Core Viewpoint - The return of founder Liu Zhengjun to Yongqing Environmental Protection marks a significant leadership change aimed at strengthening the company's strategic direction during a critical transformation period [2][3]. Group 1: Leadership Changes - Liu Zhengjun, the founder and actual controller of Yongqing Environmental Protection, has officially returned as chairman and general manager, taking over leadership from Wang Feng, who resigned in mid-January 2023 [3]. - Liu Zhengjun has extensive experience in the environmental protection industry and has been closely linked to the company's development since its inception in 1998 [3][4]. Group 2: Strategic Focus - The company aims to enhance its strategic focus on energy structure optimization and zero-carbon smart scenarios, leveraging AI technology to empower zero-carbon parks, smart microgrids, and virtual power plants [4][5]. - Yongqing Environmental Protection plans to evolve from a project-based model to a product and platform service provider, establishing a sustainable profit structure [5]. Group 3: Financial Performance - The company reported a slight revenue increase of 2.66% year-on-year, reaching 522 million yuan in the first three quarters of 2025, while the net profit attributable to shareholders saw a significant increase of 243.98%, amounting to approximately 50.1 million yuan [6]. - Despite the recent profit growth, Yongqing Environmental Protection's revenue has not returned to its peak level of over 1.5 billion yuan, and it faces challenges in achieving substantial growth [6]. Group 4: Competitive Landscape - Yongqing Environmental Protection is adopting a cautious strategy focused on high-profit projects, avoiding low-margin and high-capital projects, while also prioritizing AI applications in the energy sector [7]. - Competitors like Junxin Co., Ltd. have shown significant growth, with revenues surpassing 2 billion yuan in the first three quarters of 2025, highlighting the competitive pressures Yongqing Environmental Protection will face [7].

他梦想把果园变成公园，让劳动变成亲近自然的运动，实现"四季有花、四季有果"。"花儿盛开，蝴蝶 自来，蜜蜂自来"，在张奎峰看来，这不仅是对"绿水青山就是金山银山"的实践，也是农业人为实现"双 碳"目标贡献的力量。 转自：扬子晚报 "咱农民其实是'最富有的人'——每天闻着花香、听着鸟语，呼吸着新鲜空气，吃着自家种的新鲜果 蔬，享受四季轮换的美好……" 2月2日报到现场，来自句容市白兔镇的省人大代表，致富果业专业合作社社长、党支部书记张奎峰一番 真诚而充满泥土芬芳的发言，诉说着"新农人"的骄傲。 从的哥到"新农人"：一次转身，十五年扎根 2010年之前，张奎峰还是一名普通的出租车司机。一次偶然的机会，他在镇江农科院看到了赵亚夫老师 的事迹，被特色高效农业深深吸引，当即决定回乡创业，梦想"通过种植高效农业带领乡亲们共同致 富"。 这一转身，就是十五年。 如今，他不仅成为了"葡萄大王"，还荣获全国优秀农民工、江苏省劳动模范等称号，当选省人大代表， 更亲眼见证家乡通过发展特色农业焕然一新。"越来越多的乡亲们实现了增收致富。"他感慨，"农业是 充满希望的朝阳产业，农民是值得骄傲与尊重的职业。" 师从赵亚夫：让果园变公园，农 ...

