Report Industry Investment Rating - Short-term shock is on the strong side [1] Core Viewpoints - The supply of soda ash is increasing and demand is weakening, which may intensify the supply-demand contradiction. However, in the short term, boosted by macro expectations and the sharp rise in coal prices, the price may maintain a volatile and strong operation, but the upward space may be limited. Follow-up attention should be paid to changes in downstream demand, macro policies, and market sentiment [4] Summary by Directory Market Review - **Futures Market**: The main contract of soda ash opened high and moved low, showing a weak intraday shock. The 120-minute Bollinger Bands continued to have three tracks upward, indicating a short-term shock on the strong side. The upper pressure was focused on the 20 and 60 moving averages on the weekly line, and the support continued to focus on the 40 moving average on the daily line. The trading volume decreased by 643,000 lots compared with the previous day, and the open interest decreased by 1,967 lots. The intraday high was 1,242, the low was 1,204, and the closing price was 1,228, a decrease of 20 yuan/ton (1.6% decline) compared with the previous settlement price [1] - **Spot Market**: It was stable with fluctuations. The enterprise equipment was generally stable with minor adjustments, and the maintenance expectations were few. The industrial supply hovered at a high level. The downstream purchasing sentiment was average, the demand was neither strong nor weak, and most of them maintained low-price on-demand replenishment and were resistant to high prices [1] - **Basis**: The spot price of heavy soda ash in North China was 1,250, and the basis was 22 yuan/ton [1] Fundamental Data - **Supply**: As of January 8, the domestic soda ash output was 753,600 tons, a month-on-month increase of 56,500 tons (8.11% increase). Among them, the light soda ash output was 349,100 tons, a month-on-month increase of 23,000 tons; the heavy soda ash output was 404,500 tons, a month-on-month increase of 33,500 tons. The comprehensive capacity utilization rate was 84.39%, compared with 79.96% last week, a month-on-month increase of 4.43%. Among them, the ammonia-soda process capacity utilization rate was 90.41%, a month-on-month increase of 11.20%; the combined process capacity utilization rate was 74.11%, a month-on-month increase of 1.33%. The overall capacity utilization rate of 15 enterprises with an annual production capacity of one million tons and above was 88.15%, a month-on-month increase of 2.24% [2] - **Inventory**: The total inventory of domestic soda ash manufacturers was 1.5727 million tons, an increase of 64,300 tons compared with Monday (4.26% increase). Among them, the light soda ash was 836,500 tons, a month-on-month increase of 40,800 tons; the heavy soda ash was 736,200 tons, a month-on-month increase of 23,500 tons. Compared with last Wednesday, it increased by 164,400 tons (11.67% increase). Among them, the light soda ash was 836,500 tons, a month-on-month increase of 104,300 tons; the heavy soda ash was 736,200 tons, a month-on-month increase of 60,100 tons. The inventory at the same time last year was 1.4708 million tons, a year-on-year increase of 10,190 tons (6.93% increase) [2] - **Demand**: This week, the shipment volume of soda ash enterprises was 589,200 tons, a month-on-month decrease of 18.99%; the overall shipment rate of soda ash was 78.18%, a month-on-month decrease of 26.15%. The downstream demand for soda ash was average, mainly consuming inventory and purchasing at low prices. Light soda ash was relatively stable. At the end of last month, some glass production lines were shut down for cold repair, and the rigid demand for heavy soda ash weakened [2][3] - **Profit**: According to Longzhong Information statistics, the theoretical profit (double tons) of the combined process was -40 yuan/ton, a month-on-month decrease of 12.68%. The theoretical profit of the ammonia-soda process was -57.85 yuan/ton, a month-on-month increase of 39.65%. During the week, the price of raw material ore salt was stable, and the price of thermal coal increased, resulting in an increase in costs [3] Main Logic Summary - The current daily output of soda ash has reached 110,300 tons, with a capacity utilization rate of 84.39%. Coupled with the gradual release of new production capacity, the overall output is constantly increasing. Before the New Year's Day, 6 glass production lines were shut down for cold repair, and this week, another 3 production lines were shut down for cold repair, further weakening the rigid demand for soda ash and continuously increasing the inventory. However, there is certain short-term support under continuous losses and positive macro sentiment [4]

