Report Industry Investment Rating No relevant content provided. Core View of the Report - The glass industry has weak fundamentals, with limited recovery in production profits, increasing cold repairs, and shrinking supply. Downstream deep - processing orders are weak due to the real - estate drag, and inventory is at a historically high level for the same period. In the short term, it is expected to mainly operate in a weak and volatile manner [2][5]. Summary by Related Catalogs Glass Futures Market - The closing price of the main contract was 1096 yuan/ton, a decrease of 4.11% from the previous value. The spot price of Shahe Safety large - size glass was 936 yuan/ton, a decrease of 0.85%. The main basis was - 160 yuan/ton, a decrease of 19.60% [6]. Glass Spot Market - The market price of 5mm white glass large - size boards in the spot benchmark area of Hebei Shahe was 944 yuan/ton, remaining the same as the previous day [11]. Fundamental Analysis - Cost Side No detailed content provided. Fundamental Analysis - Supply - The number of operating float glass production lines nationwide was 216, with an operating rate of 71.96%, at a historically low level for the same period. The daily melting capacity of float glass was 150,100 tons, also at a historically low level for the same period [18][20]. Fundamental Analysis - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons [24]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises was 55.518 million weight boxes, a decrease of 2.37% from the previous week, and the inventory was above the five - year average [40]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E is presented, showing changes in production, consumption, production growth rate, consumption growth rate, and net import ratio over the years. For example, in 2024E, production was 55.1 million tons, consumption was 53.1 million tons, production growth rate was 3.94%, and consumption growth rate was - 1.15% [41].

1. Report's Industry Investment Rating - The short - term investment rating for the glass industry is "shock - biased upward" [1] 2. Report's Core View - Recently, the consecutive cold - repairs of glass production lines have led to a short - term concentrated contraction in supply, boosting market sentiment. However, due to weak demand expectations and high inventory, prices are difficult to rebound quickly. Therefore, short - term prices may maintain a shock - biased upward trend. Attention should be paid to changes in macro policies and the cold - repair situation of production lines [4] 3. Summary by Relevant Catalogs Market行情回顾 - Futures market: The glass main contract opened high and closed low, weakening during the day. The 120 - minute Bollinger Bands have an upward - opening three - track, indicating a short - term shock - biased upward signal. The upper Bollinger Band line is the short - term pressure, and the 5/20 - day moving averages on the daily chart are the support. The trading volume decreased by 442,000 lots compared to the previous day, and the open interest increased by 11,153 lots. The intraday high was 1097, the low was 1076, and the closing price was 1081, down 7 yuan/ton or 0.64% from the previous day's settlement price [1] - Spot market: The Hebei market was mainly stable, with good sales of large - sized glass and average sales of small - sized glass, and downstream buyers were cautious. The East China market maintained stable prices for sales, and the overall situation was okay, with rigid demand still being the mainstream. The Central China market had little fluctuation, mainly driven by rigid demand. In the Northwest market, processing plants were gradually on holiday, and the market had prices but no transactions. In the Southwest market, prices were temporarily stable, and the price of some ultra - white glass increased by 40 [1] - Basis: The spot price in North China was 1000, and the basis was - 81 yuan/ton [1] Fundamental Data - Supply: As of January 1st, the daily average output of national float glass was 151,500 tons, a decrease of 1.99% compared to the 25th. The national float glass output was 1.0733 billion tons, a month - on - month decrease of 0.99% and a year - on - year decrease of 3.38%. The industry's average opening rate was 73.03%, a month - on - month decrease of 0.86%; the average capacity utilization rate was 76.66%, a month - on - month decrease of 0.76%. Five production lines were shut down for cold - repair last week, and the supply showed an obvious downward trend [2] - Inventory: The total inventory of national float glass sample enterprises was 56.866 million heavy boxes, a month - on - month decrease of 1.757 million heavy boxes or 3.00%, and a year - on - year increase of 28.96%. The inventory days were 25.6 days, a decrease of 0.9 days compared to the previous period. Currently, the overall inventory of glass enterprises is on a downward trend, and the inventory has shifted from enterprises to the middle and lower reaches due to sales policies, the release of speculative demand, and the