Report on Float Glass 1. Investment Rating No investment rating information is provided in the report. 2. Core View Last week, the overall market sentiment was weak. Affected by insufficient orders from downstream deep - processing enterprises, low inventory - stocking willingness, and seasonal factors approaching the Spring Festival, terminal demand was weak. Most regions saw a slight accumulation or stability in inventory, and the overall de - stocking rhythm lacked sustainability. Currently, the float glass market lacks substantial positive drivers, and market participants are mostly in a wait - and - see attitude. It is expected that the short - term market will continue to show a narrow - range oscillating trend, with the main contract reference range of 1000 - 1175 yuan/ton [13][14]. 3. Summary by Directory 3.1 Week - on - Week Evaluation and Strategy Recommendation - **Price**: As of January 23, 2026, the spot market price of float glass was 1010 yuan/ton, a week - on - week decrease of 10 yuan/ton; the closing price of the main glass contract was 1057 yuan/ton, a week - on - week decrease of 29 yuan/ton; the basis was - 47 yuan/ton, a week - on - week increase of 19 yuan/ton [13][19]. - **Cost and Profit**: The weekly average profit of producing float glass with natural gas as fuel was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The weekly average profit of producing float glass with coal as fuel was - 65.11 yuan/ton, a week - on - week increase of 3.90 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [13][29][32]. - **Supply**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The downstream deep - processing orders of float glass were 9.3 days, a week - on - week increase of 0.70 days; the operating rate of Low - e glass was 44.10%, remaining unchanged week - on - week [13][37][40]. - **Demand**: According to WIND data, from January to December 2025, the cumulative sales area of commercial housing in China was 88101.37 million square meters, a year - on - year decrease of 8.70%; in December, the single - month sales area of commercial housing was 9399.63 million square meters, a year - on - year decrease of 16.57%. According to CAAM data, in December, the production and sales of automobiles were 329.60/327.22 million vehicles respectively, a year - on - year decrease of 2.09%/6.20%; from January to December, the cumulative production and sales of automobiles were 3453.10/3440.00 million vehicles [13][43][46]. - **Inventory**: As of January 23, 2026, the in - factory inventory of national float glass was 5321.58 million heavy boxes, a week - on - week increase of 20.28 million heavy boxes; the in - factory inventory in the Shahe area was 188.48 million heavy boxes, a week - on - week decrease of 1.84 million heavy boxes [13][51]. 3.2 Futures and Spot Market - **Glass Basis**: As of January 23, 2026, the spot market price of float glass was 1010 yuan/ton, a week - on - week decrease of 10 yuan/ton; the closing price of the main glass contract was 1057 yuan/ton, a week - on - week decrease of 29 yuan/ton; the basis was - 47 yuan/ton, a week - on - week increase of 19 yuan/ton [19]. - **Glass Inter - month Spread**: As of January 23, 2026, the 01 - 05 spread of glass was 159 yuan/ton (+318), the 05 - 09 spread was - 105 yuan/ton (+2), the 09 - 01 spread was - 54 yuan/ton (-320), and the open interest reached 155.73 million lots [22]. 3.3 Profit and Cost - **Float Glass Profit and Cost**: The weekly average profit of producing float glass with natural gas as fuel was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The weekly average profit of producing float glass with coal as fuel was - 65.11 yuan/ton, a week - on - week increase of 3.90 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [29][32]. 3.4 Supply and Demand - **Glass Output and Operating Rate**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62% [37]. - **Glass Demand**: As of January 23, 2026, the downstream deep - processing orders of float glass were 9.3 days, a week - on - week increase of 0.70 days; the operating rate of Low - e glass was 44.10%, remaining unchanged week - on - week. From January to December 2025, the cumulative sales area of commercial housing in China was 88101.37 million square meters, a year - on - year decrease of 8.70%; in December, the single - month sales area of commercial housing was 9399.63 million square meters, a year - on - year decrease of 16.57%. In December, the production and sales of automobiles were 329.60/327.22 million vehicles respectively, a year - on - year decrease of 2.09%/6.20%; from January to December, the cumulative production and sales of automobiles were 3453.10/3440.00 million vehicles [40][43][46]. 3.5 Inventory As of January 23, 2026, the in - factory inventory of national float glass was 5321.58 million heavy boxes, a week - on - week increase of 20.28 million heavy boxes, and the previous forecast value was 5050.8 million heavy boxes. The de - stocking market did not appear as expected. As the demand from processing plants came to an end, it was more difficult to reduce the factory inventory, and the estimated inventory for this week was 5300 million heavy boxes; the in - factory inventory in the Shahe area was 188.48 million heavy boxes, a week - on - week decrease of 1.84 million heavy boxes [51]. Report on Soda Ash 1. Investment Rating No investment rating information is provided in the report. 2. Core View Last week, the supply - demand pattern of the soda ash market was generally loose. The supply side remained abundant, and the purchasing mentality of downstream enterprises became more cautious. However, the inventory of glass factories was low, and the pre - holiday restocking demand increased. The trading volume at the Shahe and Hebei delivery warehouses was more than 30,000 tons. Overall, the current market lacks substantial positive drivers, the futures market maintains a weak oscillating trend, which further affects the spot market and market sentiment. It is expected that the short - term soda ash market will continue to operate weakly, with the main contract reference range of 1120 - 1260 yuan/ton [62][63]. 