Investment Recommendations - Key companies recommended for investment include Longjing Environmental Protection, High Energy Environment, Sains, Hanlan Environment, Green Power Environmental Protection, and others [1] Companies to Watch - Companies suggested for attention include Dayu Water Saving, Lian Tai Environmental Protection, Wang Neng Environment, and others [2] Company Tracking - Jingjin Equipment is a leader in filter press with a market share of over 40%, and its new energy revenue is expected to grow as the lithium battery market recovers [3] - Longjing Environmental Protection has begun delivering pure electric mining trucks, with a projected domestic sales volume of 2,500 units in 2024 [3] - Sains is benefiting from rising rhenium prices driven by aerospace demand, with a rhenium price of 39.26 million yuan/ton expected by January 2026 [3] - High Energy Environment's performance exceeded expectations, driven by improvements in resource recycling profitability and strategic expansion into upstream mining [3] Event Tracking - The Shanghai Old Port Eco-Environmental Base has launched green methanol, marking a significant advancement in carbon utilization technology [4] Strategic Outlook for 2026 - The strategy emphasizes value and growth resonance, focusing on marketization and efficiency improvements in the solid waste sector [5] - Key recommendations include Hanlan Environment, Green Power, and others for their potential in dividend growth and operational efficiency [5] Industry Tracking - The sanitation equipment sector is seeing significant growth, with a 150% increase in unmanned sanitation project bids and a 71% increase in sales of new energy sanitation vehicles [7] - The market for biofuels remains stable, with prices for kitchen waste oil increasing by 100 yuan/ton [8] - Lithium battery recycling is experiencing price fluctuations, with carbonated lithium prices down by 6.2% as of January 30, 2026 [8]

Investment Rating - The report maintains an "Increase" rating for the industry, highlighting potential growth opportunities in the environmental sector [1]. Core Insights - The environmental industry is experiencing growth driven by new technologies and market dynamics, particularly in waste management and renewable energy sectors [1][6]. - Key companies such as Longjing Environmental, High Energy Environment, and Sains are positioned to benefit from rising demand and technological advancements [1][6]. - The report emphasizes the importance of carbon neutrality initiatives and the transition to green energy as critical drivers for future growth [1][6]. Summary by Sections Industry Trends - The environmental sector is projected to see significant growth, with a focus on waste-to-energy technologies and the expansion of renewable energy sources [1][6]. - The report notes a 70.9% year-on-year increase in sales of new energy sanitation vehicles, with penetration rates rising to 21.11% [21]. Company Analysis - **Jingjin Equipment**: The company holds a market share of over 40% in the filter press sector, with a strong focus on overseas expansion and integrated consumables [9][10]. - **Longjing Environmental**: The company is launching electric mining trucks, benefiting from a dual strategy of green electricity and mining equipment [1][6]. - **Sains**: The company is capitalizing on rising rhenium prices driven by aerospace demand, with a significant increase in rhenium prices noted [1][6]. Investment Strategy - The report outlines a three-pronged investment strategy focusing on value realization, quality growth, and carbon neutrality initiatives [1][6]. - Key recommendations include companies like Huanlan Environment, Green Power, and Yuxing Shares for their strong operational cash flow and growth potential [1][6]. Market Performance - The environmental and public utility index has seen a decline of 2.24%, underperforming compared to the broader market indices [46]. - Notable stock performances include Jingjin Equipment with a 15.74% increase, indicating strong market interest [47].

