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 2025-6-13 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单数量历史同期低位。 2、深加工行业资金回款不乐观，贸易商、加工厂心态谨慎，消化原片库存为主。 主要逻辑和风险点 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库持续累积；偏空 2、基差：浮法玻璃河北沙河大板现货1048元/吨，FG2509收盘价为981元/吨，基差为67元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6968.50万重量箱，较前一周减少0.10%，库存在5年均值上方运 行；偏空 ...

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 2025-6-12 每日观点 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单数量历史同期低位。 2、深加工行业资金回款不乐观，贸易商、加工厂心态谨慎，消化原片库存为主。 主要逻辑和风险点 1、主要逻辑：玻璃供给下滑至同期较低水平，季节性淡季来临，下游按需采购，玻璃厂库持续累积，预期 玻璃低位震荡运行为主。 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库持续累积；偏空 2、基差：浮法玻璃河北沙河大板现货1060元/吨，FG2509收盘价为998元/吨，基差为62元，期货 贴水现货；偏多 3、 ...

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report's industry investment rating. 2. Core Viewpoints - The fundamentals of glass are weak, and it is expected to mainly trade in a low - level range in the short term. The supply has declined to a relatively low level for the same period, the seasonal off - season has arrived, downstream demand is based on procurement needs, and glass factory inventories are continuously accumulating [2][5]. 3. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract is 1006 yuan/ton, with a daily increase of 0.90%. The spot price of Shahe Safe large - size glass remains unchanged at 1060 yuan/ton. The main basis is 54 yuan/ton, down 14.29% [6]. Glass Spot Market - The market price of 5mm white glass large - size boards in the spot benchmark area of Hebei Shahe is 1060 yuan/ton, unchanged from the previous day [12]. Fundamental Analysis - Cost Side - The profitability of coal production lines has recovered, the losses of natural gas production lines have narrowed, and the profits of petroleum coke production lines have turned negative [17]. Fundamental Analysis - Supply - The number of operating float glass production lines in China is 224, with an operating rate of 75.53%. The number of operating production lines and daily melting capacity are at historical lows for the same period [21][23]. Fundamental Analysis - Demand - In April 2025, the apparent consumption of float glass was 468.08 tons. The real - estate terminal demand is still weak, the number of orders from glass deep - processing enterprises is at a historical low for the same period, and the funds recovery in the deep - processing industry is not optimistic [27][4]. Fundamental Analysis - Inventory - The inventory of float glass enterprises in China is 69.754 million weight boxes, an increase of 3.09% from the previous week, and the inventory is above the five - year average [42]. Fundamental Analysis - Supply - Demand Balance Sheet - From 2017 to 2024E, the production and consumption of float glass have fluctuated. In 2024E, the production is expected to be 55.10 million tons, with a growth rate of 3.94%, and the consumption is expected to be 53.10 million tons, with a decline rate of 1.15% [43]. Influencing Factors Summary - Positive factors: The negative feedback of production profit is obvious, and glass production has continuously declined to a historical low [4]. - Negative factors: 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 funds recovery in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventories [4]. Main Logic - The glass supply has declined to a relatively low level for the same period. With the arrival of the seasonal off - season, downstream demand is based on procurement needs, and glass factory inventories are continuously accumulating. It is expected that glass will mainly trade in a low - level range [5].

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 2025-6-3 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库持续累积；偏空 2、基差：浮法玻璃河北沙河大板现货1068元/吨，FG2509收盘价为982元/吨，基差为86元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6766.20万重量箱，较前一周减少0.16%，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，短期预计低位震荡偏弱运行为主。 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地 ...

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 2025-5-29 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单数量历史同期低位。 2、深加工行业资金回款不乐观，贸易商、加工厂心态谨慎，消化原片库存为主。 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1080元/吨，FG2509收盘价为1009元/吨，基差为71元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6776.90万重量箱，较前一周减少0.46%，库存在5年均值上方运 行；偏空 4、盘面：价格在 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fundamentals of glass are weak, and it is expected to fluctuate weakly at a low level in the short term [2]. - The supply of glass has declined to a relatively low level compared to the same period. With the arrival of the seasonal off - season, downstream buyers purchase as needed, and glass factory inventories continue to accumulate. It is expected that glass will mainly fluctuate at a low level [5]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract is 1031 yuan/ton, with a daily increase of 1.18%. The spot price of Shahe Safety large - board glass is 1080 yuan/ton, with a daily decrease of 0.37%. The main basis is 49 yuan/ton, with a daily decrease of 24.62% [6]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, is 1080 yuan/ton, down 4 yuan/ton from the previous day [12]. Fundamentals - Cost Side - The profitability of coal production lines has recovered, the losses of natural gas production lines have narrowed, and the profits of petroleum coke production lines have turned negative [16]. Fundamentals - Supply - The number of operating float glass production lines in China is 223, with an operating rate of 75.34%. The number of operating production lines is at a historical low for the same period. The daily melting capacity of float glass is 156,700 tons, and the production capacity is at the lowest level in the same period in history [20][22]. Fundamentals - Demand - In February 2025, the apparent consumption of float glass was 4.3143 million tons [26]. Fundamentals - Inventory - The inventory of national float glass enterprises is 67.769 million weight boxes, a decrease of 0.46% from the previous week, and the inventory is running above the five - year average [41]. Fundamentals - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, exports, imports, apparent supply, consumption, differences, production growth rates, consumption growth rates, and net import ratios [42]. Influencing Factors Summary - **Positive factors**: The negative feedback of production profit is obvious, and glass production has continued to decline to a historical low [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 digesting the inventory of raw glass [4]. Main Logic - The supply of glass has declined to a relatively low level compared to the same period. With the arrival of the seasonal off - season, downstream buyers purchase as needed, and glass factory inventories continue to accumulate. It is expected that glass will mainly fluctuate at a low level [5].

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 2、中美关税谈判取得进展。 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 2025-5-27 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1084元/吨，FG2509收盘价为1019元/吨，基差为65元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6776.90万重量箱，较前一周减少0.46%，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，短期预计低位震荡偏弱运行为主。 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续 ...

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 2025-5-20 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1076元/吨，FG2509收盘价为1018元/吨，基差为58元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6808.20万重量箱，较前一周增加0.77%，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： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 2、中美关税谈 ...

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 2025-5-13 交易咨询业务资格：证监许可【2012】1091号 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1120元/吨，FG2509收盘价为1045元/吨，基差为75元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6756万重量箱，较前一周增加3.96%，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。FG2509：1000-1050区间操作 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持 ...

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 2025-4-29 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修减少，开工率、产量下降至历史同期低位；深加工订单不及 往年同期，终端需求偏弱，厂库去化放缓；偏空 2、基差：浮法玻璃河北沙河大板现货1164元/吨，FG2509收盘价为1122元/吨，基差为42元，期货贴水 现货；偏多 3、库存：全国浮法玻璃企业库存6547.30万重量箱，较前一周增加0.61%，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： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地 ...