3. Summary by Directory 3.1 Week - on - Week Evaluation and Strategy Recommendation - **Price**: As of January 23, 2026, the spot market price of heavy soda ash in Shahe was 1150 yuan/ton, a week - on - week increase of 8 yuan/ton; the closing price of the main soda ash contract was 1185 yuan/ton, a week - on - week decrease of 8 yuan/ton; the basis was - 35 yuan/ton, a week - on - week increase of 15 yuan/ton [62][68]. - **Cost and Profit**: As of January 23, 2026, the weekly average profit of the ammonia - soda process was - 168.3 yuan/ton, remaining unchanged week - on - week; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week increase of 4 yuan/ton. The price of steam coal arriving at Qinhuangdao Port was 693 yuan/ton, a week - on - week decrease of 11 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week [62][79][82]. - **Supply**: As of January 23, 2026, the weekly output of soda ash was 77.17 tons, a week - on - week decrease of 0.36 tons, and the capacity utilization rate was 86.42%. The output of heavy soda ash was 41.29 tons, a week - on - week decrease of 0.09 tons; the output of light soda ash was 35.88 tons, a week - on - week decrease of 0.27 tons [62][90][93]. - **Demand**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The apparent consumption of soda ash in December reached 2.95 million tons [62][96]. - **Inventory**: As of January 23, 2026, the in - factory inventory of soda ash was 1.5212 million tons, a week - on - week decrease of 0.0538 million tons; the available inventory days were 12.61 days, a week - on - week decrease of 0.45 days. The in - factory inventory of heavy soda ash was 69.67 tons, a week - on - week decrease of 4.13 tons; the in - factory inventory of light soda ash was 82.45 tons, a week - on - week decrease of 1.25 tons [62][101][104]. 3.2 Futures and Spot Market - **Soda Ash Basis**: As of January 23, 2026, the spot market price of heavy soda ash in Shahe was 1150 yuan/ton, a week - on - week increase of 8 yuan/ton; the closing price of the main soda ash contract was 1185 yuan/ton, a week - on - week decrease of 8 yuan/ton; the basis was - 35 yuan/ton, a week - on - week increase of 15 yuan/ton [68]. - **Soda Ash Inter - month Spread**: As of January 23, 2026, the 01 - 05 spread of soda ash was 100 yuan/ton (+176), the 05 - 09 spread was - 62 yuan/ton (+3), the 09 - 01 spread was - 38 yuan/ton (-179), and the open interest reached 155.73 million lots [71]. 3.3 Profit and Cost - **Soda Ash Profit**: As of January 23, 2026, the weekly average profit of the ammonia - soda process was - 168.3 yuan/ton, remaining unchanged week - on - week; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week increase of 4 yuan/ton [79]. - **Raw Material Cost**: The price of steam coal arriving at Qinhuangdao Port was 693 yuan/ton, a week - on - week decrease of 11 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The price of raw salt in the northwest region was 215 yuan/ton, remaining unchanged week - on - week; the price of synthetic ammonia in Shandong was 2270 yuan/ton, a week - on - week decrease of 55 yuan/ton [82][85]. 3.4 Supply and Demand - **Soda Ash Output**: As of January 23, 2026, the weekly output of soda ash was 77.17 tons, a week - on - week decrease of 0.36 tons, and the capacity utilization rate was 86.42%. The output of heavy soda ash was 41.29 tons, a week - on - week decrease of 0.09 tons; the output of light soda ash was 35.88 tons, a week - on - week decrease of 0.27 tons [90][93]. - **Soda Ash Demand**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The apparent consumption of soda ash in December reached 2.95 million tons [96]. 3.5 Inventory As of January 23, 2026, the in - factory inventory of soda ash was 1.5212 million tons, a week - on - week decrease of 0.0538 million tons; the available inventory days were 12.61 days, a week - on - week decrease of 0.45 days. The previous forecast value was 1.5727 million tons, and the de - stocking speed was slightly faster than expected; it is expected that the inventory will continue to decrease this week, with the estimated value of 1.48 million tons. The in - factory inventory of heavy soda ash was 69.67 tons, a week - on - week decrease of 4.13 tons; the in - factory inventory of light soda ash was 82.45 tons, a week - on - week decrease of 1.25 tons [101][104].

Report Investment Rating - The short-term outlook for the glass industry is volatile and weak [1] Core Viewpoint - Although the short-term macro sentiment has slightly improved, the demand forecast for glass from the real estate sector continues to decline. It is expected that glass prices may fluctuate weakly in the short term, and a strategy of shorting on rebounds is advisable. Attention should be paid to macro policy changes and production line cold repairs [4] Market行情回顾 Summary Futures Market - The main glass futures contract weakened within the day. The 120-minute Bollinger Bands showed an open trumpet shape, indicating a short-term weakening trend. The intraday pressure was near the middle line of the Bollinger Bands, and support was near the previous low. Trading volume decreased by 257,000 lots from the previous day, while open interest increased by 30,993 lots. The intraday high was 1,115, the low was 1,065, and the closing price was 1,070, down 32 yuan/ton or 2.9% from the previous settlement price [1] Spot Market - In North China, the market was sluggish, with flexible transactions and individual prices down 10 yuan/ton. In East China, it was stable but weak, and shipments in Shandong were restricted by snow. In Central China, there was little change, and the wait-and-see sentiment was strong. In South China, a small number of prices were raised, and downstream buyers mainly made purchases based on rigid demand [1] Basis - The spot price in North China was 1,020, with a basis of -50 yuan/ton [1] Fundamental Data Summary Supply - As of January 15th, the total output of float glass this week was 1.0523 million tons, a week-on-week decrease of 0.65% and a year-on-year decrease of 4.28%. The industry's average operating rate was 71.38%, a week-on-week decrease of 0.58%, and the average capacity utilization rate was 75.14%, a week-on-week decrease of 0.49%. There were no production line shutdowns or ignitions this week. One previously ignited production line started producing glass, and combined with the recovery of some production line loads, the daily output increased slightly [2] Inventory - The total inventory of national float glass sample enterprises was 53.013 million weight boxes, a week-on-week decrease of 2.505 million weight boxes, or 4.51%, and a year-on-year increase of 20.89%. The equivalent inventory days were 23 days, a decrease of 1.1 days from the previous period. Currently, the overall inventory of glass enterprises is on a downward trend, and most regions are driven by sales policies, improved market sentiment, and favorable capacity reduction. The enterprise inventory is transferred to the middle and lower reaches, and there is still an expectation of further decline in the future [2] Demand - The average order days of national deep-processing sample enterprises was 9.3 days, a week-on-week increase of 7.9% and a year-on-year increase of 86.4%. As the Spring Festival approaches, the order trends of deep-processing enterprises in the north and south are diverging. Orders in the south are slightly increasing, and some orders can last for more than 20 days, while orders in the north and central regions are declining [2] Profit - The weekly average profit of natural gas float glass was -164.40 yuan/ton, a week-on-week increase of 22.00 yuan/ton. The weekly average profit of coal gas float glass was -69.01 yuan/ton, a week-on-week increase of 4.82 yuan/ton. The weekly average profit of petroleum coke float glass was 3.93 yuan/ton, a week-on-week increase of 9.71 yuan/ton [3] Main Logic Summary - On the supply side, long-term losses in glass production lines are accelerating the exit of some enterprises' production capacity, and there are still plans to cold repair some production lines before the Spring Festival, so there is an expectation of further contraction on the supply side. However, real estate development investment and capital availability have both continued to decline year-on-year, and the completion and new construction of real estate projects are weak, with no improvement in real estate demand. Overall, although the short-term macro sentiment has slightly improved, the demand forecast for glass from the real estate sector continues to decline. It is expected that glass prices may fluctuate weakly in the short term [4]

