港股通 证券研究报告 信义玻璃 (868 HK) 海外及汽车玻璃引领突围 2026 年 3 月 02 日│中国香港 玻璃 | 华泰研究 | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2026 年 3 月 02 日│中国香港 | 玻璃 | 目标价(港币): | 12.91 | | 公司公布 25 年业绩：25 年实现收入 208.3 亿元，同比-6.7%；实现归母净 | | 方晏荷 | 研究员 | | 利 27.3 亿元，同比-19.0%，但好于我们此前预期的 22.1 亿元，主要得益于 | | SAC No. S0570517080007 SFC No. BPW811 | fangyanhe@htsc.com +(86) 755 2266 0892 | | 汽车玻璃业务稳健增长及有效的成本费用管控。我们认为当前浮法玻璃行业 | | | | | 仍处于周期底部，后续需等待供给端持续收缩带来的供需再平衡。公司作为 | | 黄颖 | 研究员 | | 浮法玻璃龙头，具备显著的规模和成本优势，有望在行业复苏时展现较大盈 | | SAC No. S057052 ...

证券研究报告 港股通 信义玻璃 (868 HK) 海外及汽车玻璃引领突围 2026 年 3 月 02 日│中国香港 玻璃 | 华泰研究 | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | | 2026 年 3 月 02 日│中国香港 | 玻璃 | 目标价(港币): | 12.91 | | 公司公布 25 年业绩：25 年实现收入 208.3 亿元，同比-6.7%；实现归母净 | | 方晏荷 | 研究员 | | 利 27.3 亿元，同比-19.0%，但好于我们此前预期的 22.1 亿元，主要得益于 | | SAC No. S0570517080007 SFC No. BPW811 | fangyanhe@htsc.com +(86) 755 2266 0892 | | 汽车玻璃业务稳健增长及有效的成本费用管控。我们认为当前浮法玻璃行业 | | | | | 仍处于周期底部，后续需等待供给端持续收缩带来的供需再平衡。公司作为 | | 黄颖 | 研究员 | | 浮法玻璃龙头，具备显著的规模和成本优势，有望在行业复苏时展现较大盈 | | SAC No. S057052 ...

摘要 公司 2025 年整体业绩不佳，建筑玻璃业务是主要亏损来源，化工业务 亦有亏损。2026 年初，各板块经营状况未见明显改善，但玻璃加工业 务（钢化镀膜、在线镀膜等）在 2025 年表现相对积极，实现了正向盈 利。 市场传言光伏、玻璃、化工等行业可能通过能耗监控推进治理，但公司 未收到正式通知。国家层面重视"反内卷"，具体措施有待政策落地。 若 2026 年经济好转但产能过剩行业压力仍存，预计将探索引导行业健 康发展的措施。 建筑玻璃/光伏玻璃价格通常在双节后复工时上涨，但近两年需求疲软导 致价格变化不明显。2026 年供给端收缩（停产、冷修产线增多）对价 格反弹形成支撑，但反弹幅度需结合需求变化评估。 浮法玻璃目前仍处于亏损状态，行业整体亏损幅度较大。改善盈利的关 键在于需求复苏带动价格提升，以及通过内部举措降低燃料等大宗物资 采购成本。公司已在推进燃料降本，但尚未取得实质性进展。 2025 年碱粉业务整体亏损，四季度经营环境恶化，原因是低成本产能 扩产和下游玻璃行业需求减少。目前碱粉价格低迷，未见明确复苏迹象。 碱粉需求端对玻璃行业依赖度较高，约 60%左右的碱粉对应产能由玻璃 行业消化。 金晶科技 ...

（原标题：信义玻璃(00868)公布2025年业绩 股东应占溢利27.29亿元 同比减少19%） 智通财经APP讯，信义玻璃(00868)公布2025年业绩，收益约208.29亿元，同比减少6.7%;公司股本权益 持有人应占溢利27.29亿元，同比减少19%;每股基本盈利62.31分，建议派付每股末期股息21.5港仙。 公告称，收益减少主要由于中国及海外市场浮法玻璃产品的平均售价(ASP)及建筑玻璃产品的销量下降 所致。汽车玻璃产品销售所产生的收益增加主要是由于来自中国汽车制造商的新购买订单增加，以及国 内及海外售后市场销售客户的积极灵活营销策略所致。 ...

公告称，收益减少主要由于中国及海外市场浮法玻璃产品的平均售价(ASP)及建筑玻璃产品的销量下降 所致。汽车玻璃产品销售所产生的收益增加主要是由于来自中国汽车制造商的新购买订单增加，以及国 内及海外售后市场销售客户的积极灵活营销策略所致。 信义玻璃(00868)公布2025年业绩，收益约208.29亿元，同比减少6.7%;公司股本权益持有人应占溢利 27.29亿元，同比减少19%;每股基本盈利62.31分，建议派付每股末期股息21.5港仙。 ...

