GF Securities: Some fiberglass companies are raising prices, and electronic yarn prices may see structural increases

According to the Zhitong Finance APP, GF Securities released a research report stating that from September 4 to September 5, Jizhong New Materials, Weibo New Materials, Shandong Glass Fiber, and Sanlei Glass Fiber successively issued price adjustment letters, raising the prices of direct yarn, board yarn, and short-cut felt specialized yarn by 5%-10%. The reason is due to factors such as China-U.S. tariffs, leading to continuous losses for the companies. This price adjustment marks the initial effectiveness of self-discipline in the glass fiber industry, with a slowdown in internal competition, and the profit center of the glass fiber industry is expected to continue to rise in the future. In terms of glass fiber/carbon-based composite materials, according to Zhuochuang Information, as of September 4, 2025, the mainstream quotation for electronic yarn G75 is 8,300-9,200 yuan/ton, which is flat compared to the average price of the previous week, while the market transaction prices for high-end products in the E and D series and low dielectric products remain high.

GF Securities' main viewpoints are as follows:

Some glass fiber companies raise prices, initial effectiveness of industry self-discipline

In December 2024, the China Glass Fiber Industry Association's fifth session of the seventh council reviewed and approved the "Self-Discipline Convention for the Glass Fiber and Products Industry" and officially implemented it on December 25, 2024. Key industry enterprises actively responded to the self-discipline management work and signed the self-discipline convention. As of September 4, 2025, a total of 9 key industry enterprises have signed up, including China Jushi, Taishan Glass Fiber, Chongqing International Composite Materials, Shandong Glass Fiber, Changhai Co., Ltd., Jizhong New Materials, Weibo New Materials, Sanlei Glass Fiber, and Tianhao Glass Fiber.

From September 4 to September 5, Jizhong New Materials, Weibo New Materials, Shandong Glass Fiber, and Sanlei Glass Fiber successively issued price adjustment letters, raising the prices of direct yarn, board yarn, and short-cut felt specialized yarn by 5%-10%. The reason is due to factors such as China-U.S. tariffs, leading to continuous losses for the companies. This price adjustment marks the initial effectiveness of self-discipline in the glass fiber industry, with a slowdown in internal competition, and the profit center of the glass fiber industry is expected to continue to rise in the future.

Consumer building materials: High prosperity in the second-hand housing market combined with subsidy policies, retail building materials' prosperity recovers first, leading companies show strong operational resilience

The long-term demand stability for consumer building materials is good, the industry concentration continues to increase, and the high-quality leading companies still have significant long-term growth space. The downstream real estate market is still bottoming out, waiting for sales to stabilize and improve; core leading companies show strong operational resilience. We are optimistic about Sankeshu (603737.SH), Tubao (002043.SZ), Beixin Building Materials (000786.SZ), Weixing New Materials (002372.SZ), Dongfang Yuhong (002271.SZ), China Liansu (02128), and Dongpeng Holdings (003012.SZ), and we pay attention to Jianlang Hardware (002791.SZ), Arrow Home (001322.SZ), Mona Lisa (002918.SZ), Keshun Co., Ltd. (300737.SZ), Zhite New Materials (300986.SZ), and Wangli Security (605268.SH).

Cement: This week, the national cement market price fell by 0.5% month-on-month

According to Digital Cement Network, as of September 5, the national average cement price is 343 yuan/ton, down 1.67 yuan/ton month-on-month and down 40 yuan/ton year-on-year; the national cement shipment rate is 45.73%, up 0.13 percentage points month-on-month and up 5.27 percentage points year-on-year. As some regional cement prices continue to adjust to the bottom range, it is expected that cement prices will maintain a slight fluctuation and adjustment trend in the future Currently, the industry valuation is at a historical bottom. We are optimistic about Conch Cement (600585.SH, 00914) and Huaxin Cement (600801.SH, 06655), and we are paying attention to China Resources Cement Technology (01313), Shangfeng Cement (000672.SZ), and Tapai Group (002233.SZ).

Glass: Float glass transaction weakens; photovoltaic glass new order prices increase

According to Zhuochuang Information, as of September 4, the average price of domestic float glass is 1190 yuan/ton, down 0.1% month-on-month and down 10.6% year-on-year. The inventory days are about 27.64 days, an increase of 0.09 days compared to last Thursday. The mainstream order price for 2.0mm coated panels is around 13 yuan/square meter, up 18.18% month-on-month. The sample inventory days are about 18.35 days, down 6.80% month-on-month. Currently, the valuation of leading glass companies is relatively low. We are optimistic about Qibin Group (601636.SH), Shandong Pharmaceutical Glass (600529.SH), Flat Glass (601865.SH), Flat Glass (06865), Xinyi Glass (00868), and Xinyi Solar (00968), and we are paying attention to Jinjing Technology (600586.SH) and Linuo Glass (301188.SZ).

Fiberglass/Carbon-based Composites: Yarn market prices stabilize with slight increases; electronic yarn prices may see structural increases

According to Zhuochuang Information, as of September 4, 2025, the average price of domestic 2400tex winding direct yarn ranges from 3100 to 3700 yuan/ton, remaining stable month-on-month and down 4.25% year-on-year. The mainstream quotation for electronic yarn G75 is 8300-9200 yuan/ton, stable compared to the average price of the previous week, with high-end products in the E and D series and low dielectric products maintaining high transaction prices in the market. Leading companies in fiberglass/carbon-based composite materials are significantly ahead. We are optimistic about China Jushi (600176.SH), SINOMATECH (002080.SZ), and CHANGHAI (300196.SZ), and we are paying attention to Jinbo Co., Ltd. (688598.SH).

Risk Warning

Risks of continued macroeconomic downturn, significant fluctuations in monetary and real estate policies, risks of new industry production capacity exceeding expectations, and risks of rapid increases in raw material costs, etc