玻璃、纯碱日报：日内震荡走低-20260310

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The core contradiction of glass lies in the game between "supply contraction expectation" (cold repair + policy) and "weak real - demand" (real - estate downturn), and high inventory is the biggest pressure for the disk to rebound. In the medium - term, the demand expectation of glass remains weak. The disk is mainly affected by the international situation in the short - term, and it is advisable to treat it with an oscillatory mindset. After the macro - influencing factors subside, glass will return to the fundamental logic [2]. - The core contradiction of soda ash is the continuous inventory accumulation caused by strong supply and weak demand, and the industry's supply - demand mismatch pattern has not improved. The disk is mainly affected by macro - sentiment and energy prices in the near - term, and it is advisable to maintain an oscillatory and slightly strong mindset. If the situation eases, the market will return to the domestic supply - demand logic [3]. Summary by Related Catalogs Glass - Today, the main glass contract opened low and moved lower, with an intraday oscillatory decline. The 120 - minute Bollinger Bands' three tracks are upward, showing a short - term oscillatory and slightly strong signal. The pressure is near the previous high, and the support is near the 60 - day moving average. The trading volume decreased by 1.567 million lots compared with yesterday, and the open interest decreased by 48,464 lots. The intraday high was 1109, the low was 1055, and the closing price was 1076, down 50 yuan/ton (4.44% decline) compared with yesterday's settlement price [1]. - The total inventory of national float glass sample enterprises is 79.637 million weight boxes, a month - on - month increase of 3.629 million weight boxes (4.77% increase) and a year - on - year increase of 14.51%. The inventory days are 35.3 days, an increase of 1.5 days compared with the previous period. The inventory in each region has increased comprehensively, and the total inventory is approaching the three - year high [1]. Soda Ash - The main soda ash contract opened low and moved lower, with an intraday oscillatory decline. The 120 - minute Bollinger Bands' three tracks are upward, showing a short - term oscillatory and slightly strong signal. The pressure is near the previous high, and the support is near the 10 - day moving average. The trading volume decreased by 1.265 million lots compared with yesterday, and the open interest decreased by 45,914 lots. The intraday high was 1278, the low was 1220, and the closing price was 1235, down 58 yuan/ton (4.49% decline) compared with yesterday's settlement price [3]. - The total inventory of domestic soda ash manufacturers is 1.9227 million tons, a decrease of 24,500 tons (1.26% decline) compared with last Thursday. Among them, light soda ash is 1.016 million tons, a month - on - month decrease of 11,300 tons, and heavy soda ash is 0.9067 million tons, a month - on - month decrease of 13,200 tons [3].