报告指出，数字贸易作为数字技术与国际贸易深度融合的新形态，通过拓展贸易边界、革新贸易模式、 赋能更多主体参与，正展现出强大韧性和潜力，成为世界各国在全球经济格局深度调整与不确定性加剧 背景下的战略选择。 人民财讯9月12日电，9月11日，在2025年中国国际服务贸易交易会"服务贸易发展论坛"上，国务院发展 研究中心对外经济研究部联合中国信息通信研究院(简称"中国信通院")发布《数字贸易发展与合作报告 (2025年)》，这是双方联合推出的第五期报告。 ...

Group 1: Event Overview - The 2025 China International Service Trade Fair was held from September 10 to 14 at Shougang Park in Beijing, featuring over 30 enterprises from nine cities in Guangdong, showcasing innovations in artificial intelligence, digital entertainment, and digital technology [1][3] - The Guangdong delegation's theme was "Smart Guangdong, Innovative Future," highlighting the province's achievements and opportunities in high-quality service and digital trade [1] Group 2: Robotics Innovations - The "Robot Team" from Guangdong attracted significant attention, featuring the industrial-grade quadruped robot X7 developed by Guangzhou Shiyuan, capable of operating in extreme temperatures from -20°C to 40°C and carrying out inspections in various terrains [4][6] - The X7 robot has been deployed in practical applications such as urban patrols and factory security inspections, significantly reducing risks for personnel and improving operational efficiency [6] - Another showcased product was the integrated joint module robot from Yundeh Power, which can lift up to 20 kg and replace human labor in heavy lifting tasks within industrial settings [6][8] Group 3: Digital Trade and AI Empowerment - The Guangdong Service Trade Promotion Conference highlighted opportunities in digital trade, cross-border e-commerce, AI empowerment, and cultural export, emphasizing the potential of the Greater Bay Area as a new growth engine for service trade [9] - The conference promoted the fourth Guangdong-Hong Kong-Macao Greater Bay Area Service Trade Conference, which aims to facilitate cross-border cooperation in various professional fields [9] - The "Cross-Border E-commerce Global Warehouse Resource Information Platform" was introduced, providing streamlined services for e-commerce businesses and enhancing their global operations [10] Group 4: Digital Workforce - The "AI Agent Digital Employee" showcased at the event can complete tasks that traditionally take two hours in just ten minutes, demonstrating the efficiency of digital employees in various sectors [10] - Digital employees, based on RPA and AI technologies, can operate continuously and handle repetitive tasks, allowing human workers to focus on higher-value activities [11] - The promotion of the animated film "Pig Pig Hero: The Reversal of an Old Pig" was also highlighted, with plans for international distribution in ten languages, showcasing the potential for Chinese animation in global markets [11][13]

Group 1 - The 2025 China International Service Trade Fair (CIFTIS) serves as a significant platform for open innovation and cooperation in the service trade sector, featuring 85 countries and international organizations and hosting 26 forums and meetings [1] - The integration of advanced technologies such as artificial intelligence, big data, and cloud computing with service trade is enhancing service efficiency and transforming service experiences, indicating a shift beyond mere economic considerations to encompass quality of life, cultural exchange, and social progress [1] - The fair promotes resource sharing and complementary advantages, allowing global service trade to flow freely and fostering collaboration among elite enterprises, experts, and industry leaders [1] Group 2 - China's commitment to optimizing the business environment, simplifying approval processes, and strengthening intellectual property protection is creating a fair and transparent development landscape for service trade enterprises, thereby enhancing their efficiency and reducing costs [2] - The fair facilitates a unique cooperative ecosystem where different civilizations share wisdom in the service sector, exemplified by African fintech companies accessing Chinese mobile payment technologies and European environmental service providers finding growth opportunities in China's dual carbon strategy [2] - The CIFTIS highlights the importance of mutual benefit and win-win cooperation as essential pathways for global economic collaboration and development, showcasing stories of shared progress through initiatives like digital education platforms and green technology [2]

Core Viewpoint - Guangxi is actively working to create an "AI + service trade" ecosystem aimed at ASEAN, seeking collaboration in service and digital trade sectors [1][2]. Group 1: Event Overview - The "Intelligent Gathering in Ba Gui: Digital Chain ASEAN - 2025 Guangxi Service Trade and Digital Trade Promotion Conference" was held in Beijing, showcasing Guangxi's innovations and potential in service and digital trade [2]. - The Guangxi Service Trade Outbound Alliance was established during the event, aiming to integrate resources and expand into international markets [2]. Group 2: Economic Performance - In the first half of the year, Guangxi's service trade import and export totaled $1.49 billion, reflecting a year-on-year growth of 15.2% [2]. - The information transmission, software, and IT service sectors have shown steady growth [2]. Group 3: Collaboration and Innovation - The event attracted nearly 100 domestic and international enterprises from various sectors, resulting in the signing of six cooperation projects with a total investment exceeding $55 million, covering cultural export, cross-border e-commerce, and logistics [6]. - Key speakers discussed the role of AI in enhancing the quality of cross-border e-commerce, highlighting Guangxi's innovative capabilities in service and digital trade [4].

