国泰海通｜建材：电子布：紧缺预期下的“抢单季”躁动

Core Viewpoint - The leading companies in the copper-clad laminate industry are collectively striving for high-end market share in 2026, which has led to an upward revision of the procurement framework for specialty electronic fabrics. Traditional electronic fabrics are also expected to see price increases due to the impact of loom conversions [2][4]. Group 1: High-End Copper-Clad Laminate Market - A new "order grabbing season" for high-end copper-clad laminates has begun, focusing on securing higher market shares in ASIC and NVIDIA product lines for 2026. The demand for M8 copper-clad laminates is expected to increase with the potential launch of Google's eighth-generation TPU products [2][3]. - The industry is encouraging upstream suppliers to clarify their expansion plans to ensure material supply security, which is crucial for maintaining competitiveness in the supply chain [2]. Group 2: Specialty and Traditional Electronic Fabrics - There is a growing focus on low-dielectric second-generation fabrics, particularly among leading copper-clad laminate companies. The demand for second-generation fabrics is expected to rise due to the upcoming upgrades in Google's TPU products and the stable usage of second-generation fabrics in NVIDIA's supply chain [3]. - The price trend for traditional electronic fabrics is optimistic due to limited supply growth in recent years, increased demand from AI applications, and the conversion of production capacity from traditional to specialty fabrics, leading to a supply-demand gap [4].