行业库存压力偏大，新月价格或继续下行

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The supply of photovoltaic glass is expected to remain stable this week, but demand continues to shrink, component production is expected to decline significantly compared to May, and glass consumption may decrease significantly. With the industry's supply - demand gap further widening, the price in the new month is expected to be adjusted downward based on the settlement price in May [1][2][7]. 3. Summary by Relevant Catalogs 3.1 Photovoltaic Glass Weekly Outlook - Supply: One production line produced glass last week, increasing actual output. There are no new investment or cold - repair plans this week, so supply is expected to remain stable [7][12]. - Demand: Last week, the demand for photovoltaic glass continued to shrink, with almost no order deliveries at the end of the month. This week, the industry will start discussing new - month orders, and component production is expected to decline significantly compared to May, leading to a significant reduction in glass consumption [7][23]. - Inventory: Due to the continuous reduction in terminal demand, the inventory of photovoltaic glass manufacturers continued to rise last week, and the industry inventory has returned to a high level, with great inventory pressure [7][30]. - Price: As the supply - demand gap widens, the price in the new month is expected to be adjusted based on the May settlement price [7]. 3.2 Domestic Photovoltaic Glass Industry Chain Data Overview 3.2.1 Photovoltaic Glass Spot Price - As of May 30, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 12.5 yuan/square meter, down from last week; the mainstream price of 3.2mm coated glass was 21.5 yuan/square meter, unchanged from last week [8]. 3.2.2 Supply - side - One production line produced glass last week, increasing actual output. There are no new investment or cold - repair plans this week, so supply is expected to remain stable [12]. 3.2.3 Demand - side - Last week, the demand for photovoltaic glass continued to shrink, with almost no order deliveries at the end of the month. This week, the industry will start discussing new - month orders, and component production is expected to decline significantly compared to May, leading to a significant reduction in glass consumption [23]. 3.2.4 Inventory - side - Due to the continuous reduction in terminal demand, the inventory of photovoltaic glass manufacturers continued to rise last week, and the industry inventory has returned to a high level, with great inventory pressure [30]. 3.2.5 Cost - profit side - Recently, the gross profit margin of the photovoltaic glass industry has continued to decline and is currently around - 1.35% [32]. 3.2.6 Trade - side - From January to April 2025, China's photovoltaic glass export volume increased by 10.1% compared to the same period in 2024 [39].