Core Viewpoint - The rapid development of AI servers and high-speed communication networks is driving the demand for large-size, multi-layer PCBs and high-frequency copper-clad laminates, leading to a significant growth cycle for specialty fiberglass cloth [1][2] Industry Overview - The overall server market is projected to reach approximately $306 billion in 2024, with AI servers expected to account for about $205 billion of that, indicating a strong growth trajectory for AI-related hardware [2] - The global PCB market is anticipated to reach $94.66 billion by 2029, driven by advancements in AI and other industries [2] Material Demand and Supply - Material costs constitute about 63% of PCB production costs, with copper foil, fiberglass cloth, and epoxy resin being the primary components [3] - Specialty fiberglass cloth is crucial for high-performance AI servers, with current supply being tight and major suppliers like Nitto Denko announcing a 20% price increase effective August 1, 2025 [3][6] Domestic Market Dynamics - Domestic companies are rapidly expanding production capacities for high-end fiberglass products to break the international monopoly, with significant expansions planned for 2024 and beyond [1][5] - Zhongcai Technology plans to increase its specialty fiberglass cloth production capacity from 26 million meters to 35 million meters, with a total investment of 1.43 billion yuan [6] - Honghe Technology is also preparing to invest 720 million yuan in a new high-performance fiberglass yarn production line, anticipating a production capacity of 1,254 tons annually [6] Stock Market Performance - Related listed companies have seen significant stock price increases this year, with Zhongcai Technology rising by 49.81% and Honghe Technology by 93.55% from June 16 to July 11 [8] - The stock price surge is attributed to the overall growth in the PCB sector and the influence of rising stock prices of companies like Nvidia in the US market [8]

中国巨石股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 属于上市公司股东的净利润为 165,000.00 万元至 170,000.00 万元，与上年同期 相比，将增加 68,875.84 万元至 73,875.84 万元，同比增加 71.65%至 76.85%。 润为 165,000.00 万元至 170,000.00 万元，与上年同期相比，将增加 102,164.82 万元至 107,164.82 万元，同比增加 162.59%至 170.55%。 一、本期业绩预告情况 （一）业绩预告期间 证券代码：600176 证券简称：中国巨石 公告编号：2025-053 （一）归属于上市公司股东的净利润：96,124.16 万元，归属于上市公司股 东的扣除非经常性损益的净利润：62,835.18 万元。 （二）每股收益：0.2401 元。 三、本期业绩预增的主要原因 自去年以来，玻纤产品价格逐步走出周期底部，同比明显提升。同时，公司通过 加快产品结构优化、加大技术创新力度、加强市场开拓等措施提升盈利 ...

金十数据7月11日讯，中国巨石公告，预计2025年半年度实现归属于上市公司股东的净利润为16.5亿元 至17亿元，与上年同期相比，将增加6.89亿元至7.39亿元，同比增加71.65%至76.85%。预计2025年半年 度归属于上市公司股东的扣除非经常性损益的净利润为16.5亿元至17亿元，与上年同期相比，将增加 10.22亿元至10.72亿元，同比增加162.59%至170.55%。2025年上半年度，玻纤主要下游应用领域需求增 加，产品销量同比提升。自去年以来，玻纤产品价格逐步走出周期底部，同比明显提升。 中国巨石：预计2025年上半年净利润同比增71.65%-76.85% ...

其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-07 2024-11 2025-03 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 房地产 | 3.195 | | 石油石化 | 1.541 | | 钢铁 | 1.445 | | 非银金融 | 1.372 | | 煤炭 | 1.095 | | 数据来源：聚源 | | 源 证 券 证 券 研 究 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 汽车 | -0.617 | | 传媒 | -0.539 | | 国防军工 | -0.411 | | 电子 | -0.310 | | 公用事业 | -0.304 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【策略】经济信心提升下，次新股扬帆起航——投资策略专题-20250710 【电子】特种玻纤布供不应求，国产厂商加速渗透——行业深度报告-2025 ...

