供需较稳，企业库存小幅上升

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The current profit of float glass enterprises is relatively stable, the daily melting volume is stable, and there is an expectation of ignition for a float production line this week, with production likely to remain stable. The terminal demand for float glass remains weak, the market price center in East China continues to decline, some enterprises promote sales by reducing prices to relieve the shipment pressure, and downstream buyers are cautious, mainly purchasing for rigid demand. It is expected that the glass price will fluctuate in the near term, with the upper pressure on the 01 contract at the 1280 level. Short - term high - selling and low - buying are recommended, and stop - loss should be noted [2][22] Summary by Related Catalogs 1. Market Review - The spot price center of the domestic float glass market has declined, with an average price of 1154 yuan/ton, a decrease of 27.96 yuan/ton compared to the previous period. In North China, the overall trading is average, and prices are in a downward trend. In East China, the price center continues to decline, and downstream buyers are cautious [8] 2. Price Influence Factor Analysis 2.1 Supply - demand Analysis - Supply - side: As of August 21, the average start - up rate of the float glass industry was 75.34%, unchanged from the previous period; the average capacity utilization rate was 79.78%, also unchanged. There is an expectation of ignition for a float production line this week, and production may remain stable. The weekly average profit of float glass using natural gas as fuel was - 192.84 yuan/ton, a decrease of 21.48 yuan/ton; using coal - made gas was 101.55 yuan/ton, an increase of 9.45 yuan/ton; using petroleum coke was 35.52 yuan/ton, a decrease of 52.19 yuan/ton [12] - Demand - side: 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 remains weak. From January to July 2025, the cumulative real estate completion area was 250340000 square meters, a year - on - year decrease of 16.5%. In July 2025, the inventory warning index of Chinese automobile dealers was 57.2%, a year - on - year decrease of 2.2 percentage points and a month - on - month increase of 0.6 percentage points [14] - Inventory: As of August 21, 2025, the total inventory of national float glass sample enterprises was 63.606 million heavy boxes, a month - on - month increase of 180000 heavy boxes, a month - on - month increase of 0.28%, and a year - on - year decrease of 7.37%. The inventory days were 27.2 days, an increase of 0.1 day compared to the previous period [17] 2.2 Position Analysis - As of August 22, the long positions of the top 20 members in the glass futures were 825865, a decrease of 34280; the short positions were 1039484, a decrease of 87139. The net position of the top 20 members was bearish [20] 3. Market Outlook and Investment Strategy - It is expected that the glass price will fluctuate in the near term, with the upper pressure on the 01 contract at the 1280 level. Short - term high - selling and low - buying are recommended, and stop - loss should be noted [22]