格隆汇2月21日｜据台湾科技媒体DIGITIMES Asia，供应商和业内人士预计，由于成本上升和供应紧 张，玻璃纤维制造商将掀起第二轮涨价潮。计划中的月度调价幅度为10%至15%，若按当前计划推进， 到年底价格可能翻倍。此次预期涨价是在2025年以来累计年涨幅超过50%的基础上进行的。 ...

Core Insights - The China-Egypt TEDA Suez Economic and Trade Cooperation Zone has seen significant development since its establishment in January 2016, with plans to host over 500 business delegations by 2025, reflecting strong foreign interest in Egypt-China cooperation [1] - By the end of 2025, the TEDA zone is expected to attract nearly 200 companies and generate over $3.8 billion in investments, creating approximately 10,000 local jobs [1] - The zone has developed a diverse industrial cluster including bonded logistics, new building materials, oil equipment, electrical equipment, machinery manufacturing, textiles, chemicals, renewable energy, and white goods [1] Company Developments - Midea Egypt Kitchen and Water Heater Co. has established the first smart dishwasher production line in Egypt, achieving an annual capacity of 350,000 units with 80% of products aimed for export [2] - The TEDA zone has attracted leading global companies, such as Giant Egypt Fiberglass Co., which positions Egypt as a leading producer of fiberglass, and Xidian-EGEMAC, which has localized high-voltage electrical equipment manufacturing [2] - The introduction of the Chinese industrial park model, strong support from the Egyptian government, and ongoing communication have fostered a cooperative corporate culture within the TEDA zone [2]

Core Viewpoint - The company, International Composites, clarifies that it does not have direct business dealings with Blue Arrow Aerospace, although it produces fiberglass that serves as a foundational material for various applications, including aerospace [1] Group 1 - Investors inquired whether International Composites supplies materials to Blue Arrow Aerospace [1] - The company responded that its fiberglass is used by clients to create composite materials for applications in aerospace and other fields [1] - International Composites does not have direct business relationships with end-user companies [1]

