大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-21 每日观点 玻璃： 1、基本面：生产利润修复乏力，供给同期历史低位；下游深加工订单整体偏弱，不及往年同期， 地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1000元/吨，FG2601收盘价为989元/吨，基差为11元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6330.30万重量箱，较前一周增加0.09%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、"反内卷"政策、环保政策影响下，浮法玻璃行业产能出清，沙河地区"煤改气" ，行 ...

大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-20 交易咨询业务资格：证监许可【2012】1091号 1、"反内卷"政策、环保政策影响下，浮法玻璃行业产能出清，沙河地区"煤改气" ，行业冷修，产 量损失。 利空： 每日观点 玻璃： 1、基本面：生产利润修复乏力，供给同期历史低位；下游深加工订单整体偏弱，不及往年同期， 地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1000元/吨，FG2601收盘价为1009元/吨，基差为-9元，期货 升水现货；中性 3、库存：全国浮法玻璃企业库存6324.70万重量箱，较前一周增加0.18%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The glass market has a weak fundamental situation, with production profit recovery being sluggish, supply at a historically low level, downstream deep - processing orders being weak, real - estate terminal demand being poor, and inventory at a high level. It is expected to show a weak and volatile trend in the short term [2]. - Due to the "anti - involution" and environmental protection policies, there has been capacity clearance in the float glass industry, but currently, glass supply has stabilized and rebounded at a low level, downstream periodic restocking has ended, and glass factory inventories have increased [3]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1029 yuan/ton to 1017 yuan/ton, a decline of 1.17%. The spot price of Shahe Safety large - board glass dropped from 1028 yuan/ton to 1016 yuan/ton, also a 1.17% decline. The main basis remained unchanged at - 1 yuan/ton [5]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 1016 yuan/ton, a decrease of 12 yuan/ton compared to the previous day [10]. Fundamental Analysis - Cost Side No specific content on cost - side analysis other than the mention of glass production profit is provided. Fundamental Analysis - Supply - The number of operating float glass production lines nationwide is 222, with an operating rate of 75%, and the number of operating production lines is at a historically low level in the same period. The daily melting volume of float glass is 159,100 tons, and the production capacity is at a historically low level in the same period [21][23]. Fundamental Analysis - Demand - The real - estate terminal demand for glass is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventories [4]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 63.247 million weight boxes, an increase of 0.18% compared to the previous week, and the inventory is running above the five - year average [2][39]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides a supply - demand balance sheet for float glass from 2017 to 2024E, showing data on production, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio. For example, in 2024E, the production is expected to be 55.1 million tons, with a production growth rate of 3.94% and a consumption growth rate of - 1.15% [40]. Factors Affecting the Market - **Positive Factors**: Under the influence of the "anti - involution" and environmental protection policies, there has been capacity clearance in the float glass industry, such as the "coal - to - gas" conversion in the Shahe area and industry cold - repairs, resulting in production losses [3]. - **Negative Factors**: The main logic is that glass supply has stabilized and rebounded at a low level, downstream periodic restocking has ended, and glass factory inventories have increased. Also, real - estate terminal demand is weak, deep - processing industry capital collection is not good, and the "anti - involution" market sentiment has faded [3][4].

