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Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current profit of float glass enterprises is poor. With the expected output of glass from previously ignited production lines and the possibility of some production lines storing water, the supply may decline slightly. The terminal demand for float glass remains weak, the orders of downstream deep - processing enterprises are weak, and the inventory of float glass enterprises has increased slightly. It is expected that the glass price will fluctuate weakly in the near future, with the upper pressure of the 09 contract at the 1050 level. Short - term short - selling on rallies is recommended, with attention to stop - loss [2][22] Summary by Relevant Catalogs Chapter 1: Market Review - The spot price of the domestic float glass market has declined. In the Shahe area, the initial weekly shipment was average, with small - plate prices mostly lowered. Subsequently, the mid - and downstream made appropriate purchases, and the overall shipment improved slightly, with small - plate prices rising and some large - plate market prices also increasing slightly. The Beijing - Tianjin - Tangshan market was lackluster, with the transaction center moving downward and different shipment situations among manufacturers. In the East China market, the negotiation center declined, demand follow - up was weak, the willingness of mid - and downstream to replenish inventory was low, and local enterprise prices continued to fall due to the inflow of low - priced external goods [8] Chapter 2: Price Influence Factor Analysis 2.1 Supply - demand Analysis - **Supply - side Analysis**: As of June 19, the national float glass output was 1.0935 million tons, a month - on - month increase of 0.21% and a year - on - year decrease of 7.88%. The average operating rate of the float glass industry was 75.4%, a month - on - month decrease of 0.17 percentage points; the average capacity utilization rate was 77.85%, a month - on - month increase of 0.26 percentage points. With the expected output of glass from previously ignited production lines and the possibility of some production lines storing water, the supply may decline slightly. As of June 19, the weekly average profit of float glass using natural gas as fuel was - 195.11 yuan/ton, a month - on - month decrease of 12.28 yuan/ton; that using coal - made gas was 83.70 yuan/ton, a month - on - month increase of 2.98 yuan/ton; and that using petroleum coke was - 108.47 yuan/ton, a month - on - month increase of 20.00 yuan/ton [12] - **Demand - side Analysis**: As of June 16, 2025, the average order days of national deep - processing sample enterprises was 9.83 days, a month - on - month decrease of 5.0% and a year - on - year decrease of 5.48%. Since June, deep - processing orders in many places have decreased. Enterprises maintaining orders have seen a significant compression of profit feedback due to low - price competition, and the phenomenon of workers taking turns off has increased in some areas, with the tempering start - up rate declining. The terminal demand for float glass remains weak. From January to May 2025, the cumulative real estate completion area was 183.85 million square meters, a year - on - year decrease of 17.3%. In May 2025, the inventory warning index of Chinese automobile dealers was 52.7%, a year - on - year decrease of 5.5 percentage points and a month - on - month decrease of 7.1 percentage points. The inventory warning index was above the boom - bust line, and the prosperity of the automobile circulation industry improved. In May, the automobile production was 2.649 million vehicles, and the sales volume was 2.686 million vehicles [14] - **Inventory Analysis**: As of June 19, the total inventory of national float glass sample enterprises was 69.887 million heavy boxes, a month - on - month increase of 202,000 heavy boxes, a month - on - month increase of 0.29%, and a year - on - year increase of 16.82%. The inventory days were 30.8 days, the same as the previous period. In the North China region, the initial weekly shipment was average and then improved slightly. Mid - and downstream enterprises made appropriate purchases according to their own situations, with different situations among enterprises. The average production - sales ratio decreased compared with the previous week, and the inventory increased slightly. In the East China region, the overall shipment of the float glass market improved slightly compared with the previous week, and the overall inventory decreased slightly [17] 2.2 Position Analysis - As of June 20, the long positions of the top 20 members in glass futures were 896,394, an increase of 12,633; the short positions were 1,144,221, an increase of 47,890. The net positions of the top 20 members were bearish [19] Chapter 3: Market Outlook and Investment Strategy - The current profit of float glass enterprises is poor. With the expected output of glass from previously ignited production lines and the possibility of some production lines storing water, the supply may decline slightly. The terminal demand for float glass remains weak, the orders of downstream deep - processing enterprises are weak, and the inventory of float glass enterprises has increased slightly. It is expected that the glass price will fluctuate weakly in the near future, with the upper pressure of the 09 contract at the 1050 level. Short - term short - selling on rallies is recommended, with attention to stop - loss [22]