Core Viewpoint - The photovoltaic glass market is experiencing a significant rebound after a period of oversupply and high inventory, raising questions about whether this is a temporary recovery or a long-term trend [1] Supply and Demand Dynamics - The daily melting capacity of photovoltaic glass is currently stable at 88,200 tons, down 11% from the peak in early May and 15.8% year-on-year [1] - The average inventory days in the industry have decreased sharply from over 32 days in June to 17.7 days currently, indicating a significant reduction in stock levels [1] - Certain specifications, such as 2.0mm coated glass, are experiencing structural shortages, with some companies' inventories falling below the 10-day warning line [1] Price Movements - The price of 2.0mm single-coated photovoltaic glass has risen from 10 yuan per square meter to 11-11.5 yuan per square meter in August, with expectations to reach 13 yuan per square meter in September [2] - The anticipation of price increases has led to a stocking behavior among downstream companies, which has not affected their purchasing pace [2] Market Drivers - The sudden market shift is primarily driven by policy expectations leading to a temporary release of demand rather than a substantial improvement in end-user demand [2] - The announcement of the cancellation of the export tax rebate for photovoltaic components has prompted companies to stock up in anticipation of policy changes, leading to increased procurement of photovoltaic glass [2][3] Demand Limitations - Despite the current market enthusiasm, the growth in demand is still limited, with component production increasing only slightly and remaining below supply levels [3] - The current demand surge is driven by inventory replenishment rather than actual growth in terminal installation demand, raising concerns about the sustainability of this market rebound [3] Future Outlook - The market's trajectory will depend on three core variables: capacity adjustments, policy changes regarding export tax rebates, and the ability of price increases to be transmitted downstream [5][6] - If new production capacity is released as expected in October, it could increase supply pressure in the market [6] - The cancellation of export tax rebates and potential supply-side production limits will significantly impact future market dynamics [6] Conclusion - The photovoltaic glass market is currently in a state of cautious optimism, with short-term price increases and inventory reductions, but the long-term sustainability of this trend remains uncertain due to underlying demand issues and potential policy impacts [4][6]

Core Viewpoint - The photovoltaic glass market is experiencing a significant rebound after a period of oversupply and high inventory, raising questions about whether this is a temporary recovery or a long-term trend [1][2]. Supply and Demand Dynamics - The daily melting capacity of photovoltaic glass is currently stable at 88,200 tons, down 11% from the peak in early May and 15.8% year-on-year, but supply is stabilizing due to the recovery of previously blocked capacity [1]. - The average inventory days in the industry have dropped sharply from over 32 days in June to 17.7 days currently, indicating a significant reduction in stock levels [1]. - Certain specifications, such as 2.0mm coated glass, are experiencing structural shortages, with some companies' inventories falling below the 10-day warning line [1]. Price Trends - The price of 2.0mm single-coated photovoltaic glass has increased from 10 yuan per square meter to 11-11.5 yuan per square meter in August, with expectations for further increases to 13 yuan per square meter in September [2]. - The market is witnessing a dual effect of preemptive stockpiling by component manufacturers and rising prices, leading to a shift from oversupply to a temporary supply shortage [2]. Demand Drivers - The current demand surge is primarily driven by preemptive stockpiling in anticipation of policy changes, rather than a genuine increase in end-user demand [3]. - The cancellation of the export tax rebate for photovoltaic components starting in Q4 2024 has prompted manufacturers to stock up, leading to increased procurement of photovoltaic glass [2][3]. Future Outlook - Analysts predict that while demand may remain stable in September, it could weaken in October due to high overseas inventory and a potential reduction in export volumes following the policy changes [4]. - The future trajectory of the photovoltaic glass market will depend on three key variables: production capacity, policy changes regarding export tax rebates, and the ability of price increases to be transmitted downstream [5]. Market Sentiment - There are concerns about the sustainability of the current market conditions, as the demand is largely driven by stockpiling rather than actual installation needs, which could lead to a return to oversupply once stockpiling ceases [3][5]. - The industry is advised to monitor the ability of price increases to be effectively passed down the supply chain, as this will indicate whether the supply-demand dynamics have genuinely improved [5].

