Group 1: Macro Insights - January CPI growth rate year-on-year was lower than expected, while PPI growth rate was slightly higher than expected, influenced by the Spring Festival timing and base period rotation [4][5] - The average impact of the base period rotation on CPI and PPI year-on-year indices is estimated to be approximately 0.06 and 0.08 percentage points, respectively, which is relatively small [4][5] - CPI in January increased by 0.2% month-on-month and year-on-year, with core CPI rising by 0.8%, indicating a mixed inflationary environment influenced by seasonal factors and external inputs [5] Group 2: Real Estate Sector - The traditional residential development sector is contracting, while commercial real estate is entering a policy-driven growth phase, with a focus on creating new consumption scenarios to meet diverse consumer needs [12][13] - The shift from traditional commercial spaces to new consumption scenarios emphasizes emotional engagement and immersive experiences, moving beyond mere transactional spaces [14][20] - The rise of non-standard commercial projects, characterized by innovative space and operational models, is gaining traction, particularly in major cities like Shanghai and Beijing [16][17] Group 3: Chemical Industry - The dye industry is experiencing price increases due to rising costs of intermediate products, with significant price hikes observed in January, benefiting integrated companies with stable market shares [24][25] - The concentration of supply in the dye industry is improving due to stringent safety and environmental regulations, which may lead to a more favorable market environment for leading companies [26][27] Group 4: Electronics Sector - The demand for AI computing materials is expected to rise significantly as cloud service providers increase capital expenditures, leading to a supply-demand mismatch in the electronic fabric market [29][30] - Traditional electronic fabric production is transitioning to low-dielectric materials, with price increases anticipated across both traditional and low-dielectric electronic fabrics due to supply constraints [32][33]

电子 | 证券研究报告 — 行业点评 2026 年 2 月 11 日 强于大市 AI 算力材料行业更新 算力市场供不应求，电子布涨价趋势确立 海外云服务厂商大幅提高资本开支，算力材料市场亦有望深度受益。传统电 子布产能向低介电电子布产能切换的过程中引发供需错配，传统电子布和低 介电电子布价格有望迎来普涨。 支撑评级的要点 投资建议 ◼ 我们看好算力市场资本开支持续推动技术迭代和需求增长，算力材料市 场亦有望深度受益。在传统电子布产能向低介电电子产能切换的关键节 点，市场供给和需求错配，传统电子布和低介电电子价格均有望上涨。建 议关注中材科技、国际复材、宏和科技、菲利华。 评级面临的主要风险 ◼ AI 市场需求过热引发行业泡沫。远期供给端产能过剩引发价格下滑。技 术变革导致原有产品淘汰。 相关研究报告 《存储行业深度报告》20260123 《2026 年 CES 英伟达演讲》20260107 《存储行业点评》20260105 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子 证券分析师：苏凌瑶 lingyao.su@bocichina.com 证券投资咨询业务证书编号：S1300522080003 证券 ...