注:此报价为整理多家生产光伏玻璃企业报价,均为含税 价,涨跌幅度根据上周报价比较所得。 采编:张博 数据来源:安泰科 中国有色金属工业协会硅业分会 硅业分会会长 段德炳 010-63971958 硅业分会常务副会长 林如海 010-62229972 硅业分会副会长兼秘书长 徐爱华 13910097318 硅业分会常务副秘书长 马海天 13683629409 硅业分会副秘书长 刘 晶 18811526675 硅业分会干事 张 博 15587104501 长按识别二维码 获取更多信息咨询 | 光伏玻璃(元/平方米) | | | | | | --- | --- | --- | --- | --- | | 类别 | 最高价 | 最低价 | 均价 | 波动 | | 2.0mm 光伏玻璃 | 11. 5 | 10. 5 | 11 | 0 | | 3.2mm 光伏玻璃 | 19. 5 | 18. 5 | 19 | 0 | | | | | | 2025-8-26 | ...

周度报告——光伏玻璃 组件囤货仍在持续，光伏玻璃厂库降至低位 [T报ab告le日_R期a：nk] 2025 年 8 月 25 日 ★光伏玻璃基本面周度表现（截至 2025/8/22 当周）： 截至 8 月 22 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格为 11 元/平米，环比上周持平；3.2mm 镀膜主流价格为 18 元/平米， 亦环比上周持平。八月份光伏玻璃价格主要受到行业内部会议的 拉动，玻璃集团挺价拉涨，效果明显。 能 上周行业供给端保持稳定，暂无堵窑端产能变化。近期光伏玻璃 市场出现部分企业恢复窑口生产的情况，主要原因是下游基于组 件出口退税取消的政策影响开始加大囤货量，此外市场也开始释 放九月涨价消息。 源 化 工 受组件端出口退税取消政策的影响，加上市场开始释放 9 月涨价 消息，下游囤货仍在持续。但由于终端电站并未看到实质性改善， 预计组件出口退税取消政策落地后，光伏玻璃厂家出货有大幅转 弱风险。 近期下游囤货仍在持续，带动多家光伏玻璃厂家库存不断下降， 个别企业库存不足一周。 随着光伏玻璃价格上涨，近期行业利润有所回升。 ★ 供需分析： 当前行业低库存给价格提涨提供了较好支撑。 ★ ...

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]

Group 1 - The new materials industry is experiencing a simultaneous increase in both volume and price, indicating a potential turning point, with a positive outlook on the investment chain [1] - In the fiberglass market, demand for high-end electronic yarn remains stable, and some products are in short supply [1] - The cement sector is expected to benefit from key projects like the Xinjiang-Tibet Railway, with discussions on staggered production in regions like the Yangtze River Delta and Hubei, which could lead to a recovery in cement prices [1] Group 2 - Demand for photovoltaic glass is strong, with slight price increases and a continuous decline in inventory [1] - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), focusing on listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials [1] - The index is characterized by high growth potential and technological innovation, primarily focusing on sectors closely related to new materials research and application, such as chemicals, non-ferrous metals, and electronics [1]

Group 1 - The photovoltaic glass market has been recovering since August due to multiple factors including policy support and industry capacity reduction [1][2] - The average price of 2.0mm photovoltaic glass increased by 9.76% compared to the end of July [1] - Major companies like Fuyao Glass Industry Group Co., Ltd. have been actively reducing production in response to the "anti-involution" policies [2][3] Group 2 - In July, the photovoltaic glass industry reduced production by 8,350 tons per day, bringing actual capacity down to 86,500 tons per day [2] - The Ministry of Industry and Information Technology held a meeting to discuss the industry's operation, leading to a consensus on re-quoting orders below cost prices and maintaining the trend of production reduction [2] - The industry is experiencing a mismatch in supply and demand, leading to varying production reduction schedules and scales among different companies [3] Group 3 - Despite the reduction in production, inventory levels remain high, and the ability of downstream demand to drive inventory reduction is a key focus moving forward [3] - The market outlook suggests potential recovery due to reduced supply and supportive policies, but uncertainties in terminal demand and international markets persist [3]

