Core Viewpoint - Market sentiment has improved slightly, with glass futures showing a strong performance, as the main contract reached 1082.00 yuan/ton, an increase of 2.75% [1] Group 1: Production and Capacity - From December 19 to December 25, the operating rate of Chinese LOW-E glass sample enterprises was 73.8%, an increase of 0.8% month-on-month; when not excluding samples, the operating rate increased by 0.9% to 44.1% [2] - On December 29, Qibin Changxing planned to release production from its line with a designed capacity of 600 tons/day; on December 30, Qibin Pinghu planned to release production from its line with a designed capacity of 600 tons/day; on December 31, Donghai Taibo planned to cold repair its line with a designed capacity of 800 tons/day; and on December 31, Longyan Zhongbo planned to cold repair its line with a designed capacity of 700 tons/day [2] - As of December 25, the national float glass daily output was 154,500 tons, a decrease of 0.39% compared to December 18 [2] Group 2: Market Analysis - According to Jianxin Futures, the glass market continues to show weakness, lacking clear upward momentum in the short term; although production pace remains relatively stable, overall inventory levels are still high, and terminal demand is slow, leading to a cautious market sentiment [4] - Zhonghui Futures noted that factory inventory remains high with two consecutive increases, and the spot market is weakening; both supply and demand fundamentals are weak, with a decline in daily melting capacity to 154,000 tons, and profits across three processes turning negative [4] - The real estate sector is in an adjustment cycle, with deep processing orders averaging 9.7 days, showing a month-on-month decline; the strategy suggests a wait-and-see approach in the short term due to low prices, while the medium to long-term outlook remains in an adjustment phase [4]
基本面供需双弱 玻璃盘面尚不具备强劲的突破条件
Jin Tou Wang·2025-12-30 06:04