本文源自：市场资讯 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 作者：公告君 有投资者在互动平台向亚玛顿提问："请问公司有意向与特斯拉合作太空太阳能项目吗？" 针对上述提问，亚玛顿回应称："尊敬的投资者，您好！公司是特斯拉太阳能瓦片玻璃及储能门玻璃相 关产品的合格供应商。目前，公司与特斯拉的合作暂不涉及您所提及的相关技术领域。公司会根据客户 需求及市场变化持续开展技术研发和业务拓展工作。谢谢！" ...

周度报告——光伏玻璃 需求持续缩减，光伏玻璃新月价格预计继续下滑 [T报ab告le_日R期an：k] 2025 年 12 月 29 日 ★光伏玻璃基本面周度表现（截至 2025/12/26 当周）： 截至 12 月 26 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 11.5 元/平方米，环比上周持平；3.2mm 镀膜主流价格为 18.5 元/平方米，亦环比上周持平。 上周光伏玻璃厂家堵窑量有所增加，暂无产线新投产或冷修停 产。目前国内光伏玻璃在产产能 88480 吨/天，产能利用率 67.03%，均环比下滑。随着厂家毛利率持续下挫，后续预计堵窑 量仍有可能持续增加。 能 源 化 工 临近年末，需求缩水幅度较大，终端陆续停工，对组件采购减少， 从而光伏玻璃消费量相应减少。此外，随着光伏产业链多个产品 价格拉涨，而终端买单能力较弱，倒逼组件厂家降低开工负荷或 直接放假停产，短期需求预计将持续走弱。 、smingfTable_Title] [Table_Summary] 上周光伏玻璃厂家库存继续上行，随着需求进一步走弱，而供给 端降幅较小，供需矛盾不断加剧。当前行业困在高库存压力下， 未来减产冷修变多将 ...

（文章来源：每日经济新闻） 每经AI快讯，12月26日，光伏玻璃指数盘中上涨2.02%。成分股中，德力股份上涨6.04%，东方日升上 涨5.05%，海南发展上涨3.63%，福莱特上涨2.03%，安彩高科上涨1.54%。 ...

Core Insights - The major industrial projects launched in Yantan District are expected to generate an annual output value of approximately 9.8 billion yuan, creating over 2,000 jobs [1][2] Group 1: Project Overview - Eight significant projects covering fluorosilicon new materials, new energy materials, green low-carbon initiatives, and deep processing of food have been initiated with a total planned investment of 3.8 billion yuan [1] - The second phase of the Kaisen (Zigong) New Energy Co., Ltd. will produce 2,000 tons of rolled glass daily, positioning Yantan as the largest photovoltaic glass production base in Southwest China [1] - The Sichuan Ruibai electronic chemicals and supporting project is a crucial supplement to Zigong's new energy industry chain, with expected annual sales revenue exceeding 3.6 billion yuan upon reaching full production [1] Group 2: Strategic Goals - The Dongheng Nano Carbon Materials project aims to establish Yantan as the largest production base for single-walled carbon nanotubes in the country [1] - The Sichuan Jingke and Hanxing Dongheng conductive materials projects will enhance the green circular development level of the industrial park [1] - Yantan District is committed to building "China's Green Fluorine Capital" and has signed 25 major projects this year, with 12 under construction and 13 already in production [1][2]

Core Viewpoint - HuLong Securities maintains a "recommended" rating for the building materials industry, suggesting two main lines of focus: "anti-involution" policies that may alleviate overcapacity issues and the demand for high-end fiberglass products that could enhance industry profitability [1] Group 1: Industry Overview - From January 2 to December 23, 2025, the Shenwan Building Materials Index increased by 20.8%, ranking 11th among all Shenwan sectors, while the CSI 300 Index rose by 17.43%. The fiberglass sector performed exceptionally well, with a growth rate of 90.37% during the same period [2] - The supply-side "anti-involution" policies are expected to alleviate overcapacity in the cement industry, improving the supply-demand balance and enhancing profitability for leading companies such as Anhui Conch Cement (600585.SH), Shangfeng Cement (000672.SZ), and Huaxin Cement (600801.SH) [3] Group 2: Specific Material Insights - In the float glass sector, there are no significant improvements expected on the demand side, but supply-side "anti-involution" policies may lead to a reduction in capacity. The industry is currently in a phase of high inventory and low prices, with potential for improvement in supply-demand dynamics. Attention is recommended for Qibin Group (601636.SH) [4] - The photovoltaic glass industry is still facing overcapacity, but the implementation of "anti-involution" policies may improve the supply-demand situation. Leading companies with cost advantages are likely to benefit first, with a recommendation to focus on Fuyao Glass (601865.SH) [5] - In the consumer building materials sector, the increasing proportion of aging housing is expected to drive demand for renovation, positively impacting related consumer building materials. Recommended companies include Sankeshu (603737.SH), Beixin Building Materials (000786.SZ), Dongfang Yuhong (002271.SZ), Weixing New Materials (002372.SZ), and Jianlang Hardware (002791.SZ) [6] - The fiberglass sector is expected to avoid redundant capacity and fierce price competition due to ongoing "anti-involution" policies. The demand for mid-to-high-end fiberglass products, such as wind power yarn and electronic yarn, is on the rise, which may enhance industry profitability. Companies with a high sales proportion of mid-to-high-end products, such as China Jushi (600176.SH), China National Materials (002080.SZ), and Honghe Technology (603256.SH), are recommended for attention [7]

