Report Industry Investment Ratings - Iron ore: Rebound [2] - Coking coal and coke: Rebound [2] - Rebar and hot-rolled coils: Oscillation [2] - Glass: Oscillation [2] - Shanghai Stock Exchange 50 Index: Oscillation [2] - CSI 300 Index: Oscillation [2] - CSI 500 Index: Rebound [2] - CSI 1000 Index: Rebound [2] - 2-year Treasury bond: Oscillation [3] - 5-year Treasury bond: Oscillation [3] - 10-year Treasury bond: Uptrend [3] - Gold: High-level oscillation [3] - Silver: High-level oscillation [3] - Logs: Weak oscillation [4] - Pulp: Bottom consolidation [4] - Offset paper: Weak oscillation [4] - Soybean oil: Range-bound operation [4] - Palm oil: Range-bound operation [4] - Rapeseed oil: Range-bound operation [4] - Soybean meal: Rebound [4] - Rapeseed meal: Rebound [4] - No. 2 soybeans: Rebound [6] - No. 1 soybeans: Rebound [6] - Live pigs: Oscillation with a slight upward trend [6] - Rubber: Oscillation [8] - PX: Wait-and-see [8] - PTA: Oscillation [8] - MEG: Wait-and-see [8] - PR: Wait-and-see [8] - PF: Wait-and-see [8] Core Views - The Fed's rate cut and Sino-US talks this week help boost risk appetite, with a warm macro atmosphere leading to a rebound in commodity prices at low levels [2][3][4][8] - The iron ore market remains in a pattern of loose supply, low demand, and port inventory accumulation, and the oversupply situation is difficult to reverse [2] - The coking coal and coke market focuses on whether demand-side policies will be introduced, and the core contradiction lies in the extremely low profit level of steel mills [2] - The steel market's price stop depends on the strict implementation of a production cut of over 5% in Q4 2025 and the intensity of anti-"involution" policies [2] - The glass market has a large inventory accumulation pressure, and the demand is weak overall [2] - The stock index market has a short-term consolidation with rising bullish sentiment, and it is recommended to hold long positions [3] - The Treasury bond market has a slight upward trend, and it is recommended to hold long positions lightly [3] - The gold market is affected by central bank gold purchases, debt issues in the US, and geopolitical risks, and it is expected to oscillate at a high level [3] - The log market has a supply increase and a demand decrease, and the price is expected to oscillate weakly [4] - The pulp market has a weak cost support and poor demand, and the price is expected to consolidate at the bottom [4] - The edible oil market has a sufficient supply and weak demand, and it is expected to continue range-bound operation [4] - The meal market is boosted by trade optimism and US soybean prices, and it is expected to rebound in the short term [4][6] - The live pig market has a slight increase in the average trading weight, and the price is expected to oscillate with a slight upward trend [6] - The rubber market has a decrease in inventory, and the price is expected to oscillate widely [8] - The PX, PTA, MEG, PR, and PF markets have different supply and demand situations and are affected by factors such as oil prices and costs, with different investment suggestions [8] Summary by Categories Black Industry - Iron ore: The main line is "loose supply, low demand, and port inventory accumulation", and the oversupply pattern is difficult to reverse. Follow four main lines to monitor potential price revaluation [2] - Coking coal and coke: The market focuses on demand-side policies, and the core contradiction is the low profit of steel mills. Coke has started the third round of price increases [2] - Rebar and hot-rolled coils: The static valuation is low, and the core lies in steel demand. The price stop depends on production cuts and policy implementation [2] - Glass: There are contradictions in the market, with high inventory accumulation pressure and weak demand. The daily melting volume needs to be reduced to solve the overcapacity [2] Financial Products - Stock index futures/options: The market has a short-term consolidation with rising bullish sentiment, and it is recommended to hold long positions [3] - Treasury bonds: The market has a slight upward trend, and it is recommended to hold long positions lightly [3] - Gold: The pricing mechanism is shifting, and it is affected by central bank purchases, debt issues, and geopolitical risks. It is expected to oscillate at a high level [3] Light Industry - Logs: The supply increases seasonally, and the demand decreases as the downstream enters the off-season. The price is expected to oscillate weakly [4] - Pulp: The cost support is weak, and the demand is poor. The price is expected to consolidate at the bottom [4] - Double-offset paper: The supply pressure exists, and the demand has not improved. The price is expected to oscillate weakly [4] Oils and Fats - Oils: The supply is sufficient, and the demand is weak. The market is expected to continue range-bound operation [4] - Meals: The market is boosted by trade optimism and US soybean prices, and it is expected to rebound in the short term [4][6] Agricultural Products - Live pigs: The average trading weight increases slightly, and the price is expected to oscillate with a slight upward trend due to factors such as demand and supply [6] Soft Commodities - Rubber: The inventory decreases, and the price is expected to oscillate widely due to factors such as production and demand [8] Polyester - PX: The supply and demand have pressure, and the price follows oil prices [8] - PTA: The cost support is weakened, and the supply and demand marginally weaken. The price follows costs [8] - MEG: The supply is at a high level, and the future supply and demand are expected to be in surplus. The price is suppressed by inventory pressure [8] - PR: The cost is boosted by macro news, and the price may rise slightly [8] - PF: The market is expected to be sorted warmly due to downstream demand and policy support [8]

