行业供需差扩大，光伏玻璃价格存在下行压力

Report Industry Investment Rating No relevant content provided. Report's Core View - The supply - demand gap in the photovoltaic glass industry is widening, and there is downward pressure on prices in the later stage. The industry will face high - inventory pressure again, and short - term demand is expected to decline [1][2][3]. Summary by Related Catalogs 1. Photovoltaic Glass Weekly Outlook - Supply: Last week, the actual change in the domestic photovoltaic glass supply side was small. A 1200 - ton kiln was ignited, and a 1300 - ton kiln was cold - repaired. The current in - production capacity is 88,680 tons per day, with a capacity utilization rate of 67.82%. There are still plans to put multiple production lines into operation, but they may be postponed [1][7][11]. - Demand: The shipment of photovoltaic glass manufacturers was weak last week. Component manufacturers mainly consumed their previous low - price inventory, and due to component price adjustments and low terminal acceptance, the demand for photovoltaic glass is expected to decline in the short term [1][7][20]. - Inventory: The inventory of domestic photovoltaic glass manufacturers increased significantly last week. The supply - demand gap widened, and the inventory may further rise later [2][7][23]. 2. Overview of the Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of October 24, the mainstream price of 2.0mm coated (panel) photovoltaic glass was 13 yuan per square meter, unchanged from last week; the mainstream price of 3.2mm coated glass was 20 yuan per square meter, down from last week [1][8]. 2.2 Supply - side - Similar to the supply situation in the weekly outlook, there are also details about production line changes in 2025, including cold - repairs and ignitions in different regions and companies [11][19]. 2.3 Demand - side - The demand for photovoltaic glass is weak in the short term, mainly affected by component manufacturers' inventory consumption and component price adjustments [20]. 2.4 Inventory - side - The inventory of photovoltaic glass manufacturers increased significantly last week, and the supply - demand gap widened, with the possibility of further inventory increase [23]. 2.5 Cost - profit side - The profitability of the photovoltaic glass industry was flat last week, and the current industry gross profit margin is about 3.5% [26]. 2.6 Trade - side - From January to September 2025, China's photovoltaic glass export volume increased by 19.7% compared with the same period in 2024, and the export side remains prosperous [34].