玻璃纤维与E织物周度快照-20260625

China Materials Glass Fiber & E-fabric – Weekly Snapshot – 20260625 CITI’S TAKEChina’s glass fiber market remained soft in the week ended Jun 25, per SCI, with coarse roving prices broadly stable but downstream demand stillsubdued amid the seasonal slowdown. Inventory continued to buildmodestly as shipment momentum remained weak. In contrast, electronicyarn fundamentals stayed exceptionally strong. Despite new capacitycoming online, supply-demand imbalance persisted as additionalcapacity was largely allocated to in-house weaving and high-end Anna WangAC+852-2501-2739anna.d.wang@citi.com Jack Shang, CFA+852-2501-2441jack.shang@citi.com Jimmy Feng+852-2501-7588jimmy.feng@citi.com Cynthia Wu+852-2868-7813cynthia.d.wu@citi.com Pricing– 1) The mainstream transaction price for 2400tex winding direct rovingremained at Rmb3,600-3,900/ton, with the national average at Rmb3,791/ton, flatWoW and up 3.33% YoY, per SCI. Spot transactions remained soft, with some Supply– 123 furnace lines were in operation this week, with total capacity increasingto 9.056mtpa per SCI, up 2.04% WoW following the restart of Jushi’s Tongxiang 180ktfurnace and the ignition of Jiantao’s new Low-Dk electronic yarn production line.Despite the capacity increase, effective electronic yarn supply remained tight as much Demand –1) Roving: demand remained weak amid the seasonal slowdown, withdownstream fiberglass processing and textile manufacturers operating at relativelylow utilization rates, per SCI. New high-end orders remained limited and traders Outlook– 1) Roving: we expect prices to remain broadly stable to slightly weaker, asseasonaldemand softness and inventory accumulation may prompt selectivepromotional pricing by some producers. 2) Electronic yarn: we expect prices to resumetheir upward trajectory after current monthly contracts are fulfilled. Although new See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations electronic yarn and electronic fabric, coupled with robust CCL demand, should continue to support further price increases. China Jushi(600176.SS; Rmb70.8; 1; 25 Jun 26; 15:00) ValuationOur target price for Jushi of Rmb43.4/share is based on +1sd above the stock’s historical average P/E since its listing due to: 1) higher 2026E earnings; 2) a higher multiple (from 19.8x, +0.3sd above historical average previously), thanks to continuous pricehikes in E-fabric due to tight supply and potential multiple rerating if Jushi’s specialty E-fabric products ramp up.We set our Risks Major downside risks to the share price include: 1) weaker-than-expected demand for glass fiber products; 2) risingenergy/power costs; and 3) greater-than-expected capacity additions. Major upside risks include: 1) better-than-expecteddemand; and 2) supply-side discipline that helps protect margins. Any of these risk factors could cause the shares to deviate from our target price. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the Appendix A-1 ANALYST CERTIFICATIONThe research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from China Jushi in the past 12 months. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, securities-related: China Jushi. Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, non-securities-related: China Jushi. Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sal