周度报告——光伏玻璃 组件囤货仍在持续，光伏玻璃厂库降至低位 [T报ab告le日_R期a：nk] 2025 年 8 月 25 日 ★光伏玻璃基本面周度表现（截至 2025/8/22 当周）： 截至 8 月 22 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格为 11 元/平米，环比上周持平；3.2mm 镀膜主流价格为 18 元/平米， 亦环比上周持平。八月份光伏玻璃价格主要受到行业内部会议的 拉动，玻璃集团挺价拉涨，效果明显。 能 上周行业供给端保持稳定，暂无堵窑端产能变化。近期光伏玻璃 市场出现部分企业恢复窑口生产的情况，主要原因是下游基于组 件出口退税取消的政策影响开始加大囤货量，此外市场也开始释 放九月涨价消息。 源 化 工 受组件端出口退税取消政策的影响，加上市场开始释放 9 月涨价 消息，下游囤货仍在持续。但由于终端电站并未看到实质性改善， 预计组件出口退税取消政策落地后，光伏玻璃厂家出货有大幅转 弱风险。 近期下游囤货仍在持续，带动多家光伏玻璃厂家库存不断下降， 个别企业库存不足一周。 随着光伏玻璃价格上涨，近期行业利润有所回升。 ★ 供需分析： 当前行业低库存给价格提涨提供了较好支撑。 ★ ...

Report Industry Investment Rating No information provided. Core Viewpoints - In the short term, the demand for stockpiling has stimulated an increase in the supply of photovoltaic glass. The industry's production and sales are currently favorable, with full orders and an expected price increase. However, after the implementation of the policy to cancel the export tax rebate for components, there is a risk of a significant weakening in the shipments of photovoltaic glass manufacturers [1][8]. - As the price of photovoltaic glass rises, the industry's profits have continued to recover recently [2][8]. Summary by Relevant Catalogs 1. Photovoltaic Glass Weekly Outlook - **Supply**: Last week, some photovoltaic glass enterprises resumed kiln production. The main reasons were that downstream component manufacturers increased their stockpiling due to the policy of canceling the export tax rebate for components, and the market released news of a price increase in September, prompting some component enterprises that missed the stockpiling opportunity at the end of July to actively build up inventories [1][8][12]. - **Demand**: The actual demand from the component side is mainly for stockpiling, and there has been no substantial improvement in terminal power stations. After the implementation of the policy to cancel the export tax rebate for components, there is a risk of a significant weakening in the shipments of photovoltaic glass manufacturers [1][8][22]. - **Inventory**: Affected by the possible cancellation of the export tax rebate for downstream components, many component manufacturers are increasing production in the short term, driving up the consumption of photovoltaic glass and narrowing the supply - demand gap. The industry's inventory has declined for multiple consecutive weeks, and the current actual inventory is within a normal range, with no inventory pressure on manufacturers [1][8][25]. - **Cost - Profit**: As the price of photovoltaic glass rises, the industry's profits have continued to recover recently [2][8][28]. 2. Overview of the Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of August 15, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 11 yuan per square meter, unchanged from the previous week; the mainstream price of 3.2mm coated photovoltaic glass was 18 yuan per square meter, also unchanged from the previous week. In August, the price of photovoltaic glass was mainly driven by an industry internal meeting, and the price - support measures of glass groups were effective [1][8][9]. 2.2 Supply - Side - Last week, some photovoltaic glass enterprises resumed kiln production. The main reasons were that downstream component manufacturers increased their stockpiling due to the policy of canceling the export tax rebate for components, and the market released news of a price increase in September, prompting some component enterprises that missed the stockpiling opportunity at the end of July to actively build up inventories [1][8][12]. 2.3 Demand - Side - The actual demand from the component side is mainly for stockpiling, and there has been no substantial improvement in terminal power stations. After the implementation of the policy to cancel the export tax rebate for components, there is a risk of a significant weakening in the shipments of photovoltaic glass manufacturers [1][8][22]. 2.4 Inventory - Side - Affected by the possible cancellation of the export tax rebate for downstream components, many component manufacturers are increasing production in the short term, driving up the consumption of photovoltaic glass and narrowing the supply - demand gap. The industry's inventory has declined for multiple consecutive weeks, and the current actual inventory is within a normal range, with no inventory pressure on manufacturers [1][8][25]. 2.5 Cost - Profit - Side - As the price of photovoltaic glass rises, the industry's profits have continued to recover recently [2][8][28]. 2.6 Trade - Side - From January to June 2025, China's photovoltaic glass exports increased by 9.7% compared with the same period in 2024 [34].