Report Industry Investment Rating - Not 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 rebound. In the medium term, the glass demand expectation remains weak. The disk is mainly affected by the international situation in the short - term and should be treated with an oscillatory mindset. After the macro - influencing factors subside, it 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 short - term disk sentiment has warmed up, and the spot - futures merchants' enthusiasm for purchasing has increased. The disk is affected by macro - sentiment and energy prices and is temporarily maintained with an oscillatory and slightly strong mindset. If the situation eases, the market will return to the domestic supply - demand logic [3]. Summary by Relevant Catalogs Glass - The glass main contract opened high and went high, oscillating strongly within the day. 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 of the daily line. The trading volume decreased by 333,000 lots compared with yesterday, and the open interest decreased by 156,000 lots. The intraday high was 1163, the low was 1055, and the closing price was 1112, up 31 yuan/ton or 2.87% compared with yesterday's settlement price [1]. - The total inventory of national float glass sample enterprises is 79.637 million heavy boxes, a month - on - month increase of 3.629 million heavy boxes or 4.77%, and a year - on - year increase of 14.51%. The inventory days are 35.3 days, an increase of 1.5 days from the previous period. The inventories in all regions have increased comprehensively, and the total inventory is approaching the 3 - year high [1]. Soda Ash - The soda ash main contract opened high and went high, oscillating slightly strongly within the day. The 120 - minute Bollinger Bands' three tracks are upward, showing a short - term continuation of the oscillatory and slightly strong signal. The pressure is near the previous high, and the support is near the 10 - day moving average of the daily line. The trading volume decreased by 855,000 lots compared with yesterday, and the open interest decreased by 106,000 lots. The intraday high was 1330, the low was 1220, and the closing price was 1255, up 10 yuan/ton or 0.8% 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 or 1.26% 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].

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].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - The core contradiction of glass lies in the game between "supply contraction expectation" (cold repair + policy) and "weak real - demand" (real - estate downturn), with high inventory being the biggest pressure on the market rebound. The demand expectation for glass remains weak in the medium - term. In the short - term, the price is expected to maintain a volatile and strong trend, and a low - buying strategy is advisable [2]. - The core contradiction of soda ash is the continuous inventory accumulation caused by strong supply and weak demand, and the pattern of supply - demand mismatch in the industry has not improved. In the short - term, it maintains a volatile and strong trend, and a low - buying strategy is advisable. Whether it can continue to open up space in the medium - term depends on policy news from the Two Sessions and whether the high inventory can be continuously reduced [3]. 3. Summary According to the Glass and Soda Ash Sections Glass - **Market Performance**: The main glass contract opened higher and moved higher, with a volatile and strong intraday performance. The 120 - minute Bollinger Band opened, signaling a short - term volatile and strong trend. The pressure is near the previous high, and the support is near the intraday gap. The trading volume increased by 1.838 million lots compared with the previous day, and the open interest decreased by 91,314 lots. The intraday high was 1163, the low was 1090, and the closing price was 1104, up 34 yuan/ton or 3.18% compared with the previous day's settlement price [1]. - **Inventory Situation**: The total inventory of national float glass sample enterprises was 79.637 million heavy boxes, a month - on - month increase of 3.629 million heavy boxes or 4.77%, and a year - on - year increase of 14.51%. The inventory days were 35.3 days, an increase of 1.5 days from the previous period. The inventory in each region increased comprehensively, and the total inventory was approaching a 3 - year high [1]. Soda Ash - **Market Performance**: The main soda ash contract opened higher and moved higher, with a volatile and strong intraday performance. The 120 - minute Bollinger Band opened like a horn, signaling a short - term continuation of the volatile and strong trend. The pressure is near the previous high, and the intraday support is near the day's low. The trading volume increased by 1.854 million lots compared with the previous day, and the open interest decreased by 58,855 lots. The intraday high was 1330, the low was 1245, and the closing price was 1276, up 45 yuan/ton or 3.66% compared with the previous day's settlement price [3]. - **Inventory Situation**: The total inventory of domestic soda ash manufacturers was 1.9227 million tons, a decrease of 24,500 tons or 1.26% compared with last Thursday. Among them, light soda ash was 1.016 million tons, a month - on - month decrease of 11,300 tons, and heavy soda ash was 0.9067 million tons, a month - on - month decrease of 13,200 tons [3].