Report 1: Glass Weekly Report Industry Investment Rating Not provided in the report. Report's Core View Recently, with multiple production lines undergoing cold repairs, the daily melting volume of glass has dropped to a multi - year low (15.01 tons), and the support from rising fuel costs has boosted market sentiment and driven up prices. On the spot side, influenced by the positive futures market, many glass manufacturers have announced price hikes, and dealers' purchasing sentiment is decent. However, due to the traditional off - season, terminal orders are growing sluggishly, and the high overall industry inventory continues to limit the upside potential of prices. The market should focus on the progress of high - inventory digestion and actual spot trading performance. Given the large short - term fluctuations, it is recommended to adopt a wait - and - see approach [13][14]. Summary According to Directory 1. Week - on - Week Assessment and Strategy Recommendation - Price: As of January 9, 2026, the spot market price of float glass was 1020 yuan/ton, a week - on - week increase of 20 yuan/ton; the closing price of the glass main contract was 1144 yuan/ton, a week - on - week increase of 57 yuan/ton; the basis was - 124 yuan/ton, a week - on - week decrease of 37 yuan/ton [13][19]. - Cost and Profit: The weekly average profit of producing float glass with natural gas as fuel was - 186.4 yuan/ton, a week - on - week increase of 5 yuan/ton; the low - end price of Henan LNG market was 3780 yuan/ton, a week - on - week decrease of 20 yuan/ton. The weekly average profit of producing float glass with coal as fuel was - 73.83 yuan/ton, a week - on - week decrease of 8.6 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 5.78 yuan/ton, a week - on - week increase of 18.58 yuan/ton [13][29][32]. - Supply: As of January 9, 2026, the weekly output of national float glass was 105.92 tons, a week - on - week decrease of 1.413 tons; the number of operating production lines was 212, a week - on - week decrease of 2; the operating rate was 71.95% [13][37]. - Demand: According to WIND data, from January to November 2025, the cumulative sales area of commercial housing in China was 78701.74 million square meters, a year - on - year decrease of 7.8%; in November, the sales area of commercial housing was 6719.74 million square meters, a year - on - year decrease of 17.93%. According to CAAM data, in November, the production and sales of automobiles were 353.16/342.90 million vehicles respectively, a year - on - year increase of 2.76%/3.40%; from January to November, the cumulative production and sales of automobiles were 3123.10/3112.70 million vehicles [13][43][46]. - Inventory: As of January 9, 2026, the in - factory inventory of national float glass was 5551.8 million heavy boxes, a week - on - week decrease of 134.80 million heavy boxes; the in - factory inventory in the Shahe area was 261.36 million heavy boxes, a week - on - week decrease of 95.28 million heavy boxes [13][51]. 2. Futures and Spot Market - Glass Basis: As of January 9, 2026, the spot market price of float glass was 1020 yuan/ton, the closing price of the glass main contract was 1144 yuan/ton, and the basis was - 124 yuan/ton, a week - on - week decrease of 37 yuan/ton [19]. - Glass Inter - month Spread: As of January 9, 2026, the 01 - 05 spread of glass was - 120 yuan/ton (+18), the 05 - 09 spread was - 90 yuan/ton (+13), the 09 - 01 spread was 210 yuan/ton (- 31), and the open interest reached 154.85 million lots [22]. 3. Profit and Cost - Float Glass Profit and Cost: As of January 9, 2026, the weekly average profit of producing float glass with natural gas as fuel was - 186.4 yuan/ton, a week - on - week increase of 5 yuan/ton; the low - end price of Henan LNG market was 3780 yuan/ton, a week - on - week decrease of 20 yuan/ton. The weekly average profit of producing float glass with coal as fuel was - 73.83 yuan/ton, a week - on - week decrease of 8.6 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 5.78 yuan/ton, a week - on - week increase of 18.58 yuan/ton [29][32]. 4. Supply and Demand - Glass Production and Operating Rate: As of January 9, 2026, the weekly output of national float glass was 105.92 tons, a week - on - week decrease of 1.413 tons; the number of operating production lines was 212, a week - on - week decrease of 2; the operating rate was 71.95% [37]. - Glass Demand: As of January 9, 2026, the downstream deep - processing orders of float glass were 8.6 days, a week - on - week decrease of 1.10 days; the operating rate of Low - e glass was 44.10%, unchanged from the previous week. From January to November 2025, the cumulative sales area of commercial housing in China was 78701.74 million square meters, a year - on - year decrease of 7.8%; in November, the sales area of commercial housing was 6719.74 million square meters, a year - on - year decrease of 17.93%. In November, the production and sales of automobiles were 353.16/342.90 million vehicles respectively, a year - on - year increase of 2.76%/3.40%; from January to November, the cumulative production and sales of automobiles were 3123.10/3112.70 million vehicles [40][43][46]. 5. Inventory As of January 9, 2026, the in - factory inventory of national float glass was 5551.8 million heavy boxes, a week - on - week decrease of 134.80 million heavy boxes; the in - factory inventory in the Shahe area was 261.36 million heavy boxes, a week - on - week decrease of 95.28 million heavy boxes [51]. Report 2: Soda Ash Weekly Report Industry Investment Rating Not provided in the report. Report's Core View Last week, the overall supply of soda ash was stable, the load of some plants increased slightly, and the industry's operating rate rebounded. Meanwhile, the second - phase project of Alashan was officially put into production, and the market supply pressure continued. In terms of demand, the production capacity of photovoltaic glass and float glass showed a downward trend, the rigid demand for heavy soda ash decreased accordingly, downstream users generally adopted a cautious wait - and - see attitude, and most purchases were for low - price rigid needs, resulting in a dull overall trading atmosphere. Enterprise inventories continued to accumulate, and the pressure