瑞达期货纯碱玻璃产业日报-20250812

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For soda ash, supply is expected to remain ample, demand will continue to decline, and prices will face continuous pressure. It is advisable to consider buying put options for the soda ash main contract. [2] - For glass, the market may start the restocking expectation as it approaches the peak season. It is recommended to lay out long positions at low prices for the main contract, while being aware of operational risks. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Soda ash main contract closing price is 1409 yuan/ton (up 64 yuan), glass main contract closing price is 1073 yuan/ton (up 5 yuan). [2] - Soda ash main contract position is 1125754 lots (up 57378 lots), glass main contract position is 874297 lots (down 142973 lots). [2] - Soda ash top 20 net position is -365346 (down 3429), glass top 20 net position is -249970 (up 18375). [2] - Soda ash exchange warehouse receipts are 7715 tons (unchanged), glass exchange warehouse receipts are 3543 tons (up 25 tons). [2] - Soda ash September - January contract spread is -94 (down 11), glass September - January contract spread is -151 (down 18). [2] - Soda ash basis is -110 yuan/ton (down 35 yuan), glass basis is 15 yuan/ton (down 17 yuan). [2] 3.2 Spot Market - North China heavy soda ash is 1235 yuan/ton (unchanged), Central China heavy soda ash is 1325 yuan/ton (unchanged). [2] - East China light soda ash is 1270 yuan/ton (down 5 yuan), Central China light soda ash is 1220 yuan/ton (down 10 yuan). [2] - Shahe glass sheets are 1100 yuan/ton (unchanged), Central China glass sheets are 1150 yuan/ton (down 20 yuan). [2] 3.3 Industry Situation - Soda ash plant operating rate is 85.41% (up 5.14%), float glass enterprise operating rate is 73% (down 2%). [2] - Glass in - production capacity is 15.96 million tons/year (unchanged), glass in - production line number is 223 (up 1). [2] - Soda ash enterprise inventory is 187.62 million tons (up 1.11 million tons), glass enterprise inventory is 6184.7 million heavy boxes (up 234.8 million heavy boxes). [2] 3.4 Downstream Situation - Cumulative value of new real estate construction area is 30364.32 million square meters (up 7180.71 million square meters), cumulative value of real estate completion area is 22566.61 million square meters (up 4181.47 million square meters). [2] 3.5 Industry News - The Ministry of Finance and the State Taxation Administration solicit public opinions on the "Implementation Regulations of the Value - Added Tax Law of the People's Republic of China (Draft for Comment)" [2] - The Central Settlement Company simplifies account - opening materials for overseas central bank - type institutions [2] - The Ministry of Foreign Affairs responds to whether China has received the US's final decision on extending the tariff suspension period [2] - Three departments issue the "New Round of Rural Road Improvement Action Plan" [2] - The national standard "Technical Requirements for Power Lithium - Battery Transportation Safety and Multimodal Transport" will be implemented on February 1, 2026 [2] - Since the start of the summer travel season, the national railway has cumulatively sent 599 million passengers, a year - on - year increase of 3.9% [2] - In July, automobile production and sales decreased by 7.3% and 10.7% month - on - month respectively, and increased by 13.3% and 14.7% year - on - year respectively [2] 3.6 Viewpoint Summary - Soda ash: Supply is ample, demand declines, prices are under pressure. It is recommended to buy put options for the main contract [2] - Glass: Supply increases slightly, demand is affected by the real estate situation. It is recommended to lay out long positions at low prices for the main contract [2]