CITIC Securities: Still optimistic about the prosperity of the special fiber sector in 2026.

Guotai Junan Securities research report stated that 2025 is the year of special fiber yarn/fabric in China. On one hand, it benefits from the rapid growth in computing power, which has raised higher demands for the transmission capacity of PCBs. High-end PCBs have more layers, leading to a significant increase in demand for special fiber yarn/fabric. On the other hand, due to the slow production speed of industry leader Nittobo, it is difficult to match the rapid increase in demand, providing domestic enterprises with the opportunity to provide sample certification to downstream customers. Due to the technological barriers, the situation of short supply in the industry is difficult to change in the short term, and we still have a positive outlook on the prosperity of the special fiber sector in 2026.