标的方面：推荐信义光能(00968)、福莱特(601865.SH)，建议关注南玻A(000012.SZ)及旗滨集团 (601636.SH)。 基于这种情况，中金认为，有海外客户基础的光伏玻璃企业仍能保持相对较好的开工率；而产品出口能 力有限的企业最终会因库存持续增加且无法转化为收入，使得生产经营维系压力增加，最终导致现金流 断裂，产能被动出清。 价格及成本方面，明年相较今年有望趋于稳定。今年2.0mm光伏玻璃含税均价12.59元/平方米，同比下 滑15.83%。中金认为，明年均价按照不得低于成本价销售的指引，全年有望维持在13-13.5元/平方米。 成本方面，明年整体存在小幅压降的空间，主要系重碱、超白石英砂供过于求，价格有小幅下调空间， 天然气价格平稳，澄清剂中锑用量逐步降低所致。 利润方面，头部企业利润率中枢有望上浮，而二线以下企业利润存在继续下探的风险。国内方面，明年 龙头玻璃企业国内盈利较今年有所改善；同时，二线头部以下玻璃企业难以通过低于行业均价的售价来 增加玻璃销量，利润转化困难。 海外方面，由于外资组件厂商需求持续攀升，预期净利润仍能保持在3元/平方米以上。头部企业可以通 过增加海外出货占比提升 ...

机构：中金公司 研究员：马妍/刘佳妮/石玉琦 行业近况 海外方面，由于外资组件厂商需求持续攀升，我们预期净利润仍能保持在3 元/平方米以上。头部企业 可以通过增加海外出货占比提升综合利润率。我们测算，头部两家企业综合利润率相较今年有望提升 5ppt；二线头部企业南玻A和旗滨集团的综合利润率有望提升2-3ppt；而国内二线中部及以下企业大多 数没有海外客户基础，难以通过出口产品获取更高的利润从而改善生存状态。 估值与建议 推荐信义光能、福莱特，建议关注南玻A（建材组覆盖）及旗滨集团（与建材组联合覆盖），维持覆盖 公司估值及盈利预测不变。 风险 宏观经济风险，政策性风险，贸易摩擦风险，产业链博弈风险；原燃料价格波动风险，产品替代风险。 供需方面，我们认为2026 年产能利用率两极分化加深，若达到供需平衡，国内光伏玻璃产能相较今年 需减产5000-20000 吨。 由于明年国内组件需求减弱，对应光伏玻璃需求下滑约23-36%；海外组件需求有望较今年增长约 60GW，总需求有望达到150GW，我们测算仍需要国内调配8800 吨产能，以玻璃形态直销海外。基于 这种情况，我们认为，有海外客户基础的光伏玻璃企业仍能保持相对 ...

价格及成本方面，该行认为明年相较今年有望趋于稳定。今年2.0mm光伏玻璃含税均价每平方米12.59 元，按年下滑15.83%。该行认为明年均价按照不得低于成本价销售的指引，全年有望维持在每平方米 13至13.5元。利润方面，该行认为龙头企业利润率中枢有望上浮，而二线以下企业利润存在继续下探的 风险。该行推荐信义光能、福莱特，建议关注南玻A及旗滨集团。 格隆汇12月23日｜中金发表报告指，光伏玻璃需求冷淡，库存天数加速上行，价格降至每平方米11.5 元。供需方面，该行认为2026年产能利用率两极分化加深，若达到供需平衡，国内光伏玻璃产能相较今 年需减产5000至20000吨。由于明年国内组件需求减弱，对应光伏玻璃需求下滑约23至36%；海外组件 需求有望较今年增长约60GW，总需求有望达到150GW，该行测算仍需要国内调配8800吨产能，以玻璃 形态直销海外。 ...

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 （於英屬處女群島註冊成立之有限公司） （股份代號：03868） XINYI SOLAR HOLDINGS LIMITED 信義光能控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00968） 補充聯合公告 須予披露交易 出 售 信 義 光 能（ 天 津 ）的 股 權 信義能源及信義光能釐定代價金額的基準 如該聯合公告所述，關於信義光能（天津）的估值為人民幣1,009.00百萬元的估值報 告乃由天津濱海新能源委託編製。因此，董事未獲提供有關估值報告。信義能源及 信義光能無法查閱該聯合公告及本補充公告中有關估值報告內容，亦未取得披露該 等內容所需的同意。於評估買方建議的現金代價時，鑒於信義光能（天津）作為兩間 – 1 – 公司的附屬公司已逾十年之久，董事並未取得任何獨立或第三方估值，而倚賴於如 該聯合公告所 ...

Core Viewpoint - The photovoltaic sector is experiencing a downturn, with significant declines in stock prices for major companies, indicating ongoing challenges in the industry [1]. Group 1: Stock Performance - New Special Energy (01799) has dropped by 3.96%, trading at 7.03 HKD [1] - Xinyi Solar (00968) has decreased by 3.33%, trading at 2.9 HKD [1] - Flat Glass Group (06865) has fallen by 2.64%, trading at 9.57 HKD [1] - Fuyao Glass (03606) has seen a decline of 1.73%, trading at 65.2 HKD [1] Group 2: Industry Developments - The Photovoltaic Association has confirmed "Guanghe Qiancheng" as a capacity reserve platform [1] - Major photovoltaic companies are rumored to inject approximately 30 billion CNY into capacity reserve efforts [1] - Despite initial expectations of 70 billion CNY, the actual amount is likely to be significantly lower, marking a shift towards practical measures in addressing industry challenges [1] Group 3: Financial Metrics - According to Dongzheng Futures, the gross profit margin in the photovoltaic glass industry has further declined, currently at approximately -13.56% [1] - Rising costs due to the implementation of winter gas prices are contributing to increased financial strain, while photovoltaic glass prices continue to decrease [1] - The overall industry is facing heightened losses due to a significant mismatch between supply and demand, with short-term downward pressure on photovoltaic glass prices expected to persist [1]