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating a "look good" investment rating, suggesting that the industry is expected to outperform the market benchmark by more than 5% in the next six months [7]. Core Insights - The non-ferrous metals industry is expected to see improvements in profitability and valuation levels due to a favorable supply-demand structure, driven by high-quality green development paths outlined in the recent government planning documents [1][13]. - The supply side will focus on the protection and stable growth of strategic minerals, with an emphasis on maintaining low-speed, high-quality growth in production [2][14]. - Demand for non-ferrous metals is anticipated to expand rapidly, benefiting from the development of new productive forces and industries, particularly in green low-carbon energy and new material sectors [9][53]. Supply Side Summary - The government has issued guidelines for the protection of strategic minerals and the control of production capacity, emphasizing the importance of resource security and the need for stable growth in non-ferrous metal output [2][14]. - Strategic mineral protection is crucial due to China's low reserves and high dependence on foreign sources, with plans to enhance domestic resource exploration and development [16][15]. - The production of ten major non-ferrous metals is projected to grow at a rate of 4.3% in 2024, with a target of approximately 1.5% annual growth for 2025-2026, indicating a significant reduction in supply growth compared to previous years [3][18]. Demand Side Summary - The development of downstream industries is expected to drive significant demand for non-ferrous metals, particularly in sectors such as new energy vehicles, renewable energy, and advanced manufacturing [9][53]. - Emerging demands for copper are projected to increase significantly, with a compound annual growth rate of 16% for copper used in new energy vehicles from 2025 to 2030 [9][53]. - The redefinition of export rules for high-quality resources aims to enhance China's global pricing power in rare metals, with significant implications for the industry [10][22]. Future Industry Developments - The report highlights the importance of green production and the optimization of recycled metal proportions, with a target for recycled metals to account for over 4.4% growth in production by 2025-2026 [19]. - The promotion of high-end materials and innovation in manufacturing is emphasized, with plans to establish numerous pilot platforms for new materials by 2027 [20][21].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed cut interest rates by 25BP as expected, but Powell said a December rate cut is not guaranteed, strengthening the US dollar index and cooling global risk appetite. Domestically, economic growth has accelerated, and the upcoming meeting between Chinese and US leaders has boosted market optimism. Policy stimulus expectations have increased, enhancing short - term macro - upward drivers. Focus on China - US trade negotiations and domestic incremental policies [3]. - Different asset classes have different trends: stocks are short - term oscillating and strengthening; bonds are short - term oscillating; commodities have different trends for different sectors [3]. Summary by Directory Macro - finance - **Stocks**: Driven by sectors such as energy metals, industrial metals, and photovoltaic equipment, the domestic stock market rose significantly. With accelerated economic growth, the upcoming Sino - US leaders' meeting, and enhanced policy stimulus expectations, short - term macro - upward drivers have increased. Short - term cautious buying is recommended [4]. - **Precious Metals**: After the Fed's rate cut, the US dollar strengthened, and precious metals weakened. In the short term, they are oscillating and correcting, but the medium - to - long - term upward trend remains. Short - term long - position reduction and mid - to - long - term buying on dips are advised [4]. Black Metals - **Steel**: The domestic steel spot and futures markets continued to rebound. Demand improved marginally, inventories decreased, and supply is expected to decline due to compressed profits and environmental restrictions. The market is mainly driven by macro factors, and prices are likely to be oscillating and strengthening [5]. - **Iron Ore**: Iron ore prices continued to be strong due to improved macro expectations and a significant drop in arrivals. Port inventories decreased. Steel mill profits are