Investment Rating - The report suggests a positive outlook for the photovoltaic industry, particularly focusing on the benefits from the anti-involution policies and the expected price increases across the supply chain [3][19][22]. Core Insights - The current round of anti-involution is fundamentally different from previous self-regulatory efforts, with significant policy and regulatory measures being implemented since the sixth Central Financial Committee meeting [3][18]. - The anti-involution has catalyzed positive changes in the industry, leading to substantial price increases in the photovoltaic supply chain, particularly in polysilicon, which has seen prices rise above 40,000 yuan per ton [3][14]. - The feasibility of price transmission from polysilicon to downstream components is supported by the involvement of state-owned energy enterprises, which are expected to resist low-price competition [3][38]. - Polysilicon is identified as the key focus for the anti-involution efforts, with policies aimed at eliminating outdated production capacity and promoting industry consolidation [3][23]. - The supply side has initiated changes, while the demand side is seen as the critical area for breakthroughs, with new policies expected to stimulate demand in the photovoltaic market [3][45]. Summary by Sections 1. Review of Anti-Involution Market - The report reviews the developments in the photovoltaic market since the implementation of anti-involution policies, highlighting the significant price increases in polysilicon and other components [3][12][14]. 2. Positive Changes from Anti-Involution Expectations - The report notes that the anti-involution expectations have led to a positive market response, with polysilicon futures prices rising significantly and aligning closely with the prices of photovoltaic materials [11][12]. 3. Policy Implementation Phase with Focus on Polysilicon - The report emphasizes that the implementation of policies targeting polysilicon production is crucial for the success of the anti-involution strategy, with a focus on reducing outdated capacity and enhancing industry standards [3][22][29]. 4. Indicators of Anti-Involution Effects: Component Prices - The report identifies the rising prices of photovoltaic components as a key indicator of the success of the anti-involution measures, with expectations for further price increases as the supply chain adjusts [3][14][38]. 5. Supply-Side Anti-Involution and Demand-Side Efforts - The report discusses the need for coordinated efforts between supply-side adjustments and demand-side stimulation to ensure the sustainability of the photovoltaic market, particularly in light of new regulatory frameworks [3][45][42].

Group 1 - The company, Fuyao Glass Group Co., Ltd., reported no changes in its registered capital and issued shares for both H-shares and A-shares as of July 31, 2025 [1][2] - The total registered capital at the end of the month was RMB 585,730,034.75, with H-shares remaining at 441,715,000 and A-shares at 1,901,205,139 [1] - The number of issued shares (excluding treasury shares) for H-shares remained at 441,715,000, while A-shares were 1,887,896,718, with 13,308,421 shares held as treasury shares [1][2] Group 2 - As of July 31, 2025, the company had repurchased a total of 13,308,421 A-shares since the board approved the buyback plan on February 23, 2024, but these shares have not been canceled [2] - There were no changes in the total number of issued shares (excluding treasury shares) or treasury shares during the month [3]

致：香港交易及結算所有限公司 公司名稱: 福萊特玻璃集團股份有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06865 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 | 2. ...

格隆汇8月5日｜据新京报，福莱特8月4日通过投资者互动平台表示，公司积极响应工信部反内卷号召， 减少光伏玻璃产能供给。8月5日，福莱特董秘办工作人员表示，具体减产幅度取决于公司整体情况，目 前暂未完全确定。 SMM光伏玻璃分析师郑天鸿提供的数据显示，包括福莱特此次减产在内，目前行业 总冷修产能占国内光伏玻璃总产能的32.18%，加上堵口产能，预计目前总运行产能已不足8.7万吨/天， 供应端减产速度较快。全行业承压，通过减产以减亏已成为现实。随着近期部委发声，"有形的手"具体 规范行业的形式初现雏形，提高能耗等环节门槛或将成为手段之一。 ...

