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建信期货钢材日评-20251030
Jian Xin Qi Huo· 2025-10-30 03:33
Report Overview - Report Type: Steel Daily Review [1] - Date: October 30, 2025 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - On October 29, the main contracts of rebar and hot-rolled coil futures showed an obvious upward trend, recovering most of the losses since September 26. Considering the positive expectations from industry policies, cost increases, and the improvement in terminal demand, the steel futures are expected to continue an oscillating and strengthening trend in the future [5][10]. 3. Summary by Section 3.1 Market Review - **Futures Market**: On October 29, the main contracts of rebar (RB2601) and hot-rolled coil (HC2601) futures oscillated higher, with closing prices of 3,133 yuan/ton and 3,345 yuan/ton respectively, up 1.00% and 1.21% from the previous trading day. The stainless steel futures contract (SS2512) also rose 0.31% [5]. - **Spot Market**: Most rebar and hot-rolled coil spot market prices rose on October 29. Rebar prices in Nanning and Shenyang increased by 30 yuan/ton, while prices in Changsha, Zhengzhou, Beijing, Taiyuan, Kunming, and Guiyang remained stable. Hot-rolled coil prices in Guangzhou, Shijiazhuang, and Taiyuan increased by 30 yuan/ton, while prices in Shanghai, Wuhan, Beijing, Lanzhou, and Urumqi remained stable [7]. - **Technical Analysis**: The daily KDJ indicators of the rebar 2601 and hot-rolled coil 2601 contracts showed an upward trend, and the daily MACD red bars continued to expand [7]. 3.2 Market Outlook - **Policy News**: On October 24, the Ministry of Industry and Information Technology released a new draft of the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry," with stricter requirements for replacement ratios. Tangshan plans to implement a 30% blast furnace production limit from October 27 to 30 [9]. - **Fundamentals**: The milder cold weather in the north has improved the outlook for terminal demand. Although steel inventories are significantly higher than in previous years, the improved demand may ease the inventory pressure [10]. - **Market Expectations**: Against the backdrop of geopolitical easing, positive policy news and cost increases have led to a significant rebound in steel futures. The market is expected to continue an oscillating and strengthening trend, and attention should be paid to the cooperation of the spot market and the positive cycle effect on the raw material market [10]. 3.3 Industry News - The Fujian Bureau of the National Mine Safety Administration organized a safety consultation meeting for provincial coal mines, emphasizing the implementation of safety measures [11]. - Wujin Stainless reported Q3 revenue of 597 million yuan, a year-on-year increase of 6.97%, and a net profit of 11.2753 million yuan, a year-on-year decrease of 63.24% [11]. - Bengang Plate reported Q3 revenue of RMB 10.503 billion, a year-on-year decrease of 11.35%, and a net loss of RMB 817 million, a year-on-year reduction of 50.56% [11]. - Shandong Iron and Steel plans to acquire a 100% stake in Yinshan Section Steel from Laigang Group [11]. - Huaneng International reported Q3 revenue of RMB 172.975 billion, a year-on-year decrease of 6.19%, and a net profit of RMB 14.841 billion, a year-on-year increase of 42.52% [12]. - Datang Power Generation reported Q3 revenue of RMB 32.152 billion, a year-on-year decrease of 1.62%, and a net profit of RMB 2.133 billion, a year-on-year increase of 61.18% [12]. - Jinkong Coal Industry reported Q3 revenue of 3.36 billion yuan, a year-on-year decrease of 12.85%, and a net profit of 401 million yuan, a year-on-year decrease of 43.94% [12]. - Yunmei Energy reported Q3 revenue of RMB 1.388 billion, a year-on-year decrease of 11.53%, and a net loss of RMB 18 million [12]. - Shanxi Coking Coal stated that power plants within the company can only use washed middlings from some mines, and internal transactions are subject to contracts [12]. - Shaanxi Energy's subsidiary plans to invest 6.997 billion yuan in the Zhangba Coal Mine project in Shaanxi [12]. - The Henan Department of Industry and Information Technology issued a guide for the green transformation of the steel industry [12]. - Yancoal Australia reported a Q3 raw coal (equity) production of 11.6 million tons, a quarter-on-quarter decrease of 9% and a year-on-year decrease of 12% [12]. - The China-ASEAN Free Trade Area 3.0 upgrade protocol was signed on October 28 [12]. - Russia's coal production in September 2025 was 34.463 million tons, a month-on-month increase of 9.0% and a year-on-year decrease of 0.2% [13]. 3.4 Data Overview - The report presents multiple charts showing data on steel spot prices, production, inventory,开工 rates, and consumption, with data sources from Mysteel and the Research and Development Department of CCB Futures [17][21][24][26][29][33].