Core Viewpoint - International Composites (301526) confirmed that its fiberglass products serve as foundational materials in various applications, including 5G communications and artificial intelligence, but did not disclose any direct or indirect supply relationship with NVIDIA [1] Group 1 - The company produces fiberglass that is essential for high-density applications [1] - The applications mentioned include 5G communications and AI servers [1] - Specific customer information is to be disclosed according to the company's official announcements [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2026, the elements in the trading logic of platinum and palladium are more numerous than before. The fundamental contradiction in the platinum and palladium spot market and the optimistic macro - loose environment will support the rise of platinum and palladium in the first half of the year. Platinum may have a higher increase than palladium due to better fundamentals and stronger financial attributes. In the second half, if the spot contradiction eases, prices may fall. If US tariffs are implemented, the global supply - chain pattern of platinum and palladium will be reshaped. The expected price range for platinum is $1500 - 2800 per ounce in US dollars and 380 - 730 yuan per gram in RMB; for palladium, it is $1200 - 2250 per ounce in US dollars and 300 - 590 yuan per gram in RMB [2]. - In 2026, it is recommended to focus on cross - market arbitrage opportunities caused by spot structural imbalances. Consider a long - platinum and short - palladium ratio strategy. For the medium - to long - term unilateral strategy, it is advisable to go long on platinum at low prices, and for short - term intraday or weekly bands, consider allocating palladium, that is, go long on palladium when it has a deep correction [3]. 3. Summary by Related Catalogs 3.1 2025 Platinum and Palladium Price Review 3.1.1 Platinum Price Logic Review - In 2025, platinum had a 93% increase by December 15. It broke through the 10 - year oscillation range, with macro - sentiment as the core catalyst and good fundamentals as the support. The price went through different stages including shock - building, explosive growth, callback - oscillation, and secondary growth [6]. 3.1.2 Palladium Price Operation - In 2025, palladium had a unique "oscillation - climbing and long - short game" market, with a 67% increase by December 15. The core driving logic was the triple game of macro - liquidity loosening, supply - demand structural contradiction, and industrial transformation pressure. In the first half, it oscillated, and in the second half, it rose significantly due to macro - liquidity changes and market - structure marginal changes [14]. 3.2 Macroeconomic Sentiment - In 2025, the global macro - environment was characterized by "loose - dominated, resilient growth, and co - existing differentiation". Major economies implemented loose policies, with the global GDP growth rate expected to be in the 2.7% - 3.4% range and inflation gradually falling to 3% - 4.2%. However, trade protectionism and policy uncertainties still posed potential pressures [20]. - In 2026, the global economy will slow down moderately, and the loose cycle will continue with significant differentiation. The attractiveness of anti - inflation assets such as precious metals is expected to increase. In 2025, platinum's price soared due to price - to - return advantages, supply - demand gaps, and growth - type demand, but it cannot truly replace gold due to core shortcomings in liquidity, stability, and lack of currency attributes [21][22]. 3.3 Supply Side in 2026 3.3.1 Primary Mineral Differentiation - South Africa's power supply has improved, but there are still local shortages. In 2026, mines and residents may face stepped power rationing. The production rhythm of core mining enterprises is stable, but there is no obvious growth momentum. The All - In Sustaining Costs (AISC) of core mining enterprises have soared, and Capital Expenditure (CAPEX) has decreased, which will drag down the realization of existing and new production capacities to some extent [26][33][39]. 3.3.2 Recycling Supply - Global platinum and palladium recycling enterprises have sufficient production - capacity reserves. Driven by high prices, they have a strong willingness to increase production. It is expected that in 2026, the global platinum and palladium recycling supply scale will increase significantly, with an expected incremental supply of 15 - 20 tons in China [46][47]. 3.3.3 Spot Structural Contradiction - Affected by the US 232 investigation and the anti - dumping and counter -vailing investigations on palladium, platinum and palladium inventories have been hoarded in the New York Mercantile Exchange (NYMEX), leading to frequent liquidity crises in the New York and London markets and violent fluctuations in the price spread between the two markets. Before the judgment results are announced in the first half of 2026, the spot structural imbalance will remain an "irreconcilable contradiction" [48][50][52]. 3.4 Demand Side in 2026 3.4.1 Hybrid Electric Vehicles Replace Traditional Energy Vehicles - The global automotive market is shifting towards new energy vehicles. It is expected that in 2026, the sales volume of pure - electric and hybrid vehicles will reach 26.1 million. Hybrid electric vehicles have a higher total platinum - palladium load than traditional fuel vehicles, which alleviates the decline in platinum - palladium demand. Globally, platinum demand in the automotive field is expected to increase by 0.91%, while palladium demand is expected to decrease by 0.06% [59][70][71]. 3.4.2 Industrial Demand - In the glass - fiber industry, China's new production capacity is expected to increase platinum demand by 3.3 tons in 2026. In the petrochemical industry, platinum demand has a moderate growth expectation. The promotion of fuel - cell vehicles is declining, and there is no hope of explosive growth in the short term. Overall, platinum and palladium industrial demand is expected to increase by 3% in 2026 [79][84][91]. 3.4.3 Jewelry Demand - China's platinum jewelry demand has declined for two consecutive years, and India has restricted platinum jewelry imports. It is expected that global platinum jewelry demand will decline by 10% in 2026, while palladium jewelry demand is expected to remain stable [92][94][95]. 3.4.4 Investment Demand - Platinum and palladium investment products are niche. In 2026, as prices rise in the first half, ETFs may continue to increase their holdings; when prices reach a high level, there may be profit - taking. It is expected that the investment demand for platinum and palladium will decline by 30% throughout the year [97][103][106]. 3.5 Conclusion and Investment Outlook - On the supply side, in 2026, the global platinum mineral supply is expected to remain stable or increase slightly, while the palladium mineral supply will be stable. The recycling supply will be the core incremental source, with an expected increase of 6 tons of platinum and 10 tons of palladium [107]. - On the demand side, there is significant differentiation. In the automotive exhaust - catalysis field, hybrid vehicles help stop the decline in platinum - palladium demand. In 2026, platinum will be in a tight - supply balance, and palladium will have a slight supply surplus [108][109]. - The platinum and palladium spot market has a significant structural contradiction, which will support price increases in the medium term. Key factors to track include the release of hidden inventories, price differentiation between platinum and palladium, and the change in investment sentiment [111].

