福莱特公告称，公司拟与关联方义和投资共同出资5000万元设立上海福捷新材料有限公司，公司持股 40%。本次交易构成关联交易，但不构成重大资产重组。2025年12月25日，相关议案已获公司第七届董 事会相关会议审议通过，无需提交股东会审议。投资标的设立尚需取得市场监督管理部门核准登记。该 投资不会导致公司合并报表范围变更，不影响正常生产经营，但未来可能面临市场和经营风险。 ...

（原标题："A+H"，什么情况？H股类别股东大会频现反对票，ESG议题成两地上市新关切） "我们也很纳闷，这就是个普通的议案，不知道他们（H股股东）为什么要反对。"一位"A+H"上市公司的人士近期对记者表示。 据悉，其所在的上市公司H股类别股东大会在审议一些普通议案时，出现了不少反对票。 证券时报·e公司记者梳理发现，这种情况不是个案。在诸多"A+H"上市公司H股类别股东大会上，频频出现大量反对票，不时有议案遭否决。 一位在央企下属上市公司负责ESG事项的人士对记者表示："他们（海外投资机构）很看重上市公司的ESG内容，投反对票是一种对公司治理的表 态。" 在中国社会科学院教授、责任云研究院院长钟宏武看来，目前ESG已从"加分项"升级为"入场券"，ESG报告作为企业与全球资本对话的重要载 体，报告质量直接关系着企业能否跨越跨境资本的信任门槛。 对此，上海交通大学上海高级金融学院教授邱慈观认为，社会制度、文化差异导致双方关切的ESG议题并不一致。在她看来，全世界不应该只有 一套ESG标准，也不是只有一种标准是合理的。 H股类别股东大会频现反对票 在12月23日召开的中国能建2025年第二次H股类别股东大会上，唯 ...

估值与节奏：当前主产业链主要公司估值仍在1xP/B~2.5xP/B的历史底部区间，2Q26需求修复+反内卷 推进+产品结构优化，有望迎来业绩批量转正及板块性机会。储能经历25年下半年上涨后估值有所修 复，关注需求超预期兑现带来下一波行情。 标的方面，建议关注：1)优质大储、工商储企业阿特斯(688472.SH)、上能电气(300827.SZ)、德业股份 (605117.SH)、通润装备(002150.SZ)、昱能科技(688348.SH)等；2)高功率组件晶科能源(688223.SH)、爱 旭股份(600732.SH)、天合光能(688599.SH)等；3)协鑫科技(03800)、通威股份(600438.SH)、大全能源 (688303.SH)等硅料企业；4)格局优化的信义光能(00968)、福莱特(601865.SH)等；5)新产品兑现的帝科 股份(300842.SZ)、聚和材料(688503.SH)。 风险因素 需求不及预期风险，反内卷效果不及预期，地缘政治风险。 装机走弱下玻璃胶膜分化，关注铜浆及半导体等第二增长曲线 明年国内装机下滑，玻璃胶膜企业利润情况会出现分化，有海外客户基础的企业会增加出口占比、 ...

供需方面，报告认为2026年行业产能利用率两极分化将加剧。若实现供需平衡，国内光伏玻璃产能需在 现有基础上减少5,000至20,000吨。由于明年国内组件需求减弱，对应光伏玻璃需求预计下滑约23%至 36%；海外组件需求有望较今年增长约60GW，总需求预计达到150GW。据中金测算，届时仍需国内调 配约8,800吨产能以玻璃形态直销海外。在此背景下，具备海外客户基础的企业有望维持较高开工率； 而出口能力较弱的企业，将因库存持续累积、难以转化为收入而面临经营压力，最终可能导致现金流断 裂、产能被动退出。 智通财经APP获悉，中金发布研报称，光伏玻璃行业目前需求冷淡，库存天数加速上升，价格已降至每 平方米11.5元人民币，四家龙头企业盈利已接近盈亏平衡线，其余企业亏损进一步加深。推荐信义光能 (00968)、福莱特玻璃(06865)，建议关注南玻A(000012.SZ)及旗滨集团(601636.SH)，维持覆盖公司的估 值及盈利预测不变。 价格及成本方面，该行预计明年价格较今年趋于稳定。今年2.0mm光伏玻璃含税均价为每平方米12.59 元人民币，同比下降15.83%。根据不低于成本销售的行业指引，明年全年均价有 ...