to sell goods increased significantly. Some manufacturers slightly lowered their quotes to promote sales. Although the price of local heavy soda ash increased slightly driven by the futures market in the later part of the week, the market still lacked substantial positive support, and the overall weak pattern remained unchanged [62][63]. Summary According to Directory 1. Week - on - Week Assessment and Strategy Recommendation - Price: As of January 9, 2026, the spot market price of heavy soda ash in Shahe was 1188 yuan/ton, a week - on - week increase of 66 yuan/ton; the closing price of the soda ash main contract was 1228 yuan/ton, a week - on - week increase of 19 yuan/ton; the basis was - 40 yuan/ton, a week - on - week increase of 47 yuan/ton [62][68]. - Cost and Profit: As of January 9, 2026, the weekly average profit of the ammonia - soda process was - 145.85 yuan/ton, a week - on - week increase of 21.55 yuan/ton; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week decrease of 4.5 yuan/ton. The price of steam coal arriving at Qinhuangdao Port was 700 yuan/ton, a week - on - week increase of 10 yuan/ton; the low - end price of Henan LNG market was 3780 yuan/ton, a week - on - week decrease of 20 yuan/ton. The price of raw salt in the northwest region was 215 yuan/ton, unchanged from the previous week; the price of synthetic ammonia in Shandong was 2315 yuan/ton, a week - on - week increase of 15 yuan/ton [62][79][82]. - Supply: As of January 9, 2026, the weekly output of soda ash was 75.36 tons, a week - on - week increase of 5.65 tons, and the capacity utilization rate was 84.39%. The output of heavy soda ash was 40.45 tons, a week - on - week increase of 3.35 tons; the output of light soda ash was 34.91 tons, a week - on - week increase of 2.30 tons [62][90][93]. - Demand: As of January 9, 2026, the weekly output of national float glass was 105.92 tons, a week - on - week decrease of 1.413 tons, the number of operating production lines was 212, a week - on - week decrease of 2, and the operating rate was 71.95%. The apparent consumption of soda ash in November reached 289 tons [62][96]. - Inventory: As of January 9, 2026, the in - factory inventory of soda ash was 157.27 tons, a week - on - week increase of 16.44 tons; the available inventory days were 13.04 days, a week - on - week increase of 1.36 days. The in - factory inventory of heavy soda ash was 73.62 tons, a week - on - week increase of 6.01 tons; the in - factory inventory of light soda ash was 83.65 tons, a week - on - week increase of 10.43 tons [62][101][104]. 2. Futures and Spot Market - Soda Ash Basis: As of January 9, 2026, the spot market price of heavy soda ash in Shahe was 1188 yuan/ton, the closing price of the soda ash main contract was 1228 yuan/ton, and the basis was - 40 yuan/ton, a week - on - week increase of 47 yuan/ton [68]. - Soda Ash Inter - month Spread: As of January 9, 2026, the 01 - 05 spread of soda ash was - 85 yuan/ton (- 1), the 05 - 09 spread was - 68 yuan/ton (- 5), the 09 - 01 spread was 153 yuan/ton (+6), and the open interest reached 154.85 million lots [71]. 3. Profit and Cost - Soda Ash Profit: As of January 9, 2026, the weekly average profit of the ammonia - soda process was - 145.85 yuan/ton, a week - on - week increase of 21.55 yuan/ton; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week decrease of 4.5 yuan/ton [79]. - Raw Material Cost: As of January 9, 2026, the price of steam coal arriving at Qinhuangdao Port was 700 yuan/ton, a week - on - week increase of 10 yuan/ton; the low - end price of Henan LNG market was 3780 yuan/ton, a week - on - week decrease of 20 yuan/ton. The price of raw salt in the northwest region was 215 yuan/ton, unchanged from the previous week; the price of synthetic ammonia in Shandong was 2315 yuan/ton, a week - on - week increase of 15 yuan/ton [82][85]. 4. Supply and Demand - Soda Ash Production: As of January 9, 2026, the weekly output of soda ash was 75.36 tons, a week - on - week increase of 5.65 tons, and the capacity utilization rate was 84.39%. The output of heavy soda ash was 40.45 tons, a week - on - week increase of 3.35 tons; the output of light soda ash was 34.91 tons, a week - on - week increase of 2.30 tons [90][93]. - Soda Ash Demand: As of January 9, 2026, the weekly output of national float glass was 105.92 tons, a week - on - week decrease of 1.413 tons, the number of operating production lines was 212, a week - on - week decrease of 2, and the operating rate was 71.95%. The apparent consumption of soda ash in November reached 289 tons [96]. 5. Inventory As of January 9, 2026, the in - factory inventory of soda ash was 157.27 tons, a week - on - week increase of 16.44 tons; the available inventory days were 13.04 days, a week - on - week increase of 1.36 days. The in - factory inventory of heavy soda ash was 73.62 tons, a week - on - week increase of 6.01 tons; the in - factory inventory of light soda ash was 83.65 tons, a week - on - week increase of 10.43 tons [101][104]

Core Viewpoint - The glass futures market is showing a strong performance, with the main contract reaching a recent high of 1249 CNY/ton, indicating a rise of approximately 3.52% [1]. Industry Summary - As of September 15, the average order days for deep processing glass sample enterprises increased by 0.1 days week-on-week to 10.5 days, reflecting a growth of 1% compared to the previous week and a year-on-year increase of 2.9% [2]. - On September 15, the number of glass futures warehouse receipts was 1605, a decrease of 459 from the previous trading day. Last week, glass factory inventory decreased by 1.467 million weight boxes, with the highest reduction in North China, followed by Central and East China, while South China saw a slight increase in inventory. Overall, the midstream inventory remains at a high level [3]. Institutional Perspectives - Hualian Futures noted that last week there were no new production lines ignited or cold repairs, leading to a slight increase in industry operating rates. The supply volume increased week-on-week, and market sales showed slight improvement, although overall demand remains weak, keeping factory inventories high. The short-term supply-demand situation shows no significant improvement, with attention needed on seasonal demand recovery and capacity policies. Short-term trading should focus on the pressure range of 1250-1270 CNY [4]. - Jianxin Futures highlighted that in early September 2025, the domestic photovoltaic glass market experienced a significant price increase driven by strong demand. Anticipated market conditions led downstream companies to prepare for increased demand in September, further amplified by seasonal stocking needs ahead of the holiday. While supply-side pressures have eased compared to last year, demand remains weak, particularly in new housing glass, although demand from automotive and home appliance sectors provides some support. The short-term outlook for glass futures contracts is expected to show a strong oscillating trend [4].