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃周报 2025.11.10-11.14 每周观点 上周玻璃期货震荡下行，主力合约FG2601收盘较前一周下跌5.41%报1032元/吨。现 货方面，河北沙河白玻大板报价1028元/吨，较前一周下跌2.28%。 供给方面，沙河"煤改气"4条燃煤产线停产后，目前产线开工持稳；上周全国浮 法玻璃生产线在产222条，开工率75%，日熔量15.91万吨，供给低位企稳。需求方面， 进入四季度，需求偏弱，个别存在赶工现象，且多消耗前期补库库存，多数加工厂在回 款及资金等压力下，刚需拿货仍是主流；截止11月13日，全国浮法玻璃企业库存 6324.70万重量箱，较前一周增加0.18%，库存处于同期历史偏高位置。综合来看，玻璃 基本面供稳需弱，短期预计震荡偏空运行 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-17 每日观点 玻璃： 1、基本面：生产利润修复乏力，供给同期历史低位；下游深加工订单整体偏弱，不及往年同期， 地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1028元/吨，FG2601收盘价为1032元/吨，基差为-4元，期货 升水现货；中性 3、库存：全国浮法玻璃企业库存6324.70万重量箱，较前一周增加0.18%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、"反内卷"政策、环保政策影响下，浮法玻璃行业产能出清，沙河地区"煤改气" ， ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-14 每日观点 玻璃： 1、基本面：生产利润修复乏力，供给同期历史低位；下游深加工订单整体偏弱，不及往年同期， 地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1032元/吨，FG2601收盘价为1056元/吨，基差为-24元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6324.70万重量箱，较前一周增加0.18%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、"反内卷"政策、环保政策影响下，浮法玻璃行业产能出清，沙河地区"煤改气" ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-12 每日观点 玻璃： 1、基本面：供给低位企稳回升，但沙河地区"煤改气"等供应端扰动因素较多；下游深加工订单 整体偏弱，不及往年同期，地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1052元/吨，FG2601收盘价为1036元/吨，基差为-17元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6313.6万重量箱，较前一周减少4.03%，库存在5年均值上方运行； 偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 2、风险点： "反内卷"政策力度超预期 1、地产终端需求 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-11 每日观点 玻璃： 1、基本面：供给低位企稳回升，但沙河地区"煤改气"等供应端扰动因素较多；下游深加工订单 整体偏弱，不及往年同期，地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1052元/吨，FG2601收盘价为1069元/吨，基差为-17元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6313.6万重量箱，较前一周减少4.03%，库存在5年均值上方运行； 偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、"反内卷"政策、环保政策影响下，浮法玻璃行业产能出清 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-10 每日观点 玻璃： 1、基本面：供给低位企稳回升，但沙河地区"煤改气"等供应端扰动因素较多；下游深加工订单 整体偏弱，不及往年同期，地产终端需求疲弱，库存高位；偏空 2、基差：浮法玻璃河北沙河大板现货1052元/吨，FG2601收盘价为1091元/吨，基差为-39元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存6313.6万重量箱，较前一周减少4.03%，库存在5年均值上方运行； 偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃供给端扰动刺激，短期预计震荡运行为主。 影响因素总结 利多： 1、"反内卷"政策、环保政策影响下，浮法玻璃行业产能出清 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - The finished products are expected to move in a sideways consolidation manner, with a continued downward trend in price, and the price center of gravity continues to shift downward due to the weak supply - demand pattern and pessimistic market sentiment. The winter storage this year is sluggish, providing weak support for prices [1][2]. - The price of aluminum is expected to be strong in the short - term, showing a high - level shock. Attention should be paid to the macro - sentiment, mine - end news, inventory - consumption trends, and high - level pressure [1][2][3]. 3. Summary According to Related Catalogs 3.1 Finished Products - Yunnan - Guizhou short - process construction steel enterprises will have a shutdown and maintenance period during the Spring Festival, with an estimated impact on the total construction steel output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills has stopped production on January 5, and most of the others will stop around mid - January, with a daily output impact of about 16,200 tons [1][2]. - From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2]. - The finished products continued to decline in a volatile manner yesterday, reaching a new low. The market sentiment is pessimistic, and the winter storage is sluggish, with weak price support [2]. 3.2 Aluminum - Macroscopically, US data shows a weak labor market, increasing the expectation of the Fed to cut interest rates again this year. The market is concerned about the impact of Trump's trade policy and the risks related to the long - term government shutdown [1]. - The alumina market has a continuous supply - demand relaxation pattern, with spot prices under pressure. Industry profitability has shrunk, and some high - cost enterprises face operational pressure. Environmental policies may restrict production during the heating season and carbon emission verification [2]. - Downstream electrolytic aluminum enterprises have weak procurement willingness, mainly for rigid - demand replenishment. Raw material inventory has accumulated to 3.202 million tons, and the total industry inventory has increased by 92,000 tons to a historical high of 4.599 million tons [2]. - The weekly starting rate of domestic aluminum downstream processing leading enterprises is 61.6%, a 0.6 - percentage - point decrease from last week. The starting rates of aluminum cables, profiles, strips, and foils have all declined [2]. - On November 6, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 622,000 tons. In November, the pressure of weak inventory accumulation increases, which may have a negative impact on aluminum prices [2].