大越期货玻璃早报-20260224

Report Industry Investment Rating No relevant content provided. Core View of the Report - The glass market is currently in a weak state, with supply at a low level, downstream deep - processing factory orders being dismal, and glass factory inventories rising. It is expected that the glass will mainly experience low - level, volatile, and weak operation in the short term [2][5]. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract decreased by 2.25% from the previous value to 1041 yuan/ton, the spot price of Shahe safety large - board remained unchanged at 944 yuan/ton, and the main basis increased by 19.83% to - 97 yuan/ton [6]. Glass Spot Market - The market price of 5mm white glass large - board in the spot benchmark area of Hebei Shahe was 944 yuan/ton, remaining the same as the previous day [11]. Fundamental Analysis - 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 Analysis - Supply - The number of national float glass production lines in operation is 211, with an operating rate of 71.86%, and the number of operating production lines is at a historical low for the same period. The daily melting volume of national float glass is 149,800 tons, and the production capacity is at a historical low for the same period [18][20]. Fundamental Analysis - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons [24]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 55.352 million weight boxes, an increase of 4.31% from the previous week, and the inventory is running above the five - year average [2][39]. Fundamental Analysis - Supply - Demand Balance Sheet - From 2017 to 2024E, the production and consumption of float glass have shown different trends. 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 growth rate of - 1.15% [40].