Core Viewpoint - The glass market is experiencing a decline in prices and demand, with significant inventory shifts and cautious market sentiment impacting future performance [1][2]. Group 1: Price Trends - The spot price of 5.00mm float glass in North China fell by 50 yuan to 1190 yuan/ton, reflecting a broader trend of price reductions across various regions [1]. - In East China, prices in Shandong and Jiangsu decreased by 40 yuan/ton, while other areas maintained stable quotes but experienced discounts in actual transactions [1]. Group 2: Inventory and Production - National float glass inventory has decreased for six consecutive weeks, reaching 59.499 million weight boxes, the lowest in six months, although the rate of decline has slowed [1]. - The capacity utilization rate in the float glass industry increased by 0.3 percentage points to 79.78%, with a daily melting capacity of 159,600 tons, both reaching new highs for the year [2]. Group 3: Market Sentiment and Demand - Market participants are exhibiting a cautious outlook, with weak sales and a lack of confidence in future demand, particularly in the real estate sector [1]. - Analysts suggest that while production profits are recovering, terminal demand remains stagnant, indicating a potential imbalance in the market [2]. Group 4: Future Outlook - The market is expected to enter a phase where prices are determined by fundamental factors, with predictions of wide fluctuations and a generally bearish sentiment [2]. - There is a recommendation for market participants to adopt a wait-and-see approach, with a focus on supply-side capacity changes and improvements in terminal orders [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report 2.1纯碱市场 - 纯碱检修计划衔接力度略不及预期及新产能投放取得进展，产量见底回升；前期基差力度不足导致未能形成持续正反馈，当前期现优势出货，厂家间压力分化 [8][9]。 - 供应重回上行，带动库存压力回升；终端备货较充足，终端利润状况较差，驱动偏弱。但阶段性盘面贴水较大，期现大幅出货后持货减少，结合头部厂家产量负荷波动，短期可转观望 [9]。 - 策略建议：前期空头思路可阶段逢低获利，重新等待入场机会 [9]。 2.2玻璃市场 - 需求氛围弱势及部分区域受低价期现货源压制，低价区厂家降价以促出货。部分厂家据自身情况点火复产 [169]。 - 估值角度进入理想布局区间，但须等待市场情绪好转启动。后续跟踪产线变动情况，观察低价期现货源消化进度及主产区现货量价情绪变化 [169]。 - 策略建议：市场暂缺上行驱动，远月合约待情绪缓和逢低做多思路 [169]。 3. Summary According to the Directory 3.1纯碱市场 3.1.1市场综述 - 当期总产量68.51万吨，环比增加2.13万吨；重质产量36.98万吨，环比增加0.98万吨；轻质产量31.53万吨，环比增加1.15万吨 [8]。 - 进口0.1万吨，环比持平；出口4万吨，环比持平 [8]。 - 浮法玻璃日熔量157,275吨，环比减少250吨；光伏玻璃日熔量98,780吨，环比持平 [8]。 - 重碱消费量34.46万吨，环比减少0.04万吨；轻碱表需30.38万吨，环比增加3.01万吨；纯碱表需73.76万吨，环比增加3.86万吨 [8]。 - 碱厂库存162.43万吨，环比减少5.25万吨；社会库存36.80万吨，环比持平 [8]。 - 氨碱法成本1317元，环比持平；氨碱法利润83元，环比增加55元；联碱法成本1123元，环比减少33元；联碱法利润177元，环比增加33元 [8]。 3.1.2月度供需 - 当期纯碱进口0.46万吨，环比增加0.14万吨；出口17.06万吨，环比减少2.37万吨 [16]。 - 纯碱进口依赖度0.11，环比增加0.01 [16]。 3.1.3基差价差 - 展示了沙河地区重质纯碱市场价、纯碱期货价格指数、沙河玻璃5mm大板含税价、玻璃期货价格指数等期现货价格对照 [24][25][26][27]。 - 展示了沙河重质纯碱01、09、05合约基差，纯碱09 - 01、01 - 05、05 - 09价差，玻璃 - 纯碱合约/现货价差等 [29][30][31][33][34][35][37][39][40][41]。 3.1.4市场价格 - 沙河区域重质纯碱市场价当期值1243元，环比上周下降45元，环比去年下降907元 [45]。 - 展示了轻重碱区域价格表，包括沙河、华北、华东等地区重质纯碱和轻质纯碱价格及环比情况 [49]。 3.1.5供应 - 目前检修/降负荷的厂家有山东海化、安徽德邦等多家企业；计划检修的厂家有丰城盐化、发投碱业等 [83]。 - 国内纯碱开工率当期值78.57%，环比上周下降0.06%；周产量68.51万吨，环比增加2.13万吨 [84]。 - 展示了氨碱工艺、联碱工艺开工率及各区域纯碱开工率 [85][88][90]。 - 展示了国内重质、轻质纯碱周产量及国内纯碱周产量 [92][93]。 - 展示了氨碱法、联碱法成本利润及相关品价格，如合成氨价格指数、河南液氨市场价等 [95][97][99][101][108][110]。 3.1.6需求 - 展示了光伏玻璃在产日熔量、浮法玻璃在产日熔量、重质纯碱日耗量、重质纯碱周度需求等数据 [131][133][134][135]。 - 展示了轻质、重质纯碱周度消费量、产销率及光伏玻璃价格 [137][140]。 3.1.7库存 - 纯碱企业库存当期值162.43万吨，环比上周减少5.25万吨；轻质纯碱企业库存81.83万吨，环比减少1.45万吨；重质纯碱企业库存80.6万吨，环比减少3.80万吨 [145]。 - 展示了各区域纯碱库存情况 [154][155][157][158][159][161]。 3.2玻璃市场 3.2.1市场综述 - 浮法玻璃日熔量当期值157,275吨，环比减少250吨；周产量110.09万吨，环比减少0.17万吨 [167]。 - 表观消费量110.94万吨，环比减少0.33万吨 [167]。 - 厂库库存338.31万吨，环比减少0.53万吨 [167]。 - 天然气线成本1448元，环比持平；天然气线利润 - 148元，环比减少10元；煤制气线成本953元，环比减少9元；煤制气线利润177元，环比减少1元；石油焦线成本1081元，环比持平；石油焦线利润19元，环比减少10元 [167]。 3.2.2月度供需 - 展示了平板玻璃当月产量、浮法玻璃当月进口量、出口量及平板玻璃当月产量同比数据 [174][176][178][180]。 3.2.3基差价差 - 展示了沙河地区重质纯碱市场价、纯碱期货价格指数、沙河玻璃5mm大板含税价、玻璃期货价格指数等期现货价格对照 [184][185][186][187]。 - 展示了沙河玻璃5mm大板01、09、05合约基差，玻璃09 - 01、05 - 09、01 - 05价差，玻璃 - 纯碱合约/现货价差等 [189][190][192][194][195][196][199][201][202][203]。 3.2.4市场价格 - 展示了浮法玻璃5mm区域价格表，包括沙河、华北、华东等地区5mm小板和大板价格及环比情况 [207]。 - 展示了沙河、华东、华北等地区浮法玻璃(5mm)市场价及沙河玻璃5mm大板含税价、京津唐5mm玻璃大板含税价等 [209][210][211][220]。

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For the soda ash market, the industry conference promotes production - cut and price - support plans. Although short - term factory inventory is expected to decrease and the mid - stream may stop reducing inventory, continuous price increases are difficult. The long - term bearish trend remains, but caution is needed before the positive feedback atmosphere ends. Traders are advised to pay attention to new order transaction prices and the implementation of maintenance and price - support plans, and short - term short - covering and then short - selling at high prices are recommended after the upward sentiment calms down [8][9]. - For the glass market, from a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the market sentiment to improve. A long - position strategy for far - month contracts is recommended, and subsequent attention should be paid to production line changes, the digestion progress of low - price spot and futures sources, and the price - volume sentiment changes of spot in major production areas [173]. 