Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The glass market's fundamentals are weak with high inventory, and it is expected to fluctuate weakly in the short - term. Although there is an expectation of further cold repair in the industry due to low production profits, the real - estate terminal demand is still weak, and the deep - processing industry has issues such as poor fund collection, leading to cautious attitudes among traders and processors [3][6][7]. 3) Summary by Relevant Categories Glass Futures and Spot Weekly Market - The closing price of the main glass futures contract FG2605 last week was 1057 yuan/ton, up 1.54% from the previous week. The spot benchmark price in Hebei Shahe was 920 yuan/ton, down 2.54% from the previous week. The main basis was - 137 yuan/ton, up 41.24% [2][9]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 920 yuan/ton, down 2.54% from the previous week [15]. Fundamentals - Cost and Profit No specific content provided other than the topic of "glass production profit". Fundamentals - Supply - There were 218 operating float glass production lines nationwide last week, with an operating rate of 73.89%. The daily melting capacity was 154,500 tons, both at historically low levels during the same period [21][23]. Fundamentals - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons [27]. Fundamentals - Inventory - The inventory of national float glass enterprises was 58.623 million weight - boxes as of December 25, up 0.11% from the previous week, and the inventory was 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, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio [44]. Influencing Factors Summary - **Likely Positive**: There is an expectation of further cold repair in the glass industry due to low production profits [6]. - **Likely Negative**: The real - estate terminal demand is still weak, with the number of orders for glass deep - processing enterprises at a historically low level during the same period. The fund collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly consuming the original sheet inventory [7]. Main Logic - The glass supply is at a low level, the orders of downstream deep - processing plants are dismal, and the glass factory inventory is rising. It is expected that the glass will mainly fluctuate weakly at a low level [8].

Report Industry Investment Rating No relevant information provided. Core View of the Report - The fundamentals of glass are weak, with unimpressive production profit recovery and supply contraction falling short of expectations. Downstream deep - processing orders are weak due to the real - estate drag, and inventory is at a historically high level. The short - term outlook is for glass to oscillate weakly [2]. - The supply of glass has stabilized at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories have risen. It is expected that glass will oscillate weakly at a low level [6]. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract was 1028 yuan/ton, a decrease of 0.29% from the previous value; the spot price of Shahe Safety large - size boards was 944 yuan/ton, unchanged from the previous value; the main basis was - 84 yuan/ton, a decrease of 3.45% from the previous value [7]. Glass Spot Market - The market price of 5mm white glass large - size boards in Hebei Shahe, the spot benchmark, was 944 yuan/ton, unchanged from the previous day [12]. Fundamentals - Cost Side - No specific content on cost - side data is summarized other than mentions of glass production profit sources (from Longzhong and Steel Union) [15][20]. Fundamentals - Production - The number of operating national float glass production lines was 219, with an operating rate of 73.90%, at a historically low level during the same period. The daily melting volume of national float glass was 155,000 tons, with production capacity at a historically low level during the same period [23][25]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons [28]. - Regarding downstream factors, the real - estate terminal demand remains weak, and the number of orders from glass deep - processing enterprises is at a historically low level during the same period. The capital collection situation in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventories [5]. Fundamentals - Inventory - The inventory of national float glass enterprises was 58.558 million weight boxes, an increase of 0.57% from the previous week, and the inventory was above the five - year average [44]. Fundamentals - Supply - Demand Balance Table - The float glass annual supply - demand balance table shows production, consumption, production growth rate, consumption growth rate, and net import ratio from 2017 to 2024E. For example, in 2024E, production was 55.1 million tons, consumption was 53.1 million tons, production growth rate was 3.94%, and consumption growth rate was - 1.15% [45]. Influencing Factors - Positive factors include the "coal - to - gas" conversion in the Shahe region and industry cold repairs, resulting in production losses [4]. - Negative factors include weak real - estate terminal demand and low order numbers for glass deep - processing enterprises during the same period, as well as the cautious attitude of traders and processors due to poor capital collection in the deep - processing industry [5].

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term. The production profit repair is weak, supply contraction is less than expected, downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historically high level for the same period [2]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 964 yuan/ton to 956 yuan/ton, a decline of 0.83%. The spot price of Shahe Safety large boards remained unchanged at 968 yuan/ton. The main basis increased from 4 yuan/ton to 12 yuan/ton, a rise of 200.00% [7]. Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe was 968 yuan/ton, unchanged from the previous day [14]. Fundamental Analysis - Cost Side - Not provided with specific analysis content other than mentioning glass production profit. Fundamental Analysis - Supply - The number of operating national float glass production lines is 220, with an operating rate of 74.51%, at a historically low level for the same period. The daily melting volume of national float glass is 15.72 tons, with production capacity at a historically low level for the same period [25][27]. Fundamental Analysis - Demand - In September 2025, the apparent consumption of float glass was 470.82 tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [30][5]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 58.227 million weight boxes, a decrease of 2.04% from the previous week, and the inventory is running above the five - year average [43]. Fundamental Analysis - Supply - Demand Balance Sheet - From 2017 - 2024E, the production and consumption of float glass have shown different growth and decline trends. For example, in 2021, production increased by 9.88% and consumption increased by 6.87%. In 2024E, production is expected to increase by 3.94% and consumption is expected to decrease by 1.15% [44]. Influencing Factors Summary - **Positive Factors**: "Coal - to - Gas" in the Shahe area and industry cold repairs have led to production losses [4]. - **Negative Factors**: Weak real - estate terminal demand and low orders from deep - processing enterprises; poor capital collection in the deep - processing industry and cautious attitudes among traders and processors [5]. Main Logic - The glass supply is stabilizing at a low level, the orders of downstream deep - processing factories are dismal, and the glass factory inventory is rising. It is expected that glass will fluctuate weakly at a low level [6].

