1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Due to short - term policy incentives, the demand for photovoltaic glass is expected to improve, and prices are expected to remain stable, potentially ending the downward trend. However, the actual consumption increase is still uncertain, and the industry is currently in a stage of severe losses [1][7]. 3. Summary by Relevant Catalogs 3.1 Photovoltaic Glass Weekly Outlook - **Supply**: Last week, 4 furnaces in the domestic photovoltaic glass market were blocked for production reduction, involving a production capacity of 950 tons and 4 manufacturers, leading to a decline in overall supply. With the short - term demand improvement expectation, there is a possibility of restoring blocked furnaces [7][12]. - **Demand**: Last week, the domestic photovoltaic glass market received short - term policy benefits. The industry carried out short - term export rush actions, and downstream buyers increased their purchases. The actual consumption increase is still uncertain as some component manufacturers are still digesting the policy [7][22]. - **Inventory**: Last week, photovoltaic glass manufacturers slightly reduced their inventory. With continued policy support, it is expected that the market supply will remain stable this week, downstream purchases will increase, and the industry may continue to reduce inventory [7][25]. - **Cost - profit**: Last week, the gross profit margin of the photovoltaic glass industry was approximately - 18.9%. The market has re - entered a stage of low - price competition, and the industry is suffering serious losses [7][28]. 3.2 Domestic Photovoltaic Glass Industry Chain Data Overview 3.2.1 Photovoltaic Glass Spot Price - As of January 16, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 10.5 yuan per square meter, unchanged from the previous week. The mainstream price of 3.2mm coated glass was 16.5 yuan per square meter, also unchanged from the previous week [8]. 3.2.2 Supply End - Four furnaces were blocked for production reduction last week, reducing the supply. With the policy of export tax - refund cancellation, there is a short - term export rush, and the blocked furnaces may resume production due to the expected improvement in demand [12]. 3.2.3 Demand End - The short - term policy incentive led to an export rush. Downstream buyers increased their purchases, accelerating the shipment of manufacturers. However, the actual consumption increase is still uncertain [22]. 3.2.4 Inventory End - Last week, manufacturers' inventory decreased. With stable supply and increased downstream purchases expected this week, the industry may continue to reduce inventory [25]. 3.2.5 Cost - profit End - The gross profit margin of the photovoltaic glass industry was about - 18.9% last week, indicating severe losses in the low - price competition stage [28]. 3.2.6 Trade End - From January to November 2025, China's photovoltaic glass export volume increased by 26.1% compared with the same period in 2024. The export end remains prosperous, and overseas installation demand is strong [34].

周度报告——光伏玻璃 库存持续攀升，新产线点火继续推迟 [T报ab告le_日R期an：k] 2025 年 10 月 20 日 ★光伏玻璃基本面周度表现（截至 2025/10/17 当周）： 截至 10 月 17 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 13 元/平方米，环比上周持平；3.2mm 镀膜主流价格为 21 元 /平方米，亦环比上周持平。 能 上周光伏玻璃供给端维持稳定，近期光伏玻璃新产线的投产节奏 开始放缓，本周原有 2-3 条产线存在投产预期，但是基于十月份 光伏玻璃市场需求偏弱，点火计划出现推迟，后续实际点火时间 仍需跟进。此外，由于 11、12 月份是光伏玻璃需求淡季，后续 新产线点火情况不容乐观。 源 化 工 今年国庆后光伏玻璃需求端恢复缓慢，一方面是组件厂家光伏玻 璃原料库存较高，进入 10 月，组件厂家以消化现有库存为主， 新增采购较少；另一方面是组件厂家存在明显的压价预期，倾向 于通过控制订单释放节奏来向光伏玻璃厂家争取更有利的价格 条件，从而导致市场需求未能完全释放，也进一步加剧了光伏玻 璃企业的出货压力。上周组件厂家拿货量仍比较少，多家光伏玻 璃企业产销难以持平。 ...