Core Viewpoints - The automotive glass market is rapidly evolving, with a significant focus on panoramic roofs, which are expected to reach a penetration rate of 37% by 2030, representing a market space of 34 billion yuan [12][44]. - The development of automotive glass is driven by three main pain points: heat insulation, privacy, and interaction, leading to innovations in heat-insulating, dimmable, and display-grade glass [2][3][12]. Group 1: Heat Insulation - Heat-insulating glass is currently in the 1-N stage, with two main solutions: physical sunshades and chemical coatings. The latter, using silver ion LOW-E films, can block over 98% of UV rays and reduce interior temperatures by 7-8°C [4][50][63]. - The market for heat-insulating glass is expanding, with prices around 1500 yuan per vehicle, making it increasingly accessible even for lower-priced models [63][38]. Group 2: Dimmable Glass - Dimmable glass addresses privacy concerns and is in the 0-1 stage, with various technologies like PDLC, EC, and LC. PDLC is the most cost-effective and widely produced, while EC offers superior dimming capabilities [5][67][69]. - The market for dimmable glass is projected to grow significantly, with estimates reaching 14 billion yuan by 2030, driven by the adoption of high-cost-performance solutions like PDCLC [12][70]. Group 3: Display-Grade Glass - Display-grade glass is still in the early stages of mass production but holds great potential for future applications, integrating with vehicle screens and enhancing user interaction [6][40]. - Innovations in display-grade glass include transparent mini-LED and Micro LED technologies, which could transform the way information is presented within vehicles [6][40]. Group 4: Market Trends - The penetration rate of panoramic roofs in vehicles is increasing, with a notable rise in models priced above 100,000 yuan, where the configuration rate is significantly higher [24][27]. - The automotive glass market is expected to see a shift towards more integrated solutions, with companies like Fuyao Glass leading the way in technology and market share [12][44][63].

智通财经APP获悉，兴业证券发布研报称，调光汽玻产业趋势加速，未来放量可期。调光天幕能够有效 解决前阶段全景天幕防晒隔热问题，侧玻隐私功能提升，看好产业趋势放量。调光汽玻价值量提升将带 动单车玻璃ASP向上，玻璃附加值增加，打开汽玻业务新成长点，重点推荐福耀玻璃。调光汽玻产品中 调光膜附加值占比较高，国产化趋势较为明显的为EC、PDLC和LC，现阶段PDLC调光膜国产化进展领 先，综合成本相对较低，PDLC黑膜是成熟技术的改良版，后续伴随大规模量产后配套车型价格带预计 下探，未来放量趋势可期，建议关注海优新材。 兴业证券主要观点如下： 比亚迪等头部车企率先推动辅助驾驶平权加速，智能化渗透率进入爆发期，中短期来看辅助驾驶仍然是 成本项，但却能够有效带动汽车座舱和外观智能化消费;另外当前整车偏同质化的背景下，寻找差异化 卖点成为主机厂卷配置的迫切需求;调光天幕打消消费者对天幕"不防晒"的顾虑，有效解决了消费者此 前对天幕玻璃的主要痛点，该行判断调光天幕渗透率预计加速。 调光汽玻逐步从高端豪华走向主流大众，调光天幕有望成为热门趋势 调光玻璃2025年成为主流新车的热门趋势，主要用于天幕，包括智己L6、问界M9、尊界 ...