Core Viewpoint - Qingdao City is committed to achieving its "dual carbon" goals by promoting green transformation across key sectors such as energy, industry, construction, transportation, and technology, leading to significant progress in green, low-carbon, and high-quality development by 2025 [1] Group 1: Policy and Mechanism Optimization - The municipal government emphasizes high-level planning for "dual carbon" initiatives, formulating major policies and addressing significant issues to promote green and low-carbon development [2] - A comprehensive implementation plan for accelerating green transformation has been issued, aiming to create a resource-saving and environmentally friendly spatial layout, industrial structure, and lifestyle [2] - Various departments have established a responsibility list for key projects and policies to support green and low-carbon transformation [2] Group 2: Financial and Tax Support - Financial institutions in Qingdao have issued loans totaling 183.6 billion yuan, with 10 billion yuan allocated to 24 key carbon reduction projects, resulting in a carbon reduction of 23.6 million tons [3] - Tax incentives have been implemented, with 1.866 billion yuan in purchase tax exemptions for new energy vehicles and additional exemptions for energy-saving products [3] Group 3: Energy Structure Optimization - Coal consumption is maintained below 30%, with non-fossil energy consumption reaching 13.6%, a year-on-year increase of 2.8% [4] - Energy efficiency has improved, with energy intensity decreasing by 5.6% year-on-year, and Qingdao's carbon output efficiency rated as A high-efficiency class [4] Group 4: Manufacturing and Industrial Upgrades - The city has allocated approximately 800 million yuan for technological upgrades, benefiting over 360 enterprises, with notable achievements in energy efficiency [5] - A total of 67 national-level green factories and 66 provincial-level green factories have been recognized, promoting green manufacturing [5] Group 5: Green Construction and Urban Development - Qingdao has issued plans for green urban construction, aiming to establish a framework for green development and promote energy-efficient buildings [7] - Over 1.318 million square meters of energy-efficient buildings have been completed, with a significant focus on rural clean heating improvements [7] Group 6: Transportation and Infrastructure Development - The city has made strides in green transportation, with 100% of new energy buses in operation and significant advancements in electric vehicle infrastructure [9] - The promotion of green ports and shipping corridors has led to a 75% increase in shore power usage [8] Group 7: Innovation and Technology Advancement - Qingdao is advancing key technology projects in green and low-carbon sectors, with funding allocated for research in hydrogen energy and solid-state batteries [10] - The establishment of engineering research centers and support for solid-state battery projects are part of the city's innovation strategy [10] Group 8: Future Directions - Qingdao will continue to deepen its carbon peak pilot city construction, focusing on energy, industry, urban construction, transportation, and public institutions to enhance energy efficiency and carbon reduction [11]

Core Viewpoint - The company is undergoing a comprehensive transformation towards high-end, intelligent, and green manufacturing, driven by China's "dual carbon" strategy, aiming to enhance sustainable development in the real economy [1] Group 1: Energy System Innovation - The company has made significant breakthroughs in energy efficiency and urban carbon reduction, with two 65MW ultra-high temperature subcritical gas generator sets expected to generate approximately 680 million kWh of green electricity annually, reducing carbon emissions by about 364,900 tons [2] - The implementation of refined and intelligent energy management strategies is projected to save over 4 million yuan in electricity costs annually by optimizing production scheduling and maintenance plans [2][3] Group 2: Environmental Protection and Ecological Coexistence - The company has invested nearly 1 billion yuan in over 90 ultra-low emission projects, achieving ultra-low emission standards across major production processes, with significant advancements in emissions control [3][4] - The company has created a green area of 748,200 square meters, achieving a greening rate of 39.02%, and has transformed from a "steel factory" to an "ecological park," recognized as a national 4A-level tourist attraction [4] Group 3: Digital and Intelligent Empowerment - The company is advancing its digital transformation, achieving AAA-level certification in the national integration management system and L8-level in digital development, indicating deep application in the industry [5] - The launch of the "Iron Front Integration" intelligent control platform in December 2025 will enhance data integration and business collaboration across core production processes [6] Group 4: Innovation and Industry Collaboration - The company has established strategic cooperation with leading new energy firms, developing high-performance steel products for the new energy vehicle sector, enhancing its position in the supply chain [7] - The company has successfully penetrated high-end markets in Southeast Asia and has been involved in setting national standards for automotive spring steel, enhancing brand influence and market competitiveness [7][8]

