1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - Last week, the glass futures fluctuated upward, with the main contract FG2605 closing 2.02% higher than the previous week at 1,062 yuan/ton. The spot price of 5mm white glass slabs in Hebei Shahe remained unchanged at 944 yuan/ton compared to the previous week [2][7][12]. - The glass production profit has been continuously improving, but the industry's motivation for active production cuts remains insufficient, and the supply contraction is less than expected. The number of in - production float glass production lines is at a low level in the same period, with 209 lines in production, an operating rate of 70.61%, and a daily melting volume of 148,600 tons [3][18][20]. - After the Spring Festival, demand is slowly recovering. Downstream procurement mostly resumes after the Lantern Festival, but the resumption of work in the terminal real - estate industry is slow, and the downstream's willingness to stock up is low. As of February 27, the inventory of float glass enterprises nationwide was 76.008 million weight boxes, a 37.32% increase from the previous week, and the inventory is at a high level in the same period [3][38]. - The conflict between the United States and Iran may boost the sentiment of the overall commodity market. Given the weak fundamentals of glass, it is expected that glass will mainly fluctuate upward in the short term. In general, the glass supply is at a low level, downstream deep - processing factory orders are dismal, and the glass factory inventory is rising. It is expected that glass will mainly fluctuate weakly at a low level [3][6]. 3. Summary According to the Directory Glass Futures and Spot Weekly Market - The closing price of the main contract FG2605 was 1,062 yuan/ton, up 2.02% from the previous week. The spot benchmark price was 944 yuan/ton, unchanged from the previous week. The main basis was - 118 yuan/ton, up 21.65% from the previous week [2][7]. Glass Spot Market - The market price of 5mm white glass slabs in Hebei Shahe, the spot benchmark, was 944 yuan/ton, unchanged from the previous week [12]. Fundamentals - Cost and Profit - No detailed information on cost and profit is provided in the report. Fundamentals - Supply - The number of in - production float glass production lines is 209, with an operating rate of 70.61%, and the number of production lines in operation is at a low level in the same period. The daily melting volume is 148,600 tons, and the production capacity is at a low level in the same period [18][20]. Fundamentals - Demand - In November 2025, the apparent consumption of float glass was 469,440 tons. Other information on demand such as housing sales, new construction, construction, and completion areas, and downstream processing factory operations and orders is mentioned but without detailed data analysis in this summary [24]. Fundamentals - Inventory - The inventory of float glass enterprises nationwide was 76.008 million weight boxes, a 37.32% increase from the previous week, and the inventory is above the five - year average [38]. Fundamentals - Supply - Demand Balance Sheet - The report provides a float glass annual supply - demand balance sheet from 2017 to 2024E, including data on production, consumption, production growth rate, consumption growth rate, and net import ratio [39].

Report Industry Investment Rating - Not provided Core Viewpoints - Last week, the glass futures fluctuated within a narrow range. The closing price of the main contract FG2605 increased by 1.52% compared to the previous week, reaching 1072 yuan/ton. The spot price of 5mm white glass sheets in Hebei Shahe was 944 yuan/ton, up 0.43% from the previous week [3][8][13]. - The glass production profit has slightly improved, but the industry's motivation for active production cuts remains insufficient, and the supply contraction is less than expected. The number of in - production float glass production lines is at a low level in the same period, with 211 production lines in operation, an operating rate of 71.86%, and a daily melting volume of 149,800 tons [3][19][21]. - As the Spring Festival approaches, downstream enterprises have successively stopped work for holidays. With tight funds and insufficient cash - back, the downstream's willingness to stock up is low. As of February 5th, the inventory of national float glass enterprises was 53.064 million weight boxes, an increase of 0.95% from the previous week, and the inventory is at a high level in the same period [3][39]. - Overall, the glass fundamentals are weak, and it is expected to fluctuate weakly in the short term [3]. Summary by Directory Glass Futures and Spot Weekly Market - The closing price of the main contract FG2605 was 1072 yuan/ton, a 1.52% increase from the previous week. The spot benchmark price was 944 yuan/ton, a 0.43% increase. The main basis was - 128 yuan/ton, a 10.34% change [8]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 944 yuan/ton, a 0.43% increase from the previous week [13]. Fundamentals - Cost and Profit - Not provided in detail Fundamentals - Supply - The number of float glass production lines in operation was 211, with an operating rate of 71.86%, and the daily melting volume was 149,800 tons. Both the number of production lines in operation and the production capacity are at low levels in the same period [19][21]. Fundamentals - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons [25]. - Other aspects such as housing sales, new construction, construction, completion area, and downstream processing plant operations and orders are mentioned but lack detailed data analysis [26][28][35]. Fundamentals - Inventory - The inventory of national float glass enterprises was 53.064 million weight boxes, a 0.95% increase from the previous week, and the inventory is above the 5 - year average [39]. Fundamentals - 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 [40].

