大越期货玻璃早报-20260130

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The glass industry has a weak fundamental situation. With the repair of production profit being sluggish, cold - repairs are increasing, leading to a further contraction in supply. The downstream deep - processing orders are weak due to the real - estate drag, and the inventory is at a historically high level for the same period. The glass market is expected to show a mainly weak and volatile trend in the short term [2]. 3. Summary by Related Catalogs Glass Futures Market - The closing price of the main glass futures contract rose from 1067 yuan/ton to 1087 yuan/ton, a 1.87% increase. The spot price of Shahe Safety large plates increased from 932 yuan/ton to 940 yuan/ton, a 0.86% increase. The main basis changed from - 135 yuan/ton to - 147 yuan/ton, an 8.89% change [6]. Glass Spot Market - The market price of 5mm white glass large plates in the spot benchmark area of Hebei Shahe is 940 yuan/ton, an increase of 8 yuan/ton compared to the previous day [12]. Fundamental - Cost Side - No specific content in the provided text about glass production profit other than it being in a low - profit state with further cold - repair expectations [4]. Fundamental - Supply - The number of operating national float glass production lines is 212, with an operating rate of 71.62%, and the number of operating production lines is at a historically low level for the same period. The daily melting volume of national float glass is 150700 tons, and the production capacity is at a historically low level for the same period [19][21]. Fundamental - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventory [25][4]. Fundamental - Inventory - The inventory of national float glass enterprises is 52.564 million weight boxes, a decrease of 1.23% compared to the previous week, and the inventory is running above the 5 - year average [41]. Fundamental - Supply - Demand Balance Sheet - The annual supply - demand balance sheet for float glass shows production, consumption, and other data from 2017 to 2024E. For example, in 2017, the production was 53.54 million tons, the consumption was 52.29 million tons; in 2024E, the production was expected to reach 55.1 million tons, and the consumption was expected to be 53.1 million tons [42].