Group 1 - The core viewpoint of the news is the implementation of the "Working Plan" to support Beijing in being the first to trial the WTO's Electronic Commerce Agreement, which aims to enhance digital trade practices and establish a framework for international cooperation in this area [1] - The Electronic Commerce Agreement, confirmed by 71 members including China, the EU, and Australia, encompasses four main pillars: digital facilitation, digital openness, digital trust, and digital inclusion, addressing key rules for electronic transactions, certification, and tariff exemptions on electronic transmissions [1] - The "Working Plan" includes 41 specific measures aimed at fostering institutional innovation and creating replicable digital trade policies, which will serve as a foundation for nationwide implementation and showcase China's commitment to high-level openness [1] Group 2 - The plan aims to enhance trade digitalization by promoting the use of electronic documents such as bills of lading and invoices, and facilitating cross-border recognition of electronic certifications and signatures [2] - It seeks to establish a comprehensive data governance system in Beijing, including the creation of a data element market and enhancing personal information protection, while also improving the convenience of cross-border data flow [2] - The initiative includes optimizing the digital consumer environment by improving online consumer protection mechanisms and enhancing the transparency of telecommunications services, as well as promoting international cooperation in digital trade [3]

原标题：紧扣数字贸易前沿趋势 2025服贸会主题论坛首次走出北京落地雄安 大会突出雄安新区在数字科技、人工智能、跨境贸易等方面产业特色，精心设置了场景展示、成果与需求发布、主旨演 讲、圆桌对话等多个环节，配套举办商务考察、产品发布会、供需对接等系列投资促进活动，为雄安新区加快承接北京非 首都功能疏解、集聚数字贸易要素资源注入新动能。 大会现场，2025年可信数据空间创新发展试点启动；城市可信数据空间创新发展试点共建启动；中国服务贸易协会发布 《中国数字贸易创新发展报告》；毕马威中国发布《金融科技动向2025年上半年报告》；综合时空网络与装备技术全国重 点实验室、中国时空信息集团有限公司、芯昇科技有限公司等机构分别发布北斗微基站室内/地下定位导航系统、"时空星 脉"运营服务平台、RISC-V内核窄带卫星通信IoT-NTN芯片等重大专项创新成果。 雄安新区现场发布了涵盖基础设施、城市治理、公共服务、数字经济四大领域共150余项数字创新成果的《雄安新区数字 产品创新推广目录》。在重大需求发布环节，还发布了在雄央企、省属国企及雄安新区的46项数字贸易场景需求。 人民网雄安9月11日电 （记者李雪晴、王红、宋烨文）9月 ...

