1. Report Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views Glass - Short - term: Rebound; Medium - term: Sideways market. Short - term pressure factors are forward premium, inventory pressure, and poor demand. Mid - term bullish drivers include anti - deflation, anti - involution, and potential production cuts. The market is expected to fluctuate between rising driven by production cut expectations and falling due to weak demand and weak basis. In the first half of 2026, the market may be weak, and it may turn strong in the second half [2]. 纯碱 - Short - term: Rebound; Medium - term: Sideways market. The core pressures are oversupply, forward premium, and future demand pressure from downstream production cuts. Supply may decline during the April - May maintenance period, and light soda demand is relatively good. Exports may slightly ease the oversupply, but it's not enough to reverse the situation. The price is supported by cost on the downside and restricted by oversupply and glass industry production cuts on the upside [3]. 3. Summary by Directory Glass Supply - As of March 19, 2026, there are 294 glass production lines (199,000 tons/day) after excluding zombie lines, with 207 in production and 87 cold - repaired or shut down. The daily output of float glass is 145,800 tons, a 0.75% decrease from March 12. The average开工率 in the float glass industry this week is 70.55%, a 0.5 - percentage - point decrease, and the average capacity utilization rate is 73.36%, a 0.72 - percentage - point decrease [2]. - Potential new ignition lines have a total daily melting volume of 16,650 tons/day, potential old - line复产 has a total of 10,340 tons/day, and potential cold - repair lines have a total of 13,720 tons/day [6][7][8]. - Usually, the supply side tends to复产 from the second to the third quarter, but low prices limit the space for复产. From January to March, the market mainly focused on production cuts, and the current production capacity in operation is about 145,000 tons/day. The peak production capacity in 2021 was 178,000 tons/day. The expected variables for supply - side contraction are mainly environmental factors (switching from petroleum coke to natural gas), and the supply expansion from复产 is mainly due to capacity replacement [9][10]. Glass Price and Profit - The prices in most areas are stable. The price in Shahe is around 1,060 - 1,090 yuan/ton, in central China's Hubei region it's around 1,080 - 1,140 yuan/ton, and in eastern China's Jiangsu and Zhejiang regions it's around 1,260 - 1,346 yuan/ton. The basis has weakened due to the rising futures price [16][17]. - The profit of petroleum - coke - fueled production is about - 22 yuan/ton, and the profits of natural - gas - and coal - fueled production are about - 87 and - 22 yuan/ton respectively [21][25]. Glass Inventory and Downstream开工率 - Recently, market transactions have improved, and inventory has decreased. Currently, the inventory is relatively high in most regions, but with the improvement in transactions, the inventory is expected to continue to decline. The key for the later market is whether the market can significantly improve from March to April to boost sales [29][31]. - Regional arbitrage shows that prices in different regions are basically synchronous, and the price difference has changed little [33]. Photovoltaic Glass - Price and profit: Attention should be paid to whether there will be an improvement at the end of March or in April. As of this Thursday, the mainstream order price of 2.0mm coated panels is 10.0 - 10.5 yuan/square meter, and that of 3.2mm coated panels is 17.0 - 17.5 yuan/square meter, both remaining flat compared to last week [37][39]. - Capacity and inventory: The capacity has slightly shrunk. There are 405 photovoltaic glass production lines in operation, with a total daily melting volume of 89,700 tons/day, a 1.82% month - on - month increase and a 2.22% year - on - year decrease. The sample inventory days are about 42.87 days, a 1.66% increase month - on - month. Historically, the photovoltaic market may improve slightly after the second quarter, and inventory may start to decline [41][42][47]. 纯碱 Supply and Maintenance - In the second half of March to April, the soda ash market supply may enter a peak maintenance period. Many manufacturers have maintenance plans, such as Zhongyan Kunshan planning to conduct maintenance for about 20 days starting from March 22, and Hubei Shuanghuan planning to conduct maintenance for about 15 days in mid - to early April [50]. - The capacity utilization rate of soda ash is 86.3%, down from 87% last week. The current weekly production of heavy soda ash is about 434,000 tons. Under the background of high production and high inventory, either manufacturers need to increase production cuts, or the real - estate industry chain needs to continue to recover to drive up the rigid demand and inventory replenishment of glass. Currently, the glass production capacity remains stable, but the oversupply pressure of soda ash still exists [52][53]. 纯碱 Inventory - As of March 19, 2026, the total inventory of domestic soda ash manufacturers is 1.8538 million tons, a decrease of 77,900 tons (4.03%) from last Thursday. Among them, the inventory of light soda ash is 963,100 tons, a decrease of 50,500 tons, and the inventory of heavy soda ash is 890,700 tons, a decrease of 27,400 tons. Compared with the same period last year, the inventory has increased by 166,000 tons (9.84%) [56][57]. 纯碱 Price and Profit - In the Shahe area, the low - end price is 1,180 - 1,200 yuan/ton. The quotes of futures - cash merchants have slightly decreased by 20 - 50 yuan/ton. The ex - factory prices of manufacturers are concentrated around 1,300 yuan/ton in North China and 1,120 - 1,200 yuan/ton in Central China [64]. - The profit of the joint - alkali method in East China (excluding Shandong) is 227 yuan/ton, and the profit of the ammonia - alkali method in North China is - 25 yuan/ton [69].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report 2.1烧碱 - Short - term: The market may experience wide - range fluctuations. The futures premium is large, and the 32 - alkali delivery issue will suppress the market in the short term, leading to a convergence of the basis. The expected improvement in domestic supply - demand contradictions, along with the uncertainty of the follow - up price increase by manufacturers, makes it difficult to short the futures premium significantly or trade the delivery issue [5]. - Medium - to long - term: Attention should be paid to the situation in the Middle East. If the situation is not alleviated by the end of March, overseas refining enterprises may increase production cuts, leading to a significant increase in the production cut scale of domestic ethylene - based PVC. Through the chlor - alkali balance mechanism, this will cause a passive reduction in caustic soda production. The disruption of long - term supply contracts in the Middle East has shifted some overseas demand to China, promoting the recent recovery of caustic soda exports [5]. 