Summary of the Conference Call on Fulete (福莱特) Industry Overview - **Industry**: Photovoltaic Glass - **Current Market Dynamics**: The demand for photovoltaic glass remains resilient despite weak bidding demand, indicating strong price support in the photovoltaic glass segment [2][4][12]. Key Points - **Price Dynamics**: In August, inventory levels dropped rapidly, leading to a slight price increase. The nominal production capacity of domestic furnaces decreased by 17.5% year-on-year, with monthly output insufficient to meet global expectations, yet prices still increased by 0.5 yuan [2][12]. - **Supply and Demand Outlook**: The glass industry is expected to enter a supply-side adjustment phase, with leading companies like Fulete having advantages in capacity scale, cost, and technology. A significant turning point is anticipated in Q4 2025, but demand will remain far below supply until the end of 2027 [3][14]. Company Insights - **Company Position**: Fulete is the second-largest supplier of photovoltaic glass globally, actively expanding its overseas production capacity, particularly in Vietnam and Indonesia. The company has a planned total capacity of approximately 35,800 tons, a significant increase from the current 2,300 tons [2][15]. - **Financial Performance**: Fulete's revenue and net profit have shown growth from 2017 to 2023, but a decline in net profit is expected in 2024 due to slower global photovoltaic installation growth and intensified competition [6]. - **Market Share**: Fulete and Xinyi hold about 40% of the market share in the photovoltaic glass sector. The company’s early investment in quartz sand capacity stabilizes supply and impacts product quality [18]. Technological Trends - **N-Type Technology**: The photovoltaic industry has fully entered the N-type era, with bifacial component penetration rates increasing to between 70% and 95%, leading to higher glass demand [8][9]. - **Component Efficiency**: Despite the increase in bifacial rates, the actual power generation gain from the back side is less than 30%. However, the investment community remains willing to choose bifacial components due to their benefits in specific applications [10]. Competitive Landscape - **Barriers to Entry**: The competitive barriers in the photovoltaic glass market are primarily based on scale effects and technical experience. Fulete benefits from strong financial backing, customer relationships, and production cost advantages, allowing it to maintain stable operations during industry downturns [16][17]. - **Future Market Outlook**: After the current round of industry capacity clearing, leading companies' market shares are expected to increase further. Fulete's gross margin is significantly higher than that of other listed companies, making it a recommended investment [18]. Additional Considerations - **Raw Material Price Fluctuations**: Attention should be paid to the volatility of raw material prices, such as soda ash and natural gas, as they can significantly impact performance [18].

Summary of Xinyi Solar's Conference Call Company Overview - **Company**: Xinyi Solar - **Industry**: Solar Glass Manufacturing Key Financial Performance - **Revenue**: In the first half of 2025, Xinyi Solar's revenue decreased by 7.3% year-on-year, primarily due to a drop in glass prices despite a 15% increase in sales volume [2][3] - **Net Profit**: The net profit reached 746 million RMB, down 58.8% year-on-year, attributed to lower profit contributions from the solar glass segment [3] - **Gross Margin**: The gross margin for the solar glass segment fell from 21.5% to 11.4% due to a 25.5% year-on-year decline in the price of 2mm glass [2][3] Cost Control Measures - **Cost Reduction**: The company implemented several cost control measures, including reducing procurement costs (soda ash, silica sand, natural gas), improving production efficiency, and shutting down small-scale production lines [2][4] - **Production Capacity**: As of July, the total production capacity was reduced to 21,400 tons from 23,200 tons in the first half of the year to avoid oversupply [2][10] Market Dynamics - **Chinese Market Demand**: Demand in the Chinese market decreased due to the 531 policy, with glass prices falling to 10-11 RMB per unit in June and July, stabilizing around 11 RMB in August [2][8] - **Global Installation Growth**: Xinyi Solar maintains an optimistic outlook for global installations over the next 2-3 years, expecting a growth rate of 10-15%, although lower than the previous 30-40% [2][9] Production Adjustments - **Production Line Shutdowns**: In response to reduced demand, the company shut down two 900-ton production lines in Anhui in July to prevent oversupply and ensure stable operations [10][11] - **Future Production Plans**: The decision to shut down production lines was based on market demand forecasts, with plans to adjust capacity based on future demand trends [11][12] Other Business Segments - **Solar Power Station Revenue**: Revenue from solar power station operations remained stable at 1.437 billion RMB, with a slight decrease in gross margin from 65.6% to 63.5% [6] Asset Impairment - **Impairment Charges**: The company recorded an impairment charge of approximately 310 million RMB due to the shutdown of a 900-ton production line in Malaysia [7] Industry Collaboration - **Industry Cooperation**: Xinyi Solar engages in regular discussions with industry peers and associations to address market changes and capacity adjustments, aiming to avoid price wars and ensure healthy industry development [15] Future Market Outlook - **Market Share Goals**: The company aims to maintain reasonable profits while increasing market share, with a focus on sustaining a gross margin above 20% to ensure competitive advantage [16] - **Response to Demand Decline**: If demand decreases, the company is prepared to adjust production accordingly, potentially leading to a temporary reduction in market share [17] Challenges in Data Collection - **Data Accuracy**: Challenges exist in accurately tracking the solar glass industry's shipment volumes and global installation figures due to delays in project completions and the time lag between sales and actual usage [24] Conclusion Xinyi Solar is navigating a challenging market environment characterized by declining prices and demand fluctuations. The company is actively managing costs, adjusting production capacity, and maintaining a focus on global growth opportunities while preparing for potential market shifts.