Core Viewpoint - The company, Jin Aobo (002917), indicates that its capacity utilization rate for civil explosives is based on safety production licensing standards, and production is primarily driven by order acquisition rather than standardized product statistics [1] Group 1: Production Capacity - The company's capacity utilization rate is calculated based on safety production licensing standards [1] - The production output is largely determined by the orders received, as the company provides differentiated product designs based on customer needs [1] - The overall capacity utilization rate is expected to remain stable through 2025, with an improvement in the fourth quarter compared to the previous three quarters [1] Group 2: Operational Status - The company's overall production and operational status is reported to be normal [1] - Production is arranged reasonably based on the order situation [1]

Core Insights - The article highlights the significant improvement in industrial capacity utilization in Nanchong, with a rise from 53.4% in 2024 to 64.7% in 2025, marking an increase of 11.3 percentage points [1][2] - The Nanchong government has implemented various measures to enhance industrial efficiency and reduce costs, including the introduction of bundled electricity purchasing, which has saved companies over 40 million yuan in electricity costs [3][4] Group 1: Industrial Performance - Nanchong's industrial capacity utilization rate improved to 64.7% in 2025, up from 53.4% in 2024, indicating better use of production capabilities [1][2] - The city aims to address the long-standing issue of "sleeping capacity," which has hindered economic growth and led to high operational costs for businesses [2] Group 2: Cost Reduction Initiatives - The implementation of bundled electricity purchasing has allowed 434 companies to save over 40 million yuan in electricity costs, with an average reduction of 0.0375 yuan per kilowatt-hour [3][4] - The average industrial electricity price in Nanchong decreased by 8.8% from the end of 2024 to 2025, contributing to lower operational costs for businesses [5] Group 3: Economic Impact - The automotive and parts industry in Nanchong saw a 5.9% increase in output value from January to November 2025, with 219 enterprises classified as above-scale [4] - Industrial tax revenue has become the largest source of tax income in Nanchong, indicating a growing contribution of the industrial sector to the local economy [5]

Report Industry Investment Rating Not provided Core Viewpoints The supply of soda ash is increasing and demand is weakening, which may intensify the supply - demand contradiction. However, in the short term, supported by macro - news and the sharp rise in coal prices, the price may maintain a volatile and strong trend. It is advisable to buy on dips in the short term. Follow - up attention should be paid to downstream demand, macro - policies, and market sentiment changes [5] Summary by Directory Market行情回顾 - Futures market: The main soda ash contract opened higher and moved higher, showing a strong intra - day performance. The 120 - minute Bollinger Bands had an upward - opening three - rail, indicating a short - term volatile and strong signal. The upper pressure was near the 60 - week moving average, and the support was near the 60/40 - day moving average. The trading volume increased by 1.521 million lots compared to the previous day, and the open interest decreased by 15,426 lots. The intra - day high was 1277, the low was 1188, and the closing price was 1271, up 89 yuan/ton (7.53%) from the previous day's settlement price [1] - Spot market: The price was stable. Some plant loads increased slightly, with few maintenance expectations. The industry supply remained high. Downstream demand was average, mostly replenishing on demand and with low - price transactions [1] - Basis: The spot price of heavy soda ash in North China was 1250, and the basis was - 21 yuan/ton [1] Fundamental Data - Supply: As of January 1, domestic soda ash production was 697,100 tons, a decrease of 14,700 tons (2.07%) compared to the previous period. The comprehensive capacity utilization rate was 79.96%, a decrease of 1.69% compared to the previous week. The capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more increased by 0.11% [2] - Inventory: As of January 5, the total inventory of domestic soda ash manufacturers was 1.5084 million tons, an increase of 100,100 tons (7.11%) from the previous period [2] - Demand: Last week, the shipment volume of soda ash enterprises decreased by 5.87% compared to the previous period, and the overall shipment rate decreased by 4.21%. The downstream demand was average, mainly consuming inventory and purchasing at low prices. The demand for light soda ash was relatively stable, while the rigid demand for heavy soda ash weakened [2] - Profit: As of January 1, the theoretical profit of the dual - alkali method was - 35.50 yuan/ton, a decrease of 73.17% compared to the previous period. The theoretical profit of the ammonia - alkali method was - 95.4 yuan/ton, a decrease of 66.2% compared to the previous period. The cost - side fluctuated little [3][4] Main Logic Summary The soda ash production has decreased, but the overall operating rate is relatively high. With the gradual release of new production capacity, the total output remains high. The rigid demand for soda ash has weakened, and inventory has increased. However, due to continuous losses and a warm macro - environment, there is some short - term support. The short - term price may maintain a volatile and strong trend [5]

Report Title - Plastic Industry Daily Report 2026-01-07 [1] Report Industry Investment Rating - Not provided Core Viewpoints - The short - term L2605 is expected to show a volatile trend. It is necessary to pay attention to the support around 6460 and the pressure around 6760. The total inventory of PE maintains a de - stocking trend with little pressure. Oil - based process costs decrease and losses are reduced, while coal - based process costs remain stable and profits are repaired. In January, new domestic PE production capacity continues to increase, and low - priced overseas resources continue to flow in. Domestic enterprises may increase temporarily shut - down devices to relieve supply pressure. The demand for agricultural film is in the off - season, and the demand for packaging film is limited and difficult to form demand support [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of polyethylene is 6642 yuan/ton, with a change of 63. The 1 - month, 5 - month, and 9 - month contract closing prices are 6430 yuan/ton (change: 101), 6642 yuan/ton (change: 63), and 6687 yuan/ton (change: 69) respectively. The trading volume is 566498 lots (change: 108635), and the open interest is 505678 lots (change: - 2207). The 1 - 5 spread is - 212 (change: 38). The buy orders, sell orders, and net buy orders of the top 20 futures positions are 430624 lots (change: - 1454), 496022 lots (change: 6601), and - 65398 lots (change: - 8055) respectively [2] Spot Market - The average price of LLDPE(7042) in North China is 6542.17 yuan/ton (change: 61.3), and in East China is 6603.95 yuan/ton (change: 53.26). The basis is - 99.83 (change: - 1.7) [2] Upstream Situation - The FOB middle price of naphtha in Singapore is 56.74 US dollars/barrel (change: 1.44), the CFR middle price of naphtha in Japan is 534.25 US dollars/ton (change: 11.75). The CFR middle price of ethylene in Southeast Asia is 726 US dollars/ton (change: 0), and in Northeast Asia is 746 US dollars/ton (change: 0) [2] Industry Situation - The national petrochemical PE operating rate is 83.23% (change: 0.59%) [2] Downstream Situation - The operating rates of polyethylene (PE) in packaging film, pipes, and agricultural film are 48.41% (change: 0.19%), 30.17% (change: - 0.5%), and 38.95% (change: - 4.91%) respectively [2] Option Market - The 20 - day and 40 - day historical volatilities of polyethylene are 17.83% (change: 0.34) and 14.13% (change: 0.26) respectively. The implied volatilities of at - the - money put and call options of polyethylene are 14.32% (change: 0.58) and 14.31% (change: 0.55) respectively [2] Industry News - From December 27 to January 2, the PE factory operating rate increased by 0.59% to 83.23%, and the PE downstream operating rate decreased