贵金属日评-20251030
Jian Xin Qi Huo· 2025-10-30 02:11
Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints - The Fed's potential rate cuts, geopolitical risks, and the accelerating restructuring of the international trade and monetary system continue to provide safe - haven demand and liquidity premium for precious metals. However, in the short term, precious metals need to consolidate to digest the previous sharp rise. Investors are advised to maintain a bullish trading approach and observe the support level of London gold at $3,800 - $3,850 per ounce [4]. - The upward trend of precious metals since late August may continue until 2026. The six - month and one - year target prices for London gold are $4,500 and $4,800 per ounce respectively, and for London silver are $58 and $63 per ounce respectively. Investors are advised to hold a long - position trading strategy, and short - hedgers can appropriately reduce the hedging ratio. But currently, the price - to - earnings ratio of gold is too high, and long - position investors need to control their positions and be aware of short - term adjustment risks [5]. 3. Summary by Relevant Catalogs 3.1 Precious Metals Market Trends and Outlook - **Intraday Trend**: Optimistic expectations for a trade agreement from the China - US summit and a strong global stock market weakened the safe - haven demand for precious metals. Overnight, London gold dropped to $3,886 per ounce, with a maximum adjustment of 11.3% since October 20th. Subsequently, expectations of a Fed rate cut drove bargain - hunting funds into the market, and London gold rebounded to around $4,000 per ounce during the Asian session on the 29th [4]. - **Domestic Market**: The Shanghai Gold Index closed at 913.02, up 1.07%; the Shanghai Silver Index closed at 11,354, up 2.60%; Gold T + D closed at 910.50, up 1.54%; Silver T + D closed at 11,321, up 2.96% [5]. - **Mid - term Trend**: The US employment and inflation situation supports the Fed to restart the rate - cut process, and under the dual influence of Trump's pressure and management changes, the rate - cut amplitude may be larger. The election of Kōmeitō's candidate as the Japanese Prime Minister raises concerns about the return of Abenomics and the re - flooding of yen liquidity. The accelerating restructuring of the global trade and monetary system and high geopolitical risks continue to generate allocation and safe - haven demand for gold. The support levels for London gold are $4,130 and $3,975 per ounce, and for London silver are $50.31 and $47.76 per ounce [5]. 3.2 Main Macroeconomic Events/Data - US consumer confidence dropped to a six - month low of 94.6 in October due to concerns about short - term job opportunities, providing more reasons for the Fed to cut rates on Wednesday. The government shutdown was a major concern [17]. - NVIDIA CEO Huang Renxun announced that the company will build seven new supercomputers for the US Department of Energy and has received $500 billion in AI chip orders. NVIDIA has been excluded from the Chinese market and did not apply for US export licenses for the latest chips. It also announced a cooperation with Nokia to enter the AI communication market [17]. - US President Trump criticized Fed Chairman Powell and mentioned many candidates to replace him. US Treasury Secretary Bessent said that the final candidates for the Fed Chairman include five people [17]. - The US FCC voted 3 - 0 to strengthen regulations on telecommunications equipment produced by Chinese companies considered a national security risk, banning new equipment containing parts from restricted - list companies from getting authorization and giving the FCC the power to ban the sale of authorized equipment in specific cases [18].
