瑞达期货纯碱玻璃产业日报-20250722

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The supply of soda ash remains abundant, and demand is hovering at the bottom. It is recommended to consider buying put options for the soda ash main contract. For glass, it is advisable to temporarily observe the market [2]. 3. Summary by Directory Futures Market - Soda ash main contract closing price: 1,375 yuan/ton, up 80 yuan; glass main contract closing price: 1,249 yuan/ton, up 76 yuan [2]. - Soda ash main contract position: 1,074,637 lots, down 177,945 lots; glass main contract position: 1,044,115 lots, down 182,849 lots [2]. - Soda ash 9 - January contract spread: -59 yuan, unchanged; glass 9 - January contract spread: -93 yuan, down 12 yuan [2]. - Soda ash basis: -95 yuan/ton, unchanged; glass basis: -113 yuan/ton, down 60 yuan [2]. Spot Market - North China heavy soda ash: 1,280 yuan/ton, up 80 yuan; Central China heavy soda ash: 1,250 yuan/ton, unchanged [2]. - East China light soda ash: 1,150 yuan/ton, up 10 yuan; Central China light soda ash: 1,195 yuan/ton, up 20 yuan [2]. - Shahe glass sheets: 1,136 yuan/ton, up 16 yuan; Central China glass sheets: 1,130 yuan/ton, unchanged [2]. Industry Situation - Soda ash plant operating rate: 84.1%, up 2.78 percentage points; float glass enterprise operating rate: 75.34%, down 0.34 percentage points [2]. - Glass in - production capacity: 15.78 million tons/year, down 0.06 million tons; glass in - production line number: 223, down 1 [2]. - Soda ash enterprise inventory: 1.8842 million tons, down 21,400 tons; glass enterprise inventory: 64.939 million weight boxes, down 2.163 million weight boxes [2]. Downstream Situation - Cumulative real estate new construction area: 303.6432 million square meters, up 71.8071 million square meters; cumulative real estate completion area: 225.6661 million square meters, up 41.8147 million square meters [2]. Industry News - Multiple events are reported, including potential Sino - US summit, release of housing rental regulations, EU - China leaders' meeting, and various policy announcements in different fields [2]. Macro - level and Market Analysis - The coal price is affected by the coal production verification notice. The domestic soda ash operating rate has increased, but the subsequent production is expected to decline. The glass production line has one cold - repair, with overall production unchanged. The photovoltaic glass continues to decline [2]. - The soda ash inventory is expected to continue to accumulate due to insufficient demand. The glass market is mainly trading on expectations, and the basis remains in a normal range [2].