Core Insights - Domestic demand recovery is ongoing, with technological advancements and emotional consumption as structural highlights [1] - 45% of multinational companies reported improved performance in Q4 2025, while 33% expect further improvement [1][5] - The real estate sector continues to drag down growth, but there are notable structural strengths, particularly in technology and service consumption [1][5] Domestic Demand - Overall domestic demand remains weak, but there are structural highlights such as optimistic prospects for renovation in coatings and elevators [2][12] - Service and emotional consumption are experiencing high demand, with companies like Estée Lauder and Procter & Gamble reporting double-digit growth in specific product lines [2][12] - Companies are adapting to trade friction by increasing localization, with ABB reporting over 85% localization in China [2][12] Trade Friction - Localization strategies are being adopted by companies to mitigate the impact of trade tensions, with some firms shifting to local development and sales models [2][12] - Companies like SKF are facing supply chain pressures due to trade policy uncertainties, but are implementing measures to manage these risks [34] Technology - There is a slight decline in external demand for technology products, with a trend towards domestic substitution becoming evident [3][13] - Traditional companies are benefiting from increased demand driven by technological advancements, particularly in the semiconductor sector [3][13] - U.S. export restrictions and domestic competition are impacting overseas companies' revenues in China [3][13] Industry Summaries Materials and Industrial - Demand for materials and industrial products is generally weak, but there are structural demands in electronic gases due to the semiconductor industry [14][26] - The coatings sector is showing resilience due to renovation demand, while traditional electrical and elevator businesses are facing declines [14][27] Consumer Sector - The consumer sector shows significant differentiation, with companies like Uniqlo experiencing revenue declines due to increased competition [20][21] - High-end products in the beauty sector are performing well, while food and beverage sectors are facing slight declines [21][22] Financial Services - MetLife's operations in China are showing strong recovery, with a focus on optimizing distribution channels and enhancing service offerings [19][41] - The company is transitioning away from telemarketing and focusing on high-end customer segments [41] Technology Hardware - Semiconductor companies maintain a high revenue share in China, but face challenges from export controls and supply chain adjustments [23][30] - Companies like Intel and AMD are experiencing delays and increased competition from local manufacturers [30][31] Machinery - Caterpillar anticipates positive growth in the Chinese market, particularly in larger excavators, while SKF is facing challenges in the automotive sector [32][33] - Companies are adjusting their strategies to focus on local development and sales, with a shift in production towards Southeast Asia [39]

分组1 - Builders FirstSource reported quarterly earnings of $1.12 per share, missing the Zacks Consensus Estimate of $1.3 per share, and down from $2.31 per share a year ago, representing an earnings surprise of -13.86% [1] - The company posted revenues of $3.36 billion for the quarter, missing the Zacks Consensus Estimate by 2.29%, and down from $3.82 billion year-over-year [2] - Builders FirstSource has surpassed consensus EPS estimates three times over the last four quarters, but has only topped revenue estimates once in the same period [2] 分组2 - The stock has increased approximately 11.5% since the beginning of the year, while the S&P 500 has declined by 0.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.64 on revenues of $3.29 billion, and for the current fiscal year, it is $6.01 on revenues of $14.93 billion [7] - The Building Products - Retail industry is currently ranked in the bottom 9% of over 250 Zacks industries, indicating a challenging outlook for the sector [8]

截至2026年1月30日收盘，旗滨集团（601636）报收于7.01元，较上周的6.95元上涨0.86%。本周，旗滨 集团1月29日盘中最高价报7.34元。1月30日盘中最低价报6.78元。旗滨集团当前最新总市值207.4亿元， 在玻璃玻纤板块市值排名6/16，在两市A股市值排名1020/5184。 本周关注点 业绩披露要点 公司使用闲置自有资金进行委托理财，本次投资金额118,000万元，涉及12笔银行理财产品，产品类型 为保本浮动收益型结构性存款，期限在25至52天之间，受托方包括中国光大银行、浦发银行、中国银 行、交通银行等。资金来源为自有资金，不影响公司正常经营。截至2026年1月27日，最近十二个月累 计委托理财金额904,800万元，已收回786,800万元，尚未收回本金余额118,000万元。理财额度经董事会 及股东大会审议通过，单日最高余额不超过20亿元。 公司制定并发布了《株洲旗滨集团股份有限公司套期保值管理制度（2026年1月修订）》，明确仅以规 避原材料、产成品价格波动风险为目的，开展与生产经营相关的纯碱、白银、锡、铂金、玻璃等品种的 期货套期保值业务。制度规定不得进行投机交易，资金来源 ...

Core Viewpoint - The company, Shandong Jinjing Technology Co., Ltd., has announced a projected net loss for the fiscal year 2025, primarily due to a downturn in the construction glass, photovoltaic glass, and soda ash markets, leading to decreased sales prices and lower gross margins [2][9]. Financial Performance Summary - The estimated net profit attributable to shareholders for 2025 is approximately -560 million yuan [4]. - The estimated net profit attributable to shareholders, excluding non-recurring gains and losses, is approximately -580 million yuan [4]. - In the same period last year, the total profit was 108.21 million yuan, with a net profit attributable to the parent company of 60.48 million yuan and a net profit excluding non-recurring items of 35.36 million yuan [7]. Earnings Per Share - The earnings per share for the previous year was 0.0427 yuan [8]. Reasons for Performance Decline - The primary reasons for the expected loss include a sluggish market for the company's main products, resulting in a decline in sales prices and gross margins [9].

2025年建筑玻璃、光伏玻璃、纯碱行业市场低迷，公司主要产品销售价格同比下降、毛利率下滑，导致 主营业务亏损。 格隆汇1月16日丨金晶科技(600586.SH)公布，经财务部门初步测算，预计2025年度归属于上市公司股东 的净利润为-56,000万元左右，预计2025年度归属于上市公司股东的扣除非经常性损益的净利润 为-58,000万元左右。 ...