2.2 PVC - Short - term: The price is driven upward, but the spot trading volume has not increased significantly. The market basis converges in the short term due to weak trading, high inventory, and the increase in calcium carbide - based PVC production to fill the gap left by ethylene - based PVC. - Medium - to long - term: The spill - over of the Middle East situation, cost increases, and supply disruptions in domestic and overseas chlor - alkali plants will support the PVC market in the long run. Attention should be paid to changes in the geopolitical situation [6]. 3. Summary According to the Table of Contents 3.1 Viewpoint Summary 3.1.1 Caustic Soda - Supply: The average capacity utilization rate of China's caustic soda sample enterprises with a capacity of 100,000 tons or more is 83.9%, a month - on - month decrease of 1.4%. Next week, the national chlor - alkali load is expected to remain around 84% [5]. - Demand: Alumina supply has decreased this week. The traditional downstream demand for liquid caustic soda is gradually recovering, and the demand in East China has continued to rise in March. The export price has increased, with the FOB quotation in East China rising to $450 - 480 per ton [5]. - Valuation: The marginal device cost in Shandong is calculated to be 1,948 yuan [5]. - Strategy: For single - side trading, short - term export recovery and optimistic expectations provide support, but the futures premium over the spot is more than 10%, so caution is needed. There are no cross - period or cross - variety strategies [5]. 3.1.2 PVC - Supply: The capacity utilization rate of PVC production enterprises is 80.12%, a month - on - month decrease of 1.23% and a year - on - year increase of 0.29%. Among them, the calcium carbide - based method is at 84.71%, a month - on - month increase of 1.79% and a year - on - year increase of 2.09%, while the ethylene - based method is at 69.24%, a month - on - month decrease of 8.36% and a year - on - year decrease of 3.27% [6]. - Demand: Domestic demand related to the real estate industry is still weak, but the downstream start - up is slowly recovering, and the domestic PVC pick - up speed has accelerated. In the short term, overseas chlor - alkali plants have reduced their loads due to ethylene supply, leading to an increase in export expectations. However, in the long term, the cancellation of export tax rebates and anti - subsidy investigations will increase export competition pressure [6]. - Valuation: The basis is weakening, the monthly spread is strengthening, and the valuation is moderately high [6]. - Strategy: For single - side trading, it is strong in the short term, but caution is needed at high levels. The upper pressure levels for the 05 contract are 6,100 and 6,300, and the lower support level is 5,550. There are no cross - period or cross - variety strategies [6]. 3.2 Caustic Soda Core Contradictions and Exports - Core Contradictions: The short - side logic includes future new production capacity, near - month delivery pressure, and a large premium of the main contract. The long - side logic includes policy drive, cost support, multi - asset linkage, overseas plant shutdowns, and capital drive. The three core contradictions are supply - side passive production cuts, high supply and high inventory, and alumina production cut expectations [9][10]. - Exports: The export market has clearly recovered. The FOB price in Northeast Asia has risen to around $450 per dry ton, and the domestic FOB quotation in East China has risen to $450 - 480 per ton. If the Middle East situation is not alleviated, caustic soda exports are expected to expand significantly [14][15][19]. 3.3 Caustic Soda Supply - Market Structure: Production and inventory are both declining. The average capacity utilization rate of China's caustic soda sample enterprises with a capacity of 100,000 tons or more is 83.9%, a month - on - month decrease of 1.4%. The inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons or more is 500,700 tons (wet tons), a month - on - month decrease of 6.28% and a year - on - year increase of 20.22% [32][33][34]. - Maintenance: There are few maintenance plans in March, and the expectation of maintenance increases in April. Many enterprises in different regions have maintenance plans from March to June [38]. - New Production Capacity: In 2026, caustic soda production will continue to increase, with a production capacity growth rate of over 3%. The total planned new production capacity is 2.94 million tons [40]. - Cost and Profit: The marginal device cost in Shandong is 1,948 yuan. The price of liquid chlorine has a significant impact on the comprehensive profit of caustic soda enterprises. Some downstream chlorine - consuming industries are affected by the supply of ethylene and propylene [42][46][48]. 3.4 Caustic Soda Demand - Alumina: In the first half of 2026, alumina production is concentrated, with an expected new production capacity of 13.9 million tons for the whole year. Currently, alumina production has decreased, inventory has increased, and the profit loss has decreased. There is an expectation of production cuts [66][67][69]. - Other Industries: The demand in the pulp industry is gradually recovering, and new production capacity is continuously being put into operation. The finished paper industry has stable start - up. The start - up of viscose staple fiber has decreased month - on - month, while the start - up of printing and dyeing has increased. The start - up of the water treatment industry has decreased month - on - month, and the production of ternary precursors has decreased [79][83][89]. 3.5 PVC Core Contradictions and Price Spreads - Core Contradictions: The short - side logic includes high supply, high inventory, weak domestic demand, and a slowdown in export growth. The long - side logic includes policy drive, cost support, multi - asset linkage, overseas plant shutdowns, and capital drive. The core contradiction is the supply - side production cut affected by ethylene supply [100][102][105]. - Price Spreads: The PVC basis is weakening, and the monthly spread is relatively strong [108]. 3.6 PVC Supply and Demand - Supply: The start - up of PVC has a downward trend. The capacity utilization rate of PVC production enterprises is 80.12%, a month - on - month decrease of 1.23% and a year - on - year increase of 0.29%. In 2026, except for the release of the production capacity of Jiahua, there is no new production capacity [112][113][117]. - Demand: The terminal demand in the real estate industry has not significantly recovered, but the seasonal start - up of PVC downstream industries has increased. Exports increased significantly year - on - year from January to February, mainly due to pre - export rush. However, from April 1, 2026, the cancellation of export tax rebates and anti - subsidy investigations will increase competition pressure [128][138][139].