Core Viewpoint - The leading photovoltaic glass company, Fuyao (601865.SH), is actively responding to the Ministry of Industry and Information Technology's call to reduce photovoltaic glass production capacity to alleviate industry pressure and losses [1][3][4]. Industry Summary - The total cold repair capacity in the photovoltaic glass industry, including Fuyao's reduction, accounts for 32.18% of the domestic total capacity, with operational capacity currently below 87,000 tons per day [2][7]. - The industry is experiencing significant pressure, leading to a reality where production cuts are being implemented to reduce losses, with several companies announcing kiln shutdowns and production reductions [3][4][6]. - The competitive landscape has intensified, resulting in substantial price declines for photovoltaic glass products, which has led to ongoing losses for companies like Hainan Development and Fuyao [6][11]. - The overall production capacity in the photovoltaic industry is expected to continue declining, as the Ministry of Industry and Information Technology encourages leading companies to further reduce output [7][15]. Company Summary - Fuyao holds approximately 30% of the global market share in the photovoltaic glass sector and has seen a significant decline in gross margins due to falling prices since the second half of last year [4][11]. - The company is projected to report a net profit of 230 million to 280 million yuan for the first half of 2025, representing a year-on-year decrease of 81.32% to 84.66% due to industry overcapacity and intensified competition [11]. - Despite the challenges, Fuyao's production capacity utilization for 2024 is still expected to be 91.47%, indicating a relatively stable operational performance compared to other segments [8].

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。 ...

小程序：A股盘前市场要闻速递 重要新闻 1. 加强个人境外收入监管，境外买卖股票收入也要缴税 《金融时报》刊文，据了解，近期有纳税人收到了税务部门通知，告知其需要依法办理境外所得申报并 缴纳相应税款。"根据我国个人所得税法，个人股票交易所得属于财产转让所得，应当适用20%的税率 按次征收。其中，个人在境内二级市场的股票交易所得暂免征收个人所得税；在境外直接进行股票交易 所得没有免税规定，需要在取得所得的次年申报纳税。"吉林财经大学税务学院院长张巍解释说。为了 更加合理的征收，我国税务部门在征管时，允许纳税人按照纳税年度盈亏相抵，但不允许跨年互抵。依 法纳税是每个公民应尽的义务。个人未申报或者未如实申报境外所得，除了会被税务机关要求补缴税款 外，还会被加收滞纳金，情形严重的还可能被稽查部门立案检查，将面临税务处罚。纳税人如果发现自 己此前申报个税时，存在少报、漏报境外所得的，要及时补正。 2. 央行7月未进行公开市场国债买卖 央行公布7月中央银行各项工具流动性投放情况，其中MLF净投放1000亿元，买断式逆回购净投放2000 亿元，未进行公开市场国债买卖。 3. 乘联分会：7月全国新能源乘用车厂商批发销量同比增 ...

8月4日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在机器人、半导体等 方面最新情况： 容大感光：公司向胜宏科技供应的产品主要是PCB光刻胶系列产品 【半导体】 福莱特：积极响应工信部"反内卷"号召，减少光伏玻璃产能供给 【机器人】 【无人驾驶】 天准科技：天准星智布局了智能驾驶域控制器 可服务于Robotaxi领域 【PCB】 【热点回应】 【其他】 (本文来自第一财经) 昊志机电：与客户共同开发的按摩机器人已成功应用于美业专业连锁机构 春晖智控：公司产品目前未应用于机器人领域 鑫宏业：正聚焦人形机器人线缆技术研发与产品迭代 隆鑫通用：与宇树科技暂无合作 君实生物：公司尚无抗生素相关业务 华工科技：1.6T自研硅光模块在重点客户已进入送样测试阶段 大元泵业：公司目前已有适配于氟泵自然冷系统的产品 中远通：公司的电源产品是液冷服务器相关设备的核心组成部分 中国化学：正与雅鲁藏布江下游工程相关业主进行业务对接 格林美：公司超高镍9系三元前驱体已通过量产认证并实现了十吨级小规模量产 扬杰科技：公司新发布的产品可应用于AR眼镜等相关产品领域 华工科技：1.6T自研硅光模块在重点客户已进入送样测 ...

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 [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 performance, with net profits improving compared to previous periods [3]

北京商报讯（记者 马换换 王蔓蕾）8月4日晚间，针对投资者提问"光伏多晶硅已经在紧锣密鼓的整合去 产能，请问光伏玻璃会不会有去产能行动？"相关问题，福莱特（601865）在互动平台表示，公司作为 龙头企业，积极响应工信部反内卷号召，减少光伏玻璃产能供给。 ...