建信期货豆粕日报-20251030
Jian Xin Qi Huo· 2025-10-30 02:11
Report Summary 1. Reported Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - The future direction depends on the outcome of the current round of negotiations. It is expected that the price volatility may increase next week. It is recommended that investors hold an empty or light - position. Aggressive investors can consider the option double - buying strategy to gain potential returns from the rising volatility [6]. 3. Summary by Related Catalogs a. Market Review and Operation Suggestions - **Market Conditions**: The US soybean futures contracts were relatively strong, with the main contract at 1075 cents. The domestic soybean meal rebounded slightly from its low level last week but was weaker than the external market. The market was affected by the China - US talks, and the bulls were hesitant to enter the market due to the uncertainty of importing US soybeans. Also, potential positive factors could not be realized because of the US government shutdown [6]. - **Operation Suggestions**: Pay attention to the results of the negotiation. It is recommended that investors hold an empty or light - position. Aggressive investors can consider the option double - buying strategy [6]. b. Industry News - As of Sunday, the US soybean harvest is expected to be 84% complete, and corn harvest 72% complete. Analysts' forecasts for the US harvest progress range from 80% - 88% for soybeans and 67% - 80% for corn. Last year, the soybean harvest progress was 89%, and the corn harvest progress was 81% [7]. - Brazil's soybean exports in October are expected to reach 7 million tons, down from the previous week's estimate of 7.34 million tons. Brazil's soybean meal exports in October are expected to reach 2.08 million tons, down from 2.09 million tons the previous week [9].
建信期货原油日报-20251030
Jian Xin Qi Huo· 2025-10-30 01:59
Group 1: Report Information - Report Type: Crude Oil Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [4] Group 2: Investment Rating - Not provided Group 3: Core View - Short - term: Market digests sanctions and positive factors from China - US negotiations. Without further support, oil prices may decline due to oversupply [6] - Medium - term: Maintain a bearish view [6] Group 4: Market Review and Operation Suggestions - WTI: Opened at $61.5, closed at $60.18, high of $61.50, low of $59.76, down 1.84%, volume of 28.73 million hands [6] - Brent: Opened at $64.88, closed at $65.04, high of $65.01, low of $63.43, down 1.60%, volume of 48.72 million hands [6] - SC: Opened at 458.5 yuan/barrel, closed at 462.6 yuan/barrel, high of 463.2 yuan/barrel, low of 455.0 yuan/barrel, down 0.81%, volume of 12.06 million hands [6] - Sanctions: US and EU imposed sanctions on Russian oil companies Rosneft and Lukoil [6] Group 5: Industry News - Indian refiner MRPL: Does not buy Russian oil due to risk of violating sanctions [7] - Japan: Prime Minister Takashi Sanae told Trump that banning Russian LNG imports is difficult [7] - Saudi Aramco: Forecasts oil demand growth of 1.1 - 1.4 million barrels per day next year [7] Group 6: Data Overview - Figures include global high - frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [9][10][17][21]
建信期货PTA日报-20251030
Jian Xin Qi Huo· 2025-10-30 01:59
Report Information - Report Name: PTA Daily Report [1] - Date: October 30, 2025 [2] Core View - The PTA market is expected to consolidate as there is a game between the weak reality of sufficient spot supply and the expectation of possible production cuts, while the crude oil market shows weak and volatile trends and awaits PTA meeting news [6] Summary by Section 1. Market Review and Operation Suggestions - On the 29th, the closing price of the PTA main futures contract TA2601 was 4,636 yuan/ton, up 22 yuan/ton (0.48%), with a settlement price of 4,610 yuan/ton and a daily reduction of 14,817 lots. The TA2605 contract closed at 4,688 yuan/ton, up 14 yuan/ton, with a trading volume of 35,038 lots, an increase of 548 lots [6] 2. Industry News - International oil prices have closed lower for three consecutive trading days as investors weigh the impact of US sanctions on two major European oil companies and OPEC+'s possible production increase plan. On Tuesday (October 28), the settlement price of WTI crude oil futures for December 2025 was $60.15 per barrel, down $1.16 (1.89%), and the settlement price of Brent crude oil futures for December 2025 was $64.4 per barrel, down $1.22 (1.86%) [7] - The assessed price of PX in the Chinese market is $817 - 819 per ton, up $4 per ton; the assessed price in the South Korean market is $797 - 799 per ton, up $4 per ton. The domestic PX operating load remains high, and the PTA main suppliers' symposium is about to be held, with participants still confident in the future supply - demand prospects [7] - The PTA price in the East China market is 4,535 yuan/ton, down 2 yuan/ton. The average daily negotiation basis is a discount of 76 yuan/ton compared to futures 2601, up 1 yuan/ton [7] 3. Data Overview - The report provides multiple data charts, including PTA futures prices, international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt numbers, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]
