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].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The supply of photovoltaic glass is expected to remain stable this week, but demand continues to shrink, component production is expected to decline significantly compared to May, and glass consumption may decrease significantly. With the industry's supply - demand gap further widening, the price in the new month is expected to be adjusted downward based on the settlement price in May [1][2][7]. 3. Summary by Relevant Catalogs 3.1 Photovoltaic Glass Weekly Outlook - Supply: One production line produced glass last week, increasing actual output. There are no new investment or cold - repair plans this week, so supply is expected to remain stable [7][12]. - Demand: Last week, the demand for photovoltaic glass continued to shrink, with almost no order deliveries at the end of the month. This week, the industry will start discussing new - month orders, and component production is expected to decline significantly compared to May, leading to a significant reduction in glass consumption [7][23]. - Inventory: Due to the continuous reduction in terminal demand, the inventory of photovoltaic glass manufacturers continued to rise last week, and the industry inventory has returned to a high level, with great inventory pressure [7][30]. - Price: As the supply - demand gap widens, the price in the new month is expected to be adjusted based on the May settlement price [7]. 3.2 Domestic Photovoltaic Glass Industry Chain Data Overview 3.2.1 Photovoltaic Glass Spot Price - As of May 30, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 12.5 yuan/square meter, down from last week; the mainstream price of 3.2mm coated glass was 21.5 yuan/square meter, unchanged from last week [8]. 3.2.2 Supply - side - One production line produced glass last week, increasing actual output. There are no new investment or cold - repair plans this week, so supply is expected to remain stable [12]. 3.2.3 Demand - side - Last week, the demand for photovoltaic glass continued to shrink, with almost no order deliveries at the end of the month. This week, the industry will start discussing new - month orders, and component production is expected to decline significantly compared to May, leading to a significant reduction in glass consumption [23]. 3.2.4 Inventory - side - Due to the continuous reduction in terminal demand, the inventory of photovoltaic glass manufacturers continued to rise last week, and the industry inventory has returned to a high level, with great inventory pressure [30]. 3.2.5 Cost - profit side - Recently, the gross profit margin of the photovoltaic glass industry has continued to decline and is currently around - 1.35% [32]. 3.2.6 Trade - side - From January to April 2025, China's photovoltaic glass export volume increased by 10.1% compared to the same period in 2024 [39].

周度报告——光伏玻璃 行业库存重回高位，光伏玻璃价格承压运行 [T报ab告le_日R期an：k] 2025 年 5 月 19 日 ★光伏玻璃基本面周度表现（截至 2025/5/16 当周）： 截至 5 月 16 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 13.5 元/平米，环比上周持平；3.2mm 镀膜主流价格为 21.5 元/平米，亦环比上周持平。 上周有一条光伏玻璃产线引头子出玻璃，实际产出上行。预计本 周仍有多条产线引头子出玻璃，行业实际供给仍在增加。目前暂 无新产线点火投产，基于未来需求端的降温趋势，预计行业短期 无新产线计划投产。 能 源 化 上周终端需求缩减较为明显，组件厂家排产持续下调，进而减少 对光伏玻璃的采购订单。预计本周这一情况将延续，组件厂排产 或继续下行，光伏玻璃需求维持弱势运行。 工 由于上周光伏玻璃需求端呈缩量态势而供给端继续上行，多数光 伏玻璃厂家库存继续上涨，目前行业库存已经重回高位。 ★ 供需分析： 随着行业供需差进一步扩大，光伏玻璃价格弱势运行。 ★ 风险提示： 组件厂家上调开工率。 | | | | 曹璐 | 资深分析师(化工) | | --- | --- | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - In April, the price of photovoltaic glass increased compared to March, with some price hikes already implemented, while some enterprises are still in the process of negotiation [3][8] - The shipping rhythm of photovoltaic glass manufacturers slowed down in April due to price increases and strong downstream gaming mentality, but it is expected to recover after the Tomb - Sweeping Festival, and the industry inventory still has room to decline [2][8] - The supply of the photovoltaic glass industry is on the rise, with a new production line put into operation and multiple kilns restored last week, and more enterprises are planning to start production this week [8][10] 3. Summary by Directory 3.1 Photovoltaic Glass Weekly Outlook - Supply: The overall capacity and output of the domestic photovoltaic glass market increased last week, and it is expected that the supply will continue to rise this week [8][10] - Demand: The shipping rhythm was fast at the end of the month, but slowed down in April due to price increases and downstream gaming. It is expected to recover after the Tomb - Sweeping Festival [8][23] - Inventory: There is still room for inventory decline as the shipping volume recovers after the Tomb - Sweeping Festival [8][30] 3.2 Domestic Photovoltaic Glass Industry Chain Data Overview 3.2.1 Photovoltaic Glass Spot Price - As of April 3, the mainstream price of 2.0mm coated (panel) photovoltaic glass was 14.5 yuan/square meter, and that of 3.2mm coated was 22.5 yuan/square meter, both up from last week [9] - The transaction prices vary between different downstream customers, and some customers take goods first and negotiate prices at the end of the month [9] 3.2.2 Supply - end - A new production line was put into operation and multiple kilns were restored last week, and more enterprises are planning to start production this week, so the supply will continue to increase [10][12] 3.2.3 Demand - end - The shipping rhythm was fast at the end of the month due to downstream inventory - building, but slowed down in April due to price increases and downstream gaming. It is expected to recover after the Tomb - Sweeping Festival [23] 3.2.4 Inventory - end - The shipping rhythm slowed down in April due to price increases and downstream gaming. With the recovery of shipping volume after the Tomb - Sweeping Festival, the industry inventory still has room to decline [30] 3.2.5 Cost - profit End - Due to the increase in the cost side, the gross profit margin of the photovoltaic glass industry declined last week and is currently around 4.5% [32] 3.2.6 Trade - end - From January to February 2025, China's photovoltaic glass export volume was basically the same as the same period in 2024 [38]