Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-03 09:32Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply of soda ash is expected to be abundant, demand to stabilize, and prices to remain under pressure overall, but there may be variables with anti - involution hype. It is recommended to buy on dips for the short - term soda ash main contract. - The glass market is expected to continue consolidating. It is recommended to buy on dips for the glass main contract. The glass supply remains at a low level, and the demand is mainly for rigid needs. The inventory reduction trend remains unchanged, and there is a possibility of a restocking market [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price: 1276 yuan/ton, up 9 yuan from the previous day; glass main contract closing price: 1135 yuan/ton, up 1 yuan from the previous day. - Soda ash and glass price difference: 141 yuan/ton, up 8 yuan from the previous day. - Soda ash main contract open interest: 1420969 lots, down 10459 lots from the previous day; glass main contract open interest: 1324537 lots, down 3230 lots from the previous day. - Soda ash top 20 net open interest: - 295010 lots, down 16840 lots from the previous day; glass top 20 net open interest: - 203082 lots, down 350 lots from the previous day. - Soda ash exchange warehouse receipts: 5082 tons, down 118 tons from the previous day; glass exchange warehouse receipts: 2026 tons, down 5 tons from the previous day. - Soda ash September - January contract spread: - 3 yuan, down 3 yuan from the previous day; glass September - January contract spread: - 195 yuan, down 16 yuan from the previous day. - Soda ash basis: - 102 yuan/ton, down 11 yuan from the previous day; glass basis: - 79 yuan/ton, down 1 yuan from the previous day [2]. Spot Market - North China heavy soda ash: 1165 yuan/ton, down 15 yuan from the previous day; Central China heavy soda ash: 1300 yuan/ton, unchanged from the previous day. - East China light soda ash: 1250 yuan/ton, unchanged from the previous day; Central China light soda ash: 1200 yuan/ton, unchanged from the previous day. - Shahe glass sheets: 1056 yuan/ton, down 4 yuan from the previous day; Central China glass sheets: 1090 yuan/ton, unchanged from the previous day [2]. Industry Situation - Soda ash plant operating rate: 82.47%, down 6.01 percentage points from the previous week; float glass enterprise operating rate: 75.68%, up 0.34 percentage points from the previous week. - Glass in - production capacity: 15.96 million tons/year, unchanged from the previous week; glass in - production production lines: 224, up 1 from the previous week. - Soda ash enterprise inventory: 181.93 tons, down 4.82 tons from the previous week; glass enterprise inventory: 6256.6 ten - thousand weight boxes, down 104 ten - thousand weight boxes from the previous week [2]. Downstream Situation - Cumulative value of new construction area in real estate: 352060000 square meters, up 48416800 square meters; cumulative value of real estate completion area: 250340000 square meters, up 24673900 square meters [2]. Industry News - Multiple soda ash production enterprises have reduced production, shut down for maintenance, or reduced their loads, including Inner Mongolia Boyuan Yingen Chemical, Jiangsu Jingshen Chemical, Shandong Haitian Biological Chemical, etc. - The manufacturing PMI in August was 49.4%, up 0.1 percentage point from the previous month [2]. Viewpoint Summary - Soda ash: Supply is expected to be loose, demand to stabilize, and prices to remain under pressure. The inventory reduction process may be repeated. - Glass: Supply remains at a low level, demand is mainly for rigid needs, and the inventory reduction trend remains unchanged. There is a possibility of a restocking market [2].