Summary of the Photovoltaic Glass Industry Conference Call Industry Overview - The photovoltaic glass industry is currently facing overcapacity, with production capacity down approximately 20% from last year's peak, but still up 10% from the low at the beginning of the year [1][2] - Inventory days are nearing historical highs at 33 days, and the entire industry is experiencing widespread losses [1][2] - Major companies in the industry have initiated production cuts, with an expected overall reduction of 30% to address declining domestic and international installation demand in the second half of the year [1][3] Key Points and Arguments - **Current Pricing and Capacity**: As of now, the price of domestic 2.0 coated photovoltaic glass is 10.5 yuan per square meter, down 0.25 yuan from the previous day, and has fallen over 20% from the high in April [2] - **Production Capacity**: Current production capacity is approximately 94,000 tons, down from 115,000 tons last June, but up nearly 10% from the low before price increases earlier this year [2] - **Demand Forecast**: Anticipated domestic installation demand for the second half of the year is about 10 GW, with over 20 GW expected from overseas, indicating a significant drop in overall demand compared to the first half [3][5] - **Policy Measures**: The Ministry of Industry and Information Technology (MIIT) is promoting policy adjustments to control new capacity through capacity replacement methods and hearings, encouraging projects to be built through replacement to manage new capacity [1][4] Additional Important Content - **Self-Regulation Initiatives**: The photovoltaic association is advocating for companies not to bid below cost, with major companies leading collective production cuts, which may reach 30% [8] - **Production Reduction Methods**: Reduction methods include cold repairs (5-8 year cycles) and blocking furnace openings, with a current total reduction of about 10% of total capacity [9][10] - **Future Capacity and Price Expectations**: By the second half of 2025, the industry is expected to focus on capacity reduction, with a potential decrease of 20% to 30%, leading to a monthly component demand of around 30 GW [19] - **Impact of Production Cuts**: If production cuts exceed 30%, inventory levels may decrease rapidly, potentially leading to a price rebound in the third quarter or later [20] Conclusion - The photovoltaic glass industry is undergoing significant challenges due to overcapacity and declining prices, prompting major companies to implement production cuts and self-regulation measures. The effectiveness of these strategies, along with government policies, will be crucial in achieving supply-demand balance and stabilizing market prices in the future [21]

Group 1 - The Ministry of Commerce has initiated a special action to combat the smuggling and export of strategic minerals such as antimony and gallium, which have military and civilian applications [1] - The Ministry of Commerce, along with nine other departments, has released a work plan aimed at promoting employment in the domestic service sector, focusing on rural labor [3] - The establishment of the Commercial Aerospace Industry Innovation Center in Hainan with a registered capital of 100 million RMB, focusing on satellite services and rocket development [4] Group 2 - The photovoltaic glass industry is responding to the "anti-involution" policy, with many companies planning to reduce production by 30% to improve supply conditions due to falling prices [5] - The basic pension for retirees will be increased by 2% starting January 1, 2025, based on various economic factors [6] - The National Energy Administration has released key industry standards to support energy security and green transformation, including regulations for distributed phase-shifting devices [7] Group 3 - The Ministry of Commerce is promoting summer consumption by integrating travel, culture, and sports, and organizing activities to enhance the supply of quality goods and services [8] - Liu Guozhong emphasized the need for innovation in the pharmaceutical sector to better support public health, advocating for policies that enhance financing and approval processes for innovative drugs [9] - The Shanghai Stock Exchange is developing a high-growth industrial bond market to address financing challenges for SMEs and private enterprises, with 53 bonds issued totaling 37.3 billion RMB [10]

