周度报告——光伏玻璃 行业重回亏损阶段，库存压力持续增长 上周光伏玻璃供给端保持稳定，暂无厂家冷修或点火。目前国内 光伏玻璃在产产能 89380 吨/天，环比持平，产能利用率 67.71%， 亦环比持平。预计本月底前有单座窑炉存在冷修预期，供给将开 始下行。目前行业重回亏损阶段，各生产企业压力较大。 能 源 化 目前光伏玻璃需求表现仍偏弱，多家企业反馈订单不足情况。主 要因为下游组件端近期存在抬价情况，而终端电站较难接受，上 下游持续博弈，导致组件厂家的光伏玻璃拿货量减少。 工 上周光伏玻璃厂家库存继续增长，预计短期需求弱势难改，库存 量将持续上行。 上周光伏玻璃行业毛利率继续走弱，目前毛利率约为-2.03%。当 前天然气陆续开始执行冬气价，成本有所上涨，而光伏玻璃价格 预期下行，行业重回亏损阶段。 ★ 供需分析： 由于光伏玻璃基本面表现偏弱，后期不排除价格继续调整的可 能。 [T报ab告le_日R期an：k] 2025 年 11 月 24 日 ★光伏玻璃基本面周度表现（截至 2025/11/21 当周）： 截至 11 月 21 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 13 元/平方米，环比上 ...

英伟达业绩报告虽然强劲，但没能持续稳住市场信心。美股三大指数集体收跌。港股三大指数大幅低 开，恒指跌1.45%，国指跌1.43%，恒生科技指数跌2.21%。权重科技股集体下挫大市承压明显，苹果概 念股、半导体股、锂电池股、汽车股、石油股等热门板块纷纷走低，其中，赣锋锂业跌超6%，鸿腾精 密跌5%，中芯国际跌超3%。另外，光伏玻璃股、生物医药股部分上涨，信义玻璃涨1.65%。(格隆汇) ...

Core Viewpoint - The company aims to align with industry trends, focusing on high-quality development of its core business while dynamically adjusting its production and sales strategies based on order demand, inventory levels, and customer delivery schedules [1] Group 1 - The company will actively practice industry self-discipline and enhance operational efficiency through continuous optimization of its product matrix [1] - The company emphasizes the importance of lean management to reduce costs and increase efficiency [1] - The company seeks to improve its risk resistance and development resilience [1]

格隆汇11月19日丨福莱特(601865.SH)在互动平台表示，我司专注于光伏玻璃的生产和销售，暂未涉足 储能业务领域。 ...

