Glass Weekly: The market is stable with a small increase, and the supply and demand game is still ongoing (20250327 issue)

01 Industry News of the Week

《Almaden wins Forbes Innovation Brand and has mass production capacity for ITO glass for perovskite》

Recently, the final review meeting of the "2025 Forbes China Industry Development Leader Selection" ended in Shanghai. After winning the Forbes China's Best Potential Enterprise for the first time in 2012, Almaden (002623) once again won the "2025 Forbes China Industry Development Innovation Brand" for its innovative breakthroughs in the photovoltaic field.

"Innovation is the lifeline of an enterprise and the key to breaking through the photovoltaic industry." Lin Jinxi, chairman of Almaden, said at the award ceremony. As an innovator in the field of photovoltaic materials, Almaden has used ten years of technical breakthroughs to carve a new coordinate for China's smart manufacturing in the photovoltaic glass track. Its independently developed 1.6mm ultra-thin photovoltaic tempered glass has successfully broken through the industry's physical tempering thickness limit, reducing weight by 35% compared to traditional products while increasing light transmittance by 2.5 percentage points. With multiple national patent certifications and large-scale application verification, "Chinese glass" has become synonymous with high-end photovoltaic components.

In the field of cutting-edge technology, Almaden continues to demonstrate strategic foresight. Aiming at the load bottleneck in the process of large-scale perovskite modules, we have innovatively developed ITO glass light conversion technology and large-size ultra-thin tempered coating conductive technology to break through the contradiction between module weight and load; in emerging application scenarios such as low-altitude economy and smart cities, the high-performance anti-glare glass launched by Almaden has achieved a perfect balance between aesthetics and functionality, effectively avoiding the risk of light pollution.

From the initial emergence of the industry's rising star in 2012 to the second summit of the innovation benchmark in 2025, Almaden has interpreted the evolution code of China's photovoltaic companies with 13 years of leapfrog development. Lin Jinxi said: "Every piece of glass is an energy carrier that carries a green future." Based on the historical opportunity period of the "dual carbon" strategy, Almaden will continue to drive development with innovation, continue to deepen its presence in the photovoltaic field, write a brilliant chapter of China's smart manufacturing in the photovoltaic industry, and contribute corporate strength to the transformation of the domestic energy structure.

In February this year, the company also told investors that as the first 1.6mm photovoltaic glass mass production enterprise in the industry, the company has always positioned itself in the field of thin glass, both in terms of kiln and deep processing, forming a differentiated competitive landscape with its competitors. First of all, the kilns in Fengyang Silicon Valley are tailor-made for thin glass in terms of design, construction, and selection of core equipment, which fully considers the company's future development trend in the field of thin glass, and has obvious cost advantages.

Secondly, the company has been deeply involved in the field of photovoltaic glass deep processing for many years. It is the pioneer and leader of domestic photovoltaic coated glass and large-size ultra-thin photovoltaic glass products. The company's comprehensive R&D and technological innovation capabilities are firmly at the forefront of the domestic industry, forming its own technological leading advantage in ultra-thin photovoltaic coated glass.

In addition, the company stated that the company now has the mass production capacity of ITO glass for perovskite. Compared with FTO glass, ITO glass has the advantages of large-size tempering, ultra-lightness, high conductivity, high light transmittance, high mechanical properties and few surface defects. At present, the company is constantly reserving and improving relevant technologies and experience, and can quickly introduce the technology after industrialization.

《Trina Solar's 800-watt module is launched! Breaking the record and entering a new era》
"800 watts is not the end, but a new starting point" This module of Trina Solar looks ordinary, but it actually hides a mystery. The "perovskite + crystalline silicon" double-layer stacking technology it uses is like installing a "dual engine" on the solar panel, which greatly improves the efficiency of sunlight conversion.

An area of ​​3.1 square meters can output 808 watts of electricity in a laboratory environment, which is equivalent to the daily electricity consumption of ordinary household appliances. TÜV SÜD Group's certification report bluntly stated: "This is a revolutionary leap in the power density of photovoltaic modules." From dark horse to leader: Trina Solar's 27-year transformation. This company, founded in 1997, was originally just a small factory in Changzhou, but now it has become a "record breaker" in the photovoltaic industry. Behind the "hard power" of registered capital of more than 21.7 billion yuan and paid-in capital of 13.8 billion yuan is its insistence on investing 5% of its annual revenue in research and development.

As of the first quarter of 2024, Trina Solar's global PV module shipments have exceeded 205GW, which is equivalent to the installed capacity of 9 Three Gorges hydropower stations. If converted into afforestation, it is equivalent to planting 15.1 billion trees around the world.

Behind the technological boom: What benefits can ordinary people enjoy? "The higher the power, the more electricity generated, and the higher the cost-effectiveness of photovoltaics for ordinary people." Dr. Wang, technical director of Trina Solar, made an analogy: "In the past, 10 panels could generate 1 kWh of electricity, but now 8 panels are enough, and residential buildings with insufficient roof area can also install more." What's even more surprising is that this component performs equally well in cloudy and low-light environments, making photovoltaics truly an "all-weather power generation expert."

Industry shock: The photovoltaic revolution has just begun: Experts from the International Energy Agency pointed out that the mass production of 800W components will directly reduce the installation cost of photovoltaic systems by about 15%. It is estimated that 30% of new power stations in the world will adopt such products in 2025. Gao Jifan, Chairman of Trina Solar, revealed at the press conference: "We are already planning the next generation of technology, with the goal of making the power of photovoltaic modules exceed 1,000 watts." From laboratories to thousands of households, this silent energy revolution is reshaping the way humans use electricity. As industry observers said: "When the power of photovoltaic modules exceeds the 800-watt threshold, the accelerated arrival of the carbon neutral era is inevitable."

