1. Report Industry Investment Rating No relevant information provided 2. Core View of the Report - The price of soda ash is likely to remain weak due to the expected post - holiday inventory build - up. The supply - demand fundamentals are weakening, with supply increasing and demand decreasing, which will continue to put pressure on the market [5]. - The spread between soda ash 05 and 09 contracts may run weakly in the future [5]. 3. Summary by Relevant Catalogs Futures Price - The main contract 05 of soda ash continued to decline in a volatile manner this week, with the price center moving down. As of Thursday, the closing price of soda ash 2603 contract was 1118 yuan/ton, and that of soda ash 2605 contract was 1162 yuan/ton [5]. Spot Market - The soda ash spot market has become dull, with more shipments and less new orders. As of now, the heavy - soda price in North China is 1190 - 1300 yuan/ton, in East China is about 1250 - 1300 yuan/ton, and in Central China is about 1250 - 1300 yuan/ton. The light - soda price in East China is 1160 yuan/ton, in North China is about 1200 yuan/ton, and in Central China is about 1130 yuan/ton [7]. Basis and Spread - The basis of soda ash 05 contract has strengthened. As of Thursday, the basis of North China heavy - soda 05 contract is about 58 yuan/ton, and that of Central China heavy - soda 05 contract is about - 12 yuan/ton. The spread between soda ash 03 and 05 contracts has adjusted downward. As of Thursday, the spread between soda ash 03 and 05 contracts is - 44 yuan/ton, and that between soda ash 05 and 09 contracts is - 67 yuan/ton. In the medium term, the spreads are likely to continue to oscillate weakly [11]. Supply Side - The domestic soda ash start - up rate rebounded this week. As of February 12, the comprehensive capacity utilization rate of domestic soda ash was about 85.18%, a 1.93% increase from last week. The soda ash output continued to rise. As of February 12, the soda ash output was about 79.23 tons, a 1.8 - ton increase from last week. The domestic soda ash enterprise shipment volume was about 78.54 tons, a 6.5% increase from last week, and the overall shipment rate was about 99.13% [12][15]. Demand Side - The apparent demand for soda ash rebounded this week. The daily melting volume of float glass continued to decline, with the daily output of about 14.8 tons this week, a 1.2% decrease from the previous period. The inventory of float glass increased significantly, and the cold - repair loss continued to increase. The profit of float glass improved [17][21][28]. Inventory Side - The inventory of the soda ash industry continued to increase. As of February 12, the total inventory of domestic soda ash manufacturers was about 158.80 tons. Considering the demand shrinkage and sufficient supply during the holiday, the soda ash market is expected to face inventory build - up pressure after the holiday [30]. Profit - The profit of the soda ash industry continued to decline slightly. As of February 12, the theoretical profit of domestic dual - process soda ash was about - 32.5 yuan/ton, a 3.5 - yuan/ton decrease from the previous period, and the theoretical profit of domestic ammonia - soda process soda ash was about - 89.25 yuan/ton, a 0.45 - yuan/ton decrease from the previous period. The industry is still in a loss stage [33].

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]