Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, the soda ash futures continued to weaken in a volatile manner. The closing price of the main contract SA2509 decreased by 2.79% compared to the previous week, reaching 1253 yuan/ton. The low-end price of heavy soda ash in Hebei Shahe was 1300 yuan/ton, down 1.52% from the previous week. Supply is expected to increase slightly in the near term, while demand from downstream float and photovoltaic glass is average with low raw material reserve intention. With supply declining from a high level and weak demand, the futures price is expected to fluctuate weakly [3]. Summary by Relevant Catalogs 1. Weekly Soda Ash Futures and Spot Market Conditions - The closing price of the main contract decreased from 1289 yuan/ton to 1253 yuan/ton, a decline of 2.79%. The low-end price of heavy soda ash in Shahe dropped from 1320 yuan/ton to 1300 yuan/ton, a decrease of 1.52%. The main basis increased by 51.61% from 31 yuan/ton to 47 yuan/ton [8]. 2. Soda Ash Spot Market Conditions - **Production Profit**: The profit of heavy soda ash using the dual - alkali process in East China was 188 yuan/ton, while the profit of heavy soda ash using the ammonia - alkali process in North China was - 14.60 yuan/ton, at a historically low level [17]. - **开工率、产能产量**: The weekly industry operating rate was 78.63% and is expected to stabilize and rebound. The weekly output was 67.38 tons, with heavy soda ash accounting for 36 tons, declining from a historical high. The weekly production heavy - soda ratio was 54.23% [21][23][26]. - **Industry Capacity Changes**: In 2023, the newly - added capacity was 640 tons; in 2024, it was 180 tons. The planned newly - added capacity in 2025 is 750 tons, with an actual production of 60 tons [27]. 3. Fundamental Analysis - Demand - **Sales - to - Production Ratio**: The weekly sales - to - production ratio of soda ash was 105.30% [30]. - **Downstream Demand**: The daily melting volume of national float glass was 15.67 tons, and the operating rate of 75.34% continued to decline, resulting in weak demand for soda ash. The price of photovoltaic glass stabilized, the daily melting volume in production rebounded to 9.1 tons, and the output stabilized [33][36]. 4. Fundamental Analysis - Inventory - The total inventory of domestic soda ash manufacturers was 167.68 tons, including 84.40 tons of heavy soda ash, at a historically high level for the same period [39]. 5. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand gap, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [40]. 6. Influencing Factors Summary - **Positive Factors**: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [5]. - **Negative Factors**: The supply of soda ash is declining from a high level, the improvement of terminal demand is limited, and although the inventory is continuously decreasing, it is still at a high level for the same period. The supply - demand mismatch pattern in the industry has not been effectively improved [6].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The fundamentals of soda ash show strong supply and weak demand. In the short term, it is expected to mainly operate in a low - level oscillation. The supply of soda ash is declining from a high level, the improvement of terminal demand is limited, and although the inventory is continuously declining, it is still at a high level in the same period. The pattern of supply - demand mismatch in the industry has not been effectively improved [2][4]. Summary by Relevant Catalogs Soda Ash Futures Market - The closing price of the main contract in the day session was 1253 yuan/ton, the low - end price of heavy soda ash in Shahe was 1300 yuan/ton, and the main basis was 47 yuan, with a 38.24% increase compared to the previous value. The closing price of the main contract decreased by 2.57%, and the low - end price of heavy soda ash in Shahe decreased by 1.52% [5]. Factors Affecting Soda Ash Positive Factors - The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash. The progress of Sino - US tariff negotiations has been made [4]. Negative Factors - Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production - launch plans this