交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-7-31 每日观点 玻璃： 1、基本面： "反内卷"情绪消退；玻璃生产利润修复，行业冷修速度放缓，开工率、产量下降至 历史同期低位；深加工订单不及往年同期，终端需求偏弱；偏空 2、基差：浮法玻璃河北沙河大板现货1192元/吨，FG2509收盘价为1191元/吨，基差为1元，期货 贴水现货；中性 3、库存：全国浮法玻璃企业库存6189.60万重量箱，较前一周减少4.69%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线上方运行，20日线向上；偏多 5、主力持仓：主力持仓净空，空增；偏空 6、预期：政策利好消退，短期预计玻璃震荡运行为主。 影响因素总结 利多： 1、"反内卷"政策影响下，浮法玻璃行业存产能出清预期。 利空 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The fundamentals of glass remain weak, and it is expected to mainly oscillate at a low level in the short term. 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 buyers purchase as needed, and the inventory of glass factories continues to accumulate [3][6]. Summary by Related Catalogs Glass Futures Market - The closing price of the main contract was 1070 yuan/ton, a decrease of 0.09% from the previous value; the spot price of Shahe Safety large - board glass was 1088 yuan/ton, a decrease of 0.37%; the main basis was 18 yuan/ton, a decrease of 14.29% [7]. Glass Spot Market - The market price of 5mm white glass large - board in the spot benchmark area of Hebei Shahe was 1088 yuan/ton, a decrease of 4 yuan/ton from the previous day [13]. Fundamentals - Cost Side - There is no specific content provided in the text other than the mention of glass production profit. Fundamentals - Supply - The number of operating float glass production lines in China was 224, with an operating rate of 75.68%, and the number of operating production lines was at a historical low for the same period. The daily melting capacity of float glass in China was 158,400 tons, with the production capacity at the lowest level in the same period in history and showing signs of stabilization and recovery [22][24]. Fundamentals - Demand - In April 2025, the apparent consumption of float glass was 4.6808 million tons. The terminal real - estate demand remained weak, and the number of orders from glass deep - processing enterprises was at a historical low for the same period. The capital recovery in the deep - processing industry was not optimistic, and traders and processors were cautious, mainly focusing on digesting the inventory of raw glass [5][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 [3][43]. Fundamentals - Supply - Demand Balance Sheet - The annual supply - demand balance sheet of float glass from 2017 to 2024E shows changes in production, consumption, and other indicators. For example, in 2024E, the production was 55.10 million tons, the apparent supply was 54.61 million tons, the consumption was 53.10 million tons, and the surplus was 1.51 million tons. The production growth rate was 3.94%, and the consumption growth rate was - 1.15% [44]. Influencing Factors - **Positive factors**: The negative feedback of production profit was obvious, and the glass production continued to decline to a historical low. The photovoltaic glass industry was expected to implement a production - reduction plan, which boosted the market sentiment [4]. - **Negative factors**: The terminal real - estate demand was still weak, and the number of orders from glass deep - processing enterprises was at a historical low for the same period. The capital recovery in the deep - processing industry was not optimistic, and traders and processors were cautious, mainly focusing on digesting the inventory of raw glass [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The glass market has a weak fundamental situation. With production profit at a low level, industry cold repairs increasing, and开工率 and产量 dropping to historical lows. However, terminal demand is weak, leading to continuous accumulation of factory inventories. It is expected that the glass will mainly operate in a low - level oscillation in the short term [2][5]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract of glass futures increased from 980 yuan/ton to 998 yuan/ton, a rise of 1.84%. The spot price of Shahe Safety large - board glass increased from 1044 yuan/ton to 1052 yuan/ton, a rise of 0.77%. The main basis decreased from 64 yuan/ton to 54 yuan/ton, a decline of 15.63% [6]. Glass Spot Market - The market price of 5mm white glass large - board in the spot benchmark area of Hebei Shahe is 1052 yuan/ton, an increase of 8 yuan/ton compared to the previous day [13]. Fundamental Analysis - Cost Side - The profitability of coal production lines has recovered, the losses of natural gas production lines have narrowed, and the profits of petroleum coke production lines have turned negative [19]. Fundamental Analysis - Supply - The number of operating national float glass production lines is 224, with an operating rate of 75.57%, and the number of operating production lines is at a historical low for the same period. The daily melting volume of national float glass is 155,700 tons, and the production capacity is at the lowest level in the same period in history [23][25]. Fundamental Analysis - Demand - In April 2025, the apparent consumption of float glass was 4.6808 million