reduction of production capacity [2] - Demand: The average order days of national deep - processing sample enterprises was 8.6 days, a month - on - month decrease of 10.7% and a year - on - year decrease of 16.1%. Engineering orders are gradually ending, with the executable order days decreasing and currently concentrated between 10 - 15 days. Home - decoration orders are still mainly low - value scattered orders [2][3] - Profit: As of January 1st, according to Longzhong Information, the profit of natural - gas - fired production was - 191.40 yuan/ton (a month - on - month decrease of 5 yuan/ton), the profit of petroleum - coke - fired production was - 24.36 yuan/ton (a month - on - month decrease of 17.14 yuan/ton), and the profit of coal - gas - fired production was - 65.23 yuan/ton (a month - on - month decrease of 43.34 yuan/ton). The spot price of glass and fuel prices have both decreased year - on - year, and the profitability of production lines has continued to deteriorate, with the average profit of different fuels in continuous losses for 10 weeks [3] Main Logic Summary - Supply: Production lines using natural gas as fuel have long - term losses, and those using coal and petroleum coke are also in a loss state, accelerating the elimination of production capacity of some enterprises. Five glass production lines were shut down for cold - repair last week. The Ministry of Industry and Information Technology mentioned the rectification of "involution - style" competition before the holiday, briefly boosting market sentiment [4] - Demand: Real estate development investment and capital availability have continued to decline year - on - year, with weak completion and new construction, and real estate demand has continued to weaken [4]

1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term. The production profit of glass has limited recovery, cold - repairs have increased leading to further supply contraction, downstream deep - processing orders are weak due to the real estate drag, and the inventory is at a historically high level for the same period [2]. 3. Summary by Relevant Catalog 3.1 Glass Futures Market - The closing price of the main glass futures contract is 1087 yuan/ton, the spot price of Shahe Safety large - plate glass is 904 yuan/ton, and the main basis is - 183 yuan/ton, with a 0.00% change compared to the previous value [6]. 3.2 Glass Spot Market - The market price of 5mm white glass large - plate in the spot benchmark area of Hebei Shahe is 904 yuan/ton, which is flat compared to the previous day [12]. 3.3 Fundamental Analysis - Cost Side - The production profit of glass has limited recovery, and there is an expectation of further cold - repairs in the industry due to low production profit [2][4]. 3.4 Fundamental Analysis - Supply - The number of operating national float glass production lines is 218, with an operating rate of 73.89%, 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 154,500 tons, and the production capacity is at a historically low level for the same period [22][24]. 3.5 Fundamental Analysis - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand remains weak, the order volume of glass deep - processing enterprises is at a historically low level for the same period, and the capital collection in the deep - processing industry is not optimistic, causing traders and processors to be cautious and mainly consume the original glass inventory [28][4]. 3.6 Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 56.866 million weight boxes, a 3.00% decrease from the previous week, and the inventory is above the five - year average [2][44]. 3.7 Fundamental Analysis - 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, 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, and the net import ratio was - 1.734%. In 2024E, the production is expected to be 55.1 million tons, the consumption is expected to be 53.1 million tons, and the production growth rate is 3.94% [45].

Core Viewpoint - Market sentiment has improved slightly, with glass futures showing a strong performance, as the main contract reached 1082.00 yuan/ton, an increase of 2.75% [1] Group 1: Production and Capacity - From December 19 to December 25, the operating rate of Chinese LOW-E glass sample enterprises was 73.8%, an increase of 0.8% month-on-month; when not excluding samples, the operating rate increased by 0.9% to 44.1% [2] - On December 29, Qibin Changxing planned to release production from its line with a designed capacity of 600 tons/day; on December 30, Qibin Pinghu planned to release production from its line with a designed capacity of 600 tons/day; on December 31, Donghai Taibo planned to cold repair its line with a designed capacity of 800 tons/day; and on December 31, Longyan Zhongbo planned to cold repair its line with a designed capacity of 700 tons/day [2] - As of December 25, the national float glass daily output was 154,500 tons, a decrease of 0.39% compared to December 18 [2] Group 2: Market Analysis - According to Jianxin Futures, the glass market