弘业纯碱周报：分析师范阿骄-20251121

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - This week, the main contract SA601 slightly increased by 0.09%. The futures price is mainly supported by cost (stable prices of thermal coal and sea salt) and continuous cancellation of warehouse receipts, rather than an improvement in the supply - demand pattern. The main contract SA601 is actively traded, with a single - day trading volume of 23.458 billion yuan and an open interest of over 1 million lots, indicating strong market trading enthusiasm. The far - month contract SA605 is at a discount of about 70 yuan/ton compared to SA601, and the monthly spread structure remains negative, reflecting the continuous market expectation of supply surplus in 2026. As of November 20, the number of registered warehouse receipts for soda ash futures is 0, and the number of valid forecasts is 4,879. The delivery expectation has not been released intensively, and the market is still dominated by speculation and hedging [3]. - The current industry is still under the triple pressure of high inventory, low demand, and weak profits, with limited upward price space. The supply side is slightly favorable, with the operating rate falling from a high level and production decreasing slightly. In terms of inventory, the weekly destocking has accelerated, achieving destocking for three consecutive weeks, but the absolute level is still high. Although the inventory has been falling continuously, it is still at a high level compared to the same period in the past five years, and the inventory days remain above 20 days. The destocking pace maintains the characteristics of "high base and slow rhythm". The rigid demand from the glass and new energy sectors supports the stable rigid consumption of heavy soda ash. Downstream procurement sentiment is cautious, with most operations being "low inventory and fast turnover", and no concentrated stockpiling has occurred. Although the price of thermal coal on the cost side has increased slightly, the decline in soda ash prices is greater, and the overall profit margin of the industry is still in a contraction range. The price movement may continue in a "sideways - weak, bottom - oscillating" pattern. Attention should be paid to the cold - repair plan after December and the potential pull of macro - policies on the real estate chain [4]. 3. Summary by Relevant Catalogs Market Overview - This week, the soda ash futures price oscillated weakly. The main contract SA601 closed at 1,170 yuan/ton, with a slight increase of 0.09% during the week. However, the far - month contracts are continuously at a discount, and the market sentiment is constrained by the loose supply - demand pattern. On the spot side, the price of heavy soda ash shows regional differentiation, is under pressure, and tends to be weak. The inventory continues to decline, but the absolute level is still high. The industry profit is under pressure, and there has been no fundamental improvement in the overall fundamentals. In the short term, equipment maintenance and inventory decline provide some support, but the expectation of new production capacity release in the long term remains, and combined with the continuous downturn in the glass industry, the demand for heavy soda ash lacks elasticity, and the supply - demand surplus pattern remains unchanged. The price movement may continue in a "sideways - weak, bottom - oscillating" pattern [2]. Supply - This week, the domestic soda ash production was 720,800 tons, a decrease of 18,500 tons from the previous week, a decline of 2.50%. The comprehensive capacity utilization rate of soda ash was 82.68%, compared with 84.80% last week, a decrease of 2.12% from the previous week. Recently, equipment problems in some enterprises have led to a decline in production [2]. Demand - This week, the daily melting volume of float glass was 158,100 tons, a decrease of 1,050 tons from the previous week, with one cold - repair and one hot - repair. The in - production volume of photovoltaic glass was 89,400 tons, remaining stable from the previous week. Next week, the float glass production will remain stable, and the photovoltaic glass plans to cold - repair 700 tons. The downstream demand is average, the sentiment for replenishing inventory at low prices has increased, the futures price has declined, and the trading volume has increased. Exports remain good, with exports exceeding 210,000 tons in October [2]. Inventory - As of November 20, 2025, the total inventory of domestic soda ash manufacturers this week was 1.6444 million tons, a decrease of 63,000 tons from the previous week (+0.06%), and the inventory at the same time last year was 1.6481 million tons, a year - on - year decrease of 3,700 tons, a decrease of 0.23%. The inventory of light soda ash was 757,100 tons, a decrease of 12,800 tons from the previous week, and the inventory of heavy soda ash was 887,300 tons, an increase of 5,500 tons from the previous week. There is a slight differentiation between light and heavy soda ash, with light soda ash being stronger and heavy soda ash being weaker [3]. Profit - In early November, the soda ash industry as a whole was still in a loss - making state, and the profit was under significant pressure. The net profits of many leading enterprises decreased significantly year - on - year, reflecting the severe overall profit environment in the industry. As of November 20, 2025, the theoretical profit of soda ash produced by the ammonia - soda process in China was - 38.50 yuan/ton, a decrease of 15 yuan/ton from the previous week. The theoretical profit (per double - ton) of soda ash produced by the combined - soda process was - 153.50 yuan/ton, an increase of 28.50 yuan/ton from the previous week. During the week, the price of sea salt on the cost side increased slightly, and the price of thermal coal increased slightly, leading to an upward shift in cost support [3].