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基本面差异 浮法玻璃、纯碱中短期走势或有分化
Xin Hua Cai Jing· 2025-08-21 07:21
浮法玻璃进入传统旺季,供需结构或有阶段性改善。当前浮法玻璃虽生产企业及局部中间商持货量偏 高,但随着下游加工厂订单得到改善,市场供需结构存阶段性改善预期。从加工厂库存水平看,虽7月 份有所补货,但补货量不多。经过8月份阶段性消化后,加工厂库存整体处于偏低位。后市看,随着旺 季季节性订单得到兑现,加工厂刚需提货也将对浮法生产企业产销率形成支撑,预计8月份下旬之后浮 法厂出货或将呈现逐步好转趋势。但从价格看,高库存压力仍存,需求改善对价格支撑还需关注改善强 度。 相比之下,纯碱基本面供强需弱矛盾突出。内蒙博源银根化工二期280万吨装置计划下半年投产,后期 计划检修厂家有限,纯碱行业开工负荷预计维持在85%-89%,日产量维持在10.7-11.2万吨。需求相对平 稳,主要下游产品盈利情况欠佳,对纯碱市场支撑乏力。加之纯碱行业库存处于历史同期高位,厂家出 货压力不减,中短期看纯碱市场或偏弱运行。 (文章来源:新华财经) 浮法玻璃进入传统旺季,供需结构或有阶段性改善。相比之下,纯碱基本面供强需弱矛盾突出,中短期 看纯碱市场或偏弱运行。 进入8月份,虽然玻璃和纯碱期现货市场走势略有分化,但两品种整体走势大体趋同,均出现期 ...
玻璃玻纤概念短线走高,北坡股份涨停
Xin Lang Cai Jing· 2025-08-21 03:40
玻璃玻纤概念短线走高,北坡股份涨停,再升科技、凯德石英、福耀玻璃、旗滨集团、三峡新材等跟 涨。 ...
2025年1-6月中国钢化玻璃产量为2.5亿平方米 累计下降10.3%
Chan Ye Xin Xi Wang· 2025-08-21 03:25
上市企业:旗滨集团(601636),南玻A(000012),福耀玻璃(600660),金晶科技(600586),凯盛新能 (600876),耀皮玻璃(600819),山东药玻(600529),亚玛顿(002623) 相关报告:智研咨询发布的《2025-2031年中国钢化玻璃行业市场供需态势及发展前景研判报告》 知前沿,问智研。智研咨询是中国一流产业咨询机构,十数年持续深耕产业研究领域,提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力,专注于提供完善的产业解决方案,为您的投资决策赋能。 数据来源:国家统计局,智研咨询整理 根据国家统计局数据显示:2025年6月中国钢化玻璃产量为0.4亿平方米,同比下降6.1%;2025年1-6月 中国钢化玻璃累计产量为2.5亿平方米,累计下降10.3%。 ...
再升科技(603601):短期需求承压,远期受益能耗新标
HTSC· 2025-08-21 03:24
再升科技 (603601 CH) 短期需求承压,远期受益能耗新标 2025 年 8 月 21 日│中国内地 玻璃 证券研究报告 再升科技发布半年报,1H25 实现营收 6.58 亿元(yoy-12.29%),归母净 利 6028.78 万元(yoy-20.84%),扣非净利 4542.27 万元(yoy-17.27%)。 其中 2Q 实现营收 3.34 亿元(yoy-18.68%,qoq+2.89%),归母净利 2672.84 万元(yoy-38.96%,qoq-20.35%)。2Q 单季度盈利低于我们此前预期(0.42 亿元),主因上半年下游面板客户扩产进度偏缓,公司产品销售承压扰动盈 利。2025 年 6 月,市场监管总局发布新版《家用电冰箱耗电量限定值及能 效等级》,或有效提升公司 vip 板渗透率,维持"买入"。 1H25 终端需求偏弱,干净空气材料/高效节能材料增长承压 1H25 干 净 空 气 材 料 / 高 效 节 能 材 料 / 无 尘 空 调 产 品 收 入 同 比 -18.15%/-14.95%/+42.59%至 2.19/3.41/0.71 亿元,干净空气材料收入下降 或主因上半年下游面 ...
