此外，通威刘汉元近期表示，硅料收储不会触及反垄断。南华期货（603093）发布研报称，多晶硅方 面，当前市场短期交易主线围绕"11月收储平台成立与否"展开，后续将逐步切换至"11月仓单集中注 销"的预期博弈，同时需警惕政策或节点真空期内各类不实信息对市场情绪的扰动。 招商期货发布研报称，11月硅片、电池片排产环比十月分别下滑 4.9%、1.0%。 9 月光伏新增装机 9.66GW，同比-53.8%，环比-31.25%。"136 号文"机制电价政策在各省密集出台，预计国内第四季度光 伏装机增长承压。 光伏股尾盘跌幅扩大，截至发稿，新特能源(01799)跌3.31%，报7.88港元；福莱特（601865）玻璃 (06865)跌2.81%，报11.43港元；福耀玻璃（600660）(03606)跌2.64%，报66.5港元；信义光能(00968)跌 1.43%，报3.45港元。 ...

Core Viewpoint - The domestic photovoltaic demand in Q3 2025 has weakened due to the end of the rush for installation, but the financial performance of the main industry chain and glass segments has significantly improved, with a focus on potential price increases for components and further profit release for silicon material companies in Q4 2025 [1] Industry Summary - **Main Industry Chain Recovery**: The upstream of the main industry chain has significantly recovered, while the component prices are yet to show a clear upward trend. After the end of the rush for installation in the first half of 2025, photovoltaic demand has weakened, but the performance of silicon materials and silicon wafers has greatly improved due to anti-involution efforts [2] - **Stable Processing Fees and Glass Profit Improvement**: The shipment of slurry in Q3 2025 has slightly increased quarter-on-quarter, with overall gross margins remaining stable. Attention is drawn to the pace of mass production of low-cost metal slurry from this year to the first half of next year, as well as the second growth curve of leading companies. Leading glass and film companies have strengthened their advantages due to a higher proportion of overseas shipments and continuous cost reductions [3] - **High Demand for Energy Storage**: Despite a certain degree of weakness in inverter exports due to the European off-season in Q3 2025, domestic energy storage bidding has increased significantly year-on-year, driving demand for centralized inverters and energy storage systems. The large-scale energy storage market remains robust, with strong performance in emerging markets such as Australia and Southeast Asia [4] - **Focus on Q4 2025 Financial Recovery**: The overall profit and operating cash flow of the sector have improved significantly in Q3 2025. The average transaction price of silicon materials is expected to continue to rise quarter-on-quarter in Q4 2025, and with the support of anti-involution efforts, component prices are likely to gradually increase. The outlook for energy storage remains positive, with expectations of high growth in domestic large-scale energy storage installations and demand recovery in Europe [5] Company Recommendations - **Silicon Material Segment**: Recommended companies include Tongwei Co., Ltd. (600438), Daqo New Energy (688303) [6] - **High-Efficiency Component Leaders**: Recommended companies include JinkoSolar (688223), Aiko Solar (600732) [6] - **Copper Slurry and Second Growth Curve**: Recommended companies include Dike Co., Ltd. (300842), Juhe Materials (688503) [6] - **Glass Segment**: Recommended companies include Xinyi Solar (00968), Flat Glass Group (601865) [6] - **Energy Storage**: Recommended companies include Deye Technology (605117), Tongrun Equipment (002150), Ginlong Technologies (300763), Sangfor Technologies (300827), Yunnan Energy (688348), and Canadian Solar (688472) [6]

格隆汇11月20日丨根据联交所最新权益披露资料显示，2025年11月14日，福莱特玻璃(06865.HK)遭JPMorgan Chase & Co.以每股均价12.6837港元减持好仓 112.7万股，涉资约1429.45万港元。 | 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 有關事件的日 | | | | --- | --- | --- | --- | --- | --- | --- | | | 分野三 | | | 出一五一篇：是一是一定股票的一次上一起的照 | | | | | | | | "分目分 市 | | | | | | | | 196 | | | | CS20251119E00260 | JPMorgan Chase & Co. | 1201(L) | 1,127,000(L | HKD 12.6837 61.318.657(L) | | 13.88(L)14/11/2025 | | | | | | | 14.037,645(S) | 3.17(S) | | | | | | | 5,196,615(P) ...

Group 1 - JPMorgan Chase & Co. reduced its holdings in Fuyao Glass (06865.HK) by selling 1.127 million shares at an average price of HKD 12.6837 per share, amounting to approximately HKD 14.2945 million [1] - Following the sale, JPMorgan's total holdings in Fuyao Glass decreased to 61,318,657 shares, representing a reduction in ownership from 14.13% to 13.88% [1]

Group 1 - Morgan Stanley reduced its stake in Fuyao Glass (601865) by 1.127 million shares at a price of HKD 12.6837 per share, totaling approximately HKD 14.2945 million [1] - After the reduction, the latest number of shares held by Morgan Stanley is approximately 61.3187 million, representing a holding percentage of 13.88% [1]

Group 1 - On November 14, JPMorgan reduced its stake in Fuyao Glass (06865) by 1.127 million shares at a price of HKD 12.6837 per share, totaling approximately HKD 14.2945 million [1] - After the reduction, JPMorgan's latest holding is approximately 61.3187 million shares, representing a holding percentage of 13.88% [1]

Group 1 - Morgan Stanley increased its stake in Fuyao Glass (06865) by 874,999 shares at a price of HKD 12.8201 per share, totaling approximately HKD 11.2176 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 62.4457 million, representing a holding percentage of 14.13% [1]

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公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） | 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-073 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | （股份代號：6865） 海外監管公告 本公告乃由福萊特玻璃集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條作出。 以下為本公司於上海證券交易所網站刊登之《福萊特玻璃集團股份有限公司關於2025年第三季度業 績說明會情況的公告》，僅供參閱。 承董事會命 福萊特玻璃集團股份有限公司 董事長 阮洪良 中國浙江省嘉興市，二零二五年十一月十九日 在本公告之日，執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和沈其甫先生， 獨立非執行董事為徐攀女士、杜健女士和吳幼 ...

| 证券代码：601865 | 股票简称：福莱特 公告编号：2025-073 | | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | 福莱特玻璃集团股份有限公司 关于 2025 年第三季度业绩说明会情况的公告 二、本次说明会投资者提出的主要问题及公司回复情况 本次说明会上，公司就投资者提出的问题给予了回复，现将主要问题及回复 整理如下： 问题 1：公司本期整体业绩水平如何？ 回复：尊敬的投资者，您好，我司第三季度归属于上市公司股东的净利润为 3.76 亿元，和去年同期的-2.03 亿元相比，大幅提升。感谢您对我司的关注！ 问题 2：对未来的发展有何展望？有哪些具体的战略规划？ 回复：尊敬的投资者，您好，我司将继续专注主业，不断通过提质增效，精 细化管理，研发投入以及拓展海外布局等方面构建核心竞争力，感谢您对我司的 关注！ 问题 3：技术创新和产业升级方面有哪些举措？ 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为便于广大投资者更全面深入地了解福莱特玻璃集团股份有限公司（以下简 称"公司"）2 ...

Core Viewpoint - The company announced a significant improvement in its third-quarter net profit, indicating a strong recovery and focus on core business operations [1] Financial Performance - The net profit attributable to shareholders for the third quarter reached 376 million yuan, a substantial increase compared to a net loss of 203 million yuan in the same period last year [1] Strategic Focus - The company plans to continue focusing on its main business by enhancing quality and efficiency through refined management practices [1] - There will be increased investment in research and development as well as technological innovation to improve product performance [1]