库存小幅下降，需求较稳

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The current profit of float glass enterprises is relatively stable, downstream demand is poor, the daily melting volume is stable, and the supply side may continue to increase slightly. The terminal demand for float glass remains weak, the orders of downstream deep - processing enterprises are insufficient, and the inventory of float glass enterprises has decreased. It is expected that the glass price will fluctuate in the near future, with the upper pressure of the 09 contract at the 1150 level. Short - term high - selling and low - buying is recommended, and attention should be paid to stop - loss [2][21]. 3) Summary by Directory Chapter 1: Market Review - The spot price of the domestic float glass market declined slightly, with an average price of 1174 yuan/ton, a decrease of 0.61 yuan/ton compared with the previous period. In different regions, the market showed different trends. For example, in the Shahe area, the prices were adjusted up and down during the week; the Beijing - Tianjin - Tangshan market was generally stable with individual price increases; the East China market had minor fluctuations [8]. Chapter 2: Price Influence Factor Analysis - Supply - side Analysis: As of July 10, the national daily output of float glass was 158,400 tons, a 0.41% increase from the 3rd. The weekly output was 1.107 billion tons, a 0.33% increase from the previous week and a 7.16% decrease year - on - year. The supply side may continue to increase slightly. The weekly average profit of float glass with different fuels also showed different changes [12]. - Demand - side Analysis: As of June 30, 2025, the average order days of national deep - processing sample enterprises was 9.5 days, a 3.4% decrease from the previous period and a 5.0% decrease year - on - year. The terminal demand for float glass remained weak. From January to May 2025, the cumulative real - estate completion area was 183.85 million square meters, a 17.3% year - on - year decrease. In June 2025, the inventory warning index of Chinese automobile dealers was 56.6%, indicating a decline in the automobile circulation industry's prosperity [14]. - Inventory Analysis: As of July 10, the total inventory of national float glass sample enterprises was 67.102 million heavy boxes, a 2.87% decrease from the previous period and a 5.54% increase year - on - year. The inventory days were 28.9 days, a decrease of 1.0 day from the previous period. The inventory in the North China and East China markets decreased [17]. - Position Analysis: As of July 11, the top 20 members' long positions in glass futures increased by 12,752 to 866,583, and the short positions increased by 13,338 to 1,197,213, with a net short position [19]. Chapter 3: Market Outlook and Investment Strategy - The profit of float glass enterprises is stable, downstream demand is poor, the daily melting volume is stable, and the supply side may increase slightly. The terminal demand for float glass is weak, and the inventory of float glass enterprises has decreased. The glass price is expected to fluctuate in the near future, with the upper pressure of the 09 contract at the 1150 level. Short - term high - selling and low - buying is recommended, and attention should be paid to stop - loss [21].