Listed Financials — China Solar Glass Deep Report

Realtime quotes for the ten十家公司的实时行情

Live last price, change %, market cap, PE TTM, PB. Refreshes every 60 seconds while this tab is visible. HK names quoted in HKD; A-shares in CNY. 现价、涨跌幅、总市值、PE TTM、PB。本页面可见时每 60 秒刷新。港股按港元计价；A 股按人民币。

How to read this table. Market-cap ranking ≠ capacity ranking. Xinyi Solar (32,200 t/d, #1 capacity) and Flat Glass (23,000 t/d, #2 capacity) dominate by both metrics. But several smaller capacity names trade at higher PE due to diversified business mixes (e.g. CSG Holding's architectural glass exposure, Jinjing's soda ash captive). Compare PE TTM against pure-play capacity share, not against the broader index. 怎么读这张表。 市值排名 ≠ 产能排名。信义光能（32,200 吨/日，产能第 1）和福莱特（23,000 吨/日，产能第 2）在两个维度上都主导。但几家较小产能的公司由于业务多元化（如南玻的建筑玻璃曝露、金晶的纯碱自供），交易 PE 更高。把 PE TTM 与纯光伏玻璃产能份额对比，不要与大盘指数对比。

Why HK-listed names matter港股为何重要

Xinyi Solar (0968.HK) and Irico New Energy (0438.HK) are the only pure-play listings outside the A-share. They serve as foreign-investor proxies for the China solar glass cycle — and trade with FX, sentiment, and southbound-flow betas the A-shares do not see. 信义光能（0968.HK）和彩虹新能源（0438.HK）是 A 股之外仅有的纯光伏玻璃上市标的。它们是境外投资者投资中国光伏玻璃周期的代理 — 同时承担 A 股不见的汇率、情绪、南下资金 beta。

Quiet diversifiers沉默的多元化者

CSG (architectural glass), Jinjing (soda ash captive), Luoyang Glass (display glass legacy), Hainan Dev (cement crossover). Each has structural reasons to behave differently in this cycle than a pure-play. 南玻（建筑玻璃）、金晶（纯碱自供）、洛阳玻璃（显示玻璃遗产）、海南发展（水泥交叉）。每一家都有结构性原因在这轮周期里表现得与纯标的不同。