建信期货MEG日报-20251030
Jian Xin Qi Huo· 2025-10-30 01:59
Report General Information - Report Name: MEG Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] 1. Report Industry Investment Rating - Not mentioned in the report 2. Report's Core View - Currently, the fundamental drivers of ethylene glycol are insufficient, but the macro - market sentiment has weakened. With the continuous progress of Sino - US trade negotiations this week, it is expected that the market risk appetite may continue to return, and ethylene glycol is expected to rise slightly [7] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - Futures market: For the ethylene glycol futures on the 29th, the opening price of the main contract was 4058 yuan/ton, the highest was 4105 yuan/ton, the lowest was 4052 yuan/ton, the settlement price was 4081 yuan/ton, and the closing price was 4100 yuan/ton, up 10 yuan/ton from the previous trading day's settlement price. The total volume was 139,397 lots, and the open interest was 312,509 lots. Specifically, the closing price of EG2601 was 4100 yuan/ton, up 10 yuan, with an open interest of 312,509 lots and a decrease of 5547 lots; the closing price of EG2605 was 4175 yuan/ton, up 4 yuan, with an open interest of 21,127 lots and an increase of 335 lots [7] 3.2行业要闻 - Oil price: Investors weighed the impact of US sanctions on two major European oil companies on global supply and the possible production - increasing plan of OPEC+. International oil prices closed lower for three consecutive trading days. On Tuesday (October 28), the settlement price of the December 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $60.15 per barrel, down $1.16 or 1.89% from the previous trading day, with a trading range of $59.76 - $61.50; the settlement price of the December 2025 Brent crude oil futures on the London Intercontinental Exchange was $64.4 per barrel, down $1.22 or 1.86% from the previous trading day, with a trading range of $64 - $65.76 [8] - Ethylene glycol market: In the Zhangjiagang ethylene glycol market, the spot negotiation price this week was 4175 - 4180 yuan/ton, up 17.5 yuan/ton from the previous working day; the spot negotiation price next week was 4173 - 4175 yuan/ton, and the negotiation price for November was 4172 - 4175 yuan/ton. The basis of this week's spot was at a premium of 75 - 80 yuan/ton to EG2601, the basis of next week's spot was at a premium of 73 - 75 yuan/ton to EG2601, and the basis for November was at a premium of 72 - 75 yuan/ton to EG2601. In the Fujian ethylene glycol market, the negotiation range was 4300 - 4400 yuan/ton, remaining flat from the previous working day. The short - term trading atmosphere in the ethylene glycol market has improved, and the price in the Fujian ethylene glycol market is mainly stable and under observation [8] 3.3数据概览 - The report provides multiple data charts, including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and Jianxin Futures Research and Development Department [10][15][16][18]
建信期货多晶硅日报-20251030
Jian Xin Qi Huo· 2025-10-30 01:59
Report Summary 1. Market Performance and Outlook - The price of the main contract of polysilicon showed a relatively strong performance within the range. The closing price of the PS2601 contract was 54,990 yuan/ton, with a gain of 0.72%. The trading volume was 307,284 lots, and the open interest was 118,430 lots, with a net increase of 3,498 lots [4]. - The transaction price range of polysilicon n-type re-feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat compared to the previous period. The transaction price range of n-type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat [4]. - In the fourth quarter, the expected polysilicon output is 382,000 tons, with an average monthly output of 127,300 tons. However, the output in October, as statistics from the Silicon Industry Branch show, reached 137,000 tons, exceeding expectations. The significant profit restoration has curbed the willingness for active production cuts. Currently, the monthly output can meet the terminal demand of 68.5GW. The supply - demand imbalance situation has not been reversed, especially as the terminal demand is still in a weak period after the "rush installation." The market focus is expected to remain on the policy side. Recently, there is a policy vacuum period. Although the photovoltaic sector in the equity market is performing strongly, the fundamental situation of polysilicon itself is still weak, and it will run cautiously and strongly within the range [4]. 