Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The glass market is expected to fluctuate mainly in the short term. Although the glass supply is at a low level due to low production profits and reduced output, the downstream deep - processing factory orders are weak, and the glass factory inventory is at a high level. The cost side has increased, but the overall market is affected by the weak real - estate terminal demand [2][3][4]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 1082 yuan/ton to 1064 yuan/ton, a decline of 1.66%. The spot price of Shahe Safety large - board remained unchanged at 964 yuan/ton. The main basis increased from - 118 yuan/ton to - 100 yuan/ton, a change of - 15.25% [5]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 964 yuan/ton, unchanged from the previous day [10]. Fundamental - Cost Side - Glass production profit has been slightly repaired, but the cold - repair is less than expected, and the supply is at a low level [2]. Fundamental - Supply - The number of operating float glass production lines in the country is 207, with an operating rate of 70.41%, at a historical low for the same period. The daily melting volume of float glass is 145,800 tons, and the production capacity is at a historical low for the same period [16][18]. Fundamental - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection of the deep - processing industry is not optimistic, and traders and processing plants are cautious, mainly digesting the original glass inventory [2][3][22]. Fundamental - Inventory - The inventory of national float glass enterprises is 74.436 million weight boxes, a decrease of 1.86% from the previous week, and the inventory is above the five - year average [2][37]. Fundamental - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, consumption, production growth rate, consumption growth rate, and net import ratio [38].

Report Industry Investment Rating The report does not provide an industry investment rating. Core Viewpoints - The glass production profit has been slightly repaired, cold repair is less than expected, and supply is at a low level. However, the downstream deep - processing orders are weak due to the real estate drag, and the inventory is at a historical high for the same period. The overall situation is bearish. The cost increase is expected to lead to a short - term glass price that will mainly fluctuate in a wide range [2]. - The main logic is that although the glass supply is low due to the boost of macro - sentiment, the orders of downstream deep - processing factories are weak and the glass factory inventory is high, so it is expected that the glass will mainly operate in a wide - range shock [4]. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract increased from 1054 yuan/ton to 1082 yuan/ton, a rise of 2.66%. The spot price of Shahe Safety large boards decreased from 968 yuan/ton to 964 yuan/ton, a decline of 0.41%. The main basis increased from - 86 yuan/ton to - 118 yuan/ton, a rise of 37.21% [5]. Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe is 964 yuan/ton, a decrease of 4 yuan/ton compared with the previous day [10]. Fundamental - Cost Side - The production profit of glass is at a low level, which leads to a decline in production [3]. Fundamental - Supply - The number of operating national float glass production lines is 207, with an operating rate of 70.41%, and the number of operating production lines is at a historical low for the same period. The daily melting volume of national float glass is 145,800 tons, with production capacity at a historical low for the same period [16][18]. Fundamental - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons [22]. Fundamental - Inventory - The inventory of national float glass enterprises is 74.436 million weight boxes, a decrease of 1.86% compared with the previous week, and the inventory is above the 5 - year average [2][37]. Fundamental - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, consumption, production growth rate, consumption growth rate, and net import ratio [38].

Report Industry Investment Rating No relevant content provided. Core View of the Report The glass market has a weak fundamental situation. In the short term, it is expected to mainly fluctuate weakly. The supply of glass has declined to a relatively low level in the same period. Affected by the expectation of the seasonal peak season, the spot price has risen, and the downstream has replenished stock periodically, leading to the reduction of glass factory inventory. It is expected that the glass will mainly fluctuate weakly at a low level [2][5]. Summary According to the Directory Daily View - The glass production profit is at a low level, with an increase in cold repairs in the industry. The operating rate and output have dropped to historical lows in the same period. The deep - processing orders are less than in previous years, and the terminal demand is weak. The factory inventory has started to accumulate again, which is bearish [2]. - The basis is 86 yuan, with the futures at a discount to the spot, which is bullish [2]. - The inventory of national float glass enterprises is 67.56 million weight boxes, an increase of 3.96% from the previous week, and the inventory is above the five - year average, which is bearish [2]. - The price is running below the 20 - day line, and the 20 - day line is downward, which is bearish [2]. - The main position is net short, and the short position is increasing, which is bearish [2]. - The glass fundamentals are weak, and it is expected to mainly fluctuate weakly in the short term [2]. Impact Factor Summary - Bullish factor: The negative feedback of production profit is obvious, and the glass output has continuously declined to a historical low [4]. - Bearish factors: The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original sheet inventory [4]. Main Logic and Risk Points - Main logic: The glass supply has declined to a relatively low level in the same period. Affected by the expectation of the seasonal peak season, the spot price has risen, and the downstream has replenished stock periodically, resulting in the reduction of glass factory inventory. It is expected that the glass will mainly fluctuate weakly at a low level [5]. Glass Futures Market - The closing price of the main contract is 1034 yuan/ton, a decrease of 2.18% from the previous value. The spot price of Shahe Safety large - plate glass is 1120 yuan/ton, a decrease of 0.71% from the previous value. The main basis is 86 yuan, an increase of 21.13% from the previous value [6]. Glass Spot Market - The market price of 5mm white glass large - plate in Hebei Shahe, the spot benchmark, is 1120 yuan/ton, a decrease of 8 yuan/ton from the previous day [11]. Fundamental - Cost Side - The profitability of the coal production line has recovered, the loss of the natural gas production line has narrowed, and the profit of the petroleum coke production line has turned negative [15]. Fundamental - Production Line and Output - The number of operating national float glass production lines is 222, with an operating rate of 75.24%. The number of operating glass production lines is at a historical low in the same period. The daily melting volume of national float glass is 155,800 tons, and the production capacity is at the lowest level in the same period in history [19][21]. Fundamental - Demand - In February 2025, the apparent consumption of float glass was 4.3143 million tons [25]. Fundamental - Inventory - The inventory of national float glass enterprises is 67.56 million weight boxes, an increase of 3.96% from the previous week, and the inventory is above the five - year average [43]. Fundamental - Supply - Demand Balance Sheet - The float glass annual supply - demand balance sheet shows the production, consumption, and other data from 2017 to 2024E, including changes in production and consumption growth rates and net import ratios [44].