Core Viewpoint - The investment by the company in the China Nuclear Clean Energy REIT is a significant step towards the revaluation and revitalization of high-quality clean energy infrastructure assets, contributing to the high-quality development of the clean energy industry and the improvement of the green finance system [1] Group 1: Investment Details - The company’s subsidiary, Shoucheng Jicheng, has participated in the investment of the China Nuclear Clean Energy Closed-End Infrastructure Securities Investment Fund [1] - The underlying asset of the REIT is the Bopona Hydropower Station in Xinjiang, which is the largest operational hydropower project in the Hotan region in terms of installed capacity and annual power generation [1] Group 2: Strategic Importance - The successful listing of the China Nuclear Clean Energy REIT represents an innovative practice in implementing the national REITs strategy and the "dual carbon" policy, serving as a model for market mechanisms that allow social capital to participate in green energy infrastructure construction [1] - The company plans to continue increasing its investment in China's smart infrastructure asset sector, leveraging its first-mover advantage in the REITs field and collaborating with leading industry players to create a closed-loop management service for the entire lifecycle of smart infrastructure assets [1]

让退役风电叶片不再"无处安放" 基于独特性能，团队通过简单热压印工艺，成功制备出超疏水、高导热复合涂层——水接触角接近150 度，添加氮化硼填料后导热系数显著提升，可解决5G基站、高性能芯片的散热痛点，为"双碳"目标下 高端材料产业升级提供支撑。在风电领域，可回收特性有望破解退役叶片处理难题;在航空航天、新能 源汽车领域，其高强韧、耐高温优势可助力装备轻量化升级，同时为高端环氧树脂国产化替代提供广阔 空间。 中化新网讯 近日，天津大学化工学院汪怀远教授团队研发出兼具耐高温、高强韧与可回收特性的新型 环氧树脂。这一新材料突破了传统环氧树脂一次固化即永久定型、难以加工重塑的局限，能有效缓解资 源浪费和环境污染，为环氧树脂高端化绿色化应用提供了新的解决方案。 目前，研究团队已经为这项技术申请了多项专利，并开始探索产业化路径。未来，随着技术落地，各类 高端制造产品将有望因这种"绿色高强"新材料实现更耐用、更环保的升级跨越。 环氧树脂是航空航天、新能源、电子封装等战略领域的核心材料，全球市场规模超130亿美元。传统环 氧树脂固化后形成三维网络结构，高强度、高耐热性与韧性、可加工性始终难以兼顾——增韧需牺牲耐 热性，而提 ...

声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 关于国投生物 国投生物科技投资有限公司成立于2017年2月28日，是国家开发投资集团有限公司全资设立的二级子公司。公司主要生产和经营生物乙醇，包括：燃料乙 醇、普级乙醇、优级乙醇、无水乙醇、药用乙醇、纤维素乙醇、生物二氧化碳、玉米油、玉米酒糟油以及DDGS(玉米干全酒糟)等产品。作为一家以生物 能源为基础的生物技术公司， 国投生物 是国投集团践行"双碳"发展理念的平台，同时也是国投集团生物能源业务的投资运营管理平台。公司重点发展绿 色、低碳生物能源，做精生物乙醇，并逐步向高附加值的生物科技产品拓展。 2026年3月31日-4月1日， " 第五届中国合成生物学及生物制造大会 " 将 在 杭州 隆重举行，其中设置 【 生物基化学品与材料专场 】 ，诚邀各位专家及相关从业者 参会交流！点击下方小程序卡片，立即免费报名参会！ 近日， 糖能 科 技 与 国投生物 于北京举行战略合作协议签约仪式。 图源 糖能科技 据介绍，双方将发挥各自优势， 围绕 非粮原料高值化利用及乙醇副产物新产 ...

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The black series is currently in a bottom - game stage with a mix of long and short factors. In the short term, it will mainly fluctuate within a range, and the trend opportunity is not clear. Attention should be paid to inventory changes around the Spring Festival, the recovery of plate demand, and marginal adjustments to "dual - carbon" policies [2] - In the medium - to - long - term, the commodity bulls are expected to continue. However, in the short term, factors such as the sharp adjustment of precious metals, the appointment of the new Fed chairman, and the "technical shutdown" of multiple US federal government departments may suppress the overall market atmosphere [8][14] 3. Summary by Related Catalogs Steel Products a. Market Information - The closing price of the rebar main contract was 3128 yuan/ton, down 29 yuan/ton (- 0.91%) from the previous trading day. The registered warehouse receipts were 17283 tons, with a month - on - month decrease of 0 tons. The position of the main contract was 1.7341 million lots, a month - on - month decrease of 51270 lots. In the spot market, the aggregated price in Tianjin was 3170 yuan/ton, unchanged from the previous day, and that in Shanghai was 3250 yuan/ton, down 10 yuan/ton [1] - The closing price of the hot - rolled coil main contract was 3288 yuan/ton, down 20 yuan/ton (- 0.60%) from the previous trading day. The registered warehouse receipts were 190323 tons, a month - on - month increase of 2655 tons. The position of the main contract was 1.5297 million lots, a month - on - month decrease of 17466 lots. In the spot market, the aggregated price in Lecong was 3290 yuan/ton, unchanged from the previous day, and that in Shanghai was 3270 yuan/ton, down 20 yuan/ton [1] b. Strategy Viewpoints - The overall sentiment in the commodity market was weak last Friday, and the prices of finished steel products continued to fluctuate within the bottom range. Domestically, the policy tone was relatively stable. Overseas, the market's dovish expectations declined, and commodity prices cooled down. The rebar output remained high, the apparent demand declined seasonally approaching the Spring Festival, and the inventory started to accumulate but the overall amplitude was controllable. The demand for hot - rolled coils was relatively stable, the output was moderately high, and the inventory continued to decline slightly [2] Iron Ore a. Market Information - Last Friday, the main contract of iron ore (I2605) closed at 791.50 yuan/ton, with a change of - 0.88% (- 7.00). The position changed by - 14164 lots to 541200 lots. The weighted position of iron ore was 894300 lots. The spot price of PB fines at Qingdao Port was 794 yuan/wet ton, with a basis of 52.04 yuan/ton and a basis rate of 6.17% [3] b. Strategy Viewpoints - In terms of supply, the overseas iron ore shipment volume increased slightly. The shipment volume from Australia increased month - on - month, and that from Brazil remained stable. The shipments of three major Australian mines increased, while that of Vale decreased slightly. The shipments from non - mainstream countries declined from a high level. The recent arrival volume continued to decline. In terms of demand, the average daily hot metal output was 227.98 tons, a month - on - month slight decline. Some blast furnaces in certain regions were undergoing annual inspections, and the复产 of blast furnaces was mainly due to the end of maintenance. The profitability rate of steel mills declined slightly. In terms of inventory, the port inventory continued to accumulate, reaching the highest level in the same period in the past five years, which put pressure on the absolute price. The inventory of imported ore in steel mills continued to rise, and steel mills continued to replenish their stocks before the festival. In general, the overseas supply was entering the off - season, the supply pressure was gradually alleviating, the structural inventory problem was not resolved, and the pre - festival procurement by steel mills after price decline provided some support. The short - term iron ore price was expected to fluctuate mainly [4] Manganese Silicon and Ferrosilicon a. Market Information - On January 30th, the main contract of manganese silicon (SM605) closed down 0.91% at 5872 yuan/ton. In the spot market, the price of 6517 manganese silicon in Tianjin was 5780 yuan/ton, equivalent to 5970 yuan/ton on the futures market, unchanged from the previous day, with a premium of 98 yuan/ton over the futures. The main contract of ferrosilicon (SF603) closed down 1.32% at 5660 yuan/ton. In the spot market, the price of 72 ferrosilicon in Tianjin was 5800 yuan/ton, unchanged from the previous day, with a premium of 140 yuan/ton over the futures [7] - Last week, the prices of manganese silicon and ferrosilicon continued to fluctuate. The weekly weighted index of manganese silicon increased by 22 yuan/ton or + 0.38%, and that of ferrosilicon increased by 10 yuan/ton or + 0.18%. Technically, there was no obvious trend for both [7] b. Strategy Viewpoints - The recent sharp fluctuations in the commodity market were triggered by the appointment of the new Fed chairman, which led to expectations of a marginal tightening of the denominator. The previous strong - performing lithium carbonate also declined significantly, suppressing the overall commodity sentiment. However, the black sector was supported by the relaxation of the "three red lines" in the real estate industry and the successful extension of Vanke's debt. In the long - term, the commodity bulls were expected to continue. In the short - term, factors such as the adjustment of precious metals, the appointment of the Fed chairman, and the "technical shutdown" of US federal government departments might suppress the market atmosphere. For manganese silicon, the supply - demand pattern was not ideal, but most of these factors were already reflected in the price. For ferrosilicon, the supply - demand structure was basically balanced and was gradually improving. The future market trends of manganese silicon and ferrosilicon would be affected by the overall market sentiment and cost - push factors for manganese silicon and supply - contraction factors for ferrosilicon [8][9] Coking Coal and Coke a. Market Information - On January 30th, the main contract of coking coal (JM2605) closed down 0.82% at 1155.5 yuan/ton. In the spot market, the price of low - sulfur main - coking coal in Shanxi was 1584.8 yuan/ton, down 5 yuan/ton from the previous day, and the equivalent price on the futures market was 1395 yuan/ton, with a premium of 239.5 yuan/ton over the futures. The price of medium - sulfur main - coking coal in Shanxi was 1300 yuan/ton, unchanged from the previous day, and the equivalent price on the futures market was 1284 yuan/ton, with a premium of 128.5 yuan/ton over the futures. The price of Mongolian 5 clean coal in Wubulangjinquan Industrial Park was 1234 yuan/ton, unchanged from the previous day, and the equivalent price on the futures market was 1209 yuan/ton, with a premium of 53.5 yuan/ton over the futures [11] - The main contract of coke (J2605) closed down 0.09% at 1721.5 yuan/ton. In the spot market, the price of quasi - first - grade wet - quenched coke at Rizhao Port was 1470 yuan/ton, up 20 yuan/ton from the previous day, and the equivalent price on the futures market was 1725.5 yuan/ton, with a premium of 4 yuan/ton over the futures. The price of quasi - first - grade dry - quenched coke in Lvliang was 1495 yuan/ton, unchanged from the previous day, and the equivalent price on the futures market was 1710.5 yuan/ton, with a discount of 11 yuan/ton to the futures [11][12] - Last week, the coking coal price continued to fluctuate widely, with a weekly increase of 0.5 yuan/ton or + 0.04%. The coke price continued to fluctuate, with a weekly decrease of 0.5 yuan/ton or - 0.03% [12] b. Strategy Viewpoints - Similar to the overall market situation, the sharp fluctuations in the commodity market affected coking coal and coke. The black sector had short - term emotional support. In the long - term, the commodity bulls were expected to continue, but in the short - term, market sentiment was suppressed. In terms of supply - demand, the supply - demand structure of coking coal and coke was gradually becoming looser. Although the downstream was still replenishing stocks, the inventory of coking coal in coking plants was approaching the level of the same period last year, and the willingness of downstream steel mills to replenish stocks was significantly weak. The short - term stock - replenishment was not expected to drive up prices strongly. However, the firm Australian coal prices and the US power shortage might have a positive impact on sentiment. In the context of global resource management, the "scarcity" premium of coking coal might be enhanced, providing some support for valuation. Overall, the short - term prices of coking coal and coke were expected to continue to fluctuate [13][14] Industrial Silicon and Polysilicon a. Market Information - Industrial silicon: Last Friday, the main contract of industrial silicon (SI2605) closed at 8850 yuan/ton, with a change of - 0.84% (- 75). The weighted contract position changed by - 13784 lots to 353139 lots. In the spot market, the price of 553 non - oxygen - blown industrial silicon in East China was 9200 yuan/ton, unchanged from the previous day, with a basis of 350 yuan/ton for the main contract. The price of 421 industrial silicon was 9650 yuan/ton, unchanged from the previous day, and the basis for the main contract was 0 yuan/ton after conversion [16] - Polysilicon: Last Friday, the main contract of polysilicon (PS2605) closed at 47140 yuan/ton, with a change of - 4.45% (- 2195). The weighted contract position changed by - 710 lots to 76114 lots. In the spot market, the average price of N - type granular silicon was 49 yuan/kg, down 0.5 yuan/kg from the previous day; the average price of N - type dense material was 50.5 yuan/kg, down 1 yuan/kg from the previous day; the average price of N - type re - feeding material was 51.3 yuan/kg, down 1.2 yuan/kg from the previous day, with a basis of 4160 yuan/ton for the main contract [19] b. Strategy Viewpoints - Industrial silicon: It showed a pattern of rising in the afternoon and then falling last Friday. In terms of supply, Sichuan's production enterprises maintained the furnace - shutdown state, and enterprises in Xinjiang and Inner Mongolia reduced production, with the weekly output continuing to decline. In terms of demand, a leading polysilicon enterprise shut down completely, and some other enterprises reduced production. The demand for industrial silicon was generally weak. In February, the production - reduction plan of a large factory in Xinjiang entered the implementation period. If the plan was implemented as rumored, the supply - demand balance sheet in February was