2. Market News - On October 28, the number of polysilicon warehouse receipts was 9,150 lots, a net decrease of 90 lots compared to the previous trading day [5]. - In September 2025, the newly - installed photovoltaic capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - installed photovoltaic capacity was 240.27GW [5]. - On October 27, Daquan Energy released an announcement stating that its revenue in the third quarter reached 1.773 billion yuan, a year - on - year increase of 24.75%, and the net profit was 73.479 million yuan. The announcement also showed that the revenue in the first three quarters was 3.243 billion yuan, a year - on - year decrease of 46.00%, and the net profit had a loss of 1.073 billion yuan [5]. - On October 25, Tongwei Co., Ltd. (600438) disclosed its 2025 third - quarter report. In the third quarter, the company's operating income was 24.091 billion yuan, a slight year - on - year decrease of 1.57%. However, the loss of net profit attributable to shareholders of listed companies narrowed. The year - on - year loss reduction was 62.69%, and the quarter - on - quarter loss reduction was 86.68%. The recovery of the industry environment has had a positive impact on the company's profitability [5].
建信期货生猪日报-20251030
Jian Xin Qi Huo· 2025-10-30 01:59
Report Information - Report Name: Pig Daily Report [1] - Date: October 30, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - In the long - term, pig slaughter is expected to increase slightly until the first half of next year. In the short - term, the supply pressure in October is large, but the pressure on large - scale farms has eased to some extent. The demand for second - round fattening has decreased, and the terminal consumption has increased but lacks sustainable growth. The spot price rebounds but has limited upside, while the futures price may face double supply pressure before the Spring Festival [7] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: On the 29th, the main 2601 futures contract of live pigs opened slightly lower, then rebounded and closed up. The highest was 12,210 yuan/ton, the lowest was 12,100 yuan/ton, and the closing price was 12,185 yuan/ton, down 0.49% from the previous day. The total index positions increased by 9,381 lots to 317,513 lots. The national average price of foreign ternary pigs was 12.60 yuan/kg, up 0.09 yuan/kg from the previous day [6] - **Analysis**: Supply - the long - term supply is expected to increase slightly, and the supply in October is large. However, the pressure on large - scale farms has eased, and farmers are reluctant to sell. Demand - second - round fattening has turned to a wait - and - see attitude, terminal consumption has increased but lacks sustainable growth, and the slaughter volume has decreased. The spot price rebounds but has limited upside, and the futures price may face double supply pressure before the Spring Festival [7] 2. Industry News - Not provided 3. Data Overview - **Profit**: As of October 23, the average profit per self - bred and self - raised pig was - 138 yuan/head, a week - on - week increase of 50.4 yuan/head; the average profit per pig purchased with piglets was - 378.6 yuan/head, a week - on - week increase of 53.6 yuan/head [12] - **Price**: The average market sales price of 15 - kg piglets in the week of October 23 was 255 yuan/head, 10 yuan/head lower than the previous week. The price difference between 175 - kg fat pigs and standard pigs was 0.69 yuan/jin, a week - on - week increase of 0.09 yuan/jin [12] - **Cost**: The cost of fattening a 110 - kg pig to 140 kg was 12.02 yuan/kg, an increase of 0.39 yuan/kg from the previous week; the cost of fattening a 125 - kg pig to 150 kg was 12.38 yuan/kg, an increase of 0.43 yuan/kg from the previous week [12] - **Average Slaughter Weight**: As of the week of October 23, the average slaughter weight of national live pigs was 127.90 kg, a week - on - week decrease of 0.35 kg (a decline of 0.27%), a month - on - month decrease of 0.65 kg (a decline of 0.51%), and a year - on - year increase of 1.83 kg (an increase of 1.45%) [12] - **Utilization Rate of Fattening Pens**: As of mid - October, the utilization rate of fattening pens was 44.8%, a ten - day increase of 12.5 percentage points and a year - on - year decrease of 10 percentage points [12]
