11月24日，内蒙古自治区党委关于制定国民经济和社会发展第十五个五年规划的建议发布，其中提出， 如期打赢"三北"工程攻坚战。高质量建设黄河"几字弯"绿化带、淤地坝、光伏治沙带、沙漠锁边林草 带"四道防线"，推进毛乌素沙地歼灭战。 光伏治沙的"板上发电、板下修复"模式能实现生态与经济双赢。这类兼具新能源运营和沙化土地治理能 力的企业，在内蒙古光伏治沙带建设中，既能获得新能源发电收益，还可能享受生态治理专项补贴，盈 利确定性较强。 2025年11月24日，午后A股三大指数集体翻红，光伏ETF华夏（515370）上涨0.23%，持仓股微导纳 米、阿特斯、德业股份涨超3%。 光伏ETF华夏（515370）跟踪中证光伏产业指数，涉及光伏产业链上、中、下游企业，包括硅片、多晶 硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光伏电站等，能够更好的反映光伏产业 整体表现。 （文章来源：每日经济新闻） ...

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 ...

2025 年 11 月 24 日 地产政策或有扰动 纯碱玻璃周报 价格低位震荡 核心观点及策略 一、 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F 03122184 投资咨询号：Z 0023260 敬请参阅最后一页免责声明 1 / 8 ⚫ 纯碱方面，上周纯碱开工率小幅回落，部分纯碱装置仍有新 的检修计划，供给端进一步收缩。但企业出货量尚可，周度 出货规模有所提升，需求端并未显著走弱，进而带动库存回 落。利润方面，联碱法与氨碱法的盘面利润均已转负，煤炭 价格仍相对偏高，或对成本有所支撑。预计，短期纯碱基本 面并未显著走弱，且成本或有支撑，价格低位震荡。 ⚫ 玻璃方面：浮法玻璃在产日熔量 ...

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-11-24 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：碱厂产量高位，远兴二期年前预期投产，整体供给预期充裕；下游浮法玻璃、光伏日 熔量整体延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1135元/吨，SA2601收盘价为1170元/吨，基差为-35元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存164.44万吨，较前一周减少3.68%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏空运行为主。 影响因素总结 利多： 1、设备问题导致企业减量检修，纯碱供应恢复较慢。 利空： 1、23年以来 ...

□本报记者 王雪青 关于光伏，业内曾有一句略带残酷的评价："如果有一个行业通过惨烈来实现价值，那必然是光伏。" 陆彬在今年三季报中表示："新能源产业过去几年的高速发展，供需格局一度不佳，但也带来了行业自 发性供给侧出清，当前我们看到行业的盈利水平已降至低位，出现改善迹象，广泛分布在光伏、锂电、 风电等多个细分领域。整体而言，当前市场已经基本消化行业基本面中的不利因素，并有望迎来持续的 盈利修复和估值扩张，后续表现值得期待。" 这个曾把一批基金经理送上神坛的赛道，也在随后漫长的下行周期里，留下了很多产品净值曲线上 的"深坑"。如今，剧情再度反转。经历三年调整之后，光伏板块终于在今年迎来一轮像样的翻身仗。 数据显示，从今年7月初至11月14日，光伏指数涨超30%，阳光电源、阿特斯、先导智能、科士达等行 业龙头表现不俗。"从6月底我们推荐光伏行业以来，市场看多的观点越来越多，但分歧仍在。"一位资 深证券分析师如是说。 如今，光伏板块再次站在了分岔路口。那些曾经抱团光伏的基金经理，今天是否还有人坚守？谁在黎明 前转向，又有谁重新押注？ 坚守：等待新一轮上行期 上一轮光伏板块的高歌猛进，让不少基金经理尝到了高景气赛道的 ...