expected to improve, and the sustainability depended on the shutdown duration. Overall, there was an expectation of improved supply - demand in the short - term, and the supply contraction provided strong support for the price. However, considering the approaching Spring Festival and the weakening downstream, the price was expected to fluctuate mainly [17][18] - Polysilicon: In the spot market, the price negotiation was intense, and the market information was chaotic. The downstream's acceptance of high prices was low, and some enterprises tried to lower the prices. The actual transaction prices declined. The silicon wafer segment was also under pressure, and the price of silicon materials weakened, which reduced the cost support. The terminal component prices continued to rise, and the battery segment's price continued to rise due to non - silicon costs and overseas demand. The supply - demand pattern was expected to improve in the first quarter as a leading enterprise shut down and some other enterprises reduced production. Policy expectations were expected to provide support for prices. The futures position and liquidity of polysilicon had fallen to a relatively low level since listing, and the futures price was expected to be under pressure due to the weakening spot prices. Attention should be paid to the feedback of terminal demand and possible new policy adjustments [20] Glass and Soda Ash a. Market Information - Glass: On Friday afternoon at 15:00, the main contract of glass closed at 1087 yuan/ton, up 1.87% (+ 20) from the previous day. The price of large - size glass in North China was 1020 yuan, up 10 yuan from the previous day, and that in Central China was 1090 yuan, unchanged from the previous day. On January 30th, the weekly inventory of float - glass sample enterprises was 52.564 million cases, a month - on - month decrease of 651,800 cases (- 1.22%). In terms of positions, the top 20 long - position holders increased their long positions by 8027 lots, and the top 20 short - position holders increased their short positions by 69570 lots [22] - Soda ash: On Friday afternoon at 15:00, the main contract of soda ash closed at 1224 yuan/ton, up 2.17% (+ 26) from the previous day. The price of heavy - soda ash in Shahe was 1184 yuan, up 26 yuan from the previous day. On January 30th, the weekly inventory of soda - ash sample enterprises was 1.5442 million tons, a month - on - month increase of 23,000 tons (+ 1.22%), including 716,100 tons of heavy - soda ash inventory, a month - on - month increase of 19,400 tons, and 828,100 tons of light - soda ash inventory, a month - on - month increase of 3600 tons. In terms of positions, the top 20 long - position holders reduced their long positions by 11413 lots, and the top 20 short - position holders increased their short positions by 8239 lots [24] b. Strategy Viewpoints - Glass: As the Spring Festival approached, the downstream processing plants were approaching the end of work, the market demand was weakening, the trading activity was decreasing, and the procurement was mainly for rigid demand. The inventory - building was almost completed. In terms of supply, a production line was restarted and ignited recently, and there was no cold - repair plan, so the overall production capacity remained stable. The demand was limited due to the Spring Festival seasonality. Overall, the market lacked strong driving factors, the wait - and - see sentiment was strong, and manufacturers were not willing to adjust prices. Most of them aimed to maintain stable prices, promote sales, and reduce inventory. The float - glass market was expected to continue to fluctuate in the short - term, with the main contract reference range of 1025 - 1125 yuan/ton [23] - Soda ash: The supply in the industry remained loose. The short - stopped devices such as Jiangsu Huachang had resumed operation, and the new production capacity was gradually being released, with the supply continuing to show an increasing trend. The demand side remained weak, with downstream enterprises mainly making rigid - demand purchases. Only a few enterprises made appropriate inventory - building before the festival, and the overall wait - and - see sentiment was strong, with limited order growth. Overall, the current supply - demand structure of the soda - ash market was relatively loose, downstream purchasing was cautious, and the price lacked upward - driving force. The market was expected to continue to fluctuate weakly and steadily in the short - term, with the main contract reference range of 1160 - 1250 yuan/ton [25]