玻璃纯碱早报-20250821
Yong An Qi Huo· 2025-08-21 02:34
Group 1: Report Overview - The report is a morning report on glass and soda ash by the Energy and Chemicals Team of the Research Center, dated August 21, 2025 [2] Group 2: Glass Market Price Changes - From August 13 to August 20, 2025, the price of 5mm large - plate glass in different regions showed various changes. For example, the price of 5mm large - plate glass from Shahe Anquan increased from 1160.0 to 1164.0, while that from Shahe Great Wall decreased from 1147.0 to 1130.0 [2] - Among the futures contracts, FG09 decreased from 1061.0 to 997.0, and FG01 decreased from 1214.0 to 1162.0 [2] Basis and Spread - The FG 9 - 1 spread changed from - 153.0 to - 165.0, and the 09 Hebei basis changed from 82.0 to - 32.0 [2] Profitability - The North China coal - fired profit decreased from 237.0 to 228.5, and the 09FG盘面 natural gas profit decreased from - 312.2 to - 362.1 [2] Production and Sales - The production - sales ratio in Shahe was 85, in Hubei was 121, in East China was 92, and in South China was 96 [2] Group 3: Soda Ash Market Price Changes - From August 13 to August 20, 2025, the price of heavy soda ash in different regions also had different trends. For example, the price of Shahe heavy soda ash decreased from 1260.0 to 1210.0, while the price of South China heavy soda ash remained at 1450.0 [2] - Among the futures contracts, SA05 decreased from 1437.0 to 1364.0, SA01 decreased from 1383.0 to 1309.0, and SA09 decreased from 1276.0 to 1209.0 [2] Basis and Spread - The SA09 Shahe basis changed from - 16.0 to 1.0, and the SA month - difference 09 - 01 changed from - 107.0 to - 100.0 [2] Profitability - The North China ammonia - soda profit decreased from - 119.7 to - 166.7, and the North China combined - soda profit decreased from - 171.3 to - 167.9 [2] Spot Market - The spot price of heavy soda ash at the Hebei delivery warehouse was around 1180, and the price delivered to Shahe was around 1210 [2]
山东华鹏玻璃股份有限公司股票交易风险提示公告
Core Viewpoint - The company, Shandong Huapeng Glass Co., Ltd., has issued a risk warning regarding its stock price volatility and ongoing operational challenges, highlighting significant losses in its financial performance for the first half of 2025 [2][3]. Market Trading Risks - The company's stock experienced a consecutive four-day limit-up from August 15 to August 20, 2025, with a cumulative price increase exceeding 12% over three trading days, indicating abnormal trading fluctuations [2][3]. - Investors are advised to be cautious of secondary market trading risks and to make rational investment decisions [2]. Operational Performance Risks - The company projected a net loss for the first half of 2025, estimating a loss between 52 million to 70 million yuan [3]. - The operational status and business environment have not significantly changed compared to previous disclosures, and there are no undisclosed major events [4]. Other Risk Warnings - The company has faced continuous net losses over the last three accounting years, leading to uncertainty regarding its ability to continue as a going concern, which has resulted in additional risk warnings since April 23, 2025 [5]. - As of the announcement date, there are no undisclosed major matters related to asset restructuring, share issuance, or other significant transactions [6].
