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 2026.2.24-2.27 上周玻璃期货震荡上行，主力合约FG2605收盘较前一周上涨2.02%报1062元/吨。现 货方面，河北沙河白玻大板报价944元/吨，较前一周持平。 供给方面，玻璃生产利润持续改善，但行业主动减产动力依旧不足，供给收缩不及 预期；上周全国浮法玻璃生产线在产209条，开工率70.61%，日熔量14.86万吨，供给低 位。需求方面，节后需求缓慢恢复，下游多在元宵节之后恢复采购，但终端地产复工缓 慢，下游备货意愿低。截至2月27日，全国浮法玻璃企业库存7600.80万重量箱，较前一 周增加37.32%，库存处于同期历史高位。综合来看，美伊冲突或提振整体商品情绪，玻 璃基本面疲弱，短期预计玻璃冲高震荡运行为主。 每周观 ...

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 2026.2.2-2.6 每周观点 上周玻璃期货窄幅震荡，主力合约FG2605收盘较前一周上涨1.52%报1072元/吨。现 货方面，河北沙河白玻大板报价944元/吨，较前一周上涨0.43%。 供给方面，玻璃生产利润略有改善，但行业主动减产动力依旧不足，供给收缩不及 预期；上周全国浮法玻璃生产线在产211条，开工率71.86%，日熔量14.98万吨，供给低 位。需求方面，春节临近中下游陆续停工放假，同时资金偏紧张，回款资金不足，下游 备货意愿低。截至2月5日，全国浮法玻璃企业库存5306.40万重量箱，较前一周增加 0.95%，库存处于同期历史高位。综合来看，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、玻璃生产 ...

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].