Core Points - The Ministry of Commerce released a work plan to support Beijing in being the first to implement the WTO's E-commerce Agreement, aiming for rapid adoption of global digital trade rules in China [1][2] - Beijing is selected as the only pilot city due to its advantages in digital industry, trade demand, and data resource aggregation, with the digital economy accounting for 45% of its GDP in 2024 [1][2] - The work plan includes 41 specific measures across five areas to enhance trade digitization, improve data governance, optimize the digital consumption environment, increase transparency in telecom business, and strengthen international cooperation in digital trade [3][4] Summary by Sections Implementation of the E-commerce Agreement - The work plan aims to facilitate the implementation of the WTO's E-commerce Agreement in Beijing, leveraging the city's digital trade capabilities and infrastructure [1][2] - The plan is a collaborative effort among five national departments, emphasizing the importance of Beijing as a testing ground for digital trade policies [1][2] Digital Trade Development in Beijing - Beijing has been recognized as a pilot city for expanding foreign access to value-added telecommunications services, with 10 companies approved for pilot operations, the highest in the country [2] - The city has established a cross-border electronic contract signing platform with over 14,000 certified enterprises, leading in data diversity and outbound data flow rates [2] Specific Measures in the Work Plan - The work plan outlines five key areas with 41 measures, including promoting digital trade processes through electronic documentation and enhancing data governance and consumer protection [3] - It aims to create a seamless digital trade environment by digitizing trade processes, improving data sharing, and ensuring consumer safety in online transactions [3] Future Directions - The plan encourages Beijing to align with international high-standard trade rules and establish a coordination mechanism to ensure effective implementation of the work plan [4] - It aims to create replicable practices and experiences that can be promoted nationwide, maximizing the pilot's demonstration effect for broader adoption of the E-commerce Agreement [4]

Core Viewpoint - The Ministry of Commerce of China has released a work plan to support Beijing in being the first pilot city to implement the WTO's E-commerce Agreement, aiming to expedite the adoption of global digital trade rules established by the WTO by the end of 2024 [1] Group 1: Implementation of the Work Plan - The work plan was jointly developed by five national departments, including the Ministry of Commerce and the Central Cyberspace Affairs Commission, to leverage Beijing's advantages in digital industry and trade [1][2] - Beijing's digital economy accounted for 45% of its GDP in 2024, with digital trade making up half of its service trade, surpassing the national average [1][2] Group 2: Digital Trade Initiatives - Beijing has been selected as the only pilot city for the implementation of the E-commerce Agreement due to its achievements in digital openness and cross-border data flow management [2][3] - The city has established a cross-border electronic contract signing platform with over 14,000 certified enterprises and has initiated several digital trade pilot projects [2] Group 3: Specific Measures in the Work Plan - The work plan outlines 41 specific measures across five areas: enhancing trade digitization, improving data governance, optimizing the digital consumer environment, increasing transparency in telecom business, and strengthening international cooperation in digital trade [3] - Key initiatives include promoting paperless trade through electronic documents and payments, enhancing personal data protection, and expanding value-added telecom business [3][4] Group 4: Future Directions - The plan aims to create a favorable environment for enterprises to expand internationally by fostering cooperation in data protection and digital trade standards with other WTO members [4] - Beijing will establish a city-level coordination mechanism to ensure the effective implementation of the work plan and to accumulate experiences that can be replicated nationwide [4]

Market Situation - The A-share major indices opened lower on Thursday but experienced an upward trend throughout the day, with the Shanghai Composite Index closing up 1.65% at 3875.31 points [1] - The Shenzhen Component Index rose by 3.36%, and the ChiNext Index increased by 5.15%, indicating strong market performance [1] - A total of 4221 stocks rose, with 94 hitting the daily limit, while 1047 stocks declined, including 6 hitting the lower limit [1] - The TMT sector showed significant gains, particularly in communication equipment, electronic components, and computer hardware, which rose by 6.87%, 6.50%, and 6.23% respectively [1] Futures Market - All four major index futures contracts rose in line with the indices, with IF2509 and IH2509 increasing by 2.64% and 1.56% respectively [2] - The basis for the four major futures contracts is rapidly correcting, with IF2509 at a premium of 13.97 points and IH2509 at a premium of 7.12 points [2] News Highlights - The Ministry of Commerce in China plans to expand digital trade by promoting orderly opening in telecommunications, internet, and cultural sectors, encouraging foreign investment in the digital field [3] - Japan's central bank is accelerating plans to reduce its large ETF holdings, with officials indicating that a sell-off may be imminent, although the timing remains uncertain [3] Capital Flow - On September 11, the A-share trading volume exceeded 400 billion, with a total turnover of 2.44 trillion [4] - Northbound capital transactions amounted to 315.27 billion, indicating strong foreign interest [4] - The central bank conducted a 7-day reverse repurchase operation of 292 billion at a fixed rate of 1.40%, resulting in a net injection of 79.4 billion for the day [4]

