产业矛盾累积，成本支撑减弱

1. Report Industry Investment Ratings - Glass: Oscillating [2] - Soda Ash: Oscillating weakly [2] - Ferromanganese: Oscillating [4] - Ferrosilicon: Oscillating [4] 2. Core Views - The weak real - estate data has suppressed the rebound height of glass, but with the approaching of the traditional glass consumption season, attention should be paid to the potential for a phased consumption increase and continuous inventory reduction. For soda ash, the long - term supply - demand remains relatively loose [1]. - After the holiday, with the resumption of production in downstream steel mills, the demand for ferromanganese and ferrosilicon is expected to improve. However, factors such as inventory pressure, cost support, and power price policies will affect their prices [3]. 3. Summary by Related Categories Glass and Soda Ash - Market Analysis - Glass: The futures market showed a strong - oscillating trend and recovered at the end of the session. In the spot market, the shipment of factories in the Shahe area was good, while the trading in the East China market was average, and the prices in other regions were generally stable. The spot price of float glass was 1269 yuan/ton, unchanged from the previous trading day [1]. - Soda Ash: The futures market also showed a strong - oscillating trend and recovered at the end. The domestic soda ash market was weak, with prices declining slightly. The inventory reduction rate slowed down and gradually shifted to inventory accumulation. The latest soda ash operating rate was 83.83%, and the device operation was normal [1]. - Supply - Demand and Logic - Glass: The weak real - estate data has limited the rebound of glass. As it enters the traditional consumption season, attention should be paid to consumption and inventory changes. Currently, it is in the stage of near - month capital game [1]. - Soda Ash: The demand for float glass is weak due to real - estate data. After the spring maintenance, there is pressure for further inventory increase, and the long - term supply - demand is relatively loose [1]. - Strategy - Glass: Oscillating [2] - Soda Ash: Oscillating weakly [2] Ferromanganese and Ferrosilicon - Market Analysis - Ferromanganese: After the holiday, the ferromanganese futures market oscillated and adjusted, with a single - day increase in positions of 41,065. The market was in a wait - and - see state. The price in the northern market was 5580 - 5680 yuan/ton, and in the southern market was 5700 - 5750 yuan/ton [3]. - Ferrosilicon: The ferrosilicon futures market declined slightly after the holiday, with a single - day increase in positions of 15,984. The spot market was stable, waiting for the recovery of steel mills' rigid demand. The price of 72 - grade ferrosilicon was 5150 - 5200 yuan/ton, and 75 - grade was 5850 - 6000 yuan/ton [3]. - Supply - Demand and Logic - Ferromanganese: The fundamental contradiction has not further expanded, but the inventory pressure is still large. With the resumption of production in steel mills after the holiday, the demand is expected to improve. The firm price of manganese ore may increase the cost of ferromanganese [3]. - Ferrosilicon: The supply pressure has decreased as enterprises maintain low - load production. The resumption of production in steel mills will boost the rigid demand. However, the expected decline in domestic electricity prices and the relatively loose overall production capacity will suppress the price [3]. - Strategy - Ferromanganese: Oscillating [4] - Ferrosilicon: Oscillating [4]