纯碱、玻璃日报-20250814

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The soda ash industry is facing a combination of high inventory and weak demand, with the supply - demand contradiction intensifying. The fundamental situation remains one of strong supply and weak demand, but there are short - term expectations of production cuts, so the futures price is expected to fluctuate [8]. - The glass market has high mid - stream inventory in the short term, which restricts price rebound. However, in the long - term, policies are expected to be favorable for glass demand, and the futures price is expected to decline first and then rebound with fluctuations [9][10]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - Soda Ash Market on August 13: The main futures contract SA601 of soda ash fluctuated downward, closing at 1383 yuan/ton, down 5 yuan/ton or 0.36%, with an increase of 64,009 lots in positions. The industry has high inventory (1.8851 million tons in factory inventory) and weak demand (photovoltaic glass daily melting volume dropped to 87,000 tons), and the supply side has high production due to low maintenance volume [7][8]. - Glass Market on August 13: As of August 8, 2025, the national float glass daily melting volume was 159,600 tons, with a capacity utilization rate of 79.78%, a new high this year. The cold - repair production line daily melting volume was 21,400 tons. The order days of deep - processing enterprises were 9.55 days, a year - on - year decrease of 1.55%. The total glass inventory was about 59.499 million heavy boxes, a month - on - month decrease of 3.87%, and the inventory days were 25.5 days, with a slowdown in inventory reduction [9]. 3.2 Data Overview - The report provides multiple data charts, including the price trends of active contracts for soda ash and glass, weekly soda ash production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data sources from Wind and iFind [12][17][21]