year. The industry output is at a historical high in the same period. The cold - repair of heavy - soda downstream float glass is at a high level, the daily melting volume continues to decrease, and the demand for soda ash is weak [4]. Soda Ash Spot Market - The low - end price of heavy soda ash in the Hebei Shahe market was 1300 yuan/ton, a decrease of 20 yuan/ton compared to the previous day [11]. Soda Ash Production - The weekly production profit of heavy soda ash using the joint - alkali method in East China was 188 yuan/ton, and the profit using the ammonia - alkali method in North China was - 14.60 yuan/ton, which is at a historical low in the same period [14]. - The weekly industry operating rate of soda ash was 78.63%, and the operating rate is expected to stabilize and rebound. The weekly output of soda ash was 67.38 tons, with heavy soda ash at 36 tons, and the output has declined from a historical high [18][20]. - From 2023 to 2025, there have been continuous production - launch plans for soda ash. In 2023, the new production capacity was 640 tons; in 2024, it was 180 tons; in 2025, the planned new production capacity was 750 tons, with an actual production - launch of 60 tons [22]. Soda Ash Demand - The weekly production heavy - soda ratio of soda ash was 54.23% [24]. - The daily melting volume of national float glass was 15.67 tons, and the operating rate continued to decline to 75.34%, resulting in weak demand for soda ash. The price of photovoltaic glass stabilized, the daily melting volume in production rebounded to 9.1 tons, and the production has stabilized [27][30]. Soda Ash Inventory - The total inventory of domestic soda ash manufacturers was 167.68 tons, of which heavy soda ash was 84.40 tons, and the inventory was at a historical high in the same period [33]. Soda Ash Supply - Demand Balance Sheet - From 2017 to 2024E, the supply - demand situation of soda ash has fluctuated. In 2024E, the effective production capacity was 3930 tons, the output was 3650 tons, the operating rate was 78.20%, the net import was - 114 tons, the apparent supply was 3536 tons, the total demand was 3379 tons, and the supply - demand difference was 157 tons [34].

瑞达期货研究院 「 2025.05.23 」 纯碱玻璃市场周报 研究员:王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业链分析 「 周度要点小结」 u 行情回顾：本周纯碱期货下跌2.79%，玻璃期货下跌0.5%，本周纯碱期货一路弱势下行，光伏玻璃行业 此前对纯碱需求增长贡献较大，光伏玻璃增速放缓，减少了对纯碱的需求 ,同时市场库存较高，也对纯 碱价格形成了压制，本周玻璃期货价格延续了近期的弱势格局，整体处于下行延续了近期的弱势格局， 同时房地产销售数据表现较弱，根据最新披露的固定资产投资，开始出现了减弱，90天关税暂缓政策， 减弱了国内政策出台对冲的可能性，因此玻璃目前整体情绪悲观，多头短期难有反弹迹象，底部成本支 撑依旧成为主要位置。 u 行情展望：纯碱方面，供应端纯碱行业开工率出现下滑，部分企业检修计划的推进使得产量有所减少。 不过，整体供应压力依旧不小。即便当下部分企业检修让供应有阶段性收紧，但像远兴能源这类企业满 产运行，新产能也可能随时释放，供应收缩 ...

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-5-22 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：碱厂陆续公布检修计划，供给高位小幅下滑；下游浮法和光伏玻璃日熔量平稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1320元/吨，SA2509收盘价为1288元/吨，基差为32元，期货 贴水现货；偏多 3、库存：全国纯碱厂内库存171.20万吨，较前一周增加0.63%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面供强需弱，短期预计低位震荡运行为主。 一、纯碱期货行情 影响因素总结 利多： 利空： 主要逻辑和风险点 1、下游光伏玻璃产能有所提升，提振纯 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The fundamentals of soda ash show strong supply and weak demand. In the short term, it is expected to mainly fluctuate weakly. The supply at the high level has slightly declined, the terminal demand improvement is limited, the inventory has been continuously declining but is still at a high level in the same period, and the industry's supply - demand mismatch pattern has not been effectively improved [2][4] Summary by Relevant Catalogs Soda Ash Futures Market - The closing price of the main contract of soda ash futures was 1280 yuan/ton, a decrease of 0.31% from the previous value; the low - end price of heavy soda ash in Shahe, Hebei was 1310 yuan/ton, a decrease of 0.76%; the main basis was 30 yuan/ton, a decrease of 16.67% [5] Soda Ash Spot Market - The low - end price of heavy soda ash in the Shahe market in Hebei was 1310 yuan/ton, a decrease of 10 yuan/ton from the previous day [11] Soda Ash Production Profit - The profit of the heavy soda ash joint - alkali method in East China was 207.50 yuan/ton, and the profit of the heavy soda ash ammonia - alkali