玻璃纯碱早报-20251226

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The report provides a comprehensive analysis of the glass and soda ash markets, including price trends, production and sales, inventory changes, and profit margins [2] Group 3: Summary of Glass Market Price Changes - In the glass market, prices of various 5mm large - plate products in different regions showed different trends from December 18 to December 25, 2025. For example, the price of 5mm large - plate of Shahe Safety decreased by 8.0 from 984.0 to 976.0, and the price of 5mm large - plate of Wuhan Changli decreased by 40.0 from 1070.0 to 1030.0 [2] Futures Contract Price Changes - FG05 contract price decreased by 15.0 from 1062.0 to 1047.0, and FG01 contract price decreased by 21.0 from 953.0 to 932.0 during the same period [2] Production and Sales - Shahe's glass production - sales ratio was 102, Hubei's was 97, East China's was 107, and South China's was 108. Shahe factory's production and sales were neutral, and the shipment of Shahe traders at low prices was average, with poor spot - futures shipment. In Hubei, the transaction was also neutral [2] Profit Margins - North China's coal - fired glass profit increased from 69.7 to 84.4, while South China's natural - gas glass profit remained at - 188.1. The 05FG and 01FG盘面 natural - gas profits decreased [2] Group 4: Summary of Soda Ash Market Price Changes - Soda ash prices in different regions remained stable from December 18 to December 25, 2025. For example, the price of Shahe heavy soda remained at 1140.0, and the price of Huazhong heavy soda remained at 1120.0 [2] Futures Contract Price Changes - SA05 contract price decreased by 9.0 from 1193.0 to 1184.0, SA01 contract price decreased by 22.0 from 1137.0 to 1115.0, and SA09 contract price decreased by 10.0 from 1250.0 to 1240.0 [2] Inventory and Production - The upstream and mid - stream inventories of the soda ash industry were being depleted. Yuanxing's first - phase production capacity increased to 17,000 tons per day, and the second - phase produced qualified products [2] Profit Margins - North China's ammonia - soda process profit increased from - 239.2 to - 226.9, and North China's combined - soda process profit increased from - 348.6 to - 316.9 [2]