Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The fundamentals of glass are weak, with production profit recovery being sluggish, supply at a historically low level during the same period, downstream deep - processing orders being overall weak and worse than the same period in previous years, and real - estate terminal demand being weak with high inventory. It is expected to fluctuate weakly in the short term [2]. - Under the influence of the "Anti - involution" policy and environmental protection policies, there has been capacity clearance in the float glass industry, resulting in production losses. The main logic is that glass supply has stabilized and rebounded at a low level, downstream periodic restocking has ended, and glass factory inventories have increased. It is expected to fluctuate weakly at a low level [3]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 1009 yuan/ton to 989 yuan/ton, a decline of 1.98%. The spot price of the Shahe Safety large board remained unchanged at 1000 yuan/ton. The main basis changed from - 9 yuan/ton to 11 yuan/ton, a change of - 222.22% [5]. Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe was 1000 yuan/ton, remaining unchanged from the previous day [10]. Fundamentals - Cost - end - The recovery of glass production profit is sluggish, but no specific profit data is provided [2]. Fundamentals - Supply - The number of operating float glass production lines nationwide is 222, with an operating rate of 75%, and the number of operating production lines is at a historically low level during the same period [21]. - The daily melting volume of national float glass is 159,100 tons, and the production capacity is at a historically low level during the same period [23]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons [26]. - Real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level during the same period. The capital collection of the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [2][4]. Fundamentals - Inventory - The inventory of national float glass enterprises is 63.303 million weight boxes, an increase of 0.09% from the previous week, and the inventory is running above the five - year average [2][39]. Fundamentals - Supply - demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, consumption, and net import ratio. For example, in 2024E, the production is expected to be 55.1 million tons, the consumption is 53.1 million tons, and the net import ratio is - 0.90% [40].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term [2]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1017 yuan/ton to 1009 yuan/ton, a decline of 0.79%. The spot price of Shahe Safety large - board glass dropped from 1016 yuan/ton to 1000 yuan/ton, a decrease of 1.57%. The main basis increased from - 1 yuan/ton to - 9 yuan/ton, a rise of 800.00% [5]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, is 1000 yuan/ton, down 16 yuan/ton from the previous day [10]. Fundamental - Cost Side - The production profit of glass has weak recovery, and the supply is at a historically low level in the same period. The national floating glass production line has 222 in operation, with an operating rate of 75%, and the daily melting volume is 15.91 tons, both at historically low levels in the same period [2][21][23]. Fundamental - Demand Side - In September 2025, the apparent consumption of floating glass was 470.82 tons. The real - estate terminal demand is weak, the orders of glass deep - processing enterprises are at a historically low level in the same period, and the capital collection of the deep - processing industry is not optimistic [2][26]. Fundamental - Inventory Side - The inventory of national floating glass enterprises is 63.247 million weight - boxes, an increase of 0.18% from the previous week, and the inventory is running above the five - year average [2][39]. Fundamental - Supply - Demand Balance Sheet - From 2017 to 2024E, the production and consumption of floating glass have fluctuated. For example, in 2024E, the production is expected to be 55.1 million tons, with a growth rate of 3.94%, and the consumption is 53.1 million tons, with a decline rate of 1.15% [40]. Influencing Factors - **Likely Positive Factors**: Under the influence of the "anti - involution" policy and environmental protection policy, the floating glass industry has seen capacity clearance, such as the "coal - to - gas" conversion in the Shahe area and industry cold - repair, resulting in production losses [3]. - **Likely Negative Factors**: The glass supply has stabilized and rebounded at a low level, the downstream's phased replenishment has ended, and the glass factory's inventory has increased. The "anti - involution" market sentiment has subsided [3][4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The glass market has a weak fundamental situation, with production profit recovery being sluggish, supply at a historically low level, downstream