瑞达期货纯碱玻璃产业日报-20250901

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply of soda ash is expected to be ample, demand to stabilize, and prices to remain under pressure, but there may be variables due to anti - involution hype. It is recommended to buy soda ash futures contracts on dips in the short - term [2] - The supply of glass remains at a low level, demand from the real estate sector is weak, but there is a trend of inventory reduction and a potential restocking market. It is recommended to buy glass futures contracts on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the soda ash main contract is 1271 yuan/ton, down 25 yuan; the closing price of the glass main contract is 1137 yuan/ton, down 45 yuan. The price difference between soda ash and glass is 134 yuan/ton [2] - The open interest of the soda ash main contract is 1,428,510 lots, down 16,149 lots; the open interest of the glass main contract is 1,322,189 lots, up 53,024 lots [2] - The net position of the top 20 soda ash traders is - 300,736 lots, up 37,393 lots; the net position of the top 20 glass traders is - 213,875 lots, down 16,105 lots [2] - The exchange warehouse receipts of soda ash are 5,432 tons, down 265 tons; the exchange warehouse receipts of glass are 2,131 tons, down 210 tons [2] - The price difference between the September and January contracts of soda ash is - 117 yuan/ton, down 1 yuan; the price difference between the September and January contracts of glass is - 194 yuan/ton, down 8 yuan [2] - The basis of soda ash is - 91 yuan/ton, up 20 yuan; the basis of glass is - 77 yuan/ton, up 45 yuan [2] 3.2 Spot Market - The price of North China heavy soda ash is 1,205 yuan/ton, up 5 yuan; the price of Central China heavy soda ash is 1,300 yuan/ton, unchanged [2] - The price of East China light soda ash is 1,255 yuan/ton, unchanged; the price of Central China light soda ash is 1,215 yuan/ton, unchanged [2] - The price of Shahe glass sheets is 1,060 yuan/ton, down 4 yuan; the price of Central China glass sheets is 1,090 yuan/ton, unchanged [2] 3.3 Industry Situation - The operating rate of soda ash plants is 82.47%, down 6.01 percentage points; the operating rate of float glass enterprises is 75.68%, up 0.34 percentage points [2] - The in - production capacity of glass is 15.96 million tons/year, unchanged; the number of in - production glass production lines is 224, up 1 [2] - The inventory of soda ash enterprises is 1.8881 million tons, down 22,700 tons; the inventory of glass enterprises is 62.566 million weight boxes, down 1.04 million weight boxes [2] 3.4 Downstream Situation - The cumulative new construction area of real estate is 35.206 million square meters, up 4.84168 million square meters; the cumulative completed area of real estate is 25.034 million square meters, up 2.46739 million square meters [2] 3.5 Industry News - The Shanghai Cooperation Organization Summit was held in Tianjin, and all foreign leaders arrived in Tianjin [2] - Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, held talks with relevant US government officials and business representatives [2] - The Ministry of Commerce firmly opposes the US revocation of the authorizations of Samsung and other enterprises in China and will take necessary measures [2] - In August, the manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month [2] - From January to July, the total operating income of state - owned and state - holding enterprises in China was flat compared with the same period last year, and the total profit decreased by 3.3% year - on - year [2]