金吾财讯 | 中金公司表示，浮法玻璃价格修复但冷修步伐放缓。1-11月全国平板玻璃产量9.1亿箱，同比上升3.2%；11月单月平板玻璃产量同比-5.6%，环比下跌1.3%。11月以来，南方市场处于旺季尾声，在积极的政策预期带动下游补库影响下，浮法玻璃含税均价恢复至1430元/吨，较10月提升160元/吨，企业盈利也随之明显改善。但冷修步伐也随之放缓，截至12月中旬，浮法玻璃日熔量15.96万吨，基本和11月初保持一致，较年内高点下降9%。
中金地产组预期2025年房屋物理竣工面积同比下滑13%（悲观情形可能下滑15%），因此该行判断2025年行业需求可能继续下滑，但2025年可能是行业中小企业集中出清的大年，供给端的收缩和出清有望为行业筑牢底部，并在需求走出低谷后推动行业供需面回归健康，成本具备强竞争力、深加工业务结构均衡的龙头企业盈利有望改善。建议关注旗滨集团、信义玻璃(00868)、金晶科技。
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