南财智讯12月19日电，国际复材在投资者关系活动中表示，随着5G-Advanced技术的规模化部署，通信 行业对低介电、高性能材料的需求显著提升，带动LDK产品市场持续增长。公司已掌握坩埚法与池窑 法双工艺生产能力，并坚持差异化发展路径，聚焦超细电子纤维、高性能特种纤维等高端领域。在人工 智能和5G通信设备发展的推动下，公司正持续优化产品性能，加大研发投入，强化跨部门协同，实现 LDK等高端产品从研发到市场应用的全价值链高效衔接。 ...

重庆国际复合材料股份有限公司 证券代码：301526 证券简称：国际复材 4.公司股东云南云熹最近已完成减持，请说明一下本次减 持的背景？ 云南云熹作为公司持股 5%以上的股东，其减持行为严格 遵守相关法律法规和交易所相关规定，其减持原因主要是出于 自身资金需求，本次减持方式为集中竞价交易，减持价格区间 和减持均价均根据市场价格及交易方式确定，不存在不得减持 的情形（详情见公司于 12 月 8 日披露的《关于持股 5%以上股 投资者关系活动记录表 编号：2025-012 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 (请文字说明其他活动内容) 参与单位名称及 人员姓名 中泰证券股份有限公司：聂磊 长江证券股份有限公司：董超 山西证券股份有限公司：田发祥 国海证券股份有限公司：傅麒丞 国金证券股份有限公司：赵铭 中金证券股份有限公司：刘嘉忱 广发证券股份有限公司：谢璐 时间 2025 年 12 月 16 日-18 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书：黄敦霞 财务部、运营管理部、董事会办公室相关人员 投 ...

Core Insights - The low dielectric electronic fabric is a high-performance textile material with a dielectric constant (εr) lower than traditional electronic fabrics, primarily used in the electronics information field for applications like printed circuit boards (PCBs) and integrated circuit packaging, which helps reduce signal transmission delays and crosstalk, meeting the demands for high integration and high transmission rates in electronic devices [1][6][12]. Industry Overview - The global low dielectric electronic fabric market is experiencing significant growth, with the market size projected to increase from 59 million USD in 2020 to 181 million USD by 2025, reflecting a compound annual growth rate (CAGR) of 24.9%. Further forecasts suggest the market will reach 528 million USD by 2031, with a CAGR of 18.7% from 2025 to 2031, indicating strong development potential and market demand in the coming years [1][16]. Market Dynamics - The PCB industry is witnessing unprecedented growth opportunities driven by the global AI wave, with China's PCB market expected to reach approximately 412.11 billion CNY in 2024, further propelling the low dielectric electronic fabric sector [12][16]. Competitive Landscape - The production of low dielectric electronic fabric is characterized by high technical barriers, resulting in a limited number of manufacturers. Key global players include Nitto Denko (55% market share), Asahi Kasei (31%), and Taiwan Glass Group (11%) as of 2024 [2][19]. Research Methodology - The research team employs a combination of desktop research, quantitative surveys, and qualitative analyses, utilizing various models such as SCP, SWOT, PEST, regression analysis, and SPACE matrix to comprehensively analyze the market environment, industry policies, competitive landscape, technological innovations, and other relevant factors affecting the low dielectric electronic fabric industry [2][29]. Industry Chain Analysis - The upstream of the low dielectric electronic fabric industry includes raw materials and equipment such as high-purity quartz sand, silane coupling agents, and high-end jet looms, while the downstream encompasses applications in copper-clad laminates, PCB manufacturing, and AI servers [9][10].

Investment Rating - The report maintains an "Outperform" rating for the building materials industry [1]. Core Views - The traditional fiberglass industry is experiencing a price recovery and improved profitability, while the specialty fabric sector is benefiting from high demand driven by AI technology [4]. - The report highlights the structural recovery of the fiberglass industry in 2025, with a focus on the resilience of demand in key sectors such as wind energy and automotive [3][4]. Summary by Sections Traditional Fiberglass - The industry is set to undergo three rounds of slight price recovery starting in 2024, with a structural rebound in profitability expected in 2025. The demand for roving is driven by high growth in wind power installations and positive trends in new energy vehicles and home appliances, although construction and export demand remain weak [3]. - By the end of 2025, the domestic roving capacity is expected to increase by 460,000 tons per year, but the growth rate of capacity is anticipated to slow down due to more rational competition among companies and reduced capital expenditures in recent years [3][4]. - The profitability of listed fiberglass companies is projected to improve significantly, with a reported net profit of 4.79 billion yuan in the first three quarters of 2025, a year-on-year increase of 49% [9]. Specialty Electronic Fabrics - The demand for specialty electronic fabrics is experiencing a boom due to the rapid development of AI and high-frequency communication technologies. The strong growth in AI computing power is driving the demand for high-performance PCBs and chip packaging substrates [3][4]. - The global AI server shipment is expected to grow at a CAGR of 28.8% from 2022 to 2026, with significant increases in the demand for low dielectric electronic fabrics that meet the high-performance requirements of AI servers and switches [3][52]. - Domestic companies are rapidly catching up in the specialty electronic fabric market, with significant capacity expansions planned. For instance, China National Materials Technology plans to expand its production capacity by 94 million meters annually by 2025 [3][4]. Investment Recommendations - The report suggests focusing on companies such as China National Materials Technology, Honghe Technology, China Jushi, Feilihua, and International Composites, which are well-positioned to benefit from the recovery in the fiberglass industry and the growth in specialty electronic fabrics [4].

