Zhi Tong Cai Jing·2025-09-16 02:10Core Viewpoint - The glass industry, particularly the photovoltaic glass sector, is experiencing a positive shift in supply and demand dynamics, leading to price increases and improved profitability for leading companies like Fuyao Glass [1] Industry Summary - In September, the price of 2.0mm photovoltaic glass increased by 2 yuan per square meter compared to early August, indicating better-than-expected supply-demand improvements and a decline in industry inventory days [1] - The photovoltaic glass industry is characterized by a favorable market structure, with Fuyao Glass expected to outperform the industry due to its leading position, potentially benefiting from a recovery in profitability as component production resumes [1] Company Summary - According to Changjiang Securities, Fuyao Glass is likely to be among the first to benefit from the recovery in profitability, especially if component production resumes, enhancing expectations for margin improvement [1] - CITIC Securities anticipates that due to previous production cuts, supply and demand have reached a near balance, and if the price increase for photovoltaic glass is implemented, the company could turn losses into profits [1] - The photovoltaic glass segment is noted for its high level of self-discipline within the supply chain, with a long-term expectation of dynamic balance in supply and demand [1]