Core Viewpoint - The construction materials industry is expected to see improved profitability and demand in 2025, driven by "anti-involution" policies and a gradual recovery in key product demand [1][2]. Fundamental Analysis - In the first three quarters of 2025, demand for major construction materials showed slight improvement, while "anti-involution" policies positively impacted supply-side dynamics, leading to improved profitability across various sub-sectors [2]. - The construction materials index rose by 20.8% from January 2 to December 23, 2025, ranking 11th among all sectors, while the CSI 300 index increased by 17.43% during the same period [1][2]. Real Estate and Infrastructure - The real estate market continues to stabilize, with a downward trend in sales and completion rates, alongside declining housing prices; however, inventory reduction is evident as the area of unsold commercial housing has been decreasing since early 2025 [2]. - Infrastructure investment growth is declining despite an increase in the scale of special bonds directed towards land reserves [2]. Investment Recommendations - Focus on two main lines: 1. "Anti-involution" policies are expected to alleviate overcapacity issues in the construction materials sector, with an emphasis on traditional materials [2]. 2. The demand for high-end fiberglass products is anticipated to enhance industry profitability [2]. Sector-Specific Insights - **Cement**: The ongoing "anti-involution" policies are expected to ease overcapacity in the cement industry, with a long-term improvement in supply-demand dynamics anticipated to boost profitability, particularly for leading companies like Conch Cement [3]. - **Float Glass**: Demand remains weak, but supply-side changes from "anti-involution" policies may improve the supply-demand balance; companies like Xinyi Glass are recommended for attention [3]. - **Photovoltaic Glass**: The industry is currently facing overcapacity, but leading companies with cost advantages are likely to benefit from improved supply-demand conditions as "anti-involution" policies are implemented [3]. - **Consumer Building Materials**: The increasing proportion of aging housing is expected to drive demand for renovation-related building materials, with companies like Skshu Paint and Beixin Building Materials highlighted for potential investment [3]. Fiberglass Sector - The "anti-involution" policies are expected to prevent redundant capacity and curb vicious price competition in the fiberglass sector, with rising demand for mid-to-high-end fiberglass products likely to enhance profitability; companies such as China Jushi and Zhongcai Technology are recommended for investment [4].

国内方面，该行认为明年龙头玻璃企业国内盈利较今年有所改善;同时，二线头部以下玻璃企业难以通 过低于行业均价的售价来增加玻璃销量，利润转化困难。海外方面，由于外资组件厂商需求持续攀升， 该行预期净利润仍能保持在3元/平方米以上。头部企业可以通过增加海外出货占比提升综合利润率。而 国内二线中部及以下企业大多数没有海外客户基础，难以通过出口产品获取更高的利润从而改善生存状 态。 风险 由于明年国内组件需求减弱，对应光伏玻璃需求下滑约23-36%;海外组件需求有望较今年增长约 60GW，总需求有望达到150GW，该行测算仍需要国内调配8800吨产能，以玻璃形态直销海外。基于这 种情况，该行认为，有海外客户基础的光伏玻璃企业仍能保持相对较好的开工率;而产品出口能力有限 的企业最终会因库存持续增加且无法转化为收入，使得生产经营维系压力增加，最终导致现金流断裂， 产能被动出清。 价格及成本方面，该行认为明年相较今年有望趋于稳定 今年2.0mm光伏玻璃含税均价12.59元/平方米，同比下滑15.83%。该行认为明年均价按照不得低于成本 价销售的指引，全年有望维持在13-13.5元/平方米。成本方面，该行认为明年整体存在小幅压 ...