行 业 研 究 2025 年 07 月 10 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -34% -17% 0% 17% 34% 50% 67% 2024-07 2024-11 2025-03 元件 沪深300 相关研究报告 特种玻纤布供不应求，国产厂商加速渗透 ——行业深度报告 | 陈蓉芳（分析师） | 张绪成（分析师） | 刘琦（分析师） | | --- | --- | --- | | chenrongfang@kysec.cn | zhangxucheng@kysec.cn | liuqi1@kysec.cn | | 证书编号：S0790524120002 | 证书编号：S0790520020003 | 证书编号：S0790525020001 | AI 发展催化 PCB 和 CCL 迭代，特种玻纤布快速升级且供不应求 AI 服务器和高频高速通信网络系统的快速发展推动对大尺寸、高多层 PCB 和高 频高速覆铜板的需求升级，PCB 及 CCL 迭代速度也逐渐加快，PCB 产品层数增 加，高阶 HDI 应用占比提升，CCL 材料向着低介电常数、低膨胀系数方向发展。 Low-Dk、Low CTE ...

Group 1: Stock Suspension and Resumption - BlueDai Technology's Zhu Tangfu plans to transfer 18% of the company's shares to Jiangdong Chantuo, leading to the resumption of trading [1] - *ST Yazhen's actual controller's tender offer period has expired, resulting in stock suspension [1] Group 2: Investment Cooperation and Operational Status - Anke Biotechnology has become the exclusive agent for the sales and marketing promotion of follicle-stimulating hormone products in mainland China and Hong Kong, Macau, and Taiwan [2] - Gaoxin Information Technology plans to raise no more than 374 million yuan through a private placement for the expansion of vehicle networking communication products, the Shenzhen R&D and operation center project, and to supplement working capital [2] - Zhongyan Chemical's affiliated company has signed an agreement worth 6.809 billion yuan to acquire mining rights for natural soda ash in the Naimanqi Daqintala area [3] - Jerry Holdings has received a project award letter from Algeria's national oil company for the Hodenus natural gas booster station EPC project, with a total award amount of approximately 850 million USD or 6.126 billion yuan [3] Group 3: Performance Changes - Northern Rare Earth expects a net profit of 900 million to 960 million yuan in the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [4] - Dongfang Precision Engineering anticipates a net profit of 361 million to 426 million yuan in the first half of 2025, with a year-on-year growth of 120% to 160% [4] - Gansu Energy expects a net profit of 800 million to 830 million yuan in the first half of 2025, reflecting a year-on-year increase of 178.95% to 189.41% [5] - Morning Light Biotechnology forecasts a net profit of 202 million to 232 million yuan in the first half of 2025, with a year-on-year growth of 102.33% to 132.38% [6] - Muyuan Foods expects a net profit of 10.5 billion to 11 billion yuan in the first half of 2025, representing a year-on-year increase of 924.60% to 973.39% [6] - Ganli Pharmaceutical anticipates a net profit of 460 million to 500 million yuan in the first half of 2025, with a year-on-year increase of 262.47% to 293.99% [6] - Hongta Securities expects a net profit of 651 million to 696 million yuan in the first half of 2025, reflecting a year-on-year growth of 45% to 55% [7] - Shandong Glass Fiber anticipates a net profit of 8.66 million to 12.99 million yuan in the first half of 2025, recovering from a loss of 97.31 million yuan in the same period last year [7]

丨证券研究报告丨 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% 行业研究丨行业周报丨建材 [Table_Title] 特种布高阶需求放量，关注建材反内卷 ——建材周专题 2025W26 报告要点 [Table_Summary] 如何看待建材反内卷的三个路径？ 基本面：水泥价格延续下跌，玻璃库存环比下降 推荐特种玻纤和非洲链，存量龙头为全年主线 分析师及联系人 %% %% research.95579.com 1 建材 cjzqdt11111 [Table_Title 特种布高阶需求放量，关注建材反内卷 2] ——建材周专题 2025W26 [Table_Summary2] 如何看待建材反内卷的三个路径？ 反内卷的目的是缓解通缩与稳定就业的平衡。考虑当前经济压力较大，政策推进或较温和、渐 进，因此财经委提出"依法依规"、"有 ...