compressed, and iron - water production may decline further. Supply has some changes, and prices are expected to oscillate in the short term [7]. - **Silicon Manganese/Silicon Iron**: Spot prices were flat, and futures prices rebounded slightly. Demand decreased due to a slight decline in steel production. Supply of silicon manganese increased slightly. Prices are expected to oscillate in the range [8]. Chemicals - **Soda Ash**: The main contract oscillated. Supply increased in the short term, and there are capacity expansion plans in the fourth quarter. Demand increased slightly. With supply pressure, a bearish view is taken [9]. - **Glass**: The main contract oscillated. Supply was stable, demand in the peak season was weak, and inventory was relatively high. Supported by anti - involution policies, it is expected to be oscillating and strengthening in the short term [9]. Non - ferrous Metals and New Energy - **Copper**: Driven by supply concerns, copper prices reached a record high. High US inventories may limit future imports. A mine shutdown in Indonesia tightened the global supply, but beware of the restart of a Panama mine. Domestic de - stocking was less than expected, and prices are expected to remain strong [10]. - **Aluminum**: The price of Shanghai aluminum rose significantly, with technical support at 21100. Fundamentals are not good, but a decline in London inventories may support prices in the short term [11]. - **Tin**: After the end of a large - scale smelter's maintenance in Yunnan, the smelting start - up rate increased significantly. However, the ore supply is tight, and prices are expected to oscillate at a high level [11]. - **Lithium Carbonate**: The main contract rose. Supply and demand both increased, and the price is expected to be oscillating and strengthening in the short term, but beware of hedging pressure [12]. - **Industrial Silicon**: The main contract rose. Demand was stable, and with cost support, it is expected to be oscillating and strengthening [12]. - **Polysilicon**: The main contract rose. Supply is high, demand is low, and it is waiting for policy support and attention to spot price support [13]. Energy and Chemicals - **Crude Oil**: The market evaluated the impact of a large drop in US inventories and sanctions on Russian oil producers. The meeting between Chinese and US leaders raised expectations for trade agreements, and oil prices rebounded slightly [15]. - **Asphalt**: Prices rebounded with oil prices and then stabilized. With the approaching off - season, inventory reduction will slow down. Future price trends depend on the rebound space of oil prices [15]. - **PX**: As oil prices rose, PX followed suit. It is in a tight supply situation but has high short - selling risks [16]. - **PTA**: The market is waiting for the results of a symposium. Short - term capital is leaving, and the inventory accumulation rate has slowed down. It will remain oscillating in the short term [16]. - **Ethylene Glycol**: Port inventories decreased slightly, and prices rose slightly with oil prices. It will continue to oscillate in the near term [16]. - **Short - fiber**: Prices rebounded slightly but are expected to remain weakly oscillating. Future upward space depends on terminal orders [17]. - **Methanol**: Some inland markets are weak, and port prices are oscillating at a low level. Supply pressure will increase, and demand is weak. Prices are expected to oscillate in the short term [17]. - **PP**: Market quotations oscillated. Supply is sufficient, but demand has improved marginally. Prices may be repaired in the short term [19]. - **LLDPE**: Prices fluctuated slightly. Supply is expected to increase, and demand may improve slightly. Prices may be repaired in the short term, but the supply - surplus situation remains [19]. - **Urea**: The domestic market showed a slight downward trend. Supply is becoming more abundant, and demand is stable. Prices are expected to oscillate at a low level [20]. Agricultural Products - **US Soybeans**: CBOT soybean prices fell slightly. US soybean exports have decreased significantly this year. The market is optimistic about trade negotiations, but there are still system risks [21]. - **Soybean and Rapeseed Meal**: Domestic soybean supply is abundant, and soybean meal supply is sufficient. If Sino - US agricultural trade relations improve, soybean meal inventory accumulation may limit upward price space [21]. - **Palm Oil**: In Malaysia, inventory accumulation pressure has increased since October, and the implementation of Indonesia's B50 plan is uncertain. After continuous price drops, it has entered a technically oversold stage [22]. - **Soybean and Rapeseed Oil**: Soybean oil supply is abundant, and it is in the consumption peak season. Rapeseed oil inventory is decreasing, but there are factors suppressing prices [23]. - **Corn**: North - port corn prices continued to decline. The market price is close to the cost line, and farmers' reluctance to sell may slow down the decline [23]. - **Hogs**: The average price of live hogs decreased slightly. Short - term prices have stabilized, but there is still a large supply - demand mismatch pressure in November [23].

