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 2026-3-2 每日观点 玻璃： 1、基本面：玻璃生产利润小幅修复，冷修不及预期，供给低位；地产拖累下游深加工订单偏弱， 库存同期历史高位；偏空 2、基差：浮法玻璃河北沙河大板现货944元/吨，FG2605收盘价为1062元/吨，基差为-118元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存7600.80万重量箱，较前一周增加37.32%，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，短期预计震荡偏空运行为主。 交易咨询业务资格：证监许可【2012】1091号 影响因素总结 利多： 1、玻璃生产利润低位，产量下行。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单数量 ...

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 2026-2-13 每日观点 玻璃： 1、基本面：玻璃生产利润小幅修复，冷修不及预期，供给低位；地产拖累下游深加工订单偏弱， 库存同期历史高位；偏空 2、基差：浮法玻璃河北沙河大板现货944元/吨，FG2605收盘价为1065元/吨，基差为-121元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存5535.20万重量箱，较前一周增加4.31%，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，短期预计震荡偏空运行为主。 影响因素总结 利多： 1、玻璃生产利润低位，行业存在进一步冷修预期。 利空： 1、地产终端需求依然疲弱，玻璃深加 ...

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 2026-2-6 每日观点 玻璃： 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：玻璃供给低位，下游深加工厂订单惨淡，玻璃厂库回升，预期玻璃低位震荡偏弱运行为 主。 2、风险点： "反内卷"政策力度超预期 1、基本面：玻璃生产利润小幅修复，冷修不及预期，供给低位；地产拖累下游深加工订单偏弱， 库存同期历史高位；偏空 2、基差：浮法玻璃河北沙河大板现货944元/吨，FG2605收盘价为1088元/吨，基差为-144元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存5306.40万重量箱，较前一周增加0. ...

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 2025-12-23 每日观点 玻璃： 1、基本面：生产利润修复乏力但供给收缩不及预期；地产拖累下游深加工订单偏弱，库存同期历 史高位；偏空 2、基差：浮法玻璃河北沙河大板现货944元/吨，FG2605收盘价为1031元/吨，基差为-87元，期货 升水现货；偏空 3、库存：全国浮法玻璃企业库存5855.80万重量箱，较前一周增加0.57%，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，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、沙河地区"煤改气" ，行业冷修，产量损失。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单 ...

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 2025-12-18 每日观点 玻璃： 1、基本面：生产利润修复乏力但供给收缩不及预期；地产拖累下游深加工订单偏弱，库存同期历 史高位；偏空 2、基差：浮法玻璃河北沙河大板现货944元/吨，FG2605收盘价为1038元/吨，基差为-94元，期货 升水现货；偏空 3、库存：全国浮法玻璃企业库存5822.70万重量箱，较前一周减少2.04%，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，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、沙河地区"煤改气" ，行业冷修，产量损失。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单 ...

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 2025-11-25 每日观点 玻璃： 1、基本面：生产利润修复乏力但供给收缩不及预期；地产拖累下游深加工订单偏弱，库存同期历 史高位；偏空 2、基差：浮法玻璃河北沙河大板现货980元/吨，FG2601收盘价为1013元/吨，基差为-33元，期货 升水现货；偏空 3、库存：全国浮法玻璃企业库存6330.30万重量箱，较前一周增加0.09%，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，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、沙河地区"煤改气" ，行业冷修，产量损失。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单 ...

Report Industry Investment Rating No relevant content provided. Report's Core View - The fundamentals of glass are weak. With production profit repair being sluggish, supply contraction not meeting expectations, downstream deep - processing orders due to the real estate drag being weak, and inventory at a historical high for the same period, it is expected to fluctuate weakly in the short term [2][6] Summary by Related Catalogs Glass Futures Market - The closing price of the main contract was 987 yuan/ton, a decrease of 0.20% from the previous value. The spot price of Shahe Safety large boards was 988 yuan/ton, a decrease of 1.20%. The main basis was 1 yuan/ton, a decrease of 90.91% [7] Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe was 988 yuan/ton, a decrease of 12 yuan/ton from the previous day [12] Fundamentals - Cost Side - No specific data or analysis on cost - side factors other than mentioning glass production profit was provided. Fundamentals - Production - The number of operating national float glass production lines was 222, with an operating rate of 74.85%, at a historical low for the same period. The daily melting capacity was 158,100 tons, also at a historical low for the same period [23][25] Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 470,820 tons. The real - estate terminal 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 collection in the deep - processing industry was not optimistic, and traders and processors were cautious, mainly digesting the original sheet inventory [28][5] Fundamentals - Inventory - The inventory of national float glass enterprises was 63.303 million weight boxes, an increase of 0.09% from the previous week, and the inventory was above the five - year average [41] Fundamentals - Supply - Demand Balance Sheet - From 2017 to 2024E, there were fluctuations in glass production, consumption, and other indicators. For example, in 2024E, production was 5.51 billion tons, with a growth rate of 3.94%, and consumption was 5.31 billion tons, with a growth rate of - 1.15% [42] Influencing Factors Summary - **Likely to be positive**: "Coal - to - gas" in the Shahe area and industry cold - repairs led to production losses [4] - **Likely to be negative**: The real - estate terminal demand was weak, and the number of orders from glass deep - processing enterprises was at a historical low for the same period. The capital collection in the deep - processing industry was not optimistic, and traders and processors were cautious, mainly digesting the original sheet inventory [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 2025-7-31 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].