Report Industry Investment Rating - Not 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), with high inventory being the biggest pressure on the disk rebound. In the medium - term, glass demand expectation remains weak. In the short - term, prices are expected to maintain a volatile trend, and attention should be paid to the policy news from the Two Sessions and the external situation [2]. - The core contradiction of soda ash is the continuous inventory accumulation caused by strong supply and weak demand, and the supply - demand mismatch pattern in the industry has not improved. In the short - term, it maintains a volatile and strong trend, and a low - buying strategy is advisable. In the medium - term, whether it can break through the upper space depends on the policy news from the Two Sessions and whether the high inventory can be continuously reduced [4][6]. Summary by Related Catalogs Glass - Today, the glass main contract opened high and moved higher, with an intraday volatile and strong trend. The 120 - minute Bollinger Band shows a short - term volatile signal. The pressure is near the 60 - day moving average on the daily line, and the support is near the previous low. The trading volume increased by 192,000 lots compared with yesterday, and the open interest decreased by 57,661 lots. The intraday high was 1065, the low was 1038, and the closing price was 1055, up 8 yuan/ton or 0.76% compared with yesterday's settlement price [1]. - The total inventory of national float glass sample enterprises is 79.637 million heavy cases, a month - on - month increase of 3.629 million heavy cases or 4.77%, and a year - on - year increase of 14.51%. The inventory days are 35.3 days, 1.5 days more than 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 contract of soda ash opened low and moved higher, with an intraday volatile and strong trend. The 120 - minute Bollinger Band shows a short - term volatile and strong signal. The intraday pressure is near today's high, and the intraday support is near the 60 - day moving average on the daily line. The trading volume decreased by 31,390 lots compared with yesterday, and the open interest increased by 20,265 lots. The intraday high was 1243, the low was 1196, and the closing price was 1225, up 15 yuan/ton or 1.24% compared with yesterday's settlement price [3]. - The total inventory of domestic soda ash manufacturers is 1.9472 million tons, an increase of 17,700 tons or 0.92% compared with Monday. Among them, light soda ash is 1.0273 million tons, a month - on - month increase of 14,400 tons, and heavy soda ash is 0.9199 million tons, a month - on - month increase of 3300 tons. Compared with last Thursday, it increased by 52,800 tons or 2.79%. Among them, light soda ash is 1.0273 million tons, a month - on - month increase of 28,800 tons; heavy soda ash is 0.9199 million tons, a month - on - month increase of 24,000 tons. The inventory at the same time last year was 1.7599 million tons, a year - on - year increase of 187,300 tons or 10.64% [3].

Report Industry Investment Rating - Not provided Core Viewpoints - Glass: The core contradiction lies in the game between "supply contraction expectation" and "weak real - demand", with high inventory being the biggest pressure for the market rebound. In the short term, the price is expected to maintain a volatile operation, and attention should be paid to the policies of the Two Sessions and the external situation [1]. - Soda Ash: The core contradiction is the continuous inventory accumulation due to strong supply and weak demand. In the short term, it maintains a volatile and strong trend, and a low - buying strategy is appropriate. In the medium term, whether it can break through upward depends on the policies of the Two Sessions and the continuous reduction of high inventory [3]. Summary by Related Content Glass - Market Performance: The main glass contract opened high and went low, showing a weak trend during the day. The 120 - minute Bollinger Bands' three tracks are downward, indicating a short - term volatile and weak signal. The pressure is around the 60 - day moving average on the daily line, and the support is near the previous low. The trading volume decreased by 278,000 lots compared with yesterday, and the open interest decreased by 7,904 lots. The intraday high was 1055, the low was 1037, and the closing price was 1038, down 1 yuan/ton or 0.1% from yesterday's settlement price [1]. - Demand and Supply: Although glass manufacturers have mostly resumed work, downstream deep - processing factories will resume work after the Lantern Festival, so the demand release is slow. The post - festival price increase is due to emotional influence rather than actual demand. The high inventory is the biggest pressure for the market rebound. The demand expectation is still weak in the medium term. In the short term, most downstream factories are gradually resuming work, and the demand is slowly recovering [1]. Soda Ash - Market Performance: The main contract opened low and went low, showing a volatile and weak trend during the day. The 120 - minute Bollinger Bands' three tracks are open upward, indicating a short - term volatile and strong signal. The pressure during the session is near the previous high, and the short - term support is near the 60 - day line on the daily line. The trading volume increased by 228,000 lots compared with yesterday, and the open interest decreased by 47,496 lots. The intraday high was 1225, the low was 1194, and the closing price was 1203, up 14 yuan/ton or 1.18% from yesterday's settlement price [2]. - Inventory and Supply - Demand: The total inventory of domestic soda ash manufacturers is 192.95 million tons, an increase of 3.51 million tons or 1.85% compared with the inventory on February 26. The supply is loose as some enterprises' production has increased, while the downstream demand is average, with a strong wait - and - see sentiment and mainly low - price transactions [2].

