$CNBM (03323.HK)$ surged, rising 23.06% to HK$6.51 as of the time of writing.
On the news front, Sinoma Science & Technology stated on an investor interaction platform that its specialty fiber fabric products have completed certification by leading domestic and international clients and are now being supplied in bulk. China Jushi’s electronic fabric is a core raw material for manufacturing copper-clad laminates. The company plans to inject RMB 800 million into Jushi Huai’an to accelerate the development of its electronic-grade fiberglass project. Publicly available information shows that China Jushi is the core enterprise for glass fiber operations under China National Building Material Co., Ltd., and the controlling shareholder of Sinoma Science & Technology is China National Building Material Co., Ltd.
In its latest research report, Citi noted that demand for printed circuit boards (PCBs) from AI servers is shifting from volume growth to material upgrades. The real bottleneck in supply is no longer PCB manufacturers, but rather upstream copper-clad laminates and, even further upstream, electronic fabrics. Citi expects capacity expansion to be fastest for PCBs, followed by copper-clad laminates, and slowest for electronic fabrics—yet pricing power moves in the opposite direction: the further upstream, the greater the pricing elasticity.
Editor/Lee