纯碱、玻璃日报-20251202

Group 1: Report Overview - Report Name: "Soda Ash, Glass Daily Report" [1] - Date: December 2, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Industry Investment Rating - No investment rating information provided Group 3: Core Views - Soda Ash: The current weak supply - demand imbalance in the soda ash market has marginally eased but not fundamentally changed. In the short term, it will likely maintain a bottom - grinding and oscillating trend. In the medium - to - long - term, if there is a phased price rebound, a strategy of selling on rebounds can be adopted [9]. - Glass: The glass market is currently weaker than expected, with prices in a low - level oscillation pattern. In the short term, it will likely continue this trend. Attention should be paid to the implementation of production line cold repairs and changes in real estate demand [11]. Group 4: Market Review and Operation Suggestions Soda Ash - On December 1, the main soda ash futures contract SA601 oscillated weakly, closing at 1176 yuan/ton, down 5 yuan/ton or 0.50%, with a daily reduction of 24,299 lots [8]. - Supply is decreasing, with this week's production falling below 700,000 tons and the capacity utilization rate down 2.60% week - on - week. Demand is weak, with total shipments down 3.65% week - on - week. Inventory decreased 1.75% week - on - week [9]. Glass - The glass market is weaker than expected, with prices in a low - level oscillation. Spot prices do not support the market, and the supply reduction from the concentrated production line shutdown in the Shahe area did not meet expectations [10][11]. - Supply is stable, and inventory pressure is high. Demand is weak, especially in the real estate market. However, due to low profits, about 5,000 tons of production lines are expected to undergo cold repairs by the end of the year [11]. Group 5: Data Overview - The report provides data on soda ash and glass futures trading on December 1, including opening price, high price, low price, closing price, change, change rate, open interest, and open interest change [7]. - It also includes figures related to soda ash and glass, such as price trends, weekly production, enterprise inventory, market price, and flat glass production [13][18][20]