Research report key points: The bottleneck in high-end supply is in equipment delivery, leading top companies to expand capacity to gain dominance, and the story of domestic substitution of electronic yarn/fabric has just begun.

Mars Finance News: On June 1st, it was reported that China Merchants Securities' research report states that the demand for AI electronic fabrics is growing rapidly, while high-end supply is constrained, leading to a persistent structural gap.
On the demand side, the core upgrade in electronic yarn/fabric needs is driven by both AI computing power and high-frequency communication.
On the supply side, the main bottleneck for high-end electronic fabrics is the long delivery cycle of high-end weaving machines (such as Toyota JAT910), which takes 18–24 months, making short-term breakthroughs difficult, and the gap in high-end electronic fabrics still exists.
Leading companies focusing on expanding high-end capacity help to consolidate their global influence.
Top enterprises are intensively increasing their electronic yarn/fabric production capacity, with a focus on high-end fields. (Wide-angle observation)