当前玻璃产业整体处于产能出清、供需错配阶段，此次玻璃产业调研针对华南地区光伏玻璃、日用玻 璃、浮法玻璃下游企业，旨在摸清行业产能格局、产品迭代趋势与市场竞争逻辑，为行业发展研判提供 依据。 市场格局与产能态势 当前光伏组件价格持续承压，行业增长核心逻辑已从"反内卷"转向产能出清。光伏玻璃市场预期整体偏 弱，行业内已召开多轮会议探讨应对策略。落后产能于去年基本完成淘汰，现存产能以新兴产能为主， 后续行业竞争焦点将集中于淘汰经营不善的企业。企业普遍存在超产现象，实际产能可达设计产能的 110%~120%，而全球范围内光伏玻璃已开始出现供应缺口，市场供需格局逐步调整。 光伏玻璃企业 产品特性与流通特点 该企业产品端以2.0mm为主，采用按平方米计价模式。光伏玻璃加工转化率高，原片成品率达90%，加 工合格率超99%。流通方面，产品以B2B模式为主，玻璃厂直接对接组件厂；储存条件与浮法玻璃类 似，因经过钢化处理，破损率、发霉率更低，装载量更大，运输半径也优于浮法玻璃。产品无"新货老 货"之分，下游仅关注指标是否达标，且组件衰减与玻璃无关，核心取决于电池片质量，光伏玻璃设计 寿命达25年。出口布局呈现差异化，部分基地专 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The report presents the latest price, production and sales, inventory and profit data of glass and soda ash, and shows the relevant historical data trends through charts, but does not clearly put forward the core viewpoints [1][2][3][4]. 3. Summary by Category Glass - **Price**: From November 26 to December 3, 2025, the price of 5mm glass in some regions changed slightly. For example, the price of 5mm large - plate glass of Shahe Safety increased from 1044.0 to 1061.0, while that of Shahe Great Wall decreased from 1044.0 to 1036.0. The FG05 contract price decreased from 1169.0 to 1125.0, and the FG01 contract price decreased from 1037.0 to 1020.0 [1]. - **Production and Sales**: On December 3, 2025, the production - sales ratio of glass in Shahe was 109, in Hubei was 99, in East China was 98, and in South China was 131 [2]. - **Profit**: The profit of North China's coal - fired glass increased from 105.7 to 113.3, while the profit of South China's natural gas glass remained at - 188.1. The profit of North China's natural gas glass increased from - 306.6 to - 304.5. The profit of 05FG and 01FG on the natural gas futures market decreased [1]. Soda Ash - **Price**: From November 26 to December 3, 2025, the price of heavy soda ash in some regions changed. For example, the price of Shahe heavy soda ash decreased from 1160.0 to 1130.0. The SA05 contract price decreased from 1244.0 to 1233.0, and the SA01 contract price decreased from 1183.0 to 1165.0 [1]. - **Industry Situation**: The inventory of the mid - upstream of the soda ash industry continued to decline, and the second - phase project of Yuanxing was put into production. The spot price of heavy soda ash in Hebei delivery warehouses was about 1120, and the price delivered to Shahe was about 1130 [1]. - **Profit**: The profit of North China's ammonia - soda process first increased and then decreased, while the profit of North China's combined - soda process increased [1].

Group 1: Industry Overview - The glass industry is currently in a phase of capacity clearance and supply-demand mismatch, with a focus on understanding the capacity structure, product iteration trends, and market competition logic in the South China region [1] - The photovoltaic glass market is experiencing weak overall expectations, with the core logic of industry growth shifting from "anti-involution" to capacity clearance, leading to discussions on response strategies within the industry [2] - The existing capacity is primarily composed of emerging capacities, with a focus on eliminating poorly managed enterprises, while actual production capacity can reach 110% to 120% of designed capacity [2] Group 2: Product Characteristics and Supply Chain - The main product thickness is 2.0mm, with a high processing conversion rate of 90% and a processing qualification rate exceeding 99%, utilizing a B2B model for distribution [3] - The company has stable raw material supply, with quartz sand sourced from its own mines and soda ash procured through long-term agreements, impacting production costs [4] - Inventory management is efficient, with a normal inventory cycle of 30 to 40 days, aligning with the fast turnover characteristics of photovoltaic glass [5] Group 3: Market Dynamics and Competition - The core consumption market for daily-use glass is in Guangdong, with significant demand from the seasoning industry and other sectors [6] - The competition in the market is intensifying, particularly for raw soda ash, with a noticeable downward trend in synthetic soda ash costs [7] - The photovoltaic glass industry is seeing a clear direction in product iteration, with 2mm thickness accounting for 80% of the market, while the 3.2mm thickness is gradually being phased out [14] Group 4: Trade and Collaboration - The current trade model in the photovoltaic glass market is primarily point-to-point, with direct connections between glass manufacturers and component factories, leading to challenges in financing for midstream traders [15] - The cooperation ecosystem is characterized by component manufacturers holding pricing power, which affects the negotiation dynamics with glass suppliers [15] - Future industry trends indicate a focus on cost advantages and product quality, with logistics optimization and resource integration becoming critical [16]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601636 证券简称：旗滨集团 公告编号：2025-130 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司关于"旗滨转债"赎回结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ●赎回数量：4,401,000元（44,010张） 经中国证券监督管理委员会《关于核准株洲旗滨集团股份有限公司公开发行可转换公司债券的批复》 （证监许可【2021】409号）核准，株洲旗滨集团股份有限公司（以下简称"公司"）于2021年4月9日发 行了1,500万张可转换公司债券，每张面值100元，发行总额150,000万元，期限6年。公司可转换公司债 券于2021年5月7日起在上海证券交易所挂牌交易，债券简称"旗滨转债"，债券代码"113047"。根据《株 洲旗滨集团股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约 定，公司本次发行的"旗滨转债"自2021年10月15日起可转换为公司普通股。最新转股 ...

