CJS(SH:600176) KAIYUAN SECURITIES·2025-07-04 10:15Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing improvement in the glass fiber industry due to the implementation of the "anti-involution" policy, which aims to enhance product quality and phase out outdated production capacity [3] - The glass fiber industry's new capacity growth is slowing down, with production capacity expected to reach 930,000 tons in 2025 and 940,000 tons in 2026, reflecting a controlled growth rate [4] - The price of alkali-free yarn has stabilized, with significant price increases noted compared to previous years, indicating a recovery in market conditions [4] - The development of AI servers is expected to drive demand for high-end electronic fabrics, with PCB industry growth benefiting glass fiber products [5] Summary by Sections Industry Trends - The glass fiber industry is experiencing a slowdown in new capacity growth, with a production capacity increase of only 10,000 tons expected for 2025-2026 [4] - The market price for alkali-free yarn has shown a notable increase, with prices for various products rising significantly compared to previous years [4] Market Opportunities - The AI server market is projected to grow, with global server shipments expected to reach 13 million units in 2025, representing a 10% year-on-year increase [5] - The glass fiber fabric is anticipated to benefit from the rapid development of the PCB industry, as it constitutes a significant portion of the overall cost structure [5] Recommendations - Key companies recommended for investment include China Jushi, with other beneficiaries identified as China National Materials, International Composites, Honghe Technology, Shandong Glass Fiber, and Changhai Co., Ltd. [5]