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. Supply is at a low level and has recently seen more disturbances, but the terminal demand recovery is weak. It is expected that the glass will mainly show a weak and volatile trend in the short - term [2][6]. 3. Summary by Directory 3.1 Daily View - Fundamental analysis: Supply is at a low level and starting to recover, with many supply - side disturbances in the Shahe area such as "coal - to - gas" conversion. Downstream deep - processing orders are generally weak, worse than the same period in previous years, and the real - estate terminal demand is weak, which is bearish [2]. - Basis: The spot price of float glass in Hebei Shahe is 1044 yuan/ton, the closing price of FG2601 is 1127 yuan/ton, and the basis is - 83 yuan, with the futures at a premium to the spot, which is bearish [2]. - Inventory: The inventory of national float glass enterprises is 66.613 million weight boxes, an increase of 3.64% from the previous week, and the inventory is running above the 5 - year average, which is bearish [2][44]. - Disk: The price is running below the 20 - day line, and the 20 - day line is downward, which is bearish [2]. - Main position: The main position is net short, and the short position is increasing, which is bearish [2]. - Expectation: The glass fundamentals are weak, and it is expected to mainly show a weak and volatile trend in the short - term [2]. 3.2 Influencing Factors Summary - Bullish factors: Under the influence of the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry. Some production lines in the Shahe area are undergoing "coal - to - gas" conversion, increasing supply - side disturbances [4]. - Bearish factors: The real - estate terminal demand is still weak, and the number of orders of 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 [5]. 3.3 Main Logic The glass supply has declined to a relatively low level in the same period. Recently, there have been more supply - side disturbances, but the terminal demand recovery is weak. It is expected that the glass will mainly show a volatile trend [6]. 3.4 Glass Futures Market - The closing price of the main contract increased from 1113 yuan/ton to 1127 yuan/ton, a rise of 1.26%. The spot price of Shahe Safety large - plate remained unchanged at 1044 yuan/ton. The main basis increased from - 69 yuan/ton to - 83 yuan/ton, a rise of 20.29% [7]. 3.5 Glass Spot Market The market price of 5mm white glass large - plate in the spot benchmark area of Hebei Shahe is 1044 yuan/ton, unchanged from the previous day [12]. 3.6 Fundamental - Cost Side The report mentions glass production profit but does not provide specific data [14][17]. 3.7 Fundamental - Production - The number of national float glass production lines in operation is 226, with an operating rate of 76.35%. The number of operating production lines is at a historical low for the same period [23]. - The daily melting volume of national float glass is 161,300 tons, with the production capacity at the lowest level in the same period in history and starting to recover [25]. 3.8 Fundamental - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons [29]. - The report also mentions housing sales, new construction, construction, and completion areas, as well as the operating and order situations of downstream processing plants, but no specific data is provided [30][32][39]. 3.9 Fundamental - Inventory The inventory of national float glass enterprises is 66.613 million weight boxes, an increase of 3.64% from the previous week, and the inventory is running above the 5 - year average [44]. 3.10 Fundamental - 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, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio [45].

