SINOLINK SECURITIES·2025-05-18 15:15Investment 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 [2][13]. 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 [2][13]. - 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 [2][13]. - The eVTOL market in China is projected to exceed 100,000 units by 2030, potentially increasing carbon fiber demand by approximately 20,400 tons [2][13]. - The report highlights ongoing supportive policies for the low-altitude economy, including a 300 million yuan annual fund in Sichuan to promote development [2][13]. Summary by Sections 1. Weekly Discussion - Jilin Chemical Fiber's price adjustment reflects the growing demand for carbon fiber in the UAV sector, with significant export growth noted [2][13]. 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 [3][14]. 3. Cyclical Linkage - Cement prices averaged 379 yuan per ton, showing a year-on-year increase, while glass prices decreased slightly [4][15]. - The report notes a mixed performance across various construction materials, with cement and glass facing downward pressure [4][15]. 4. National Subsidy Tracking - The home appliance market saw significant growth during the May Day holiday, with online retail sales increasing by 24.7% year-on-year [5][16]. 5. Important Changes - The US and China agreed to cancel 91% of tariffs, which may positively impact trade dynamics [6][17]. - Jilin Chemical Fiber's price increase for carbon fiber products is a notable market change [6][17]. 6. Market Performance (0512-0516) - The construction materials index showed a slight decline, with specific sectors like glass manufacturing experiencing a drop [18][22]. 7. Construction Material Price Changes - Cement prices continued to decline, particularly in northern and central regions, while glass prices faced downward pressure due to weak demand [27][40]. - The report indicates a stable pricing environment for carbon fiber, despite rising production costs [67][69].