行业库存屡创新高，新月价格将继续下行

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current inventory of the photovoltaic glass industry has reached new highs. Under the pressure of oversupply, there is still downward momentum for the photovoltaic glass price in April [2][5] 3. Summary by Relevant Catalogs 3.1 Photovoltaic Glass Weekly Outlook - Supply: Last week, the supply of domestic photovoltaic glass decreased. Two kilns stopped production, and multiple production lines were blocked. Some manufacturers have postponed new capacity expansion due to industry losses. The current in - production capacity is 873,200 tons per day, with a capacity utilization rate of 64.82% [5][8] - Demand: The demand for photovoltaic glass remains weak. Most enterprises have limited new orders, and the delivery rhythm is slow. The market mainly processes existing orders. Export orders are relatively stable, while domestic demand orders are poor. Downstream component enterprises face high inventory pressure and only replenish raw materials as needed, with a cautious purchasing attitude [5][18] - Inventory: Last week, photovoltaic glass manufacturers continued to accumulate inventory, and the current inventory level has reached new highs. The supply - demand contradiction in the photovoltaic glass industry is still prominent, and the supply - side capacity clearance needs to be accelerated [5][21] - Cost and Profit: Due to a significant increase in the cost side last week, the loss of the photovoltaic glass industry has deepened significantly, with an industry gross profit margin of about - 28.91% [5][23] 3.2 Domestic Photovoltaic Glass Industry Chain Data Overview 3.2.1 Photovoltaic Glass Spot Price - As of March 27, the mainstream price of domestic 2.0mm coated (panel) photovoltaic glass was 10 yuan per square meter, unchanged from last week. The mainstream price of 3.2mm coated photovoltaic glass was 16 yuan per square meter, also unchanged from last week [6] 3.2.2 Supply End - The supply of domestic photovoltaic glass decreased last week. Two kilns stopped production, and multiple production lines were blocked. Some manufacturers have postponed new capacity expansion due to industry losses. The current in - production capacity is 873,200 tons per day, with a capacity utilization rate of 64.82% [8] 3.2.3 Demand End - The demand for photovoltaic glass remains weak. Most enterprises have limited new orders, and the delivery rhythm is slow. The market mainly processes existing orders. Export orders are relatively stable, while domestic demand orders are poor. Downstream component enterprises face high inventory pressure and only replenish raw materials as needed, with a cautious purchasing attitude [18] 3.2.4 Inventory End - Last week, photovoltaic glass manufacturers continued to accumulate inventory, and the current inventory level has reached new highs. The supply - demand contradiction in the photovoltaic glass industry is still prominent, and the supply - side capacity clearance needs to be accelerated [21] 3.2.5 Cost - Profit End - Due to a significant increase in the cost side last week, the loss of the photovoltaic glass industry has deepened significantly, with an industry gross profit margin of about - 28.91% [23] 3.2.6 Trade End - From January to February 2026, China's photovoltaic glass export volume increased by 44% compared with the same period in 2025. The export of photovoltaic glass remains prosperous, and overseas installation demand is relatively strong [31]