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]

其他财务指标，Q3 期间费用率6.9%，环比下降0.6pct；资产减值损失冲回0.8 亿元，主要是光伏玻璃价 格在9 月回升，存货减值损失冲回，对利润形成正向贡献。Q3 末在建工程相比去年末增长31.6%，主要 是建设安徽和南通光伏玻璃生产线以及集团浮法生产线冷修所致。 展望后续，行业库存已恢复至合理水平，考虑到供暖季天然气价格上涨，对生产成本形成一定支撑，预 计光伏玻璃价格将保持稳定。福莱特仍然稳坐龙头地位，尽管有旗滨等企业追赶，但成本曲线依然陡 峭，考虑到发力海外市场，龙头盈利预期维持良好，而且组件价格上涨有望构成行情催化。维持"买 入"评级。 福莱特发布2025 年三季报，2025 前三季度公司实现收入124.64 亿元，同比下降14.66%；归母净利6.38 亿元，同比下降50.79%；其中，2025Q3 实现收入47.27 亿元，同比增长20.95%，环比增长29.22%；归 母净利3.76 亿元，同比扭亏，环比增长142.93%，超出市场预期。 事件评论 Q3 量利均环比提升。量的层面，预计2025Q3 光伏玻璃销量同环比均有所增长，预计是下游组件客户低 价囤货，带动公司库存快速下降，对应Q3 末 ...

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].

浮法玻璃行业面临产能过剩，2024 年生产线减少近 20%，但市场仍低 迷，政策刺激效果有限，库存高企，冬季放假增加压力。企业不愿停产 主要因长周期特性、政策期待、地方政府阻力及负债压力。 行业产能结构变化显著，新建生产线以大吨位为主，但仍有大量老旧、 小吨位、高能耗产线面临淘汰，总容量约 2-3 万吨。燃料类型影响盈利， 天然气小吨位线持续亏损，煤制气线接近盈亏平衡，石油焦线也出现阶 段性亏损。 企业不愿冷修的原因包括行业周期性期待、政策期待、地方政府阻力以 及维持现金流的需要。市场整体未见好转迹象，期货和现货价格打击市 场信心，高耗能行业贷款受限，企业运营依赖银行贷款和市场好转。 全国玻璃价格趋同，东北地区已降至 850 元/吨，华南地区 1,000- 1,200 元/吨。预计 11 月和 12 月会有企业冷修，但行业反转需大规模 产能退出。若 12 月和 1 月库存压力无法缓解，或现停产冷修高峰。 当前主要通过价格战去库存，但下游加工厂对冬储谨慎，因存货意味着 财务费用和风险。厂家或以极低价格出售库存，短期内供需失衡局面难 以改变，大规模停线意愿不强。 Q&A 2025 年浮法玻璃行业的整体情况如何？ ...

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]