大越期货玻璃早报-20250822

Report Investment Rating The report does not mention the investment rating for the glass industry. Core Viewpoints - The fundamentals of glass are weak, with production profit restoration leading to a slowdown in cold - repair speed, and开工率, output at historically low levels, while terminal demand is weak. The market is expected to fluctuate weakly in the short term and widely in the long - term [2][5]. - Although there is an expectation of capacity clearance in the float glass industry due to the "anti - involution" policy, the overall situation is still affected by multiple negative factors [3]. Summary by Directory 1. Glass Futures Market - The closing price of the main contract decreased from 1162 yuan/ton to 1156 yuan/ton, a decline of 0.52%. The spot price of Shahe Safety large - board glass dropped from 1080 yuan/ton to 1072 yuan/ton, a decline of 0.74%. The main basis increased from - 82 yuan/ton to - 84 yuan/ton, a rise of 2.44% [6]. 2. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, is 1072 yuan/ton, down 8 yuan/ton from the previous day [11]. 3. Fundamentals - Cost Side - The report does not provide specific content on glass production profit. 4. Fundamentals - Production - The number of operating float glass production lines in China is 223, with an operating rate of 75.34%, at a historically low level. The daily melting capacity of float glass is 159,600 tons, at the lowest level in the same period in history but showing signs of recovery [21][23]. 5. Fundamentals - Demand - In June 2025, the apparent consumption of float glass was 4.634 million tons. The report also mentions factors such as housing sales, new construction, and downstream processing plant operations and orders, but no specific data is provided [27]. 6. Fundamentals - Inventory - The inventory of national float glass enterprises is 63.606 million weight - boxes, an increase of 0.28% from the previous week, and the inventory is above the 5 - year average [41]. 7. Fundamentals - Supply - Demand Balance Sheet - The report presents the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, imports, exports, apparent supply, consumption, differences, production growth rates, consumption growth rates, and net import ratios [42].