deep - processing orders being weak, real - estate terminal demand being poor, and inventory at a high level. It is expected to show a weak and volatile trend in the short term [2]. - Due to the "anti - involution" and environmental protection policies, there has been capacity clearance in the float glass industry, but currently, glass supply has stabilized and rebounded at a low level, downstream periodic restocking has ended, and glass factory inventories have increased [3]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1029 yuan/ton to 1017 yuan/ton, a decline of 1.17%. The spot price of Shahe Safety large - board glass dropped from 1028 yuan/ton to 1016 yuan/ton, also a 1.17% decline. The main basis remained unchanged at - 1 yuan/ton [5]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 1016 yuan/ton, a decrease of 12 yuan/ton compared to the previous day [10]. Fundamental Analysis - Cost Side No specific content on cost - side analysis other than the mention of glass production profit is provided. Fundamental Analysis - Supply - The number of operating float glass production lines nationwide is 222, with an operating rate of 75%, and the number of operating production lines is at a historically low level in the same period. The daily melting volume of float glass is 159,100 tons, and the production capacity is at a historically low level in the same period [21][23]. Fundamental Analysis - Demand - The real - estate terminal demand for glass is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventories [4]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 63.247 million weight boxes, an increase of 0.18% compared to the previous week, and the inventory is running above the five - year average [2][39]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides a supply - demand balance sheet for float glass from 2017 to 2024E, showing data on production, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio. For example, in 2024E, the production is expected to be 55.1 million tons, with a production growth rate of 3.94% and a consumption growth rate of - 1.15% [40]. Factors Affecting the Market - **Positive Factors**: Under the influence of the "anti - involution" and environmental protection policies, there has been capacity clearance in the float glass industry, such as the "coal - to - gas" conversion in the Shahe area and industry cold - repairs, resulting in production losses [3]. - **Negative Factors**: The main logic is that glass supply has stabilized and rebounded at a low level, downstream periodic restocking has ended, and glass factory inventories have increased. Also, real - estate terminal demand is weak, deep - processing industry capital collection is not good, and the "anti - involution" market sentiment has faded [3][4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, the glass futures fluctuated downward. The closing price of the main contract FG2601 decreased by 5.41% compared to the previous week, reaching 1032 yuan/ton. The spot price of 5mm white glass sheets in Hebei Shahe was 1028 yuan/ton, down 2.28% from the previous week. The glass fundamentals show stable supply and weak demand, and it is expected to fluctuate weakly in the short term [3][11]. 3. Summary by Related Catalogs Glass Futures and Spot Weekly Market - The closing price of the main contract decreased from 1091 yuan/ton to 1032 yuan/ton, a decline of 5.41%. The spot benchmark price dropped from 1052 yuan/ton to 1028 yuan/ton, a decrease of 2.28%. The main basis decreased by 89.74% from -39 yuan/ton to -4 yuan/ton [6]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 1028 yuan/ton, down 2.28% from the previous week [11]. Fundamental Analysis - Cost and Profit No specific content provided. Fundamental Analysis - Supply - The number of operating float glass production lines nationwide is 222, with an operating rate of 75%. The daily melting capacity is 159,100 tons, and both the number of operating lines and capacity are at historically low levels for the same period [22][24]. Fundamental Analysis - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons. The terminal real - estate demand is still weak, and the number of orders for glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [27][5]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 63.247 million weight boxes, an increase of 0.18% from the previous week, and the inventory is running above the five - year average [39]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows the production, consumption, production growth rate, consumption growth rate, and net import ratio of float glass each year. For example, in 2024E, the production was 55.1 million tons, the consumption was 53.1 million tons, the production growth rate was 3.94%, and the consumption growth rate was - 1.15% [40].