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views Glass - Short - term: The market is bullish, trading on the gradual recovery of spot transactions and the cost increase caused by war factors. - Medium - term: It is a volatile market. The main drivers for the bulls are anti - deflation, anti - involution, and future production cut factors in the glass industry. There will be a repeated switch between price increases driven by production cut expectations and price drops due to weak demand and weak basis. In the first half of 2026, the market may be weak and volatile, while in the second half, it may turn bullish [2]. 纯碱 - Short - term: It may be bullish. - Medium - term: It is a volatile market. The market support from March to April comes from potential maintenance peaks on the supply side, improved exports, and cost increases due to war. However, it is pressured by supply surplus, high forward futures premiums, and potential downstream production cuts. Its price movement follows that of glass, but with lower volatility [3]. 3. Summary by Directory Glass Supply - This week, there were slight fluctuations in domestic float glass production lines. Two lines in Shahe and Inner Mongolia were ignited, with a total capacity of 1200 tons, and one line in Shahe was ignited with a capacity of 1050 tons. As of March 12, 2026, there were 295 glass production lines (199,400 tons/day) after excluding zombie lines, including 208 in production and 87 on cold repair. The daily output of national float glass was 146,900 tons, a decrease of 1.08% compared to March 5. The average开工率 of the float glass industry this week was 71.05%, a 0.24 - percentage - point increase from the previous week, and the average capacity utilization rate was 74.08%, a 0.39 - percentage - point decrease. As of March 12, the daily loss of float glass was 52,150 tons, a 2.56% increase from the previous week, and the weekly loss was 361,450 tons, a 1.43% increase [2]. - There are potential new ignition lines with a total daily melting capacity of 15,150 tons/day, potential old - line复产 lines with a total daily melting capacity of 9,440 tons, and potential cold - repair lines with a total daily melting capacity of 11,620 tons/day [6][7][8]. - Usually, the supply side tends to have复产 from the second to the third quarter, but low prices limit the复产 space. From January to March, the market was mainly in a production - cut state, and the current in - production capacity is about 146,000 tons/day. The peak capacity in 2021 was 178,000 tons/day. The main variable for supply contraction is environmental protection factors (petroleum coke to natural gas), and the supply expansion from复产 is mainly due to capacity replacement [9][10]. Price and Profit - Most prices are stable, with some increasing slightly by 10 - 20 yuan/ton. The price in Shahe is around 1060 - 1090 yuan/ton (some prices increased by 10 - 20 yuan/ton), in central China's Hubei region it is around 1080 - 1140 yuan/ton (some prices increased by 10 - 20 yuan/ton), and in the eastern China's Jiangsu and Zhejiang regions, the market price is around 1260 - 1346 yuan/ton (some prices increased by 20 yuan/ton). - The basis has weakened due to the increase in futures prices. The profit using petroleum coke as fuel is about - 7 yuan/ton, and the profits using natural gas and coal as fuels are about - 106 and - 36 yuan/ton respectively [13][17][21][23]. Inventory and Downstream开工 - Recently, market transactions have improved, and inventory has decreased. Currently, the inventory is relatively high, and most regions' inventories are at a relatively high level compared to the same period in history. However, recent transactions have improved significantly, and it is expected that the inventory may continue to decline. The key for the later market is whether the market can improve significantly from March to April to boost sales [31][33]. - Regional arbitrage shows that prices in different regions are basically synchronized, and the price difference changes little [35]. Photovoltaic Glass Price and Profit - It is necessary to focus on whether the market can improve in mid - to late March or April. The short - term market has slightly improved. As of this Thursday, the mainstream order price of 2.0mm coated panels is 10.0 - 10.5 yuan/square meter, unchanged from the previous week, and the price has changed from a decline to stability. The mainstream order price of 3.2mm coated panels is 17.0 - 17.5 yuan/square meter, also unchanged from the previous week, with some low - price sources being traded [40][42]. Capacity and Inventory - The capacity has slightly contracted. As of a certain time, there were 405 photovoltaic glass production lines in operation nationwide, with a total daily melting capacity of 89,700 tons/day, a 1.82% increase from the previous period. The sample inventory days are about 42.17 days, a 0.22% increase from the previous week, and the growth rate has narrowed by 0.74 percentage points compared to the previous week. Historically, the photovoltaic market may improve slightly after the second quarter, and the inventory may start to decline [44][45][50]. 纯碱 Supply and Maintenance - This week, the supply of纯碱 was adjusted at a high level, with minor changes in enterprise equipment. The weekly output of纯碱 was 809,200 tons, a 0.22 - ton increase from the previous week, a 0.27% increase. The comprehensive capacity utilization rate of纯碱 this week was 87%, up 0.23% from last week. - There may be a maintenance peak in the market supply from late March to April. Some enterprises are currently under maintenance or have maintenance plans, such as Shandong Haihua with an 80% operating load, Anhui Debang having been under maintenance since July 8, 2025, etc. Zhongyan Kunshan plans to have a 20 - day maintenance starting on March 25, and Hubei Shuanghuan plans to have a 15 - day maintenance in mid - April [3][54]. Inventory - As of March 12, 2026, the total inventory of domestic soda ash manufacturers was 1.9317 million tons, a 15,500 - ton decrease from last Thursday, a 0.80% decrease. Among them, the inventory of light soda ash was 1.0136 million tons, a 13,700 - ton decrease from the previous week, and the inventory of heavy soda ash was 918,100 tons, a 1,800 - ton decrease from the previous week. Compared with the same period last year, the inventory increased by 196,500 tons, an 11.32% increase [3][59]. Price and Profit - The nominal prices in Shahe and Hubei are around 1250 - 1300 yuan/ton. The low - end price in Shahe is 1250 yuan/ton. The quotes of futures - cash merchants have increased significantly, while the ex - factory prices of manufacturers have changed little, with some light soda ash prices increasing by 20 - 50 yuan/ton. The ex - factory prices of manufacturers are concentrated around 1300 yuan/ton in North China and 1120 - 1200 yuan/ton in Central China [64][68]. - There are several planned or under - construction soda ash projects in China, such as Jinshan Chemical with a planned expansion of 2 million tons/year by the joint - alkali method (no clear plan yet), Xiangheng Yanhua with an 800,000 - ton/year expansion by the joint - alkali method (planned to be put into production from 2026 - 2027), etc. [70].