3. Summary by Directory 3.1 Soda Ash Market Review - **Supply**: The total weekly production is 75.51 million tons, with heavy - soda production at 41.55 million tons and light - soda production at 33.96 million tons. The import volume is 0.07 million tons, and the export volume is 4.2 million tons. There are production - cut and maintenance plans in the industry, and potential incremental production awaits the full - capacity operation of Jiangsu Debang and the subsequent commissioning of Lianyungang Alkali Plant [8]. - **Demand**: The heavy - soda consumption is 34.27 million tons, and the light - soda apparent demand is 30.87 million tons. The apparent demand for soda ash is 77.54 million tons. The market's expectation for terminal demand is weak, but the short - term apparent demand may be boosted by the positive feedback between futures and spot [8]. - **Inventory**: The alkali factory inventory is 169.1 million tons, and the social inventory is 33.85 million tons. With the positive feedback and subsequent production - cut expectations, short - term factory inventory is expected to decrease, while mid - stream inventory may stop falling and start to rise [8]. - **Valuation**: The ammonia - soda process cost is 1327 yuan, and the profit is 83 yuan. The combined - soda process cost is 1170 yuan, and the profit is 140 yuan. The price difference between heavy and light soda in Central China is 40 yuan, and the basis of the market price in Shahe is 20 yuan [8]. 3.2 Monthly Supply and Demand - **Production**: The report provides monthly production data of soda ash from 2020 to 2025 [15]. - **Imports and Exports**: The current import volume is 0.32 million tons, and the export volume is 19.43 million tons. Compared with the previous month, imports decreased by 0.23 million tons, and exports increased by 0.02 million tons. Compared with the same period last year, imports decreased by 21.23 million tons, and exports increased by 9.45 million tons [16]. 3.3 Basis and Spread - **Spot - Futures Price Comparison**: It shows the price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 [24][25][26][27]. - **Soda Ash Contract Basis**: Presents the basis trends of Shahe heavy - soda 01, 09, and 05 contracts from 2021 to 2026 [29][31][32]. - **Soda Ash Contract Inter - period Spread**: Displays the spread trends of soda ash 09 - 01, 01 - 05, and 05 - 09 contracts from 2021 to 2026 [34][35][36]. - **Glass - Soda Ash Contract/Spot Spread**: Shows the spread trends of glass - soda ash 01, 09, and 05 contracts and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2021 to 2026 [38][39][40][42]. 3.4 Soda Ash Market Price - **Shahe Region**: The current market price of heavy - soda in Shahe is 1312 yuan, a decrease of 40 yuan compared with last week and 938 yuan compared with last year [47]. - **Light and Heavy Soda Regional Prices**: The prices of heavy and light soda in different regions such as North China, East China, and Central China are provided, with most prices remaining stable [51]. 3.5 Soda Ash Supply - **Start - up and Shutdown**: Some enterprises are currently under maintenance or reducing load, and some have planned maintenance in May [88]. - **Start - up Rate**: The current domestic soda ash start - up rate is 89.44%, with a weekly production of 75.51 million tons, heavy - soda production of 41.55 million tons, and light - soda production of 33.96 million tons [89]. - **Cost and Profit**: The cost and profit trends of ammonia - soda and combined - soda processes from 2020 to 2025 are presented, as well as the price trends of related products such as synthetic ammonia, limestone, and caustic soda [100][102][104][106][112][122][126]. 3.6 Soda Ash Demand - **Heavy - Soda Demand**: It shows the daily melting volume of photovoltaic and float glass, the daily consumption of heavy - soda, and the weekly demand from 2020 to 2025 [137][139][140][141]. - **Weekly Apparent Consumption and Production - Sales Ratio**: Presents the weekly consumption and production - sales ratio of light and heavy soda from 2020 to 2025 [143]. - **Photovoltaic Glass Price**: Displays the market average prices of 3.2mm and 2.0mm coated photovoltaic glass from 2021 to 2025 [146][147]. 3.7 Soda Ash Inventory - **Overall Inventory**: The current soda ash enterprise inventory is 169.1 million tons, with light - soda enterprise inventory at 85.05 million tons and heavy - soda enterprise inventory at 84.05 million tons [151]. - **Regional Inventory**: Shows the inventory trends of soda ash in different regions such as North China, Central China, and East China from 2020 to 2025 [159][160][162]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 157,175 tons, and the weekly production is 110.02 million tons. There are cold - repair and production - start plans for some production lines [171]. - **Demand**: The apparent consumption is 108.47 million tons. Market sentiment suppresses the apparent demand, but the mid - and downstream purchase appropriately at low prices [171]. - **Inventory**: The factory inventory is 327.37 million tons, and short - term inventory is expected to increase slightly due to demand suppression [171]. - **Valuation**: The cost and profit of natural - gas, coal - gas, and petroleum - coke production lines are provided. Low - cost production capacity still has profits, but most production capacity is in the red [171]. 3.9 Glass Monthly Supply and Demand - **Production**: Displays the monthly production data of flat glass from 2020 to 2025 [178]. - **Imports and Exports**: Presents the monthly import and export data of float glass from 2020 to 2025 [179][183]. 3.10 Glass Basis and Spread - **Spot - Futures Price Comparison**: Shows the price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 [187][188][189][190]. - **Glass Contract Basis**: Presents the basis trends of Shahe glass 5mm large - plate 01, 09, and 05 contracts from 2021 to 2026 [192][193][194]. - **Glass Contract Inter - period Spread**: Displays the spread trends of glass 09 - 01, 05 - 09, and 01 - 05 contracts from 2009 to 2026 [196][197][198]. - **Glass - Soda Ash Contract/Spot Spread**: Shows the spread trends of glass - soda ash 01, 09, and 05 contracts and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2021 to 2026 [201][202][203][205]. 