中国玻璃(03300)发盈警,预期中期亏损增至不超过3.2亿元
智通财经网· 2025-08-20 14:01
Group 1 - The company expects to incur a loss of up to RMB 320 million for the six months ending June 3, 2025, compared to a net loss of approximately RMB 137 million for the six months ending June 30, 2024 [1] - The losses are primarily attributed to the prolonged downturn in the Chinese real estate sector, leading to a "supply exceeds demand" situation in the construction glass market, which keeps prices low [1] - The photovoltaic industry in China continues to experience a "supply-demand mismatch," further compressing profit margins across the entire solar power value chain [1] Group 2 - Macroeconomic uncertainties, including geopolitical instability, fluctuating international trade policies, and currency exchange rate volatility, have weakened the contribution of the company's overseas production base's strong performance to overall profitability [1]
中国玻璃(03300.HK)盈警:预期中期亏损不超过3.2亿元
Ge Long Hui· 2025-08-20 13:53
Core Viewpoint - China Glass (03300.HK) anticipates a loss of up to RMB 320 million for the six months ending June 30, 2025, following a net loss of approximately RMB 137 million for the six months ending June 30, 2024, primarily due to ongoing challenges in the real estate and photovoltaic industries, as well as macroeconomic uncertainties [1] Industry Summary - The Chinese real estate sector continues to experience a downturn, leading to a "supply exceeds demand" situation in the construction glass market, which keeps prices at low levels [1] - The photovoltaic industry is facing a persistent "supply-demand mismatch," further compressing profit margins across the entire solar power value chain [1] - Geopolitical instability, fluctuating international trade policies, and currency exchange rate volatility are increasing macroeconomic uncertainties, which have diminished the contribution of the company's overseas production performance to overall profitability [1]
中国玻璃(03300.HK)违反借贷协议
Ge Long Hui· 2025-08-20 13:05
Core Viewpoint - China Glass (03300.HK) is facing potential default on a loan agreement due to weak demand for construction glass products, which has negatively impacted accounts receivable and cash flow [1] Financing Agreement - On July 8, 2022, the company entered into a financing agreement with a syndicate of lenders represented by Standard Chartered Bank (Hong Kong) [1] - The financing is secured by the company's accounts and has an outstanding principal of 141.7 million USD, due on August 15, 2025 [1] Default Risk - The company is unable to fulfill its repayment obligations by the due date due to the ongoing downturn in the real estate sector, leading to a breach of the financing agreement [1] - This default could have negative implications for the company's operations [1] Mitigation Efforts - The company is actively seeking professional advice to address the current situation and is in discussions with financial advisors and potential financing sources to raise funds for repayment [1] - The board is exploring various options to resolve, extend, or restructure the existing bank financing and is in ongoing negotiations with lenders [1] - An emergency plan is being developed to ensure the company's debt repayment capability remains intact in case refinancing is not completed in a timely manner [1]
三峡新材上半年亏损2699.3万元 同比下降182.33%
Xi Niu Cai Jing· 2025-08-20 06:04
Core Viewpoint - The financial performance of Sanxia New Materials in the first half of 2025 shows significant declines in revenue and profit margins, attributed to pressures from both product pricing and sales volume in a competitive market environment [2][3][6]. Financial Performance - In the first half of 2025, Sanxia New Materials reported operating revenue of 625 million CNY, a year-on-year decrease of 28.01% [6]. - The company recorded a net loss attributable to shareholders of 26.99 million CNY, a decline of 182.33% compared to the previous year [6]. - The gross margin was -0.65%, down 11.06 percentage points year-on-year, while the net margin was -4.01%, down 8.15 percentage points [2][3]. - Operating costs were 630 million CNY, a decrease of 19.13% year-on-year [1][2]. Expense Breakdown - Sales expenses amounted to 2.22 million CNY, down 29.06% year-on-year [1][2]. - Management expenses increased to 25.08 million CNY, up 28.22% year-on-year [1][2]. - Financial expenses rose to 9.03 million CNY, an increase of 9.75% year-on-year [1][2]. - Research and development expenses surged to 49.05 million CNY, a significant increase of 66.08% year-on-year [1][2]. Market Context - The primary application of Sanxia New Materials' products is in the downstream real estate and construction glass sectors [3]. - The flat glass market in China is experiencing overcapacity, with the country accounting for approximately 50% of the world's total glass production [3]. - The ongoing downturn in the real estate sector has led to further declines in glass prices, intensifying competition in the flat glass market [3]. Production and Sales Data - In the first half of 2025, the company produced 12.29 million heavy boxes of flat glass, with a product quality rate of 91.37% [3]. - Sales of flat glass reached 10.85 million heavy boxes, resulting in a sales rate of 88.28% [3]. - The production of LOW-E coated glass was 750,000 square meters, with sales of 684,000 square meters, achieving a sales rate of 97.44% [3]. - The company also produced 16.55 million tons of fine sand, generating sales revenue of 2.7 million CNY from tailings [3]. Legal Matters - Sanxia New Materials is pursuing a legal claim for 163 million CNY in compensation related to a loan guarantee for Shenzhen Hengbo Commercial Chain Co., which resulted in a default [3][4]. - A court ruling on March 31, 2025, dismissed all of Sanxia New Materials' claims, requiring the company to bear legal costs of 902,400 CNY [4].