General glass inflection point down, energy-saving glass climbing steadily

Under the background of economic restructuring, the space for the development of energy-saving glass is gradually opening up. The implementation of policies and the replacement of demand will push up the usage in the medium to long-term. In particular, Low-E glass will be welcomed by upstream business users. CSG, as a leading company in the domestic LOW-E glass industry, will benefit from its leading strength in R&D and marketing and the rapid expansion of its production capacity in the next two years to enjoy the high profit brought by the industry's continuous prosperity. In addition, CSG's new energy business will become an important performance contribution in the future. In addition, as a good glass company, Jinjing Technology also has the potential for large-scale intervention in the high-end LOW-E glass industry, and it may become the main beneficiary of the development of the LOW-E glass industry in the future.

Correspondingly, ordinary glass is facing the downside risk, and the pressure on the supply side is gradually accumulating, while the demand side is difficult to expect more due to real estate regulation. On the whole, ordinary glass downturns are forming.