Group 1 - The U.S. Secretary of Commerce indicated a potential meeting with Chinese negotiators in early August, with both sides maintaining close communication on economic and trade concerns [1] - The Ministry of Human Resources and Social Security, along with the Ministry of Finance, announced a 2% increase in basic pensions for retirees in 2025 [1] - SMM reported that to avoid intensified competition among photovoltaic glass companies, most plan to reduce production starting in July, with an industry initiative aiming for a 30% reduction [1] - The Dalian Commodity Exchange announced adjustments to the price fluctuation limits for polysilicon futures contracts to 9% and changes in margin requirements for speculative and hedging trades [1] Group 2 - Sairus expects a net profit increase of 66%-97% year-on-year for the first half of the year [2] - WuXi AppTec anticipates an adjusted net profit of approximately 6.315 billion yuan, representing a year-on-year growth of about 44% [2] - Forest Packaging, which has seen six consecutive trading limits, clarified that its raw paper products are for industrial packaging and do not involve food packaging [2] - Huaguang Huaneng, also with six consecutive trading limits, stated that it has not found any media reports or market rumors that could significantly impact its stock trading price [2] - Sairus Medical, which has seen five trading limits in eight days, noted that there is significant uncertainty regarding the success of its therapeutic hypertension vaccine project [2]

Group 1 - The core viewpoint indicates that there is an increasing signal of production cuts in the photovoltaic glass industry [1] - Some photovoltaic glass companies have established cold repair plans, leading to a projected reduction of nearly 2000 tons per day in production starting from July [1] - An additional cold repair plan is expected to add 2400 tons per day of production cuts in August [1]

行业视角反内卷之光伏玻璃 - 反内卷政策解读 20250708 摘要 光伏玻璃行业面临产能过剩，头部企业计划自 2025 年 7 月起集体减产 30%，部分企业已采取窑炉堵口措施，旨在缓解供需矛盾并稳定价格， 但实际效果仍待观察。 技术创新是光伏玻璃行业发展的关键驱动力，企业需加大在薄型化、大 尺寸化以及 TOPCon、BC 电池叠层技术上的研发投入，构建差异化竞 争优势，并淘汰落后产能。 国际贸易政策对中国光伏玻璃出口构成影响，美国和欧盟提高关税，欧 盟即将实施碳关税，迫使中国企业加速全球供应链布局，开拓新兴市场。 头部企业如信义、福莱特凭借技术、规模、成本控制等优势占据市场主 导地位，并通过海外扩张提升竞争力，二线企业如南玻、旗滨则通过差 异化竞争和技术创新提升自身地位。 行业龙头企业通过收购小型企业、淘汰违规产能等方式优化产业结构， 提高运营效率。2020 年 1 月 3 日后投产的新生产线需进行产能置换或 获得地环函，目前约 9 万吨新合法合规低风险产能已投产。 Q&A 当前光伏玻璃行业的竞争格局是怎样的？ 光伏玻璃行业近年来发展迅速，特别是在 2022 年和 2023 年，每年新增产能 较多。目前， ...

亚玛顿（002623）发布股票交易异常波动公告，公司于近日在接受媒体记者关于"光伏玻璃行业部分企 业阶段性下调产能"的采访中对行业动态以及公司海外投资战略进行了客观说明，未涉及公司自身的生 产安排或业绩预测，更未涉及公司应披露而未披露的重大事项。 ...

| 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.07.07 | 7.75 | 26.30 | -16348.24 | | 2025.07.04 | 10.01 | 18.31 | 1836.88 | | 2025.07.03 | 10.02 | 1.29 | 2524.60 | | 2025.07.02 | 10.00 | 4.11 | 4602.27 | | 2025.07.01 | -3.41 | 3.70 | 125.32 | | 2025.06.30 | 4.87 | 2.49 | 610.27 | | 2025.06.27 | 1.25 | 1.03 | 100.42 | | 2025.06.26 | -0.78 | 0.90 | -46.81 | | 2025.06.25 | 0.33 | 0.98 | -8.89 | | 2025.06.24 | 2.00 | 1.40 | -181.49 | 亚玛顿再度涨停，5个交易日内录得4个涨停，累计涨幅为57.82%，累计换手率为70.56%。截至11:0 ...

