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 ...

| 股份代號: | | --- | | 上市法國名稱: | | 日期(日 / 月 / 年): | 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%。 | 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 份數目 | | | 請參閱上述*註解)有投票權股(日/月/年 | | | | | | | | | 份自分比 | | | SOLUM GROUP STATUS MARK STORE STORE FREMAILS CONSTITUTION OF CS20260112E00 ...

Investment Rating - The report maintains a "Buy" rating for several companies, including Aishuo Co., Ltd. (600732.SH), Daqian Energy (688303.SH), Haibo Sichuang (688411.SH), Sungrow Power Supply (300274.SZ), Flat Glass Group (601865.SH), Longxin Group (300682.SZ), and Quartz Co., Ltd. (603688.SH) [2] Core Insights - The solar industry has experienced a decline in new installations, with November 2025 seeing a 11.9% year-on-year decrease, totaling 22.0 GW. However, the cumulative new installations from January to November 2025 reached 274.89 GW, reflecting a 33.2% increase year-on-year [3][13] - Solar module exports in November 2025 amounted to 171.4 billion yuan, marking a 33.9% year-on-year increase and a 6.6% month-on-month increase. The cumulative export value from January to November 2025 was 1854.0 billion yuan, down 9.0% year-on-year [4][16] - Inverter exports also showed positive growth, with November 2025 exports reaching 54.5 billion yuan, a 25.6% year-on-year increase and a 13.0% month-on-month increase. The cumulative export value for inverters from January to November 2025 was 587.5 billion yuan, up 8.7% year-on-year [4][28] - Solar power generation in November 2025 increased by 23.4% year-on-year, contributing to 5.29% of the total national power generation, which was 7792 billion kWh, a 2.7% increase year-on-year [5][41] Summary by Sections New Installations - November 2025 saw a domestic solar installation of 22.0 GW, down 11.9% year-on-year but up 74.8% month-on-month. Cumulative installations for the year reached 274.89 GW, up 33.2% year-on-year [3][13] Exports - Solar module exports in November 2025 were 171.4 billion yuan, up 33.9% year-on-year and 6.6% month-on-month. Cumulative exports for the year were 1854.0 billion yuan, down 9.0% year-on-year [4][16] - Inverter exports reached 54.5 billion yuan in November 2025, a 25.6% year-on-year increase and a 13.0% month-on-month increase. Cumulative exports for the year were 587.5 billion yuan, up 8.7% year-on-year [4][28] Power Generation - Solar power generation in November 2025 was 412.2 billion kWh, reflecting a 23.4% year-on-year increase and accounting for 5.29% of total national power generation [5][41] Investment Recommendations - The report recommends focusing on companies such as Aishuo Co., Ltd. for new technology, Daqian Energy and Flat Glass Group for supply-side initiatives, Haibo Sichuang and Sungrow Power Supply for energy storage, Longxin Group for market-oriented strategies, and Quartz Co., Ltd. for domestic substitution [5][46]

Core Viewpoint - The stock of Fuyao Glass Industry Group Co., Ltd. has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 37.767 billion yuan. The company primarily operates in the photovoltaic glass sector, which constitutes the majority of its revenue [1]. Financial Performance - As of September 30, 2025, Fuyao reported a revenue of 12.464 billion yuan, reflecting a year-on-year decrease of 14.66%. The net profit attributable to shareholders was 638 million yuan, down 50.79% compared to the previous year [2]. - The company has distributed a total of 2.833 billion yuan in dividends since its A-share listing, with 1.750 billion yuan distributed over the last three years [3]. Shareholder Information - The number of shareholders for Fuyao decreased to 68,300, a reduction of 3.88% from the previous period. The average circulating shares per person remained at 0 [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 33.427 million shares, an increase of 4.554 million shares from the previous period. Additionally, GF High-end Manufacturing Stock A has entered as a new shareholder with 19.418 million shares [3]. Stock Performance - Year-to-date, Fuyao's stock price has increased by 2.87%, with a similar increase over the last five trading days. However, the stock has seen a decline of 9.08% over the past 60 days [1]. Business Overview - Fuyao Glass, established on June 24, 1998, and listed on February 15, 2019, is based in Jiaxing, Zhejiang Province. The company specializes in the research, production, and sales of various types of glass, with photovoltaic glass accounting for 89.76% of its main business revenue [1]. - The company operates within the power equipment industry, specifically in photovoltaic equipment and materials, and is associated with concepts such as carbon neutrality and special glass [1].

