Investment Rating - The industry is rated as "Buy" with expectations of an increase exceeding 15% in the next 3-6 months [57]. Core Insights - The report emphasizes that upstream materials are a key inflationary component in the PCB upgrade iteration process, with three main conclusions: the number of PCBs is increasing, the value of PCBs per cabinet/GPU is rising, and upstream materials are undergoing continuous upgrades [2][8]. - The market is focusing on materials that are close to "ultimate" technology or "upgrade" directions, indicating a potential profit release in 2026 [3][18]. - The report highlights the significant price inflation in electronic fabrics, particularly Low-CTE and Q fabrics, driven by supply constraints and increasing demand from high-end applications [4][15][24]. Summary by Sections Upstream Materials - The report identifies that the PCB board count is increasing, and the corresponding value per cabinet/GPU is also on the rise, particularly with the introduction of new PCB designs like the Vera Rubin NVL144 CPX [2][8]. - Continuous upgrades in PCB upstream materials are necessary to meet the higher demands for transmission speed and signal integrity from AI applications [11][12]. - Upstream materials are prone to inflation, with significant price differences observed in various generations of electronic fabrics [15][18]. Electronic Fabrics - The report predicts a continued price increase for Low-CTE fabrics in 2026 due to supply shortages and rising demand from high-end applications [4][36]. - The second-generation Low-Dk fabrics are expected to face a clear supply-demand gap in 2026, driven by the large-scale deployment of Google's TPU V7 and above [36][37]. - Q fabrics are highlighted for their superior performance and scarcity, with a gradual increase in production expected in 2027 [26][34]. Copper Foil - The report notes a clear upgrade trend in HVLP copper foil, with significant price increase potential due to rising demand from AI applications and planned expansions by leading manufacturers [5][41]. - The market for carrier copper foil is identified as a second growth pole, with a current global market size of approximately 5 billion, primarily dominated by Japanese companies [49][50]. Resins - The report discusses the importance of resin types, particularly carbon-hydrogen resins, in high-frequency and high-speed applications, with domestic companies accelerating production to meet demand [51][54].

Investment Rating - The industry is rated as "Buy" with an expected increase of over 15% in the next 3-6 months [57]. Core Insights - The report emphasizes that upstream materials are a key inflationary component in the PCB upgrade iteration process, with three main conclusions: the number of PCBs is increasing, the value of PCBs per cabinet/GPU is rising, and upstream materials are undergoing continuous upgrades [2][8]. - The market is focusing on materials that are close to "ultimate" technology or "upgrade" directions, indicating a potential profit release in 2026 [3][18]. - The report highlights the significant price inflation in electronic fabrics, particularly Low-CTE and Q fabrics, driven by supply constraints and increasing demand from AI applications [4][15][26]. Summary by Sections Upstream Materials - The report identifies that the PCB upgrade process is characterized by increasing PCB quantities and value, with a focus on the evolving requirements for materials such as electronic fabrics, copper foil, and resins [2][8]. - It notes that the industry trends for upstream materials lag behind PCB developments by 0.5-1 year, suggesting a delayed but strong profit release potential in 2026 [3][21]. - The sensitivity of material prices to market trends is highlighted, indicating that cost structures and supply dynamics are favorable for upstream materials [3][22]. Electronic Fabrics - The report predicts a continued price increase for Low-CTE fabrics due to supply shortages and rising demand, particularly from high-end applications [4][38]. - Q fabrics are expected to see significant adoption starting in 2027, with a strong short-term outlook due to supply constraints [26][34]. - The second-generation Low-Dk fabrics are anticipated to face a clear supply-demand gap in 2026, driven by the large-scale rollout of Google's TPU V7 and above [36][37]. Copper Foil - The report discusses the clear upgrade path for HVLP copper foil, with major producers expanding capacity and confirming strong demand trends [5][41]. - The market for carrier copper foil is identified as a second growth area, with a current global market size of approximately 5 billion, primarily dominated by Japanese firms [49]. - Price increases for HVLP copper foil are expected, supported by strong demand from AI and high-performance computing applications [46][45]. Resins - The report highlights the importance of resin types in high-frequency and high-speed applications, with carbon-hydrogen resins being the mainstream choice for advanced PCBs [51][54]. - Domestic companies are accelerating production to meet the growing demand for high-performance resins, indicating a shift towards local supply chains [54].

