Group 1 - The core viewpoint of the article highlights the trends and forecasts in the Chinese flat glass industry, particularly focusing on production statistics and growth rates [1][2] - According to the National Bureau of Statistics, the production of flat glass in China reached 81.6 million weight cases in November 2025, representing a year-on-year increase of 3.7% [1] - From January to November 2025, the cumulative production of flat glass in China was 883.814 million weight cases, showing a cumulative decline of 3.6% compared to the previous year [1] Group 2 - The article references several listed companies in the flat glass sector, including Qibin Group, Nanshan Glass, Jinjing Technology, and Fuyao Glass, indicating their relevance in the market [1] - The report by Zhiyan Consulting provides insights into the supply and demand dynamics of the flat glass industry in China from 2026 to 2032, suggesting a strategic outlook for investors [1]

2020-2025年1-11月中国夹层玻璃产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：旗滨集团（601636）,南玻Ａ（000012）,福耀玻璃（600660）,金晶科技（600586）,凯盛新能 （600876）,耀皮玻璃（600819）,山东药玻（600529）,亚玛顿（002623） 相关报告：智研咨询发布的《2026-2032年中国夹层玻璃行业市场现状调查及发展趋向研判报告》 根据国家统计局数据显示：2025年11月中国夹层玻璃产量为1485万平方米，同比下降4%；2025年1-11 月中国夹层玻璃累计产量为14849.9万平方米，累计增长3.4%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][38]. Core Insights - The automotive sector has shown a recent upward trend, with the Shenwan Automotive Index rising by 3.52% over the past two weeks, outperforming the CSI 300 Index by 1.47 percentage points [4][11]. - The report highlights the implementation of a new vehicle scrappage and replacement policy for 2026, which includes subsidies for purchasing new energy vehicles and fuel-efficient cars, aimed at boosting consumer confidence and sales [33][34]. - The report notes a significant decline in retail sales of passenger vehicles in December 2025, with a year-on-year decrease of 13%, indicating a cautious market sentiment as consumers await new subsidy policies [21][34]. Summary by Sections Automotive Industry Trends and Valuation Review - As of January 8, 2026, the Shenwan Automotive Index has increased by 1.49% since the beginning of the year, ranking 23rd among 31 industries [11][12]. - The automotive sub-sectors have also experienced growth, with the automotive parts sector rising by 4.66% and the motorcycle and other sectors increasing by 2.44% [13][14]. Industry Data Tracking - Raw material prices have seen increases, with steel prices up by 0.70%, aluminum by 6.95%, and lithium carbonate by 16.88% as of January 8, 2026 [18][19]. Industry News - The Ministry of Industry and Information Technology has initiated testing and safety evaluations for smart connected vehicles equipped with autonomous driving features [20]. - The Ministry of Commerce projects that 17.67 million vehicles will be scrapped from 2024 to 2025, with an annual growth rate of 45.8% [22]. Corporate News - Xiaomi's new electric vehicle, the SU7, is expected to launch in April 2026 [26]. - Desay SV plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence [28]. - Hesai Technology has been selected by NVIDIA as a lidar partner for its autonomous driving platform [30]. Investment Recommendations - The report suggests focusing on companies like BYD and Seres, which are expanding their overseas markets and benefiting from the increasing penetration of smart driving technologies [33][35].

1月5日,福建省省长赵龙主持召开民营企业座谈会,与宁德时代（300750）、福耀玻璃（600660）、八马 茶业、永辉超市（601933）等19家省内龙头企业负责人深入交流,听取对经济社会发展、营商环境建设 及"十五五"规划等方面的意见建议。 赵龙勉励广大企业家坚守主业、做强实业,勇于创新创造,坚持绿色低碳发展,敢于公平竞争,积极传递正能 量,厚植家国情怀,做爱国敬业、守法经营、创业创新、回报社会的典范,为推动高质量发展、实现共同富 裕作出更大贡献。 作为茶行业唯一受邀企业,八马茶业董事长王文礼参会并发言。 公司作为中国茶叶连锁店第一品牌,于2025年在港上市,成为"高端中国茶第一股";品牌价值居行业榜首;连 续多年在安溪、武夷山等原产地茶企纳税额第一。 ...

Core Insights - The article highlights the impressive performance of Fuyao Glass, a Chinese company that holds a 34% market share in the global automotive glass industry while capturing 55% of the profits, showcasing its competitive edge over established players like Apple and Saint-Gobain [1][12]. Company Overview - Fuyao Glass specializes in automotive glass production, including windshields, side windows, and sunroofs, as well as high-end products like smart panoramic roofs and adjustable glass [5]. - Despite being a relatively new player compared to century-old companies like Saint-Gobain and Asahi Glass, Fuyao has managed to outperform them in profitability [7][12]. Competitive Advantages - Fuyao's success is attributed to its focus on lean manufacturing, minimizing waste, and maximizing material utilization, which allows for efficient production processes [17]. - The company invests significantly in technology and R&D, ensuring it attracts top talent and acquires necessary equipment, thereby enhancing its cost control capabilities and creating a technological moat [19]. - Fuyao maintains a high self-sufficiency rate in raw materials, with a 95% self-sufficiency in silica sand and over 90% in float glass, which reduces reliance on intermediaries and associated costs [28]. Operational Efficiency - The company has implemented automated production lines and AI quality inspection systems, which lower labor costs and allow for flexibility in handling small batch orders [30]. - Fuyao has established factories in 12 countries to reduce transportation and tariff costs, enhancing profit margins and providing comprehensive "one-stop" glass solutions for global automotive manufacturers [32]. Management Philosophy - The founder, Cao Dewang, emphasizes a frugal management style, focusing on practical and efficient operations while being willing to invest in critical areas like R&D [15][34].

