中国巨石 20250829.docx AceCamp AI 2025-08-30 光远新材在电子布领域的优势是什么？ 光远新材是目前市占率最高的企业，其主要优势在于成熟的池窑技术路线。光 远新材以薄布业务为主，通过小型池窑改造快速进入特种电子布市场。在一代 低介电布领域，光远新材已经实现了成熟稳定的供货，并且正在快速扩产，从 2025 年初到年底预计将实现六倍左右的产能增长。此外，光远新材在二代低 介电布和低膨胀布方面也采用池窑技术进行布局，这使得其生产成本具有显著 优势，比传统方法降低 30%到 40%。尽管在三代 Q 部领域面临一定挑战，但 光远新材凭借其技术积累和成本优势，有望继续保持领先地位。 建涛集团在特种电子纱生产方面有哪些规划？ 摘要 中国巨石通过全技术路径覆盖策略（包括一代、二代低介电布、低膨胀 布和 Q 布等）迅速扩张市场份额，尤其在拉丝技术上已接近行业领先水 平，并通过池窑法和坩埚法并行推进二代布生产，提升竞争力。 光远新材是电子布领域市占率最高的企业，凭借成熟的池窑技术和薄布 业务优势快速进入特种电子布市场，尤其在一代低介电布领域已实现稳 定供货并快速扩产，同时在二代低介电布和低膨胀布方 ...

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].