2026 年 02 月 12 日 C o m p a n y U p d a t e 朱吉翔 C0044@capitalcom.tw A 股目标价(人民币) 130.0 公司基本资讯 | 产业别 | | | 有色金属 | | --- | --- | --- | --- | | A 股价(2026/2/11) | | | 99.00 | | 深证成指(2026/2/11) | | | 14160.93 | | 股价 12 个月高/低 | | | 113.05/34.87 | | 总发行股数(百万) | | | 522.27 | | A 股数(百万) | | | 511.63 | | A 市值(亿元) | | | 506.51 | | 主要股东 | | 邓家贵(07.53%) | | | 每股净值(元) | | | 8.71 | | 股价/账面净值 | | | 11.36 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | 5.4 | 31.1 182.4 | | 近期评等 | | | | 产品组合 | | | --- | --- | | 石英玻璃材料 | 71% | | 石英玻璃制品 | 29 ...

2026 年 02 月 12 日 朱吉翔 C0044@capitalcom.tw A 股目标价(人民币) 130.0 公司基本资讯 | 产业别 | | | 有色金属 | | --- | --- | --- | --- | | A 股价(2026/2/11) | | | 99.00 | | 深证成指(2026/2/11) | | | 14160.93 | | 股价 12 个月高/低 | | | 113.05/34.87 | | 总发行股数(百万) | | | 522.27 | | A 股数(百万) | | | 511.63 | | A 市值(亿元) | | | 506.51 | | 主要股东 | | 邓家贵(07.53%) | | | 每股净值(元) | | | 8.71 | | 股价/账面净值 | | | 11.36 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | 5.4 | 31.1 182.4 | | 近期评等 | | | | 产品组合 | | | --- | --- | | 石英玻璃材料 | 71% | | 石英玻璃制品 | 29% | | 机构投资者占流通 A 股比例 | | | ...