供需方面，2026年产能利用率两极分化加深，若达到供需平衡，国内光伏玻璃产能相较今年需减产 5000-20000吨。由于明年国内组件需求减弱，对应光伏玻璃需求下滑约23-36%；海外组件需求有望较今 年增长约60GW，总需求有望达到150GW，中金公司测算仍需要国内调配8800吨产能，以玻璃形态直销 海外。基于这种情况，中金公司认为，有海外客户基础的光伏玻璃企业仍能保持相对较好的开工率；而 产品出口能力有限的企业最终会因库存持续增加且无法转化为收入，使得生产经营维系压力增加，最终 导致现金流断裂，产能被动出清。 价格及成本方面，明年相较今年有望趋于稳定。今年2.0mm光伏玻璃含税均价12.59元/平方米，同比下 滑15.83%。中金公司认为，明年均价按照不得低于成本价销售的指引，全年有望维持在13-13.5元/平方 米。成本方面，明年整体存在小幅压降的空间，主要系重碱、超白石英砂供过于求，价格有小幅下调空 间，天然气价格平稳，澄清剂中锑用量逐步降低所致。 中金公司（601995）发布研究报告称，明年头部光伏玻璃企业利润率中枢有望上浮，而二线以下企业利 润存在继续下探的风险。国内方面，明年龙头玻璃企业国内盈利较 ...

Core Viewpoint - The photovoltaic glass industry is facing a decline in demand, leading to increased inventory days and a drop in prices to 11.5 yuan/square meter, with four leading companies nearing breakeven profitability while others are deepening losses [2][3]. Supply and Demand - By 2026, the capacity utilization rate is expected to further polarize, requiring a reduction of 5,000 to 20,000 tons of domestic photovoltaic glass production to achieve supply-demand balance. Domestic demand for photovoltaic glass is projected to decline by approximately 23-36% due to weakened component demand [2][5]. - The total demand for photovoltaic glass is estimated to reach 150 GW, necessitating the allocation of 8,800 tons of capacity for direct sales overseas. Companies with overseas customer bases are expected to maintain relatively good operating rates, while those with limited export capabilities may face increased operational pressures and potential cash flow issues [2][5]. Price and Cost - The average price of 2.0mm photovoltaic glass is expected to stabilize next year, with a projected annual average of 13-13.5 yuan/square meter, following a 15.83% year-on-year decline to 12.59 yuan/square meter this year. Cost reductions are anticipated due to oversupply of raw materials [2][30]. Profitability - Leading companies are expected to see an improvement in profit margins, while second-tier companies may continue to face downward pressure on profits. The net profit for leading companies is projected to remain above 3 yuan/square meter due to increased overseas shipments [3][5]. Industry Dynamics - The polarization of capacity utilization is deepening, with glass exports becoming a critical survival factor. Domestic photovoltaic glass demand is expected to decline significantly, while overseas demand is anticipated to grow, necessitating adjustments in domestic production [5][29]. - The industry is experiencing a significant increase in inventory days, with the average reaching 35.92 days by December, indicating a potential oversupply situation as domestic demand weakens [17][18]. Policy Impact - Recent policies have aimed to control the production capacity of photovoltaic glass, prohibiting new capacity additions and enforcing stricter regulations on pricing to prevent below-cost sales. This is expected to stabilize prices and reduce competitive pressures in the market [13][35][40].

供需方面，报告认为2026年行业产能利用率两极分化将加剧。若实现供需平衡，国内光伏玻璃产能需在 现有基础上减少5,000至20,000吨。由于明年国内组件需求减弱，对应光伏玻璃需求预计下滑约23%至 36%；海外组件需求有望较今年增长约60GW，总需求预计达到150GW。据中金测算，届时仍需国内调 配约8,800吨产能以玻璃形态直销海外。在此背景下，具备海外客户基础的企业有望维持较高开工率； 而出口能力较弱的企业，将因库存持续累积、难以转化为收入而面临经营压力，最终可能导致现金流断 裂、产能被动退出。 智通财经APP获悉，中金发布研报称，光伏玻璃行业目前需求冷淡，库存天数加速上升，价格已降至每 平方米11.5元人民币，四家龙头企业盈利已接近盈亏平衡线，其余企业亏损进一步加深。推荐信义光能 (00968)、福莱特玻璃(06865)，建议关注南玻A(000012.SZ)及旗滨集团(601636.SH)，维持覆盖公司的估 值及盈利预测不变。 价格及成本方面，该行预计明年价格较今年趋于稳定。今年2.0mm光伏玻璃含税均价为每平方米12.59 元人民币，同比下降15.83%。根据不低于成本销售的行业指引，明年全年均价有 ...