建信期货沥青日报-20251030
Jian Xin Qi Huo· 2025-10-30 01:58
Group 1: General Information - Report Name: Asphalt Daily Report [1] - Date: October 30, 2025 [2] Group 2: Market Review and Operation Suggestions - Futures Market: BU2601 opened at 3265 yuan/ton, closed at 3274 yuan/ton, with a high of 3283 yuan/ton, a low of 3252 yuan/ton, a decline of 0.21%, and a trading volume of 173,800 lots; BU2512 opened at 3274 yuan/ton, closed at 3291 yuan/ton, with a high of 3300 yuan/ton, a low of 3270 yuan/ton, a flat change, and a trading volume of 26,400 lots [6] - Spot Market: Asphalt spot prices in North China and Shandong declined, while those in other regions remained stable. The decline in crude oil and asphalt futures prices dampened market sentiment, and ample local refinery resources in Shandong pressured prices [6] - Supply and Demand: Overall refinery operating rate is expected to remain flat. Demand is seasonally weakening, with rigid demand shrinking in the Northeast and Northwest, limited demand growth in North China and Shandong, and slow resource consumption in the South. Insufficient funds are restricting project progress [7] - Operation Suggestion: Consider going long on BU and short on SC due to the relatively stronger supply - demand situation of asphalt compared to crude oil [7] Group 3: Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt was 3200 - 3620 yuan/ton, down 5 yuan/ton from the previous trading day. The market sentiment was bearish, and ample resources led to price declines [8] - South China Market: The mainstream transaction price of 70A grade asphalt was 3360 - 3580 yuan/ton, remaining stable. Sinopec's planned production cut in November and other refineries' price hikes boosted the market, but unsold resources limited price increases [8] Group 4: Data Overview - The report provides multiple data charts including asphalt cracking spread, social inventory, daily operating rate, Shandong comprehensive profit, etc., with data sources from wind and the research and development department of Jianxin Futures [11][13][15]
纯碱、玻璃日报-20251030
Jian Xin Qi Huo· 2025-10-30 01:58
Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Date: October 30, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided in the report Core Viewpoints - The soda ash market has a supply - demand pattern that has improved, with supply stable due to equipment maintenance, continuous inventory build - up, and downstream low - price restocking. The market has support, but over - optimism is not advisable [8]. - The glass market is in a game between "strong expectations" and "weak reality". It is at a high supply level this year, with high post - holiday inventories. The demand for float glass may not continue to rise. The market may bottom out and be short - term oscillating and slightly stronger, and potential positive factors from macro - policies and production line changes need to be monitored [9]. Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 29, the main soda ash futures SA601 contract fluctuated and rebounded, closing at 1259 yuan/ton, up 14 yuan/ton (1.12%), with a daily reduction of 31,991 lots [7]. - Supply: Weekly production increased by 0.01 million tons to 74.06 million tons, remaining stable. Soda ash plant maintenance is at a high level for the same period [8]. - Demand: In mid - October, the total soda ash shipments increased by 5.60% month - on - month to 73.90 million tons. Demand from float glass and photovoltaic glass remained stable [8]. - Inventory: Alkali plant inventory continued to build up to 170.21 million tons, at a relatively low level in the past six months [8]. Glass - Fundamentally, float glass production is stable, and the photovoltaic glass market is in a weak balance. Glass supply is at a high level this year, and the possibility of cold repair is low [9]. - Inventory: After the holiday, factory inventories remained high, and inventory days continued to rise [9]. - Demand: The real estate market has not shown a stabilization trend, and the completion data is weak. The rebound in float glass demand may not be sustainable [9]. 2. Data Overview - The report provides figures on soda ash and glass, including active contract price trends, weekly production, enterprise inventory, market prices, and flat glass production, with data sources from Wind and iFind [13][17][18]