Core Viewpoint - The photovoltaic glass index experienced a decline of 2.03%, indicating pressure on major constituent stocks and a net outflow of funds [1] Group 1: Market Performance - Major constituent stocks such as Hainan Development and Tuori New Energy saw significant declines, with drops of 6.21% and 6.15% respectively [1] - Other companies including Dongfang Risen, An彩高科, and Jinjing Technology also faced declines, with respective decreases of 1.62%, 2.04%, and 1.72% [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed significant improvement in Q3, exceeding market expectations [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 12.464 billion yuan, a year-on-year decrease of 14.66%, and a net profit attributable to shareholders of 638 million yuan, down 50.79% year-on-year [1]. - In Q3 2025, the company realized revenue of 4.727 billion yuan, a year-on-year increase of 20.95% and a quarter-on-quarter increase of 29.22%. The net profit attributable to shareholders was 376 million yuan, turning profitable year-on-year and increasing 142.93% quarter-on-quarter [1]. Operational Insights - Q3 saw both volume and profit improve quarter-on-quarter, with an expected increase in photovoltaic glass sales driven by downstream component customers stocking up at lower prices, leading to a rapid decrease in inventory, which fell 38% quarter-on-quarter by the end of Q3 [1]. - The gross profit margin for Q3 was 16.8%, remaining stable quarter-on-quarter, with net profit per unit expected to improve [1]. - The recovery in profitability is attributed to several factors: the historical low prices of photovoltaic glass, rapid inventory reduction leading to price increases in September, lower raw material costs, and effective cost control measures [1][2]. Other Financial Metrics - The expense ratio during Q3 was 6.9%, a decrease of 0.6 percentage points quarter-on-quarter. Asset impairment losses were reversed by 80 million yuan, mainly due to the recovery in photovoltaic glass prices in September, positively impacting profits [2]. - By the end of Q3, construction in progress increased by 31.6% compared to the end of the previous year, primarily due to the construction of photovoltaic glass production lines in Anhui and Nantong, as well as cold repairs of the group's float glass production line [2]. Industry Outlook - The industry inventory has returned to a reasonable level, and with the expected rise in natural gas prices during the heating season, production costs are likely to be supported, leading to stable photovoltaic glass prices [2]. - The company maintains its leading position in the market despite competition from other firms like Jibang, with a steep cost curve and a focus on expanding overseas markets, which supports positive profit expectations [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fundamental performance of the photovoltaic glass industry remains weak. Although the market price is temporarily stable, there may be further adjustments in the future. The industry's gross profit margin has turned negative, and the supply - demand gap is expected to widen [1][2][3]. 3. Summary by Related Catalogs 3.1 Photovoltaic Glass Weekly Outlook - Supply: Last week, one production line started feeding materials and one was ignited, increasing the overall supply. The current in - production capacity is 89,380 tons per day with a capacity utilization rate of 68.35%. One production line is expected to undergo cold repair this week, reducing capacity by 1,200 tons per day [1][7]. - Demand: Last week, the industry demand was weak, and many photovoltaic glass enterprises couldn't achieve production - sales balance. Component manufacturers are using previously stocked glass, and November and December are seasonal off - peak demand months, so short - term demand will continue to decline [1][7]. - Inventory: Last week, the inventory of photovoltaic glass manufacturers continued to increase. With supply rising and demand expected to fall, the industry's supply - demand gap is expected to widen [1][7]. - Gross Profit Margin: Last week, the gross profit margin of the photovoltaic glass industry turned negative, currently about - 0.96% [2][7]. 3.2 Domestic Photovoltaic Glass Industry Chain Data 3.2.1 Photovoltaic Glass Spot Price - As of November 14, the mainstream price of domestic 2.0mm coated (panel) photovoltaic glass was 13 yuan per square meter, unchanged from last week; the mainstream price of 3.2mm coated glass was 19.5 yuan per square meter, also unchanged from last week [1][8]. 3.2.2 Supply - side - Last week, one production line started feeding materials and one was ignited, increasing the overall supply. The current in - production capacity is 89,380 tons per day with a capacity utilization rate of 68.35%. One production line is expected to undergo cold repair this week, reducing capacity by 1,200 tons per day [1][7][11]. 3.2.3 Demand - side - Last week, the industry demand was weak, and many photovoltaic glass enterprises couldn't achieve production - sales balance. Component manufacturers are using previously stocked glass, and November and December are seasonal off - peak demand months, so short - term demand will continue to decline [1][7][20]. 3.2.4 Inventory - side - Last week, the inventory of photovoltaic glass manufacturers continued to increase. With supply rising and demand expected to fall, the industry's supply - demand gap is expected to widen [1][7][23]. 3.2.5 Cost - profit side - Last week, the gross profit margin of the photovoltaic glass industry turned negative, currently about - 0.96% [2][7][26]. 3.2.6 Trade - side - From January to September 2025, China's photovoltaic glass exports increased by 19.7% compared with the same period in 2024. The export of photovoltaic glass remains prosperous, and overseas installation demand is strong [34].

