玻璃：现宏观氛围转暖 盘面整体表现偏强

Market Overview - The average transaction price of glass in Shahe is around 1100 yuan per ton [1] Supply and Demand - As of July 3, 2025, the daily production of float glass in China is 157,800 tons, an increase of 0.64% compared to June 26 [2] - For the week of June 27 to July 3, 2025, the total production of float glass is 1,103,400 tons, showing a week-on-week increase of 1.15% but a year-on-year decrease of 7.46% [2] - The total inventory of sample enterprises for float glass is 69.085 million heavy boxes, a decrease of 131,000 heavy boxes week-on-week, which is a 0.19% decline, but a year-on-year increase of 10.57% [2] - The inventory days are at 29.9 days, a decrease of 0.6 days from the previous period [2] Analysis - Recent policy disturbances have led to market expectations of production cuts, resulting in a significant rebound in the market [3] - Improved market sentiment has positively impacted the spot market, alongside strong production and sales driven by early-month credit [3] - However, during the summer rainy season, demand from deep processing is weak, and the operating rate remains low, indicating pressure on the glass demand side [3] - Long-term, the industry needs capacity clearance to address the surplus situation, and more cold repairs are awaited to potentially bring about a real market reversal [3] - Following the recent rebound, the market perceives limited bullish factors, leading to a renewed weakness and an expectation of a narrow fluctuation pattern, suggesting a wait-and-see approach [3]