method in North China was - 14.60 yuan/ton. The soda ash production profit was at a low level in the same period of history [14] Soda Ash开工率, Capacity and Output - The weekly industry operating rate of soda ash was 80.27%, and the operating rate stabilized and rebounded; the weekly output of soda ash was 67.77 tons, of which the output of heavy soda ash was 36.90 tons, and the output declined from the historical high [17][19] Soda Ash Industry Capacity Changes - In 2023, the total new capacity of soda ash was 640 tons; in 2024, it was 180 tons; in 2025, the planned new capacity was 750 tons, and the actual production was 60 tons [21] Fundamental Analysis - Demand - The weekly sales rate of soda ash was 98.42%. The daily melting volume of national float glass was 15.67 tons, the operating rate was 75% and continued to decline, with weak demand for soda ash. The price of photovoltaic glass stabilized, the daily melting volume in production rebounded to 9.1 tons, and the output stabilized [24][27][30] Fundamental Analysis - Inventory - The total inventory of domestic soda ash manufacturers was 171.20 tons, of which the inventory of heavy soda ash was 88.33 tons, and the inventory was at a high level in the same period of history [33] Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, output, operating rate, import, export, net import, apparent supply, total demand, supply - demand difference, capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [34]

Core Viewpoint - The recent news about Weir Shares planning to change its company name and stock abbreviation has sparked widespread market attention and renewed discussions on the topic of corporate name changes in the A-share market [1] Group 1: Company Name Changes - Several companies in the A-share market, including Weir Shares, Xinhua Group, and Xinjiang Haoyuan, have announced plans to change their company names and stock abbreviations, with over 30 companies having completed name changes since 2025 [1] - Weir Shares intends to change its name from "Shanghai Weir Semiconductor Co., Ltd." to "Hao Wei Integrated Circuit (Group) Co., Ltd." following its acquisition of the top three image sensor chip design company, Hao Wei Technology, in 2019 [2] - The name change is aimed at better reflecting the company's strategic focus and business structure, with Weir's image sensor solutions generating revenue of 19.19 billion yuan, accounting for 74.76% of its main business income in 2024 [2] Group 2: Strategic Considerations - Companies often cite strategic planning and business development needs as reasons for name changes, with Xinhua Group emphasizing the importance of its copper official kiln cultural park in its rebranding efforts [2] - However, there are potential downsides to name changes, such as the loss of brand recognition for well-known companies, which may require time for the public to adjust to the new name [3] - Companies should carefully weigh the pros and cons of changing their names, ensuring that it aligns with long-term business development and enhances public recognition rather than pursuing short-term gains [4]

Group 1 - The company has changed its name from "Inner Mongolia Yuan Xing Energy Company Limited" to "Inner Mongolia Berun Chemical Company Limited" along with the corresponding securities abbreviation change from "Yuanxing Energy" to "Berun Chemical" effective from May 21, 2025 [1][2] - The company's securities code "000683" remains unchanged despite the name and abbreviation changes [1][2] - The name change aligns with the company's strategic shift away from coal and natural gas methanol production, focusing instead on natural soda ash and urea production, thereby providing a clearer representation of its current business operations [1] Group 2 - The name change has been approved by the Shenzhen Stock Exchange without any objections [2] - The company has completed the necessary registration procedures for the name change with the relevant authorities in Ordos City, obtaining a new business license [1][2] - The company continues to engage in various chemical production and sales activities, including non-hazardous chemical products, fertilizers, and machinery sales, among others [1]

