NO.2中信证券：7628电子布涨价或明显超出市场预期 中信证券研报称，从窑炉、织布机、需求拆分、特种布等多维度分析传统电子布的供需情况，认为2026 年7628电子布供需有望维持偏紧，价格上涨有望明显超出市场预期，高点或达到6元/米以上。 ｜2026年2月5日 星期四｜ NO.1中信证券：当前美国金融市场环境不具备缩表的条件 中信证券研报称，虽然沃什2025年多次提及降息+缩表的政策方向，但考虑到1月美国资金市场流动性 压力才明显有所缓解，当前准备金占GDP比重仍为10%左右，美联储持有资产占GDP比重为20%左右， 已接近疫情前2018年的水平，整体准备金充裕程度有限。若沃什担任下一任美联储主席，且若沃什上台 后快速启动缩表，届时美国资金市场或将再次面临流动性压力问题，因而整体而言，该机构认为当前美 国金融市场环境不具备缩表的条件。 2月5日，中泰证券研报表示，战略看好原料药板块，小核酸、多肽、ADC毒素等创新药热门赛道带来 产业链催化不断。在早期临床进展积极、早期市场导入顺利的催化下再度加强。板块多数公司当前处在 存量业务见底，增量业务有望发力的拐点区间，把握拐点节奏。原料药/中间体行业经历四五年价格下 ...

Summary of Conference Call Notes Industry Overview: Electronic Fabrics - The electronic fabric industry is experiencing dual prosperity with both AI electronic fabrics and conventional electronic fabrics showing positive changes recently [1] - A supply gap for conventional electronic fabrics is expected to begin in the second half of 2025, which will widen in 2026-2027, leading to anticipated price increases [1] - Low CTE electronic fabrics are also seeing price increases due to supply shortages, with a 20% price hike by domestic leaders in January, and further increases are expected [1] Key Companies and Market Valuation International Composite Materials - The company is expected to benefit significantly from the prosperity of second-generation fabrics and the certification of Low CTE electronic fabrics [1] - Target market valuation for 2026 is projected at 460 billion yuan, calculated as follows: 160 billion from main business + 200 billion from Low Dk + 100 billion from Low CTE [1] China Jushi - The company is expected to benefit from the continuous price increases in conventional electronic fabrics [1] - Target market valuation is projected at 1,150 billion yuan, derived from 1,000 billion from main business + 150 billion from AI business [1] China National Materials Technology - Target market valuation for 2026 is projected at 850 billion yuan, calculated as 400 billion from main business + 450 billion from AI business [2] - If considering 2027, with orthogonal backplane confirmation, the target valuation could reach 1,000 billion yuan, calculated as 400 billion from main business + 30 billion from AI business multiplied by 20 [2]

25Q4 业绩环比高增，lowCTE 等高性能布高景气 glmszqdatemark 风险提示：需求低于预期，竞争加剧风险，供应商及客户集中度较高风险。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 835 | 1,025 | 1,596 | 2,423 | | 增长率（%） | 26.2 | 22.9 | 55.7 | 51.8 | | 归属母公司股东净利润（百万元） | 23 | 201 | 324 | 516 | | 增长率（%） | 136.1 | 782.7 | 60.9 | 59.3 | | 每股收益（元） | 0.03 | 0.23 | 0.37 | 0.59 | | PE | 2090 | 237 | 147 | 92 | | PB | 32.9 | 28.7 | 24.0 | 19.1 | 宏和科技（603256.SH）2025 年业绩预告点评： 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the electronic fabric industry, specifically focusing on companies like China Jushi, Guangyuan New Materials, and Jiantao Group, which are involved in the production of various types of electronic fabrics and materials [1][3][5][6]. Key Points and Arguments China Jushi - China Jushi has rapidly expanded its market share in the electronic fabric sector through a comprehensive technology coverage strategy, including first-generation, second-generation low dielectric fabrics, low expansion fabrics, and Q fabrics [1][3]. - The company possesses over 10,000 weaving machines, significantly surpassing competitors, and is advancing its production capabilities using both pool kiln and crucible methods for second-generation fabric production [3][10]. - The company is focusing on improving its competitiveness in the second-generation fabric market, where supply is currently scarce, and aims to achieve breakthroughs in production technology [4][14]. Guangyuan New Materials - Guangyuan New Materials holds the highest market share in the electronic fabric sector, leveraging mature pool kiln technology and a strong thin fabric business to enter the special electronic fabric market [1][5]. - The company has achieved stable supply and rapid expansion in the first-generation low dielectric fabric market, with an expected sixfold increase in production capacity by the end of 2025 [5]. - Guangyuan's production costs are significantly lower (30% to 40%) compared to traditional methods, which positions it favorably despite challenges in the third-generation Q fabric market [5][10]. Jiantao Group - Jiantao Group is actively developing special electronic yarn production, planning to build ten special AI electronic yarn production lines, with the first low dielectric kiln already operational [6][7]. - The company plans to add six more kilns in 2026, indicating rapid industry growth and a strategic move to enhance competitiveness in the high-speed board market through upstream material supply chain integration [7][9]. - Jiantao's strategy includes reducing reliance on external supply chains, thereby lowering risks associated with supply disruptions [8][9]. Market Dynamics - The first-generation fabric market is experiencing strong supply and demand, with some companies raising prices in August 2025, indicating rapid industry expansion [13]. - The supply-demand balance for second-generation and low expansion fabrics remains tight, with companies striving for stable, high-yield production to gain competitive advantages [14]. - The quartz fabric sector is characterized by a diverse range of participants, with a low entry barrier due to the separation of the drawing and weaving processes, leading to increased specialization [15]. Emerging Risks and Opportunities - There is a potential risk of price competition in the industry, prompting companies to seek cost-optimized technology routes, with pool kiln technology becoming the mainstream choice due to its cost advantages [2][12]. - The industry is expected to face challenges in meeting demand, particularly for second-generation fabrics, with predictions of supply shortages by 2026 [19][22]. - New emerging companies, such as China Yushi and Linzhou Guangyuan, are noted for their unique strengths and are expected to play significant roles in future competition [20]. Conclusion - The electronic fabric industry is poised for rapid growth, driven by technological advancements and strategic expansions by key players. However, companies must navigate potential risks related to supply shortages and price competition while capitalizing on emerging opportunities in the market [21][22].