如今，光伏板块再次站在了分岔路口。那些曾经抱团光伏的基金经理，今天是否还有人坚守？谁在黎明 前转向，又有谁重新押注？ 坚守：等待新一轮上行期 上一轮光伏板块的高歌猛进，让不少基金经理尝到了高景气赛道的甜头。2020年至2022年，在硅料紧平 衡、装机高增长、政策强支持等多重利好下，光伏与新能源产业链一度成为公募主动权益基金的压舱 石。广发基金、汇丰晋信基金、前海开源基金、信达澳亚基金、农银汇理基金等多家机构旗下的明星产 品，都在当时重仓光伏板块。 然而自2023年起，价格战席卷而来，硅料、硅片、电池与组件端产能持续扩张，龙头公司业绩承压，光 伏板块一路下行，多只明星光伏股的价格腰斩。伴随着这轮漫长调整，基金经理们对光伏行业的态度出 现了明显分化，但仍有人坚守在赛道之中。 例如，截至2025年三季度末，阳光电源已连续18次成为郑澄然管理的广发高端制造的前十大重仓股，晶 澳科技连续17次上榜。此外，该产品还持有福莱特、福斯特等光伏玻璃和胶膜环节的龙头公司。在产品 净值承压的这几年里，郑澄然对光伏产业链的核心持仓只是做了减法，而非彻底退出。 □本报记者 王雪青 关于光伏，业内曾有一句略带残酷的评价："如果有一个行业 ...

【一周一议】 首先，本周美国降息态度的变化影响风偏，一方面是流动性，一方面是海外国家的汇率预期。因此估值高、海外经济 有关的板块会先受干扰。这正是我们需要强调的，出海成长、科技成长都是长期主线，对出海而言，是寻找具备穿越 海外周期能力的标的、检验出海实力的关键时刻，对科技而言是加速国产技术、形成国产供应链内循环的机会。我们 继续看好出海、AI 新材料板块，本周港股上市的【乐舒适】，为出海板块再添一员，公司是东非、西非快消品（纸尿 裤、卫生巾）龙头，上游供应链+非洲本土制造+本土渠道渗透共同构建护城河，实控人同为【科达制造】子公司特福 国际董事长，随着乐舒适的正式上市，2 家公司出海非洲、南美洲的市场价值会被一同发掘。 第二，每当市场风偏减弱，会关注低估值或者低关注度的板块，例如传统建材和建筑，分红政策成为焦点。观察建材 公司在面临本行业空间萎缩后，不少做出第二曲线的选择，也存在减少资本开支提高分红的做法，例如（1）消费建材 板块，【三棵树】【兔宝宝】【悍高集团】【北新建材】等公司，积极下沉农村、外延扩张，面对家装渠道的外资地位、 通过产品+服务+营销的方式，逐步形成国产替代。我们强调消费建材是成长赛道，虽然短 ...

Core Viewpoint - The company has established an integrated overseas supply chain in Malaysia, with a focus on increasing its overseas production capacity and expanding its customer base in response to changing international trade policies [1] Group 1: Overseas Operations - The company is one of the earliest glass enterprises to expand overseas, having built a float glass and photovoltaic glass production base in Malaysia [1] - The overseas production capacity accounts for 20% of the company's total capacity [1] - The operation of the Sabah Gudang silica sand mine and supporting terminal has created an integrated overseas supply chain covering "resources-production-sales" [1] Group 2: Customer Base and Market Strategy - The photovoltaic glass business supplies major international component manufacturers such as Longi and Jinko [1] - The internationalization achievements provide a solid foundation for the company to continue its overseas expansion strategy [1] Group 3: Future Plans and Disclosure - The company's board has not yet made investment decisions regarding new overseas projects [1] - There are no undisclosed matters that the company is obligated to disclose, and any significant matters will be communicated through legal channels as per regulatory requirements [1]

