Core Viewpoint - The glass futures market is currently experiencing a tug-of-war between bullish and bearish factors, with prices oscillating within a narrow range of 1080-1120, while inventory levels have shown a decline over the past two weeks, raising questions about a potential rebound in the glass market [1][3]. Market Review - Since late October, glass futures have mostly traded within the 1080-1120 range, indicating limited upward or downward movement. As of November 7, prices are again in a narrow consolidation phase [1]. - The total inventory of float glass sample enterprises remains high at 63.136 million heavy boxes, despite a week-on-week decrease of 2.654 million heavy boxes, representing a decline of 4.03%. However, this figure is still up 29.05% year-on-year [3][7]. Supply and Demand Dynamics - The glass market is characterized by a fierce battle between supply and demand. High inventory levels on the supply side and weak demand are suppressing price rebounds, while cost support and production line upgrades provide some bottom support [3]. - From January to September, the area of completed real estate projects in China decreased by 15.3%, and the average order days for deep processing were only 10.8 days, leading some companies to face a "no orders" situation [3]. Cost Support - Despite a decline in spot prices, the profit margins for the float glass industry remain within an acceptable range, with current profit levels at the median for the year. However, if profits continue to decline, cost support may gradually become more significant [4]. - As of November 6, the gross profit for float glass production using coal as fuel is 78.1 yuan/ton, while using petroleum coke and natural gas results in negative margins of -1.77 yuan/ton and -172.7 yuan/ton, respectively [4]. - The recent "coal-to-gas" initiative in the Shihezi area has garnered market attention, potentially leading to short-term supply reductions and increased production costs by 80-100 yuan/ton due to fuel price differences [4]. Inventory Trends - The recent two-week decline in glass enterprise inventories has provided some positive signals, with total inventory dropping to 63.136 million heavy boxes as of November 6. However, this decline may merely reflect a transfer of inventory from enterprises to social stock rather than a genuine improvement in end-user demand [7]. Market Outlook - In the short term, the ongoing struggle between high inventory and cost support is expected to continue, with the 1080-1120 yuan/ton range likely to persist. Traders may consider a high-sell low-buy strategy while monitoring potential breakout points [9]. - Future breakthroughs in glass futures may arise from either a contraction in supply or a substantial improvement in demand, particularly in the real estate sector, which remains in a bottoming cycle [9][12].

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3997.56 points, down 0.25%, while the total trading volume reached 20202.05 billion yuan, indicating a mixed performance among stocks breaking through the annual line [1] Group 1: Stock Performance - A total of 52 A-shares have surpassed the annual line today, with notable stocks including Luzhou Laojiao, Qiaoyuan Co., and Jiachuan Vision, which have deviation rates of 6.56%, 5.10%, and 4.86% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Lubnorth Chemical, Phoenix Optical, and Wuzhou Special Paper [1] Group 2: Individual Stock Data - Luzhou Laojiao (000912) saw a price increase of 9.93% with a turnover rate of 2.87%, closing at 4.87 yuan, resulting in a deviation rate of 6.56% [1] - Qiaoyuan Co. (301286) increased by 14.19% with a turnover rate of 9.67%, closing at 30.66 yuan, with a deviation rate of 5.10% [1] - Jiachuan Vision (300264) rose by 5.38% with a turnover rate of 10.65%, closing at 6.27 yuan, leading to a deviation rate of 4.86% [1]

Core Viewpoint - The stock of China Southern Glass Holdings Co., Ltd. (南玻A) has shown a slight increase of 2.07% on November 7, 2023, with a current price of 4.94 CNY per share, despite a year-to-date decline of 5.20% [1] Company Overview - China Southern Glass Holdings Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on September 10, 1984. It was listed on February 28, 1992. The company specializes in the research, production, and sales of high-quality float glass, engineering glass, solar glass, silicon materials, photovoltaic cells and components, ultra-thin electronic glass, and display devices. It also provides one-stop services for photovoltaic power station project development, construction, and operation [1] - The main revenue composition of the company includes: glass products (90.48%), electronic glass and display devices (8.71%), solar and other products (2.61%), and undistributed income (2.42%) [1] Financial Performance - For the period from January to September 2025, the company reported an operating income of 10.424 billion CNY, a year-on-year decrease of 11.94%. The net profit attributable to the parent company was 150 million CNY, down 80.88% year-on-year [2] - The company has cumulatively distributed dividends of 8.767 billion CNY since its listing, with 1.44 billion CNY distributed over the past three years [3] Shareholder Information - As of October 31, 2023, the number of shareholders for 南玻A was 126,800, a decrease of 0.12% from the previous period. The average circulating shares per person increased by 0.07% to 20,832 shares [2] - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited held 21.7868 million shares, an increase of 3.8624 million shares from the previous period. Meanwhile, China Merchants Securities (Hong Kong) Co., Ltd. held 16.9104 million shares, a decrease of 2.0888 million shares [3]

