终端需求整体仍显疲软，下游采购谨慎，观望情绪浓厚。供应方面，产线调整有限，市场货源较为充 裕，企业多稳价出货，实际成交灵活调整。区域库存表现分化明显，其中华东、华中、华南及西北地区 去库效果较好，而华北和西南地区仍面临一定累库压力。基本面来看，市场缺乏单边驱动因素，价格波 动空间有限，预计维持震荡运行。 建信期货：预计玻璃期货主力合约短期维持震荡走势 基本面方面，供应端玻璃整体产量呈现小幅抬升态势，但仍处于底部区间，尚未进入大规模放量阶段。 现货价格有所回升，因此行业利润有所改善。需求端，深加工订单基本维持不变，刚需为主。库存端， 重新累库。分品种看，浮法玻璃供应端压力相比去年呈现边际缓解态势，成本端有一定的支撑力，但需 求端持续疲软，短期内或难有显著突破，新房玻璃需求仍在持续下滑；伏玻璃市场迎来显著涨价行情， 需求端的强劲支撑成为本次价格上涨的关键驱动力。宏观情绪方面，随着旺季需求的提振，叠加反内卷 预期的走强。预计玻璃期货主力合约短期维持震荡走势。 东海期货：政策面情绪反复，预计玻璃短期区间震荡 9月24日盘中，玻璃期货主力合约遭遇一波急速上涨，最高上探至1241.00元。截止发稿，玻璃主力合约 报124 ...

东海期货指出，上周，玻璃主力合约区间震荡运行。上周的基本面数据来看，供应方面，玻璃产量持 稳，周环比变化不大；需求方面，虽然已到旺季，但需求增量有限；整体玻璃供应持稳，需求难有大的 增量，整体基本面格局宽松，但政策面情绪反复，预计短期区间震荡。 中辉期货表示，企业库存由涨转跌，现货价格稳中偏强。新产线点火，日熔量小幅增加至16万吨，煤制 及石油焦工艺均有利润，企业超预期冷修难现，供给承压。7月地产竣工面积跌幅扩大，深加工订单同 期低位，终端需求仍显疲弱，关注后续库存去化节奏。策略：盘面低位波动加剧，观望为主。 9月15日，国内期市能化板块多数飘红。其中，玻璃期货主力合约开盘报1178.00元/吨，今日盘中高位震 荡运行；截至发稿，玻璃主力最高触及1214.00元，下方探低1171.00元，涨幅达2.89%附近。 目前来看，玻璃行情呈现震荡上行走势，盘面表现偏强。对于玻璃后市行情将如何运行，相关机构观点 汇总如下： 长江期货分析称，传统旺季背景下，湖北销售回暖后继续保持，华北下游加工厂已经复工，基本面整体 情况较七、八月份有所改善。九月底和十月初的沙河改气事件持续发酵，存在利多预期。技术上看，多 空双方力量均有 ...

Core Viewpoint - Glass futures have shown a slight upward trend, with the main contract reaching a peak of 1021.00 yuan and closing at 1007.00 yuan, reflecting a 1.31% increase [1] Group 1: Market Analysis - New Century Futures indicates that glass prices are experiencing low-level fluctuations, with no substantial positive factors in the fundamentals. The current weak trend in glass spot prices is expected to continue, with daily melting volume dropping below 156,000 tons in the short term due to both production line ignition and shutdown [2] - Hualian Futures notes that the glass market is in a demand off-season, with companies reducing prices to stimulate sales. Inventory levels are slightly fluctuating at high levels, and the short-term supply-demand balance is unlikely to improve, leading to continued downward pressure on glass prices [3] - Zhonghui Futures highlights a significant decline in real estate completions from January to May, with a 5% decrease in downstream processing orders in mid-June compared to historical levels. The overall glass demand is expected to remain weak, with continued inventory accumulation upstream and a lack of significant drivers for price recovery [3] Group 2: Production and Inventory - New Century Futures reports that the total inventory of float glass among sample enterprises remains high compared to the same period in the past two years, indicating significant inventory pressure [2] - Hualian Futures mentions that one production line has been shut down, leading to a slight decrease in operating rates, while inventory levels have increased slightly in most regions, except for slight reductions in Central and Eastern China [3] - Zhonghui Futures states that the current production and daily melting volume are experiencing low-level fluctuations, with costs decreasing and market prices below production costs, indicating a low valuation despite weak fundamentals [3]

Group 1 - The main contract for glass futures experienced a rapid increase, reaching a peak of 996.00 yuan, with a current price of 988.00 yuan, reflecting a rise of 2.92% [1] - New Century Futures indicates that the glass market lacks upward momentum due to weak fundamentals, emphasizing the need to monitor the recovery of downstream demand [2] - New Lake Futures views the glass market as a short-selling opportunity, noting that the current inventory levels remain high and demand is weak, particularly as the market transitions from peak to off-peak season [3] Group 2 - The float glass industry operates at a capacity utilization rate of 78.62%, with a daily production of 15.75 million tons, marking a five-week high [2] - National float glass inventory decreased by 0.46% to 67.769 million heavy boxes, marking the first decline from a two-month high [2] - The real estate sector is still in an adjustment phase, with housing completion area down by 28.2%, leading to a challenging environment for glass demand recovery [2]