Group 1: AI Server Demand and PCB Market Growth - The rapid development of artificial intelligence technology is driving strong demand for AI servers, with global shipments expected to reach 1.98 million units in 2024, accounting for 12.1% of the overall server market [1] - PCB market value is projected to be $73.565 billion in 2024, with a year-on-year growth of 5.8%, and is expected to reach $94.661 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [1] Group 2: Technological Advancements in Electronic Fabrics - The ongoing iteration of technology in the downstream sector is driving upgrades in electronic fabric products, with the third generation of electronic fabrics expected to see accelerated demand as chip manufacturers research 224G high-speed interconnect technology [2] - The global market for third-generation electronic fabrics is anticipated to reach $720 million in 2024, with sales projected to grow to $3.127 billion by 2031, representing a CAGR of 23.3% from 2025 to 2031 [2] Group 3: Domestic Replacement Progress and Key Companies - China Jushi is actively advancing the development of specialty electronic fabric products and is expected to continue its momentum due to its advantages in R&D and cost control [3] - China National Materials Technology has established itself as a domestic leader in Low-DK fabric, with plans to increase production capacity from 26 million meters to 35 million meters by 2025 [3] - Honghe Technology has successfully validated its first and second generation low dielectric electronic fabrics and plans to invest 720 million yuan in high-performance glass fiber production lines [3] - International Composites is a pioneer in the development of low dielectric glass fiber products, with its second-generation LDK products showing a 20% reduction in dielectric loss compared to the first generation [3]

Investment Rating - The industry investment rating is optimistic (first-time rating) [2] Core Insights - The rapid development of artificial intelligence (AI) technology is driving strong demand for AI servers, which is expected to reach 1.981 million units globally in 2024, accounting for 12.1% of the overall server market. This demand is projected to grow by 24.3% to 2.4611 million units in 2025 [2][14] - The demand for printed circuit boards (PCBs) is expected to increase significantly due to the rising AI server penetration, with global PCB output valued at $73.565 billion in 2024, representing a year-on-year growth of 5.8% [2][14] - The market for third-generation electronic fabrics (Q fabric) is anticipated to grow from $720 million in 2024 to $3.127 billion by 2031, with a compound annual growth rate (CAGR) of 23.3% from 2025 to 2031 [4][19] Summary by Sections 1. Electronic Fabric Product Upgrades - Electronic fabrics are critical materials in the electronic information industry, with continuous technological upgrades driven by the demand for high-frequency and high-speed signal transmission in advanced applications such as 5G and AI [7][9] - The evolution of electronic fabrics is categorized into three generations: first-generation (alkali-free glass fiber), second-generation (modified glass fiber), and third-generation (Q fabric/quartz fiber), each targeting different market needs [9][12] 2. Steady Progress in Domestic Substitution - The domestic substitution process is advancing steadily, with key companies like China Jushi, Zhongcai Technology, Honghe Technology, and International Composite Materials making significant strides in product development and capacity expansion [19][20] - China Jushi holds a 23% global market share in electronic fabrics, while Zhongcai Technology has established itself as a leader in low-DK fabric production, with plans to increase capacity significantly [19][20] - Honghe Technology and International Composite Materials are also expanding their production capabilities to meet the growing demand for high-performance electronic fabrics [20] 3. Market Dynamics and Future Outlook - The capital expenditure of major cloud service providers (CSPs) is on the rise, indicating a sustained demand for AI infrastructure, which is expected to further drive the need for high-end electronic fabrics [17][18] - The report highlights the importance of technological advancements in the electronic fabric sector, particularly in meeting the stringent requirements of high-frequency applications [4][19]

