上下游博弈情绪较重，行业库存由降转增

Report Investment Rating - Not provided in the content Core Viewpoints - The upstream and downstream of the photovoltaic glass industry are in a strong game, with the downstream suppressing the price increase sentiment through production cuts and holidays. The price increase expectation for October is likely to fail, and the price of photovoltaic glass may remain stable [2][6] - The inventory of photovoltaic glass manufacturers increased from a decline last week. The supply side has an upward trend, while the demand side has decreased due to component manufacturers reducing purchase orders and taking holidays [1][6] - Due to the weakening cost side, the profitability of the photovoltaic glass industry continued to improve slightly last week, with the current industry gross profit margin at about 3.09% [1][6] Summary by Directory 1. Photovoltaic Glass Weekly Outlook - Supply: Last week, the industry's supply remained stable, with no changes in production lines or kiln blockages. The domestic in - production capacity of photovoltaic glass was 88,780 tons per day, unchanged from the previous week, and the capacity utilization rate was 68.52%, also unchanged. However, due to the price increase expectation released in the middle of this month, many photovoltaic glass enterprises have started planning new capacity launches [6][11] - Demand: The plan of many photovoltaic glass enterprises to launch new capacity has triggered the resistance of downstream component factories. Recently, downstream component factories have started to reduce purchase orders and have successively stopped production and taken holidays since last week, resulting in a reduction in the demand for photovoltaic glass [6][19] - Inventory: The inventory of photovoltaic glass manufacturers increased from a decline last week. On one hand, the supply side of photovoltaic glass has an upward trend, and on the other hand, the demand side has decreased due to component manufacturers reducing purchase orders and taking holidays [6][22] - Profitability: Due to the weakening cost side, the profitability of the photovoltaic glass industry continued to improve slightly last week, with the current industry gross profit margin at about 3.09% [6][25] 2. Domestic Photovoltaic Glass Industry Chain Data Overview 2.1 Photovoltaic Glass Spot Price - As of September 26, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 13 yuan per square meter, unchanged from the previous week; the mainstream price of 3.2mm coated photovoltaic glass was 21 yuan per square meter, also unchanged from the previous week. The market is expected to enter the new - month negotiation stage this week [7] 2.2 Supply Side - Last week, the industry's supply remained stable, with no changes in production lines or kiln blockages. The domestic in - production capacity of photovoltaic glass was 88,780 tons per day, unchanged from the previous week, and the capacity utilization rate was 68.52%, also unchanged. Due to the price increase expectation released in the middle of this month, many photovoltaic glass enterprises have started planning new capacity launches [11] - The document also shows the production line changes of domestic photovoltaic glass since 2025, including cold repairs and ignitions of various enterprises in different regions [18] 2.3 Demand Side - The plan of many photovoltaic glass enterprises to launch new capacity has triggered the resistance of downstream component factories. Recently, downstream component factories have started to reduce purchase orders and have successively stopped production and taken holidays since last week, resulting in a reduction in the demand for photovoltaic glass [19] 2.4 Inventory Side - The inventory of photovoltaic glass manufacturers increased from a decline last week. The supply side has an upward trend, while the demand side has decreased due to component manufacturers reducing purchase orders and taking holidays [22] 2.5 Cost - Profit Side - Due to the weakening cost side, the profitability of the photovoltaic glass industry continued to improve slightly last week, with the current industry gross profit margin at about 3.09% [25] 2.6 Trade Side - From January to August 2025, China's photovoltaic glass export volume increased by 16.5% compared with the same period in 2024. The export of photovoltaic glass remains booming, and the overseas installation demand is relatively strong [32]