供需较稳，企业库存下降

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoint - The current profit of float glass enterprises is relatively stable, and the daily melting volume is also stable. There are no plans for water release or ignition of production lines this week, so the output is expected to run smoothly. The terminal demand for float glass remains weak. The negotiation focus in the East China market has moved up. Driven by the rise in the peripheral market, prices in Shandong and northern Jiangsu have followed suit, which has boosted production and sales. The overall shipment of enterprises is okay. It is expected that the glass price will fluctuate in the near term, with the support level for the 01 contract at 1140. It is recommended to go long on dips in the short term and pay attention to stop - loss [2][23] Summary by Directory Chapter 1: Market Review - The spot negotiation focus in the domestic float glass market has risen, and the average price this week was 1160 yuan/ton, an increase of 5.31 yuan/ton from the previous period. In the North China market, overall shipment was good, inventory decreased, and prices were raised. In the East China market, the negotiation focus moved up, and prices in Shandong and northern Jiangsu increased by 20 yuan/ton, followed by enterprises in Anhui and Zhejiang with increases of 20 - 40 yuan/ton. Although the overall shipment was okay, most lacked confidence in the future market due to limited improvement in downstream orders [8] Chapter 2: Price Influence Factor Analysis 2.1 Supply - Demand Analysis - Supply - side: As of September 11, the average start - up rate of the float glass industry was 76.01%, a month - on - month increase of 0.1 percentage points; the average capacity utilization rate was 80.08%, a month - on - month increase of 0.3 percentage points. There are no plans for water release or ignition of production lines this week, so the output is expected to be stable. The weekly average profit of float glass using different fuels has different changes [12] - Demand - side: As of September 1, 2025, the average order days of national deep - processing sample enterprises was 10.4 days, a month - on - month increase of 7.8% and a year - on - year increase of 8.3%. However, the terminal demand for float glass remains weak. From January to August 2025, the cumulative real estate completion area was 276940,000 square meters, a year - on - year decrease of 17%. In August 2025, the inventory warning index of Chinese auto dealers was 57%, a year - on - year increase of 0.8 percentage points and a month - on - month decrease of 0.2 percentage points. The production and sales of automobiles in August were 2.815 million and 2.857 million respectively [14] - Inventory: As of September 11, 2025, the total inventory of national float glass sample enterprises was 61.583 million heavy boxes, a month - on - month decrease of 1.467 million heavy boxes, a month - on - month decrease of 2.33% and a year - on - year decrease of 14.94%. The inventory days were 26.3 days, a decrease of 0.6 days from the previous period. The inventory in North China and East China markets has decreased [17] 2.2 Position Analysis - As of September 12, the long position of the top 20 members in glass futures was 770,040, an increase of 6982, and the short position was 986,666, an increase of 35,331. The net position of the top 20 members was bearish [20] Chapter 3: Market Outlook and Investment Strategy - The current profit and daily melting volume of float glass enterprises are stable. There are no plans for water release or ignition of production lines this week, so the output is expected to run smoothly. The terminal demand for float glass remains weak. The negotiation focus in the East China market has moved up, which has boosted production and sales. The overall shipment of enterprises is okay. Attention should be paid to the change in float glass demand in the later stage. It is expected that the glass price will fluctuate in the near term, with the support level for the 01 contract at 1140. It is recommended to go long on dips in the short term and pay attention to stop - loss [23]