continues to show weakness, lacking clear upward momentum in the short term; although production pace remains relatively stable, overall inventory levels are still high, and terminal demand is slow, leading to a cautious market sentiment [4] - Zhonghui Futures noted that factory inventory remains high with two consecutive increases, and the spot market is weakening; both supply and demand fundamentals are weak, with a decline in daily melting capacity to 154,000 tons, and profits across three processes turning negative [4] - The real estate sector is in an adjustment cycle, with deep processing orders averaging 9.7 days, showing a month-on-month decline; the strategy suggests a wait-and-see approach in the short term due to low prices, while the medium to long-term outlook remains in an adjustment phase [4]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The fundamentals of glass are weak, and it is expected to fluctuate weakly in the short term. The production profit repair is weak, supply contraction is less than expected, downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historical high for the same period [2]. Summary by Related Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1057 yuan/ton to 1051 yuan/ton, a decline of 0.57%. The spot price of Shahe Safety large - plate remained at 920 yuan/ton. The main basis increased from - 137 yuan/ton to - 131 yuan/ton, a change of - 4.38% [6]. Glass Spot Market - The market price of 5mm white glass large - plate in the spot benchmark area of Hebei Shahe was 920 yuan/ton, unchanged from the previous day [12]. Cost Side of Fundamentals - No specific content on glass production profit is provided except for the title. Supply Side of Fundamentals - The number of operating national float glass production lines is 218, with an operating rate of 73.89%, at a historical low for the same period. The daily melting volume of float glass is 154,500 tons, and the production capacity is at a historical low for the same period [22][24]. Demand Side of Fundamentals - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand is still weak, the number of orders of glass deep - processing enterprises is at a historical low for the same period, and the capital collection of the deep - processing industry is not optimistic [28][4]. Inventory Side of Fundamentals - The inventory of national float glass enterprises is 58.623 million weight boxes, an increase of 0.11% from the previous week, and the inventory is running above the five - year average [44]. Supply - Demand Balance Sheet - The float glass annual supply - demand balance sheet shows production, consumption, and other data from 2017 to 2024E, including production growth rate, consumption growth rate, and net import ratio [45].

Glass Market Analysis - The main contract for glass (2605) experienced a fluctuating increase this week, with the average price of float glass in the domestic market at 1082 yuan/ton, a decrease of 8.16 yuan/ton compared to the previous week, indicating a downward shift in transaction focus [2][10] - The operating rate of float glass enterprises is at 73.65%, a decrease of 0.34% week-on-week, while the capacity utilization rate is at 77.42%, down by 0.14% [2][10] - Daily melting volume of float glass is 154,500 tons, which is a 0.39% decrease from the previous week [2][10] Demand and Inventory - Demand for float glass has improved on a week-on-week basis, with production and sales recovering, primarily driven by downstream purchasing based on demand [3][11] - Total inventory of float glass in sample enterprises across the country is 58.623 million heavy boxes, reflecting a week-on-week increase of 0.11% [3][12] - The supply-demand contradiction in the glass market remains significant, with insufficient production cuts compared to the declining demand, leading to persistent inventory pressure [3][12] Soda Ash Market Analysis - The main contract for soda ash (2605) also saw a fluctuating increase this week, with downstream purchasing primarily driven by demand amid a cautious market sentiment [4][13] - The capacity utilization rate for soda ash is at 81.65%, down by 1.09% week-on-week, with a production volume of 711,800 tons, a decrease of 1.33% [4][13] - Soda ash consumption has slightly declined, with daily melting of float glass decreasing and photovoltaic glass remaining stable [4][14] Inventory and Supply-Demand Dynamics - Domestic soda ash manufacturers' inventory stands at 1.4385 million tons, reflecting a significant week-on-week decrease of 4.06% [5][14] - The supply-demand contradiction for soda ash has eased, with continuous inventory reduction as enterprises lower production loads [5][14] - Future projections indicate that new projects in soda ash production may impact supply dynamics, necessitating close monitoring of float glass production line changes and new soda ash project developments [5][14]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The glass market has a weak fundamental situation. With low production profits, high inventory, and weak downstream demand, it is expected to show a weak and volatile trend in the short - term [2][5]. 3. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract is 1057 yuan/ton, showing a 0.96% increase from the previous value. The spot price of Shahe safety large - board glass is 920 yuan/ton, a 1.29% decrease from the previous value. The main basis is - 137 yuan/ton, with a 19.13% change [6]. Glass Spot Market - The market price of 5mm white glass large - board in the spot benchmark area of Hebei Shahe is 920 yuan/ton, down 12 yuan/ton from the previous day [12]. Fundamental Analysis - Cost Side - Glass production profit is low, and there is an expectation of further cold repair in the industry [4]. Fundamental Analysis - Supply - The number of operating national float glass production lines is 218, with an operating rate of 73.89%. The daily melting capacity is 154,500 tons, both at historically low levels in the same period [22][24]. Fundamental Analysis - 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 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 the original glass inventory [28][4]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 58.623 million weight boxes, a 0.11% increase from the previous week, and the inventory is running above the five - year average [44]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, showing data such as production, consumption, and net import ratio, as well as their growth rates [45]. Influencing Factors - **Positive Factors**: Low glass production profit leads to an expectation of further cold repair in the industry [4]. - **Negative Factors**: Weak real - estate terminal demand and low orders from glass deep - processing enterprises; poor capital collection in the deep - processing industry and cautious attitudes of traders and processors [4]. Main Logic - With low glass supply, dismal orders from downstream deep - processing factories, and rising glass factory inventories, it is expected that the glass market will mainly show a weak and volatile trend at a low level [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The fundamentals of glass are weak, with production profit repair being sluggish, supply contraction falling short of expectations, downstream deep - processing orders being weak due to the real estate drag, and inventory at a historical high for the same period. It is expected to fluctuate weakly in the short term [2]. - The main logic is that glass supply has stabilized at a low level, deep - processing factory orders are dismal, and glass factory inventories are rising, so it is expected to oscillate weakly at a low level [6]. 3. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract decreased from 1048 yuan/ton to 1047 yuan/ton, a decline of 0.10%. The spot price of Shahe Safety large - board remained unchanged at 932 yuan/ton. The main basis decreased from - 116 yuan/ton to - 115 yuan/ton, a decline of 0.86% [7]. Glass Spot Market - The market price of 5mm white glass large - boards in the spot benchmark area of Hebei Shahe was 932 yuan/ton, remaining flat compared to the previous day [12]. Fundamentals - Cost Side - The number of national float glass production lines in operation is 219, with an operating rate of 73.90%, and the number of operating production lines is at a historical low for the same period. The daily melting volume of national float glass is 155,000 tons, and the production capacity is at a historical low for the same period [23][25]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons [28]. Fundamentals - Inventory - The inventory of national float glass enterprises was 58.623 million weight boxes, an increase of 0.11% compared to the previous week, and the inventory is running above the 5 - year average [44]. Fundamentals - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows changes in production, consumption, production growth rate, consumption growth rate, and net import ratio. For example, in 2024E, production was 55.1 million tons, consumption was 53.1 million tons, production growth rate was 3.94%, and consumption growth rate was - 1.15% [45]. Influencing Factors - **Positive factors**: "Coal - to - gas" in the Shahe area and industry cold repairs have led to production losses [4]. - **Negative factors**: The terminal demand in the real estate sector remains weak, and the number of orders from 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 focusing on digesting raw glass inventories [5].