掘金存量，另辟成长——建材行业 2025 年度中期投资策 略 20250708 房地产行业未来两年仍将面临一定压力，预计 2025 年新开工和竣工将下滑 10%~20%，建材施工需求下滑约 15 个百分点，各品类需求下降 5 到 6 个百 分点。尽管如此，存量住宅翻新需求逆势提升，预计 2025 年翻新占比能达到 摘要 房地产行业未来两年面临压力，预计新开工和竣工将下滑 10%-20%， 建材施工需求下降约 15%。但存量住宅翻新需求逆势提升，预计 2025 年翻新占比达 50%，中长期或提升至 70%。 建材行业翻新市场有望从制造业逻辑转向消费品逻辑，受益于房龄增长 和海外市场经验，未来五年翻新需求预计是当前的 2-3 倍，行业集中度 提升潜力大。 选股应关注市场总量及结构，倾向于涂料、五金、石膏板等品类。供给 端关注退出明显且工程业务占比较多的防水、涂料、五金和瓷砖等品类， 龙头企业有望扩大规模经济。 2024 年建材行业整体萎缩约 30%，但部分企业通过市场占有率提升实 现收入增长。涂料和五金品类表现突出，反映出行业格局优化和需求韧 性。 三棵树新业态收入快速增长，2024 年达 14 亿元，预计 20 ...

请阅读最后评级说明和重要声明 l 证券研究报告 l 行业研究丨深度报告丨建材 掘金存量, 另辟成长 建材行业 2025 年度中期投资策略 丨证券研究报告丨 报告要点 [Table_Summary] 随着存量需求登场，消费建材需求发生质变，有望驱动行业需求回到历史前高水平，同时优化 下游需求结构，使得建材的消费品特征日趋显著，首推商业模式最优且稀缺成长的三棵树。非 洲是产能出海的沃土，建材先行，非洲本土龙头的价值被低估，看好科达制造、华新水泥、西 部水泥。国产替代链链条看好特种玻纤、工业涂料等，特种玻纤龙头中材科技受益 AI 算力需求 增长，工业涂料龙头麦加芯彩的弹性来自船舶涂料的从 0 到 1。 分析师及联系人 [Table_Author] 范超 张佩 李金宝 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SFC：BQK473 SFC：BVZ972 李浩 董超 SAC：S0490520080026 SAC：S0490523030002 请阅读最后评级说明和重要声明 2 / 44 %% %% %% %% research.95579.com 2 ...

近期，证券时报记者走访企业看到，中材江西电瓷电气有限公司(以下简称"中材电瓷")的电瓷绝缘子凭 硬核性能突破美关税壁垒，中国巨石（600176）股份有限公司(以下简称"中国巨石")在江苏淮安玻纤零 碳智能制造基地打造微循环绿色样板，邯郸中建材光电材料有限公司(以下简称"邯郸中建材")的碲化镉 发电玻璃让建筑变身清洁能源生产者……在欧盟碳关税倒逼与国内产业升级双轮驱动下，中国材料不仅 攻克"卡脖子"技术，更以绿色竞争力撬动国际话语权，出海跑出加速度。中国材料企业的全球化叙事正 从"中国制造"进化为"中国方案"。 技术破壁： 从技术追随到全球引领，从产品输出到生态赋能，中国材料企业正以"技术突围+绿色转型+场景革 命"三重引擎加速全球市场开拓。 从技术追随到全球引领 从技术追随到全球引领，中国材料企业在过去20年间实现了历史性跨越，在光伏面板、稀土永磁等关键 领域实现规模化生产和技术突破，在新型发电材料、高性能玻璃纤维等前沿方向涌现出一批引领性企业 和颠覆性成果。 在江西萍乡一个不起眼的厂房里，技术工人将一种特殊"泥巴"加工成高压电力系统必备的部件，并把它 卖到了全世界。企业的负责人向记者透露，在美国所谓"对等关 ...