CJS(SH:600176) China Post Securities·2025-09-01 12:22Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights that the electronic fabric industry is experiencing accelerated expansion among key players, with notable capacity increases from major companies like China National Materials and China Jushi. The latter is expected to penetrate the supply chain and capture market share due to its cost control capabilities and strong partnerships with downstream manufacturers [5] - The cement industry is anticipated to see a gradual recovery as it enters the peak season, with a projected price increase in September following a slow recovery in demand. In July 2025, cement production was 146 million tons, down 5.6% year-on-year [9] - The glass industry continues to face demand challenges influenced by the real estate sector, with prices declining and inventory pressures persisting. The report suggests that while environmental regulations may not lead to a significant capacity reduction, they will increase operational costs and accelerate maintenance activities [15] - The fiberglass sector is expected to benefit from the AI industry, with demand for low-dielectric products projected to rise significantly, indicating a trend of increasing volume and price [6] Summary by Sections Cement - The cement market is entering a peak season, with prices expected to rise in September. The overall market demand is recovering slowly due to weather conditions, and July's production was 146 million tons, a 5.6% year-on-year decline [9][10] Glass - Glass prices are experiencing a downward trend, with regional prices dropping by 1-4 per weight box. The report indicates that the supply-demand imbalance remains, and current market conditions suggest continued price fluctuations [15] Fiberglass - The fiberglass industry is seeing a positive outlook driven by AI-related demand, with a clear upgrade in product structure. The report emphasizes the potential for significant growth in demand and pricing for low-dielectric products [6] Company Announcements - China Jushi reported a revenue of 9.109 billion yuan for the first half of 2025, a year-on-year increase of 17.7%, with a net profit of 1.687 billion yuan, up 75.51% [18] - Qibin Group's revenue for the first half of 2025 was 7.39 billion yuan, with a net profit of 890 million yuan, reflecting a 6.6% decline in revenue but a 9.8% increase in net profit [18] - Mona Lisa reported a revenue of 1.92 billion yuan for the first half of 2025, down 18%, with a net loss [19]