by 0.68% to 41.15%. The agricultural film operating rate decreased by 4.91% to 38.95%, and the packaging film operating rate increased by 0.19% to 48.41%. As of January 2, the PE factory inventory was 37.07 tons, a decrease of 19.17% from last week, and the PE social inventory was 47.51 tons, an increase of 0.76% from last week. From December 27 to January 2, the LLDPE oil - based cost decreased by 0.55% to 6925.43 yuan/ton, the coal - based cost remained stable at 5732 yuan/ton, the oil - based profit increased by 36.71 yuan/ton to - 630.29 yuan/ton, and the coal - based profit increased by 143.14 yuan/ton to - 63.57 yuan/ton. Recently, the 250,000 - ton device of Maoming Petrochemical restarted, and the PE capacity utilization rate increased slightly [2]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - The supply of domestic butadiene rubber is expected to continue increasing due to sufficient resources at the spot end and increased production loads of some manufacturers. Meanwhile, downstream demand is affected by maintenance and production control, and the inventory level may further rise this week. The capacity utilization rate of domestic tire enterprises decreased last week but may slightly rebound this week. The short - term price of the br2603 contract is expected to fluctuate between 11,700 - 12,300 yuan/ton [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of synthetic rubber is 12,155 yuan/ton, and the position volume is 33,981 (a decrease of 3,312). The 2 - 3 spread of synthetic rubber is - 30 yuan/ton, and the total warehouse receipt quantity of butadiene rubber is 4,560 tons with no change [2]. Spot Market - The mainstream prices of BR9000 from different manufacturers increased. The mainstream price of BR9000 from Qilu Petrochemical and Daqing Petrochemical in Shandong is 11,750 yuan/ton (a rise of 150 yuan/ton), and that from Maoming Petrochemical in Guangdong is 11,800 yuan/ton (a rise of 100 yuan/ton). The basis of synthetic rubber is - 305 yuan/ton. The price of Brent crude oil is 60.7 dollars/barrel (a decrease of 1.06 dollars/barrel), and the price of WTI crude oil is 57.13 dollars/barrel (a decrease of 1.19 dollars/barrel). The price of Northeast Asian ethylene is 745 dollars/ton, the price of naphtha CFR Japan is 534.25 dollars/ton, the intermediate price of butadiene CFR China is 985 dollars/ton (a rise of 10 dollars/ton), and the mainstream price of butadiene in Shandong market is 9,150 yuan/ton (a rise of 200 yuan/ton) [2]. Upstream Situation - The weekly capacity of butadiene is 15.93 million tons with no change, and the capacity utilization rate is 71.17% (a rise of 0.56 percentage points). The port inventory of butadiene is 44,700 tons (an increase of 1,400 tons), and the operating rate of Shandong local refinery atmospheric - vacuum distillation unit is 54.94% (a decrease of 1.28 percentage points). The monthly output of butadiene rubber is 13.01 million tons (a decrease of 0.75 million tons), the weekly capacity utilization rate is 76.76% (a rise of 0.5 percentage points), the weekly production profit is 334 yuan/ton. The social inventory of butadiene rubber is 34,500 tons (an increase of 500 tons), the manufacturer's inventory is 26,300 tons, and the trader's inventory is 7,180 tons (an increase of 1,490 tons) [2]. Downstream Situation - The monthly output of all - steel tires is 1.301 million pieces, and that of semi - steel tires is 5.831 million pieces (an increase of 0.663 million pieces). The inventory days of all - steel tires in Shandong are 3.27 days, and those of semi - steel tires are 47.05 days (an increase of 0.19 days). As of January 4, the capacity utilization rate of Chinese semi - steel tire sample enterprises is 66.53% (a decrease of 3.83 percentage points compared with the previous period and an increase of 11.05 percentage points year - on - year), and that of all - steel tire sample enterprises is 57.93% (a decrease of 3.76 percentage points compared with the previous period and an increase of 1.37 percentage points year - on - year) [2]. Industry News - Last week, the capacity utilization rate of domestic tire sample enterprises decreased because some enterprises had maintenance arrangements around the "New Year's Day" holiday and continued production control. In December, the output of butadiene rubber was 143,600 tons, a month - on - month increase of 10.38% and a year - on - year increase of 1.97%. The capacity utilization rate was 72.13%, a month - on - month increase of 4.65 percentage points and a year - on - year decrease of 2.68 percentage points. As of December 31, 2025, the domestic butadiene rubber inventory was 33,500 tons, a month - on - month decrease of 3.07% [2]. Key Points to Watch - There is no news today [2]