3.11 Glass Market Price - **Float Glass 5mm Regional Price**: Provides the price information of 5mm float glass in different regions such as Shahe, North China, and East China, with some prices showing slight fluctuations [210]. - **Float Glass 5mm Large - Plate Price**: Displays the price trends of Shahe glass 5mm large - plate tax - included price, Beijing - Tianjin - Tangshan 5mm glass large - plate tax - included price, and South China 5mm glass large - plate tax - included price from 2020 to 2025 [225]. 3.12 Glass Supply No relevant content provided for the supply part after "05 Glass Supply".

1. Report Industry Investment Rating - Not provided in the content 2. Core Views 2.1纯碱市场 - Low - price soda ash manufacturers' terminal and spot - futures orders have improved, some manufacturers have closed orders and have no pressure, while high - price manufacturers have high inventories, and the differentiation between manufacturers continues [9]. - The long - term players replicate the February strategy, using centralized maintenance to drive positive feedback between spot and futures. Currently, low - price upstream has no pressure and lacks the motivation to cut prices in the short term, but the pricing power of the futures market is strengthened after the middle - stream inventory increases. The trend of short - selling remains unchanged, but it is advisable to be cautious before the end of the positive feedback atmosphere [9]. 2.2 Glass market - From a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the market sentiment to improve. Follow - up attention should be paid to the changes in production lines, the digestion progress of low - price spot - futures sources, and the changes in the spot volume - price sentiment in the main production areas [174]. 3. Summary by Directory 3.1 Soda Ash Market Review - **Supply**: The total weekly production is 75.51 million tons, with heavy - soda production at 41.55 million tons and light - soda production at 33.96 million tons. The import is 0.07 million tons, and the export is 4.2 million tons. The supply is generally at a high level, and there are short - term fluctuations in production. There are plans for maintenance in May, and potential incremental production awaits the full - capacity operation of Jiangsu Debang and the subsequent trial operation of Lianyungang Soda Plant [8]. - **Demand**: The heavy - soda consumption is 34.35 million tons, and the light - soda apparent demand is 30.87 million tons. The apparent demand for soda ash is 77.54 million tons. The market's expectation for terminal finished product demand is weak, but the short - term apparent demand may be boosted by the positive feedback between the futures and the spot market [8]. - **Inventory**: The alkali - plant inventory is 169.10 million tons, and the social inventory is 33.85 million tons. The positive feedback may relieve the upstream pressure recently, and the middle - stream inventory may stop falling and rise [8]. - **Valuation**: The cost of the ammonia - soda process is 1501 yuan, and the profit is - 111 yuan. The cost of the combined - soda process is 1198 yuan, and the profit is 92 yuan. The Huazhong heavy - soda and light - soda price difference is 40 yuan, and the Shahe market price basis is 20 yuan [8]. 3.2 Monthly Supply and Demand - The monthly production, apparent demand, and production - sales ratio of soda ash from 2020 to 2025 are presented. The current import volume of soda ash is 0.32 million tons, the export volume is 19.43 million tons, the average import price is 210.21 yuan, and the average export price is 189.96 yuan [15][16]. 3.3 Basis and Spread - **Period - spot price comparison**: The price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 are shown [24][25][26][27]. - **Soda ash contract basis**: The basis trends of Shahe heavy - soda 01, 09, and 05 contracts from 2021 to 2026 are presented [29][31][32]. - **Soda ash contract inter - period spread**: The spread trends of soda ash 09 - 01, 01 - 05, and 05 - 09 from 2021 to 2026 are shown [34][35][36]. - **Glass - soda ash contract/spot spread**: The spread trends of glass - soda ash 01, 09, 05 contracts from 2021 to 2026 and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2022 to 2025 are presented [38][39][40][42]. 3.4 Soda Ash Market Price - **Shahe area**: The current market price of heavy - soda in Shahe is 1341 yuan, with a weekly increase of 51 yuan and a year - on - year decrease of 809 yuan [47]. - **Regional price differences between heavy and light soda ash**: The prices of heavy and light soda ash in different regions such as North China, East China, Central China, etc. are shown, and their price changes from April 18th to April 25th are presented [51]. 3.5 Soda Ash Supply - **Start - stop situation**: Some manufacturers are currently under maintenance or reducing production loads, and there are also planned maintenance arrangements for some manufacturers in May [89]. - **Start - up rate**: The current domestic soda ash start - up rate is 89.44%, with a weekly decrease of 0.06 percentage points and a year - on - year increase of 1.83 percentage points [90]. - **Cost and profit**: The cost and profit trends of the ammonia - soda process and the combined - soda process from 2020 to 2025 are presented, as well as the prices of relevant raw materials such as synthetic ammonia, limestone, etc. [101][103][105][107][113]. 