1. Report Industry Investment Ratings No relevant investment ratings for the entire industries are provided in the report. 2. Core Views of the Report The overall market shows a complex and diverse situation across different sectors. In the financial derivatives market, stock index futures rose with strong performance from the technology and finance sectors, while the bond market was affected by factors such as capital supply and demand, and the performance of different - term bonds was divided. In the commodity market, the performance of various commodities was also different. For example, copper prices were affected by macro - economic factors and supply - demand fundamentals; the shipping index futures continued to decline due to weakening spot prices. In the agricultural product market, factors such as supply expectations and demand changes influenced the prices of various products. In the energy and chemical market, factors like supply and demand forecasts and macro - economic conditions affected the price trends of products such as crude oil and urea. 3. Summary by Relevant Catalogs Financial Derivatives Financial Futures - **Stock Index Futures**: On Thursday, A - share major indexes opened lower and then rose. The Shanghai Composite Index rose 1.65%, and the Shenzhen Component Index rose 3.36%. The four major stock index futures contracts all rose with the index, and the basis of the September contracts was quickly repaired. The domestic policy promotes the opening of the digital trade field, and overseas, the Bank of Japan plans to reduce its ETF holdings. The A - share market may enter a high - level shock pattern after a large increase, and it is recommended to sell near - month put options at the support level to collect premiums [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed with a mixed performance, with long - term bonds weak and short - term bonds strong. The central bank's net investment improved the capital supply, but the impact of the increase in bond fund redemption fees and the strong stock market still suppressed long - term bonds. It is recommended that investors wait and see, pay attention to the capital supply and the release of economic data [5][6]. Precious Metals - **Gold and Silver**: The European Central Bank maintained interest rates unchanged, and the US employment market weakened. Gold showed a sideways consolidation trend, while silver strengthened. The Fed's expected policy path and geopolitical risks affected the price of precious metals. It is recommended to buy gold at low prices cautiously or sell out - of - the - money gold options. For silver, it is recommended to conduct band operations in the 40 - 42 US dollars range and sell out - of - the - money options at high volatility [7][9][10]. Container Shipping Futures (EC) - **Spot and Index**: The spot quotes of major shipping companies continued to decline slowly. As of September 8, the SCFIS European line index decreased by 11.68% month - on - month. - **Fundamentals and Logic**: The global container shipping capacity increased, and the spot price decline put downward pressure on the futures. It is expected that the spot price will continue to decline slowly, and the futures price may also decline. It is recommended to short the October contract unilaterally or conduct a spread arbitrage between the December and October contracts [12][13]. Commodity Futures Non - ferrous Metals - **Copper**: The US core CPI met expectations, and the expectation of interest rate cuts increased. The spot price of copper rose slightly, and the consumption recovery was slow. The supply of copper concentrate was tight, and the production of refined copper was expected to decline. The copper price was affected by macro - economic factors and the supply - demand relationship. It is expected to be in a sideways - to - strong trend, with the main contract reference range of 79,500 - 81,500 yuan/ton [14][15][17]. - **Alumina**: The spot price of alumina decreased slightly, and the market was in a pattern of high supply, high inventory, and weak demand. The futures price was expected to be in a sideways - to - weak trend, with the main contract reference range of 2900 - 3200 yuan/ton. It is recommended to pay attention to policy changes in Guinea and cost - profit changes [18][20]. - **Aluminum**: The spot price of aluminum rose, and the supply was at a high level while the demand showed marginal improvement. The aluminum price was supported by the macro - environment and the expectation of the peak season, but there was still pressure in the 20,900 - 21,000 yuan/ton range. It is expected to fluctuate around the actual demand in the peak season, with the main contract reference range of 20,600 - 21,200 yuan/ton [21][23]. - **Aluminum Alloy**: The spot price of aluminum alloy rose slightly. The cost was strongly supported, but the demand recovery was limited, and the inventory was in the process of accumulation. It is expected to continue to fluctuate at a high level in the short term, with the main contract reference range of 20,000 - 20,600 yuan/ton [24][26][27]. - **Zinc**: The spot price of zinc rose, and the supply was expected to be