Report Industry Investment Rating No relevant content provided. Core View of the Report - The fundamentals of the glass industry are weak, with supply declining to a relatively low level compared to the same period, but terminal demand remaining sluggish and inventory rebounding. It is expected that glass will mainly operate in a weak and volatile manner in the short term [2][5]. Summary by Related Catalogs Glass Futures Market - The closing price of the main glass futures contract increased from 1189 yuan/ton to 1204 yuan/ton, a rise of 1.26%. The spot price of Shahe Safety large - sized glass remained unchanged at 1056 yuan/ton. The main basis changed from - 133 yuan/ton to - 148 yuan/ton, a change of 11.28% [6]. Glass Spot Market - The market price of 5mm white glass large - sized boards in the spot benchmark area of Hebei Shahe was 1056 yuan/ton, remaining flat compared to the previous day [11]. Fundamentals - Cost Side - No relevant content provided. Fundamentals - Supply - The number of operating national float glass production lines is 225, with an operating rate of 75.92%, and the number of operating production lines is at a historical low for the same period. The daily melting capacity of national float glass is 160,200 tons, with the production capacity at the lowest level in the same period in history and showing signs of stabilization and recovery [21][23]. Fundamentals - Demand - In June 2025, the apparent consumption of float glass was 4.634 million tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting the original glass inventory [27][4]. Fundamentals - Inventory - The inventory of national float glass enterprises is 63.05 million weight boxes, an increase of 0.77% compared to the previous week, and the inventory is running above the five - year average [40]. Fundamentals - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio [41]. Influencing Factors - Positive factors: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry [3]. - Negative factors: The real - estate terminal demand is weak, the capital collection in the deep - processing industry is not optimistic, and the "anti - involution" market sentiment has subsided [4].
大越期货玻璃早报-20250909
Da Yue Qi Huo·2025-09-09 03:19