1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The glass futures market is expected to maintain a volatile pattern in the short - term, with a tug - of - war between weak reality and policy expectations. Mid - term directional breakthroughs depend on the actual implementation of capacity - clearing policies and the substantial recovery of demand during the traditional peak seasons of "Golden September and Silver October". The market's kinetic energy conversion depends on inventory reduction rates and the pace of macro - level positive news realization [14] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On August 13, 2025, the FG2601 glass futures contract oscillated around the moving average during the night and early sessions. In the afternoon, short - sellers gained the upper hand, pushing the price down to the daily low and closing with a negative line. The price dropped by 19 yuan/ton, a 1.54% decline, and closed at 1214 yuan/ton. The trading volume was 2.2177 million lots, and the open interest was 1.0237 million lots [2] 3.1.2 Variety Prices - All 12 glass futures contracts closed lower. The total open interest of the variety was 1.8795 million lots, a decrease of 59,402 lots from the previous trading day. The open interest of the active contract FG2601 increased by 88,800 lots [5] 3.1.3 Related Quotes - On the day, put options on glass outperformed call options [8] 3.2 Spot Market - The spot price of glass continued to be weak. Prices in Northeast China remained stable, while prices in other regions were under pressure and declined [10] 3.3 Influencing Factors 3.3.1 Supply - Demand Factors - Supply side: The daily melting volume of float glass in production reached 159,600 tons, a 0.38% increase month - on - month. The operating rate was 75.34%, and the capacity utilization rate was 79.78%. The weekly output increased by 0.16% to 1.117 million tons. In August, there were 2 cold - repaired and 2 restarted production lines, with capacity remaining basically unchanged. Demand side: The demand for real - estate completion did not improve. Deep - processing enterprises faced difficulties in collecting funds, and new orders decreased year - on - year. They mainly focused on consuming raw - sheet inventories [11] 3.3.2 Inventory Analysis - The overall inventory of glass enterprises increased from a downward trend. It rose by 2.348 million weight boxes, a 3.95% increase, reaching a total of 61.847 million weight boxes. Inventories of glass enterprises in all regions increased [13]

Report Summary 1. Report Information - Research Variety: Glass [1] - Report Cycle: Daily - Date: August 1, 2025 - Researcher: He Ning (Qualification No.: F0238922; Investment Consulting Certificate No.: Z0001219) [1] 2. Investment Rating - Not provided in the report. 3. Core View - In the short - term, the glass futures may continue to show a weak trend. Supply - demand imbalance and cooling policy expectations will continue to drag down prices. With technical breakdown and short - selling capital pressure, the lower support levels will be tested. In the long - term, attention should be paid to the sentiment transmission effect in the commodity market, the rhythm of spot inventory reduction, and the actual implementation strength of capacity - reduction policies [10]. 4. Summary by Section 4.1 Futures Market - **Contract行情**: On August 1, 2025, the FG2509 glass contract continued to be weak. After opening, the price dropped continuously, breaking through the key support level of 1,100 yuan/ton during the session and closing with a negative line. It fell 44 yuan/ton from the previous settlement price, a decline of 3.84%, with a closing price of 1,102 yuan/ton. The trading volume was 2.616 million lots, and the open interest was 1.1692 million lots [2]. - **Variety Price**: All 12 glass futures contracts declined today, with the decline ranging from 1.92% to 4.59%. The market was dominated by bearish sentiment. The total open interest of the variety was 1.7858 million lots, an increase of 99,794 lots from the previous trading day. The open interest of the active contract FG2509 increased by 67,900 lots [4]. - **关联行情**: On the same day, the put options of glass options increased significantly in open interest, and the put options performed stronger than the call options [6]. 4.2 Spot Market - In the Shahe area, the spot trading of glass was light, the transaction center of gravity moved down, and the overall demand price remained stable [8]. 4.3 Influencing Factors - **Supply - demand Factors**: On the supply side, the current daily melting volume of float glass in production has risen to 159,600 tons, with an operating rate of 75% and a capacity utilization rate of 79.78%. The weekly average profit of float glass using coal - gas and petroleum coke as fuel exceeded 100 yuan, and the loss of natural - gas - fueled glass narrowed. On the demand side, the real - estate terminal orders were insufficient, the deep - processing orders only rebounded slightly, and the inventory remained at a high level, indicating limited actual digestion capacity [9]. - **Inventory Analysis**: The inventory of glass enterprises reached a new low recently, decreasing by 2.397 million weight - boxes to 59.499 million weight - boxes. However, this was mainly due to the transfer of inventory to traders, and the actual terminal digestion was limited [9].

Group 1 - The core viewpoint of the article highlights the mixed performance in the non-ferrous metals market, influenced by supply and demand factors [1] - Copper prices in Shanghai rose to 78,415 yuan, with a narrowing premium in both Shanghai and Guangdong [1] - The aluminum market showed a decline, with an increase in inventory by 15,000 tons, indicating early signs of seasonal demand weakness [1] Group 2 - The market is experiencing significant divergence, with concerns over supply disruptions easing following a ceasefire in Israel and Palestine [1] - The aluminum and casting aluminum alloy price gap remains large, while the price difference between AL_2511 and AD2511 is only around 400 yuan, suggesting potential trading opportunities [1] - Zinc supply continues to recover, but demand remains weak, leading to a bearish outlook for the zinc market despite recent price rebounds [1]

Group 1 - The core viewpoint of the article highlights the volatile nature of U.S. wheat futures, which have experienced significant price fluctuations, while corn and soybean futures have also seen declines due to multiple factors including the dollar, weather conditions, and supply-demand dynamics [1] Group 2 - U.S. wheat futures have shown a rollercoaster trend, indicating high volatility in the market [1] - The decline in corn and soybean futures suggests a broader impact on agricultural commodities, influenced by external economic factors [1] - The interplay of the dollar's strength, weather patterns, and supply-demand conditions will be critical in determining future price movements in these markets [1]

Supply and Demand Factors - The price of N347 carbon black is directly influenced by the prices of its main raw materials, petroleum and natural gas. An increase in raw material prices leads to higher production costs, which in turn raises carbon black prices [2] - Changes in production capacity of carbon black manufacturers significantly affect N347 carbon black prices. An increase in supply may lead to price declines, while a decrease in supply can push prices higher [2] - The policy environment plays a crucial role in the development of the carbon black industry. Stricter environmental protection requirements may necessitate additional environmental management by producers, increasing production costs and affecting carbon black prices [2] Market Trends - The demand for carbon black is closely linked to the development of industries such as rubber and plastics. As these industries grow, the demand for carbon black increases, often leading to price hikes when demand outstrips supply [2] - The competitive landscape of the carbon black market influences pricing. Intense competition among suppliers may lead to price reductions as companies strive to capture market share [2][3] Response Strategies and Recommendations - Companies should closely monitor fluctuations in raw material prices, such as petroleum and natural gas, to assess their impact on carbon black prices. Adjusting production plans and procurement strategies in response to market changes is essential [4] - Improving technological capabilities and reducing production costs through efficiency enhancements can strengthen competitiveness. Additionally, focusing on environmental management to comply with regulations can help minimize related costs [5] - Understanding market demand trends in key industries like rubber and plastics allows companies to adapt product structures and supply strategies, enhancing market competitiveness [6] - Establishing stable cooperative relationships with upstream raw material suppliers and downstream customers can facilitate resource sharing and complementary advantages. Investing in research and innovation to develop new products can increase added value and promote sustainable development [7]