Group 1 - The core viewpoint of the article highlights that the photovoltaic glass industry is facing challenges due to overcapacity and intensified competition, leading to a significant decline in financial performance for the company [1] - In the first half of 2025, the company achieved a total revenue of RMB 7.737 billion, which represents a decrease of 27.66% compared to the first half of 2024 [1] - The net profit attributable to the parent company for the first half of 2025 was RMB 261 million, reflecting a substantial decline of 82.58% compared to the first half of 2024 [1] Group 2 - The decrease in revenue and profit was partially offset by a reduction in procurement costs for key raw materials such as soda ash and quartz sand [1] - The company implemented a series of technological innovations and measures to improve quality and efficiency, which helped mitigate some of the adverse effects of price declines [1]

Group 1 - The article provides pricing information for photovoltaic glass, indicating the highest, lowest, and average prices for different thicknesses of glass [2] - For 2.0mm photovoltaic glass, the highest price is 11.5 yuan per square meter, the lowest is 10.5 yuan, and the average price is 11 yuan [2] - For 3.2mm photovoltaic glass, the highest price is 19.5 yuan per square meter, the lowest is 18.5 yuan, and the average price is 19 yuan [2] - The prices mentioned are inclusive of tax and reflect changes compared to the previous week's quotes [2]

Report Industry Investment Rating No information provided. Core Viewpoints - The current low inventory in the photovoltaic glass industry provides good support for price increases [8][3]. - With the increase in photovoltaic glass prices, the industry's profit has recently rebounded [2][28]. - After the implementation of the policy to cancel the export tax - rebate for components, there is a significant risk of a sharp decline in the shipment of photovoltaic glass manufacturers [8][22]. Summary by Directory 1. Photovoltaic Glass Weekly Outlook - **Supply**: Last week, the industry's supply remained stable with no changes in blocked - kiln capacity. Recently, some enterprises have resumed kiln production due to downstream increased inventory - building influenced by the component export tax - rebate cancellation policy and the market's September price - increase news [8][12]. - **Demand**: Affected by the component export tax - rebate cancellation policy and the September price - increase news, downstream inventory - building continues. However, due to the lack of substantial improvement in terminal power stations, there is a risk of a sharp decline in the shipment of photovoltaic glass manufacturers after the policy implementation [8][22]. - **Inventory**: Downstream inventory - building has led to a continuous decline in the inventory of many photovoltaic glass manufacturers, and the inventory of some enterprises is less than a week [8][25]. 2. Overview of the Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of August 22, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 11 yuan/square meter, flat compared with last week; the mainstream price of 3.2mm coated glass was 18 yuan/square meter, also flat compared with last week. In August, the price was mainly driven by industry internal meetings, and the price - support efforts of glass groups were effective [9]. 2.2 Supply - side - The industry's supply remained stable last week with no changes in blocked - kiln capacity. Some enterprises resumed kiln production due to downstream increased inventory - building influenced by the component export tax - rebate cancellation policy and the market's September price - increase news [12]. 2.3 Demand - side - Affected by the component export tax - rebate cancellation policy and the September price - increase news, downstream inventory - building continues. There is a risk of a sharp decline in the shipment of photovoltaic glass manufacturers after the policy implementation due to the lack of substantial improvement in terminal power stations [22]. 2.4 Inventory - side - Downstream inventory - building has led to a continuous decline in the inventory of many photovoltaic glass manufacturers, and the inventory of some enterprises is less than a week [25]. 2.5 Cost - profit side - With the increase in photovoltaic glass prices, the industry's profit has recently rebounded [28]. 2.6 Trade - side - From January to June 2025, China's photovoltaic glass export volume increased by 9.7% compared with the same period in 2024 [34].