tons. The real - estate terminal demand is still weak, and 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 focusing on digesting the inventory of raw glass [4][29]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 69.887 million weight boxes, an increase of 0.29% compared to the previous week, and the inventory is running above the five - year average [44]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet shows the production, consumption, and other data of float glass from 2017 to 2024E. For example, in 2024E, the production is 55.1 million tons, the consumption is 53.1 million tons, and the surplus is 1.51 million tons [45]. Influencing Factors Summary - **Positive factors**: The negative feedback of production profit is obvious, and the glass production has continuously declined to a historical low [4]. - **Negative factors**: The real - estate terminal demand is weak, and 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 focusing on digesting the inventory of raw glass [4]. Main Logic - The glass supply has declined to a relatively low level for the same period. With the arrival of the seasonal off - season, downstream buyers purchase as needed, and the glass factory inventory continues to accumulate. It is expected that the glass will mainly operate in a low - level oscillation [5].

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-6-13 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单数量历史同期低位。 2、深加工行业资金回款不乐观，贸易商、加工厂心态谨慎，消化原片库存为主。 主要逻辑和风险点 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库持续累积；偏空 2、基差：浮法玻璃河北沙河大板现货1048元/吨，FG2509收盘价为981元/吨，基差为67元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6968.50万重量箱，较前一周减少0.10%，库存在5年均值上方运 行；偏空 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-6-12 每日观点 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单数量历史同期低位。 2、深加工行业资金回款不乐观，贸易商、加工厂心态谨慎，消化原片库存为主。 主要逻辑和风险点 1、主要逻辑：玻璃供给下滑至同期较低水平，季节性淡季来临，下游按需采购，玻璃厂库持续累积，预期 玻璃低位震荡运行为主。 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库持续累积；偏空 2、基差：浮法玻璃河北沙河大板现货1060元/吨，FG2509收盘价为998元/吨，基差为62元，期货 贴水现货；偏多 3、 ...

Report Summary 1. Report Industry Investment Rating No information is provided regarding the report's industry investment rating. 2. Core Viewpoints - The fundamentals of glass are weak, and it is expected to mainly trade in a low - level range in the short term. The supply has declined to a relatively low level for the same period, the seasonal off - season has arrived, downstream demand is based on procurement needs, and glass factory inventories are continuously accumulating [2][5]. 3. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract is 1006 yuan/ton, with a daily increase of 0.90%. The spot price of Shahe Safe large - size glass remains unchanged at 1060 yuan/ton. The main basis is 54 yuan/ton, down 14.29% [6]. Glass Spot Market - The market price of 5mm white glass large - size boards in the spot benchmark area of Hebei Shahe is 1060 yuan/ton, unchanged from the previous day [12]. Fundamental Analysis - Cost Side - The profitability of coal production lines has recovered, the losses of natural gas production lines have narrowed, and the profits of petroleum coke production lines have turned negative [17]. Fundamental Analysis - Supply - The number of operating float glass production lines in China is 224, with an operating rate of 75.53%. The number of operating production lines and daily melting capacity are at historical lows for the same period [21][23]. Fundamental Analysis - Demand - In April 2025, the apparent consumption of float glass was 468.08 tons. The real - estate terminal demand is still weak, the number of orders from glass deep - processing enterprises is at a historical low for the same period, and the funds recovery in the deep - processing industry is not optimistic [27][4]. Fundamental Analysis - Inventory - The inventory of float glass enterprises in China is 69.754 million weight boxes, an increase of 3.09% from the previous week, and the inventory is above the five - year average [42]. Fundamental Analysis - Supply - Demand Balance Sheet - From 2017 to 2024E, the production and consumption of float glass have fluctuated. In 2024E, the production is expected to be 55.10 million tons, with a growth rate of 3.94%, and the consumption is expected to be 53.10 million tons, with a decline rate of 1.15% [43]. Influencing Factors Summary - Positive factors: The negative feedback of production profit is obvious, and glass production has continuously declined to a historical low [4]. - Negative factors: The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low for the same period. The funds recovery in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventories [4]. Main Logic - The glass supply has declined to a relatively low level for the same period. With the arrival of the seasonal off - season, downstream demand is based on procurement needs, and glass factory inventories are continuously accumulating. It is expected that glass will mainly trade in a low - level range [5].

