大越期货玻璃周报-20260209

Report Industry Investment Rating - Not provided Core Viewpoints - Last week, the glass futures fluctuated within a narrow range. The closing price of the main contract FG2605 increased by 1.52% compared to the previous week, reaching 1072 yuan/ton. The spot price of 5mm white glass sheets in Hebei Shahe was 944 yuan/ton, up 0.43% from the previous week [3][8][13]. - The glass production profit has slightly improved, but the industry's motivation for active production cuts remains insufficient, and the supply contraction is less than expected. The number of in - production float glass production lines is at a low level in the same period, with 211 production lines in operation, an operating rate of 71.86%, and a daily melting volume of 149,800 tons [3][19][21]. - As the Spring Festival approaches, downstream enterprises have successively stopped work for holidays. With tight funds and insufficient cash - back, the downstream's willingness to stock up is low. As of February 5th, the inventory of national float glass enterprises was 53.064 million weight boxes, an increase of 0.95% from the previous week, and the inventory is at a high level in the same period [3][39]. - Overall, the glass fundamentals are weak, and it is expected to fluctuate weakly in the short term [3]. Summary by Directory Glass Futures and Spot Weekly Market - The closing price of the main contract FG2605 was 1072 yuan/ton, a 1.52% increase from the previous week. The spot benchmark price was 944 yuan/ton, a 0.43% increase. The main basis was - 128 yuan/ton, a 10.34% change [8]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 944 yuan/ton, a 0.43% increase from the previous week [13]. Fundamentals - Cost and Profit - Not provided in detail Fundamentals - Supply - The number of float glass production lines in operation was 211, with an operating rate of 71.86%, and the daily melting volume was 149,800 tons. Both the number of production lines in operation and the production capacity are at low levels in the same period [19][21]. Fundamentals - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons [25]. - Other aspects such as housing sales, new construction, construction, completion area, and downstream processing plant operations and orders are mentioned but lack detailed data analysis [26][28][35]. Fundamentals - Inventory - The inventory of national float glass enterprises was 53.064 million weight boxes, a 0.95% increase from the previous week, and the inventory is above the 5 - year average [39]. Fundamentals - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, consumption, production growth rate, consumption growth rate, and net import ratio [40].