Changjiang Securities·2026-01-21 09:09Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The report highlights a significant shortage of AI electronic cloth, particularly Low CTE electronic cloth, driven by increased demand from companies like Apple and Qualcomm for chip substrates and printed circuit boards. The only supplier, Nitto Denko, has not increased production capacity, creating opportunities for domestic companies like China National Materials and Honghe Technology to fill the gap and accelerate domestic substitution [5][6] - Ordinary electronic cloth is expected to see an upward trend in prices from 2025 to 2026, following a period of price stabilization. The price of ordinary electronic cloth has risen from 3.4 CNY/m in early 2025 to 4.1 CNY/m in January 2026, indicating a tightening supply-demand relationship [6] - Cement shipments have slightly increased due to seasonal demand recovery, while glass inventory has decreased. The average shipment rate for key domestic cement companies is around 40%, with a 1.2 percentage point increase month-on-month [7][24] Summary by Sections Cement - In mid-January, cement demand has shown signs of recovery due to warmer temperatures in southern regions and pre-holiday construction rushes, with an average shipment rate of 40% for key cement companies, up 1.2 percentage points month-on-month and 7.7 percentage points year-on-year [7][30] - The national average cement price is 352.58 CNY/ton, down 4.68 CNY/ton month-on-month and down 55.97 CNY/ton year-on-year [24] - Cement inventory stands at 57.44%, a decrease of 1.19 percentage points month-on-month [24] Glass - The national average price for glass is 62.61 CNY/weight box, up 0.63 CNY/weight box month-on-month but down 12.34 CNY/weight box year-on-year [37] - The total inventory of glass in key monitored provinces is 4,986 million weight boxes, a decrease of 209 million weight boxes month-on-month [36][37] Industry Outlook for 2026 - The report identifies three main lines for investment: the stock chain, the African chain, and the AI chain. The stock chain focuses on optimizing demand and clearing supply, with a significant shift towards renovation demand in housing expected to drive industry demand back to historical highs [8] - The African chain highlights undervalued growth opportunities in the African market, with companies like Keda Manufacturing and Huaxin Cement recommended for their potential in overseas markets [8] - The AI chain emphasizes the upgrade of special electronic cloth, with a focus on Low-Dk products and the significant opportunity for domestic substitution in Low CTE supply [8]