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-6-3 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库持续累积；偏空 2、基差：浮法玻璃河北沙河大板现货1068元/吨，FG2509收盘价为982元/吨，基差为86元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6766.20万重量箱，较前一周减少0.16%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面疲弱，短期预计低位震荡偏弱运行为主。 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-5-29 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续下降至历史低位。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单数量历史同期低位。 2、深加工行业资金回款不乐观，贸易商、加工厂心态谨慎，消化原片库存为主。 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1080元/吨，FG2509收盘价为1009元/吨，基差为71元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6776.90万重量箱，较前一周减少0.46%，库存在5年均值上方运 行；偏空 4、盘面：价格在 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The fundamentals of glass are weak, and it is expected to fluctuate weakly 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. With the arrival of the seasonal off - season, downstream buyers purchase as needed, and glass factory inventories continue to accumulate. It is expected that glass will mainly fluctuate at a low level [5]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main glass futures contract is 1031 yuan/ton, with a daily increase of 1.18%. The spot price of Shahe Safety large - board glass is 1080 yuan/ton, with a daily decrease of 0.37%. The main basis is 49 yuan/ton, with a daily decrease of 24.62% [6]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, is 1080 yuan/ton, down 4 yuan/ton from the previous day [12]. Fundamentals - Cost Side - The profitability of coal production lines has recovered, the losses of natural gas production lines have narrowed, and the profits of petroleum coke production lines have turned negative [16]. Fundamentals - Supply - The number of operating float glass production lines in China is 223, with an operating rate of 75.34%. The number of operating production lines is at a historical low for the same period. The daily melting capacity of float glass is 156,700 tons, and the production capacity is at the lowest level in the same period in history [20][22]. Fundamentals - Demand - In February 2025, the apparent consumption of float glass was 4.3143 million tons [26]. Fundamentals - Inventory - The inventory of national float glass enterprises is 67.769 million weight boxes, a decrease of 0.46% from the previous week, and the inventory is running above the five - year average [41]. 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, exports, imports, apparent supply, consumption, differences, production growth rates, consumption growth rates, and net import ratios [42]. Influencing Factors Summary - **Positive factors**: The negative feedback of production profit is obvious, and glass production has continued to decline to a historical low [4]. - **Negative factors**: 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]. Main Logic - The supply of glass has declined to a relatively low level compared to the same period. With the arrival of the seasonal off - season, downstream buyers purchase as needed, and glass factory inventories continue to accumulate. It is expected that glass will mainly fluctuate at a low level [5].

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 2、中美关税谈判取得进展。 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-5-27 每日观点 玻璃： 1、基本面：玻璃生产利润低位，行业冷修增加，开工率、产量下降至历史同期低位；深加工订单 不及往年同期，终端需求偏弱，厂库重回累积；偏空 2、基差：浮法玻璃河北沙河大板现货1084元/吨，FG2509收盘价为1019元/吨，基差为65元，期货 贴水现货；偏多 3、库存：全国浮法玻璃企业库存6776.90万重量箱，较前一周减少0.46%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面疲弱，短期预计低位震荡偏弱运行为主。 影响因素总结 利多： 1、生产利润负反馈明显，玻璃产量持续 ...