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Glass prices around 1000 yuan/ton and soda ash prices around 1100 - 1150 yuan/ton have limited downward space in the long - term [115]. - The market in the first half of 2026 may be a volatile one, with limited continuous downward space at low levels and limited upward space at high levels, but the second half can be more optimistic [115]. - With the strengthening of the RMB exchange rate and the contraction of the Sino - US interest rate spread at the macro level, the pricing logic of domestic asset prices has changed. Anti - deflation and anti - involution are the major trends, so the long - term trends of glass and soda ash should not be overly bearish [115]. - The glass industry may have clear anti - deflation and anti - involution measures in 2026, and the window period when leading stocks in the industry stabilize and rebound in the stock market may be the time for futures trading on anti - deflation and anti - involution [115]. 3. Summary According to the Directory Glass Glass Views - **Bearish Logic**: Post - holiday orders are scattered with payment collection pressure; anti - deflation and anti - involution may take a long time to implement, and the high premium of futures is incorrect; the high long - term premium of futures leads to high intermediate inventory pressure [4]. - **Bullish Logic**: War factors increase energy costs and lead to industry production cuts; current daily production capacity of 148,000 tons is lower than the average monthly demand in 2025; anti - deflation and anti - involution are trends, and there will be a switch from petroleum coke to natural gas in Hubei; the risk - return ratio is appropriate as prices are at a ten - year low and most devices are in the red; the real estate market has declined for 4 years, and the room for further contraction is limited [5]. Glass Trading Routes - **Bearish Trading Route**: Focus on delivery logic and futures - spot convergence logic. On March 9, the 09 contract futures premium reached 20%, and the 05 contract reached around 13%. Some manufacturers' inventories hit record highs. The trading strategies include buying spot and shorting futures, adjusting the futures/spot position ratio, and closing positions when the valuation reaches 1000 - 1020 yuan/ton [6][7]. - **Bullish Trading Route**: The narrowing Sino - US interest rate spread and the appreciation of the RMB lead to capital inflows. The pursuit of leading industrial assets boosts futures expectations. The investment strategies involve allocating multi - assets when the cost line is at par or slightly at a premium to futures, and focusing on policy - driven anti - deflation and anti - involution [9][11]. Glass Supply - Potential new ignition production lines have a total daily melting capacity of 15,150 tons, with some planned for 2026 [39]. - Potential old - line restarts have a total daily melting capacity of 9,440 tons, also with some planned for 2026 [40]. - Potential cold - repair production lines have a total daily melting capacity of 11,620 tons, and some are scheduled for 2026 [41]. - The current in - production capacity is around 148,000 tons per day, and the peak in 2021 was 178,000 tons per day. Supply usually tends to restart from the second to the third quarter [42][43]. Glass Price and Profit - Prices in most areas are stable, with prices in Shahe at 1030 - 1090 yuan/ton, in Hubei at 1080 - 1120 yuan/ton, and in the Yangtze River Delta at 1260 - 1340 yuan/ton [55]. - The basis has strengthened due to the decline in futures prices. The profit of petroleum coke - fueled devices is about 27 yuan/ton, while the profits of natural gas and coal - fueled devices are about - 105 yuan/ton and - 36 yuan/ton respectively [56][59]. Glass Inventory and Downstream Production - Downstream production has just started, and short - term inventory still tends to rise, but recent sales have improved. Current inventory is high, and the key lies in whether the market can improve significantly from March to April [67][69]. - Regional arbitrage shows that price differences between regions have changed little [71]. - In 2025, a monthly demand of over 5 million tons led to a significant market increase, and in 2026, a monthly demand of over 4.7 million tons may lead to market stabilization [74]. Photovoltaic Glass - **Price and Profit**: The market was slightly weak in the first quarter. As of Thursday this week, the mainstream order price of 2.0mm coated panels decreased by 4.65% month - on - month, and that of 3.2mm coated panels decreased by 2.82% month - on - month [77][79]. - **Capacity and Inventory**: The capacity has slightly shrunk. There are 399 in - production production lines with a total daily melting capacity of 88,100 tons per day, a month - on - month decrease of 0.90%. The sample inventory days are about 42.08 days, a month - on - month increase of 0.96%. Historically, the photovoltaic market may improve after the second quarter, and inventory may start to decline [80][81][86]. Soda Ash Soda Ash Views - **Bearish Logic**: High supply and high inventory, with the average weekly output of heavy soda above 400,000 - 430,000 tons and the weekly rigid demand at 330,000 - 340,000 tons; the continuous high premium of futures will lead to future supply surplus in the futures market; downstream demanders in the industrial chain are in the red and cutting production [14]. - **Bullish Logic**: Anti - deflation and anti - involution are trends, with low profits, low absolute prices, low risks, and high potential returns; inventory is concentrated, the export market has improved, and the prices of light and heavy soda are the same; the large - volume warehouse receipts of the SA2509 contract failed to fully suppress the market [14]. Soda Ash Supply and Maintenance - From historical data, there is often a maintenance peak from March to April. If the same peak occurs in 2026, the low - level supply of heavy soda may drop to 360,000 - 380,000 tons per week, but the market still tends to be in surplus. The key is whether the export market can provide an incremental demand of at least 100,000 tons per month [90]. - The capacity utilization rate of soda ash is 85.04%, down from 86.77% last week. The current weekly output of heavy soda is around 432,000 tons, and the inventory is about 1.9472 million tons, a 2.79% increase from last Thursday [94][96][98]. Soda Ash Price and Profit - The low - end price in Shahe is 1220 yuan/ton. The quotes of futures - spot traders have significantly increased, while the ex - factory prices of manufacturers have changed little. The ex - factory prices in North China are concentrated around 1250 yuan/ton, and those in Central China are concentrated at 1100 - 1180 yuan/ton [106]. - The futures price has declined, and the basis has strengthened [108]. - The soda ash market is increasingly showing a weak pattern, with a current weekly rigid demand of 330,000 tons and a weekly supply of 430,000 tons [114].

