The deployment of PTFE materials is currently confined strictly to exploratory testing and is highly unlikely to achieve commercial adoption in mass production. Investors should entirely disregard the market noise surrounding PTFE, as the clear, non-negotiable mainstream roadmap remains anchored exclusively by M9Q and M10Q materials.

Clients ask about the glass fabric situation constantly. To be frank, we have already laid out the core thesis in our previous notes—the macro trend remains unchanged. A major driver behind the current waves of CCL and PCB price hikes is the rigid cost-push from fabric suppliers. High-end glass fabric has been marking monthly price increases, with low-end grades racking up YTD gains of over 50%. On the high-end spectrum, except for Low-DK Gen 1 which remains relatively stable, Gen 2 and T-glass are all undergoing continuous price adjustments. Simply put, without the soaring cost of glass fabric, CCL makers wouldn't even have a solid foundation to justify their own price hikes. Without fabric, downstream players can forget about hitting their revenue targets. In fact, certain PCB applications are already facing severe material blindness. Those in the market claiming there is 'no shortage' are simply too disconnected from the actual supply chain reality.