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].