1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic soda ash market is running steadily with a slight decline in light soda ash prices of some enterprises and flexible market transactions. The supply has decreased slightly, the inventory has decreased, and the pending orders of enterprises have slightly decreased. The profit of soda ash enterprises is not good. The domestic soda ash start - up is expected to rise at a high level this week, and the downstream demand is expected to be relatively stable in the near future. The supply of the industry is expected to be roughly stable, and there is still an expectation of inventory reduction. Under the background of loose supply and demand of soda ash, it is expected that the inventory of soda ash enterprises will remain at a high level in the near future, and the new production capacity will put pressure on the market. It is expected that the soda ash price will fluctuate in the near future, and the upper pressure of the 05 contract is at the 1230 line [2]. 3. Summary According to Relevant Catalogs Market Review and Outlook - The domestic soda ash market is running steadily, with the weekly output of 77.17 tons, a week - on - week decrease of 0.36 tons or 0.46%. The comprehensive capacity utilization rate is 86.42%, a week - on - week decrease of 0.40%. The total inventory of soda ash manufacturers is 152.12 tons, a week - on - week decrease of 5.38 tons or 3.42%. The pending orders of enterprises are slightly reduced to 12 + days, a week - on - week decrease of 0.10 days. The profit of soda ash enterprises is not good. The domestic soda ash start - up is expected to rise at a high level this week, and the downstream demand is expected to be relatively stable. The supply of the industry is expected to be stable, and there is an expectation of inventory reduction. The soda ash price is expected to fluctuate, and the upper pressure of the 05 contract is at the 1230 line [2]. Factors to Watch - Soda ash start - up changes, new production capacity launch progress, and soda ash enterprise inventory changes [3]. This Week's Fundamental Data Weekly Changes 1. Spot and Futures Market Review - The East China soda ash market was stable last week, with prices adjusted slightly. The futures price fluctuated, and the basis in the East China market first rose and then fell [6]. 2. Supply Situation Analysis - As of January 22, the domestic soda ash output was 77.17 tons, a week - on - week decrease of 0.36 tons or 0.46%. The output of light soda ash was 35.88 tons, a week - on - week decrease of 0.27 tons, and the output of heavy soda ash was 41.29 tons, a week - on - week decrease of 0.09 tons. The theoretical profit of soda ash by the dual - alkali method was - 40 yuan/ton, a week - on - week increase of 9.09%. The theoretical profit of soda ash by the ammonia - alkali method was - 96.30 yuan/ton, remaining unchanged from the previous week [7]. 3. Demand Situation Analysis - **Photovoltaic Glass**: As of January 22, the domestic in - production capacity of photovoltaic glass was 87,210 tons/day, remaining unchanged from the previous week and a year - on - year increase of 7.47%. The capacity utilization rate this week was 66.31%, remaining unchanged from the previous week. Affected by the policy of canceling the export tax rebate for photovoltaic products, the overseas demand for photovoltaic components is increasing, the domestic supply is expected to be tight, and the overseas orders are expected to improve. The short - term export volume of components is expected to increase rapidly, and the component price is expected to rise. Most component enterprises plan to increase component production, with the production in January expected to increase by 4 - 5GW conservatively, and the inventory is expected to decrease. The subsequent component quotations are expected to continue to rise, but the actual transactions are expected to continue to be in a game state. - **Float Glass**: As of January 22, the average start - up rate of the float glass industry was 71.62%, a week - on - week increase of 0.14 percentage points; the average capacity utilization rate was 75.57%, a week - on - week increase of 0.34 percentage points. The output this week is expected to be relatively stable compared with last week [10]. 4. Enterprise Inventory Analysis - As of January 22, the total inventory of domestic soda ash manufacturers was 152.12 tons, a week - on - week decrease of 5.38 tons or 3.42%. Among them, the inventory of light soda ash was 82.45 tons, a week - on - week decrease of 1.25 tons, and the inventory of heavy soda ash was 69.67 tons, a week - on - week decrease of 4.13 tons [12]. 5. Position Analysis - As of January 23, the long positions of the top 20 members in soda ash futures were 781,892, a decrease of 1,516, and the short positions were 943,479, a decrease of 582. The net positions of the top 20 members were bearish [14].