Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-29 09:24Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For soda ash, the supply exceeds demand, which suppresses the price. Although the price rose today following the glass price, the subsequent decline is expected to slow down. It is recommended to go long on the soda ash main contract at low levels in the short - term [2]. - For glass, the supply has potential reduction factors, and the demand from the real - estate industry is weak. The price continued to rise today with strong bullish sentiment, but the upward space is limited by real - estate demand. It is recommended to go short on the glass main contract at high levels in the short - term [2]. 3. Summary by Directory 3.1 Futures Market - Soda ash main contract closing price is 1259 yuan/ton, up 20; glass main contract closing price is 1127 yuan/ton, up 14. The spread between soda ash and glass is 132 yuan/ton, up 6. Soda ash main contract open interest is 1355081 lots, down 31991; glass main contract open interest is 1673338 lots, down 22459 [2]. - Soda ash top 20 net position is - 231477, up 28966; glass top 20 net position is - 231468, up 14685. Soda ash exchange warehouse receipts are 8745 tons, unchanged; glass exchange warehouse receipts are 415 tons, down 8 [2]. - Soda ash basis is - 48 yuan/ton, up 24; glass basis is - 79, down 10. The spread between January and May glass contracts is - 152, down 2; the spread between January and May soda ash contracts is - 88, up 4 [2]. 3.2 Spot Market - North China heavy soda ash is 1191 yuan/ton, up 17; Central China heavy soda ash is 1300 yuan/ton, unchanged. East China light soda ash is 1250 yuan/ton, unchanged; Central China light soda ash is 1145 yuan/ton, unchanged [2]. - Shahe glass sheets are 1044 yuan/ton, unchanged; Central China glass sheets are 1120 yuan/ton, unchanged [2]. 3.3 Industry Situation - Soda ash plant operating rate is 84.94%, up 0.01; float glass enterprise operating rate is 76.35%, unchanged. Glass in - production capacity is 16.12 million tons/year, unchanged; glass in - production production lines are 226, unchanged [2]. - Soda ash enterprise inventory is 169.24 million tons, down 0.97; glass enterprise inventory is 6661.3 million weight cases, up 233.7 [2]. 3.4 Downstream Situation - Real - estate new construction area cumulative value is 45399 million square meters, up 5597.99; real - estate completion area cumulative value is 31129 million square meters, up 3435.46 [2]. 3.5 Industry News - Henan Zhongyuan Chemical's soda ash plant load is gradually increasing, and the light soda ash ex - factory price is 1090 yuan/ton on acceptance [2]. - Hubei Shuanghuan's soda ash plant is in production with increasing output, and the light soda ash price is 1160 yuan/ton [2]. - Henan Haohua Junhua's soda ash plant is stable with stable prices [2]. - Zhongyan Anhui Hongsifang's soda ash plant load decreased due to equipment problems for one day [2]. - Inner Mongolia Boyuan Yingen Chemical's 5 - million - ton/year soda ash plant is operating at a reduced capacity, and the ex - factory price of qualified light soda ash is 900 [2]. - Tangshan Sanyou's 2.3 - million - ton/year soda ash plant is operating at a reduced capacity with a load of about 70% [2]. - Shandong Haitian Biological Chemical's 1.5 - million - ton/year soda ash plant has resumed production [2]. - Shandong Haihua's 3 - million - ton/year soda ash plant is operating at a reduced load [2]. - Anhui Huainan Alkali Plant's boiler is ignited [2]. - The soda ash market in Sichuan and Chongqing is stable, and supply is expected to increase with plant复产, with strong market wait - and - see sentiment [2].