纯碱、玻璃日报-20251031

Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The overall pattern of soda ash remains weak, with stable supply, slightly increasing inventory, and unchanged heavy soda demand. The supply - demand imbalance has improved, but the anti - involution expectation has not materialized, and the market is expected to fluctuate weakly [8]. - Glass is in a game between "strong expectation" and "weak reality". The real - estate market's completion is below expectations, and the industry lacks new production - limiting policies. The market confidence is insufficient, and the price is expected to fluctuate weakly [9]. Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On October 30, the main futures contract SA601 of soda ash closed at 1,235 yuan/ton, down 14 yuan/ton or 1.12%, with a daily reduction of 22,468 lots. Weekly production increased by 0.01 million tons to 74.06 million tons, and the equipment maintenance was at a high level for the same period. In mid - October, the total shipment volume of Chinese soda ash enterprises was 73.90 million tons, a month - on - month increase of 5.60%. The demand for heavy soda remained unchanged. The alkali plant inventory rose to 1.7021 billion tons, at a relatively low level in the past six months. The market is expected to fluctuate weakly [7][8]. Glass - Fundamentally, the production of float glass is stable, and the photovoltaic glass is in a weak balance. The overall glass supply is at a high level this year, and the possibility of cold repair is low. After the festival, the factory inventory remains high, and the inventory days have increased. The real - estate market has not shown a stable trend, and the demand for float glass may not continue to rise. The price is expected to fluctuate weakly, and potential positive factors such as macro - policies and production line changes need to be monitored [9]. 2. Data Overview - The report provides multiple data charts, including the price trends of active contracts for soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda in Central China, and flat glass production [12][15][16].