Report Industry Investment Rating - No information provided regarding the industry investment rating Core Viewpoints - The core contradiction in the glass market lies in the game between "supply contraction expectations" (cold repair + policy) and "weak actual demand" (real estate downturn + seasonal off - peak season), with high inventory being the biggest pressure on the market rebound. In the medium - term, glass demand expectations remain weak. In the short - term, prices are expected to fluctuate, and attention should be paid to the Two Sessions' policy news and the external situation [2] - The core contradiction in the soda ash market is the continuous inventory accumulation caused by strong supply and weak demand, and the industry's supply - demand mismatch has not improved. In the short - term, the market is expected to be volatile and strong, but in the medium - term, it depends on the Two Sessions' policy news and whether the high inventory can be continuously reduced [3] Summary by Related Content Glass - Today, the main glass contract opened lower and closed higher, strengthening during the day. The 120 - minute Bollinger Bands showed a narrowing signal of a trumpet shape, indicating short - term volatility. The pressure is near the 60 - day moving average on the daily line, and the support is near the previous low. The trading volume decreased by 361,000 lots compared to yesterday, and the open interest decreased by 36,536 lots. The intraday high was 1055, the low was 1027, and the closing price was 1054, up 7 yuan/ton or 0.67% from yesterday's settlement price [1] - Most domestic deep - processing enterprises are still shut down. In North and Northeast China, downstream processing enterprises have mostly not started work and will start after the Lantern Festival. Some export - order enterprises are still rushing orders due to tax - refund policies. In Central and Southwest China, downstream factories generally started work late after the Spring Festival, mostly from the 16th to the 20th day of the first lunar month, with a small number starting from the 8th to the 10th day. Currently, most enterprises have poor order - receiving situations. In East China, most downstream factories will start after the Lantern Festival, and only a few are rushing work due to export orders and tax - refund policies. In South China, most downstream deep - processing enterprises will start after the Lantern Festival, and a few factories made appropriate purchases after the raw - material enterprises raised prices after the Spring Festival [1] Soda Ash - The main soda ash contract strengthened during the day. The 120 - minute Bollinger Bands showed an opening trumpet shape, indicating a short - term volatile and strong signal. The intraday pressure is near the previous high, and the short - term support is near the 60 - day moving average on the daily line. The trading volume decreased by 10,177 lots compared to yesterday, and the open interest increased by 76 lots. The intraday high was 1221, the low was 1171, and the closing price was 1218, up 27 yuan/ton or 2.27% from yesterday's settlement price [3] - The total inventory of domestic soda ash manufacturers is 192.95 million tons, an increase of 3.51 million tons or 1.85% from the inventory on February 26. Among them, light soda ash inventory is 101.29 million tons, a month - on - month increase of 1.44 million tons, and heavy soda ash inventory is 91.66 million tons, a month - on - month increase of 2.07 million tons [3] - The current demand for heavy soda ash is average, and the better demand for light soda ash offsets the reduction in heavy soda ash demand to some extent, but the overall situation is still in an oversupply pattern with continuous accumulation of high inventory. The industry is currently in continuous losses, and some device overhauls provide certain support for prices. Although the demand is in the recovery stage, the actual downstream start - up situation is still unclear. Attention should be paid to the impact of macro - policies and market sentiment during the important meeting at the beginning of this month [3]

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating Group 2: Core Viewpoints of the Report - The core contradiction of glass lies in the game between "supply contraction expectation" (cold repair + policy) and "weak real - demand" (real - estate downturn + seasonal off - season), with high inventory being the biggest pressure on the disk rebound. In the medium - term, glass demand expectation remains weak. In the short - term, the disk mainly reflects market capital game, and it is expected to maintain a volatile operation [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. It is advisable to adopt a short - term volatile and bullish thinking, but whether it can break through upward in the medium - term depends on the two - sessions policy news and whether the high inventory can be continuously reduced [4] Group 3: Summary of Glass - related Content - Today, the glass main contract opened low and moved high, showing a volatile and bullish trend in the day. The 120 - minute Bollinger Band shows a short - term volatile signal. The pressure is around the 60 - day moving average of the daily line, and the support is near the lower Bollinger Band. The trading volume decreased by 114,000 lots compared with yesterday, and the position increased by 5,898 lots. The intraday high was 1,064, the low was 1,044, and the closing price was 1,062, up 7 yuan/ton or 0.66% compared with yesterday's settlement price [1] - After the holiday, most domestic deep - processing enterprises are still shut down. The downstream processing enterprises in North China and Northeast China have not started work yet, mostly starting after the Lantern Festival. In Central China and Southwest China, the overall start - up of downstream processing plants after the festival is generally late. In East China, most downstream processing plants start after the Lantern Festival. In South China, most downstream deep - processing enterprises start after the Lantern Festival, and a few processing plants make appropriate purchases after the price increase of original sheet enterprises [1] Group 4: Summary of Soda Ash - related Content - Today, the soda ash main contract opened low and moved high, showing a volatile and bullish trend in the day. The 120 - minute Bollinger Band shows a short - term volatile and bullish signal. The pressure is around the 60 - day moving average of the daily line, and the support is near the 10 - day moving average of the daily line. The trading volume increased by 16,879 lots compared with yesterday, and the position increased by 4,055 lots. The intraday high was 1,195, the low was 1,176, and the closing price was 1,194, up 11 yuan/ton or 0.93% compared with yesterday's settlement price [3] - The total inventory of domestic soda ash manufacturers is 189.44 tons, an increase of 30.64 tons or 19.29% compared with the inventory on February 12. The inventory in the same period last year was 181.55 tons, a year - on - year increase of 7.89 tons or 4.35% [3] - The production unit of Zhongyan Kunshan Alkali Plant is operating at a reduced load. The 900,000 - ton production line of Sichuan Hebang has been shut down for technological transformation since February 25, which is expected to last for about half a year. Zhongyan Kunshan plans to carry out maintenance on March 25 [3]

【冠通期货研究报告】 玻璃、纯碱日报：短期震荡 发布日期：2026 年 2 月 25 日 玻璃：今日玻璃主力低开高走，日内震荡偏强。120 分钟布林带走缩口喇叭，短 期震荡，压力关注日线的 60 均线附近，支撑关注前低附近。成交量昨日增 38.6 万手，持仓量较昨日增 32787 手；日内最高 1073，最低 1049，收盘 1064，（较 昨日结算价）涨 16 元/吨，涨幅 1.53%。 玻璃核心矛盾在 "供应收缩预期"（冷修+政策）与"弱现实需求"（地产 低迷+季节性淡季）的博弈，高库存是盘面反弹的最大压力。中期来看，因商品 房销售暂未出现明显好转，玻璃需求预期仍然偏弱。节前部分产线冷修，产能收 缩，供需格局略有改善。而随着 3 月重要会议临近，关注市场对宏观预期以及北 方主产地环保的影响。但往上空间若想打开仍需房产企稳。短期而言，预计维持 震荡运行。关注后期房产政策以及主产地产线检修情况。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 纯碱：主力合约今日高开高走，日内走强。120 分钟布林带走缩口喇叭，短期震 荡信号，盘中压力关注布林带上轨线附近，支撑关注日 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The glass market is in a short - term shock, with the core contradiction being the game between "supply contraction expectations" and "weak real - world demand". The medium - term demand outlook remains weak, and it is expected to maintain a shock operation in the short term. Attention should be paid to real estate policies and production line maintenance [1]. - The soda ash market also shows short - term shock. The core problem is the continuous inventory accumulation due to strong supply and weak demand. Although there is short - term price rebound, the medium - term spot fundamentals are still weak. Attention should be paid to glass cold - repair situations [4]. Summary by Related Content Glass - **Market Performance**: The main glass contract opened higher and fluctuated, closing with a doji star. The 120 - minute Bollinger Bands showed an open - horn shape, with short - term shock being weak. The trading volume decreased by 590 lots compared to before the holiday, and the open interest increased by 79844 lots. The intraday high was 1060, the low was 1037, and the closing price was 1050, down 6 yuan/ton or 0.57% from the previous trading day's settlement price [1]. - **Core Contradiction**: The core contradiction lies in the game between "supply contraction expectations" (cold - repair + policy) and "weak real - world demand" (real estate downturn + seasonal off - season), and high inventory is the biggest pressure on the market rebound [1]. - **Market Outlook**: The medium - term demand outlook is still weak due to the lack of significant improvement in commercial housing sales. The market is in a traditional off - season with light trading sentiment. Although the supply - demand pattern has slightly improved due to pre - holiday production line cold - repair, the upward space depends on the stabilization of the real estate market. It is expected to maintain shock operation in the short term, and attention should be paid to real estate policies and production line maintenance [1]. Soda Ash - **Market Performance**: The main soda ash contract opened higher and fluctuated strongly during the day. The 120 - minute Bollinger Bands had a downward - opening shape, with short - term shock being weak. The trading volume decreased by 623 lots compared to before the holiday, and the open interest increased by 50896 lots. The intraday high was 1175, the low was 1146, and the closing price was 1169, up 7 yuan/ton or 0.6% from the previous trading day's settlement price [4]. - **Core Contradiction**: The core problem is the continuous inventory accumulation due to strong supply and weak demand, and the industry's supply - demand mismatch pattern has not improved [4]. - **Market Outlook**: Although the good demand for light soda ash offsets the decline in heavy soda ash demand to some extent, the overall oversupply pattern continues. The industry is in continuous losses, with strong cost support below. With the return of funds after the holiday, there is a short - term price rebound. The short - term market may maintain shock fluctuations, but the medium - term spot fundamentals are still weak. Attention should be paid to glass cold - repair situations [4].

