再 Call 特种电子布：近期增量总结 20250817 摘要 国产算力需求增长推动特种电子布需求，头部企业月出货量达 5-10 万 米，国内需求占比过半，高端手机、服务器等领域对国产芯片和算力需 求增加，带来新的增量市场。 Low CTE 第一热膨胀产品价格上涨 10%-15%，由红河及部分头部企业 引领。市场共识认为二代低阶电是过渡性产品，一代 d 接电产品出货稳 定，未来国产算力需求将持续增长。 CCL 行业提价，铜箔、玻璃纤维布和树脂等核心原料价格持续高位，梅 州威力邦提价 5 元，建涛提价 10 元，预计三季度玻纤布等相关产品价 格将进一步提升。 电子布和玻纤行业库存较低，供应商结构调整导致部分产能紧缺，普通 电子布价格下降，但对特种电子布影响不大，二代布没有大幅扩产能， 更多关注后续 CTE 及 q 布的发展趋势。 三季度市场预期集中在量与价格上，国产算力提升了对 q 布、CTE 等产 品的需求预期，CCL 涨价可能会反馈到上游原材料，并形成循环效应， 新产能放量可能会晚一些，但国产算力加快节奏，与上游厂商合作也有 望推动放量。 Q&A 今年（2025 年）特种电子布产业趋势有哪些变化？ 今年（2 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the special glass fiber and electronic cloth industry, highlighting the surge in demand for raw yarns, which has significantly boosted the performance of companies like Guangyuan and Taishan, capturing 80% of the domestic market and approximately 60% of the global market share [1][2][3]. Key Points and Arguments - **Market Demand and Supply Dynamics**: - The demand for second-generation products continues to rise, leading to a tight market supply. Guangyuan and Taishan have a monthly production capacity of about 200,000 meters, while Henghe's output is relatively small [1][4]. - The first-generation products have stabilized in price, with any increases primarily driven by raw material costs [2][4]. - **Production Challenges**: - The production of second-generation LODK products faces significant challenges, including the purification of raw materials and the stability of production processes. The complexity of production requires advanced technical support [7][10]. - New kiln investments are high, and management is complex, as evidenced by Honghe's previous loss of a 27 million RMB furnace due to production failures [7][25]. - **Market Trends**: - The demand for second-generation DDR electronic cloth is expected to grow by 50% in the second half of the year, potentially doubling the following year, primarily driven by major chip manufacturers like TSMC and Apple [3][9]. - CTE (Copper Clad Materials) is emerging as a significant new material, with applications in high-end sectors such as radar and missile systems, and is expected to grow alongside second-generation products [10][12]. - **Price Trends**: - The prices of electronic-grade raw materials are projected to rise by over 10% in the second half of the year, impacting the prices of both first and second-generation products, with increases expected between 10% to 25% for thin and ultra-thin fabrics [17][18]. Additional Important Insights - **Certification and Production Capacity**: - Taishan has a significant production capacity and has passed certifications from companies like Taiguang, while Henghe has also passed certification but has not disclosed it publicly [5][6]. - The market currently faces a supply gap of several hundred thousand meters per month, indicating a need for increased production capabilities [6][19]. - **Future Outlook**: - The industry is in an upward cycle, with historical data suggesting that demand surges can lead to supply shortages, which are typically adjusted through production expansions over a period of about one year [30]. - The overall market for CTE materials is still in its early stages, with limited production volumes, but is expected to grow significantly as demand increases [12][13]. - **Strategic Positioning**: - Companies like Honghe are focusing on thin and ultra-thin fabrics, which have higher technical barriers and profit margins exceeding 40%, positioning them competitively in the market [23][24]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state and future prospects of the special glass fiber and electronic cloth industry.