Core Viewpoint - International Composite Materials (301526.SZ) does not directly produce switches and optical module assemblies, but its low dielectric glass fiber is a key foundational material for manufacturing high-speed, high-frequency printed circuit boards (PCBs) widely used in data centers, servers, 5G base stations, and optical communication devices [1] Group 1 - The company produces low dielectric glass fiber, which is essential for high-speed and high-frequency PCBs [1] - The applications of the company's products include data centers, servers, 5G base stations, and optical modules [1] - The company has capabilities and technologies to serve the aerospace sector and is a significant materials supplier in that field [1] Group 2 - The specific business operations of the company will be determined based on customer needs and application scenarios [1]

Group 1 - The core business of the company is the production and sale of traditional fiberglass and its products, and it does not involve ultrafine fiberglass products [1]

Core Insights - A new company, Jiujiang Crystal Glass Fiber Co., Ltd., has been established with a registered capital of 200,000 RMB [1] Company Overview - The legal representative of the company is Zhou Jun [1] - The company specializes in the manufacturing and sales of various glass fiber products, including glass fiber reinforced plastic products and synthetic fibers [1] - The operational scope includes sales of thermal insulation and soundproof materials, technical glass products, functional glass, and new optical materials [1] Business Activities - The company is involved in the sales of high-performance fibers and composite materials, as well as construction waterproofing materials [1] - It also engages in the sales of non-metallic minerals and products, glass instruments, building decoration materials, and hardware products [1] - The company is authorized for import and export activities, including domestic trade agency services [1]

Core Viewpoint - Zaiseng Technology's stock rose by 5.04% on November 28, reaching a price of 5.00 CNY per share, with a trading volume of 1.59 billion CNY and a turnover rate of 3.15%, resulting in a total market capitalization of 5.151 billion CNY [1] Group 1: Company Overview - Zaiseng Technology Co., Ltd. is located in Yubei District, Chongqing, and was established on June 28, 2007, with its listing date on January 22, 2015 [1] - The company's main business involves the research, production, and sales of microfiber glass wool and its products [1] - The revenue composition of the main business includes: energy-efficient materials (51.74%), clean air materials (33.29%), dust-free air conditioning products (10.73%), and others (4.24%) [1] Group 2: Fund Holdings - Yongying Fund has a significant holding in Zaiseng Technology, with its fund "Yongying Hejia One-Year Holding Mixed A" (017220) holding 336,900 shares, accounting for 0.38% of the fund's net value, making it the largest holding [2] - The fund has generated an estimated floating profit of approximately 80,900 CNY today [2] - The fund was established on December 29, 2022, with a current scale of 258 million CNY, yielding 3.3% year-to-date, ranking 7022 out of 8127 in its category [2] Group 3: Fund Manager Performance - The fund manager of Yongying Hejia One-Year Holding Mixed A is Yuan Xu, who has been in the position for 1 year and 213 days [3] - The total asset scale of the fund is 5.266 billion CNY, with the best fund return during the tenure being 7.72% and the worst being -0.01% [3]

Core Viewpoint - International Composite (301526) announced on November 24 that the design lifespan of glass fiber pool kilns is typically 8-10 years, after which the company will arrange for a cold repair to introduce more advanced equipment, technology, and production processes, leading to improved capacity and efficiency, and reduced costs [1] Group 1: Production and Cost Management - The company has been upgrading its old production capacity since its listing, resulting in a continuous decline in production costs [1] - The company focuses on its main business and promotes lean management and comprehensive benchmarking, effectively implementing various cost reduction measures [1] - The cost control philosophy of "full participation, full process, and full elements" has been deeply ingrained in the company, laying a solid foundation for ongoing cost reduction and expanding new cost-saving opportunities [1] Group 2: Future Outlook - Looking ahead, the company will continue to enhance its systematic cost reduction and efficiency improvement mechanisms through ongoing technological upgrades, optimization of cost structures, and market expansion, providing sustained momentum for sustainable and high-quality development [1]