Group 1 - The core viewpoint of the news highlights the growth in China's laminated glass industry, with a reported production increase of 5.3% year-on-year in September 2025 [1] - In the first nine months of 2025, the cumulative production of laminated glass in China reached 12,099.3 million square meters, reflecting a cumulative growth of 6.4% [1] - The report cites data from the National Bureau of Statistics, indicating that the laminated glass production in September 2025 was 14.51 million square meters [1] Group 2 - The companies mentioned in the laminated glass industry include Qibin Group, Nanshan Glass, Fuyao Glass, Jinjing Technology, Kaisheng New Energy, Yaopi Glass, Shandong Pharmaceutical Glass, and Yamaton [1] - The report referenced is the "2025-2031 China Laminated Glass Industry Market Status Survey and Development Trend Judgment Report" published by Zhiyan Consulting [1][2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For soda ash, last week's soda ash operating rate declined slightly, with some soda ash plants having new maintenance plans, leading to a further contraction in supply. However, the enterprise shipment volume was decent, with the weekly shipment scale increasing, and the demand side did not weaken significantly, driving inventory down. In terms of profit, the on - screen profits of the dual - alkali process and the ammonia - soda process have turned negative, and coal prices remain relatively high, which may support costs. It is expected that the short - term fundamentals of soda ash have not weakened significantly, and costs may be supported, with prices fluctuating at a low level [3]. - For glass, the daily melting volume of float glass in production decreased slightly, and the operating rate declined, indicating a contraction in supply. However, the downstream demand has poor resilience, the number of days of deep - processing orders from enterprises has changed from increasing to decreasing, and the inventory of float glass enterprises has further accumulated. In contrast, the supply of photovoltaic glass is stable, but the terminal industry has entered the year - end grid - connection stage, and the purchasing demand is limited. The inventory of photovoltaic glass enterprises has accumulated for two consecutive periods. In addition, it is expected that the domestic real estate support policies may be introduced recently, which may disturb the sentiment in the glass market. It is expected that the glass fundamentals will remain weak, but the new real estate policies may boost market sentiment, and glass prices may stabilize at a low level [3]. 3. Summary by Relevant Catalogs 3.1 Market Important Data Summary | Indicator | 2025/11/21 | 2025/11/14 | Change | Unit | | --- | --- | --- | --- | --- | | Soda ash futures price | 1170 | 1226 | - 56.0 | Yuan/ton | | Soda ash spot price | 1140 | 1175 | - 35.0 | Yuan/ton | | Soda ash weekly output | 72.1 | 73.9 | - 1.8 | Ten thousand tons | | Soda ash shipment volume | 78.4 | 74.6 | 3.8 | Ten thousand tons | | Soda ash enterprise inventory | 164.4 | 170.7 | - 6.3 | Ten thousand tons | | Glass futures price | 987 | 1032 | - 45.0 | Yuan/ton | | Glass spot price: Shahe 5mm | 988 | 1028 | - 40.0 | Yuan/ton | | Float glass daily melting volume | 15.8 | 15.9 | - 0.1 | Ten thousand tons | | Float glass enterprise inventory | 6330.3 | 6324.7 | 5.6 | Ten thousand weight boxes | | Photovoltaic glass daily melting volume | 8.9 | 8.9 | 0.0 | Ten thousand tons | | Photovoltaic glass enterprise inventory | 29.4 | 29.1 | 0.3 | Days | [5] 3.2 Market Review - **Price**: The mainstream market price of heavy soda ash in the Shahe area dropped from 1218 yuan/ton at the beginning of last week to 1207 yuan/ton at the end of the week, a weekly decline of about 11 yuan/ton. The spot market price of 5.0mm large - plate glass in the Shahe area dropped from 1016 yuan/ton at the beginning of last week to 1000 yuan/ton at the end of the week, a weekly decline of about 16 yuan/ton [6]. - **Soda ash supply**: Last week, the total soda ash output was about 72.09 million tons, a month - on - month decrease of 1.83 million tons; the operating rate was 83.14%, a month - on - month decrease of 1.31 percentage points. Some soda ash plants joined the maintenance queue. For example, the soda ash plant of Xiangyu Yanhua planned to reduce its load on November 18, with an expected impact period of 5 - 6 days and a total company capacity of about 1 million tons; the soda ash plant of Jiangsu Jingshen planned to reduce its operation on November 19, with an undetermined impact period and a total company capacity of about 700,000 tons. Currently, the on - screen price has fallen below the cost thresholds of the dual - alkali process and the ammonia - soda process, putting pressure on upstream profits, and the maintenance pressure may continue recently, with the supply side remaining weak [6]. - **Soda ash demand**: Last week, the daily melting volume of float glass in production was 15.81 million tons, a decrease of 0.1 million tons from the previous period; the number of production lines in operation (excluding zombie production lines) was 222, the same as the previous period. The daily melting volume of photovoltaic glass in production was 8.94 million tons, the same as the previous period; the number of production lines in operation was 403, the same as the previous period. Affected by the weakening on - screen