CNBM (03323) rose nearly 9% again, climbing 8.92% to HK$5.86 by the time of writing, with a turnover of HK$470 million. Since October 2025, electronic fabric market prices have entered a sustained upward trend. It is reported that since the beginning of the year, electronic fabric has shifted to a monthly price adjustment model, with four consecutive price increases implemented so far this year. Leading domestic electronic fabric manufacturers, leveraging their respective technological advantages and production capacity layouts, have become indispensable suppliers in the current AI hardware competition. Huatai Securities believes that by the end of the "14th Five-Year Plan" period, the company's further optimization and improvement of asset quality are expected to lay a solid foundation for a strong start to the "15th Five-Year Plan." Recent new rounds of price increases for fiberglass and carbon fiber have begun. The firm is optimistic that new materials and overseas operations could lead the company into a new growth phase. Morgan Stanley noted that CNBM reported a net loss of RMB 177 million for the first quarter, compared to a loss of RMB 517 million in the first quarter of 2025, aligning with preliminary performance forecasts. The report indicated that the company attributed the improved performance to rising average selling prices for glass fiber and lower costs, coupled with growth in sales of electronic fiber and battery separators, which offset the drag from declining average cement prices and reduced profits in the engineering segment. Morgan Stanley expects these trends to continue into the second quarter, with the new materials business achieving growth in both sales volume and average prices.