Group 1 - International Composite Materials (301526) is a core supplier of electronic-grade glass fiber and products in China, focusing on high-performance glass fiber material research and production, with a full industry chain layout advantage in electronic cloth [1][21] - The company’s main business includes electronic-grade glass fiber yarn, electronic cloth, and composite material products, widely used in copper-clad laminates (CCL) and printed circuit board (PCB) manufacturing, featuring electrical insulation and fire resistance [1][21] - The company is focusing on high-end products such as low-dielectric electronic cloth, suitable for high-speed PCB scenarios like AI servers and data centers, with production capacity and technical strength among the industry leaders [1][21] Group 2 - Honghe Technology (603256) is a leading enterprise in the global mid-to-high-end electronic-grade glass cloth segment, breaking international monopolies in ultra-thin and extremely thin electronic cloth [2][22] - The company’s main business focuses on the research, production, and sales of electronic-grade glass fiber yarns and fabrics, with applications covering various electronic devices including mobile phones, computers, and AI servers [2][22] - As a core supplier to global top copper-clad board manufacturers, the company has a significant competitive advantage in high-end PCB manufacturing, especially in AI computing-related high-speed PCB fields [2][22] Group 3 - China National Materials (002080) is a comprehensive leader in the new materials sector, leveraging state-owned enterprise resources to maintain industry leadership in glass fiber and wind power blades [3][23] - The company’s main business includes glass fiber and products, wind power blades, and lithium battery separators, with glass fiber being a core segment [3][23] - The company’s subsidiary, Taishan Glass Fiber, developed the first generation of low-dielectric fine yarn and electronic cloth, which won a global leading ICT manufacturer’s "Technology Breakthrough Award" [3][23] Group 4 - China Jushi (600176) is the absolute leader in the global glass fiber industry, with production capacity and technical strength at the forefront globally [4][24] - The company has built a full industry chain advantage from glass fiber yarn to electronic cloth, with products widely used in construction, electronics, and automotive sectors [4][24] - The company’s electronic cloth production capacity ranks among the top globally, with significant cost advantages in self-developed low-dielectric glass fiber (TLD-glass) [4][24] Group 5 - Jinan Guojin (002636) is a key player in the copper-clad board industry, with a complete electronic materials industry chain layout [5][25] - The company focuses on the research and production of copper-clad boards and related materials, maintaining a stable market share in East China [5][25] - The company’s electronic-grade glass fiber cloth is a core raw material for copper-clad boards, enabling effective cost reduction through in-house production [5][25] Group 6 - Hongchang Electronics (603002) is an important enterprise in the domestic electronic-grade epoxy resin and copper-clad board sector, covering core upstream and downstream segments of electronic cloth [6][26] - The company has established long-term partnerships with major domestic PCB manufacturers, focusing on the production and sales of electronic-grade epoxy resin, copper-clad boards, and semi-cured sheets [6][26] - The company benefits indirectly from the development of the electronic cloth industry through its copper-clad board business [6][26] Group 7 - Filihua (300395) is a leading enterprise in the global quartz glass materials sector, being the only company in China to achieve mass production of high-end quartz electronic cloth (Q cloth) [7][27] - The company’s main business focuses on the research, production, and sales of quartz glass and products, with applications in high-end fields such as semiconductors and optical communications [7][27] - The company’s third-generation quartz cloth has a dielectric constant as low as 2.3, making it a core enhancement material for M9 copper-clad boards [7][27] Group 8 - Changhai Co., Ltd. (300196) is an important enterprise in the domestic glass fiber and composite materials industry, focusing on high-end electronic cloth business through its subsidiaries [8][28] - The company’s main business includes glass fiber yarn, glass fiber products, and composite materials, with a stable production capacity layout in East China [8][28] - The company’s subsidiary, Guangyuan New Materials, focuses on producing low-dielectric electronic cloth and electronic yarn, entering the high-end PCB materials market [8][28] Group 9 - Jiuding New Materials (002201) is one of the leading enterprises in the domestic electronic cloth industry, with deep accumulation in glass fiber and composite materials [9][30] - The company’s main business includes glass fiber products, composite materials, and wind power blades, with electronic cloth being a core segment [9][30] - The company is continuously advancing the research and development of special glass fibers and electronic cloth, with significant revenue growth expected in the second quarter of 2025 [9][30] Group 10 - Shandong Glass Fiber (605006) is an important enterprise in the domestic glass fiber industry, with electronic cloth being a key focus area [10][31] - The company leverages the glass fiber industry cluster advantage in Shandong, steadily expanding its production capacity [10][31] - The company is focusing on mid-to-high-end electronic cloth products, adapting to the upgrading needs of the PCB industry [10][31]

Investment Rating - The report maintains a rating of "Outperform" for the new materials sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The new materials sector has experienced a decline, with the new materials index dropping by 1.53%, outperforming the ChiNext index by 1.76%. Over the past five trading days, various sub-sectors showed mixed performance, with battery chemicals slightly increasing by 0.09% while semiconductor materials fell by 3.70% [3][17]. - Strong capital expenditure growth is observed in North America, particularly among major cloud service providers like Amazon AWS, Microsoft, Google, and Meta, with a combined capital expenditure exceeding $670 billion in 2026, representing a year-on-year growth of over 60%. This investment is expected to drive demand for AI servers and related materials [6]. Summary by Sections 1. Secondary Market Performance - The new materials sector has seen a decline, with the Shanghai Composite Index and ChiNext Index also experiencing negative movements. The new materials index's performance is highlighted as it has outperformed the ChiNext index [3][13]. 2. Industry Chain Data Tracking - Price tracking for various materials shows fluctuations, with amino acids like valine at 13,850 RMB/ton (-1.42%) and vitamins such as vitamin A at 60,500 RMB/ton (-1.63%). Prices for biodegradable plastics remain stable, indicating a steady market for these materials [4][12]. 3. Industry News - The report emphasizes the importance of AI infrastructure development, which is expected to enhance the demand for high-frequency and high-speed copper-clad laminates and related materials. Companies such as Shengquan Group and Dongcai Technology are highlighted for their potential in the resin sector, while Zhongcai Technology and Honghe Technology are noted for electronic fabrics [6]. 4. Investment Recommendations - The report suggests focusing on upstream material development opportunities, particularly in AI-related sectors, as the demand for advanced materials is anticipated to grow significantly due to the increasing need for AI server infrastructure [5][6].

