Group 1 - The report does not mention the industry investment rating [3] Group 2 - The core view of the report is that due to the slow recovery of downstream real estate and deep - processing demand, insufficient restocking strength and sustainability, the market is pessimistic about the long - term demand for glass. Under the expectation of oversupply, there is limited upward space for glass. Considering the price expectation suppression by the near - end delivery game, it is expected that glass will maintain a weak and volatile trend in the short term [3] Group 3 Summary of key points from the content - On April 18, 2025, the glass futures price continued to decline. The main contract 2509 closed at 1122 yuan/ton, a decrease of 4.43%, with a trading volume of 2.0403 million lots and active trading on the disk [3] - In terms of supply, glass production was flat month - on - month, the profit of glass enterprises improved slightly, and the enterprise start - up rate and capacity utilization rate rebounded [3] - In terms of demand, the orders of downstream glass deep - processing sample enterprises improved month - on - month but declined significantly year - on - year. The market speculation willingness was weak, and traders and end - users were cautious, resulting in a continuous weakening of production and sales and obvious price - for - volume situations [3] - In terms of inventory, according to Longzhong Information, the inventory of glass enterprises decreased slightly week - on - week, and the de - stocking speed slowed down significantly. Meanwhile, the high inventory in the middle reaches continued to suppress the rebound height [3]