纯碱、玻璃期货品种周报-20251110

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Soda Ash Futures: The soda ash futures market is in a volatile phase. The domestic soda ash market showed a narrow - range oscillation last week, with a generally weak trend. The supply is sufficient while the demand is weak, and the inventory digestion is slow. The futures price has been weak and hit a new low. It is expected to remain weak in the short - term, and it is recommended to wait and see [6]. - Glass Futures: The glass market is in an oscillatory trend. The domestic float glass market showed regional differentiation and narrow - range oscillation last week. The overall supply - demand situation is weak, and the downstream processing orders are insufficient. The futures price is weakly oscillating, and it is recommended to hold an empty position and wait and see [28]. 3. Summary by Catalog Soda Ash Futures - Mid - term Market Analysis - Trend Judgment: The soda ash futures are in an oscillatory phase, and the market is expected to remain weak in the short - term due to oversupply and weak demand [6]. - Strategy Suggestion: It is recommended to wait and see [6]. - Variety Trading Strategy - Last Week's Strategy Review: The domestic soda ash market had loose supply - demand last week, with prices oscillating weakly. The soda ash futures price fluctuated at a low level, and it was expected to continue to consolidate. The expected operating range of soda ash 2601 was 1100 - 1250 [9]. - This Week's Strategy Suggestion: The supply - demand contradiction persists, and the futures price continued to weaken and hit a new low. The expected operating range of soda ash 2601 remains 1100 - 1250 [10]. - Related Data Situation - The data includes China's weekly soda ash开工率, production, light and heavy - weight inventory, daily basis, and the weekly ammonia - soda production cost in North China [11][15][17]. - The variety diagnosis shows that the main force is relatively bullish (63.7), the capital outflow amplitude is large (- 66.3), and the risk of market reversal is high (80.6) [20]. Glass Futures - Mid - term Market Analysis - Trend Judgment: The glass market is in an oscillatory trend. The domestic float glass market showed regional differentiation last week, and the overall supply - demand is weak. The futures price is weakly oscillating [28]. - Strategy Suggestion: It is recommended to hold an empty position and wait and see [28]. - Variety Trading Strategy - Last Week's Strategy Review: The float glass futures oscillated weakly last week. The enterprise's total inventory reached a three - month high, and the deep - processing orders decreased by more than 20% year - on - year. The price is expected to continue to oscillate in the short - term [31]. - This Week's Strategy Suggestion: The domestic float glass market showed regional differentiation last week. The price is expected to maintain a consolidation pattern in the short - term [32]. - Related Data Situation - The data includes China's weekly float glass production,开工率, production cost and gross profit of the float process using natural gas as fuel, daily basis, and weekly ending inventory [34][38][41].