Core Viewpoint - The report from Guojin Securities highlights that the rapid rise in prices within traditional industries is driven by the high returns from AI, which is reallocating resources and creating supply gaps. The industry is currently in a stocking phase, further catalyzing price increases, particularly in electronic materials [1]. Group 1: Impact of AI on Traditional Industries - AI is attracting capital due to its high return potential, leading to a significant reallocation of resources from traditional sectors, creating supply shortages [2]. - The competition in the industry is intensifying as companies upgrade their capacities to maintain technological advantages, resulting in a rapid evolution of the sector [2]. - Traditional capacities being directly squeezed by AI include storage, electronic fabrics, optical fibers, CTE electronic fabrics, CCL, CPUs, copper foils, packaging, passive components, power supplies, PCBs, and ATE [2]. Group 2: Specific Industry Insights - In storage, HBM is consuming wafer capacity at a much higher rate than traditional DRAM [3]. - For electronic fabrics, low-dk/low-cte/Q fabrics are taking over the capacity of 7628/thin/ultra-thin fabrics due to longer ordering cycles [3]. - AI data centers are consuming optical fiber capacity, particularly G.652D, due to a shortage of optical preform rods [4]. Group 3: Price Increases and Market Dynamics - The price increases in traditional sectors are occurring rapidly, with examples including DDR4 and LPDDR4 prices rising since May 2025, and ordinary electronic fabrics experiencing multiple price hikes throughout 2025 and early 2026 [10][11]. - The stocking behavior in the electronic materials supply chain is accelerating price increases, as companies anticipate further price hikes and react by increasing their inventory [11].

玻纤电子布供需研判 - 从覆铜板视角出发 20251119 摘要 2025 年内，电子级玻纤布经历了三次提价（4 月、8 月、10 月底）， 主要受高端材料需求及供不应求影响，涉及所有类型玻纤布，但下游对 10 月底的提价接受度降低，PCB 厂商面临成本压力。 当前电子布库存紧张，特别是薄型玻璃布如 1,080、LDK 的 106 和 1,067 型号几乎零库存，预计 12 月或次年 1 月可能再次涨价，受年底 冲关、春节备货及欧美圣诞备货需求推动。 涨价机会主要集中在 7,628、216、1,080 等常用型号及高端应用中的 106 和 1,067 型号，这些薄型、高速材料因技术含量高且供应链有限而 尤为紧缺，CCL 和玻纤布均有涨价空间。 覆铜板行业面临交期延长和断供现象，尤其是 1,080 型号材料，电子布 供应紧张，部分厂商已停止接单。非一体化公司如巨石等外部采购商库 存亦紧张。 3,789 系列覆铜板材料在 2025 年 8 月、9 月、10 月均有调价，预计 12 月及春节后的 3-4 月将有多次涨价机会，受玻璃布紧张、市场需求旺 盛及房价推动影响。 Q&A 近期电子布全系列产品提价的情况如何？下 ...