price, the profits of glass enterprises are under pressure, and the cost support strength of the coal - fired glass process is being focused on. Since the start - stop cost of glass production lines is high, cold - repair of the supply side may release a stronger bottom signal. From the inventory perspective, the inventory of photovoltaic glass enterprises was 29.4 days, an increase of 0.32 days from the previous period. The inventory of float glass was 6330.3 million weight boxes, a month - on - month increase of 5.6 million weight boxes. Overall, the glass supply shows signs of contraction, and the drag on soda ash demand may gradually appear. The further increase in glass enterprise inventory and the weakening of deep - processing order days reflect the weak terminal demand. However, third - party institutions expect that domestic real estate support policies will be introduced recently, which may boost market sentiment. In the short term, attention should be paid to the strength of real estate policies and the progress of coal - to - gas conversion in the Shahe area, and prices are expected to fluctuate at a low level [7]. - **Soda ash inventory**: Last week, the soda ash inventory was 1.6444 million tons, a month - on - month decrease of 73,000 tons. Among them, the inventory of light soda ash was 757,100 tons, a month - on - month decrease of 128,000 tons; the inventory of heavy soda ash was 887,300 tons, a month - on - month increase of 55,000 tons [7]. - **Price difference**: As of November 21, the price difference between soda ash and glass has dropped to around 200 yuan/ton and remained at a relatively low level during the reporting period. From the perspective of product fundamentals, the weak downstream pattern of glass is relatively certain, and there are no bright spots in the fundamentals. However, recent real - estate policies may boost glass prices, and there is still room for long - short games. The fundamentals of soda ash are temporarily better than those of glass, but as the scale of glass cold - repair increases, the resilience of soda ash fundamentals faces challenges. In the short term, both soda ash and glass face certain uncertainties, and the trend of the price difference is unclear, so it is advisable to wait and see [8]. 3.3 Industry News - Honglei Optics, a subsidiary of Hongtian Co., Ltd., completed the order delivery of semiconductor mask lithography machines and TGV glass substrate lithography machines. The mask direct - writing lithography machine has a minimum line - width and line - spacing resolution of 2.5μm and an alignment accuracy of ±2μm, meeting the mass - production lithography requirements of mask products with an L/S of 3μm. The other direct - writing lithography machine for the TGV glass substrate field has a minimum line - width and line - spacing resolution of 6μm and an alignment accuracy of ±4μm, meeting the production requirements of TGV glass substrates with a size of 510mm*515mm [9]. - Qibin Group has built float and photovoltaic glass production bases in Malaysia, with overseas production capacity accounting for 20%. The operation of the Shaba Guda silica sand mine and the supporting wharf has established an integrated overseas supply chain of "resources - production - sales" [9]. - The "coal - to - gas" policy is reshaping the competitive landscape of the glass industry. As an energy - intensive industry, glass production has long relied on coal as the core fuel. This transformation centered on clean - energy substitution not only triggers a structural change on the supply side but also promotes the industry's evolution from "fuel replacement" to "ecological reconstruction" and "value upgrading" [9].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report emphasizes the expectation of enhanced policy support for the construction materials sector, particularly in Q4, highlighting potential investment opportunities [2][3] - The construction materials sector is anticipated to benefit from supply-side reforms and a recovery in housing demand due to declining interest rates and supportive government policies [4][6] - The report notes that the real estate market is gradually stabilizing, with a higher sensitivity to policy easing, which may lead to a recovery in the demand for construction materials [4][6] Summary by Sections Investment Highlights - The Ministry of Housing and Urban-Rural Development has initiated a national urban renewal meeting, focusing on improving housing and community quality [4] - In Beijing, from January to October, the sales area of new commercial housing was 8.159 million square meters, down 3.7% year-on-year, with residential sales down 7.3% [4] - National cement production from January to November reached 1.54 billion tons, a year-on-year decrease of 7.7% [4] Market Data - As of November 21, 2025, the average price of bulk P.O 42.5 cement was 341.6 yuan/ton, down 0.1% from the previous week and down 18.6% year-on-year [5][13] - The average price of glass (5.00mm) was 1102.9 yuan/ton, down 3.4% from the previous week and down 20.7% year-on-year [5][21] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials and Beixin Building Materials [6] 2. Undervalued companies with long-term alpha attributes, such as Sankeshu and Dongfang Yuhong [6] 3. Leading cyclical construction material companies showing signs of bottoming out, such as Huaxin Cement and Conch Cement [6]

