China Jushi Co Ltd

Japan's JSR, Tokyo Ohka Kogyo, Shin-Etsu Chemical and other companies announced that from October 1, 2026, new photoresist pricing for global customers will be raised by 15% overall, with high-end ArF series long-term contract quotes up 16% to 22%, HBM-specific immersion ArF up as much as 24%, spot bulk orders up 32% to 38%, KrF series standard grades up 9% to 14%, and 3D NAND thick-film KrF up 18% to 20%. Boosted by the price hike news, the electronic chemicals sector remained strong all day. Xilong Scientific surged to limit up with heavy volume shortly after the midday open, hitting a two-month high, with turnover in less than 15 minutes exceeding the entire previous day's total. Haixing shares climbed rapidly on late-session volume, while Guangxin Materials and Zhongshi Technology also showed unusual upward moves during the session. Also lifted by the price hike news, the glass fiber sector index has risen for seven consecutive days, with Honghe Technology up for seven straight days, and China Jushi, International Composites and Sinoma Science & Technology all up for five consecutive days. The latest data from Sublime China Information shows that as of September 15, the ex-factory price of 7628 electronic fabric was about 11.5 to 12.1 yuan per meter, up 10% to 20% month on month, with the year-to-date gain reaching as high as 162%.

China Jushi released its 2026 interim report, with net profit attributable to the parent company of 2.933 billion yuan, up 73.87% from the same period last year. Total operating revenue was 11.159 billion yuan, up 22.50% year on year. Net cash inflow from operating activities was 2.424 billion yuan, up 68.23% year on year. The latest gross margin was 42.14%, an increase of 9.93 percentage points from the same period last year. Diluted earnings per share were 0.74 yuan, up 75.39% year on year.

China Jushi announced that its wholly-owned subsidiaries Lianshui New Energy and Jushi Huai'an plan to adjust the implementation plan for the 500MW wind power supporting project. Under the new plan, the construction scale is adjusted to 496MW, of which Lianshui New Energy accounts for 358.5MW and Jushi Huai'an for 137.5MW. Total investment increases from 2.199 billion yuan to 2.393 billion yuan, with Lianshui New Energy investing 1.724 billion yuan and Jushi Huai'an investing 668 million yuan. The estimated total investment return rate after project completion is 15.62%. This change is conducive to achieving direct physical supply of green electricity, reducing electricity costs, and enhancing green manufacturing standards. The project still requires approval from relevant government departments and is subject to certain uncertainties.

China Jushi announced that its wholly owned subsidiary Jushi Group plans to carry out cold repair and technical upgrade of an 180,000-tonne-per-year alkali-free tank furnace drawing production line at the Tongxiang production base. The total project investment is 960 million yuan, funded by self-owned funds and bank loans. After the cold repair is completed, the production line capacity will be raised from 180,000 tonnes to 200,000 tonnes per year, with a construction period of one year. Upon completion of the upgrade, the expected total return on investment is 14.19%.

A recent in-depth supply chain survey by Cailian Press found that surging AI server demand combined with tight industry capacity is intensifying the supply crunch for upstream PCB base materials, electronic yarn and electronic fabric. High-end electronic yarn remains extremely hard to source, and some manufacturers are shifting capacity toward high-margin categories such as ultra-thin fabric, extremely thin fabric, and specialty fabric, causing spot shortages and price increases even for ordinary electronic fabric. In the first half of this year, the electronic fabric industry completed five rounds of price increases. Thick fabric prices have now doubled from the end of last year. Data from Zhuochuang Information show that in August, the mainstream market average price of domestic G75 electronic yarn rose to 19,700 to 20,000 yuan per tonne, up nearly 53 percent from the end of May. The mainstream transaction price of traditional 7628 electronic fabric rose to 10 to 10.2 yuan per metre, a month-on-month increase of 17 to 18 percent. Cumulative gains this year for thin and ultra-thin fabrics such as 2116 and 1080 have exceeded 140 percent. Liu Yang, an analyst at Zhuochuang Information, said that under the siphon effect of AI demand, leading companies are proactively cutting conventional 7628 electronic fabric capacity and shifting to thin fabric and low-dielectric high-frequency specialty fabric, creating a situation where the supply-demand gap for conventional fabric is widening while high-end specialty fabric is severely out of stock. The industry is currently in a state of almost zero inventory. In response, listed companies including China Jushi, Sinoma Science and Technology, CPIC, Jujie Microfiber, and Goldenmax International Technology are accelerating capacity deployment. Quartz fiber electronic fabric, known as Q fabric, which suits high-frequency and high-speed application scenarios, is the main deployment direction. Among them, Feilihua is expected to achieve sales revenue of 150 million yuan from quartz electronic fabric in the first half of this year, and Honghe Technology's Q fabric has passed downstream customer certification and already has small-volume sales. Many interviewees believe that as the AI computing infrastructure wave continues, short-term supply of PCB upstream base materials such as electronic yarn and electronic fabric will remain tight. Because new capacity takes a long time to come online, combined with cost support and downstream demand resonance, product prices are expected to rise further.

