On July 21, China National Building Material (03323.HK) rose 5.34% in regular trading, trading at HKD 3.74/share, with turnover of HKD 186 million.

On the news front, Citi maintained a Buy rating on subsidiary China Jushi with a target price of RMB 67, noting that electronic yarn and electronic cloth prices remain stable at elevated levels with tight supply and low inventory, while downstream CCL demand stays robust. Citi believes the supply-demand tightness in electronic cloth will continue to support price increases over the medium term.

China National Building Material holds stakes in both China Jushi and Sinoma Technology, covering general-purpose and high-end electronic cloth segments respectively. China Jushi previously guided first-half net profit growth of 65% to 85% year-over-year, reflecting strong volume and pricing dynamics. Industry data shows electronic cloth prices have surged over 70% year-to-date, driven by AI computing demand, while new weaving equipment delivery cycles exceed one year, constraining near-term capacity additions. Citi had earlier placed China National Building Material on its 90-day upside catalyst watchlist with a Buy rating and target price of HKD 7.3.

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