Core Insights - Rongsheng Petrochemical reported a revenue of 227.81 billion yuan and a net profit of 0.89 billion yuan for the first three quarters of 2025, showing a year-on-year growth of 1.34% [1] - In Q3 2025, the company achieved a net profit of 0.29 billion yuan, a significant increase of 1,427.94% year-on-year, with a non-recurring net profit of 0.31 billion yuan, up 1,887.27% [1] - The operating cash flow for the year-to-date reached 23.65 billion yuan, reflecting a year-on-year increase of 19.93% [1] - Total assets amounted to 377.85 billion yuan, representing a year-on-year growth of 3.99% [1] Industry Overview - The petrochemical industry is a pillar of the national economy, with a generally stable operational status, and is increasingly driven by technological innovation and green low-carbon transformation [1] - A joint announcement by seven departments, including the Ministry of Industry and Information Technology, introduced a growth stabilization plan for the petrochemical industry for 2025-2026, focusing on controlling overcapacity and enhancing product application scenarios [1] - The plan aims to improve the competitive landscape of the industry and enhance corporate profitability, particularly through capacity regulation of key products like ethylene and paraxylene [1] Future Outlook - Short-term profit pressures are anticipated in the petrochemical industry; however, policies promoting "anti-involution" are expected to facilitate a bottom reversal, leading to potential price increases and improved industry sentiment for filament products [2] - The company is deepening international cooperation and expanding its industrial chain to build competitive advantages, with integrated and scale advantages likely to be further realized [2]

Core Viewpoints - The A-share market has regained the 4000-point level, driven by a systematic layout for technological innovation under the 14th Five-Year Plan, maintaining reasonable liquidity through central bank operations, and a temporary easing of Sino-U.S. trade relations, creating a supportive external environment [2][8][10] Investment Themes - Focus on technology growth sectors, including AI, semiconductors, and robotics, which are supported by policy and show promising earnings in Q3 reports, shifting from speculation to performance verification [3][9] - High-dividend defensive sectors such as banking, utilities, and transportation provide safety margins during market fluctuations [3][9] - Cyclical sectors like photovoltaics, batteries, energy storage, rare earths, engineering machinery, chemicals, coal, non-ferrous metals, real estate, and brokerage are benefiting from anti-involution policies that optimize industry structures and improve profitability [3][9] Market Overview - On the recent trading day, major indices opened higher and the Shanghai Composite Index surpassed 4000 points, with significant gains in sectors like energy metals and photovoltaic equipment, while some sectors like banking and shipbuilding faced declines [4][5][6] - The trading volume reached 22,560 billion yuan, with the Shanghai Composite Index closing at 4016.33 points, up 0.70%, and the ChiNext Index rising by 2.93% [5][6] Sector Highlights - The new energy sector saw substantial gains, with lithium mining, BC batteries, and photovoltaic equipment performing well, supported by ongoing global efforts to achieve carbon neutrality [6][7] - The Hainan Free Trade Zone concept stocks surged as the island's full closure operation is set to officially launch on December 18, 2025, indicating strong policy support [7]

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年10月30日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 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。 沪镍 每日观点 1、基本面：美联储如期降息25基点，外盘反弹。产业链上，镍矿价格坚挺，菲律宾雨季慢慢来临，矿 山挺价，海运费本周维稳。镍铁价格稳中有降，成本线继续向下有所松动。不锈钢库存小幅回落，再次 去库存，关注可持续性。新能源汽车产销数据良好，三元电池装车有所回升，但总体提振有限。中长线 过剩格局不变。偏空 2、基差：现货121900，基差360，中性 3、库存：LME库存251706，+270，上交所仓单31433，+48，偏空 4、盘面：收盘价收于20均线以下，20均线向上，中性 5、主力持仓：主力持仓净空，空增，偏空 6、结论：沪镍2512：20均线上下宽幅震荡思路。 不锈钢 每日观点 1、基本面：现货不锈 ...

