Report Industry Investment Rating No relevant content provided. Core Views - Glass shows a weak rebound due to the warming of commodity sentiment, but the medium - term demand contraction and industrial deflation persist, and the short - term fundamentals are still weak with no obvious driving force [1][4] - The overall logic of soda ash is a supply - demand surplus pattern, and a medium - to long - term bearish view is recommended, although it is sensitive to policy and cost changes [1][6] Summary by Relevant Catalogs Glass Supply - The weekly start - up rate of the float glass industry is 75.34%, a week - on - week decrease of 0.08 percentage points; the capacity utilization rate is 77.7%, a week - on - week increase of 0.22 percentage points [3] - One production line was cold - repaired this week, with a capacity of 700 tons per day. The daily output is 15.54 tons, a week - on - week decrease of 0.16%; the weekly output is 109.35 tons, a month - on - month increase of 0.21% and a year - on - year decrease of 7.88% [3] Demand - In the off - season, the shipment in various regions is mainly for rigid demand, and the speculative purchasing demand is relatively weak [3] Inventory - The total inventory of national float glass sample enterprises increased by 202,000 heavy boxes or 0.29% week - on - week to 69.887 million heavy boxes, reaching an 8.5 - month high, with a year - on - year increase of 16.82%. The inventory days are 30.8 days, the same as the previous period [3] Cost and Profit - The costs of glass made from petroleum coke, coal, and natural gas are 1,138, 1,020, and 1,466 yuan per ton respectively, with week - on - week changes of - 20, - 6, and - 7 yuan per ton [3] - The production profits are - 108.5, 83.7, and - 195.1 yuan per ton respectively, with week - on - week changes of + 20, + 3, and - 12.3 yuan per ton [3] View and Strategy - The glass shows a weak repair market. The short - term fundamentals are weak, and there is no obvious driving force. Although the valuation is relatively low, considering the uncertainty of the off - season and limited positive driving forces, attention should be paid to the 1,045 pressure level [4] Soda Ash Supply - The comprehensive capacity utilization rate of soda ash this week is 86.57%, a week - on - week increase of 1.68%. The domestic soda ash output is 754,700 tons, a week - on - week increase of 14,600 tons or 1.97% [5] Demand - The sales - to - production ratio this week is 94.65%, a week - on - week increase of 2.61%, but less than 100%. The downstream demand is average, mainly for on - demand procurement [5] - There is no new investment or cold - repair of production lines in photovoltaic glass, and the downstream orders are few. The performance of float glass is mediocre, with most processing plants having scattered orders [5] Inventory - The total inventory of domestic soda ash manufacturers is 1.7267 million tons, a week - on - week increase of 40,400 tons or 2.40%. Among them, the light soda ash inventory is 812,600 tons, a week - on - week increase of 1,300 tons; the heavy soda ash inventory is 914,100 tons, a week - on - week increase of 39,100 tons [5] Cost and Profit - The ammonia - soda production cost is 1,259 yuan per ton, a week - on - week decrease of 47 yuan per ton. The combined - soda production cost is 1,591 yuan per ton (calculated at a ratio of 75% - 80%, it is 1,193 - 1,272 yuan per ton), with no week - on - week change [5] - The profit of the ammonia - soda method is 25.2 yuan per ton, a week - on - week increase of 4.5 yuan per ton; the profit of the combined - soda method is 99.5 yuan per ton, a week - on - week decrease of 40 yuan per ton [5] View and Strategy - Soda ash shows a relatively poor performance. With the increase in supply and decrease in demand, the inventory of soda ash manufacturers has increased for three consecutive weeks, and the market is worried about over - supply. A medium - to long - term bearish view is recommended, and attention should be paid to the 10 - day moving average pressure [6]

分析师：何慧 能源化工团队 郭建锋 F03126846 何 慧 Z0011420 郭艳鹏 Z0021323 李 倩 F03134406 中辉期货有限公司 交易咨询业务资格 证监许可[2015]75号 中辉期货研究院 时间：2025.05.30 【观点】5月浮法玻璃市场继续面临"弱现实+弱预期"的双重压力，价格中枢持续下探。宏观层面，海外关税风险缓和，美债危机 担忧出现，整体风险偏好不高。国内经济从一季度的"生产强、需求弱"转为"产需双弱"的格局，4月PPI同比下降2.7%，工业品 通缩格局依旧。1-4月地产竣工同比下跌16.9%，跌幅再次扩大，玻璃中期需求继续萎缩。进入6月，梅雨季+夏季高温陆续来临，需 求淡季预期背景下，中上游库存偏高，企业和贸易商主动降价去库为主，现货市场疲软运行。淡季悲观预期下，主力合约贴水现货 价格。供应端来看，目前煤制产线仍有利润，供应缩减动力不足，玻璃开工率和日熔量低位回升，供应压力显现。随着原料纯碱和 燃料煤炭价格持续创新低，带动玻璃成本重心下移，进一步拖累玻璃期现价格，抄底仍不具有安全边际，至少要看到供需两端的改 善以及成本端的止跌企稳才可尝试多头。 【策略】 单边策略：目前主 ...

Group 1: Macroeconomic Insights - Current domestic price recovery momentum is weak, with improvements concentrated in areas related to "two new" policies, while endogenous economic momentum is relatively lacking [6] - Future demand-side shocks from US-China tariff conflicts will dominate, further deepening deflationary pressure on industrial products, dragging down corporate profits and affecting consumer confidence [6] - Sufficient policy reserves exist in China, with expectations for supply and demand policies to further exert efforts to counteract these challenges [6] Group 2: Impact on Enterprises - Private and small enterprises are more vulnerable to the impact of "reciprocal tariffs" compared to large state-owned enterprises, due to weaker risk resistance and information asymmetry [11] - Recommendations include lowering interest rates for agricultural and small enterprise loans and expanding the scale of relending to enhance financial support for these enterprises [11] Group 3: Company Analysis - Bozhong Precision Engineering (688097.SH) is a key supplier of flexible automation production line equipment for Apple, expected to benefit from product innovation and increased automation rates [17] - The company is diversifying into multiple fields such as new energy and semiconductors, creating several growth drivers [17] - Projected net profits for the company from 2024 to 2026 are 399 million, 506 million, and 656 million yuan, with corresponding EPS of 0.89, 1.13, and 1.47 yuan, respectively [17] - Current stock price corresponds to PE ratios of 31, 24, and 19 times for 2024 to 2026, with an initial coverage rating of "buy" [17]