Report Industry Investment Rating No relevant information provided. Core Views Glass - Short - term outlook is bullish, mid - term is a sideways market. Short - term supply detection and cost increase drive a market rebound. In March, there may be further production cuts. Mid - term, the market will fluctuate between production cut - driven increases and demand - weakness and weak basis - driven decreases. In 2026, it may be a sideways market in the first half and bullish in the second half [2]. 纯碱 - Short - term rebound, mid - term sideways market. Cost increase due to war and spring maintenance in March - April drive the short - term rebound. Supply surplus, high forward futures premium, and future downstream production cuts are the main pressures. It follows the glass market but with lower volatility [3]. Summary by Directory Glass - Supply - This week, two production lines were ignited in North China and East China (electronic line), with a total capacity of 920 tons. As of March 5, 2026, there are 295 glass production lines (199,400 tons/day) after excluding zombie lines, with 210 in production and 85 cold - repaired. The daily output is 148,500 tons, the same as on February 26. The average开工率 is 70.81% (up 0.54 percentage points), and the average capacity utilization rate is 74.47% (up 0.14 percentage points). The daily loss is 50,850 tons (down 0.20%) and the weekly loss is 356,350 tons (down 0.59%) [2]. - Potential new ignition lines have a total daily melting capacity of 15,150 tons/day; potential old - line复产 has a total daily melting capacity of 9,440 tons; potential cold - repair lines have a total daily melting capacity of 11,620 tons/day [6][7][8]. - Usually, the supply side tends to resume production from the second to the third quarter. The current in - production capacity is about 148,000 tons/day, and the peak in 2021 was 178,000 tons/day [9][10]. Glass - Price and Profit - Most prices are stable. The price in Shahe is about 1,030 - 1,090 yuan/ton, in Central China's Hubei is about 1,080 - 1,120 yuan/ton, and in East China's Jiangsu and Zhejiang is about 1,260 - 1,340 yuan/ton [15][16][17][18]. - The basis has strengthened due to the decline in futures prices. The profit of petroleum - coke is about 27 yuan/ton, while the profits of natural gas and coal - fired fuels are about - 105 and - 36 yuan/ton respectively [19][22][26]. Glass - Inventory and Downstream开工 - Downstream has just started, and short - term inventory still tends to rise, but recent transactions have improved. Current inventory is high, and most areas' inventory is at a relatively high level compared to the same period in history. The key for the market in March - April is whether sales can improve significantly [30][31]. - Regional arbitrage shows that prices in different regions are basically synchronous, and the price difference changes little [33]. Photovoltaic Glass - Price and Profit, Capacity and Inventory - In the first quarter, the situation is slightly weak. Focus on whether it can improve in mid - to late March or April. As of this Thursday, the mainstream order price of 2.0mm coated panels is 10.0 - 10.5 yuan/square meter (down 4.65% week - on - week), and that of 3.2mm coated panels is 17.0 - 17.5 yuan/square meter (down 2.82% week - on - week) [38][40]. - The production capacity has slightly shrunk. There are 399 photovoltaic glass production lines in operation, with a total daily melting capacity of 88,100 tons/day (down 0.90% week - on - week). Historically, the photovoltaic market may improve slightly after the second quarter, and inventory may start to decline [41][42][44]. 纯碱 - Supply and Maintenance - This week, the supply of soda ash was adjusted at a high level. The weekly output was 807,000 tons (up 16,000 tons, 2.03% week - on - week). The capacity utilization rate was 86.77% (up 1.73% week - on - week). Some companies are under maintenance or have reduced operating loads [3][51]. - The capacity utilization rate is 85.04% (down from 86.77% last week). The current weekly output of heavy soda ash is about 432,000 tons. There is still a supply surplus pressure [52][53]. 纯碱 - Inventory - As of March 5, 2026, the total inventory of domestic soda ash manufacturers is 1.9472 million tons (up 52,800 tons, 2.79% week - on - week). Light soda ash inventory is 1.0273 million tons (up 28,800 tons), and heavy soda ash inventory is 919,900 tons (up 24,000 tons). Compared with the same period last year, it is up 187,300 tons (10.64%) [54][56][57]. 纯碱 - Price, Profit - The low - end price in Shahe is 1,220 yuan/ton. The quotes of futures - cash traders have increased significantly, while the ex - factory prices of manufacturers have changed little. The ex - factory prices in North China are concentrated around 1,250 yuan/ton, and in Central China are concentrated at 1,100 - 1,180 yuan/ton [64]. - The basis has strengthened due to the decline in futures prices. The profit of the joint - alkali process in East China (excluding Shandong) is - 2 yuan/ton, and the profit of the ammonia - alkali process in North China is - 83 yuan/ton [66][70].

Summary of Glass and Soda Ash Industry Conference Call Industry Overview - The glass industry production capacity has decreased from 178,000 tons/day in 2021 to 148,000 tons/day currently, with a critical point at 145,000 tons/day indicating a clear shortage in the industry [1][6] - The soda ash industry is experiencing severe oversupply, with a weekly surplus of approximately 80,000 tons (20%), and prices have reached the cost line of natural soda (around 1,100 RMB/ton) [1][19][20] Key Points on Glass Industry - Current glass prices are around 1,000 RMB/ton, close to historical lows, with expectations of price recovery to 1,300-1,400 RMB/ton due to rising costs from switching to natural gas [1][7] - Trade merchants are stockpiling glass in anticipation of supply constraints and cost increases, with social inventory up about 40% year-on-year [1][29] - The exit of petroleum coke fuel lines in Hubei, accounting for 8.3%-10% of the industry, is expected to further tighten supply [1][5] - The industry is shifting from a profit-driven logic to a cash flow crisis, with some companies facing production halts due to financial strain [1][9] Price and Demand Dynamics - The glass market is expected to remain "moderate" in the first half of 2026, with limited downside but also low chances for significant price increases [2] - The demand from the real estate sector has not shown significant recovery, with processing plants maintaining low operating rates and worsening payment conditions [1][8] - The industry anticipates a potential supply gap in the second half of 2026, driven by the exit of low-cost production lines and ongoing demand challenges [1][11] Soda Ash Industry Insights - The soda ash industry is characterized by oversupply, with total capacity around 45-50 million tons and demand from the glass industry shrinking due to production cuts [19][22] - Current weekly supply is about 400,000 tons, while the glass industry's rigid demand is approximately 340,000 tons/week, indicating a significant surplus [19][20] - The price of soda ash is at historical lows, with limited upward movement expected unless there is a significant increase in exports or global supply reductions [23][24] Cost and Production Considerations - Switching from petroleum coke to natural gas will increase costs by 20%-30%, impacting cash flow for companies [1][7][14] - The industry is facing a potential increase in energy standards, which could further pressure companies already struggling with cash flow [10][30] - Historical precedents indicate that significant production cuts can lead to price increases, but current market conditions differ due to the lack of real estate recovery [10][12] Conclusion - The glass and soda ash industries are navigating a complex landscape of oversupply, cost pressures, and demand challenges, with significant implications for pricing and production strategies moving forward. The anticipated exit of low-cost production lines and potential policy changes will be critical factors to monitor in the coming months.