Report Industry Investment Rating - The short - term outlook for the glass industry is volatile [1] Core Viewpoint - The core contradiction in the glass market lies in the game between "supply contraction expectations" (due to cold repairs and policies) and "weak actual demand" (caused by the sluggish real - estate market and seasonal off - peak seasons). High inventory is the biggest pressure for the price rebound. Although policies provide short - term emotional support, the supply - demand contradiction has not been substantially improved. In the short term, the glass market is expected to fluctuate. Attention should be paid to macro - policy changes and production line cold - repair situations [4] Summary by Relevant Catalogs Market行情回顾 - **Futures market**: The glass main contract opened and closed lower, showing a weak intraday oscillation. The 120 - minute Bollinger Bands tightens, indicating short - term volatility. The pressure is near the upper Bollinger Band, and the support is near the lower Bollinger Band. The trading volume decreased by 294,000 lots compared to the previous day, while the open interest increased by 6,827 lots. The intraday high was 1083, the low was 1064, and the closing price was 1072, down 20 yuan/ton or 1.83% from the previous settlement price [1] - **Spot market**: In North China, the market is stable with overall sales slowing down as the industry gradually takes holidays. In East China, there are few changes, with stable prices and slowing sales. In Central China, the market operates steadily, with middle - and downstream enterprises focusing on collecting payments. In South China, the market remains stable for now, with most downstream enterprises finishing their work and the trading atmosphere weakening [1] - **Basis**: The spot price in North China is 1020, and the basis is - 52 yuan/ton [1] Fundamental Data - **Supply**: As of February 5th, the total output of float glass this week was 1.0558 million tons, a week - on - week decrease of 0.11% and a year - on - year decrease of 3.16%. The average operating rate was 71.86%, unchanged from the previous week, and the average capacity utilization rate was 75.61%, a week - on - week decrease of 0.09%. Two production lines of Dongtai Zhongbo with a designed capacity of 600 tons each were shut down today [2] - **Inventory**: The total inventory of national float glass sample enterprises was 53.064 million weight boxes, a week - on - week increase of 500,000 weight boxes or 0.95%, and a year - on - year decrease of 11.77%. The inventory days were 23.1 days, an increase of 0.3 days from the previous period [2] - **Demand**: The average order days of national deep - processing sample enterprises were 6.35 days, a week - on - week decrease of 31.9% and a year - on - year increase of 323.3%. As the Spring Festival approaches, the market atmosphere has significantly weakened, and orders from deep - processing factories in all regions have declined [2] - **Import and Export**: In December 2025, the domestic float glass exports were 87,000 tons, an increase of 2,200 tons or 2.59% from the previous month. The net exports were 72,400 tons, a month - on - month increase of 4.51%. The cumulative export volume from January to December was 1.0292 million tons, an increase of 497,700 tons or 93.63% from the same period last year [2] - **Profit**: The weekly average profit of natural - gas - fired float glass was - 167.97 yuan/ton, a week - on - week decrease of 12.85 yuan/ton. The weekly average profit of coal - gas - fired float glass was - 67.92 yuan/ton, a week - on - week increase of 0.58 yuan/ton. The weekly average profit of petroleum - coke - fired float glass was 43.93 yuan/ton, a week - on - week increase of 42.86 yuan/ton [3] Main Logic Summary - The core contradiction in the glass market is the game between supply contraction expectations (cold repairs and policies) and weak actual demand (real - estate downturn and seasonal off - peak). High inventory is the main pressure for price rebound. Real - estate demand has not improved, and although policies provide short - term emotional support, the supply - demand contradiction remains. With the approaching Spring Festival, downstream enterprises are finishing work, and the market sentiment is weak. So the glass market weakened intraday and is expected to be volatile in the short term. Future attention should be paid to macro - policy changes and production line cold - repair situations [4]