loose. The demand was approaching the peak season, and the inventory was at a relatively low level. The zinc price was expected to fluctuate, with the main contract reference range of 21,500 - 23,000 yuan/ton [27][30]. - **Tin**: The spot price of tin rose, and the supply was tight. The demand was weak, and the market was in a tight - balance pattern of "weak supply and weak demand". It is expected that the tin price will fluctuate at a high level, with the reference range of 265,000 - 285,000 yuan/ton [31][32][33]. - **Nickel**: The spot price of nickel was stable, and the supply was at a high level. The demand was relatively stable, and the inventory was at a high level overseas and increased slightly domestically. It is expected that the nickel price will adjust within a range, with the main contract reference range of 118,000 - 126,000 yuan/ton [33][34][35]. - **Stainless Steel**: The spot price of stainless steel was stable, and the cost was supported, but the demand was weak. The supply was expected to increase, and the inventory was slowly decreasing. It is expected that the stainless - steel price will fluctuate within a range, with the main contract reference range of 12,600 - 13,400 yuan/ton [37][38][39]. - **Lithium Carbonate**: The spot price of lithium carbonate decreased slightly, and the supply increased slightly. The demand was optimistic, and the inventory decreased. The lithium - carbonate price was expected to fluctuate and consolidate, with the main contract reference range of 70,000 - 72,000 yuan/ton [40][42][43]. Ferrous Metals - **Steel**: The spot price of steel was weak, and the cost of iron ore increased while the cost of coking coal decreased. The supply was at a high level, and the demand decreased seasonally. The inventory increased, and the steel price was expected to be weak. It is recommended to wait and see [44][45][46]. - **Iron Ore**: The spot price of iron ore decreased slightly, and the futures price was in a downward trend. The global shipment volume decreased, and the port inventory increased slightly. The demand from steel mills increased, and the iron - ore price was expected to be in a balanced - to - tight pattern, with the reference range of 780 - 830 yuan/ton. It is recommended to go long on the 2601 contract at low prices and conduct a spread arbitrage of long iron ore and short coking coal [48][49]. - **Coking Coal**: The spot price of coking coal was in a weak - sideways trend, and the futures price rebounded. The supply of coking coal increased, and the demand from steel mills and coking plants increased. The inventory decreased, and the coking - coal price was expected to decline in September. It is recommended to short the 2601 contract at high prices and conduct a spread arbitrage of long iron ore and short coking coal [50][52][53]. - **Coke**: The first - round price cut of coke was implemented, and the futures price rebounded. The supply of coke increased, and the demand was supported. The inventory increased, and the coke price was expected to have 2 - 3 rounds of price cuts. It is recommended to short the 2601 contract at high prices and conduct a spread arbitrage of long iron ore and short coke [54][55][56]. Agricultural Products - **Meal Products**: The domestic spot price of soybean meal fluctuated, and the trading volume decreased. The market expected the US soybean yield to be high, but the domestic cost was supported. The price of meal products was expected to have a limited downward space, and the cost support was strong in the fourth quarter [57][58][59]. - **Live Pigs**: The spot price of live pigs fluctuated, and the breeding profit decreased. The supply of live pigs was expected to increase, and the demand recovery was uncertain. The price of live pigs was expected to have limited downward space in the short term, but there was still a risk of decline in the future [60][61]. - **Corn**: The spot price of corn fluctuated, and the inventory decreased. The new - season corn was about to be listed, and the supply was expected to increase. The demand was weak, and the corn price was expected to be weak in the medium term. It is recommended to be cautious when shorting [62][63]. - **Sugar**: The international sugar price was under pressure, and the domestic sugar price was in a sideways trend. The supply of Brazilian sugar was large, and the sugar - alcohol ratio was expected to have limited upward space. The domestic demand was mainly for Mid - Autumn Festival stocking, and the sugar price was expected to be in a sideways trend. It is recommended to maintain a bearish view [65]. - **Cotton**: The US cotton was in a bottom - grinding stage, and the domestic cotton demand had no obvious increase. The new - cotton purchase drive was not clear, and the domestic cotton price was expected to fluctuate in the short term and be under pressure after the new - cotton listing [66]. - **Eggs**: The spot price of eggs rebounded slightly, but the supply pressure was still large. The inventory of laying hens was at a high level, and the demand might weaken in the second half of the week. The egg price was expected to have a limited upward space in early September and maintain a bearish view [68][69]. - **Oils and Fats**: The price of palm oil was affected by the decline in production data and the weak export. The price of soybean oil was affected by the increase in the CBOT soybean oil price and the sufficient supply. The price of palm oil was expected to test the support level, and the price of soybean oil was expected to fluctuate in a narrow range [70][71]. - **Jujubes**: