摩根士丹利发布电子化学品行业科技月报，行业观点为"与大势一致"（In-Line）。报告基于管理层会议、工厂参观及行业动态指出三点：在T-glass（低介电玻璃纤维布）供应短缺背景下，Resonac似乎在采用E-glass的先进覆铜板（CCL）方面取得领先，三菱瓦斯化学也有望逐步追赶；光刻胶材料产能正在扩张，涉及聚合物键合型光酸产生剂（PAG）、MOR用金属化合物及干膜光刻胶材料；在低轨（LEO）卫星通信市场，低介电RDL材料（感光聚酰亚胺）与颗粒状封装材料开始获得应用。盈利预测调整：Resonac的F12/26核心营业利润由1830亿日元上调至2000亿日元，F12/27由2060亿上调至2560亿日元；东京应化F12/26营业利润由600亿微调至610亿日元，F12/27由690亿上调至710亿日元；
Electronic Chemicals: Industry view In-Line. Implications from management meetings, plant tours, and other industry developments: Amid the shortage of T-glass, Resonac appears to be taking the lead in advanced CCLs using E-glass, and Mitsubishi Gas Chemical is also likely to catch up over time. Capacity expansion is underway for photoresist materials, including polymer-bound PAGs, metal compounds for MOR, and dry resist materials. In the low-earth-orbit (LEO) satellite communications market, low-dielectric RDL materials (photosensitive polyimide) and granular encapsulation materials are beginning to gain traction. Earnings forecast revisions: Resonac — we lift our F12/26 core OP forecast from ¥183bn to ¥200bn, and F12/27 forecast from ¥206bn to ¥256bn. Tokyo Ohka Kogyo — we tweak our F12/26 OP forecast from ¥60bn to ¥61bn, and our F12/27 forecast from ¥69bn to ¥71bn. Sumitomo Bakelite — we lift our F3/27 business profit forecast from ¥41bn to ¥50bn, and our F3/28 forecast from ¥49.5bn