信义光能与福莱特玻璃发布的盈利预警均显著逊预期，虽然自4月起，所覆盖太阳能玻璃股的股价有所 上升，反映市场憧憬反内卷政策下供应收缩及提价，但该行认为行业的盈利下行压力将在今年下半年至 明年进一步加深。该行将今年第三季至明年的平均售价预测下调至9%~20%，至每平方米10至11元人民 币，以反映下半年供需恶化及原材料价格持续下降，并料第四季玻璃需求的回调幅度会更深。另外，该 行料两间公司下半年的有效产能将较上半年下降约20%，单位生产成本上升10%。 高盛发布研报称，基于有效产能减少、价格下降及成本上升的预测，该行将福莱特（601865）玻璃 (06865,601865.SH)及信义光能(00968)2025至26年的EBITDA预测分别下调58%及73%，2027至30年 EBITDA预测平均下调2%。福莱特玻璃H股目标价由6.7港元微降至6.6港元，福莱特A股目标价由10.3元 人民币降至10.2元人民币，信义光能目标价维持1.9港元，均维持"沽售"评级不变。 ...

Group 1 - The recent "anti-involution" movement in various industries is being promoted from both policy and market perspectives, leading to positive changes in the supply chain [1] - Fuyao Glass (601865) has announced its commitment to reduce photovoltaic glass production capacity in response to the Ministry of Industry and Information Technology's call for anti-involution, aiming to enhance operational efficiency [1] - The company's main products include photovoltaic glass, float glass, engineering glass, and household glass, with photovoltaic glass being a core product [1] Group 2 - Fuyao Glass reported a significant decline in profitability due to falling glass prices, with a 13.2% year-on-year decrease in revenue to 18.683 billion yuan and a 63.52% drop in net profit to 1.006 billion yuan in 2024 [1] - The global photovoltaic installation demand is expected to grow steadily in 2024, driven by policy support, technological advancements, and emerging markets [2] - According to the China Photovoltaic Industry Association, global photovoltaic installations are projected to increase by approximately 35.9% year-on-year, reaching around 530 GW in 2024, with China, the US, and Europe continuing to play significant roles [2] Group 3 - Fuyao Glass noted that irrational expansion in the photovoltaic industry has led to an oversupply, causing a significant drop in prices and profit margins for many companies, resulting in severe challenges for the industry [2] - To address the "involution" competition, leading domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand imbalance [3] - In the first quarter of this year, several photovoltaic glass companies, including Fuyao Glass, reported a turnaround in profitability or reduced losses compared to previous periods [3]

Summary of the Conference Call for Fulete (福莱特) Company and Industry Overview - **Company**: Fulete (福莱特) - **Industry**: Photovoltaic Glass Industry Key Points and Arguments Financial Performance - In Q1 2025, Fulete reported revenue of 4.08 billion yuan, a year-on-year decline of 28.7%, primarily due to exceptionally high installation levels in Q1 2024 [2][3] - The company faced price pressure, with domestic market prices dropping to 10.5 yuan/unit, leading to losses of 1-1.5 yuan/unit for most companies [2][6] - Despite challenges, Fulete maintained strong profitability and cash flow control, with no new investment plans currently [2][7] Market Dynamics - The photovoltaic glass industry is experiencing a second round of capacity clearance, with significant demand pressure in 2025 [3][18] - Fulete's daily photovoltaic glass production capacity reached 20,600 tons by the end of 2023, accounting for approximately 25% of the global market share [3][12] - The company has adjusted its customer structure, increasing orders from India and the US to counteract domestic price declines [2][3] Challenges and Strategies - Fulete is actively seeking to stabilize prices and is looking for support from the Ministry of Industry and Information Technology to avoid deeper losses [6][7] - The glass industry is facing cash flow declines, particularly among second-tier companies, which are experiencing extended payment terms and increased financial costs [8][14] - The company has proactively shut down 1,800 tons of production capacity to adapt to market adjustments, maintaining a two-month collection cycle for receivables [8][13] Future Outlook - The overall supply in the glass industry is expected to decline until the end of 2026, with a more thorough capacity clearance anticipated [3][21] - Fulete's long-term effective capacity is projected to recover to over 20% as the industry consolidates [3][13] - The company is not planning new projects, focusing instead on maintaining operational efficiency and profitability [7][17] Price and Profitability Trends - The current price of photovoltaic glass is around 10.5 yuan, with potential further declines threatening profitability across the industry [22][25] - Fulete's net profit for the year is projected to be between 550 million to 558 million yuan, factoring in some impairment elements [25] - The glass industry is expected to see price stabilization and recovery post-capacity clearance, with long-term profitability anticipated [22][26] Investment Considerations - The photovoltaic glass sector is currently undervalued, with a target price of 18.51 yuan for A-shares and 13.3 HKD for Hong Kong shares [27] - The sector's resilience and long-term investment value make Fulete a stock to watch [27][28] Additional Important Insights - The glass industry has seen a significant drop in stock prices since 2021 due to increased capacity and lower-than-expected photovoltaic installation growth [2][9] - The company benefits from a strategic production capacity layout concentrated in regions with high component manufacturer density, enhancing transportation efficiency [15][16] - The industry is characterized by a high barrier to entry due to substantial capital requirements for new projects, making it difficult for new entrants to compete effectively [14][17]