The spot price of jujubes was stable, and the market supply was small. The jujube production was expected to decrease, but the double - festival stocking effect was not obvious. The jujube price was expected to fluctuate in the short term, and it is recommended to pay attention to the weather and festival effects [72][73]. - **Apples**: The early - Fuji apples were on the market, and the market was differentiated. The price of high - quality apples was stable at a high level, while the price of ordinary apples was determined by quality. The red - general apples in Shandong were still coloring, and the large - scale trading was yet to come [74][75]. Energy and Chemicals - **Crude Oil**: The international oil price declined due to concerns about long - term supply surplus and weak US demand. The supply of Russian crude oil increased, and the IEA predicted a large supply surplus in 2026. The oil price was expected to be weak in the short term. It is recommended to take a bearish view unilaterally and wait for opportunities to expand options volatility [75][76][78]. - **Urea**: The domestic spot price of urea decreased, and the supply increased while the demand was in the off - season. The inventory increased, and the international price declined. The urea price was expected to be weak, and it is recommended to wait and see, paying attention to the support level of 1630 - 1650 yuan/ton [79][80][82]. - **PX**: The spot price of PX was stable, and the supply was expected to increase while the demand was expected to be relatively stable. The PX price was expected to fluctuate in the range of 6600 - 6900 yuan/ton [83][84]. - **PTA**: The spot price of PTA was in a sideways trend, and the supply was expected to be tight in September but weak in the medium term. The demand was expected to increase slightly, and the PTA price was expected to fluctuate in the range of 4600 - 4800 yuan/ton. It is recommended to conduct a rolling reverse - spread arbitrage between TA1 and TA5 [85][86]. - **Short - Fiber**: The short - fiber price followed the raw materials, and the supply was at a high level. The demand was expected to increase slightly, but the new orders were insufficient. The short - fiber price was expected to follow the raw materials, and the processing fee was expected to fluctuate in the range of 800 - 1100 yuan/ton [87]. - **Bottle - Chip**: The bottle - chip price followed the cost, and the supply and demand were expected to decrease in September. The inventory was expected to increase, and the processing fee had limited upward space. It is recommended to follow the PTA strategy, and the main - contract processing fee is expected to fluctuate in the range of 350 - 500 yuan/ton [88][89]. - **Ethylene Glycol**: The ethylene - glycol price was in a downward trend, and the supply was expected to increase in the fourth quarter. The demand was expected to decrease after the peak season. It is recommended to pay attention to the EG1 - 5 reverse - spread arbitrage opportunity [91]. - **Caustic Soda**: The caustic - soda market was stable, and the supply was expected to decline next week. The demand from alumina plants was expected to weaken. The caustic - soda price was expected to be stable in the short term, and it is recommended to pay attention to the alumina - plant procurement rhythm and device fluctuations [92][93]. - **PVC**: The PVC price was stable, and the supply was expected to increase. The demand was weak, and the PVC price was expected to continue to be in a weak - sideways trend [94][95]. - **Pure Benzene**: The pure - benzene price had limited upward drive, and the supply was expected to be relatively loose. The demand from downstream products was weak. The pure - benzene price was expected to follow the styrene price and fluctuate at a low level [96]. - **Styrene**: The styrene price was in a low - level sideways trend, and the supply was expected to decrease in the future. The demand from downstream products increased slightly. The styrene price was expected to have a low - level support, and it is recommended to go long at a low level and expand the spread between EB11 and BZ11 [97][98]. Special Commodities - **Natural Rubber**: The natural - rubber price fluctuated at a high level, and the cost was supported. The demand was expected to increase, but the increase in production capacity might be limited. The natural - rubber price was expected to fluctuate in the range of 15,000 - 16,500 yuan/ton. It is recommended to wait and see [106][107][108]. - **Polysilicon**: The polysilicon price increased, and the supply was expected to decline slightly in September. The demand was at a low level, and the inventory decreased slightly. The polysilicon price was affected by policy expectations, and it is recommended to wait and see [108][109][110]. - **Industrial Silicon**: The industrial - silicon price increased, and the supply was expected to increase in September. The demand was relatively stable, and the inventory decreased slightly. The industrial - silicon price was expected to have a cost - side support, and it is recommended to try to go long at a low price, with the main price fluctuation range of 8000 - 9500 yuan/ton [110][111][113]. - **Soda Ash and Glass**: The soda - ash price was in a narrow - range sideways trend, and the supply was at a high level while the demand was in a rigid - demand pattern. The glass price was affected by production - line news, and the inventory decreased. The soda - ash price is recommended to be shorted on the rebound, and the glass price is recommended to wait and see [114][115][116].