Report Industry Investment Rating No relevant content provided. Core View of the Report The glass market has a weak fundamental situation. With supply stabilizing at a low level, dismal orders from downstream deep - processing factories, and rising inventories in glass factories, it is expected that the glass will mainly show a weak and volatile trend in the short term [2][6]. Summary by Related Catalogs 1. Daily View - The glass fundamentals show that production profit repair is weak, supply contraction is less than expected, downstream deep - processing orders are weak due to the real - estate drag, and inventory is at a historical high in the same period. The basis indicates that futures are at a premium to the spot. The inventory is above the 5 - year average and decreasing. The price is below the 20 - day line with the line trending down. The main positions are net short with an increase in short positions. Overall, it is expected to be mainly weak and volatile in the short term [2]. 2. Influence Factors Summary - **Likely to be positive**: "Coal - to - gas" in the Shahe area and industry cold repairs lead to production losses [4]. - **Likely to be negative**: The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original - sheet inventory [5]. 3. Main Logic - The glass supply stabilizes at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories rise. It is expected that the glass will mainly show a weak and volatile trend at a low level [6]. 4. Glass Futures Market - The closing price of the main contract decreased from 1002 yuan/ton to 984 yuan/ton, a decrease of 1.80%. The spot price of Shahe Safety large - panel glass decreased from 984 yuan/ton to 972 yuan/ton, a decrease of 1.22%. The main basis decreased from - 18 yuan/ton to - 12 yuan/ton, a decrease of 33.33% [7]. 5. Glass Spot Market - The market price of 5mm white glass large - panel in Hebei Shahe, the spot benchmark, is 972 yuan/ton, a decrease of 12 yuan/ton compared with the previous day [14]. 6. Fundamental - Cost Side - No specific content on the cost side other than mentioning glass production profit is provided. 7. Fundamental - Supply - The number of operating national float glass production lines is 220, with an operating rate of 74.51%. The daily melting volume of national float glass is 157,200 tons, and both the number of operating production lines and production capacity are at historical lows in the same period [25][27]. 8. Fundamental - Demand - In September 2025, the apparent consumption of float glass was 4.7082 million tons [30]. 9. Fundamental - Inventory - The inventory of national float glass enterprises is 59.442 million weight boxes, a decrease of 4.68% compared with the previous week, and the inventory is operating above the 5 - year average [43]. 10. Fundamental - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows changes in production, consumption, and other indicators. For example, in 2024E, production is expected to be 55.1 million tons, consumption is 53.1 million tons, with a production growth rate of 3.94% and a consumption growth rate of - 1.15% [44].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The glass market has a weak fundamental situation, and it is expected to show a weak and volatile trend in the short term. The supply of glass has stabilized at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories are rising [2][6]. 3. Summary by Relevant Catalogs 3.1 Daily View - The fundamentals show that production profit repair is weak, supply contraction is less than expected, downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historical high in the same period [2]. - The basis is - 53 yuan, with futures at a premium to spot [2]. - The national floating glass enterprise inventory is 62.362 million weight boxes, a 1.49% decrease from the previous week, and the inventory is running above the 5 - year average [2]. - The price is running below the 20 - day line, and the 20 - day line is downward [2]. - The main position is net short, and short positions are increasing [2]. 3.2 Influence Factor Summary - **Likely to be favorable**: "Coal - to - gas" in the Shahe area and industry cold repairs lead to production losses [4]. - **Likely to be unfavorable**: Real estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection of the deep - processing industry is not optimistic, and traders and processing factories are cautious, mainly digesting raw glass inventories [5]. 3.3 Main Logic and Risk Points - **Main logic**: Glass supply has stabilized at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories are rising, so it is expected to show a weak and volatile trend at a low level [6]. - **Risk points**: The intensity of the "anti - involution" policy exceeds expectations [6]. 3.4 Glass Futures Market - The closing price of the main contract is 1041 yuan/ton, with a 0.39% increase; the spot price of Shahe Safety large - plate glass is 988 yuan/ton, with no change; the main basis is - 53 yuan, with an 8.16% increase [7]. 3.5 Glass Spot Market The market price of 5mm white glass large - plate in Hebei Shahe, the spot benchmark, is 988 yuan/ton, unchanged from the previous day [12]. 3.6 Fundamental Analysis - **Cost side**: No detailed data is provided in the text. - **Production side**: The number of operating floating glass production lines nationwide is 222, with an operating rate of 74.85%, and the production line operating number is at a historical low in the same period. The daily melting volume is 158,100 tons, and the production capacity is at a historical low in the same period [23][25]. - **Demand side**: In September 2025, the apparent consumption of floating glass was 4.7082 million tons [28]. - **Inventory**: The inventory of national floating glass enterprises is 62.362 million weight boxes, a 1.49% decrease from the previous week, and the inventory is running above the 5 - year average [2][41]. - **Supply - demand balance sheet**: Data from 2017 - 2024E shows the production, consumption, production growth rate, consumption growth rate, and net import ratio of floating glass. For example, in 2024E, the production is 55.1 million tons, the consumption is 53.1 million tons, and the production growth rate is 3.94% [42].

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].