Summary of the Float Glass Industry Conference Call Industry Overview - The float glass industry is facing overcapacity, with a projected reduction of nearly 20% in production lines by 2024, dropping from 249 to 220 lines [2][3] - The market remains sluggish, with limited effects from policy stimuli, high inventory levels, and increased pressure from winter holidays [1][2] - National glass prices have converged, with prices in Northeast China dropping to 850 RMB/ton and in South China ranging from 1,000 to 1,200 RMB/ton [1][7] Key Points and Arguments - **Production Line Dynamics**: New production lines are primarily large-capacity (900 tons or more), while many old, small-capacity, and high-energy-consuming lines are expected to be phased out, totaling approximately 20,000 to 30,000 tons [5][17] - **Profitability by Fuel Type**: - Natural gas-powered small-capacity lines are consistently losing money - Coal gas lines are near breakeven, while petroleum coke lines are experiencing periodic losses [6][17] - **Reasons for Not Cold Repairing**: Companies are reluctant to halt production due to: - Long industry cycles and expectations of market recovery - Policy expectations and local government resistance - The need to maintain cash flow to meet bank loan obligations [1][4][7] - **Market Sentiment**: Despite some companies expecting a market turnaround, the reality is that both futures and spot prices are undermining confidence [7][21] Additional Important Insights - **Inventory Management**: Companies are primarily using price wars to reduce inventory, but downstream processing plants are cautious about winter storage due to financial risks [8][9] - **Future Price Trends**: Prices are expected to continue declining in the coming months, with a lack of strong willingness for large-scale production halts [9][21] - **Policy Impact**: Regional policies, such as coal-to-gas initiatives, have limited effectiveness due to the low concentration of the float glass industry [10][11] - **Cash Flow Risks**: Some companies are facing cash flow issues or bankruptcy risks, with reports of companies using glass as payment for construction projects [20][22] Conclusion - The float glass industry is currently in a challenging phase characterized by overcapacity, low prices, and significant financial pressures on many companies. The outlook for 2026 remains bleak, with expectations of continued supply-demand imbalances and low pricing levels [21][22]

Core Insights - The export orders for customized maltitol from Tangyin County have been fully booked until the end of the year, indicating strong demand and operational efficiency in logistics [2] - In the first three quarters, Anyang's total foreign trade import and export value reached 7.43 billion, a year-on-year increase of 26.5%, significantly outpacing the provincial growth rate [2] - The growth in Anyang's foreign trade is attributed to three main driving forces: the vitality of enterprise entities, market expansion, and precise policy support [2][3] Group 1: Enterprise Dynamics - Private enterprises are the core engine of Anyang's foreign trade, with import and export value reaching 6.47 billion, a year-on-year increase of 33.5%, accounting for 87.1% of the city's total foreign trade [2] - The number of enterprises with import and export performance increased to 384, with 36 new additions compared to the same period last year, indicating a growing "going out" initiative [2] Group 2: Market Expansion - Anyang has strengthened its traditional trade partnerships while also expanding into the "Belt and Road" markets, with import and export value to related countries reaching 4.05 billion, a year-on-year surge of 58.8% [2] - An example of successful market expansion is the export of photovoltaic glass by Ankai High-tech, which has sent 370 million worth of orders to countries like India, South Korea, and Mexico, holding a 62.3% share of the provincial market for similar products [2] Group 3: Policy Support - Anyang Customs has implemented a targeted policy support system, including customized clearance plans for enterprises with import and export values over 50 million, facilitating smoother operations [3] - The city has established a long-term industrial structure, with a balance between traditional industries and emerging sectors, leading to a robust export performance in new products [3] Group 4: Industry Structure - The export of "new three samples" products reached 91.38 million, a year-on-year increase of 60.8%, reflecting ongoing optimization of the industrial structure [3] - The import of metal ores and minerals amounted to 1.51 billion, a year-on-year increase of 34.9%, providing essential raw material support for manufacturing exports [3] Group 5: Logistics and Trade Facilitation - The enhancement of cross-border trade facilitation and the establishment of a regional transportation logistics center are accelerating Anyang's development as a national logistics hub [3]

Group 1 - Lithium battery upstream material stocks continue to show strength, with electrolyte direction leading the gains. Companies like Furui Co., Ltd. have achieved six consecutive trading limits, while Lianhong New Science and Technology reached the daily limit, and Haike New Source increased by over 5% [2] - The A-share market opened with slight declines across the three major indices, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all down by 0.09% [3][4] - In the market, photovoltaic glass, duty-free shops, and Hainan Free Trade Zone concepts saw the largest declines, while lithium battery electrolytes experienced strong increases. International gold prices surged, boosting the precious metals sector, while the oil and gas sector faced a pullback [4] Group 2 - The Hong Kong stock market opened lower, with the Hang Seng Index down by 0.53% and the Hang Seng Technology Index down by 0.82%. Notably, China Resources Mixc Lifestyle fell nearly 8% due to the controlling shareholder's plan to place 49.5 million shares, while Giant Star Legend dropped over 13% following a proposed discounted share placement [5]