需求持续走弱，行业亏损程度扩大

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The demand for photovoltaic glass is continuously weakening, the industry's loss is expanding, and there is still downward pressure on the short - term price due to large supply - demand gap caused by insufficient downstream orders [1][2][6] Group 3: Summary by Directory 1. Photovoltaic Glass Weekly Outlook - Supply: The supply side remained stable last week with a domestic in - production capacity of 88,680 tons per day and a capacity utilization rate of 67.18%, both unchanged from the previous week. Two kilns are expected to produce glass this week, increasing actual output. With the continuous decline in manufacturers' gross profit margins, unexpected cold repairs or production cuts of multiple kilns may occur later [1][6][11] - Demand: The demand for photovoltaic glass continued to weaken last week. Near the end of the year, the demand side shrank significantly. As terminals shut down one after another, component purchases decreased, leading to a corresponding reduction in photovoltaic glass consumption [1][6][19] - Inventory: The inventory of photovoltaic glass manufacturers continued to grow last week. As demand further weakened and the decline in the supply side was small, the supply - demand contradiction intensified [1][6][21] - Cost - profit: The decline in the gross profit margin of the photovoltaic glass industry further widened last week, currently about - 13.56%. As natural gas has started to implement winter gas prices, costs have increased, while photovoltaic glass prices continued to decline, and the industry's loss has been increasing [1][6][25] 2. Overview of the Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of December 12, the mainstream price of domestic 2.0mm coated (panel) photovoltaic glass was 12 yuan per square meter, down from the previous week; the mainstream price of 3.2mm coated glass was 19.5 yuan per square meter, unchanged from the previous week [1][7] 2.2 Supply Side - The supply side remained stable last week with a domestic in - production capacity of 88,680 tons per day and a capacity utilization rate of 67.18%, both unchanged from the previous week. Two kilns are expected to produce glass this week, increasing actual output. With the continuous decline in manufacturers' gross profit margins, unexpected cold repairs or production cuts of multiple kilns may occur later [1][6][11] 2.3 Demand Side - The demand for photovoltaic glass continued to weaken last week. Near the end of the year, the demand side shrank significantly. As terminals shut down one after another, component purchases decreased, leading to a corresponding reduction in photovoltaic glass consumption [1][6][19] 2.4 Inventory Side - The inventory of photovoltaic glass manufacturers continued to grow last week. As demand further weakened and the decline in the supply side was small, the supply - demand contradiction intensified [1][6][21] 2.5 Cost - profit Side - The decline in the gross profit margin of the photovoltaic glass industry further widened last week, currently about - 13.56%. As natural gas has started to implement winter gas prices, costs have increased, while photovoltaic glass prices continued to decline, and the industry's loss has been increasing [1][6][25] 2.6 Trade Side - From January to October 2025, China's photovoltaic glass export volume increased by 23.5% compared with the same period in 2024. The export side of photovoltaic glass remains prosperous, and overseas installation demand is relatively strong [32]