中金：硅料玻璃价格持续上涨光伏板块迎重点关注节点

智通财经2025-09-03

智通财经APP获悉，中金发布研报称，根据硅业分会，上周多晶硅成交价在4.6-5.1万元/吨之间，成交均价4.79万元/吨，但签单量环比缩减。根据SMM，硅片环节囤积的硅料库存水平持续上升，截至8月31日硅片企业多晶硅库存约20.8万吨，结合硅料环节27万吨的库存，全行业库存约50万吨，可以满足5个月左右需求。根据卓创资讯，本周玻璃库存天数环比下降17.99%为19.69天，2.0mm玻璃价格为11...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2564350393?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-09-03 15:02","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2564350393","market":"fut","top_or_hot":-1,"title":"中金：硅料玻璃价格持续上涨 光伏板块迎重点关注节点","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中金发布研报称，根据硅业分会，上周多晶硅成交价在4.6-5.1万元/吨之间，成交均价4.79万元/吨，但签单量环比缩减。根据SMM，硅片环节囤积的硅料库存水平持续上升，截至8月31日硅片企业多晶硅库存约20.8万吨，结合硅料环节27万吨的库存，全行业库存约50万吨，可以满足5个月左右需求。根据卓创资讯，本周玻璃库存天数环比下降17.99%为19.69天，2.0mm玻璃价格为11...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1340943.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金：硅料玻璃价格持续上涨 光伏板块迎重点关注节点</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金：硅料玻璃价格持续上涨 光伏板块迎重点关注节点\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-03 15:02 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1340943.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，根据硅业分会，上周多晶硅成交价在4.6-5.1万元/吨之间，成交均价4.79万元/吨，但签单量环比缩减。根据SMM，硅片环节囤积的硅料库存水平持续上升，截至8月31日硅片企业多晶硅库存约20.8万吨，结合硅料环节27万吨的库存，全行业库存约50万吨，可以满足5个月左右需求。根据卓创资讯，本周玻璃库存天数环比下降17.99%为19.69天，2.0mm玻璃价格为11...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1340943.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"688348","symbol_name":"昱能科技","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1340943.html","article_id":"2564350393","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2564350393","pubTimestamp":1756882953,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"中金主要观点如下：硅料环节持续累库，预期支撑价格上涨根据硅业分会，上周多晶硅成交价在4.6-5.1万元/吨之间，成交均价4.79万元/吨，但签单量环比缩减。由于看好后续硅料价格，根据SMM，硅片环节囤积的硅料库存水平持续上升，截至8月31日硅片企业多晶硅库存约20.8万吨，结合硅料环节27万吨的库存，全行业库存约50万吨，可以满足5个月左右需求。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300763":"锦浪科技","300842":"帝科股份","600438":"通威股份","601865":"福莱特","605117":"德业股份","688223":"晶科能源","688348":"昱能科技","LU1983299162.USD":"SCHRODER ISF GLOBAL ENERGY TRANSITION \"A\" (USD) ACC","BK0196":"行业龙头","BK1169":"半导体设备","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","00968":"信义光能","BK0238":"农副食品","BK0214":"IT设备","BK1589":"北水核心资产","BK0077":"质押式回购","BK0224":"电气机械","BK0044":"CDM项目","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","BK0054":"太阳能发电","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","BK1554":"光伏太阳能股","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","BK0235":"非金矿物"},"translate_title":"CICC: Silicon glass prices continue to rise, photovoltaic sector welcomes key nodes","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300763":1,"300842":1,"600438":1,"601865":1,"605117":1,"688223":1,"688348":1,"00968":0.9},"content_text":"智通财经APP获悉，中金发布研报称，根据硅业分会，上周多晶硅成交价在4.6-5.1万元/吨之间，成交均价4.79万元/吨，但签单量环比缩减。根据SMM，硅片环节囤积的硅料库存水平持续上升，截至8月31日硅片企业多晶硅库存约20.8万吨，结合硅料环节27万吨的库存，全行业库存约50万吨，可以满足5个月左右需求。根据卓创资讯，本周玻璃库存天数环比下降17.99%为19.69天，2.0mm玻璃价格为11元/平，随着玻璃供给反内卷持续，价格有望逐步修复至成本线以上，短期内存在二线及以下企业暂停冷修的情况，产能出清周期拉长。中金主要观点如下：硅料环节持续累库，预期支撑价格上涨根据硅业分会，上周多晶硅成交价在4.6-5.1万元/吨之间，成交均价4.79万元/吨，但签单量环比缩减。由于看好后续硅料价格，根据SMM，硅片环节囤积的硅料库存水平持续上升，截至8月31日硅片企业多晶硅库存约20.8万吨，结合硅料环节27万吨的库存，全行业库存约50万吨，可以满足5个月左右需求。根据行业预估，9月行业限售约9.7万吨，产业端反馈多晶硅产量预计仍会达到12-13万吨，硅料企业累库，而硅片企业由于排产较高(约57GW)、将一定程度去化多晶硅库存。限售对于稳定价格有一定作用，但价格和真实的供需以及库存仍然有一定脱钩。“反内卷”预期事实上并未充分反映，看好后续板块空间市场普遍预期9月将是光伏反内卷方案实施的重要节点，观察整体光伏板块的表现，7月“反内卷”引发热烈讨论以来，光伏指数并未相较于沪深有显著超额收益，因此若后续政策落地，板块标的仍有较大空间。1)反内卷先锋硅料环节，其中龙头硅料企业弹性较大，重点关注估值较低的龙头通威股份(600438.SH)、颗粒硅技术等；2)高效组件龙头，晶科能源(688223.SH)(隐含估值较低、相比于其他龙头有更强TOPCon改造提效的资金和技术实力)等；3)新技术推进如帝科股份(300842.SZ)(高铜浆料推进确定性较强)等。光伏辅材产业链：玻璃库存天数持续下降，价格有望上涨根据卓创资讯，本周玻璃库存天数环比下降17.99%为19.69天，2.0mm玻璃价格为11元/平，随着玻璃供给反内卷持续，价格有望逐步修复至成本线以上，短期内存在二线及以下企业暂停冷修的情况，产能出清周期拉长。胶膜层面，建议关注胶膜企业第二增长曲线，如海优新材汽车调光膜业务，预期25年有望放量。逆变器板块Q3出货有望环比增长，且部分厂商布局AIDC固态变压器，有望成为业绩新增长点。看好玻璃行业供给侧出清和逆变器盈利稳健带来的板块投资机会，建议关注：1)玻璃龙头企业信义光能(00968)、福莱特(601865.SH)；2)逆变器锦浪科技(300763.SZ)、德业股份(605117.SH)、昱能科技(688348.SH)。风险因素光伏需求不及预期，供给侧改革不及预期，贸易政策风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2564350393","isCrawlerRequest":true}

中金：硅料玻璃价格持续上涨 光伏板块迎重点关注节点

精彩评论

中金：硅料玻璃价格持续上涨光伏板块迎重点关注节点