Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-06-23 11:00Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Soda Ash: Supply is expected to remain abundant, demand will contract, and prices will continue to face pressure. The basis spread has started to normalize, and the basis spread trading may continue. Futures decline is expected to slow down. It is recommended to short the soda ash main contract on rallies [2]. - Glass: In the short - term, it is recommended to go long on dips, while in the medium - to long - term, the strategy of shorting on rallies should be maintained. The rebound height and strength are expected to be limited, and market trading will be more about policy expectations [2]. 3. Summary by Directory 3.1 Futures Market - Soda Ash: The closing price of the main contract is 1,173 yuan/ton, with no change; the position of the main contract is 1,484,849 lots, an increase of 16,673 lots; the net position of the top 20 is - 269,714 lots, a decrease of 25,820 lots; the exchange warehouse receipts are 4,013 tons, a decrease of 200 tons; the September - January contract spread is 11 yuan/ton, with no change; the basis spread is 32 yuan/ton, an increase of 3 yuan [2]. - Glass: The closing price of the main contract is 1,007 yuan/ton, with no change; the position of the main contract is 1,441,874 lots, a decrease of 11,615 lots; the net position of the top 20 is - 247,827 lots, a decrease of 33,493 lots; the exchange warehouse receipts are 877 tons, with no change; the September - January contract spread is - 58 yuan/ton, a decrease of 1 yuan; the basis spread is 54 yuan/ton, a decrease of 10 yuan [2]. 3.2 Spot Market - Soda Ash: The price of North China heavy soda ash is 1,205 yuan/ton, with no change; the price of Central China heavy soda ash is 1,350 yuan/ton, with no change; the price of East China light soda ash is 1,285 yuan/ton, with no change; the price of Central China light soda ash is 1,225 yuan/ton, with no change [2]. - Glass: The price of Shahe glass sheets is 1,052 yuan/ton, with no change; the price of Central China glass sheets is 1,070 yuan/ton, with no change [2]. 3.3 Industry Situation - Soda Ash: The plant operating rate is 86.46%, an increase of 1.56 percentage points; enterprise inventory is 175.59 tons, an increase of 2.92 tons [2]. - Glass: The operating rate of float glass enterprises is 75.34%, a decrease of 0.08 percentage points; the in - production capacity is 15.54 million tons/year, a decrease of 0.02 million tons; the number of in - production production lines is 223, a decrease of 1; enterprise inventory is 6,988.7 ten - thousand weight boxes, an increase of 20.2 ten - thousand weight boxes [2]. 3.4 Downstream Situation - The cumulative value of new construction area of real estate is 23,183.61 million square meters, an increase of 5,347.77 million square meters; the cumulative value of completed area of real estate is 18,385.14 million square meters, an increase of 2,737.29 million square meters [2]. 3.5 Industry News - The central bank of China kept the one - year and five - year loan prime rates (LPR) unchanged at 3% and 3.5% respectively [2]. - From January to May, the national general public budget revenue was 9,662.3 billion yuan, a year - on - year decrease of 0.3%; the stamp duty revenue was 178.7 billion yuan, a year - on - year increase of 18.8% [2]. - From January to May, the actual use of foreign capital in the country was 358.19 billion yuan, a year - on - year decrease of 13.2% [2]. - The Financial Supervision and Administration Bureau issued the "Measures for the Market Risk Management of Commercial Banks" to refine market risk management requirements [2]. - The Financial Supervision and Administration Bureau allows money brokerage companies to provide matching services for market transactions such as currency, bonds, foreign exchange, and gold among financial institutions [2].