3.6 Soda Ash Demand - **Heavy - soda demand**: The daily melting volume of photovoltaic glass and float glass, the daily consumption of heavy - soda, and the weekly demand for heavy - soda from 2021 to 2025 are presented [136][138][139][140]. - **Weekly apparent consumption and production - sales ratio**: The weekly consumption and production - sales ratio of light - soda, heavy - soda, and soda ash from 2020 to 2025 are presented [142]. 3.7 Soda Ash Inventory - The current alkali - plant inventory is 169.1 million tons, with a weekly decrease of 2.03 million tons and a year - on - year increase of 80.01 million tons. The inventory days are 14.13 days [150]. - The inventory trends of alkali - plants, light - soda, and heavy - soda in different regions from 2020 to 2025 are presented [151][155][157]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 157,775 tons, with a weekly decrease of 700 tons. The weekly production is 110.44 million tons, with a decrease of 0.49 million tons [172]. - **Demand**: The apparent consumption is 108.47 million tons, with a decrease of 3.09 million tons. The market sentiment suppresses the apparent demand, but the pre - holiday restocking promotes the month - on - month increase [172]. - **Inventory**: The factory - warehouse inventory is 327.37 million tons, with an increase of 1.98 million tons. The continuous inventory reduction has ended, and inventories have increased in most regions except Southwest and Northwest China [172]. - **Valuation**: The cost and profit of natural - gas - fired, coal - gas - fired, and petroleum - coke - fired glass production lines are presented. The cost of the natural - gas - fired line is 1446 yuan, and the profit is - 76 yuan; the cost of the coal - gas - fired line is 960 yuan, and the profit is 268 yuan; the cost of the petroleum - coke - fired line is 1079 yuan, and the profit is 101 yuan [172]. 3.9 Glass Monthly Supply and Demand - The monthly production, import, and export volume of flat glass and float glass from 2020 to 2025 are presented [179][181][184]. 3.10 Glass Basis and Spread - **Period - spot price comparison**: The price trends of soda ash futures price index, glass futures price index, Shahe area heavy - soda market price, and Shahe glass 5mm large - plate tax - included price from 2020 to 2025 are shown [188][189][190][191]. - **Glass contract basis**: The basis trends of Shahe glass 5mm large - plate 01, 09, and 05 contracts from 2021 to 2026 are presented [193][194][195]. - **Glass contract inter - period spread**: The spread trends of glass 09 - 01, 05 - 09, and 01 - 05 from 2020 to 2026 are shown [198][199][200]. - **Glass - soda ash contract/spot spread**: The spread trends of glass - soda ash 01, 09, 05 contracts from 2021 to 2026 and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2022 to 2025 are presented [203][205][206][207]. 3.11 Glass Market Price - The prices of 5mm float glass in different regions such as Shahe, North China, East China, etc. and their price changes from April 18th to April 25th are shown [210]. - The price trends of 5mm float glass in different regions from 2020 to 2025 are presented [212][214][215]. 3.12 Glass Supply - **Profit of float glass**: The current profit of coal - gas - fired float glass enterprises is 145.05 yuan, that of petroleum - coke - fired enterprises is - 38.35 yuan, and that of natural - gas - fired enterprises is - 153.13 yuan [245]. - **Production line dynamics**: The cold - repair, ignition, and new - construction/复产 situations of float glass production lines in 2024 and 2025 are presented [252][253][254][256]. - **Start - up situation**: The current number of operating float glass production lines is 225, the start - up rate is 75.85%, and the in - production capacity is 157,775 tons per day [257]. 3.13 Glass Demand - **Apparent consumption and production - sales ratio of float glass**: The apparent consumption and production - sales ratio of float glass from 2020 to 2025 are presented [269][270]. - **Deep - processing start - up rate and capacity utilization rate**: The capacity utilization rate and start - up rate of glass tempering furnaces from 2022 to 2025 are presented [273][274]. 3.14 Glass Inventory - The current inventory of float glass sample enterprises is 327.37 million tons, with a weekly increase of 1.98 million tons and a year - on - year increase of 25.50 million tons. The inventory days are 29.4 days [277]. - The inventory trends of float glass in different regions from 2020 to 2025 are presented [281][283][284]. 3.15 Warehouse Receipt Quantity/Valid Forecast - The current number of glass warehouse receipts is 2441, with a weekly decrease of 625. The number of soda ash warehouse receipts is 3930, with a weekly decrease of 150 [294]. - The valid forecast trends of soda ash warehouse receipts from 2021 to 2025 are presented [300][301][303]. 3.16 Real Estate - Related Data - **New housing construction area**: The cumulative and monthly new housing construction areas and their year - on - year growth rates from 2020 to 2025 are presented [315][317][318]. - **Housing construction area**: The cumulative and monthly housing construction areas and their year - on - year growth rates from 2020 to 2025 are presented [321][323][324]. - **Housing completion area**: The cumulative and monthly housing completion areas and their year - on - year growth rates from 2020 to 2025 are presented [327][329][330]. - **Housing sales area**: The cumulative and monthly housing sales areas and their year - on - year growth rates from 2020 to 2025 are presented [333][335][336].