Core Viewpoint - The stock of Fuyao Glass has shown a positive trend with a 5.17% increase year-to-date, reflecting strong market interest and investment activity in the company [1]. Financial Performance - For the period from January to September 2025, Fuyao Glass reported a revenue of 12.464 billion yuan, representing a year-on-year decrease of 14.66% [2]. - The net profit attributable to shareholders for the same period was 638 million yuan, down 50.79% compared to the previous year [2]. Stock Market Activity - On January 16, Fuyao Glass's stock price increased by 2.04%, reaching 16.48 yuan per share, with a trading volume of 257 million yuan and a turnover rate of 0.83% [1]. - The company experienced a net inflow of main funds amounting to 18.99 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Fuyao Glass was 68,300, a decrease of 3.88% from the previous period [2]. - The company has distributed a total of 2.833 billion yuan in dividends since its A-share listing, with 1.75 billion yuan distributed over the last three years [3]. Business Overview - Fuyao Glass, established on June 24, 1998, and listed on February 15, 2019, specializes in the research, production, and sales of photovoltaic glass, float glass, engineering glass, and household glass [1]. - The main revenue sources for the company include photovoltaic glass (89.76%), power generation income (3.16%), and engineering glass (3.14%) [1].

Group 1 - The core viewpoint of the article is that the fluctuations in the secondary market stock price of the company are influenced by various factors including macroeconomic environment, industry cycles, market sentiment, and investor expectations [1] - The company acknowledges that differences in stock price performance compared to other companies are normal [1] - The company is committed to enhancing product quality and strengthening cost management to improve intrinsic value and strive to create long-term stable investment returns for shareholders [1]

Group 1 - The company has taken proactive measures to stabilize its operating performance [1] - The company has established a market value management system to enhance communication with investors [1] - The company aims to convey accurate information to the market through information disclosure and investor communication [1]

Core Viewpoint - The company, Fuyao Glass, is committed to deepening its involvement in the renewable energy sector while closely monitoring industry trends and evaluating related opportunities as they arise [1]. Group 1 - The company will continue to focus on the renewable energy field [1]. - The company is attentive to industry development trends [1]. - The company plans to assess relevant opportunities in a timely manner [1].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights that China has submitted applications for over 200,000 new satellites, marking the largest international frequency and orbit resource application in the country's history [3]. - Starting from April 2026, the export tax rebate for photovoltaic products will be canceled, which may impact the industry dynamics [4]. - The photovoltaic power generation utilization rate for January to November 2025 was reported at 94.8%, indicating strong performance in the sector [4]. Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Haibo Sichuang (688411.SH) - Buy - A - Sunshine Power (300274.SZ) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Price Tracking - The average price of dense polysilicon is reported at 54.0 CNY/kg, up 3.8% from the previous week, while granular silicon is at 52.0 CNY/kg, up 4.0% [5]. - The average price for 182-183.75mm N-type battery cells is 0.39 CNY/W, reflecting a 2.6% increase [6]. - The price for 182*182-210mm TOPCon double-glass modules is 0.70 CNY/W, showing a 0.3% increase [7]. Investment Suggestions - The report recommends focusing on companies in various sectors: - BC new technology: Aishuo Co., Ltd. - Supply-side: Daqian Energy, Fulete - Light storage: Haibo Sichuang, Sunshine Power - Power marketization: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Additional companies to watch include Longi Green Energy, Hongdian East Magnet, and others [8].

作者：公告君 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 有投资者在互动平台向福莱特提问："请问公司在面对股价持续阴跌中，有哪些措施来维护当前投资环 境呢？在牛市环境中公司股价持续下跌中，大量中小投资者损失惨重，难道公司就这样放任不管？丝毫 没有国家提倡的市值管理措施吗？希望可以得到正面回应，感谢回复。" 针对上述提问，福莱特回应称："尊敬的投资者，您好，我们理解您对公司股价持续下跌的关切，也深 知广大中小投资者在资本市场波动中承受的压力。公司已采取积极措施稳定经营业绩，并且建立了市值 管理相关制度，通过信息披露，投资者沟通等方式向市场传递准确信息。我们将继续努力，感谢您对我 司的关注！" ...

Group 1 - Citigroup upgraded the rating of Fuyao Glass from "Sell" to "Neutral" due to the expected reduction of the export value-added tax rebate rate for solar products in mainland China to zero starting in April [1] - It is anticipated that the demand for Fuyao Glass's solar glass may increase in the first quarter of this year due to component exports [1] - The bank initiated a 90-day positive catalyst observation while maintaining its earnings forecast and target price of HKD 11 [1]

Core Viewpoint - Citigroup has upgraded the rating of Fuyao Glass (06865) from "Sell" to "Neutral" with a target price of HKD 11, while maintaining its earnings forecast and target price unchanged due to uncertainty in demand after April 1, 2026 [1] Group 1 - Citigroup expects that the export of photovoltaic components by Fuyao Glass in Q1 2026 may drive short-term demand for solar glass, as China will eliminate the export VAT rebate (currently at 9%) for photovoltaic products starting April 1, 2026 [1] - The anticipated price-to-book ratio of 0.9 times in 2029 remains attractive for investors [1] - Citigroup has initiated a 90-day observation period for potential catalysts related to the company due to the aforementioned reasons [1]

花旗发布研报称，予福莱特（601865）玻璃(06865)目标价11港元，评级从"沽售"上调至"中性"。由于 2026年4月1日后的需求存在不确定性，花旗并未将该公司评级上调至"买入"。对该公司盈利预测和目标 价保持不变。2029年预期市账率0.9倍，仍具吸引力。 花旗表示，预计福莱特玻璃2026年第一季光伏组件出口，可能推动短期对太阳能玻璃的需求增加，因为 自2026年4月1日起，中国将取消光伏产品出口增值税退税(目前为9%)。同时，出于同样的原因，该行对 该公司进行为期90天的积极催化剂观察。 ...

格隆汇1月13日丨根据联交所最新权益披露资料显示，2026年1月7日，福莱特玻璃(06865.HK)获JPMorgan Chase & Co.以每股均价10.2121港元增持好仓189.58 万股，涉资约1936.01万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为63,047,111股，持好仓比例由13.84%上升至14.27%。 | 股份代號: | | --- | | 上市法國名稱: | | 日期 (日 / 月 / 年): | | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的 | | | --- | --- | --- | --- | --- | --- | --- | | | 微量 | 泉区 | | | 請參閱上述*註解)有投票權股(日/月/年 | | | | | | | | 份自分比 | | | Children and Children and Children and Children and Children the Children CS20260112E0 ...