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2026年1月5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) | 03606 | 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 | | | 606,757,200 | RMB | | 1 | RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | | 1 RMB | | 606,757,200 | II. 已發行股 ...

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12月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600660 | 說明 | A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,002,986,332 | RMB | | 1 RMB | | 2,002,986,332 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,002,986,332 | RMB | | 1 RMB | | 2,002,986,332 | 本月底法定/註冊股本總額： RMB 2,609,743,532 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司 ...

机器人本周复盘总结： 本周机器人指数+3.73%（2025年初至今+62.08%） ， 较SW汽零超额收益为 +0.83%；最新交易日机器人PE(TTM)处于2025全年的68.31%分位， PB(LF)处于全年的79.42%分位。 核心覆盖标的周度变化： 1） 【银轮股份（002126）】 增资四川银轮3.8亿元， 用于水冷板和前端模块 的产能建设， 预计2029年达产； 2） 【华达科技（603358）】 公告2025年度中期分红计划， 拟每股派 发现金红利0.15元（含税） ， 累计派发7046万元； 3） 【福达股份（603166）】 公告完成桂林福达阿 尔芬第二期25%股权的转让交易（权款4800万元） 。 银轮股份 飞龙股份 亚普股份 岱美股份 福耀玻璃 均胜电子 分时图 日K线 周K线 月K线 37.64 -0.16 -0.42% 1.48% 0.98% 0.50% 0.00% 0.50% 0.98% 1.48% 37.24 37.43 37.61 37.80 37.99 38.17 38.36 09:30 10:30 11:30/13:00 14:00 15:00 3万 14万 25万 37万 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass [2] Core Viewpoints - Fuyao Glass is a global leader in the automotive glass industry, with a market share of approximately 37% as of 2025, demonstrating strong resilience and growth potential [6][29] - The company focuses on high-value products, benefiting from the "new four modernizations" in the automotive sector, which drives an upward trend in average selling price (ASP) [6][31] - Fuyao's vertical integration strategy enhances cost control and allows for aggressive capacity expansion, positioning the company to capture global market share [6][38] - The company offers both high growth and high dividend yields, making it a rare quality asset in the market [6][38] - Profit forecasts for 2025-2027 indicate net profits of 98.31 billion, 113.58 billion, and 132.42 billion yuan, with corresponding price-to-earnings ratios of 17.12, 14.82, and 12.71 times, respectively [6] Summary by Sections 1. Automotive Glass Leader with Strong Resilience and Growth Alpha - Fuyao Glass has established a strong competitive moat over its 40 years of development, focusing on the automotive glass sector and achieving significant market share [15][16] - The company has maintained a high revenue concentration in automotive glass, with 91.1% of total revenue coming from this segment in 2025H1 [25][29] 2. Increasing Penetration of New Energy Vehicles and High-Value Products Driving Growth - The penetration rate of new energy vehicles has increased significantly, with high-value products like panoramic roofs and HUDs contributing to revenue growth [43][46] - The ASP of Fuyao's products is expected to continue rising due to the increasing share of high-value products, which accounted for 52.2% of sales by 2025Q3 [46][70] 3. Investment Recommendations - The report suggests that Fuyao Glass is well-positioned for future growth, supported by its strong market position, innovative product offerings, and robust financial performance [6][38]

目前推荐福耀玻璃的主要逻辑是什么？ 目前推荐福耀玻璃主要基于以下三点逻辑： 福耀玻璃 20251228 摘要 福耀玻璃当前估值已回落至 15 倍以内，处于历史分位数后 20%水平， 具备较高的安全边际，预计 2026 年收入和利润增长率分别约为 15%和 15%-20%。 前期行业复苏预期不佳导致股价下跌，但随着 2026 年补贴政策等落地， 市场对明年汽车销量增速的预期或将改善，汽车产业链对 GDP 和社零贡 献大，补贴延续性强，利好行业。 福耀玻璃具备较强的顺价能力，可将部分成本压力转嫁，美国电价上涨 对其成本影响有限（占比约 4%），规模效应显著，有助于对冲成本波 动，新产能投放对毛利率影响有限。 福耀玻璃国内市场占有率约 70%，全球市场接近 40%，受行业整体环 境影响显著，前期股价下跌和新能源购置税政策加剧了市场悲观情绪。 新任总裁上任后，公司在产品边界拓展等方面或有积极发展，海外前装 市场和国内后装市场订单充足，支持公司扩产计划。 新产能投放初期（如 2026 年）盈利可能承压，但预计 2027 年整体盈 利将明显改善，当前估值低且具有高安全边际，值得重点关注。 Q&A 福耀玻璃近期股价调整的主 ...