交易咨询业务资格：证监许可【2012】1091号 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 2026-3-6 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956元/吨，FG2605收盘价为1055元/吨，基差为-99元，期货 升水现货；偏空 3、库存：全国浮法玻璃企业库存7963.70万重量箱，较前一周增加4.77%，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： 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、风险点：地产回暖力度超预期 一、玻璃期货行情 | 日盘 | 主力合约收盘价 | 沙河安全大 ...

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 2026-3-5 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956元/吨，FG2605收盘价为1038元/吨，基差为-82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，空增；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，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历 ...

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 2026-2-26 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1064元/吨，基差为-120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，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 2026-2-9 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1072元/吨，基差为-128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0.95%，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、主要逻辑：玻璃供给低位，下游深加 ...

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 2026-2-5 每日观点 玻璃： 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。 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940元/吨，FG2605收盘价为1109元/吨，基差为-169元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存5256. ...

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term. The production profit repair is weak, supply contraction is less than expected, downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historically high level for the same period [2]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 964 yuan/ton to 956 yuan/ton, a decline of 0.83%. The spot price of Shahe Safety large boards remained unchanged at 968 yuan/ton. The main basis increased from 4 yuan/ton to 12 yuan/ton, a rise of 200.00% [7]. Glass Spot Market - The market price of 5mm white glass large boards in the spot benchmark area of Hebei Shahe was 968 yuan/ton, unchanged from the previous day [14]. Fundamental Analysis - Cost Side - Not provided with specific analysis content other than mentioning glass production profit. Fundamental Analysis - Supply - The number of operating national float glass production lines is 220, with an operating rate of 74.51%, at a historically low level for the same period. The daily melting volume of national float glass is 15.72 tons, with production capacity at a historically low level for the same period [25][27]. Fundamental Analysis - Demand - In September 2025, the apparent consumption of float glass was 470.82 tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level for the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original glass inventory [30][5]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 58.227 million weight boxes, a decrease of 2.04% from the previous week, and the inventory is running above the five - year average [43]. Fundamental Analysis - Supply - Demand Balance Sheet - From 2017 - 2024E, the production and consumption of float glass have shown different growth and decline trends. For example, in 2021, production increased by 9.88% and consumption increased by 6.87%. In 2024E, production is expected to increase by 3.94% and consumption is expected to decrease by 1.15% [44]. Influencing Factors Summary - **Positive Factors**: "Coal - to - Gas" in the Shahe area and industry cold repairs have led to production losses [4]. - **Negative Factors**: Weak real - estate terminal demand and low orders from deep - processing enterprises; poor capital collection in the deep - processing industry and cautious attitudes among traders and processors [5]. Main Logic - The glass supply is stabilizing at a low level, the orders of downstream deep - processing factories are dismal, and the glass factory inventory is rising. It is expected that glass will fluctuate weakly at a low level [6].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The glass market has a weak fundamental situation, with production profit repair being sluggish, supply contraction falling short of expectations, downstream deep - processing orders being weak due to the real - estate drag, and inventory at a historically high level. It is expected to show a weak and oscillatory trend in the short term [2]. 3. Summary by Related Catalogs Glass Futures Market - The closing price of the main glass futures contract increased from 994 yuan/ton to 1002 yuan/ton, a rise of 0.80%. The spot price of Shahe Safety large - board glass remained unchanged at 984 yuan/ton, and the main basis changed from - 10 yuan/ton to - 18 yuan/ton, an increase of 80.00% [7]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 984 yuan/ton, unchanged from the previous day [14]. Fundamental Analysis - Cost Side The report does not provide specific cost - side information, only mentions glass production profit but lacks detailed data. Fundamental Analysis - Supply - The number of operating float glass production lines nationwide is 220, with an operating rate of 74.51%, and the number of operating production lines is at a historically low level. The daily melting capacity is 157,200 tons, and the production capacity is at a historically low level [25][27]. Fundamental Analysis - Demand - According to Longzhong Information, the apparent consumption of float glass in September 2025 was 4.7082 million tons. The real - estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historically low level. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventory [5][30]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 59.442 million weight boxes, a decrease of 4.68% from the previous week, and the inventory is running above the five - year average [2][43]. Fundamental Analysis - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, apparent supply, consumption, production growth rate, consumption growth rate, and net import ratio [44]. Influencing Factors - **Positive Factors**: "Coal - to - gas" conversion in the Shahe area and industry cold - repair have led to production losses [4]. - **Negative Factors**: The real - estate terminal demand is weak, and the number of orders from glass deep - processing enterprises is at a historically low level. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting raw glass inventory [5]. Main Logic The glass supply has stabilized at a low level, downstream deep - processing factory orders are dismal, and the glass factory inventory has increased. It is expected that the glass will show a weak and oscillatory trend at a low level [6].