瑞达期货纯碱玻璃产业日报-20250922

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - For soda ash, the supply is expected to be loose, demand to decline slightly, and prices to remain under pressure. However, with the "anti - involution" hype, there may be changes. It is recommended to go long on the soda ash main contract at low levels in the short term [2]. - For glass, the supply and demand situation remains at a low level. The current real - estate situation is not optimistic, which may drag down glass demand. If the central bank cuts interest rates, it will support real - estate demand. The market will fluctuate around the demand side, and the overall de - stocking trend remains unchanged [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price: 1293 yuan/ton, down 25 yuan; glass main contract closing price: 1199 yuan/ton, down 17 yuan [2]. - Soda ash and glass price difference: down 8 yuan/ton; soda ash main contract open interest: 1420087 hands; glass main contract open interest: 1274079 hands, down 18252 hands [2]. - Soda ash top 20 net open interest: - 234955, up 24971; glass top 20 net open interest: - 193441, up 10196 [2]. - Soda ash exchange warehouse receipts: 2154 tons; glass exchange warehouse receipts: 0 tons, down 754 tons [2]. - Soda ash basis: - 108 yuan/ton, down 37 yuan; glass basis: - 119 yuan/ton, up 17 yuan [2]. - 1 - 5 month glass contract spread: - 127 yuan/ton, down 7 yuan; 1 - 5 month soda ash contract spread: - 89 yuan/ton, up 5 yuan [2]. 现货市场 - North China heavy soda ash: 1210 yuan/ton, down 25 yuan; Central China heavy soda ash: 1300 yuan/ton, unchanged [2]. - East China light soda ash: 1250 yuan/ton, unchanged; Central China light soda ash: 1210 yuan/ton, down 5 yuan [2]. - Shahe glass sheets: 1080 yuan/ton, down 4 yuan; Central China glass sheets: 1140 yuan/ton, unchanged [2]. Industry Situation - Soda ash plant operating rate: 85.53%, down 1.76%; float glass enterprise operating rate: 76.01%, unchanged [2]. - Glass in - production capacity: 16.02 million tons/year, unchanged; glass in - production production lines: 225, unchanged [2]. - Soda ash enterprise inventory: 175.56 million tons, up 0.85 million tons; glass enterprise inventory: 6090.8 million heavy boxes, down 67.5 million heavy boxes [2]. 下游情况 - Real - estate new construction area cumulative value: 35206 million square meters, up 4841.68 million square meters; real - estate completion area cumulative value: 25034 million square meters, up 2467.39 million square meters [2]. Industry News - Hubei Shuanghuan's soda ash plant increased production, with a light soda ash quote of 1160 yuan/ton [2]. - Henan Haohua Junhua's soda ash plant reduced production due to synthetic ammonia problems, with stable prices [2]. - Tangshan Sanyou's 2.3 million tons/year soda ash plant reduced operation, with a load of about 70% [2]. - Shandong Haihua's 3 million tons/year soda ash plant reduced operation [2]. - Shandong Haitian Bio - Chemical's 1.5 million tons/year soda ash plant resumed production [2]. - Guangdong Southern Alkali's 600,000 tons/year soda ash plant operated at about 80% load [2]. - Henan Tongbai Haijing's plant had one line under maintenance from September 13th, expected for 10 days, with stable prices [2]. - Anhui Huainan Alkali Factory's plant boiler was ignited [2]. - The Sichuan - Chongqing soda ash market was stable, with expected increased supply after plant resumption, and strong market wait - and - see sentiment [2]. 提示关注 - There is no news today [2].