供需较稳，企业库存上升

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current profit of float glass enterprises is relatively stable, and the daily melting volume is also stable. There is no expectation of water release or ignition of float production lines this week, and the output is expected to remain stable. The terminal demand for float glass is still weak, and the market price in East China has been continuously falling. Enterprises are forced to adjust prices to relieve the pressure of goods shipment. It is expected that the glass price will fluctuate in the near future, with the support level of the 01 contract at 1,190. Short - term high - selling and low - buying is recommended, and attention should be paid to stop - loss [2][21] Group 3: Summary by Relevant Catalogs 3.1 Chapter 1: Market Review - The spot price of the domestic float glass market has declined, with an average price of 1,182 yuan/ton, a decrease of 38.98 yuan/ton from the previous period. In different regions, the prices in North China, East China, and Central China have all faced downward pressure. The downstream mainly purchases for rigid demand [8] - The Central Economic Work Conference proposed to promote the stabilization of the real estate market and implement the transformation of urban villages and dilapidated houses. The Ministry of Industry and Information Technology will implement a new round of stable growth work plans for ten key industries including building materials [8][9] 3.2 Chapter 2: Analysis of Price Influencing Factors 3.2.1 Supply - side Analysis - As of August 14, the average start - up rate of the float glass industry was 75.34%, a month - on - month increase of 0.15 percentage points; the average capacity utilization rate was 79.78%, remaining unchanged month - on - month. There is no expectation of water release or ignition of float production lines this week, and the output is expected to remain stable. The weekly average profits of float glass with different fuels have all decreased [11] 3.2.2 Demand - side Analysis - As of August 15, 2025, the average order days of national deep - processing sample enterprises was 9.65 days, a month - on - month increase of 1.0% and a year - on - year decrease of 1.53%. The terminal demand for float glass is still weak. From January to July 2025, the cumulative real estate completion area decreased by 16.5% year - on - year. In July 2025, the inventory warning index of Chinese automobile dealers was 57.2%, and the manufacturing PMI was 49.3%, indicating a decline in the prosperity of the automobile and manufacturing industries [13][14] 3.2.3 Inventory Analysis - As of August 14, 2025, the total inventory of national float glass sample enterprises was 63.426 million heavy boxes, a month - on - month increase of 1.579 million heavy boxes and a year - on - year decrease of 5.94%. The inventory days were 27.1 days, an increase of 0.7 days from the previous period. The inventory in North China and East China has increased [16] 3.2.4 Position Analysis - As of August 15, the long positions of the top 20 members in the glass futures market decreased by 22,374 to 905,482, and the short positions increased by 42,304 to 1,210,393. The net position of the top 20 members is bearish [19] 3.3 Chapter 3: Market Outlook and Investment Strategy - The float glass price is expected to fluctuate in the near future, with the support level of the 01 contract at 1,190. Short - term high - selling and low - buying is recommended, and attention should be paid to stop - loss. Later, focus should be placed on the start - up changes of float glass [21]