17]. 5. Important Changes - The report notes the cancellation of 91% of tariffs between the US and China, which may positively impact trade dynamics [18]. 6. Market Performance - The construction materials index showed a slight decline of 0.29% during the week, with specific sectors like glass manufacturing experiencing a 0.60% drop [19]. 7. Building Material Price Changes - Cement prices have decreased by 1.1%, with regional variations noted, while glass prices have also shown a downward trend due to weak demand [28][41].