中国证券报记者从业内人士处核实，本次约谈确有其事。市场监管总局要求中国光伏行业协会及被约谈 企业不得约定产能、产能利用率、产销量及销售价格；不得通过出资比例，以任何形式进行市场划分、 产量分配、利润分配；不得当前、今后就价格、成本、产销量等信息开展沟通协调。市场监管总局还要 求协会及被约谈企业在1月20日前向市场监管总局提交书面整改措施。 光伏股全线走低，截至发稿，新特能源(01799)跌3.23%，报7.19港元了；信义光能(00968)跌1.55%，报 3.18港元；福莱特（601865）玻璃(06865)跌1.35%，报10.2港元。 消息面上，据证券时报报道，1月8日，业内流传的一份会议纪要内容显示，北京市场监管总局约谈了中 国光伏行业协会、通威股份（600438）、协鑫科技、大全能源、新特能源、亚洲硅业、东方希望。会议 主要内容涉及通报有关垄断风险、提出明确整改意见并对企业做好整改工作提出要求等。 ...

光储 2026 年展望：光伏蛰伏迎拐点，储能方兴未艾时 20260108 摘要 2027 年国内光伏装机量预计下降至 180-200GW，同比下降约 35%， 主要受前期抢装影响。集中式电站依赖大基地项目驱动，分布式光伏年 底或有修复，但整体需求下滑。 全球组件需求预计在 2027 年降至 600GW 以下，同比下降约 8.5%。 海外市场出口同比下降约 5%，欧洲、拉美需求稳定，新兴市场需求较 好，但美国市场因政策影响呈现负增长。 储能市场快速发展，政策支持和峰谷价差扩大推动商业模式成熟。中国 新增招标量同比增长 75%以上，美国受政策影响出现抢装，欧洲转向大 规模储能，新兴市场需求多点开花，预计明年全球储能市场增长超 40%。 光伏产业链企业报表有望在二季度改善，不低于成本价销售政策和反内 卷措施推动价格修复，高功率组件技术进步助力企业提升盈利能力。 光伏主产业链反内卷取得阶段性成果，硅料、硅片、电池、组件价格回 暖，部分公司三季度业绩扭亏为盈。组件格局优化，TOPCon 等新技术 提升溢价。 Q&A 2026 年光伏储能的需求和供给展望如何？ 2026 年光伏储能市场预计将出现负增长。根据 1-11 月 ...

每经AI快讯，港股光伏股普遍活跃。截至发稿，福莱特玻璃(06865.HK)涨4.67%，报10.32港元；信义光 能(00968.HK)涨3.25%，报3.18港元；协鑫科技(03800.HK)涨2.65%，报1.16港元；新特能源(01799.HK) 涨1.18%，报7.69港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The photovoltaic (PV) sector is experiencing increased activity, with notable stock price rises for companies such as Fuyao Glass, Xinyi Solar, GCL-Poly Energy, and New Times Energy, following regulatory announcements aimed at addressing price violations and promoting industry stability [1] Group 1: Market Activity - Fuyao Glass (06865) increased by 4.67%, reaching HKD 10.32 [1] - Xinyi Solar (00968) rose by 3.25%, reaching HKD 3.18 [1] - GCL-Poly Energy (03800) saw a 2.65% increase, reaching HKD 1.16 [1] - New Times Energy (01799) gained 1.18%, reaching HKD 7.69 [1] Group 2: Regulatory Environment - On December 26, the State Administration for Market Regulation reported price violations in the PV industry, emphasizing the need for the sector to recognize the importance of addressing "involution" competition [1] - GF Securities anticipates that the regulatory requirements will lead to further implementation of anti-involution measures, potentially improving industry profitability by 2026 [1] Group 3: Industry Outlook - Guosheng Securities predicts that 2025 will mark a turning point for the PV industry, with policies aimed at curbing low-price competition and tightening energy consumption standards, leading to the exit of high-cost production capacities [1] - The polysilicon segment is expected to rebound first, with prices rising nearly 50% since July's low, initiating industry consolidation [1] - The firm forecasts that by 2026, the price center will stabilize between 60-80 RMB/kg, with significant profit recovery anticipated for leading companies [1]

国盛证券（002670）指出，2025年光伏行业迎来系统性""反内卷"拐点，中央到部委密集出台政策遏制 低价竞争，能耗标准大幅收紧加速高成本产能退出。多晶硅环节率先触底反弹，价格自7月低点上涨近 50%，行业整合启动，该行预计2026年价格中枢将稳定于60–80元/kg，龙头盈利有望显著修复。 消息面上，12月26日，市场监管总局通报了光伏行业价格违法问题和风险，并强调全行业要充分认识整 治光伏行业"内卷式"竞争的重要性。广发证券认为，在市场监管总局的进一步要求下，光伏反内卷有望 得到进一步落实与加强，行业盈利改善可期，看好2026年光伏产业链下游组件环节的盈利改善。 光伏股普遍活跃，截至发稿，福莱特（601865）玻璃(06865)涨4.67%，报10.32港元；信义光能(00968) 涨3.25%，报3.18港元；协鑫科技(03800)涨2.65%，报1.16港元；新特能源(01799)涨1.18%，报7.69港 元。 ...