Report Summary 1. Report Industry Investment Rating - The document does not provide the industry investment rating. 2. Core Viewpoints - Due to sufficient spot resources and increased production load of some manufacturers, the supply continues to increase, and downstream parking and maintenance affect short - term raw material procurement. It is expected that the inventory level will further rise this week. - Last week, the capacity utilization rate of domestic tire enterprises decreased. Some enterprises had maintenance arrangements around the "New Year's Day" holiday and continued to control production, dragging down the capacity utilization rate. With the resumption around the 4th, the capacity utilization rate of tire enterprises may rise slightly this week. - The BR2603 contract is expected to fluctuate in the range of 11,700 - 12,200 yuan/ton in the short term. [2] 3. Summary by Relevant Catalogs 3.1. Futures Market - The closing price of the main contract of synthetic rubber is 11,830 yuan/ton, up 185 yuan; the position of the main contract is 37,293 lots, down 2,944 lots. - The synthetic rubber 2 - 3 spread is - 25 yuan/ton, up 15 yuan; the total warehouse receipt quantity of butadiene rubber is 4,560 tons, unchanged. [2] 3.2. Spot Market - The mainstream price of BR9000 from Qilu Petrochemical, Daqing Petrochemical, and Maoming Petrochemical in different regions is 11,600 - 11,700 yuan/ton, up 100 yuan. - The basis of synthetic rubber is - 80 yuan/ton, down 85 yuan; Brent crude oil is 61.76 US dollars/barrel, up 1.01 US dollars; Naphtha CFR Japan is 522.5 US dollars/ton, down 7.63 US dollars. - The Northeast Asian ethylene price is 745 US dollars/ton, unchanged; the CFR China price of butadiene is 975 US dollars/ton, up 10 US dollars; WTI crude oil is 58.32 US dollars/barrel, up 1 US dollar; the mainstream price of butadiene in Shandong market is 8,950 yuan/ton, up 200 yuan. [2] 3.3. Upstream Situation - The weekly capacity of butadiene is 15.93 million tons, unchanged; the capacity utilization rate is 71.17%, up 0.56 percentage points. - The port inventory of butadiene is 44,700 tons, up 1,400 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 54.94%, down 1.28 percentage points. - The monthly output of butadiene rubber is 13.01 million tons, down 0.75 million tons; the weekly capacity utilization rate is 76.76%, up 0.5 percentage points. - The weekly production profit of butadiene rubber is 334 yuan/ton, up 45 yuan; the weekly social inventory is 3.45 million tons, up 0.05 million tons. - The weekly manufacturer inventory of butadiene rubber is 26,300 tons, down 2,550 tons; the weekly trader inventory is 7,180 tons, up 1,490 tons. [2] 3.4. Downstream Situation - The monthly output of all - steel tires is 13.01 million pieces, up 590,000 pieces; the monthly output of semi - steel tires is 58.31 million pieces, up 6.63 million pieces. - The inventory days of all - steel tires in Shandong is 47.05 days, up 3.27 days; the inventory days of semi - steel tires in Shandong is 47.05 days, up 0.19 days. [2] 3.5. Industry News - As of January 4, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 66.53%, down 3.83 percentage points month - on - month and 11.05 percentage points year - on - year; the capacity utilization rate of all - steel tire sample enterprises was 57.93%, down 3.76 percentage points month - on - month and up 1.37 percentage points year - on - year. - In December, the output of butadiene rubber was 14.36 million tons, up 1.35 million tons month - on - month (10.38%) and 1.97% year - on - year. The capacity utilization rate was 72.13%, up 4.65 percentage points month - on - month and down 2.68 percentage points year - on - year. - As of December 31, 2025, the domestic butadiene rubber inventory was 3.35 million tons, down 0.10 million tons (3.07%) from the previous period. [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The short - term trend of L2605 is expected to be volatile, with the daily range estimated