Group 1: Market Movements - Baoji Pharmaceutical-B (02659) surged over 3.2% amid its debut on the Hong Kong Stock Exchange, closing up 138.82% on its first day, with a market capitalization exceeding HKD 20 billion [1] - New Energy (01799) and Xinyi Solar (00968) saw declines of 3.01% and 3.67% respectively, as the photovoltaic sector faced weakness, with rumors of a 30 billion yuan investment for capacity storage by major companies [1] - Xpeng Motors-W (09868) and Li Auto-W (02015) dropped 4.88% and 2.67% respectively, following data from the China Association of Automobile Manufacturers indicating a month-on-month increase in production and sales [1] Group 2: Company-Specific News - Bolek Vision Cloud-B (02592) experienced a significant drop of nearly 15%, having previously doubled in price over 10 trading days, as it announced a new drug trial application to the FDA [2] - Hu Shang Ayi (02589) rose nearly 6% as Nayuki Tea expanded into the U.S. market, enhancing the international presence of Chinese tea brands [2] - Gold stocks fell sharply, with Zijin Mining (02899) and Shandong Gold (01787) declining by 4.29% and 4.94% respectively, following a report on the Bloomberg Commodity Index's upcoming rebalancing [2] Group 3: Cryptocurrency and Technology - Cryptocurrency ETFs faced significant declines, with notable drops in Bitcoin and Ethereum-related funds, as Bitcoin fell 3.3% from its record high, reflecting market pressures amid weak liquidity [3] - Oracle (ORCL.US) continued its downward trend, dropping 2.66% due to delays in delivering AI data centers for OpenAI, attributed to labor and material shortages [6] - Nvidia (NVDA.US) saw a slight increase of 0.73% after announcing the release of its third-generation language model, aimed at writing and programming tasks [6]

每经AI快讯，港股光伏股再度走弱，截至发稿，新特能源(01799.HK)跌3.96%，报7.03港元；信义光能 (00968.HK)跌3.33%，报2.9港元；福莱特玻璃(06865.HK)跌2.64%，报9.57港元；福耀玻璃(03606.HK)跌 1.73%，报65.2港元。 ...

Group 1 - The photovoltaic stocks have weakened again, with New Special Energy down 3.96% to HKD 7.03, Xinyi Solar down 3.33% to HKD 2.9, Flat Glass Group down 2.64% to HKD 9.57, and Fuyao Glass down 1.73% to HKD 65.2 [1] - The Photovoltaic Association confirmed "Guanghe Qiancheng" as the capacity reserve platform, with rumors suggesting that major photovoltaic companies will inject approximately CNY 30 billion to initiate capacity reserve work [1] - After several months of market speculation, the platform's establishment marks the beginning of substantial efforts to address the photovoltaic industry's internal competition [1] Group 2 - The gross profit margin of the photovoltaic glass industry has further declined, currently at approximately -13.56% [1] - The cost of natural gas is increasing as winter pricing is implemented, while the price of photovoltaic glass continues to decrease, leading to greater industry losses [1] - Due to a significant lack of downstream orders, there is a considerable supply-demand gap in the industry, indicating continued downward pressure on photovoltaic glass prices in the short term [1]

Core Insights - The central economic work conference emphasizes stabilizing the real estate market and combating "involution" in competition, aiming to promote the construction of "good houses" and accelerate the establishment of a new model for real estate development [6][15] - The report suggests that the cement, glass, and certain consumer building materials industries may see continued optimization in supply-side dynamics, leading to increased concentration and improved profitability [6][15] Consumer Building Materials - The consumer building materials sector is experiencing a recovery in retail due to high demand for second-hand housing and supportive subsidy policies, with leading companies showing strong operational resilience [6][31] - Long-term demand stability and increasing industry concentration provide significant growth potential for quality leading companies in the consumer building materials sector [6][31] - Key companies to watch include Sanke Tree, Rabbit Baby, Hanhai Group, Dongfang Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, and others [6][31] Cement - National cement market prices increased by 0.05% week-on-week, with the average price at 355 RMB/ton as of December 12, 2025, reflecting a year-on-year decrease of 69.17% [6][31] - The report anticipates that cement prices will maintain a slight fluctuation in the future, with industry valuations at historical lows, highlighting companies like Huaxin Cement, Conch Cement, and others for potential investment [6][31] Glass - Float glass prices are showing mixed trends, while photovoltaic glass inventories continue to rise, with the average price of float glass at 1156 RMB/ton, down 1.0% month-on-month and 18.0% year-on-year [6][31] - The report indicates that leading glass companies have low valuations and suggests focusing on Qibin Group, Xinyi Solar, and others for investment opportunities [6][31] Fiberglass/Carbon-based Composites - The market for fiberglass is stable, with direct yarn prices holding steady, while electronic yarn prices have stabilized after previous increases [6][31] - The report identifies leading companies in the fiberglass sector, including China Jushi and others, as having a significant competitive edge [6][31] Market Data and Trends - The report notes that the consumer building materials sector has seen a year-on-year revenue decline of 4.2% in the first three quarters of 2025, with a notable improvement in revenue growth rates for leading companies [33][34] - The profitability of the consumer building materials sector is stabilizing, with net profit margins hovering at the bottom, indicating potential for recovery as market conditions improve [34][41]