财经图解 . 财经大事早知道，关注东方财富股票！ 日前，高层会议提出"依法依规治理企业低价无序竞争，推动落后产能有序退出"，"反内卷"预期强化， 相关概念股近期表现较强。 政策发布后，各行业纷纷响应。头部光伏玻璃企业宣布自7月起集体减产30%，以缓解行业"内卷式"竞 争；中国水泥协会发布《关于进一步推动水泥行业"反内卷""稳增长"高质量发展工作的意见》，明确优 化产业结构；钢铁行业部分钢厂也收到减排限产通知。这些举措迅速传导至市场端，近日国内期货市场 铁矿石、多晶硅、焦煤等品种均有一定的上涨。 以下文章来源于财经图解 ，作者乘桴于海 仅供投资者参考，不构成投资建议 免责声明 文章转载自公众号"财经图解"，以上观点来自相关机构，不代表天天基金的观点，不对观点 的准确性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表 分享、点赞、在看 顺手三连越来越有钱 内卷式恶性竞争是指行业内企业为争夺有限市场份额，通过低价倾销、重复建设等方式过度消耗资源， 导致全行业利润下降、创新停滞的现象。反内卷政策旨在通过规范市场竞争、淘汰落后产能，引导行业 从"量的扩张"转向 "质的提升"。 申万宏源表示，"反内 ...

周度报告——光伏玻璃 供应端持续减产，光伏玻璃行业深陷亏损 [T报ab告le_日R期an：k] 2025 年 7 月 7 日 ★光伏玻璃基本面周度表现（截至 2025/7/4 当周）： 截至 7 月 4 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格为 10.5 元/平米，环比上周下跌；3.2mm 镀膜主流价格为 18 元/平 米，环比上周持平。当前光伏玻璃价格创历史新低，市场竞争加 剧。 能 随着行业价格持续下行，利润大幅亏损倒逼光伏玻璃厂家开始加 速减产。基于行业呼吁，龙头企业于七月初带头行动。上周有五 条光伏玻璃产线冷修，一个窑炉堵口。预计本周行业减产将持续， 计划减产窑炉 1-2 座，不排除有计划外减产的情况。 源 化 上周需求端订单表现一般，周初厂家发货节奏较缓，新月需求并 不乐观。短期需求端难以有较快恢复，供大于需局面将延续。 工 目前光伏玻璃行业库存持续上行，虽然行业减产仍在继续，但由 于需求端短期难以有较快恢复，供大于需局面依然存在，本周库 存预计将继续上行。 上周行业毛利润继续下滑，亏损程度进一步加深。近期行业累库 压力逐步加剧，部分企业低价加速抢单出货，光伏玻璃利润水平 持续下滑。 ★ ...

Core Viewpoint - The article discusses the recent "anti-involution" measures being implemented across various industries in China, particularly in steel, photovoltaic, and cement sectors, aimed at addressing excessive competition and promoting high-quality development [1][2][3]. Group 1: Industry Actions - Major photovoltaic glass companies have collectively decided to reduce production by 30% starting in July to alleviate "involution" competition [1]. - The China Cement Association has issued guidelines to further promote "anti-involution" and stabilize growth in the cement industry [1]. - Some steel mills have received notifications for production cuts, indicating a proactive approach to managing supply and demand [1]. Group 2: Market Response - The market has responded positively to the proactive production cuts across various industries, with analysts noting that the photovoltaic sector is facing weakening demand and price pressures [1]. - Open-source securities research indicates that prices for multiple products in the photovoltaic industry have fallen below cash cost levels, necessitating the production cuts to improve supply-demand dynamics [1]. Group 3: Policy and Regulatory Framework - The recent "anti-involution" measures are part of a broader governmental strategy to regulate excessive competition, with the Central Economic Committee emphasizing the need for orderly exit of outdated production capacity [2][3]. - The new revisions to the Anti-Unfair Competition Law aim to address "involution" competition, indicating a shift towards legal regulation of market practices [2]. - The focus of the current "anti-involution" initiative is on enhancing policy and market mechanisms, with an emphasis on industry self-discipline and the promotion of high-quality development through technological upgrades [2][3]. Group 4: Future Outlook - The current round of "anti-involution" is expected to lead to a shift from low-cost, homogeneous competition to high-end, differentiated competition in manufacturing [3]. - There is an anticipation of more targeted "anti-involution" policies being introduced, which could provide a turning point for supply-side adjustments in industries like photovoltaic, steel, and cement [3].