1. Report Industry Investment Rating - The investment strategy for the glass industry in this report is "Weak Operation" [2] 2. Core Viewpoints of the Report - The glass futures declined significantly last week, and the spot price suppressed the futures market again. With high inventory at the end of the year and great pressure on capital repayment, the willingness of middle - stream traders to purchase is low. The production capacity is stable at the end of the year, and the demand is weak, so the near - month contracts face great pressure. Before the Spring Festival, the glass futures market is likely to operate weakly at a low level [2] 3. Summary by Relevant Catalogs 01. Investment Strategy - Main Logic: The glass futures dropped sharply last week. High - end inventory, capital repayment pressure, and weak demand led to low purchasing willingness of middle - stream traders. A car glass production line was restarted last week, and the daily melting volume slightly increased. The market in the Shahe area is weak, and the prices in Hubei may decline. The prices in East and South China also decreased. The supply increase expectation of soda ash is fermenting, and the demand from the float glass and photovoltaic industries is saturated. In the short term, there is no news of production line shutdown, and the end - of - year production capacity is stable. The demand is weak, and the near - month contracts are under great pressure. Technically, the short - side force dominates [2] - Operation Strategy: The market is expected to operate weakly [2][3] 02. Market Review: Futures Drop Significantly - Spot Prices: As of December 12, the market price of 5mm float glass was 1,040 yuan/ton (- 30) in North China, 1,080 yuan/ton (- 30) in Central China, and 1,200 yuan/ton (- 10) in East China. The prices of 5mm float glass from some manufacturers also decreased, such as a - 28 yuan/ton change for Shahe Anquan and a - 44 yuan/ton change for Shahe Great Wall [9][10] - Futures Prices: Last Friday, the glass 01 contract closed at 935 yuan/ton, a weekly decrease of 59 yuan/ton [10] 03. Market Review: Basis Widens Near Delivery - Soda Ash - Glass Price Difference: As of December 12, the futures price of soda ash was 1,093 yuan/ton, and that of glass was 935 yuan/ton. The price difference was 158 yuan/ton (+ 15) [11] - Basis: Last Friday, the basis of the glass 01 contract was 125 yuan/ton (+ 19) [15] - Contract Spread: Last Friday, the 01 - 05 spread was - 81 yuan/ton (+ 40) [15] 04. Profit: Gross Profit Turns Negative - Natural Gas Production Process: The cost is 1,572 yuan/ton (- 1), and the gross profit is - 372 yuan/ton (+ 9) [19] - Coal - Gas Production Process: The cost is 1,181 yuan/ton (- 10), and the gross profit is - 141 yuan/ton (- 20) [19] - Petroleum Coke Production Process: The cost is 1,086 yuan/ton (- 1), and the gross profit is - 6 yuan/ton (- 29) [19] - Fuel Prices: On December 12, the industrial natural gas price in Hebei was 3.8 yuan/m³, the CIF price of 3% sulfur shot coke from the US was 165 US dollars/ton, and the price of Yulin thermal coal was 612 yuan/ton [19] 05. Supply: Slightly Decreases - Last Friday, the daily melting volume of glass was 155,105 tons/day (- 1,100), and there were 219 production lines in operation. The second - line of Anhui Wuhu Xinyi Electronics with a capacity of 500T/D was restarted last week [21] 06. Inventory: Remains High and Stable - As of December 12, the inventory of 80 glass samples across the country: North China had 10.042 million weight boxes (- 129,000), Central China had 6.835 million weight boxes (+ 125,000), East China had 12.114 million weight boxes (- 139,000), South China had 8.14 million weight boxes (- 537,000), Southwest had 11.997 million weight boxes (- 603,000), the factory warehouse in Shahe had 3.18 million weight boxes (unchanged), and the factory warehouse in Hubei had 4.61 million weight boxes (+ 160,000). The total production - factory inventory was 58.227 million weight boxes (- 1.215 million) [25][28] 07. Deep - Processing:开工率下降 - Production and Sales Ratio: On December 11, the comprehensive production - sales ratio of float glass was 95% (- 11%) [29] - LOW - E Glass: On December 12, the operating rate of LOW - E glass was 44.3% (- 1.1%) [29] - Order Availability Days: At the beginning of December, the order days for glass deep - processing were 10.1 days (+ 0.2) [29] 08. Demand: New - Energy Vehicle Production Reaches a New High - Automobiles: In November, China's automobile production was 3.532 million vehicles, a month - on - month increase of 173,000 vehicles and a year - on - year increase of 95,000 vehicles. The sales volume was 3.429 million vehicles, a month - on - month increase of 107,000 vehicles and a year - on - year increase of 113,000 vehicles [38] - New - Energy Vehicles: In November, the retail volume of new - energy passenger vehicles in China was 1.321 million vehicles, with a penetration rate of 59.3% [38] 09. Demand: Real - Estate Data Declines Year - on - Year - Real - Estate: In October, China's real - estate completion area was 37.3212 million m², a year - on - year decrease of 28%; the new construction area was 36.6207 million m² (- 29%); the construction area was 43.5928 million m² (- 7%); and the commercial housing sales area was 61.47 million m² (- 20%). The real - estate development investment in October was 585.699 billion yuan, a year - on - year decrease of 23% [45] - Transaction Area: From December 6 to December 12, the total commercial housing transaction area in 30 large - and medium - sized cities was 2.22 million square meters, a