纯碱、玻璃日报-20251023

Group 1: Report Overview - Report Name: Soda Ash and Glass Daily Report [1] - Date: October 23, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researcher: Feng Zeren (Soda Ash and Glass) [4] Group 2: Industry Investment Rating - No investment rating information provided in the report Group 3: Core Views - Soda ash market is in a weak pattern with supply exceeding demand, and the contract shows signs of bottoming out, expected to fluctuate weakly [8] - Glass market is in a weak balance of supply and demand, and the disk may test the bottom again, but excessive short - selling is not advisable, and attention should be paid to potential positive factors from policies and production lines [9] Group 4: Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - Soda Ash Market - On October 22, the main futures contract SA601 of soda ash fluctuated and rebounded, with a closing price of 1,223 yuan/ton, a rise of 16 yuan/ton, and a daily decline of 924 lots [7] - Fundamentally, supply decreased, inventory increased slightly, and the overall weak pattern remained unchanged. Weekly production decreased by 30,300 tons to 740,500 tons, and enterprise inventory rose to 1.705 million tons [8] - The market supply - demand imbalance has not been effectively improved, and it is expected to fluctuate weakly [8] - Glass Market - Fundamentally, the production of float glass remained stable, and the photovoltaic glass was in a weak balance. The overall glass supply was at a high level within the year, and the inventory was at a high level after the festival [9] - The real - estate market has not shown a stabilizing trend, and the demand for float glass may not continue to rise. The disk may test the bottom again, but excessive short - selling is not advisable [9] 2. Data Overview - The report provides data on the price trends of active contracts for soda ash and glass, as well as data on soda ash weekly production, enterprise inventory, central China heavy soda market price, and flat glass production [11][17][18] - Data sources include Wind and iFind, and the research and development department of Jianxin Futures [12][16][20]