CNBM (03323) rose more than 5% against the broader market trend. At the time of writing, the stock was up 4.77% to HK$5.27, with a turnover of HK$148 million. On the news front, China's glass fiber industry has shown improved operational conditions compared to the previous two years. Guosheng Securities noted that from March 30 to April 3, prices of various electronic yarns and fabrics increased again. The monthly quote for G75 yarn rose by RMB 500–1,000 per ton, while the price of supporting 7628 electronic fabric increased by RMB 0.5 per meter. High-end product categories also recorded significant price hikes. The current supply-demand imbalance is expected to accelerate the implementation of new pricing. Downstream CCL orders remain robust, while production growth on the supply side remains slow, with low inventory levels persisting. Tight supply conditions for most products are unlikely to ease in the near term. Huatai Securities reported that CNBM's new materials segment generated revenue of RMB 55.557 billion in 2025, up 14.4% year-on-year, with an operating profit of RMB 6.258 billion, an increase of 11.8% compared to the previous year. By product, glass fiber sales volume and average selling price rose by 3.1% and 12.8% year-on-year, respectively, achieving growth in both volume and price. Standard and high-performance electronic fabrics are expected to unlock new growth opportunities for the glass fiber segment. The brokerage believes that with the completion of the world's first zero-carbon intelligent manufacturing base for glass fiber and the continued volume expansion of high-performance electronic fabrics, the company's new materials business is likely to see sustained profitability improvements in 2026.