Core Viewpoint - The photovoltaic industry is facing challenges due to supply-demand imbalance, with prices across various segments showing signs of weakness and potential further declines in the future [4][5][12]. Group 1: Polysilicon - Supply side has experienced a significant contraction, with leading manufacturers halting production, which has effectively mitigated some negative impacts from weakened demand [4]. - Demand remains weak, with prices across downstream segments declining, leading polysilicon manufacturers to reduce production, resulting in low purchasing intentions from crystal pulling factories [5]. - Despite high inventory levels of over 430,000 tons, polysilicon prices are currently stable due to supply-side reductions and a consensus among industry players [6]. Group 2: Silicon Wafers - Supply pressure persists with total industry inventory exceeding 23 GW, causing significant shipping challenges for manufacturers [7]. - Demand is continuously weakening, even for previously strong 210N products, leading to increased shipping pressures and low transaction volumes [8]. - The price trend for silicon wafers is downward, with current prices for 183N and 210R reaching 1.25 RMB and 1.55 RMB respectively, influenced by supply-demand imbalances [9]. Group 3: Battery Cells - Supply side is facing increased shipping pressures, particularly for 210N batteries, which are experiencing order losses and inventory turnover challenges [10]. - Demand is declining both domestically and internationally, with significant drops in orders for 210N batteries due to reduced project construction [11]. - Battery prices are under pressure, with 183N and 210N prices falling to around 0.29 RMB/W, indicating a weak support stage with risks of further declines [12]. Group 4: Photovoltaic Modules - Supply strategies are diverging, with major manufacturers pushing for higher sales volumes while smaller producers are facing operational challenges [13]. - Demand is shrinking due to seasonal factors, with expectations of further declines in December [14]. - Price trends for modules are downward, with current prices ranging from 0.65 to 0.68 RMB/W, and manufacturers are likely to adopt production cuts to maintain prices [15].

Core Viewpoint - The domestic glass industry is undergoing a significant transformation in its fuel structure, shifting towards a diversified model dominated by natural gas, with petroleum coke and coal gasification as important supplements [1][2] Fuel Structure - As of mid-2025, 59.38% of the national float glass production capacity will utilize natural gas, particularly dominant in North and East China [1] - Petroleum coke accounts for 20.77% of the fuel mix, concentrated in Central and South China, while coal gasification holds an 18.00% share, mainly in North, Northwest, and Northeast China [1] Driving Forces - The primary driver of this fuel structure change is environmental policy, particularly the "Energy Conservation and Carbon Reduction Action Plan," which promotes the replacement of traditional fuels with cleaner energy sources [2] - Fuel costs, which constitute 30% to 40% of total production costs, significantly influence companies' fuel choices [2] - Despite natural gas being the mainstream choice, high gas prices have led to losses for companies using it, while those using coal gasification have seen better profits due to lower coal prices [2] Industry Dynamics - The competition between old and new production capacities is reshaping the industry landscape, with older natural gas-fired facilities being the most affected by recent shutdowns [2] - A structural contradiction exists where the push for natural gas due to environmental policies is challenged by the high costs that older facilities cannot sustain [2] Future Outlook - Regional policies are accelerating the transition, such as Hubei's timeline for converting petroleum coke to natural gas, which will significantly alter the fuel composition in Central and South China [3] - The industry is exploring advanced low-carbon technologies, including all-electric melting technology for daily glass and all-oxygen combustion technology for float glass, which has been adopted as industry standards [3] - Hydrogen technology is in the research and demonstration phase, representing a long-term direction towards zero-carbon manufacturing [3] Local Initiatives - In Hebei's Shahe glass industry, the energy transition is not a straightforward switch from coal to natural gas but involves a mixed replacement strategy centered on coal gasification, supplemented by pipeline natural gas [4] - The Zhengkang Clean Gas Project, funded by local enterprises, is a key player in this energy transition, having commenced operations in March 2025 [3][4] Economic Considerations - The choice of coal gasification as a core path is based on multiple factors, including cost advantages and resource endowments, making it more economically viable than relying solely on natural gas [4] - The transition to cleaner energy sources is expected to increase production costs, leading companies to face tough decisions on whether to invest in upgrades or temporarily shut down older lines [4] Industry Collaboration - Industry chain collaboration is becoming a core trend, with companies building upstream and downstream relationships to enhance operational efficiency [5] - Financial capital is increasingly integrated into the industry, with government initiatives supporting credit for industrial upgrades [5] - Collaborative efforts between government, universities, and enterprises are focused on overcoming technical challenges and nurturing talent for innovation [5] Competitive Landscape - The industry is shifting from homogeneous competition to product differentiation, with leading companies moving towards high-value specialty glass sectors [5] - Despite the focus on high-end products, price wars remain intense, with some manufacturers resorting to price cuts to recover cash flow, leading to market price distortions [5] - Operational efficiency is becoming crucial, with companies utilizing innovative inventory management strategies to enhance cost control [5] Overall Industry Direction - The future development path of the Shahe glass industry is clearly oriented towards high-end, intelligent, green, and financialized operations, with collaboration aimed at resource aggregation and competition driving firms towards high-value sectors [6]