Group 1 - The core point of the article is that Hebang Biotechnology (SH 603077) held its 25th meeting of the 6th board of directors on August 19, 2025, to review the semi-annual report for 2025 [1] - For the first half of 2025, the revenue composition of Hebang Biotechnology is as follows: Chemical industry accounts for 90.71%, photovoltaic glass industry accounts for 17.8%, mineral industry accounts for 6.75%, and internal deductions account for -15.26% [1] - As of the time of reporting, the market capitalization of Hebang Biotechnology is 16.8 billion yuan [1]

Report Industry Investment Rating No information provided. Core Viewpoints - In the short term, the demand for stockpiling has stimulated an increase in the supply of photovoltaic glass. The industry's production and sales are currently favorable, with full orders and an expected price increase. However, after the implementation of the policy to cancel the export tax rebate for components, there is a risk of a significant weakening in the shipments of photovoltaic glass manufacturers [1][8]. - As the price of photovoltaic glass rises, the industry's profits have continued to recover recently [2][8]. Summary by Relevant Catalogs 1. Photovoltaic Glass Weekly Outlook - **Supply**: Last week, some photovoltaic glass enterprises resumed kiln production. The main reasons were that downstream component manufacturers increased their stockpiling due to the policy of canceling the export tax rebate for components, and the market released news of a price increase in September, prompting some component enterprises that missed the stockpiling opportunity at the end of July to actively build up inventories [1][8][12]. - **Demand**: The actual demand from the component side is mainly for stockpiling, and there has been no substantial improvement in terminal power stations. After the implementation of the policy to cancel the export tax rebate for components, there is a risk of a significant weakening in the shipments of photovoltaic glass manufacturers [1][8][22]. - **Inventory**: Affected by the possible cancellation of the export tax rebate for downstream components, many component manufacturers are increasing production in the short term, driving up the consumption of photovoltaic glass and narrowing the supply - demand gap. The industry's inventory has declined for multiple consecutive weeks, and the current actual inventory is within a normal range, with no inventory pressure on manufacturers [1][8][25]. - **Cost - Profit**: As the price of photovoltaic glass rises, the industry's profits have continued to recover recently [2][8][28]. 2. Overview of the Domestic Photovoltaic Glass Industry Chain Data 2.1 Photovoltaic Glass Spot Price - As of August 15, the mainstream price of 2.0mm coated (panel) photovoltaic glass in China was 11 yuan per square meter, unchanged from the previous week; the mainstream price of 3.2mm coated photovoltaic glass was 18 yuan per square meter, also unchanged from the previous week. In August, the price of photovoltaic glass was mainly driven by an industry internal meeting, and the price - support measures of glass groups were effective [1][8][9]. 2.2 Supply - Side - Last week, some photovoltaic glass enterprises resumed kiln production. The main reasons were that downstream component manufacturers increased their stockpiling due to the policy of canceling the export tax rebate for components, and the market released news of a price increase in September, prompting some component enterprises that missed the stockpiling opportunity at the end of July to actively build up inventories [1][8][12]. 2.3 Demand - Side - The actual demand from the component side is mainly for stockpiling, and there has been no substantial improvement in terminal power stations. After the implementation of the policy to cancel the export tax rebate for components, there is a risk of a significant weakening in the shipments of photovoltaic glass manufacturers [1][8][22]. 2.4 Inventory - Side - Affected by the possible cancellation of the export tax rebate for downstream components, many component manufacturers are increasing production in the short term, driving up the consumption of photovoltaic glass and narrowing the supply - demand gap. The industry's inventory has declined for multiple consecutive weeks, and the current actual inventory is within a normal range, with no inventory pressure on manufacturers [1][8][25]. 2.5 Cost - Profit - Side - As the price of photovoltaic glass rises, the industry's profits have continued to recover recently [2][8][28]. 2.6 Trade - Side - From January to June 2025, China's photovoltaic glass exports increased by 9.7% compared with the same period in 2024 [34].