Summary of Special Electronic Fabric Industry Conference Call Industry Overview - The special electronic fabric industry is experiencing strong demand growth, particularly in the PCB (Printed Circuit Board) segment, driven by new applications and technological advancements [1][7]. Demand Forecast - **First Generation Low Dielectric Electronic Fabric**: - Demand is projected to reach approximately 92.4 million square meters in 2025, increasing to 145 million square meters in 2026 [1][4]. - **Second Generation Electronic Fabric**: - Expected demand of around 13.2 million square meters in 2025, growing to 26 million square meters in 2026 [1][4]. - **Third Generation Electronic Fabric**: - Demand is contingent on the application of specific copper-clad laminates, with an estimated 10 million meters by 2026 if certain companies adopt the new technology [1][4]. Demand Validation - Monthly demand for first-generation electronic fabric is expected to rise from 5 million meters at the end of 2024 to 10 million meters by the end of 2025, aligning closely with the forecast of 93 million meters for the year [1][5]. Market Pricing and Scale - Current market prices are approximately: - First Generation: 30 RMB/meter - Second Generation: 120-130 RMB/meter - Third Generation: 260 RMB/meter (300-400 RMB/meter overseas) [1][6]. - The market size for special electronic fabric is projected to be around 4.4 billion RMB in 2025, increasing to 10 billion RMB in 2026 [1][6]. Demand Characteristics - The demand for special electronic fabric is characterized by steep growth due to emerging applications, such as NVIDIA's adoption of advanced fabric solutions, which may prompt other manufacturers to follow suit [1][7]. - There is a tendency for downstream manufacturers to overprepare capacity, leading to amplified demand for electronic fabric [1][7]. Supply Chain Insights - **First Generation Low Dielectric Glass Fiber Fabric**: - Supply is tight, with overseas suppliers accounting for 50%. Major domestic players include China National Materials and Linzhou Guangyuan, with plans for capacity expansion [2][9]. - **Second Generation Electronic Fabric**: - Despite many production plans, actual output remains limited due to low yield rates, maintaining a tight supply-demand balance through 2026 [2][11]. - **Third Generation Electronic Fabric**: - The market is expected to grow significantly, with existing players expanding production capabilities to meet high demand [10][12]. Procurement Trends - Downstream manufacturers are preemptively purchasing third-generation electronic fabric to mitigate future demand shocks, leading to current supply shortages [8][10]. Competitive Landscape - Key players in the special electronic fabric sector include China National Materials, Feilihua, and Honghe Technology, each with distinct advantages and growth potential [16]. Conclusion - The special electronic fabric industry is poised for significant growth driven by technological advancements and increasing demand across various applications, with supply constraints likely to persist in the near term.

Summary of Conference Call on Specialty Electronic Fabrics Industry Overview - The conference call focused on the specialty electronic fabric industry, particularly in relation to AI server and switch demand, which has significantly increased electronic fabric shipments, especially towards the end of Q2 and the beginning of Q3 [1][4]. Key Insights and Arguments - **Strong Demand for Electronic Fabrics**: The demand for low dielectric and low thermal expansion products has rapidly increased, with some product prices already rising and expected to continue to do so [1]. - **Domestic Market Penetration**: Domestic companies have quickly increased their penetration in the electronic fabric sector, with the penetration rate for first-generation low dielectric electronic fabrics reaching 50%-60%, while second-generation products remain scarce [1][4]. - **Production Capacity and Challenges**: Domestic companies are expanding production faster than overseas counterparts, but overall expansion remains cautious to mitigate demand fluctuation risks [1][5]. - **Impact of In Veda Architecture**: The In Veda architecture design has increased PCB design complexity and layer counts, leading to a projected 50% increase in electronic fabric usage [1][8]. - **Market Size Projections**: The market size for first-generation, second-generation, and low thermal expansion electronic fabrics is expected to reach a hundred billion level by 2026, with second-generation products being particularly scarce [1][9]. - **Price Trends**: Prices for first-generation products are expected to face downward pressure in the second half of 2026, while second-generation and Q fabrics will have strong price support due to cautious expansion [1][12]. Additional Important Insights - **Production Methods**: The use of the pool kiln method in electronic fabric production is gaining traction among domestic companies, which can lead to significant cost reductions and scale production [1][11]. - **Performance of Key Companies**: Companies like Zhongcai Technology and Honghe Technology are performing well, with Zhongcai's profit forecast raised to approximately 300 million for 2025 and expected to reach 700-800 million in 2026 [3][13]. - **High-End Product Focus**: Honghe Company specializes in high-end electronic fabric production and is a leader in second-generation LDK fabric production, actively planning for expansion to meet future demand [3][14]. - **Technological Barriers**: The production of second-generation LDK fabrics faces technical barriers related to kiln design, high-temperature resistance, and formula differences, which many domestic companies struggle to meet [15]. Conclusion - The specialty electronic fabric industry is experiencing robust growth driven by AI trends, with significant opportunities for domestic companies to capture market share. However, challenges related to production capacity, technological barriers, and cautious expansion strategies remain critical factors influencing future market dynamics [1][9][12].