Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The glass fundamentals remain weak. After the policy boost benefits are digested, the futures price is expected to face a callback risk. The glass is expected to mainly fluctuate at a low level, with potential risks of accelerated industry restart and under - expected macro and real - estate policies [3][8]. 3. Summary by Directory Glass Futures and Spot Weekly Market - The closing price of the main glass futures contract FG2509 was 1086 yuan/ton, up 5.85% from the previous week. The spot benchmark price was 1092 yuan/ton, up 1.11%. The main basis was 6 yuan/ton, down 88.89% [2][9]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 1092 yuan/ton, up 1.11% from the previous week [15]. Fundamental Analysis Supply - The number of operating float glass production lines was 224, with an operating rate of 75.68%. The daily melting volume was 158,400 tons, at a historical low and showing signs of stabilization [3]. Demand - Affected by the macro - sentiment and some enterprises' price increases, the overall market rose. Some downstream enterprises made rigid - demand replenishments or small - quantity stockpiling, and the factory inventory decreased. As of July 10, the inventory of national float glass enterprises was 67.102 million weight boxes, down 2.87% from the previous week. However, the terminal real - estate demand remained weak [3]. Inventory - The national float glass enterprise inventory was 67.102 million weight boxes, down 2.87% from the previous week, and the inventory was running above the 5 - year average [45]. Supply - Demand Balance Sheet - From 2017 to 2024E, the production, consumption, and supply - demand differences of float glass showed different trends. For example, in 2024E, the production was 55.10 million tons, the consumption was 53.10 million tons, and the supply - demand difference was 1.51 million tons [46]. Influencing Factors Positive Factors - The negative feedback of production profit was obvious, and the glass output continued to decline to a historical low. The photovoltaic glass industry was expected to implement a production - cut plan, boosting market sentiment [6]. Negative Factors - The real - estate terminal demand remained weak, and the order volume of glass deep - processing enterprises was at a historical low. The capital return of the deep - processing industry was not optimistic, and traders and processors were cautious, mainly digesting the original glass inventory [7]. Main Logic - Glass supply has declined to a relatively low level in the same period. It is the seasonal off - season for demand, and downstream enterprises purchase as needed. The glass factory inventory has continued to accumulate. Therefore, the glass is expected to mainly fluctuate at a low level [8].

玻璃： 1、基本面：光伏玻璃减产政策提振市场情绪；玻璃生产利润低位，行业冷修增加，开工率、产量 下降至历史同期低位；深加工订单不及往年同期，终端需求偏弱；偏空 2、基差：浮法玻璃河北沙河大板现货1076元/吨，FG2509收盘价为1083元/吨，基差为-7元，期货 升水现货；偏空 3、库存：全国浮法玻璃企业库存6710.20万重量箱，较前一周减少2.87%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线上方运行，20日线向上；偏多 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面仍偏弱，短期预计低位震荡运行为主。 影响因素总结 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。 玻璃早报 2025-7-11 每日观点 利空： 利多： 1、生产利润负反馈明显，玻璃产量持续下降至 ...

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。 玻璃早报 2025-5-6 1、基本面：玻璃生产利润低位，行业冷修减少，开工率、产量下降至历史同期低位；深加工订单不及 往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1164元/吨，FG2509收盘价为1082元/吨，基差为82元，期货贴水 现货；偏多 3、库存：全国浮法玻璃企业库存6498.90万重量箱，较前一周减少0.74%，库存在5年均值上方运行；偏 空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：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、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求依然疲弱， ...