Core Viewpoint - The stock price of China National Materials Technology (中材科技) closed at 32.28 yuan on August 20, 2025, reflecting a decline of 1.85% from the previous trading day, amidst significant price fluctuations and increased trading volume [1] Company Overview - China National Materials Technology specializes in the research, production, and sales of new materials, including fiberglass and products, wind turbine blades, and lithium battery separators [1] - The company’s subsidiary, Taishan Fiberglass, is a major supplier of Low-Dk electronic cloth in China, which is widely used in PCB substrate manufacturing [1] Market Dynamics - The demand for fiberglass cloth has surged due to the increasing need for AI servers, leading to a supply shortage in the market [1] - China National Materials Technology reported that its low dielectric electronic cloth products are currently in a state of supply shortage [1] Capacity Expansion - The company is investing 1.302 billion yuan to construct a special fiberglass cloth project in Tai'an, Shandong, with an annual production capacity of 26 million meters to meet market demand [1] Capital Flow - On August 20, 2025, the net outflow of main funds for China National Materials Technology was 31.2184 million yuan, but over the past five trading days, there has been an overall net inflow of 127.1602 million yuan [1]

Demand Side - The real estate transaction prices are showing signs of stabilization and recovery, with 14 out of 70 major cities in China reporting a month-on-month increase in new residential property prices as of June 2025, an increase of 1 city compared to May and 10 cities year-on-year compared to June 2024 [2] - The decline in housing transaction area is gradually narrowing, indicating that the demand side is expected to stabilize and recover as macroeconomic policies become more accommodative [2] Cement and Concrete - The construction sector remains robust, supported by urban renewal demands and proactive supply-side measures, which are expected to stabilize cement prices [3] - The cost of cement clinker, primarily driven by coal prices, is predicted to remain relatively low, leading to further cost reductions and potential profit recovery in the cement and concrete industry by 2025 [3] Glass Fiber - The application fields for glass fiber are continuously expanding, with a long-term positive trend in consumption volume due to increasing penetration rates in certain sectors [4] - The supply structure is experiencing an oversupply, but demand for wind power yarn, electronic yarn, and thermosetting products remains strong, particularly for low-dielectric electronic cloth, which is in short supply, supporting overall price increases and profit recovery in the industry [4] Consumer Building Materials - Policies stimulating demand for commercial housing, such as "stabilizing prices" and "ensuring delivery," are expected to support the completion and sales of commercial housing [5] - The demand in the stock market for secondary renovations is continuously being released, and as the downstream demand shifts from B-end to C-end, companies with strong brand and channel advantages are likely to see an increase in market share [5]

Investment Rating - The report indicates a continued decline in public fund allocation to the chemical industry, with the allocation ratio dropping to 4% in Q2 2025, a year-on-year decrease of 1.8 percentage points and a quarter-on-quarter decrease of 0.1 percentage points, reflecting a historically low level [1][11]. Core Insights - The focus of public funds has shifted towards sectors such as civil explosives, potassium fertilizers, and fluorochemicals, with significant increases in holdings for companies like China National Materials, Guangdong Hongda, and Blue Sky Technology [2][3]. - The polyurethane and tire sectors have seen continuous reductions in holdings, particularly for Wanhua Chemical, due to declining core product prices and a drop in profitability [3][4]. - The report highlights a strong interest in new materials, particularly in the fiberglass sector, driven by high demand in AI applications [3][4]. Summary by Sections Public Fund Allocation in the Chemical Industry - The allocation of public funds to the chemical industry has been on a downward trend since Q2 2022, with a significant drop from 8.5% in Q3 2021 to 4% in Q2 2025 [1][11]. Individual Stock Changes - Key stocks that received increased allocations include China National Materials, Guangdong Hongda, and Blue Sky Technology, while significant reductions were noted for Wanhua Chemical and Satellite Chemical [2][16]. - The top ten stocks by market value in the chemical sector saw a decrease in concentration, with the top 15 companies holding a combined market value of 33.2 billion yuan, down 1.5 percentage points [14][15]. Industry Trends - The civil explosives, potassium fertilizers, and fluorochemical sectors are gaining attention, with the civil explosives sector benefiting from ongoing supply-side reforms and increased demand in regions like Xinjiang and Tibet [3][4]. - The potassium fertilizer market is supported by significant price increases in contracts signed in mid-June, while fluorochemicals are experiencing price rises due to quota implementations [3][4]. Investment Recommendations - The report suggests focusing on sectors with fundamental support, such as potassium fertilizers and fluorochemicals, while also highlighting the importance of domestic demand in the civil explosives sector amid global trade uncertainties [4][5]. - New materials, particularly those related to AI applications, are recommended for investment consideration, alongside traditional cyclical sectors showing positive supply-side changes [4][5].

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].