库存继续高位去化，但短期光伏玻璃价格难涨

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report 2. Core Viewpoints - Although the demand for photovoltaic glass has increased, the increment is limited. Coupled with the high supply in the industry, the short - term price of photovoltaic glass is unlikely to rise and is expected to remain stable [3][7] 3. Summary by Relevant Catalog 3.1 Photovoltaic Glass Weekly Outlook - Supply: Last week, the supply of domestic photovoltaic glass decreased slightly. One kiln was cold - repaired, involving a capacity of 250 tons per day. The current in - production capacity has dropped to 86,960 tons per day, with a capacity utilization rate of 66.12%. It is expected that there will be no changes in photovoltaic glass production lines this week [7][12] - Demand: Last week, the shipment of photovoltaic glass manufacturers accelerated, mainly for Spring Festival stockpiling. January is the traditional off - season for demand. Despite the impact of the cancellation of export tax rebates for photovoltaic products, due to the pre - consumption of some expectations in the third quarter of 2025, the enthusiasm of downstream component manufacturers for export rush is not high, and the increase in production scheduling is limited. In February, although the impact of export rush still exists, due to the high price of silver, increased Spring Festival logistics and labor costs, the production scheduling of components in February is not high [7][20] - Inventory: Last week, photovoltaic glass manufacturers continued to reduce inventory. Under the influence of the cancellation of export tax rebates for photovoltaic products, demand increased. On the one hand, downstream enterprises rushed for exports; on the other hand, as the Spring Festival approached, downstream enterprises increased their stockpiling of photovoltaic glass, leading to a decline in inventory and alleviating the industry's inventory pressure [7][23] - Cost - profit: Last week, the gross profit margin of the photovoltaic glass industry was about - 19.15%. The photovoltaic glass market has entered a stage of low - price competition again, and the industry is suffering serious losses [7][25] 3.2 Overview of Domestic Photovoltaic Glass Industry Chain Data 3.2.1 Photovoltaic Glass Spot Price - As of January 30, the mainstream price of domestic 2.0mm coated (panel) photovoltaic glass was 10.5 yuan per square meter, unchanged from last week; the mainstream price of 3.2mm coated photovoltaic glass was 16.5 yuan per square meter, also unchanged from last week [8] 3.2.2 Supply Side - Last week, the supply of domestic photovoltaic glass decreased slightly. One kiln was cold - repaired, involving a capacity of 250 tons per day. The current in - production capacity has dropped to 86,960 tons per day, with a capacity utilization rate of 66.12%. It is expected that there will be no changes in photovoltaic glass production lines this week [12] 3.2.3 Demand Side - Last week, the shipment of photovoltaic glass manufacturers accelerated, mainly for Spring Festival stockpiling. January is the traditional off - season for demand. Despite the impact of the cancellation of export tax rebates for photovoltaic products, due to the pre - consumption of some expectations in the third quarter of 2025, the enthusiasm of downstream component manufacturers for export rush is not high, and the increase in production scheduling is limited. In February, although the impact of export rush still exists, due to the high price of silver, increased Spring Festival logistics and labor costs, the production scheduling of components in February is not high [20] 3.2.4 Inventory Side - Last week, photovoltaic glass manufacturers continued to reduce inventory. Under the influence of the cancellation of export tax rebates for photovoltaic products, demand increased. On the one hand, downstream enterprises rushed for exports; on the other hand, as the Spring Festival approached, downstream enterprises increased their stockpiling of photovoltaic glass, leading to a decline in inventory and alleviating the industry's inventory pressure [23] 3.2.5 Cost - profit Side - Last week, the gross profit margin of the photovoltaic glass industry was about - 19.15%. The photovoltaic glass market has entered a stage of low - price competition again, and the industry is suffering serious losses [25] 3.2.6 Trade Side - In 2025, China's photovoltaic glass export volume increased by 28.4% compared with 2024. Currently, the export of photovoltaic glass remains prosperous, and overseas installation demand is relatively strong [33]