大越期货玻璃早报-20251230

Report Industry Investment Rating No relevant content provided. Core View of the Report - The fundamentals of glass are weak, and it is expected to fluctuate weakly in the short term. The production profit repair is weak, supply contraction is less than expected, downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historical high for the same period [2]. Summary by Related Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1057 yuan/ton to 1051 yuan/ton, a decline of 0.57%. The spot price of Shahe Safety large - plate remained at 920 yuan/ton. The main basis increased from - 137 yuan/ton to - 131 yuan/ton, a change of - 4.38% [6]. Glass Spot Market - The market price of 5mm white glass large - plate in the spot benchmark area of Hebei Shahe was 920 yuan/ton, unchanged from the previous day [12]. Cost Side of Fundamentals - No specific content on glass production profit is provided except for the title. Supply Side of Fundamentals - The number of operating national float glass production lines is 218, with an operating rate of 73.89%, at a historical low for the same period. The daily melting volume of float glass is 154,500 tons, and the production capacity is at a historical low for the same period [22][24]. Demand Side of Fundamentals - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand is still weak, the number of orders of glass deep - processing enterprises is at a historical low for the same period, and the capital collection of the deep - processing industry is not optimistic [28][4]. Inventory Side of Fundamentals - The inventory of national float glass enterprises is 58.623 million weight boxes, an increase of 0.11% from the previous week, and the inventory is running above the five - year average [44]. Supply - Demand Balance Sheet - The float glass annual supply - demand balance sheet shows production, consumption, and other data from 2017 to 2024E, including production growth rate, consumption growth rate, and net import ratio [45].