Report Industry Investment Rating No relevant content provided. Core View of the Report The glass market has a weak fundamental situation. With supply declining to a relatively low level and demand in a seasonal off - peak period, downstream purchases on an as - needed basis, leading to continuous accumulation of glass factory inventories. It is expected that the glass price will mainly fluctuate at a low level in the short term [2][5]. Summary According to Related Catalogs Glass Futures Market - The closing price of the main glass futures contract is 980 yuan/ton, a decrease of 2.58% from the previous value; the spot price of Shahe safety large - board glass is 1052 yuan/ton, a decrease of 0.38% from the previous value; the main basis is 72 yuan/ton, an increase of 44.00% from the previous value [6]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, is 1052 yuan/ton, a decrease of 4 yuan/ton from the previous day [11]. Fundamental Analysis - Cost Side No specific data or analysis content provided other than the mention of glass production profit. Fundamental Analysis - Supply - The number of operating float glass production lines in the country is 222, with an operating rate of 75.15%, and the number of operating production lines is at a historical low for the same period. The daily melting capacity of float glass is 156,800 tons, and the production capacity is at the lowest level in the same period in history [21][23]. Fundamental Analysis - Demand - In April 2025, the apparent consumption of float glass was 4.6808 million tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting raw glass inventories [27][4]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 69.216 million weight boxes, a decrease of 0.96% from the previous week, and the inventory is running above the five - year average [42]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, exports, imports, apparent supply, consumption, differences, production growth rates, consumption growth rates, and net import ratios [43]. Factors Affecting the Market - Positive factors: The negative feedback of production profit is obvious, and glass production has continuously declined to a historical low [4]. - Negative factors: The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting raw glass inventories [4].
大越期货玻璃早报-20250702
Da Yue Qi Huo·2025-07-02 01:23