Jiangsu Changhai Compos Material

On July 29, the glass and fiberglass concept fell 3.13% intraday. Among related constituent stocks, Sinoma Science & Technology dropped 6.63%, Honghe Technology fell 5.93%, Triumph Science & Technology declined 4.80%, Feilihua lost 2.83%, and Changhai Composite Materials slid 2.35%. SDIC Securities noted that driven by AI computing demand and a strong wind power market, the industry's product mix is accelerating its upgrade toward high-end offerings. In 2026, supply and demand are expected to be tight, with a clear trend of rising prices for electronic fabrics. Demand for fiberglass rovings is forecast to reach 8.02 million tons in 2026, an increase of 470,000 tons year-on-year, while new capacity remains limited, leaving room for further improvement in industry profitability. Changjiang Securities pointed out that the industry is likely to return to a tight supply-demand balance in 2026, with a clear upward trend in prosperity. A sharp rise in platinum prices has pushed up unit investment costs by more than 15%, significantly dampening companies' willingness to invest. Combined with lower new production in 2026 compared to 2025 and a bottoming-out recovery in overseas demand, prices have upward momentum. Looking ahead to 2027, the industry may face a notable supply gap.

On July 9, the glass fiber concept rose 2.78% during the session. A research report from Southwest Securities noted that the industry's supply-demand landscape has improved significantly, with a clear inflection point. On the supply side, since 2023, seven major fiberglass companies have cumulatively shut down over one million tons of capacity, and new supply growth has slowed. On the demand side, sectors such as wind power, new energy vehicles, photovoltaics, and high-end PCBs driven by AI computing power are showing strong demand. Global fiberglass demand is expected to reach 12.35 million tons in 2026, up 6.8% year-on-year. The industry has implemented multiple rounds of price increases since 2024, and in the first half of 2025, total profits of enterprises above designated size surged 142.5% year-on-year, with profitability recovering markedly. Market concentration is expected to continue tilting toward leading companies. A research report from SDIC Securities focused on the fiberglass roving sector, forecasting demand of 8.02 million tons in 2026, an increase of 470,000 tons year-on-year. Total effective production capacity on the supply side is projected at 8.06 million tons, with a net addition of 520,000 tons. Against a backdrop of steady demand growth and limited new capacity, there is room for further improvement in industry profits.