中信证券：玻璃行业下行期进入尾声，底部机遇凸显

Core Viewpoint - Despite the drag from real estate on float glass demand, growth in the automotive and home appliance sectors demonstrates strong resilience in glass demand [1] Group 1: Industry Dynamics - The probability of cold repairs for ultra-high kiln-age production lines is increasing, and opportunities from coal-to-gas conversions, along with the exit of outdated production capacity, are expected to collectively drive the optimization of the industry's supply structure [1] - A complete cycle for float glass is approximately 3 years, and the industry is currently at the tail end of a downward cycle [1] Group 2: Financial Performance - Industry profitability and valuation are at historical lows, indicating a challenging financial environment [1] - Glass companies are showcasing confidence in their development through share buybacks [1] Group 3: Market Rating - The rating of "outperforming the market" is maintained for the sector [1]