玻璃：赶工旺季叠加产线扰动 玻璃底部存支撑

Core Viewpoint - The glass market is experiencing fluctuations due to production adjustments in the Shahe region, with short-term impacts on market sentiment but potential long-term supply pressures as production resumes [3]. Supply and Demand - As of October 30, 2025, the national float glass daily production is 161,300 tons, remaining stable compared to October 23. The total production for the week is 1,128,900 tons, showing no change week-on-week and a year-on-year increase of 1.28% [2]. - The total inventory of float glass in sample enterprises is 65.79 million heavy boxes, decreasing by 820,000 heavy boxes week-on-week, a reduction of 1.24%, but an increase of 28.85% year-on-year. The inventory days are 28, down by 0.3 days from the previous period [2]. Analysis - Recent news regarding production line suspensions in the Shahe region has drawn market attention, with four coal-fired production lines undergoing technical upgrades, affecting a daily capacity of approximately 2,350 tons. However, there are plans for the resumption of production lines with a capacity of about 3,650 tons, which may exert pressure on supply in the future [3]. - The latest data on deep processing orders shows a slight improvement, and November is expected to see strong demand due to the year-end rush. If overall production and sales perform well, it could support glass prices [3]. - In the medium to long term, the real estate sector remains in a bottom cycle with a noticeable reduction in completions, indicating that the glass industry will need capacity clearance to address the surplus situation [3]. Operational Suggestions - The industry should focus on the performance of the spot market to capture short-term bullish opportunities [4].