Core Viewpoint - The photovoltaic glass industry is currently experiencing weak demand, with inventory days increasing and prices dropping to RMB 11.5 per square meter, leading to near breakeven profitability for four leading companies while others face deepening losses [1] Supply and Demand - The report indicates that by 2026, the industry's capacity utilization will become increasingly polarized, requiring a reduction of 5,000 to 20,000 tons of domestic photovoltaic glass capacity to achieve supply-demand balance [1] - Domestic demand for photovoltaic glass is expected to decline by approximately 23% to 36% due to weakened component demand next year, while overseas component demand is projected to grow by about 60 GW, reaching a total demand of 150 GW [1] - Approximately 8,800 tons of domestic capacity will still need to be allocated for direct sales of glass overseas, benefiting companies with an established overseas customer base while those with weaker export capabilities may face operational pressures due to accumulating inventory [1] Price and Cost - The average price of 2.0mm photovoltaic glass is expected to stabilize next year, with the average price for this year being RMB 12.59 per square meter, a year-on-year decrease of 15.83% [2] - The average price for next year is projected to remain in the range of RMB 13 to 13.5 per square meter [2] Profitability - Leading companies are expected to see an increase in profit margins, with two leading firms projected to improve their overall profit margins by approximately 5 percentage points compared to this year [2] - Second-tier leading companies, such as South Glass A and Qibin Group, may see profit margins increase by 2 to 3 percentage points, while most second-tier and lower-tier companies lack an overseas customer base, making it difficult to improve profitability through exports [2]

标的方面：推荐信义光能(00968)、福莱特(601865.SH)，建议关注南玻A(000012.SZ)及旗滨集团 (601636.SH)。 基于这种情况，中金认为，有海外客户基础的光伏玻璃企业仍能保持相对较好的开工率；而产品出口能 力有限的企业最终会因库存持续增加且无法转化为收入，使得生产经营维系压力增加，最终导致现金流 断裂，产能被动出清。 价格及成本方面，明年相较今年有望趋于稳定。今年2.0mm光伏玻璃含税均价12.59元/平方米，同比下 滑15.83%。中金认为，明年均价按照不得低于成本价销售的指引，全年有望维持在13-13.5元/平方米。 成本方面，明年整体存在小幅压降的空间，主要系重碱、超白石英砂供过于求，价格有小幅下调空间， 天然气价格平稳，澄清剂中锑用量逐步降低所致。 利润方面，头部企业利润率中枢有望上浮，而二线以下企业利润存在继续下探的风险。国内方面，明年 龙头玻璃企业国内盈利较今年有所改善；同时，二线头部以下玻璃企业难以通过低于行业均价的售价来 增加玻璃销量，利润转化困难。 海外方面，由于外资组件厂商需求持续攀升，预期净利润仍能保持在3元/平方米以上。头部企业可以通 过增加海外出货占比提升 ...

机构：中金公司 研究员：马妍/刘佳妮/石玉琦 行业近况 海外方面，由于外资组件厂商需求持续攀升，我们预期净利润仍能保持在3 元/平方米以上。头部企业 可以通过增加海外出货占比提升综合利润率。我们测算，头部两家企业综合利润率相较今年有望提升 5ppt；二线头部企业南玻A和旗滨集团的综合利润率有望提升2-3ppt；而国内二线中部及以下企业大多 数没有海外客户基础，难以通过出口产品获取更高的利润从而改善生存状态。 估值与建议 推荐信义光能、福莱特，建议关注南玻A（建材组覆盖）及旗滨集团（与建材组联合覆盖），维持覆盖 公司估值及盈利预测不变。 风险 宏观经济风险，政策性风险，贸易摩擦风险，产业链博弈风险；原燃料价格波动风险，产品替代风险。 供需方面，我们认为2026 年产能利用率两极分化加深，若达到供需平衡，国内光伏玻璃产能相较今年 需减产5000-20000 吨。 由于明年国内组件需求减弱，对应光伏玻璃需求下滑约23-36%；海外组件需求有望较今年增长约 60GW，总需求有望达到150GW，我们测算仍需要国内调配8800 吨产能，以玻璃形态直销海外。基于 这种情况，我们认为，有海外客户基础的光伏玻璃企业仍能保持相对 ...