Group 1 - The core viewpoint indicates that the glass futures market is experiencing a downward trend, with the main contract down by 1.66% to 1006.00 yuan/ton as of the report date [1] - As of December 3, the national average price of float glass is 1166.71 yuan/ton, which is an increase of 21 yuan/ton from the low point in November, particularly driven by an 80 yuan/ton increase in the Central China region [2] - Last week, the average operating rate of glass production decreased by 0.34% week-on-week, with a week-on-week supply reduction of 0.63 thousand tons and a significant inventory drop of 941 thousand heavy boxes [2] Group 2 - According to Everbright Futures, the decline in glass supply has been largely priced in, and there are currently no new driving factors in the market, leading to a continued drop in futures sentiment [4] - New Lake Futures suggests that while the current fundamentals are weak, the market has overreacted to pessimistic sentiments, indicating potential for a rebound due to positive macro signals from December's domestic policy meetings and expectations of production cuts [4] - The recommendation is to consider a phase of rebound trading in December, focusing on low buying positions while monitoring the actual implementation of production cuts and the pressure from the January contract near the break-even point [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Last week, the glass futures first declined and then rose. The closing price of the main contract FG2601 decreased by 0.82% compared to the previous week, reaching 1083 yuan/ton. The spot price of 5mm white glass sheets in Hebei Shahe was 1048 yuan/ton, down 0.38% from the previous week [2][8][13]. - The glass supply has stabilized at a low level and is showing signs of recovery. The demand from the terminal real - estate sector remains weak, and the glass fundamentals are characterized by stable supply and weak demand. In the short term, it is expected to mainly operate with a downward - biased oscillation [3]. - Influenced by the "anti - involution" policy, there is an expectation of capacity clearance in the float glass industry. However, the terminal real - estate demand is still weak, and the market sentiment of "anti - involution" has faded. The glass is expected to mainly operate with wide - range oscillations [5][6][7]. Summary by Directory Glass Futures and Spot Weekly Market - The closing price of the main contract decreased from 1092 yuan/ton to 1083 yuan/ton, a decline of 0.82%. The spot benchmark price dropped from 1052 yuan/ton to 1048 yuan/ton, a decrease of 0.38%. The main basis decreased from - 40 yuan/ton to - 35 yuan/ton, a decline of 12.50% [8]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark location, was 1048 yuan/ton, down 0.38% from the previous week [13]. Fundamentals - Cost and Profit No specific content for cost and profit analysis provided other than the title. Fundamentals - Supply - The number of operating float glass production lines nationwide was 226, with an operating rate of 76.35%. The number of operating production lines is at a historically low level for the same period [23]. - The daily melting capacity of float glass nationwide was 161,300 tons, which is at the lowest level in the same period in history and has stabilized and started to recover [25]. Fundamentals - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons [29]. Fundamentals - Inventory - The inventory of float glass enterprises nationwide was 65.79 million weight boxes, a decrease of 1.24% from the previous week, and the inventory is running above the 5 - year average [43]. Fundamentals - 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 [44].