Report Overview - The report is a weekly analysis of the glass and soda ash industries by Guotai Junan Futures, dated February 8, 2026 [1] Industry Investment Ratings - Both the glass and soda ash industries are rated as mid - term oscillating markets [2][3] Core Views - **Glass**: It is a mid - term oscillating market. Short - term pressure comes from forward premium, inventory, and off - season factors. Mid - term, the bullish drive is anti - deflation, anti - involution, and potential production cuts. The market is expected to fluctuate between rising due to production cut expectations and falling due to weak demand and weak basis. In 2026, it may be weak in the first half and stronger in the second half [2] - **Soda Ash**: It is also a mid - term oscillating market. The core pressure drivers are supply surplus, forward premium, and potential downstream production cuts. It is supported by cost when falling and restricted by supply surplus and glass industry production cuts when rising. Its rhythm follows glass but with lower volatility [3] Summary by Directory Glass Supply - As of February 5, 2026, there are 296 glass production lines (199,500 tons/day) after excluding zombie lines, with 211 in production and 85 cold - repaired. The daily output is 149,800 tons, a 0.79% decrease from the 29th. The average weekly开工率 is 71.86% (unchanged), and the average capacity utilization is 75.61% (a 0.09 - percentage - point decrease). The daily loss is 49,680 tons (a 2.48% increase), and the weekly loss is 340,600 tons (a 0.35% increase) [2] - In 2025, 35 lines were cold - repaired with a total daily melting capacity of 21,330 tons, and 22 lines were ignited with a total daily melting capacity of 15,010 tons. There are potential new ignition lines with a total daily melting capacity of 14,490 tons and potential old - line复产 lines with a total daily melting capacity of 9,370 tons. There are also potential cold - repair lines with a total daily melting capacity of 9,420 tons [6][7][8][9][10] Demand - As of January 15, 2026, the average order days of national deep - processing sample enterprises is 9.3 days, a 7.9% increase from the previous period and an 86.4% increase year - on - year. As the Spring Festival approaches, most processing plants are in the rush - work period, with the order execution days increasing slightly, mainly around 10 days [2] Inventory - As of February 5, 2026, the total inventory of national float glass sample enterprises is 53.064 million heavy boxes, a 0.95% increase from the previous period and an 11.77% decrease year - on - year. The inventory days are 23.1 days, an increase of 0.3 days from the previous period. Inventory trends vary by region [2] Price and Profit - Prices in most areas are stable. The price in Shahe is around 1,000 - 1,020 yuan/ton, in Central China's Hubei is around 1,080 - 1,120 yuan/ton, and in East China's Jiangsu and Zhejiang is around 1,160 - 1,260 yuan/ton. The basis strengthens due to the decline in futures prices. The profit of petroleum coke is about 45 yuan/ton, while the profits of natural gas and coal - fired fuels are about - 168 and - 68 yuan/ton respectively [15][18][19][21] Photovoltaic Glass - The market transaction has weakened recently, and it is expected to continue. The price of 2.0mm coated panels is 10.5 - 11 yuan/square meter (unchanged), and the price of 3.2mm coated panels is 17.5 - 18.0 yuan/square meter (a 1.39% decrease). The inventory may increase seasonally, but it may improve after the second quarter [36][38][39][43] Soda Ash Supply and Maintenance - The supply of soda ash decreased slightly this week. The weekly output is 774,300 tons, a 1.12% decrease. The comprehensive capacity utilization is 83.25%, a 0.94% decrease from last week. Some large - scale devices are under maintenance [3][51] Inventory - As of February 5, 2026, the total inventory of domestic soda ash manufacturers is 1.5811 million tons, a 2.39% increase from last Thursday. The inventory of light soda ash is 835,000 tons (a 69,000 - ton increase), and the inventory of heavy soda ash is 746,100 tons (a 300,000 - ton increase). Compared with the same period last year, it decreased by 15.85% [3][56] Price and Profit - The low - end price in Shahe is 1,130 yuan/ton, and the market price fluctuates slightly. Some light and heavy soda ash prices in the northern region decreased by 50 - 100 yuan/ton. The futures price decreased, and the basis strengthened. The profit of the joint - alkali method in East China (excluding Shandong) is - 29 yuan/ton, and the profit of the ammonia - alkali method in North China is - 88 yuan/ton [63][66][71] - There are several planned and under - construction soda ash projects, including Jinshan Chemical, Xiangheng Salt Chemical, Zhongyan Salt Industry Phase I, and Ningxia Risheng [68]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The caustic soda market is expected to experience low - level fluctuations in the short term, with a strong expectation of cost increase in the future. The PVC market is expected to show weak fluctuations [5][6]. - For caustic soda, the 03 contract faces significant delivery pressure, and the weak spot market situation is difficult to reverse before the Spring Festival. However, the decline in liquid chlorine prices in the later period will lead to cost increases and large - scale production cuts in the far - month contracts. For PVC, the high - production and high - inventory structure is difficult to change, and it is expected to fluctuate weakly before the festival [5][7]. - The main incremental market for caustic soda in 2026 is exports, but it also faces structural adjustments. PVC exports are expected to weaken in the long term due to the cancellation of export tax rebates [18][143]. 3. Summary According to the Directory 3.1 Caustic Soda Core Contradiction and Export - **Core Contradictions** - The short - sellers' main logic includes high supply and high inventory, continuous alumina production reduction expectations, new production capacity in the next year, and near - month warehouse receipt delivery pressure. The long - sellers' main logic includes policy drive, cost support, multi - asset linkage, overseas plant shutdowns, and capital drive [10]. - The three core contradictions are weak production reduction willingness on the supply side, expanding but profit - affected demand, and the structure adjustment of the export market [10]. - **Export Situation** - In 2025, the cumulative export volume of caustic soda was 4.1087 million tons, a year - on - year increase of 44%. The proportion of China's caustic soda exports to Indonesia has been increasing, but it was affected by new production capacity in Thailand in the second half of 2025. The FOB price in Northeast Asia has declined, and the export profit has also changed. The 50 - 32 caustic soda price difference is favorable for caustic soda [18][23]. 3.2 Caustic Soda Supply - **Production and Inventory** - The average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 100,000 tons and above is 87.8%, a week - on - week increase of 0.1%. The inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above is 471,400 tons (wet tons), a week - on - week decrease of 9.41% and a year - on - year increase of 2.97% [37][40]. - **Production Capacity Expansion** - In 2026, caustic soda production capacity will continue to be put into operation, with a growth rate of over 3%. The total planned new production capacity is 2.94 million tons [45]. - **Cost and Profit** - The marginal device cost in Shandong is calculated to be 2,075 yuan. The price of liquid chlorine has weakened, and the cost support for caustic soda is limited. The profits of chlorine - consuming downstream industries such as propylene oxide, epichlorohydrin, dichloromethane, and chloroform have declined [49][53]. 