Ruida Futures(SZ:002961) Jin Tou Wang·2025-08-15 07:14Core Viewpoint - The domestic glass futures market is experiencing fluctuations, with the main contract trading at 1209.00 yuan/ton, reflecting a slight decrease of 0.49% as of the report date [1] Supply Side - As of August 8, 2025, the national float glass daily melting volume is 159,600 tons, with a capacity utilization rate of 79.78%, marking a new high for the year [1] - The cold repair production line has a daily melting volume of 21,400 tons; if prices fall below the coal-based cost line of 1,100 yuan/ton, the scale of cold repairs may further increase [1] Demand Side - The real estate market remains pessimistic, with weak performance impacting demand; downstream processing orders have slightly increased, but procurement is primarily based on essential needs [1] - The increase in inventory levels at automotive glass manufacturers is insufficient to offset the weak demand related to real estate, leading to a marginal decrease in automotive growth [1] - The demand for photovoltaic glass is also facing inventory pressure [1] Inventory Situation - As of August 14, the total inventory of float glass in sample enterprises reached 63.426 million heavy boxes, a one-month high, with a week-on-week increase of 1.579 million heavy boxes or 2.55% [1] - The year-on-year decline in inventory has narrowed to 5.94%, with inventory days at 27.1 days, an increase of 0.7 days compared to the previous period [1] Market Outlook - The real estate industry is still in an adjustment cycle, with a significant year-on-year decline in housing completion area, making it difficult for glass demand to rebound significantly [1] - The recent trading focus is on "anti-involution + stable growth," and after a short-term emotional release, the market may readjust; future attention should be on whether real demand can improve [1]