Core Viewpoint - The company Laplace (688726.SH) demonstrates resilience in the N-type photovoltaic cell equipment sector, achieving stable revenue and profit growth despite industry challenges [1][5]. Group 1: Financial Performance - In the first three quarters of 2025, Laplace reported a total revenue of 4.321 billion yuan, reflecting a year-on-year increase of 0.43% [1]. - The total profit for the same period reached 676 million yuan, marking a year-on-year growth of 4.77% [1]. Group 2: Industry Policy and Market Dynamics - The introduction of "anti-involution" policies aims to alleviate overcapacity in the photovoltaic industry and promote high-quality development [2]. - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to eliminate low-price competition in the photovoltaic sector [2]. - The tightening of energy consumption standards for silicon materials is expected to force the elimination of outdated production capacity [2]. Group 3: Demand and Market Outlook - The demand for high-efficiency photovoltaic products, particularly N-type products like TOPCon, is anticipated to rise due to new policies and market conditions [3]. - The China Photovoltaic Association has revised its forecast for the installed capacity growth in 2025 from 215-255 GW to 270-300 GW [3]. - The government aims for solar and wind power installations to exceed 3.6 billion kilowatts by 2035, indicating a strong long-term demand for photovoltaic products [3]. Group 4: Technological Advancements - Laplace is accelerating technological iterations to enhance product efficiency, focusing on new high-efficiency photovoltaic cell technologies like TOPCon and XBC [4]. - The company significantly increased its R&D investment to 119 million yuan in the third quarter, a year-on-year growth of 71.50% [4]. - Laplace is actively pursuing international patent applications to strengthen its technological advantages and facilitate market expansion in regions like Southeast Asia, the U.S., and the Middle East [4]. Group 5: Future Growth Potential - The photovoltaic industry is in a transitional phase characterized by capacity reduction, technological upgrades, and demand recovery [5]. - As the effects of "anti-involution" policies become evident and demand for high-efficiency technologies rises, Laplace is well-positioned to regain growth momentum [5].

Core Viewpoint - The article discusses the upward trend in coking coal prices and its implications for the steel industry, emphasizing the importance of supply-side factors and safety regulations in shaping market dynamics [4][5][6]. Group 1: Price Trends and Market Dynamics - Coking coal futures prices have been rising since June 3, with spot prices increasing from June 25, indicating a bullish market sentiment driven by supply-demand dynamics and policy influences [4]. - The rise in coking coal prices has led to subsequent increases in coke and steel prices, highlighting the interconnectedness of these commodities [5]. - The article predicts that coking coal prices will continue to rise in November, supported by various underlying factors [6]. Group 2: Supporting Factors for Price Increases - The coal mining industry is facing significant operational challenges, with a 20% decline in revenue and a 51% drop in total profit year-on-year from January to September 2025, primarily due to falling prices [10]. - Safety regulations are becoming increasingly stringent, with a focus on preventing accidents and ensuring compliance, which may limit production capacity [13]. - There is a strict crackdown on overproduction, which is expected to constrain supply and support price stability [14]. Group 3: Inventory and Supply Chain Issues - Coking coal inventories are at historically low levels, with a significant reduction of 58.9% since the beginning of the year, indicating a tight supply situation [15]. - The political instability in Mongolia is affecting coking coal production and exports, leading to reduced availability in the market [17]. - The steel industry is expected to maintain stable production levels, with a growth target of 4% for 2025 and 2026, which will support demand for coking coal [18]. Group 4: Seasonal and Historical Context - November is historically a month with strong price increases for coking coal, making it a critical period for market participants [19]. - The article suggests that coking coal producers should remain cautious and monitor market demand closely to avoid overproduction in response to potential supply-demand improvements [19].

Group 1 - The core viewpoint of the article discusses the recent fluctuations in glass futures prices, highlighting the impact of supply and demand dynamics post-National Day holiday [3][4]. - The glass market is currently experiencing a battle between weak realities and strong expectations, with a shift towards trading based on low valuations [5][6]. - The bottom of the glass market is believed to have been established in June, with current conditions indicating that it is difficult for prices to break previous lows [6]. Group 2 - Uncertainties in the glass market are primarily related to supply-side factors, including the potential impact of anti-involution policies and the transition of production lines to cleaner energy sources [7]. - Strategies for trading glass futures include looking for opportunities to buy at low prices, while also considering the potential for price increases if supply contracts or demand strengthens [7].