玻璃下方空间有限

Group 1 - Recent recovery in glass spot transaction volume, with some domestic regions achieving daily sales rates exceeding 200%, leading to a balanced inventory situation [1] - The production cost for coal-based glass production lines is approximately 1050 RMB/ton, while those using petroleum coke are around 1100 RMB/ton, indicating limited downside potential for current futures prices [1] - The current inventory structure shows a decline in market transaction activity, with downstream sectors focusing on inventory digestion, resulting in low purchasing demand [1] Group 2 - As of now, there are 286 float glass production lines in the country, with 221 in operation and a daily melting capacity of 157,405 tons, reflecting an industry capacity utilization rate of 80.50% [2] - The supply of glass has significantly decreased compared to the same period last year, placing current market supply at a near five-year low, while total demand has also declined [2] - The current glass spot prices have fallen below the production costs of most production lines, indicating potential for futures price rebound, although sustainability of such rebound remains weak [2]