光伏玻璃价格加速下探，短期延续减产趋势

Report Industry Investment Rating No information provided on the report industry investment rating. Core Viewpoints - The short - term supply - demand imbalance in the photovoltaic glass market persists, with supply exceeding demand, and prices may continue to decline. The industry's average loss may further deepen as profit margins shrink and inventory pressure mounts [3][8]. Summary by Directory 1. Photovoltaic Glass Weekly Outlook - Supply: Last week, the domestic photovoltaic glass supply side continued to cut production, blocking 5 kiln openings, and one enterprise plans to cut production this week. Inventory pressure and increasing losses will negatively impact production plans [8][14]. - Demand: In June, the production schedule of component manufacturers decreased significantly, leading to a sharp reduction in photovoltaic glass consumption. This week's demand is expected to decline due to insufficient end - of - month orders [8][24]. - Inventory: Last week, the inventory of photovoltaic glass manufacturers showed a polarized trend. Although some enterprises cut production, actual consumption remained lower than output, and the short - term oversupply situation is difficult to reverse [8][26]. 2. Overview of the Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of June 20, the mainstream price of domestic 2.0mm coated photovoltaic glass was 11 yuan/square meter, and that of 3.2mm coated glass was 18 yuan/square meter, both down from the previous week. The price decline accelerated due to weak downstream demand and intense competition among manufacturers [9]. 2.2 Supply Side - Last week, the supply side continued to cut production, blocking 5 kiln openings, and one enterprise has a production - cut plan this week. Inventory pressure and losses will continue to affect production plans [14]. 2.3 Demand Side - In June, the production schedule of component manufacturers decreased, reducing photovoltaic glass consumption. This week's demand is expected to decline due to insufficient end - of - month orders [24]. 2.4 Inventory Side - Last week, the inventory of manufacturers was polarized. Although some enterprises cut production, consumption was lower than output, and the short - term oversupply situation is difficult to reverse [26]. 2.5 Cost - Profit Side - Recently, the profit of photovoltaic glass has been declining, inventory pressure has been increasing, and some enterprises are accelerating sales at low prices. The average industry loss may further deepen [30]. 2.6 Trade Side - From January to May 2025, China's photovoltaic glass exports increased by 6.1% compared to the same period in 2024 [38].