to be around 6360 - 6580 yuan/ton [2][3] 3. Summary by Relevant Categories Futures Market - The closing price of the main futures contract for polyethylene decreased by 23 yuan/ton to 6449 yuan/ton; the 1 - month contract decreased by 30 yuan/ton to 6240 yuan/ton, the 5 - month contract decreased by 23 yuan/ton to 6449 yuan/ton, and the 9 - month contract decreased by 13 yuan/ton to 6496 yuan/ton [2] - The trading volume of futures increased by 72,633 hands to 397,441 hands, and the open interest increased by 7,498 hands to 508,923 hands [2] - The 1 - 5 spread decreased by 7 to - 209 [2] - Among the top 20 futures positions, the buy volume increased by 19,428 hands to 424,068 hands, the sell volume increased by 8,277 hands to 486,835 hands, and the net buy volume increased by 11,151 hands to - 62,767 hands [2] Spot Market - The average price of LLDPE (7042) in North China increased by 53.91 yuan/ton to 6476.52 yuan/ton, and in East China increased by 30.93 yuan/ton to 6534.88 yuan/ton [2] - The basis was 27.52 yuan/ton, and the change value was NAN [2] Upstream Situation - The FOB mid - price of naphtha in Singapore decreased by 0.6 dollars/barrel to 56.36 dollars/barrel; the CFR mid - price of naphtha in Japan decreased by 6.25 dollars/ton to 530.13 dollars/ton [2] - The CFR mid - price of ethylene in Southeast Asia remained at 726 dollars/ton, and in Northeast Asia remained at 746 dollars/ton [2] Industry Situation - The national PE petrochemical plant operating rate increased by 0.59 percentage points to 83.23% [2] Downstream Situation - The operating rate of polyethylene (PE) packaging film increased by 0.19 percentage points to 48.41%, the operating rate of PE pipes decreased by 0.5 percentage points to 30.17%, and the operating rate of PE agricultural film decreased by 4.91 percentage points to 38.95% [2] Option Market - The 20 - day historical volatility of polyethylene decreased by 0.05 percentage points to 16.03%, the 40 - day historical volatility increased by 0.01 percentage points to 12.77% [2] - The implied volatility of at - the - money put options and at - the - money call options for polyethylene both decreased by 0.73 percentage points, to 14.15% and 14.14% respectively [2] Industry News - From December 27 to January 2, the PE plant operating rate increased by 0.59% to 83.23%, and the PE downstream operating rate decreased by 0.68% to 41.15%, with the agricultural film operating rate decreasing by 4.91% to 38.95% and the packaging film operating rate increasing by 0.19% to 48.41% [2] - As of January 2, the PE plant inventory was 37.07 tons, a week - on - week decrease of 19.17%, and the PE social inventory was 47.51 tons, a week - on - week increase of 0.76% [2] - From December 27 to January 2, the LLDPE oil - based production cost decreased by 0.55% to 6925.43 yuan/ton, the coal - based production cost remained stable at 5732 yuan/ton; the oil - based profit increased by 36.71 yuan/ton to - 630.29 yuan/ton, and the coal - based profit increased by 143.14 yuan/ton to - 63.57 yuan/ton [2]

Group 1 - The core viewpoint of the article highlights the current production capacity utilization rates of the company’s major bases and its plans to maintain high utilization in the future [1] - The overall production capacity utilization rate of the company is currently maintained at 90% to 95% [1] - The company is committed to balancing investment growth with financial stability while planning capital expenditures according to market demand and strategic planning [1] Group 2 - The company is inquiring about the latest capacity utilization rates for its Shanghai, Wuxi, and Nanjing bases, indicating a focus on operational efficiency [1] - There is an emphasis on maintaining full production for high-end and mid-range machines, suggesting a strategic focus on product differentiation [1] - The company is preparing specific measures to sustain overall utilization rates above 90% in 2026, including night shifts, new equipment, and early production at the Chengdu base [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Glass: Short - term is strong, medium - term is a volatile market. Supply contraction and demand weakness will cause price fluctuations. In 2026, it may not be a continuous decline pattern [2]. -纯碱: Medium - term is volatile and weak, short - term is strong. Supply surplus and downstream demand pressure are the main drivers of price decline, but low valuation provides support [3]. 