A GF Securities research report indicates that growing AI demand is driving an upgrade in the structure of electronic fabric needs. Combined with a shortage of loom capacity, this has created a supply-demand gap for specialty electronic fabrics, while the market for standard electronic fabrics remains tight. Since 2026, electronic fabric prices have increased month by month. From January to April, the price of 7628 thick fabric rose by 0.2, 0.5, 0.5, and 0.5 yuan per meter respectively, with 1080 thin fabric experiencing even larger price hikes. Currently, leading companies maintain low inventory levels, suggesting potential for further price increases. Even considering Toyota's modest plans to expand loom production, the supply-demand balance for looms is expected to remain tight in 2026 and 2027. Coupled with limited new capacity for electronic yarn, the high-growth cycle for electronic yarn and fabric is projected to last for an extended period.
In April 2026, TSMC management explicitly stated that the company is concurrently advancing CoPoS technology, which is entering a more verifiable industrial implementation phase within its ecosystem. GF Securities' primary views are as follows:
The prices of consumer building materials have bottomed out ahead of volumes, highlighting alpha opportunities in leading companies. High-quality leaders in the consumer building materials sector benefit from stable long-term demand, ongoing industry consolidation, and favorable competitive landscapes, indicating substantial medium to long-term growth potential. While the downstream real estate sector continues to seek a bottom, awaiting stabilization and improvement in sales, core leading companies demonstrate strong operational resilience. Companies to watch include 三棵树, 兔宝宝, 悍高集团, 东方雨虹, 中国联塑, 北新建材, 伟星新材, 东鹏控股, 马可波罗, 坚朗五金, 箭牌家居, 蒙娜丽莎, 科顺股份, 志特新材, and 王力安防.
Nationwide cement market prices fell by 1.4% week-on-week. According to Digital Cement Network data, as of April 24, 2026, the national average terminal price for cement, including tax, was 328 yuan per ton, down 4.67 yuan per ton from the previous week and 62.67 yuan per ton year-on-year. The national cement shipment rate was 44.53%, up 0.67 percentage points from the previous week but down 2.87 percentage points year-on-year. As cement prices in some regions have retreated to bottom ranges, prices are expected to maintain a pattern of minor fluctuations and adjustments. With industry valuations currently in a historical bottom range, attention is on 华新建材 (A, H), 海螺水泥 (A, H), 上峰水泥, 中国建材, 华润建材科技, and 塔牌集团.
In the glass sector, float glass faces pressure from high inventory levels, while photovoltaic glass trading is stable but subdued. According to SCI data, as of April 23, 2026, the domestic average price for float glass was 1,156 yuan per ton, down 1.5% month-on-month and 13.1% year-on-year. Inventory days reached 38.23, an increase of 0.2 days from the previous period. The mainstream price for 2.0mm coated panel orders was 9.0-9.5 yuan per square meter, down 2.63 percentage points month-on-month. Current valuations for leading glass companies are relatively low. Companies to monitor include 旗滨集团, 信义玻璃, 信义光能, 福莱特 (A), 福莱特玻璃 (H), 南玻A, and 山东药玻.
In the fiberglass/carbon-based composites sector, roving market quotations are generally stable, and electronic yarn shipments are temporarily steady in the short term. SCI data shows that as of April 23, 2026, the mainstream transaction price for domestic 2400tex direct roving ranged from 3,600 to 3,900 yuan per ton, unchanged from the previous week but down 1.10% year-on-year. The mainstream quotation for G75 electronic yarn ranged from 11,800 to 12,500 yuan per ton, flat month-on-month. Leading companies in fiberglass/carbon-based composites hold a significant advantage, and the high-growth cycle for electronic fabric continues. Companies to watch include 中国巨石, 中材科技, 宏和科技, 国际复材, and 长海股份.
Risk warnings include potential continued downturn in the macroeconomic environment, significant fluctuations in monetary and real estate policies, risks of new production capacity exceeding expectations, and the risk of excessively rapid rises in raw material costs.
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