需求持续缩减，光伏玻璃新月价格预计继续下滑

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The new moon orders of photovoltaic glass are expected to continue to shrink compared to December, and the new moon prices are expected to continue to decline [1][3][7] - The photovoltaic glass industry is currently in a situation of high inventory pressure, and future production cuts and cold repairs will inevitably increase [1][7][23] - The photovoltaic glass market has entered a stage of low - price competition again, and the industry is suffering serious losses [2][7][26] 3. Summary by Relevant Catalogs 3.1 Photovoltaic Glass Weekly Outlook - Supply: Last week, the number of blocked kilns of photovoltaic glass manufacturers increased, with no new production line launches or cold - repair shutdowns. The current domestic in - production capacity of photovoltaic glass is 88,480 tons per day, and the capacity utilization rate is 67.03%, both showing a month - on - month decline. As manufacturers' gross profit margins continue to decline, the number of blocked kilns is expected to continue to increase [1][7][11] - Demand: Near the end of the year, the demand has shrunk significantly. Terminal construction has gradually halted, leading to a reduction in component purchases and a corresponding decrease in photovoltaic glass consumption. Additionally, as the prices of multiple products in the photovoltaic industry chain have risen while the terminal's purchasing power is weak, component manufacturers have been forced to reduce their operating loads or directly take holidays and stop production. Short - term demand is expected to continue to weaken [1][7][20] - Inventory: Last week, the inventory of photovoltaic glass manufacturers continued to rise. As demand further weakens and the decline in the supply side is relatively small, the supply - demand contradiction is intensifying. The industry is currently under high inventory pressure, and an increase in production cuts and cold repairs in the future is inevitable [1][7][23] - Cost and Profit: The gross profit margin of the photovoltaic glass industry last week was approximately - 13.06%. The market has re - entered a stage of low - price competition, and the industry is suffering serious losses [2][7][26] 3.2 Overview of the Domestic Photovoltaic Glass Industry Chain Data 3.2.1 Photovoltaic Glass Spot Prices - As of December 26, the mainstream price of domestic 2.0mm coated photovoltaic glass (panel) was 11.5 yuan per square meter, remaining unchanged from the previous week; the mainstream price of 3.2mm coated photovoltaic glass was 18.5 yuan per square meter, also remaining unchanged from the previous week [1][8] 3.2.2 Supply Side - The situation of production capacity and blocked kilns is the same as that in the weekly outlook section [11] - The report also provides information on the production line changes of domestic photovoltaic glass in 2025, including the cold - repair and ignition time of production lines of various companies in different regions [19] 3.2.3 Demand Side - The demand situation is the same as that in the weekly outlook section [20] 3.2.4 Inventory Side - The inventory situation is the same as that in the weekly outlook section [23] 3.2.5 Cost and Profit Side - The cost - profit situation is the same as that in the weekly outlook section [26] 3.2.6 Trade Side - From January to November 2025, China's photovoltaic glass exports increased by 26.1% compared to the same period in 2024. The export of photovoltaic glass remains prosperous, and overseas installation demand is relatively strong [33]