02 Float glass market analysis

2.1. Float glass market analysis 

This week, the domestic 5mm float glass market is generally stable, and prices in some regions have risen slightly. Specifically, the demand for replenishment in the middle and lower reaches of North China has increased, leading to a price increase of 10 yuan/ton; Shahe area is supported by local replenishment, the price of large panels has increased by 24 yuan/ton, and the price of small panels has increased by 20 yuan/ton. The overall production and sales of the factory are good, which has led to an overall reduction in inventory in North China; the market shipments in South China are still good, and the price has increased slightly by 10 yuan/ton; the trading atmosphere in other regions is general, and the price remains stable.

Overall, the float glass market is still in a state of supply and demand game this week. Some production lines in the market have been shut down, but the overall supply is still sufficient, the quotation of production enterprises is basically stable, and some manufacturers have made flexible adjustments according to regional demand conditions; the performance of the demand side is differentiated, and the transaction is mainly based on rigid demand purchases, and the market is in a wait-and-see mood.

With the cold shutdown of some production lines and the potential recovery of the real estate market, the market still needs to pay attention to whether downstream demand can continue to improve in the short term to push prices further up. In terms of futures, the overall price of glass futures during the week was mainly revised up significantly. There were signs of improvement in demand during the peak season last week. The production and sales of manufacturers rebounded, and the price stopped falling and stabilized. In addition, due to the high positions and virtual and real positions of the main contracts, a large number of short funds left the market to realize profits on the basis of improved demand. However, with the sharp rise in futures prices, a large premium space was given to Hubei again. On the basis of the risk of receiving goods for longs, there is a need for a correction in futures prices, waiting for the further rise of spot prices and further repair of demand.

2.2. Comparison of float glass market prices

03 Statistics of float glass production profits this week

3.1. Profits of float glass production

As of March 27 this week, the profit of petroleum coke as fuel was -20.25 yuan/ton, an increase of 30 yuan/ton from the previous month; the profit of natural gas as fuel was -191.50 yuan/ton, a decrease of 2.75 yuan/ton from the previous month; the profit of coal as fuel was 88.50 yuan/ton, an increase of 28.7 yuan/ton from the previous month; the profit of glass rebounded during the week, the demand for downstream goods recovered slightly, and the profit was restored.

3.2. Trend of float glass production profits

04 Changes in equipment maintenance and output of float glass enterprises this week

4.1. Dynamics of float glass enterprises and operation status

This week, the weekly operation rate of float glass was 75.85%, a decrease of 0.60% from the previous month. Some production lines of float glass were released during the week, and the operation rate decreased slightly compared with last week.

4.2. Weekly output of float glass enterprises
This week, after eliminating the zombie production lines, there were a total of 297 domestic glass production lines, of which 225 were in production, and the output of float glass was 1.1083 million tons, a decrease of 0.14% month-on-month. The output changed narrowly during the week, and decreased by 1,700 tons compared with last week.

05 Statistics of float glass inventory this week
This week, the total inventory of float glass manufacturers was 67.012 million heavy boxes, and 69.46 million heavy boxes last week, a decrease of 244.8 heavy boxes from the previous month, a decrease of -3.90%; driven by market sentiment, downstream demand rebounded in the first half of the week, production and sales improved, and manufacturers mainly destocked.

06 Analysis of upstream and downstream industries of float glass

6.1. Analysis of soda ash market this week

This week, the domestic soda ash market was generally weak, prices were under pressure to fall, and market transactions were lower than expected. As of Thursday this week, the mainstream price of light soda ash is 1,400-1,700 yuan/ton, and the price of heavy soda ash is 1,500-1,800 yuan/ton. The spot price in some regions has further fallen. From the supply side, the overall operation of soda ash devices is stable, and some companies have resumed production, and the market supply has increased slightly. Although some manufacturers have flexibly adjusted their operations, the overall supply remains at a high level, and the pressure on companies to ship goods remains. The demand side is still sluggish, and the purchasing sentiment of downstream industries is sluggish. Replenishment is still the main demand, and the enthusiasm for stocking is limited; the demand for flat glass market has not seen significant improvement, and the support for soda ash purchases is insufficient; the demand of other downstream industries has not increased significantly, and new orders are slow to follow up, and the market trading atmosphere has cooled down; overall, the imbalance between market supply and demand still exists, and the wait-and-see sentiment of both buyers and sellers is strong. Spot transactions are mainly flexibly negotiated, and the quotations of some companies have loosened slightly. The soda ash market still faces certain downward pressure.

6.2. Real estate industry statistics
In January and February 2025, the national real estate construction area reached 605972350 square meters, a year-on-year decrease of 9.14% and a month-on-month decrease of 17.36%. The construction side continued to shrink, reflecting the cautious attitude of real estate companies towards the market, and the overall construction progress slowed down.

During the same period, the completed area of ​​real estate was 87642100 square meters, a year-on-year decrease of 15.69% and a sharp month-on-month decrease of 65.75%. The pace of completion slowed down significantly, mainly affected by the slow progress of previous projects and financial pressure. After the "Two Sessions", the policy side continued to release positive news, including a reduction in mortgage interest rates, relaxation of purchase restrictions in first-tier cities, and tax relief.

The three measures will effectively reduce the cost of buying houses for rigid needs and promote the recovery of market activity. At the same time, the renovation of old communities is accelerated and 6 million affordable housing units are continuously promoted. The government further optimizes the market structure under the dual track of "stabilizing housing prices and protecting people's livelihood". In the short term, the real estate market is still in the bottoming adjustment stage, and the recovery process of the demand side still needs to be observed. 

The key to the future industry trends depends on the continued efforts of policies and the restoration of home buying confidence. Whether the market can stabilize still requires attention to policy implementation and market feedback.