浮法玻璃周报：分析师范阿骄-20260123

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the closing price of the main contract of the float glass futures fluctuated downward from 1,143 yuan/ton to 1,086 yuan/ton and then rebounded to 1,103 yuan/ton on January 16th, with a weekly fluctuation range of 5.8%. The price rebound was mainly driven by speculative demand, cold repair expectations, and coal linkage speculation, rather than an improvement in real terminal demand [3]. - The float glass market this week showed characteristics of "stable supply, slow inventory reduction, weak demand, and active capital." The trading activity in the futures market increased significantly, with the open interest and trading volume of the main contract rising simultaneously, indicating increased capital participation. However, the price rebound lacked substantial support from terminal demand improvement, and the rebound height was limited. The market was in a state of intense long - short game, and a trending unilateral market had not yet formed [3]. 3. Summary by Relevant Catalogs 3.1 Float Glass Market Conditions - The closing price of the main contract of float glass futures fluctuated, with a weekly fluctuation range of 5.8%. The price rebound was not due to real terminal demand improvement [3]. - The futures market was characterized by "stable supply, slow inventory reduction, weak demand, and active capital." The trading activity increased, and the open interest and trading volume of the main contract rose. The price rebound was limited, and the long - short game was intense [3]. 3.2 Spot Overview - In the context of weak supply - demand and slow inventory reduction, the price of the float glass futures market oscillated and rebounded, and the trading activity increased significantly. The negotiation focus of the domestic float glass spot market moved slightly upward, with prices falling in the north and rising in the south. The weekly average price was 1,098 yuan/ton, a week - on - week increase of 2.45 yuan/ton [4]. 3.3 Supply Side - The daily average output of national float glass was 150,700 tons, a week - on - week increase of 0.45%. The industry capacity utilization rate remained at 75.34%. The supply side was stable, with no new cold repair or restart events, and the supply pressure was not significantly relieved [4]. 3.4 Demand Side - The demand showed structural characteristics. In the northern market, due to the approaching Spring Festival, processing plants gradually closed for holidays, and the rigid demand continued to weaken. In East and South China, some order rush - jobs supported short - term shipments, but the overall order volume did not increase significantly. As of January 15, 2026, the average order days of national deep - processing sample enterprises was 9.3 days, a month - on - month increase of 7.9% and a year - on - year increase of 86.4% [4]. 3.5 Inventory - The total inventory of national float glass sample enterprises continued to decline, but the pace slowed down. As of January 22, 2026, the total inventory was 53.216 million weight boxes, a week - on - week increase of 203,000 weight boxes, a week - on - week increase of 0.38%, and a year - on - year increase of 22.74% [4]. 3.6 Cost and Profit - This week, the weekly average profit of float glass using natural gas as fuel was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the weekly average profit of float glass using coal - made gas as fuel was - 65.11 yuan/ton, a week - on - week increase of 3.90 yuan/ton; the weekly average profit of float glass using petroleum coke as fuel was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [4].