Market Overview - The glass and fiberglass sector increased by 1.72% compared to the previous trading day, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Zhongcai Technology (002080) closed at 32.63, up 4.92% with a trading volume of 332,700 shares and a transaction value of 1.07 billion [1] - Honghe Technology (603256) closed at 33.17, up 2.57% with a trading volume of 257,900 shares and a transaction value of 847 million [1] - Jinjing Technology (600586) closed at 6.05, up 1.85% with a trading volume of 1,006,100 shares and a transaction value of 609 million [1] - International Composite (301526) closed at 6.07, up 1.68% with a trading volume of 497,400 shares and a transaction value of 300 million [1] - Other notable stocks include Changhai Co. (300196) at 14.57, up 1.18%, and China Jushi (600176) at 15.90, up 0.95% [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 177 million from institutional investors, while retail investors experienced a net outflow of 1.27 billion [2] - The main capital flow data indicates that Zhongcai Technology had a net inflow of 48.60 million from institutional investors, while retail investors had a net outflow of 75.64 million [3] - Honghe Technology experienced a net outflow of 89.72 million from institutional investors, indicating a shift in investor sentiment [3]

南玻Ａ（000012.SZ）11月5日在投资者互动平台表示，公司玻璃窑炉使用天然气作为燃料。公司产品不 涉及期货市场。 每经AI快讯，有投资者在投资者互动平台提问：国信永安等机构在期货市场做空玻璃获利超十亿，然 后市场又说很多玻璃企业将配合转换天然气,请问贵司目前是使用烧煤技术还是后期考虑到环保使用天 然气。按目前的跌幅，期货市场将会被打压到600-800。请问贵司有什么对策吗？这样会不会给贵司带 来巨额亏损？ （文章来源：每日经济新闻） ...

Group 1 - The company has established a new high-purity polysilicon production project in Haixi Prefecture, Qinghai Province, with an annual capacity of 50,000 tons [2] - The project is currently in the trial production phase [2] - The company appreciates the interest shown by investors [2]

Group 1 - The company, Nanbo A, stated on November 5 that its 0.18mm electronic glass products are currently not used in foldable screen smartphones [2]

Core Viewpoint - The company, Nanfang Glass (南玻A), utilizes natural gas as fuel for its glass furnaces and does not engage in the futures market for its products [1] Group 1 - The company confirms the use of natural gas as a fuel source for its glass furnaces [1] - The company's products are not involved in the futures market [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 10.424 billion in the first three quarters of 2025, a year-on-year decrease of 11.9%. The attributable net profit was 150 million, down 80.9%, and the net profit after deducting non-recurring items was 51 million, down 92.7% [2][4]. - In Q3, the company reported a revenue of 3.940 billion, a year-on-year increase of 4.9%, and an attributable net profit of 76 million, a year-on-year increase of 42.2% [4]. - The company is expected to see a recovery in industry conditions, with a projected profit of 360 million for 2025, corresponding to a PE ratio of 41 times. The current PB ratio is approximately 1.1 times, which is at a historical low [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 13.9%, a decrease of 5.2 percentage points year-on-year, primarily due to the decline in downstream demand. The expense ratio remained stable at 12.3% [11]. - In Q3, the gross margin was 12.8%, down 0.8 percentage points year-on-year and down 2.8 percentage points quarter-on-quarter [11]. Business Segments - The glass industry is under pressure due to continuous price declines in float glass and photovoltaic glass. The consumer electronics sector is also experiencing a downturn, leading to a decrease in revenue from electronic glass and display devices [11]. - The company has established a complete closed-loop production capability for photovoltaic glass, with ongoing projects expected to further enhance production capacity [11]. Market Position and Technology - The company has a comprehensive industrial chain covering energy-saving glass, electronic glass, and solar photovoltaic products, with a strong focus on technological research and development. As of June 30, 2025, the company had filed 3,513 patent applications, indicating a leading position in the glass industry [11].

Market Overview - The glass and fiberglass sector experienced a decline of 1.58% on November 4, with Honghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Key stocks in the glass and fiberglass sector showed varied performance, with Jin Jing Technology closing at 5.66, up 0.35%, and Honghe Technology closing at 32.69, down 2.97% [1][2] - The trading volume and turnover for major stocks included Jin Jing Technology with 1.3483 million shares traded and a turnover of 770 million yuan, while Honghe Technology had 179,700 shares traded with a turnover of 596 million yuan [1][2] Capital Flow - The glass and fiberglass sector saw a net outflow of 331 million yuan from institutional investors, while retail investors had a net inflow of 399 million yuan [2] - The capital flow for individual stocks indicated that major stocks like Honghe Technology and Jiu Ding New Materials experienced significant net outflows from institutional and speculative funds [3]