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [2]. Core Insights - The real estate sector remains in a weak economic environment, but changes on the supply side are more promising [1]. - The cement sector is expected to benefit from demand driven by urban renewal and supply restrictions, leading to improved market conditions [4][7]. - The report highlights the potential for price increases in waterproofing products, which could enhance industry profit margins [7]. Summary by Sections Industry Overview - The building materials industry consists of 73 listed companies with a total market value of 838.733 billion yuan and a circulating market value of 789.313 billion yuan [2]. - The report notes a decline in real estate development investment, with a 12% year-on-year decrease, and a 4% drop in commercial housing sales area [7]. Key Companies - North New Building Materials: EPS forecast for 2024A is 2.2 yuan, with a "Buy" rating [5]. - Conch Cement: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. - China Jushi: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Weixing New Materials: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Sankeshu: EPS forecast for 2024A is 0.5 yuan, with an "Overweight" rating [5]. - Huaxin Cement: EPS forecast for 2024A is 1.2 yuan, with a "Buy" rating [5]. - Shandong Pharmaceutical Glass: EPS forecast for 2024A is 1.4 yuan, with a "Buy" rating [5]. - Qibin Group: EPS forecast for 2024A is 0.1 yuan, with an "Overweight" rating [5]. - Dongfang Yuhong: EPS forecast for 2024A is 0.1 yuan, with a "Buy" rating [5]. - Jianlang Hardware: EPS forecast for 2024A is 0.3 yuan, with a "Buy" rating [5]. - China National Materials: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. Market Trends - The cement market saw a 0.2% increase in prices, with specific regions experiencing price hikes of 10-30 yuan per ton [31]. - The national cement output for January to July 2025 was 958 million tons, a 4.5% year-on-year decrease [7]. - The report anticipates a steady upward trend in cement prices due to rising coal costs and improved demand conditions [31]. Recommendations - The report recommends focusing on companies that are likely to benefit from supply restrictions and urban renewal projects, such as Huaxin Cement and Conch Cement [7][8]. - It also suggests monitoring companies in the waterproofing sector, like Dongfang Yuhong, for potential profit margin improvements [7].

Market Overview - Hong Kong stock market opened lower and closed down 0.98% due to concerns over the upcoming US-Russia summit, while A-shares surged, with the Shanghai Composite Index returning to around 3700 points and a trading volume exceeding 2.2 trillion yuan, marking the 29th trading day in A-share history to surpass 2 trillion yuan [1][5] - The anticipated US-Russia summit is expected to yield limited results, with no plans for signed agreements, and discussions likely to focus on underlying strategies rather than public outcomes [2][3] Sector Focus - The banking sector in Hong Kong is underperforming, primarily due to a perceived lack of value compared to insurance stocks, which are increasingly favored by institutional investors [3] - The sentiment in the market remains positive, with over ten stocks in the Hong Kong Stock Connect rising more than 10%, particularly in the robotics sector, driven by upcoming events like the World Humanoid Robot Games [4] - The semiconductor and AI-related sectors are experiencing significant growth, with companies like Hongteng Precision rising over 33% due to their involvement in NVIDIA's supply chain [5] Individual Company Highlights - Xiexin Technology has entered a strategic partnership with Taibao Asset Management, aiming to explore tokenization solutions for real-world assets and develop compliant digital asset products [10][12] - The solar industry is showing signs of recovery, with significant price increases in photovoltaic glass and a reduction in production, indicating a potential shift towards better market conditions [7][8] - GCL-Poly Energy has secured a procurement contract for silicon materials worth up to 450 million yuan, reflecting the ongoing demand and price increases in the solar component market [10][11]

本报记者 殷高峰 在政策支持、行业去产能等多重因素影响下，8月份以来，光伏玻璃市场持续回暖。 根据上海有色网8月14日发布的数据，同7月末相比，光伏玻璃价格涨幅明显，其中涨幅最大的2.0mm光 伏玻璃均价较7月30日已经上涨9.76%。 "随着'反内卷'等相关举措的不断深化，近段时间光伏玻璃行业的去产能行动持续推进，叠加下游组件 企业的采购有所增加，光伏玻璃价格开始逐渐回暖。"西安工程大学产业发展和投资研究中心主任王铁 山在接受《证券日报》记者采访时表示。 2024年下半年以来，光伏玻璃价格快速下行并跌破行业盈亏线。由于光伏玻璃窑炉需24小时连续运行， 关停后重启成本高，光伏玻璃行业减产难度较大。 "但在持续的亏损之下，减产减亏已经成了企业必须要采取的举措。"王铁山表示，在相关部门整治"内 卷式"竞争政策的持续推动下，光伏玻璃行业的减产控产成为必然趋势。 中国有色金属工业协会硅业分会（以下简称"硅业分会"）近期发布的报告显示，从7月份开始，以福莱 特玻璃集团股份有限公司（以下简称"福莱特"）等龙头企业为首，光伏玻璃行业各企业减产行动推进较 为顺畅，初显成效。 根据隆众资讯数据，今年7月份，光伏玻璃行业整体减产 ...