组件囤货仍在持续，光伏玻璃厂库降至低位

Report Industry Investment Rating No information provided. Core Viewpoints - The current low inventory in the photovoltaic glass industry provides good support for price increases [8][3]. - With the increase in photovoltaic glass prices, the industry's profit has recently rebounded [2][28]. - After the implementation of the policy to cancel the export tax - rebate for components, there is a significant risk of a sharp decline in the shipment of photovoltaic glass manufacturers [8][22]. Summary by Directory 1. Photovoltaic Glass Weekly Outlook - Supply: Last week, the industry's supply remained stable with no changes in blocked - kiln capacity. Recently, some enterprises have resumed kiln production due to downstream increased inventory - building influenced by the component export tax - rebate cancellation policy and the market's September price - increase news [8][12]. - Demand: Affected by the component export tax - rebate cancellation policy and the September price - increase news, downstream inventory - building continues. However, due to the lack of substantial improvement in terminal power stations, there is a risk of a sharp decline in the shipment of photovoltaic glass manufacturers after the policy implementation [8][22]. - Inventory: Downstream inventory - building has led to a continuous decline in the inventory of many photovoltaic glass manufacturers, and the inventory of some enterprises is less than a week [8][25]. 2. Overview of the Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of August 22, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 11 yuan/square meter, flat compared with last week; the mainstream price of 3.2mm coated glass was 18 yuan/square meter, also flat compared with last week. In August, the price was mainly driven by industry internal meetings, and the price - support efforts of glass groups were effective [9]. 2.2 Supply - side - The industry's supply remained stable last week with no changes in blocked - kiln capacity. Some enterprises resumed kiln production due to downstream increased inventory - building influenced by the component export tax - rebate cancellation policy and the market's September price - increase news [12]. 2.3 Demand - side - Affected by the component export tax - rebate cancellation policy and the September price - increase news, downstream inventory - building continues. There is a risk of a sharp decline in the shipment of photovoltaic glass manufacturers after the policy implementation due to the lack of substantial improvement in terminal power stations [22]. 2.4 Inventory - side - Downstream inventory - building has led to a continuous decline in the inventory of many photovoltaic glass manufacturers, and the inventory of some enterprises is less than a week [25]. 2.5 Cost - profit side - With the increase in photovoltaic glass prices, the industry's profit has recently rebounded [28]. 2.6 Trade - side - From January to June 2025, China's photovoltaic glass export volume increased by 9.7% compared with the same period in 2024 [34].