节后需求恢复缓慢，光伏玻璃新产线投产放缓

Report Industry Investment Rating - No relevant content provided Core View of the Report - After the National Day holiday, the demand for photovoltaic glass did not recover rapidly, and the recovery of the demand side was slow. The inventory of photovoltaic glass manufacturers increased significantly compared with that before the holiday, and the industry may face high - inventory pressure again. Although the profitability of the photovoltaic glass industry improved slightly due to the weakening cost side, the short - term price is expected to be stable, but there is a possibility of price cuts later [1][2][7] Summary by Related Catalogs 1. Photovoltaic Glass Weekly Outlook - Supply: The commissioning rhythm of new photovoltaic glass production lines has slowed down. Originally, 4 - 5 production lines were expected to be commissioned in the fourth quarter, but now only two companies may still commission as planned, and this plan may change due to the off - season in November and December [7] - Demand: After the National Day holiday, the demand recovery was slow. Component manufacturers had high inventory and aimed to digest it, with less new procurement. They also had a price - pressing expectation, which led to incomplete release of market demand and increased the shipping pressure on photovoltaic glass enterprises [7] - Inventory: The inventory of photovoltaic glass manufacturers increased significantly compared with that before the holiday, and the industry may face high - inventory pressure again as market expectations turn pessimistic [7] - Cost and Profit: Due to the weakening cost side, the profitability of the photovoltaic glass industry improved slightly after the holiday, with a current industry gross margin of about 3.27% [7] - Price: The current mentality of photovoltaic glass manufacturers has shifted from price - increasing to price - stabilizing and shipping. Short - term prices are expected to be stable, but there may be price cuts later [7] 2. Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of October 11, the mainstream price of domestic 2.0mm coated (panel) photovoltaic glass was 13 yuan per square meter, and the 3.2mm coated mainstream price was 21 yuan per square meter, both unchanged from before the holiday [8] 2.2 Supply - side - The commissioning rhythm of new production lines has slowed down. Only two companies may still commission as planned, and the plan may change in the off - season [12] - A table shows the changes in domestic photovoltaic glass production lines since 2025, including cold - repair and ignition information of different companies in various regions [19] 2.3 Demand - side - After the National Day holiday, the demand recovery was slow. Component manufacturers had high inventory and a price - pressing expectation, which led to incomplete release of market demand and increased shipping pressure on enterprises [20] 2.4 Inventory - side - The inventory of photovoltaic glass manufacturers increased significantly compared with that before the holiday, and the industry may face high - inventory pressure again as market expectations turn pessimistic [23] 2.5 Cost - profit side - Due to the weakening cost side, the profitability of the photovoltaic glass industry improved slightly after the holiday, with a current industry gross margin of about 3.27% [26] 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 side remains prosperous, and overseas installation demand is strong [32]