香港联交所最新资料显示，11月27日，摩根大通减持福莱特（601865）玻璃(06865)31.97万股，每股作 价10.5175港元，总金额约为336.24万港元。减持后最新持股数目约为5736.03万股，最新持股比例为 12.98%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月27日，摩根大通减持福莱特玻璃(06865)31.97万 股，每股作价10.5175港元，总金额约为336.24万港元。减持后最新持股数目约为5736.03万股，最新持 股比例为12.98%。 ...

后市来看，玻璃期货行情将如何运行，相关机构观点汇总如下： 12月3日，国内期市能化板块多数飘绿。其中，玻璃期货主力合约开盘报1034.00元/吨，今日盘中低位 震荡运行；截至发稿，玻璃主力最高触及1039.00元，下方探低1015.00元，跌幅达1.83%附近。 11月21日-11月27日，剔除长停样本，中国LOW-E玻璃样本企业开工率环比下降1.1%至75.1%。不剔除 样本情况下，本期LOW-E开工率45.4%,环比回落1.1%，处于近几年同期低位。 据隆众资讯，本溪福耀浮法玻璃有限公司600吨生产线，11月29日点火。截至12月1日，全国深加工样本 企业订单天数均值环比增加2.4%至10.1天，同比下降17.9%。 安彩高科（600207）公告，公司拟对全资子公司河南安彩光伏新材料有限公司的900t/d光伏玻璃生产线 进行升级改造。 混沌天成期货表示，后市将逐步进入玻璃需求淡季，玻璃供给和库存压力较大，价格跌至历史低位，部 分厂家将开始冷修，玻璃盘面反弹。玻璃利润较差，价格继续下跌将会有更多厂家冷修，价格基本见 底，建议逢低买入，01合约淡季交割压力仍较大，建议逢低买入远月，关注玻璃厂家冷修落实情况和政 ...

天眼查App显示，近日，湖南华夏楠钧玻璃有限公司成立，法定代表人为文稀，注册资本300万人民 币，经营范围为一般项目：光学玻璃制造；通用零部件制造；光电子器件制造；光电子器件销售；未封 口玻璃外壳及其他玻璃制品制造；光学玻璃销售；通讯设备销售；通用设备制造（不含特种设备制 造）；电子元器件制造（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动）。 ...

Core Insights - The commercialization prospects of perovskite batteries are promising, with TCO conductive film glass accounting for over 30% of the cost structure [1] - Jinjing Technology, based in Zibo, Shandong, holds core technology for TCO conductive film glass and dominates the market share [1][6] - The company has filled domestic technological gaps and is collaborating with leading enterprises in the perovskite industry to drive systematic cost reductions [1] Company Overview - Jinjing Technology originated from the first industrialized flat glass production company in China, established over a century ago in Zibo [2] - The company has produced ultra-white glass with a transmittance rate exceeding 91%, significantly higher than ordinary glass [2][4] - The first ultra-white glass was produced in July 2005, breaking the long-standing reliance on imports and making prices more accessible [4] Product Development - The ultra-white glass production line has achieved significant advancements, including the world's largest single piece of ultra-white glass measuring 26 meters [4] - By 2025, the production line will be upgraded to produce ultra-white glass lengths of up to 30 meters with a transmittance rate of 92% [4] Industry Impact - The high transmittance of ultra-white glass enhances efficiency in green buildings and photovoltaic applications [5] - TCO conductive film glass is crucial for manufacturing perovskite solar cells, representing over 30% of their total cost [6] - Jinjing Technology has achieved full control over the production chain of TCO conductive film glass, overcoming technical challenges related to size, conductivity, and transmittance [6] Strategic Partnerships - Jinjing Technology has formed strategic partnerships with leading companies in the perovskite battery sector, such as GCL-Poly Energy [7] - The company’s TCO conductive film glass production lines are supplying major players in the perovskite battery market, capturing a significant domestic market share [7] Financial Performance - In the first three quarters of 2025, Jinjing Technology reported revenue of 3.461 billion yuan, a year-on-year decline of 31.63%, with a net profit loss of 270 million yuan, down 190.8% [8] - The company is focusing on cost reduction and efficiency improvements while promoting high-value-added products to prepare for future growth [8]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 投资咨询业务资格： 证监许可【2011】1289号 作者： 邝志鹏市场分析 玻璃方面：昨日玻璃期货盘面震荡下行。现货方面，市场成交重心有所下移，下游按需采购为主。供需 与逻辑：伴随玻璃产线冷修增加，带动玻璃需求小幅好转，但玻璃供应收缩程度仍显不足，供需矛盾依 旧较大，高库存压力仍存。后续玻璃厂仍需通过长期亏损完成产能出清，持续关注玻璃冷修及宏观政策 情况。 纯碱方面：昨日纯碱期货盘面震荡上行，成本上行有所支撑。现货方面，下游以刚需采购为主。供需与 逻辑：纯碱产销存数据均有所回落，供需矛盾得到小幅缓解，但库存仍处于高位。且考虑到后续浮法玻 璃冷修仍有增加预期，重碱需求面临挑战，压制纯碱价格高度，持续关注下游需求情况对纯碱价格的影 响。 策略 玻璃方面：震荡 纯碱方面：震荡 跨期：无 跨品种：无 风险 宏观及房地产政策、浮法玻璃下游需求、纯碱产线检修和库存变化等。 免责声明： 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保 证。本报 告所载的意见、结论及预测仅反映报告发布当日的观点和判断。 ...