Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report Last week, the glass futures fluctuated within a narrow range, with the main contract FG2601 closing at 1091 yuan/ton, up 0.74% from the previous week. The spot price of 5mm white glass sheets in Hebei Shahe was 1052 yuan/ton, up 0.38% from the previous week. The glass fundamentals show stable supply and weak demand, and it is expected to fluctuate weakly in the short term [3]. 3) Summary by Relevant Catalogs Weekly View - Futures: The main contract FG2601 of glass futures closed at 1091 yuan/ton, up 0.74% from the previous week [3]. - Spot: The spot price of 5mm white glass sheets in Hebei Shahe was 1052 yuan/ton, up 0.38% from the previous week [3]. - Supply: The "coal - to - gas" project in Shahe led to the shutdown of 4 coal - fired production lines, and the national float glass production line in operation was 222, with an operating rate of 75.92% and a daily melting volume of 159,100 tons, showing a low - level rebound [3]. - Demand: The recovery of the terminal real estate is weak. Processors may continue to operate difficultly under the dual pressures of weak orders and tight funds. As of November 6, the inventory of national float glass enterprises was 63.136 million weight boxes, down 4.03% from the previous week, and the inventory is at a relatively high level in the same period [3]. Influence Factor Summary - Bullish factors: Affected by the "anti - involution" policy and environmental protection policy, the production capacity of the float glass industry has been cleared, and there has been a loss in production due to the "coal - to - gas" project and cold repair in the Shahe area [4]. - Bearish factors: The supply of glass has stabilized and rebounded at a low level, the downstream's phased replenishment has ended, and the glass factory's inventory has increased. It is expected that the glass will fluctuate weakly at a low level [4]. Glass Futures and Spot Weekly Market | Week | Main Contract Closing Price (yuan/ton) | Spot Benchmark Price (yuan/ton) | Main Basis (yuan/ton) | | --- | --- | --- | --- | | Previous Value | 1083 | 1048 | - 35 | | Current Value | 1091 | 1052 | - 39 | | Change Rate | 0.74% | 0.38% | 11.43% | [6] Glass Spot Market The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 1052 yuan/ton, up 0.38% from the previous week [11]. Fundamental Analysis - Cost and Profit No specific content about cost and profit analysis is provided in the report. Fundamental Analysis - Supply - The number of operating float glass production lines in the country is 222, with an operating rate of 75.92%, and the glass production line operation number is at a low level in the same period [22]. - The daily melting volume of national float glass is 159,100 tons, and the production capacity is at a low level in the same period [24]. Fundamental Analysis - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons [28]. - Other aspects such as housing sales, new construction, construction, completion area, and downstream processor operation and order conditions are mentioned but lack specific data analysis in this summary [29][31][38]. Fundamental Analysis - Inventory The inventory of national float glass enterprises was 63.136 million weight boxes, down 4.03% from the previous week, and the inventory is running above the five - year average [42]. Fundamental Analysis - 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 [43].

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].

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of glass remain weak, and it is expected to fluctuate at a low level in the short term [2]. - The supply of glass has declined to a relatively low level compared to the same period, and it is the seasonal off - peak demand season. Downstream purchases as needed, and the inventory of glass factories continues to accumulate [5]. Summary by Directory Glass Futures Market - The closing price of the main contract was 1083 yuan/ton, up 4.64% from the previous value; the spot price of Shahe Safe large - sized glass was 1076 yuan/ton, down 0.37%; the main basis was - 7 yuan/ton, down 115.56% [6]. Glass Spot Market - The market price of 5mm white glass large - sized boards in the spot benchmark area of Hebei Shahe was 1076 yuan/ton, down 4 yuan/ton from the previous day [12]. Fundamentals - Cost Side - The production profit of glass has a significant negative feedback, and the glass production has continued to decline to a historical low [3]. Fundamentals - Supply - The number of operating float glass production lines in the country was 222, with an operating rate of 75.15%, and the number of operating production lines was at a historical low for the same period. The daily melting volume of float glass was 156,800 tons, and the production capacity was at the lowest level in the same period in history [22][24]. Fundamentals - Demand - In April 2025, the apparent consumption of float glass was 4.6808 million tons. The terminal demand in the real estate sector remains weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the inventory of raw glass [4][28]. Fundamentals - Inventory - The inventory of national float glass enterprises was 67.102 million weight boxes, a decrease of 2.87% from the previous week, and the inventory was running above the five - year average [43]. Fundamentals - Supply - Demand Balance Sheet - From 2017 to 2024E, the production, consumption, and other data of float glass showed different trends. For example, in 2021, the production increased by 9.88% year - on - year, and the consumption increased by 6.87% year - on - year [44].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The glass market has a weak fundamental situation, with short - term expectations of mainly oscillating weakly. The supply has declined to a relatively low level for the same period. Affected by the expectation of the seasonal peak season, the spot price has risen, and downstream enterprises have carried out phased replenishment, leading to a reduction in glass factory inventories. It is expected that the glass will mainly oscillate weakly in the short - term [2][5]. 3. Summary According to Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased by 2.35% from the previous value to 1082 yuan/ton, the spot price of Shahe Safety large - board remained unchanged at 1164 yuan/ton, and the main basis increased by 46.43% to 82 yuan/ton [6]. Glass Spot Market - The market price of 5mm white glass large - boards in the spot benchmark area of Hebei Shahe was 1164 yuan/ton, remaining unchanged from the previous day [11]. Fundamental Analysis - Cost Side - The profit of coal production lines has recovered, the loss of natural gas production lines has narrowed, and the profit of petroleum coke production lines has turned negative [16]. Fundamental Analysis - Supply - The number of operating national float glass production lines is 225, with an operating rate of 75.85%. The number of operating production lines and the daily melting volume are at historical lows for the same period [19][21]. Fundamental Analysis - Demand - In February 2025, the apparent consumption of float glass was 431.43 tons. The terminal real - estate demand is still weak, 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 processors are cautious, mainly digesting the inventory of raw glass [4][25]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 64.989 million weight boxes, a decrease of 0.74% from the previous week, and the inventory is above the five - year average [42]. Fundamental Analysis - 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 [43]. Influencing Factors - Positive factors: The negative feedback of production profit is obvious, and glass production has continuously declined to a historical low [4]. - Negative factors: The terminal real - estate demand is weak, the capital collection of the deep - processing industry is not optimistic, and the intensification of Sino - US tariff conflicts may drag down the market due to macro - pessimistic sentiment [4]. Main Logic - The glass supply has declined to a relatively low level for the same period. Affected by the expectation of the seasonal peak season, the spot price has risen, and downstream enterprises have carried out phased replenishment, resulting in a reduction in glass factory inventories. It is expected that the glass will mainly oscillate weakly at a low level [5].