Guotai Junan Futures all rights reserved, please do not reprint 本周玻璃观点：短线止跌 中期震荡市 | 供应 | 周内浮法玻璃产线有所变化，东北一条产线放水，无点火产线，周产量环比下降。截至20251120， 国内玻璃生产线在剔除僵尸产线后共计 | | --- | --- | | | 296条(20万吨/日），其中在产221条，冷修停产75条，截至2025年11月20日，全国浮法玻璃日产量为15.81万吨，比13日-0.66%。 | | | 截至20251117，全国深加工样本企业订单天数均值9.9天，环比-8.9%，同比-24.2%。进入11月，各大区深加工样本持有订单均值环比月初均有 | | 需求 | 下滑，订单疲软态势也导致部分加工厂出现阶段性放假现象，目前调研的深加工所持订单天数较少在2-5天居多，另有排期集中在7-15天，亦 | | | 有少数工程订单排期较长，临近年末，欠款类订单深加工签单依旧保持谨慎心态。 | | 库存 | 截止到20251120，全国浮法玻璃样本企业总库存6330.3万重箱，环比+5.6万重箱，环比+0.09%，同 ...

Core Viewpoint - The company, Amaton, reported an increase in the shipment volume of its optoelectronic display glass products, benefiting from the recent recovery in the consumer electronics industry [1] Company Summary - Amaton participated in an institutional research meeting on November 21, where it highlighted the positive impact of the consumer electronics industry's recovery on its product shipments [1]

常州亚玛顿股份有限公司投资者关系活动记录表 证券代码：002623 证券简称：亚玛顿 答：项目公司亚玛顿玻璃工业有限公司已经注册完成，并且完 成境外投资备案手续。本次海外产能项目的投资建设符合公司 全球化发展战略需要，有利于公司充分利用当地的区位、资源 优势，有效降低公司的生产成本，扩大海内外市场占有率，同 时加快海外光伏玻璃产能布局，以灵活应对复杂多变的国际贸 易环境，辐射中东及欧美、南亚市场，推动公司在国际化市场 的业务发展，从而提升公司国际市场竞争力，实现公司长远发 展目标及提升全体股东的利益。 5、公司在光电显示玻璃行业已经布局多年，公司光电显示玻璃 现阶段情况？ 答：受益于近年消费电子行业复苏，公司光电显示玻璃产品出 货量较往年有所提升。 6、公司钙钛矿电池相关技术进展情况？ 答：公司现已具备 ITO 玻璃量产能力，相较于 FTO 玻璃，ITO 玻 | | 璃具有大尺寸钢化、超轻薄、高导电性、高透光率、高机械性 | | --- | --- | | | 能及表面缺陷少的优点。目前，公司在不断地储备和完善相关 | | | 的技术和经验，并与纤纳光电、协鑫集团等企业保持良好战略 | | | 合作关系，待该 ...

陈逸 （联系人） 0755-23375125 cheny40@wkqh.cn 交易咨询号：Z0023202 多重利空共振， 玻璃持续探底 玻璃周报 从业资格号：F03137504 郎志杰（黑色建材组） 从业资格号：F3030112 2025/11/22 产业链示意图 上游 天然碱矿 （天然碱法） 原盐、石灰石 （氨碱法） 原盐、合成氨 （联碱法） 燃料：动力 煤、天然气 中游 轻碱 重碱 氯化铵 下游 日用玻璃 洗涤剂 食品行业 无机盐 平板玻璃 农用氮肥 房地产——约88% 汽车——约6% 光伏——约1% 其他 目录 01 周度评估及策略推荐 04 供给及需求 02 期现市场 05 库存 03 利润及成本 周度评估及策略推荐 | 玻璃基本面评估 | 估值 | | | | 驱动 | | | --- | --- | --- | --- | --- | --- | --- | | | 基差 | 成本利润 | 产量 | 需求 | 玻璃库存 | 房地产 | | 数据 | 101 | 天然气：-206.84 煤炭：25.79 石油焦：8.52 | 111.02万吨 | 深加工订单：9.9日 | 6330.3万重箱 | ...

证券日报网讯凯盛科技（600552）11月21日在互动平台回答投资者提问时表示，公司高度重视玻璃新材 料等新技术在应用上的拓展，公司生产的柔性玻璃可应用于钙钛矿电池，正在推进相关攻关工作。 ...

Core Viewpoint - The company is actively advancing its research and development efforts in perovskite battery technology, particularly focusing on the application of flexible glass as a substrate to enhance durability and efficiency [2]. Group 1: Company Developments - The company has patented two innovations related to perovskite batteries: one addresses the issue of cracking and short lifespan by using high-strength flexible glass as a substrate, and the other combines flexible glass with CIGS (Copper Indium Gallium Selenide) absorption layers to achieve a target efficiency of over 30% [2]. - The company emphasizes the importance of new materials, such as flexible glass, in the application of perovskite batteries and is committed to advancing related technological breakthroughs [2].