1.内蒙古远兴能源股份有限公司（以下简称公司）中文名称由"内蒙古远兴 能源股份有限公司"变更为"内蒙古博源化工股份有限公司"，英文名称由"Inner Mongolia Yuan Xing Energy Company Limited"变更为"Inner Mongolia Berun Chemical Company Limited"。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 2.公司证券简称由"远兴能源"变更为"博源化工"，英文简称由"Yuanxing Energy"变更为"Berun Chemical"，启用时间为 2025 年 5 月 21 日。 3.公司证券代码"000683"保持不变。 一、公司名称（含证券简称）变更的说明 公司分别于 2025 年 4 月 23 日、2025 年 5 月 15 日召开九届二十五次董事会、 2024 年年度股东大会，审议通过了《关于变更公司名称、证券简称的议案》， 具体内容详见公司在巨潮资讯网披露的相关公告。 证券代码：000683 证券简称：远兴能源 公告编号：2025-042 内蒙古远兴能源股份有 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week, the soda ash futures fluctuated downward. The closing price of the main contract SA2509 decreased by 1.23% compared to the previous week, reaching 1289 yuan/ton. The low - end price of heavy soda ash in Hebei Shahe was 1320 yuan/ton, down 0.38% from the previous week [2]. - The supply of soda ash is declining from a high level, while the demand is weak. It is expected that the futures price will mainly fluctuate weakly. The downstream demand for float and photovoltaic glass is average, with downstream enterprises replenishing inventory as needed and having low intention to stockpile raw materials. The inventory is still at a historically high level [3]. Summary by Related Catalogs Weekly Market Conditions of Soda Ash Futures and Spot Goods - The closing price of the main futures contract SA2509 was 1289 yuan/ton, a 1.23% decrease from the previous week. The low - end price of heavy soda ash in Hebei Shahe was 1320 yuan/ton, down 0.38%. The main basis increased by 55% to 31 yuan/ton [2][9]. Soda Ash Spot Market - **Production Profit**: The profit of the heavy soda ash joint - alkali method in East China was 207.50 yuan/ton, and the profit of the heavy soda ash ammonia - alkali method in North China was - 14.60 yuan/ton. The production profit is at a historically low level [18]. - **Operating Rate and Production Volume**: The weekly operating rate of the soda ash industry was 80.27%, showing a stable recovery. The weekly production volume was 67.77 tons, with heavy soda ash production at 36.90 tons, and the production volume is falling from a historical high [21][23]. - **Industry Capacity Changes**: In 2023, the new capacity was 640 tons; in 2024, it was 180 tons; in 2025, the planned new capacity is 750 tons, with 60 tons actually put into production [27]. Fundamental Analysis - Demand - **Sales - to - Production Ratio**: The weekly sales - to - production ratio of soda ash was 98.42% [30]. - **Downstream Demand**: The daily melting volume of national float glass was 15.67 tons, and the operating rate of 75% continued to decline, resulting in weak demand for soda ash. The price of photovoltaic glass stabilized, the daily melting volume in production recovered to 9.1 tons, and the production volume stabilized [33][36]. Fundamental Analysis - Inventory - The total inventory of domestic soda ash manufacturers was 171.20 tons, with heavy soda ash inventory at 88.33 tons, and the inventory is at a historically high level in the same period [39]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet shows the data of effective capacity, production, operating rate, import, export, net import, apparent supply, total demand, supply - demand difference, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate from 2017 to 2024E [40]. Influencing Factors Summary - **Positive Factors**: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [6]. - **Negative Factors**: The supply of soda ash is declining from a high level, the improvement of terminal demand is limited, and the inventory, although continuously decreasing, is still at a high level in the same period. The supply - demand mismatch pattern in the industry has not been effectively improved [7].

大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：碱厂陆续公布检修计划，供给高位小幅下滑；下游浮法和光伏玻璃日熔量平稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1320元/吨，SA2509收盘价为1289元/吨，基差为31元，期货 贴水现货；偏多 3、库存：全国纯碱厂内库存171.20万吨，较前一周增加0.63%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面供强需弱，短期预计震荡偏弱运行为主。 交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-5-19 影响因素总结 利多： 利空： 主要逻辑和风险点 1、下游光伏玻璃产能有所提升，提振纯碱需求。 2、中美 ...