瑞达期货纯碱玻璃产业日报-20250514

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For soda ash, the operation is recommended to be mainly short - selling the main contract. For glass, it is recommended to lay out long positions on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Soda ash main contract closing price was 1345 yuan/ton, up 54 yuan; glass main contract closing price was 1046 yuan/ton, up 30 yuan [2] - Soda ash and glass price difference was 299 yuan/ton, up 24 yuan; soda ash main contract open interest was 1,187,203 lots, down 162,059 lots; glass main contract open interest was 1,409,663 lots, down 53,826 lots [2] - Soda ash top 20 net position was - 168,360 lots, up 70,400 lots; glass top 20 net position was - 154,478 lots, up 631 lots [2] - Soda ash exchange warehouse receipts were 2,914 tons, down 309 tons; glass exchange warehouse receipts were 4,284 tons, up 4,284 tons [2] - Soda ash September - January contract spread was 16 yuan, up 7 yuan; glass September - January contract spread was - 52 yuan, down 7 yuan [2] 3.2 Spot Market - North China heavy soda ash was 1,325 yuan/ton, unchanged; Central China heavy soda ash was 1,400 yuan/ton, unchanged [2] - East China light soda ash was 1,400 yuan/ton, unchanged; Central China light soda ash was 1,335 yuan/ton, unchanged [2] - Shahe glass sheets were 1,100 yuan/ton, down 12 yuan; Central China glass sheets were 1,150 yuan/ton, unchanged [2] - Soda ash basis was - 20 yuan/ton, down 54 yuan; glass basis was 54 yuan/ton, down 42 yuan [2] 3.3 Industry Situation - Soda ash plant operating rate was 87.74%, down 0.93 percentage points; float glass enterprise operating rate was 75.24%, down 0.61 percentage points [2] - Glass in - production capacity was 15.52 million tons/year, down 0.26 million tons; glass in - production production lines were 222, down 3 [2] - Soda ash enterprise inventory was 1.7007 million tons, down 0.06 million tons; glass enterprise inventory was 675,600 heavy boxes, up 257,100 heavy boxes [2] 3.4 Downstream Situation - Cumulative real estate new construction area was 12,996.46 million square meters, up 6,382.46 million square meters; cumulative real estate completion area was 13,060.27 million square meters, up 4,296.27 million square meters [2] 3.5 Industry News - Central Settlement Company waived account opening fees for overseas central bank - type institutions [2] - On May 13, domestic gold stores lowered the price of pure gold jewelry below 1,000 yuan [2] - MSCI China flagship index adjustment: Enlight Media, Xin Yuan Co., Ltd., and Baili Tianheng were included [2] - The State Council Tariff Commission adjusted the tariff rates on the United States starting from 12:01 on May 14 [2] - Five departments interviewed food delivery platforms such as JD, Meituan, and Ele.me, requiring fair and orderly competition [2] - The People's Bank of China and the Central Bank of Brazil signed a financial strategic cooperation memorandum of understanding and renewed the bilateral local currency swap agreement [2] 3.6 Fundamental Analysis - For soda ash, the supply decreased slightly due to Tangshan Sanyou's reduced operation. Downstream demand was lukewarm, with more wait - and - see sentiment and mainly replenishing inventory at low prices. High - price resistance led to a slight reduction in inventory [2] - For glass, the overall profit increased slightly due to the decline in raw material costs, and the output remained stable. Downstream purchasing enthusiasm was average, and enterprise inventory increased [2]