1. Report Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints - **Long - term**: Construction site funds availability has slightly increased but remains significantly lower year - on - year. Real estate data recovery is slow. Steel mills' profitability is on the decline, and the steel fundamentals are weak, with a tendency for weak oscillations. Iron ore is under pressure due to expected supply loosening and a decline in daily hot - metal production. For glass and soda ash, glass inventory is accumulating, production is decreasing, and demand is weak. The supply of soda ash is loose, and the weak supply - demand situation is hard to change [68][72]. - **Short - term**: In the macro - policy vacuum period, the sentiment in the market is weak. The steel futures market will be in a weak oscillation, and iron ore will operate at a low level. The glass futures price is on a downward trend, dragging down the soda ash futures price, and both will be under pressure in the short term [69][73]. 3. Summary by Directory Black - series Weekly Market Review - **Futures Prices**: From November 14th to 21st, 2025, among the main futures contracts, the prices of螺纹钢,热卷, and铁矿石 increased, while those of 焦炭,焦煤, glass, and 纯碱 decreased. The price of 螺纹钢 rose from 3053 to 3057,热卷 from 3256 to 3270, and 铁矿石 from 773 to 786; 焦炭 dropped from 1670 to 1615,焦煤 from 1192 to 1103, glass from 1032 to 987, and 纯碱 from 1226 to 1170 [3]. - **Spot Prices**: The spot prices of 螺纹钢, 热卷, 铁矿石, 焦炭, 焦煤, 玻璃, and 纯碱 were 3220, 3270, 807, 1770, 1530, 1120, and 1261 respectively. The corresponding basis (unadjusted) was 163, 0, 22, 156, 427, 133, and 91 [3]. Rebar - **Profit**: On November 20th, the blast - furnace profit of rebar was - 31 yuan/ton [7]. - **Supply**: As of November 21st, the blast - furnace operating rate was 82.19%, a decrease of 0.62 percentage points. The daily average hot - metal output was 236.28 tons, a decrease of 0.6 tons, while the weekly rebar production was 207.96 tons, an increase of 7.96 tons [13]. - **Demand**: In the week of November 21st, the apparent consumption of rebar was 230.79 tons, a week - on - week increase of 14.42 tons. As of November 20th, the trading volume of construction steel by mainstream traders was 84,520 tons [18]. - **Inventory**: In the week of November 21st, the social inventory of rebar was 400.02 tons, a week - on - week decrease of 15.73 tons, and the in - plant inventory was 153.32 tons, a week - on - week decrease of 7.1 tons [23]. Iron Ore - **Supply**: In the week of November 14th, the global iron ore shipment volume was 35.164 million tons, a week - on - week increase of 4.474 million tons, and the arrival volume at 47 ports in China was 23.699 million tons, a week - on - week decrease of 3.994 million tons [28]. - **Inventory**: In the week of November 21st, the inventory of imported iron ore at 47 ports was 157.3485 million tons, a week - on - week decrease of 0.7799 million tons, and the inventory of imported iron ore at 247 steel enterprises was 90.0123 million tons, a week - on - week decrease of 0.7478 million tons [33]. - **Demand**: In the week of November 21st, the daily average port - clearance volume of imported iron ore at 47 ports was 3.4339 million tons, a week - on - week increase of 0.0311 million tons. As of November 20th, the trading volume at major Chinese ports was 0.918 million tons [38]. Float Glass - **Supply**: In the week of November 21st, the number of operating float - glass production lines was 222, the same as the previous week. The weekly output was 1.110195 million tons, a week - on - week decrease of 3750 tons. As of November 20th, the capacity utilization rate was 79.03%, and the operating rate was 74.66% [43]. - **Inventory**: In the week of November 21st, the in - plant inventory of float glass was 63.303 million weight - boxes, a week - on - week increase of 56,000 tons, and the available inventory days were 27.5, the same as the previous week [48]. - **Demand**: In the week of November 17th, the deep - processing order days of glass downstream manufacturers were 9.9 days [52]. Soda Ash - **Supply**: In the week of November 21st, the capacity utilization rate of soda ash was 82.68%, a decrease of 2.12 percentage points compared with the previous week, and the output was 720,900 tons, a decrease of 18,300 tons compared with the previous week [56]. - **Inventory**: As of November 21st, the in - plant inventory of soda ash was 1.6444 million tons, a week - on - week decrease of 62,900 tons [61]. - **Sales Rate**: As of November 21st, the sales rate of soda ash was 108.73%, a week - on - week increase of 7.8 percentage points [65].