Core Viewpoint - The glass market is experiencing a significant inventory battle as the Spring Festival approaches, with a recent unexpected increase in inventory levels after three weeks of decline, primarily due to weak demand and intensified price competition [1][3]. Group 1: Inventory Trends - As of December 18, 2025, the total inventory of float glass in sample enterprises reached 58.558 million heavy boxes, an increase of 331,000 heavy boxes from the previous period, marking a 0.57% rise and a 25.73% year-on-year increase [1]. - The inventory turnover days increased to 26.5 days, up by 2 days from the previous period, indicating a slowdown in inventory movement [1]. - The previous weeks saw significant inventory reduction in key regions such as North China, Central China, and East China, which raised hopes for alleviating inventory pressure [1]. Group 2: Factors Influencing Inventory Changes - Multiple positive factors previously contributed to the continuous inventory reduction, including low glass prices, which prompted some companies to adopt promotional strategies to boost market purchasing intentions [2]. - The suspension of multiple production lines at the end of November provided a boost to market sentiment, while some rigid demand was still being released as the year-end approached [2]. Group 3: Challenges Ahead - The traditional practice of inventory reduction before the Spring Festival faces severe challenges this year, with supply-demand imbalances becoming more pronounced [3]. - The current glass prices are at historical lows, leading to losses for most production enterprises, which limits their ability to lower prices further for increased sales [3]. - Downstream demand is weak due to tight funding and low market confidence, resulting in a general reluctance to stock up among industry players [3]. Group 4: Market Outlook - The current market conditions suggest that significant inventory reduction is unlikely before the Spring Festival, with expectations leaning towards minor inventory decreases or stabilization [4]. - The market is witnessing a chain reaction, with frequent price adjustments and promotional policies from major production areas, while glass futures are fluctuating around 940 yuan/ton [4]. - A lack of clear signals for demand recovery in the medium to long term indicates that if demand declines by 5% next year, the market's supply-demand balance would require a daily melting volume reduction to around 147,000 tons [4]. Group 5: Price Dynamics - Solely relying on supply-side cold repair expectations is insufficient to drive price increases in the glass market [5]. - A combination of policy support and improved market sentiment is necessary to break the current low market conditions [5].