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The fundamentals of the glass industry are weak. With production profit recovery being sluggish, supply at a historically low level for the same period, downstream deep - processing orders overall weak and below the same period of previous years, and real - estate terminal demand being feeble, the inventory is at a high level. The glass market is expected to fluctuate weakly in the short term [2]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1056 yuan/ton to 1032 yuan/ton, a decline of 2.27%. The spot price of Shahe Safety large - size glass decreased from 1032 yuan/ton to 1028 yuan/ton, a decline of 0.39%. The main basis changed from - 24 yuan/ton to - 4 yuan/ton, a change of - 83.33% [5]. Glass Spot Market - The market price of 5mm white glass large - size boards in the spot benchmark area of Hebei Shahe is 1028 yuan/ton, a decrease of 4 yuan/ton from the previous day [10]. Fundamentals - Cost Side - The production profit of glass has a slow recovery, with the supply at a historically low level for the same period [2]. Fundamentals - Production - The number of operating national float glass production lines is 222, with an operating rate of 75%, and the number of operating production lines is at a historically low level for the same period. The daily melting capacity of national float glass is 159,100 tons, and the production capacity is also at a historically low level for the same period [21][23]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons [26]. Fundamentals - Inventory - The inventory of national float glass enterprises is 63.247 million weight - boxes, an increase of 0.18% from the previous week, and the inventory is above the five - year average [2][39]. Fundamentals - Supply - Demand Balance Sheet - The production, consumption, production growth rate, consumption growth rate, and net import ratio of float glass from 2017 to 2024E are presented in the balance sheet. For example, in 2024E, the production is 55.1 million tons, the consumption is 53.1 million tons, the production growth rate is 3.94%, and the consumption growth rate is - 1.15% [40]. Influencing Factors - **Positive factors**: Under the influence of "anti - involution" policies and environmental protection policies, the production capacity of the float glass industry has been cleared, such as the "coal - to - gas" conversion in the Shahe area and industry cold repairs, resulting in production losses [3]. - **Negative factors**: The main logic is that the glass supply has stabilized and rebounded at a low level, the downstream's phased inventory replenishment has ended, and the glass factory's inventory has increased. It is expected that the glass will fluctuate weakly at a low level. The real - estate terminal demand remains weak, the number of orders of glass deep - processing enterprises is at a historically low level for the same period, the capital collection in the deep - processing industry is not optimistic, and the "anti - involution" market sentiment has subsided [3][4].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Glass fundamentals are weak, with production profit recovery being乏力, supply at a historically low level in the same period, downstream deep - processing orders overall weak, and real - estate terminal demand sluggish, inventory at a high level. The short - term is expected to be mainly in a weak and volatile operation [2] 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract of glass futures increased from 1049 yuan/ton to 1056 yuan/ton, a rise of 0.67%. The spot price of the Shahe Safety large board decreased from 1036 yuan/ton to 1032 yuan/ton, a drop of 0.39%. The main basis changed from - 13 yuan/ton to - 24 yuan/ton, a change of 84.62% [5] Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe is 1032 yuan/ton, down 4 yuan/ton from the previous day [10] Fundamental Analysis - Cost Side - Glass production line: The number of operating national float glass production lines is 222, with an operating rate of 75.92%, and the number of operating production lines is at a historically low level in the same period. The daily melting volume of national float glass is 159,100 tons, and the production capacity is at a historically low level in the same period [21][23] Fundamental Analysis - Demand - In August 2025, the apparent consumption volume of float glass was 4.8602 million tons [27] Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 63.247 million weight boxes, an increase of 0.18% from the previous week, and the inventory is running above the 5 - year average [42] Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet of float glass from 2017 to 2024E shows changes in production, consumption, production growth rate, consumption growth rate, and net import ratio. For example, in 2017, the production was 53.54 million tons, the consumption was 52.29 million tons; in 2024E, the production is expected to be 55.1 million tons, the consumption is expected to be 53.1 million tons [43] Influencing Factors Summary - **Positive Factors**: Under the influence of the "anti - involution" policy and environmental protection policy, the float glass industry has cleared its production capacity, with "coal - to - gas" in the Shahe area and cold repairs in the industry, resulting in production losses [3] - **Negative Factors**: The main logic is that glass supply has stabilized and rebounded at a low level, the downstream's phased replenishment has ended, and the glass factory's inventory has increased. It is expected that glass will mainly operate in a weak and volatile manner at a low level. Other factors include weak real - estate terminal demand, low order volume of glass deep - processing enterprises, poor capital collection in the deep - processing industry, and the fading of the "anti - involution" market sentiment [3][4]

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 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。 玻璃早报 2025-11-12 每日观点 玻璃： 1、基本面：供给低位企稳回升，但沙河地区"煤改气"等供应端扰动因素较多；下游深加工订单 整体偏弱，不及往年同期，地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1052元/吨，FG2601收盘价为1036元/吨，基差为-17元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6313.6万重量箱，较前一周减少4.03%，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：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 2、风险点： "反内卷"政策力度超预期 1、地产终端需求 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 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。 玻璃早报 2025-11-11 每日观点 玻璃： 1、基本面：供给低位企稳回升，但沙河地区"煤改气"等供应端扰动因素较多；下游深加工订单 整体偏弱，不及往年同期，地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1052元/吨，FG2601收盘价为1069元/吨，基差为-17元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6313.6万重量箱，较前一周减少4.03%，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：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、"反内卷"政策、环保政策影响下，浮法玻璃行业产能出清 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 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。 玻璃早报 2025-11-10 每日观点 玻璃： 1、基本面：供给低位企稳回升，但沙河地区"煤改气"等供应端扰动因素较多；下游深加工订单 整体偏弱，不及往年同期，地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1052元/吨，FG2601收盘价为1091元/吨，基差为-39元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6313.6万重量箱，较前一周减少4.03%，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：玻璃供给端扰动刺激，短期预计震荡运行为主。 影响因素总结 利多： 1、"反内卷"政策、环保政策影响下，浮法玻璃行业产能出清 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - The finished products are expected to move in a sideways consolidation manner, with a continued downward trend in price, and the price center of gravity continues to shift downward due to the weak supply - demand pattern and pessimistic market sentiment. The winter storage this year is sluggish, providing weak support for prices [1][2]. - The price of aluminum is expected to be strong in the short - term, showing a high - level shock. Attention should be paid to the macro - sentiment, mine - end news, inventory - consumption trends, and high - level pressure [1][2][3]. 3. Summary According to Related Catalogs 3.1 Finished Products - Yunnan - Guizhou short - process construction steel enterprises will have a shutdown and maintenance period during the Spring Festival, with an estimated impact on the total construction steel output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills has stopped production on January 5, and most of the others will stop around mid - January, with a daily output impact of about 16,200 tons [1][2]. - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2]. - The finished products continued to decline in a volatile manner yesterday, reaching a new low. The market sentiment is pessimistic, and the winter storage is sluggish, with weak price support [2]. 3.2 Aluminum - Macroscopically, US data shows a weak labor market, increasing the expectation of the Fed to cut interest rates again this year. The market is concerned about the impact of Trump's trade policy and the risks related to the long - term government shutdown [1]. - The alumina market has a continuous supply - demand relaxation pattern, with spot prices under pressure. Industry profitability has shrunk, and some high - cost enterprises face operational pressure. Environmental policies may restrict production during the heating season and carbon emission verification [2]. - Downstream electrolytic aluminum enterprises have weak procurement willingness, mainly for rigid - demand replenishment. Raw material inventory has accumulated to 3.202 million tons, and the total industry inventory has increased by 92,000 tons to a historical high of 4.599 million tons [2]. - The weekly starting rate of domestic aluminum downstream processing leading enterprises is 61.6%, a 0.6 - percentage - point decrease from last week. The starting rates of aluminum cables, profiles, strips, and foils have all declined [2]. - On November 6, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 622,000 tons. In November, the pressure of weak inventory accumulation increases, which may have a negative impact on aluminum prices [2].