month - on - month increase of 25% and a year - on - year decrease of 22% [45] 10. Cost Side - Soda Ash: Basis Strengthens - Spot Prices: As of last weekend, the mainstream market price of heavy soda ash was 1,325 yuan/ton (unchanged) in North China, 1,250 yuan/ton (unchanged) in East China, 1,300 yuan/ton (unchanged) in Central China, and 1,450 yuan/ton (unchanged) in South China [47] - Futures Prices: Last Friday, the soda ash 2601 contract closed at 1,093 yuan/ton (- 44) [52] - Basis: Last Friday, the basis of the soda ash Central China 01 contract was 207 yuan/ton (+ 44) [51] 11. Cost Side - Soda Ash: Cost Decreases - Soda Ash Profit: As of last Friday, the profit was - 49 yuan/ton (+ 50) [53] - Other Prices: Last Friday, the market price of synthetic ammonia in Hubei was 2,405 yuan/ton (+ 103), and the ex - factory price of wet ammonium chloride from Xuzhou Fengcheng was 300 yuan/ton (unchanged) [54] - Production Costs: The cost of the ammonia - soda process for soda ash enterprises was 1,353 yuan/ton (- 22), and the gross profit was - 68 yuan/ton (+ 1); the cost of the joint - production process was 1,781 yuan/ton (- 61), and the gross profit was - 49 yuan/ton (+ 50) [53][55] 12. Cost Side - Soda Ash: Inventory Increases - Warehouse Receipt Quantity: Last weekend, the number of soda ash warehouse receipts in the exchange was 5,763 (- 678) [66] - Inventory: As of December 12, the national in - factory inventory of soda ash was 1.4943 million tons (a month - on - month decrease of 44,300 tons), including 790,500 tons of heavy soda ash (a month - on - month decrease of 20,300 tons) and 703,800 tons of light soda ash (a month - on - month decrease of 24,000 tons) [63][66] - Soda Ash Production: Last week, the domestic soda ash production was 735,400 tons (a month - on - month increase of 31,500 tons), including 397,800 tons of heavy soda ash (a month - on - month increase of 16,300 tons) and 337,600 tons of light soda ash (a month - on - month increase of 15,200 tons). The loss volume was 135,300 tons (a month - on - month decrease of 32,200 tons) [66] 13. Cost Side - Soda Ash: Apparent Demand is Moderate - Apparent Consumption: Last week, the apparent consumption of heavy soda ash was 418,100 tons, a week - on - week increase of 600 tons; the apparent consumption of light soda ash was 361,600 tons, a week - on - week increase of 26,400 tons [70] - Production - Sales Ratio: Last week, the production - sales ratio of soda ash was 106.02%, a week - on - week decrease of 0.91% [76] - Glass Factory Inventory: In November, the inventory days of soda ash in sample float glass factories was 24.1 days [69]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The fundamentals of glass are weak. With supply stabilizing at a low level, dismal orders from downstream deep - processing factories, and rising glass factory inventories, it is expected that glass will mainly fluctuate weakly in the short term [2][6]. Summary by Related Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1053 yuan/ton to 1036 yuan/ton, a decline of 1.61%. The spot price of Shahe Safe large - size glass remained unchanged at 1004 yuan/ton. The main basis changed from - 49 yuan/ton to - 32 yuan/ton, a change of - 34.69% [7]. Glass Spot Market - The market price of 5mm white glass large - size boards in the spot benchmark area of Hebei Shahe was 1004 yuan/ton, remaining the same as the previous day [14]. Fundamentals - Cost Side No specific content on cost - side analysis other than mentioning glass production profit is provided. Fundamentals - Supply - The number of operating national float glass production lines is 220, with an operating rate of 74.51%. The number of operating production lines is at a historical low for the same period. The daily melting volume of national float glass is 157,200 tons, and the production capacity is at a historical low for the same period [25][27]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 470,820 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 in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly consuming the original glass inventory [5][30]. Fundamentals - Inventory - The inventory of national float glass enterprises is 62.362 million weight boxes, a decrease of 1.49% from the previous week. The inventory is running above the 5 - year average [43]. Fundamentals - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows fluctuations in production, consumption, and net import ratios. For example, in 2024E, production is expected to be 55.1 million tons, consumption is 53.1 million tons, and the net import ratio is - 0.90% [44]. Factors Affecting the Market - **Positive factors**: "Coal - to - gas" in the Shahe area and industry cold - repairs have led to production losses [4]. - **Negative factors**: Weak real - estate terminal demand and low orders from glass deep - processing enterprises. Also, the poor capital collection in the deep - processing industry makes traders and processors cautious, mainly focusing on consuming original glass inventory [5].