3. Summary by Related Catalogs Glass Supply - There are 265 float glass production lines in the country, with 212 in operation, and the daily melting volume is 151,405 tons, a decrease of 2,700 tons from last week. The industry capacity utilization rate is 82.14%. 4 production lines were shut down and cold - repaired this week [2]. - In 2025, the total daily melting volume of cold - repaired production lines is 18,630 tons/day; the total daily melting volume of ignited production lines is 15,010 tons/day. The potential new ignition production lines have a total daily melting volume of 14,190 tons/day, and the potential old - line restart has a total daily melting volume of 7,930 tons. The potential cold - repaired production lines have a total daily melting volume of 9,100 tons/day [6][7][8]. - The current in - production capacity is about 154,500 tons/day, and the peak capacity in 2021 was 178,000 tons/day [14]. Demand - As of December 15, 2025, the average order days of national deep - processing sample enterprises is 9.7 days, a month - on - month decrease of 4.2% and a year - on - year decrease of 22.6%. The orders in the northern region continue to decline, while the central and eastern regions remain stable, and the southern region shows a moderate increase [2]. Inventory - As of December 31, the total inventory of key monitored provincial production enterprises is 53.78 million weight boxes, a decrease of 1.55 million weight boxes from last Thursday, a decline of 2.80%. The inventory days are 28.66 days, a decrease of 0.53 days from last Thursday [2]. Price and Profit - The price in Shahe is about 1,010 - 1,040 yuan/ton; in central China's Hubei region, it is about 1,020 - 1,060 yuan/ton; in eastern China's Jiangsu and Zhejiang regions, the price of some large manufacturers is about 1,180 - 1,240 yuan/ton [21]. - The profit of using petroleum coke as fuel is about - 7 yuan/ton, the profit of using natural gas is about - 186 yuan/ton, and the profit of using coal is about - 21 yuan/ton [29]. Strategy - Unilateral: Volatile and weak, with upper pressure at 1,150 - 1,180 and lower support at 900 - 930. -跨期: Do not participate for the time being. -跨品种: Do not participate for the time being. If trading the inflation expectation factor in 2026, glass may be stronger, but there are many uncertainties in the market [2]. Photovoltaic Glass Price and Profit - The market trading has weakened recently, and this situation is expected to continue. The mainstream order price of 2.0mm coated panels is 10.5 - 11 yuan/square meter, a month - on - month decrease of 6.52%; the mainstream order price of 3.2mm coated panels is 17.5 - 18.5 yuan/square meter, a month - on - month decrease of 2.70% [41][43]. Capacity and Inventory - There are 402 photovoltaic glass production lines in operation in the country, with a total daily melting volume of 87,940 tons/day, unchanged from last week. The inventory is expected to increase seasonally later [45]. Soda Ash Supply and Maintenance - This week, the domestic soda ash production is 711,800 tons, a month - on - month decrease of 9,600 tons, a decline of 1.32%. The comprehensive capacity utilization rate is 81.65%, a month - on - month decrease of 1.09% [3]. - Some soda ash plants have carried out phased maintenance and production reduction [53]. Inventory - As of December 31, the total inventory of domestic soda ash enterprises is 1.34 million tons (including the external warehouse inventory of some manufacturers), of which the heavy - soda inventory is 594,000 tons [3]. Price and Profit - The low - end price in the Shahe area is 1,140 yuan/ton, and a small number of prices have increased slightly. The nominal prices in Shahe and Hubei are about 1,140 - 1,300 yuan/ton [67][68]. - The profit of the joint - alkali method in East China (excluding Shandong) is - 21 yuan/ton, and the profit of the ammonia - alkali method in North China is - 57 yuan/ton [72]. Strategy - Unilateral: There is still pressure in the medium - term, with upper pressure at 1,250 - 1,300 and lower support at 1,080 - 1,100. -跨期: Do not participate for the time being. -跨品种: Do not participate for the time being. If trading the inflation expectation factor in 2026, glass may be stronger, but there are many uncertainties in the market [3].