Keda Group(SH:600499) SINOLINK SECURITIES·2026-01-18 11:59Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Keda Manufacturing announced a major asset restructuring plan, intending to acquire minority stakes in its subsidiary, Tefu International, which could enhance its parent company's performance and strengthen long-term development interests [2][13] - Resonac plans to increase the price of its carrier boards by 30% due to rising costs in electronic fabrics and copper foil, indicating strong demand driven by AI chips and consumer electronics [3][14] - The report highlights the importance of UTG glass and TCO glass in the aerospace sector, emphasizing their advantages in terms of lightweight and flexibility, which are critical for space applications [4][15] Summary by Sections Weekly Discussion - Keda Manufacturing is planning to acquire minority stakes in Tefu International, which will consolidate its market position in overseas building materials, particularly in Africa [2][13] Industry Trends - Resonac's price increase for carrier boards reflects the competitive landscape driven by AI and consumer electronics, with significant implications for upstream materials like low-CTE electronic fabrics and carrier copper foil [3][14] - The aerospace industry is expected to increasingly rely on UTG glass due to its superior properties, with significant growth anticipated as commercial space ventures expand [4][15] Market Performance - The cement market shows a national average price of 348 RMB/ton, down 56 RMB/ton year-on-year, with an average shipment rate of 39.9% [5][16] - The float glass market has seen an average price of 1138.27 RMB/ton, with a slight increase of 1.46% week-on-week, indicating a mixed demand across regions [5][16] - The report notes a stable performance in the fiberglass market, with prices remaining steady and demand primarily driven by wind energy applications [18][20] Price Changes - The report details price fluctuations in various materials, including a decrease in cement prices and stable prices in the float glass market, reflecting regional demand variations [29][36] - The average price for 2.0mm coated panels remains stable at 10.5-11 RMB/square meter, indicating a steady market for photovoltaic glass [51][52]