3.3 Caustic Soda Demand - **Alumina Demand** - In the first half of 2026, alumina production capacity will be put into operation intensively, with an expected annual new production capacity of 13.9 million tons. However, the alumina industry is currently experiencing a decline in production, an increase in inventory, and a loss in profit, which has a negative impact on caustic soda demand [72][73]. - **Other Industries' Demand** - The paper pulp industry is in the off - season, with compressed terminal profits. The viscose staple fiber industry has stable operation, while the printing and dyeing industry has a decline in operation. The water treatment industry has an increase in operation, and the ternary precursor industry has an increase in production [82][94][96]. 3.4 PVC Core Contradiction and Spread - **Core Contradictions** - The short - sellers' main logic includes high supply and high inventory, weak domestic demand, and a slowdown in export growth. The long - sellers' main logic includes policy drive, cost support, multi - asset linkage, overseas plant shutdowns, and capital drive. The three core contradictions are high supply and high inventory, low profit but no large - scale capacity elimination, and a large far - month premium in futures [103][104]. - **Price Spread** - The PVC basis has weakened, and the monthly spread has also weakened [105]. 3.5 PVC Supply and Demand - **Supply** - The capacity utilization rate of PVC production enterprises this week is 79.26%, a week - on - week increase of 0.33% and a year - on - year decrease of 2.88%. In 2026, except for the release of the production capacity of Jiahua, there is no new production capacity for PVC. The comprehensive profit of chlor - alkali plants is at a low level but has not reached the cash - flow cost [112][116][118]. - **Demand** - Domestic demand related to the real estate industry is still weak, and downstream enterprises have low inventory - building willingness. Exports are expected to weaken in the long term due to the cancellation of export tax rebates. PVC downstream industries will face a decline in operation during the Spring Festival [7][143]. - **Inventory** - PVC production enterprises have slightly reduced inventory, but the social inventory is at a high level and continues to accumulate. The warehouse receipts have declined but are still at a high level [121][147].

Report Industry Investment Rating No information provided in the report. Core Views - Glass: In the medium term, it is a volatile market. Short - term pressure comes from forward premium, inventory, and off - season factors. Long - term bullish drivers are anti - deflation, anti - involution, and potential production cuts. It will fluctuate between rising due to production cut expectations and falling due to weak demand and weak basis. [2] -纯碱: In the medium term, it is also a volatile market. The core pressure drivers are supply surplus, forward premium, and potential downstream production cuts. It is supported by cost when falling and restricted by supply surplus and glass industry production cuts when rising. [3] Summary by Directory Glass Supply - As of January 22, 2026, there were 296 glass production lines (199,500 tons/day) after excluding zombie lines, with 212 in operation and 84 cold - repaired. The daily output of float glass was 150,700 tons, unchanged from January 15. The industry's start - up rate was 71.62% and the capacity utilization rate was 75.57%, both unchanged from January 15. [2] - In 2025, the total daily melting volume of cold - repaired lines was 21,330 tons/day, and the total daily melting volume of newly ignited lines was 15,010 tons/day. There are potential new ignition lines with a total daily melting volume of 14,490 tons/day and potential old - line复产 lines with a total daily melting volume of 9,370 tons. There are also potential cold - repair lines with a total daily melting volume of 9,420 tons/day. [6][7][8] - The current in - production capacity is about 150,000 tons/day, and the peak capacity in 2021 was 178,000 tons/day. Usually, production cuts are likely to occur from the end of the fourth quarter to the first quarter. [11][12] Price and Profit - Most prices are stable with little change, and the transaction is average, slightly better on some days. The price in Shahe is about 1000 - 1020 yuan/ton, in central China's Hubei about 1020 - 1060 yuan/ton, and in eastern China's Jiangsu and Zhejiang about 1110 - 1250 yuan/ton. [16][20] - The profit of using petroleum coke as fuel is about - 2 yuan/ton, and the profits of using natural gas and coal as fuel are about - 158 and - 65 yuan/ton respectively. [23][27] Inventory and Downstream Start - up - Recent transactions have fluctuated, with inventory rising in some periods, but large - scale inventory fluctuations are unlikely. Shahe's inventory has decreased significantly due to previous price cuts. Hubei's inventory is still slightly high, and attention should be paid to post - Spring Festival inventory pressure. Before the Spring Festival, inventory fluctuations are expected to be small, and most areas' inventory is at a relatively high level compared to the same period in history. [30][31] - Regional arbitrage shows that prices in different regions are basically synchronized with little change in price differences. [32] Photovoltaic Glass Price and Profit - Recent market transactions have weakened, and this situation is expected to continue. The mainstream order price of 2.0mm coated panels is 10.5 - 11 yuan/square meter, and that of 3.2mm coated panels is 17.5 - 18.5 yuan/square meter, both unchanged from last week. [36][38] Capacity and Inventory - Market transactions have weakened, and inventory in some areas has increased. As of Thursday, the sample inventory days were about 36.69 days, a 5.77% decrease from the previous week, with the decline rate expanding by 2.70 percentage points. [40][46] Soda Ash Supply and Maintenance - Some soda ash plants have resumed production, and the start - up rate has returned to a high level. The capacity utilization rate is 86.4%, down from 86.8% last week. The current weekly output of heavy soda ash is about 413,000 tons/week. In the context of high production and high inventory, either manufacturers should increase production cuts or the real - estate industry chain should recover to drive the recovery of glass demand and stocking. [50][51][52] Inventory - As of January 22, 2026, the total inventory of domestic soda ash manufacturers was 1.5212 million tons, a decrease of 53,800 tons (3.42%) from last Thursday. Among them, the inventory of light soda ash was 824,500 tons, a decrease of 12,500 tons, and the inventory of heavy soda ash was 696,700 tons, a decrease of 41,300 tons. Compared with the same period last year, the inventory increased by 9,170 tons (6.41%). [55] Price and Profit - The nominal prices in Shahe and Hubei are about 1130 - 1250 yuan/ton. The low - end price in Shahe is 1130 yuan/ton, and the market price has rebounded slightly. Most manufacturers' ex - factory prices