大越期货玻璃早报-20260211

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The glass market has a weak fundamental situation. With low supply, dismal downstream deep - processing factory orders, and rising glass factory inventories, it is expected to mainly show a weak and volatile downward trend in the short term [2][5] 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract of glass futures decreased from 1078 yuan/ton to 1070 yuan/ton, a decline of 0.74%. The spot price of Shahe Safety large - board remained at 944 yuan/ton. The main basis changed from - 134 yuan/ton to - 126 yuan/ton, a change of - 5.97% [6] Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 944 yuan/ton, unchanged from the previous day [11] Fundamental - Cost Side - Glass production profit has been slightly repaired, but cold - repair is less than expected, and supply is at a low level [2] Fundamental - Production - The number of operating national float glass production lines is 211, with an operating rate of 71.86%, at a historically low level in the same period. The daily melting volume of float glass is 149,800 tons, and the production capacity is at a historically low level in the same period [18][20] Fundamental - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The terminal real - estate demand is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processing plants are cautious, mainly digesting the original glass inventory [24][4] Fundamental - Inventory - The inventory of national float glass enterprises is 53.064 million weight boxes, an increase of 0.95% from the previous week, and the inventory is running above the five - year average [39] Fundamental - Supply - Demand Balance Sheet - The report shows the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, consumption, and net import ratio. For example, in 2024E, the production is expected to be 55.1 million tons, with a growth rate of 3.94%, and the consumption is expected to be 53.1 million tons, with a decline rate of 1.15% [40]