长江商报消息 ●长江商报记者 李璟 近日，胡润研究院发布了非国有企业《2025胡润中国500强》，湖北有3家企业上榜，彰显湖北本土民营 经济实力稳步提升。其中，来自武汉的高德红外（002414.SZ）以550亿元市值排名湖北企业第一，其在 全国排名也从上年的367位提升至279位。 责编：ZB 来自黄石的超颖电子（603175.SH）也是新上榜企业，以350亿元市值排名第472位。超颖电子成立于 2015年，主营业务是PCB的研发、生产和销售，于2025年10月登陆上交所主板，是我国台湾上市公司定 颖投控（3715.TW）旗下企业，也是湖北首家台资上市公司。 超颖电子落户黄石后，当地供应商的供货稳定可靠，使得超颖电子能够就地采购到高达七成的原料，从 而确保了生产的连续性与效率，还创造了母公司历史上的"三个之最"——最快建设速度、最快投产速度 以及最早营收获利。超颖电子还与当地同频共振，其所在的黄石经济开发区，汇聚了湖北三分之二的 PCB企业，成为台商宜居宜业的新城，也是黄石产业转型升级主战场。 据了解，胡润研究院发布的《2025胡润中国500强》，列出了中国500强非国有企业，按照企业价值进行 排名（注：上市 ...

证券日报网讯2月9日，菲利华（300395）在互动平台回答投资者提问时表示，石英电子布因其优异的介 电损耗和超低的膨胀系数，是应用于高频高速覆铜板(CCL)的优选材料。公司自2017年研发石英电子布 以来，开拓了一批优质的全球覆铜板厂商客户，并与下游国际知名企业建立了稳定合作关系。 ...

证券日报网讯 2月9日，菲利华在互动平台回答投资者提问时表示，公司产品价格受到市场供需情况、 行业竞争态势等多方面因素的影响，公司遵循市场化的定价原则，将结合市场情况、生产成本等多种因 素确定产品价格。 （文章来源：证券日报） ...

Investment Rating - The report maintains a positive outlook on the defense and military industry, recommending continued focus on commercial aerospace and large aircraft sectors [4][5]. Core Insights - The defense and military industry is expected to see a recovery in performance and orders, with a trend of acceleration anticipated in the second quarter of 2026. Increased military spending intentions from Europe and the US, along with potential catalysts from the upcoming Two Sessions military budget, suggest a sustained interest in the military sector [4]. - The report indicates that the military industry is entering a new cycle of quality improvement and growth, driven by the 14th Five-Year Plan and ongoing geopolitical tensions [4]. - The commercial aerospace sector is highlighted as a key area for investment, with significant developments expected in reusable spacecraft technology and a focus on nearly 30 launch missions in 2026 [4]. - The report emphasizes investment opportunities driven by domestic demand growth and technological advancements in the military sector, including areas such as smart technology, unmanned systems, and military trade [4]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 0.21%, while the CSI Military Leaders Index increased by 0.6%. In contrast, the Shanghai Composite Index fell by 1.27%, and the ChiNext Index dropped by 3.28%, indicating that the defense sector outperformed the broader market indices [5][12]. - The top five performing stocks in the defense sector included Shenjian Co. (up 28.07%), Galaxy Electronics (up 21.58%), and TeFa Information (up 20.17%), while the bottom five performers included Tongyou Technology (down 18.37%) and Chunxing Precision (down 13.65%) [12][13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 95.29, indicating it is in the upper range historically, with a valuation percentile of 74.63% since January 2014 [12][21]. - The report notes a differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [12][21].