大越期货玻璃早报-20260325

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The glass market is expected to fluctuate mainly in the short term. Although the glass supply is at a low level due to low production profits and reduced output, the downstream deep - processing factory orders are weak, and the glass factory inventory is at a high level. The cost side has increased, but the overall market is affected by the weak real - estate terminal demand [2][3][4]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 1082 yuan/ton to 1064 yuan/ton, a decline of 1.66%. The spot price of Shahe Safety large - board remained unchanged at 964 yuan/ton. The main basis increased from - 118 yuan/ton to - 100 yuan/ton, a change of - 15.25% [5]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 964 yuan/ton, unchanged from the previous day [10]. Fundamental - Cost Side - Glass production profit has been slightly repaired, but the cold - repair is less than expected, and the supply is at a low level [2]. Fundamental - Supply - The number of operating float glass production lines in the country is 207, with an operating rate of 70.41%, at a historical low for the same period. The daily melting volume of float glass is 145,800 tons, and the production capacity is at a historical low for the same period [16][18]. Fundamental - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection of the deep - processing industry is not optimistic, and traders and processing plants are cautious, mainly digesting the original glass inventory [2][3][22]. Fundamental - Inventory - The inventory of national float glass enterprises is 74.436 million weight boxes, a decrease of 1.86% from the previous week, and the inventory is above the five - year average [2][37]. Fundamental - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, consumption, production growth rate, consumption growth rate, and net import ratio [38].