纯碱、玻璃日报-20260128

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint - The soda ash market is facing dual pressures of increasing supply and shrinking demand, with a weakening downstream demand and a continuous inventory accumulation trend. In the short term, it may maintain a volatile pattern, while in the long term, it is expected to continue a weak operation. It is not recommended to blindly place long orders before the core contradiction of oversupply is fundamentally alleviated [8]. - The glass industry is currently in a loss - making state, and the supply is expected to further tighten due to cold - repair plans before the Spring Festival. Although the inventory is at a high level, the short - term supply contraction will support the price. However, the downstream real - estate data is weak, and the demand expectation is under pressure. The price is expected to maintain a volatile and slightly strong pattern, and it is recommended to gradually reduce short positions [9]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - Soda Ash Market: On January 27, 2026, the main contract SA605 of soda ash futures fluctuated weakly, closing at 1,194 yuan/ton, down 3 yuan/ton or 0.25% from the previous day, with an increase of 2,939 lots in positions. The soda ash market is under the pressure of increased supply and reduced demand, and the downstream de - stocking power is insufficient. The cold - repair of float - glass production lines weakens the consumption support. The market may be volatile in the short term and weak in the long term, and it is not advisable to blindly go long [7][8]. - Glass Market: On January 27, 2026, the main contract FG2605 of glass futures fluctuated weakly. The glass industry is in a loss - making state, and the supply will be further tightened due to cold - repair plans. The current inventory is high. The short - term supply contraction will support the price, but the downstream real - estate demand is weak. It is recommended to gradually reduce short positions as the price approaches the key support level [9]. 3.2 Data Overview - The report provides multiple data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy - soda market price, and flat - glass production, with data sources from Wind and iFind [13][14][17].