价格及成本方面，该行认为明年相较今年有望趋于稳定。今年2.0mm光伏玻璃含税均价每平方米12.59 元，按年下滑15.83%。该行认为明年均价按照不得低于成本价销售的指引，全年有望维持在每平方米 13至13.5元。利润方面，该行认为龙头企业利润率中枢有望上浮，而二线以下企业利润存在继续下探的 风险。该行推荐信义光能、福莱特，建议关注南玻A及旗滨集团。 格隆汇12月23日｜中金发表报告指，光伏玻璃需求冷淡，库存天数加速上行，价格降至每平方米11.5 元。供需方面，该行认为2026年产能利用率两极分化加深，若达到供需平衡，国内光伏玻璃产能相较今 年需减产5000至20000吨。由于明年国内组件需求减弱，对应光伏玻璃需求下滑约23至36%；海外组件 需求有望较今年增长约60GW，总需求有望达到150GW，该行测算仍需要国内调配8800吨产能，以玻璃 形态直销海外。 ...

Core Viewpoint - The current core issue in the soda ash market has shifted from simple price fluctuations to a cost competition among different production processes [1][14]. Market Dynamics - As of December 16, 2025, the main contract for soda ash (SA401) closed at 1463 yuan/ton, down 2.66%, indicating ongoing volatility around the cost line [2]. - The price range of 1160 to 1190 yuan/ton has been observed, with total domestic soda ash inventory at 1.4943 million tons, remaining historically high despite a slight decrease in social inventory [5]. - The supply side has seen reduced operating rates due to losses and maintenance, while demand from the float glass industry has weakened due to ongoing losses [5][6]. Cost Structure - The production of soda ash is primarily divided into three processes: ammonia-soda process, soda-lime process, and natural soda process, with significant cost differences [14]. - The natural soda process can maintain costs below 1000 yuan/ton, while the soda-lime process has a cost center around 1050 to 1200 yuan/ton, and the ammonia-soda process exceeds 1300 yuan/ton [14]. - Companies using the ammonia-soda process are facing severe losses, leading to difficult decisions regarding production and maintenance [15]. Market Behavior - Low-cost producers are adopting strategies to increase market share, while high-cost producers are caught in a "prisoner's dilemma," where reducing production could lead to loss of market share [16]. - The industry consensus is forming around the need for high-cost capacity to exit the market to restore supply-demand balance [17]. Trading Strategies - The trading logic is evolving due to the lack of clear trends, with participants focusing on basis, price spreads, and process profits [19]. - Companies are shifting to dynamic and proportional hedging strategies, adjusting their positions based on price movements relative to production costs [20]. - The options market is becoming more active, providing new tools for companies and investors to manage uncertainty [21].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The industry has shown significant developments, including a major order for humanoid robots from a leading AI model company, valued at over 50 million RMB, highlighting the integration of AI and robotics [2] - The Central Economic Work Conference has set the agenda for 2026, focusing on energy independence and green transformation, which will drive the demand for renewable energy solutions [4] - The report emphasizes the importance of optimizing market pricing for centralized renewable energy generation, as outlined by the National Development and Reform Commission and the National Energy Administration [5] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aiyu Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqo New Energy (688303.SH) - Buy - B - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A [3][4][7] Price Tracking - The average price of polysilicon remains stable at 52.0 RMB/kg, while the average price of silicon wafers and battery cells has shown signs of stabilization after previous declines [6][8][9] Investment Suggestions - Key recommendations focus on various sectors: - BC new technology: Aiyu Co., Ltd., Longi Green Energy - Supply-side: Daqo New Energy, Fulete - Energy storage: Haibo Innovation, Sungrow Power Supply, Deye Technology - Market-oriented: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Overseas expansion: Hengdian East Magnet, Bowei Alloy [10]