大越期货玻璃早报-20260114

Report Industry Investment Rating No relevant content provided. Core View of the Report - The glass industry has weak fundamentals, with limited recovery in production profits, increasing cold repairs, and shrinking supply. Downstream deep - processing orders are weak due to the real - estate drag, and inventory is at a historically high level for the same period. In the short term, it is expected to mainly operate in a weak and volatile manner [2][5]. Summary by Related Catalogs Glass Futures Market - The closing price of the main contract was 1096 yuan/ton, a decrease of 4.11% from the previous value. The spot price of Shahe Safety large - size glass was 936 yuan/ton, a decrease of 0.85%. The main basis was - 160 yuan/ton, a decrease of 19.60% [6]. Glass Spot Market - The market price of 5mm white glass large - size boards in the spot benchmark area of Hebei Shahe was 944 yuan/ton, remaining the same as the previous day [11]. Fundamental Analysis - Cost Side No detailed content provided. Fundamental Analysis - Supply - The number of operating float glass production lines nationwide was 216, with an operating rate of 71.96%, at a historically low level for the same period. The daily melting capacity of float glass was 150,100 tons, also at a historically low level for the same period [18][20]. Fundamental Analysis - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons [24]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises was 55.518 million weight boxes, a decrease of 2.37% from the previous week, and the inventory was above the five - year average [40]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E is presented, showing changes in production, consumption, production growth rate, consumption growth rate, and net import ratio over the years. For example, in 2024E, production was 55.1 million tons, consumption was 53.1 million tons, production growth rate was 3.94%, and consumption growth rate was - 1.15% [41].