Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On September 12, 2025, the chemical market sentiment was weak, and the soda ash market fluctuated. The demand side has not improved significantly, and downstream industries prefer to replenish inventory at low prices with weak willingness to stockpile. The increase in the daily melting volume of the float glass and photovoltaic glass industries has boosted the rigid demand for soda ash. Currently, the supply - demand drivers for soda ash are still insufficient, and the futures market is expected to continue to fluctuate. Follow - up attention should be paid to the progress of new production capacity, the implementation of anti - involution policies, and changes in macro - sentiment [8] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On September 12, 2025, the soda ash futures market fluctuated. The opening price of soda ash 2601 (SA601) was 1285 yuan/ton, the highest price was 1295 yuan/ton, the lowest price was 1271 yuan/ton, and the closing price was 1290 yuan/ton, up 4 yuan/ton or 0.39% from the previous trading day's settlement price. The trading volume was 1.271 million lots, an increase of 168,000 lots from the previous day, and the open interest was 1.442 million lots, an increase of 1610 lots from the previous day [2] 3.1.2 Variety Prices - The opening price of soda ash 2509 was 1164 yuan/ton, the highest price was 1170 yuan/ton, the lowest price was 1151 yuan/ton, and the closing price was 1163 yuan/ton, up 4 yuan/ton or 0.35%. The trading volume was 6130 lots, and the open interest was 230 lots. The opening price of soda ash 2605 was 1361 yuan/ton, the highest price was 1370 yuan/ton, the lowest price was 1346 yuan/ton, and the closing price was 1368 yuan/ton, up 13 yuan/ton or 0.96%. The trading volume was 212,054 lots, and the open interest was 36,273 lots [3] 3.2 Influencing Factors 3.2.1 Industry Chain - Related - The spot price of 5.00mm large - size glass in North China dropped 10 yuan to 1150 yuan/ton; the Northeast market was stable with good overall sales; the East China market was mainly in narrow - range adjustment with some enterprises' prices rising; the Central China market changed little [6] 3.2.2 Fundamental - Related - Recently, the supply of the soda ash market has remained high, and the industry's operating rate has increased slightly. In terms of profits, the profits of the two main production methods of synthetic soda ash have shown differentiation this week. The theoretical profit of the combined soda process is - 54.50 yuan/ton, a decrease of 6.50 yuan/ton compared to the previous period. The theoretical profit of the ammonia - soda process is - 36.30 yuan/ton, an increase of 0.90 yuan/ton compared to the previous period [6]