浮法玻璃深度:再平衡 看弹性

长江证券
Feb 11

现状:盈利底部,冷修加速2025 年以来玻璃行业持续亏损,且部分企业亏损至现金流,持续承压下冷修开始全面加速。2025 年10 月底在产产能约16 万吨/天,2025 年底已回落至15.1 万吨/天,降幅约为6%。展望后续,我们预计供给冷修仍将持续,进而逐步实现供需的再平衡。从历史复盘以及逻辑推演看,供给重新开始明显净新增或将滞后于盈利修复,因此若后续需求出现边际改善则玻璃价格有望展现弹性及持续性...

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