浮法玻璃周报：分析师范阿骄-20251121

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The current glass market is under the triple - pressure pattern of "high inventory, weak demand, and low profit", with the price downward trend remaining unchanged. Although there is support from production line cold - repairs in the short term, there is no systematic production reduction, and there is a lack of substantial demand recovery signals. The far - month contract discount structure is stable, reflecting the market's cautious attitude towards the demand recovery in the first quarter of 2026. The market is pessimistic about the future trend of glass. If demand does not improve significantly in the short term, prices may continue to be weakly sorted, and the long - term trend still depends on the substantial improvement of the demand side or the further contraction of the supply side [4]. 3. Summary by Relevant Catalogs 3.1. Spot Overview - As of November 20, 2025, the national average price of 5mm float glass was 1,106 yuan/ton, down 45 yuan/ton from the previous week, a decline of about 3.9%. The prices in major production areas such as Shahe and Hubei weakened, and the production - sales ratio was low. Some enterprises adopted the "price - for - volume" strategy to reduce inventory. The futures price maintained a downward trend, and the main contract was approaching the historical low, with weak market sentiment. The supply - demand fundamental was under pressure, inventory was at a high level, and industry profits continued to narrow. The total trading volume of glass futures increased significantly this week, reaching 1.9229 million lots on November 20, a recent peak, indicating active market trading but intensified divergence in directions. The open interest remained at a high level, reaching 1.9437 million lots as of November 21, reflecting the continuous accumulation of short - selling power [3]. 3.2. Supply Side - A 600 - ton/day production line in Benxi was cold - repaired this week, and the domestic daily output in production decreased to 158,100 tons. This was the only clear capacity exit this week, but the overall supply was still at a high level, and no systematic production reduction was formed. The national weekly output was 1.1102 million tons, down 0.34% from the previous week and up 0.08% year - on - year [3]. 3.3. Demand Side - Demand remained weak. As of November 17, 2025, the average order days of national deep - processing sample enterprises was 9.9 days, down 8.9% from the previous week and 24.2% year - on - year. Since November, the average orders held by deep - processing samples in each region have declined compared with the beginning of the month. The real estate market was continuously sluggish, the terminal project procurement willingness was low, most processing plants did not have a rush - to - work phenomenon, and generally maintained just - in - time restocking, with strong market wait - and - see sentiment [4]. 3.4. Inventory - As of November 20, 2025, the total inventory of national float glass sample enterprises was 63.303 million heavy boxes, up 56,000 heavy boxes from the previous week, a month - on - month increase of 0.09% and a year - on - year increase of 30.72%. The inventory days were 27.7 days, 0.2 days more than the previous period. The inventory of regional enterprises varied, with the overall inventory increasing slightly month - on - month, and the industry showed a trend of inventory accumulation [4]. 3.5. Cost and Profit - This week, the average weekly profit of float glass using natural gas as fuel was - 206.84 yuan/ton, a decrease of 19.14 yuan/ton from the previous week; the average weekly profit of float glass using coal - made gas as fuel was 25.79 yuan/ton, a decrease of 25.47 yuan/ton from the previous week; the average weekly profit of float glass using petroleum coke as fuel was 8.52 yuan/ton, a decrease of 24.00 yuan/ton from the previous week [4].