华泰期货：供需矛盾较大，玻璃震荡下跌

Glass Market Analysis - The main contract for glass (2605) experienced a downward trend this week, closing at 1064 CNY/ton, a decrease of 39 CNY/ton or 3.54% compared to the previous week [2][8] - The average weekly price of float glass in the domestic market was 1098 CNY/ton, reflecting a slight increase of 2.45 CNY/ton, with stable transaction volumes [2][8] - The operating rate of float glass enterprises was 71.62%, up by 0.14%, while the capacity utilization rate increased to 75.57%, up by 0.34% [2][8] - Demand for float glass has slowed down due to the upcoming Spring Festival, leading to an increase in total inventory to 53.216 million heavy boxes, up by 0.38% [2][8] - Overall, the supply-demand imbalance in the glass market remains significant, with insufficient production cuts relative to the decline in demand, although there are expectations for inventory pressure to ease as procurement increases [2][8] Soda Ash Market Analysis - The main contract for soda ash (2605) fluctuated this week, closing at 1198 CNY/ton, an increase of 6 CNY/ton or 0.5% [3][9] - Downstream demand remains cautious, with limited purchasing activity observed [3][9] - The capacity utilization rate for soda ash was 86.42%, down by 0.4%, with production at 771,700 tons, a decrease of 0.46% [3][9] - Domestic soda ash manufacturers reported a total inventory of 152,120 tons, down by 3.42%, indicating a clear reduction in stock [3][9] - The supply-demand situation for soda ash is relatively balanced, with some plants resuming operations after maintenance, but future production profits may be pressured due to new projects and increased expectations for float glass production cuts [3][9] Market Strategy - The strategy for the glass market is characterized as fluctuating [10] - The strategy for the soda ash market is described as fluctuating with a weak bias [10]