are stable. [60][64][65] - There are several planned and under - construction soda ash projects in China, including Jinshan Chemical, Xiangheng Salt Chemical, Zhongyan Salt Industry Phase I, and Ningxia Risheng, with different expected production times. [68]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In the long - term, the downward space of glass is limited around 950 - 1000 yuan/ton, and for soda ash, it is limited below 1050 - 1100 yuan/ton [13][18]. - In the first half of 2026, the market may be in a volatile state, with limited downward space at low levels and limited upward space at high levels [115]. - Against the backdrop of a stronger RMB exchange rate and a shrinking Sino - US interest rate spread, the pricing logic of domestic asset prices has changed. The trend of anti - deflation and anti - involution is not conducive to excessive short - selling of glass and soda ash [115]. - The glass industry may have clear anti - deflation and anti - involution measures in 2026, but the time is uncertain. The window period when leading stocks in the stock market stabilize and rebound may be the time for futures to trade anti - deflation and anti - involution factors [115]. 3. Summary by Related Catalogs Glass Glass Views - **Bearish Logic**: Terminal demand has not improved, with scattered orders and pressure on payment collection; the implementation of anti - deflation and anti - involution may be late, and the high premium of futures is incorrect; the continuous high premium of futures in the long - term leads to large intermediate inventory and warehouse receipt pressure [4]. - **Bullish Logic**: The risk - return ratio is appropriate as prices are at a near - decade low and the whole industry is in a loss state; anti - deflation and anti - involution are trends, and there will be a shift from petroleum coke to natural gas in Hubei; after four years of decline, the real estate market has limited room for further contraction [5]. Trading Routes - **Bearish Trading Route**: Enter when the futures premium reaches 20%, inventory increases year - on - year and month - on - month, and supply contraction is not obvious or in a policy vacuum period. The strategy is to buy spot and short futures, increase the ratio of futures/spot positions, and close the position when the valuation is between 950 - 1000 yuan/ton due to basis regression. The risk is the unexpected acceleration of anti - deflation and anti - involution policies [7][8]. - **Bullish Trading Route**: Driven by factors such as the narrowing of the Sino - US interest rate spread, the continuous appreciation of the RMB, and the pursuit of leading industrial assets. The valuation is based on the cost line and futures discount, and it involves multi - asset linkage of glass stocks and glass futures. The core drivers are policy - driven anti - deflation and anti - involution, and capital - driven factors including the Sino - US interest rate spread, RMB appreciation, and the appreciation of leading industrial stocks [10][11]. Supply - In 2025, the total daily melting volume of cold - repaired production lines was 21,330 tons/day, and the total daily melting volume of newly ignited production lines was 15,010 tons/day. The potential new ignition production lines have a total daily melting volume of 14,490 tons/day, and the potential old - line复产 production lines have a total daily melting volume of 9,370 tons. The potential cold - repair production lines have a total daily melting volume of 9,420 tons/day [37][38][39]. - The current in - production capacity is about 150,000 tons/day, and the peak capacity in 2021 was 178,000 tons/day. Usually, production cuts are likely to occur from the end of the fourth quarter to the first quarter [43]. Price and Profit - Most prices are stable with little change, but market transactions declined in the second half of this week. The price in Shahe is around 1000 - 1020 yuan/ton, in central China's Hubei around 1020 - 1060 yuan/ton, and in eastern China's Jiangsu and Zhejiang regions of some large manufacturers around 1110 - 1250 yuan/ton [56][60]. - The basis has strengthened due to the decline in futures prices. The profit of petroleum coke is about - 7 yuan/ton, and the profits of natural gas and coal - fired fuels are about - 186 and - 74 yuan/ton respectively [61][67]. Inventory and Downstream Start - up - After New Year's Day, transactions improved and inventory decreased, but transactions declined in the second half of this week. Current inventory is high, and most regions' inventory is at a relatively high level compared to the same period in history [70][72]. - Regional arbitrage shows that prices in various regions are basically synchronized with little change in price differences [75]. Soda Ash Soda Ash Views - **Bearish Logic**: High supply and high inventory, with the average weekly output of heavy soda remaining above 400,000 tons and the weekly rigid demand at 340,000 - 350,000 tons; the continuous high premium of futures will lead to the continuous flow of future spot supply surplus pressure to the futures market; new devices such as Yuanxing and Jinshan will be put into production in the next year, with a new production capacity increase of about 15%, while demand tends to shrink [14]. - **Bullish Logic**: Anti - deflation and anti - involution are trends, with low profits, low absolute prices, low risks, and high potential benefits; the inventory structure is concentrated, the export market has improved, and the prices of light and heavy soda are the same; the huge warehouse receipts of the SA2509 contract failed to completely suppress the market, and it is difficult to have such high warehouse receipts in 2026 [14]. Supply and Maintenance - Some soda ash devices have resumed production, and the operating rate has gradually increased. The current capacity utilization rate is 86.8%, up from 84.4% last week. The current weekly output of heavy soda has reached about 414,000 tons/week [94][95]. - The inventory is about 1.37 million tons. As of January 22, 2026, the total inventory of domestic soda ash manufacturers was 1.37 million tons, an increase of 28,000 tons from last Thursday, with a decline of 2%. Among them, the inventory of heavy soda was 557,000 tons, a decrease of 29,000 tons month - on - month [97][99]. Price and Profit - The low - end price in Shahe is 1140 yuan/ton, and the market price has declined slightly. The ex - factory prices of manufacturers are mostly stable. The basis has strengthened due to the decline in futures prices [106][107][109]. - The profit of the combined - soda process in East China (excluding Shandong) is - 40 yuan/ton, and the profit of the ammonia - soda process in North China is - 58 yuan/ton [113]. Photovoltaic Glass - **Price and Profit**: Recent market transactions have weakened, and this situation is expected to continue. The mainstream order price of 2.0mm coated panels is 10.5 - 11 yuan/square meter, and that of 3.2mm coated panels is 17.5 - 18.5 yuan/square meter, both unchanged from last week [81][83]. - **Capacity and Inventory**: Recent market transactions have weakened, and inventory is expected to increase seasonally. The number of in - production photovoltaic glass production lines in the country is 400, with a total daily melting volume of 87,620 tons/day, unchanged from last week. The sample inventory days are about 38.94 days, a decrease of 3.07% month - on - month [85][86][91].