China Jushi released its 2026 semi-annual report, achieving operating revenue of 11.159 billion yuan, up 22.5% year on year, and net profit attributable to shareholders of the listed company of 2.933 billion yuan, up 73.87% year on year. The profit growth was mainly due to higher product sales volume and rising prices during the reporting period. The company plans to distribute a cash dividend of 3.30 yuan per 10 shares, tax included. Second-quarter net profit was 1.666 billion yuan, up 31% quarter on quarter from 1.267 billion yuan in the first quarter.

On the evening of July 15, a number of listed companies on the Shanghai and Shenzhen exchanges issued announcements. Biwin Storage expects to achieve a net profit attributable to the parent of 7 billion to 7.5 billion yuan in the first half of 2026, swinging from a loss to a profit year-on-year, mainly benefiting from the explosion of AI computing power and the high prosperity cycle of the storage industry. Shijia Photonics plans to raise no more than 2.8 billion yuan through a private placement for projects including the construction of production capacity for high-speed AWG chips and optical interconnect components. China Jushi plans to invest 2.405 billion yuan to build an electronic fabric production line with an annual output of 250 million meters. Unisplendour Corporation's holding subsidiary Unisplendour Computer will introduce investors through a capital increase and share expansion, after which Unisplendour Computer will no longer be included in the company's consolidated financial statements. Jingce Electronic plans to acquire a 41.17% stake in Shanghai Jingce, and after the transaction, Shanghai Jingce will become its wholly-owned subsidiary; the company's shares and convertible bonds will resume trading on the 16th. Chaozhuo Aviation Technology's shares will be suspended from trading on the 16th due to the controlling shareholder planning a major event that may lead to a change in control. In terms of performance, Konfoong Materials International expects its net profit attributable to the parent in the first half to increase by 89.99% to 121.65% year-on-year; Anlogic Infotech expects operating revenue to increase by 83.57% to 101.48% year-on-year; Penghui Energy expects to swing from a loss to a profit with a net profit of 800 million to 866 million yuan; while Guanghui Logistics expects its net profit to decline by 94.62% to 96.16% year-on-year. In addition, Youcai Resources disclosed the first half-year report for A-shares in 2026, with net profit attributable to the parent in the first half increasing by 103.87% year-on-year, and plans to distribute a cash dividend of 2 yuan for every 10 shares.

On July 10, the glass and fiberglass concept rose 3.54% intraday. Among related constituent stocks, Almaden rose 10.03%, Sanxia New Building Materials rose 9.84%, International Composites rose 8.26%, Kibing Group rose 5.41%, and China Jushi rose 4.94%. SDIC Securities pointed out that entering 2026, the overall supply-demand balance in the fiberglass roving industry is controllable, and corporate competitive strategies generally show a trend of co-opetition outweighing competition. It is estimated that demand in 2026 will be 8.02 million tons, a year-on-year increase of 6.26%, while total effective production capacity on the supply side will be approximately 8.06 million tons, with a net addition of 520,000 tons. The supply growth rate has clearly slowed, and coupled with the gradual implementation of multiple rounds of price increases in the earlier period, there is room for further improvement in industry profitability. Southwest Securities noted that the fiberglass industry has both cyclical and growth characteristics, with a positive long-term growth trend. It is estimated that the year-on-year growth rates of global glass fiber demand from 2025 to 2027 will be 5.1%, 6.8%, and 7.9% respectively. The downstream demand structure continues to optimize, accelerating its expansion from traditional construction sectors to emerging fields such as wind power, new energy vehicles, and electronics and electrical applications. Among these, the demand for high-performance electronic fabrics driven by AI computing power, 5G communications, and automotive intelligence is showing explosive growth, becoming the core main line of profit growth.

The Bosera Resources ETF surged 3.00% intraday, with its latest price at 1.96 yuan, while the SSE Natural Resources Index it tracks jumped 2.99%. Among constituents, Western Gold rose 10.02%, Chifeng Gold gained 10.00%, and China Jushi climbed 10.00%. In the first half of 2026, the resources sector underwent a deep correction, with precious metals seeing a maximum drawdown of nearly 30% during the year and silver plunging over 50%, significantly boosting the sector's margin of safety. East Money Securities noted that as countries add resources like copper to critical minerals lists, supply-side rigid constraints combined with demand-side drivers such as energy transition and AI data center construction are likely to reinforce the strategic asset attributes of non-ferrous metals.