Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The current profit of float glass enterprises is relatively stable, the daily melting volume is stable, and there is an expectation of ignition for a float production line this week, with production likely to remain stable. The terminal demand for float glass remains weak, the market price center in East China continues to decline, some enterprises promote sales by reducing prices to relieve the shipment pressure, and downstream buyers are cautious, mainly purchasing for rigid demand. It is expected that the glass price will fluctuate in the near term, with the upper pressure on the 01 contract at the 1280 level. Short - term high - selling and low - buying are recommended, and stop - loss should be noted [2][22] Summary by Related Catalogs 1. Market Review - The spot price center of the domestic float glass market has declined, with an average price of 1154 yuan/ton, a decrease of 27.96 yuan/ton compared to the previous period. In North China, the overall trading is average, and prices are in a downward trend. In East China, the price center continues to decline, and downstream buyers are cautious [8] 2. Price Influence Factor Analysis 2.1 Supply - demand Analysis - **Supply - side**: As of August 21, the average start - up rate of the float glass industry was 75.34%, unchanged from the previous period; the average capacity utilization rate was 79.78%, also unchanged. There is an expectation of ignition for a float production line this week, and production may remain stable. The weekly average profit of float glass using natural gas as fuel was - 192.84 yuan/ton, a decrease of 21.48 yuan/ton; using coal - made gas was 101.55 yuan/ton, an increase of 9.45 yuan/ton; using petroleum coke was 35.52 yuan/ton, a decrease of 52.19 yuan/ton [12] - **Demand - side**: As of August 15, 2025, the average order days of national deep - processing sample enterprises was 9.65 days, a month - on - month increase of 1.0% and a year - on - year decrease of 1.53%. The terminal demand for float glass remains weak. From January to July 2025, the cumulative real estate completion area was 250340000 square meters, a year - on - year decrease of 16.5%. In July 2025, the inventory warning index of Chinese automobile dealers was 57.2%, a year - on - year decrease of 2.2 percentage points and a month - on - month increase of 0.6 percentage points [14] - **Inventory**: As of August 21, 2025, the total inventory of national float glass sample enterprises was 63.606 million heavy boxes, a month - on - month increase of 180000 heavy boxes, a month - on - month increase of 0.28%, and a year - on - year decrease of 7.37%. The inventory days were 27.2 days, an increase of 0.1 day compared to the previous period [17] 2.2 Position Analysis - As of August 22, the long positions of the top 20 members in the glass futures were 825865, a decrease of 34280; the short positions were 1039484, a decrease of 87139. The net position of the top 20 members was bearish [20] 3. Market Outlook and Investment Strategy - It is expected that the glass price will fluctuate in the near term, with the upper pressure on the 01 contract at the 1280 level. Short - term high - selling and low - buying are recommended, and stop - loss should be noted [22]

Market Overview - The domestic 5mm float glass market is currently exhibiting a weak and stable trend, with varying performance across different regions [2] - The North China market is experiencing slight adjustments, with manufacturers being flexible in order-taking, while the East China market continues to decline [2] - The South China market has seen a price drop of 20 yuan/ton to 1230 yuan/ton, reflecting weak market demand and increased competition for supplies [2] Price Index - As of August 18, the float glass price index is recorded at 1136.68, a decrease of 4.28 from the previous working day, representing a decline of 0.38% [3] Futures Market - On August 18, the main futures contract FG2601 opened at 1213 yuan/ton and closed at 1212 yuan/ton, with an intraday decline of 0.57% [6] - The market is showing a range-bound fluctuation, primarily influenced by weak sentiment in the building materials sector, with ongoing supply-demand contradictions and insufficient cost support [6] Future Outlook - The float glass market is expected to maintain a weak and fluctuating trend in the short term, with insufficient recovery momentum in downstream demand and a prevalent wait-and-see sentiment [8] - Production companies are generally adopting promotional strategies to alleviate inventory pressure [8]