大越期货玻璃早报-20260225

Report Industry Investment Rating - Not provided Core View of the Report - The glass fundamentals are weak, and it is expected to mainly operate in a weak and volatile manner in the short term [2] Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract rose from 1041 yuan/ton to 1050 yuan/ton, a increase of 0.86% [6] - The spot price of Shahe Safety large boards remained unchanged at 944 yuan/ton [6] - The main basis changed from -97 yuan/ton to -106 yuan/ton, a increase of 9.28% [6] Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe was 944 yuan/ton, unchanged from the previous day [11] Cost Side of Fundamentals - Glass production profit has been slightly repaired, but cold repair is less than expected, and supply is at a low level [2] Production Line and Output - The number of operating national float glass production lines is 211, with an operating rate of 71.86%, and the number of operating production lines is at a historically low level in the same period [18] - The daily melting volume of national float glass is 149,800 tons, and the production capacity is at a historically low level in the same period [20] Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons [24] - The terminal real estate demand remains weak, and the number of orders from glass deep - processing enterprises is at a historically low level in the same period [4] - The capital collection in the deep - processing industry is not optimistic, and traders and processing plants are cautious, mainly digesting the original glass inventory [4] 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 operating above the 5 - year average [2][39] Supply - Demand Balance Sheet - From 2017 to 2024E, the production and consumption of float glass have fluctuated. 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 53.1 million tons, with a growth rate of - 1.15% [40]