高盛发表研究报告指，信义光能与福莱特玻璃发布的盈利预警均显著逊预期。虽然自4月起，所覆盖太 阳能玻璃股的股价有所上升，反映市场憧憬反内卷政策下供应收缩及提价，但该行认为行业的盈利下行 压力将在今年下半年至明年进一步加深。该行将今年第三季至明年的平均售价预测下调介乎9%至 20%，至每平方米10至11元，以反映下半年供需恶化及原材料价格持续通缩，并料第四季玻璃需求的回 调幅度会更深。基于有效产能减少、价格下降及成本上升的预测，该行将福莱特玻璃及信义光能2025至 26年的EBITDA预测分别下调58%及73%，2027至30年EBITDA预测平均下调2%。该行将福莱特玻璃H 股目标价由6.7港元微降至6.6港元，A股目标价由10.3元降至10.2元，信义光能目标价维持1.9港元，均维 持"沽售"评级不变。 ...

基于有效产能减少、价格下降及成本上升的预测，该行将福莱特玻璃及信义光能2025至26年的EBITDA 预测分别下调58%及73%，2027至30年EBITDA预测平均下调2%。该行将福莱特玻璃H股目标价由6.7港 元微降至6.6港元，A股目标价由10.3元降至10.2元，信义光能目标价维持1.9港元，均维持"沽售"评级不 变。 高盛发表研究报告指，信义光能与福莱特玻璃发布的盈利预警均显著逊预期。虽然自4月起，所覆盖太 阳能玻璃股的股价有所上升，反映市场憧憬反内卷政策下供应收缩及提价，但该行认为行业的盈利下行 压力将在今年下半年至明年进一步加深。该行将今年第三季至明年的平均售价预测下调介乎9%至 20%，至每平方米10至11元，以反映下半年供需恶化及原材料价格持续通缩，并料第四季玻璃需求的回 调幅度会更深。 ...

Group 1: Robotics and Automation - Tianzhun Technology has developed an intelligent driving domain controller that can serve the Robotaxi sector [1] - Haoshi Electromechanical has successfully applied a massage robot in professional beauty chain institutions [1] - Xinhongye is focusing on the research and development of humanoid robot cable technology and product iteration [1] Group 2: Semiconductor and Related Technologies - Huagong Technology's self-developed 1.6T silicon optical module has entered the sample testing phase with key customers [2] - Longtu Photomask is providing semiconductor masks for Innosilicon [2] - Yangjie Technology has released new products applicable to AR glasses and related fields [2] Group 3: Other Industry Developments - Rongda Photosensitive is supplying PCB photoresist products to Shenghong Technology [1] - Deyuan Pump Industry has products compatible with fluorine pump natural cooling systems [2] - Zhongyuan Tong's power products are core components of liquid-cooled server equipment [2] - China Chemical is engaging in business connections with owners related to the Yarlung Tsangpo River downstream project [2] - Grinmei's ultra-high nickel 9-series ternary precursor has passed mass production certification and achieved small-scale production of ten tons [2]