纯碱、玻璃日报-20251107

Report Information - Report Name: Soda Ash, Glass Daily Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - No relevant information provided. Core Viewpoints - Soda ash supply remains high with a slight decline in开工率 and a marginal increase in inventory. The downstream market mainly replenishes inventory at low prices, and the supply - demand weakness in the glass market persists. In winter, there is insufficient driving force in the supply - demand aspect of soda ash, and the pattern of oversupply may continue. The soda ash futures market is expected to maintain a volatile trend [8]. - The glass market is at a high level of supply this year. After the festival, the factory inventory remains high, and the demand recovery is weak. Although the production limit in Shahe has been implemented, the actual situation is not as expected. With the arrival of the off - season, there is no new driving force in the market. The short - term bullish sentiment from the Shahe production halt has been digested. The glass futures market is expected to be volatile in the near term, and the downward trend may be difficult to reverse in the medium term without new market expectations [9]. Summary by Section I. Soda Ash, Glass Market Review and Operation Suggestions Soda Ash - On November 6, the main soda ash futures contract SA601 showed a volatile and slightly stronger trend, closing at 1,207 yuan/ton, up 10 yuan/ton or 0.83%, with a daily reduction of 31,271 lots [8]. - Fundamentally, enterprise production and sales tend to balance, and inventory fluctuates little. Weekly soda ash production decreased 1.41% to 74.69 tons, remaining at a high level. The soda ash production facilities operate stably, and individual maintenance has little impact [8]. - In early November, the shipment of Chinese soda ash enterprises decreased, with a total shipment of 73.39 tons, a 3.14% decrease. The production of float glass decreased slightly, and the production of photovoltaic glass remained basically unchanged with inventory accumulation, so the subsequent demand for heavy soda ash may further decline [8]. - The inventory of soda ash plants fluctuated slightly, rising to 171.42 tons, in the median range of the past six months [8]. Glass - Fundamentally, four coal - fired production lines in Shahe will be shut down in the short term. The photovoltaic glass market is in a weak balance, and the overall glass supply is at a high level this year [9]. - After the festival, the factory inventory remains high, and the inventory days have continuously increased. The real estate market has not shown a stable trend, the completion data is weak, and the recovery of float glass demand may not be sustainable [9]. II. Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, the market price of heavy soda ash in Central China, and flat glass production [12][14][17]