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The glass market has a weak fundamental situation, and it is expected to show a weak and volatile trend in the short term. The supply of glass has stabilized at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories are rising [2][6]. 3. Summary by Relevant Catalogs 3.1 Daily View - The fundamentals show that production profit repair is weak, supply contraction is less than expected, downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historical high in the same period [2]. - The basis is - 53 yuan, with futures at a premium to spot [2]. - The national floating glass enterprise inventory is 62.362 million weight boxes, a 1.49% decrease from the previous week, and the inventory is running above the 5 - year average [2]. - The price is running below the 20 - day line, and the 20 - day line is downward [2]. - The main position is net short, and short positions are increasing [2]. 3.2 Influence Factor Summary - **Likely to be favorable**: "Coal - to - gas" in the Shahe area and industry cold repairs lead to production losses [4]. - **Likely to be unfavorable**: Real estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period. The capital collection of the deep - processing industry is not optimistic, and traders and processing factories are cautious, mainly digesting raw glass inventories [5]. 3.3 Main Logic and Risk Points - **Main logic**: Glass supply has stabilized at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories are rising, so it is expected to show a weak and volatile trend at a low level [6]. - **Risk points**: The intensity of the "anti - involution" policy exceeds expectations [6]. 3.4 Glass Futures Market - The closing price of the main contract is 1041 yuan/ton, with a 0.39% increase; the spot price of Shahe Safety large - plate glass is 988 yuan/ton, with no change; the main basis is - 53 yuan, with an 8.16% increase [7]. 3.5 Glass Spot Market The market price of 5mm white glass large - plate in Hebei Shahe, the spot benchmark, is 988 yuan/ton, unchanged from the previous day [12]. 3.6 Fundamental Analysis - **Cost side**: No detailed data is provided in the text. - **Production side**: The number of operating floating glass production lines nationwide is 222, with an operating rate of 74.85%, and the production line operating number is at a historical low in the same period. The daily melting volume is 158,100 tons, and the production capacity is at a historical low in the same period [23][25]. - **Demand side**: In September 2025, the apparent consumption of floating glass was 4.7082 million tons [28]. - **Inventory**: The inventory of national floating glass enterprises is 62.362 million weight boxes, a 1.49% decrease from the previous week, and the inventory is running above the 5 - year average [2][41]. - **Supply - demand balance sheet**: Data from 2017 - 2024E shows the production, consumption, production growth rate, consumption growth rate, and net import ratio of floating glass. For example, in 2024E, the production is 55.1 million tons, the consumption is 53.1 million tons, and the production growth rate is 3.94% [42].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The fundamentals of glass are weak, and it is expected to fluctuate weakly in the short term [2]. - Glass supply has stabilized at a low level, downstream deep - processing factory orders are dismal, and glass factory inventories have increased. It is expected that glass will mainly fluctuate weakly at a low level [6]. 3. Summary by Related Catalogs 3.1 Daily View - Fundamentals: Production profit recovery is weak, supply contraction is less than expected, downstream deep - processing orders are weak due to the real estate drag, and inventory is at a historical high in the same period; all factors are bearish [2]. - Basis: The spot price of float glass in Hebei Shahe is 988 yuan/ton, the closing price of FG2601 is 1037 yuan/ton, and the basis is - 49 yuan, with futures at a premium to the spot; bearish [2]. - Inventory: The inventory of national float glass enterprises is 63.303 million weight boxes, an increase of 0.09% from the previous week, and the inventory is running above the 5 - year average; bearish [2][41]. - Disk: The price is running below the 20 - day line, and the 20 - day line is downward; bearish [2]. - Main position: The main position is net short, and short positions are decreasing; bearish [2]. - Expectation: The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term [2]. 3.2 Influence Factors Summary - Bullish factors: "Coal - to - gas" in the Shahe area and industry cold repairs have led to production losses [4]. - Bearish factors: Real estate terminal demand is still weak, and the number of orders from glass deep - processing enterprises is at a historical low in the same period; the capital recovery of the deep - processing industry is not optimistic, and traders and processors are cautious, mainly digesting the original sheet inventory [5]. 3.3 Glass Futures Market | | | | | | --- | --- | --- | --- | | | Main contract closing price (yuan/ton) | Shahe Anquan large - plate spot price (yuan/ton) | Main basis (yuan/ton) | | Previous value | 1014 | 980 | - 34 | | Current value | 1037 | 988 | - 49 | | Increase/decrease | 2.27% | 0.82% | 44.12% | [7] 3.4 Glass Spot Market The market price of 5mm white glass large - plates in Hebei Shahe, the spot benchmark, is 988 yuan/ton, an increase of 8 yuan/ton from the previous day [12]. 3.5 Fundamentals - Cost Side - Glass production profit: No specific data provided, only sources such as Longzhong and Ganglian are mentioned [13][17][15][20]. - Glass production line and output: The number of national float glass production lines in operation is 222, with an operating rate of 74.85%. The number of operating production lines is at a historical low in the same period, and the daily melting capacity is 158,100 tons, with the production capacity at a historical low in the same period [23][25]. 3.6 Fundamentals - Demand - Float glass monthly consumption: In September 2025, the apparent consumption of float glass was 470,820 tons [28]. - Housing sales, new construction, construction, and completion areas: No specific data provided. - Downstream processor operation and order situation: No specific data provided, only the source of Longzhong is mentioned [38]. 3.7 Fundamentals - Inventory The inventory of national float glass enterprises is 63.303 million weight boxes, an increase of 0.09% from the previous week, and the inventory is running above the 5 - year average [2][41]. 3.8 Fundamentals - Supply - Demand Balance Sheet | Year | Production | Calculation | | | Apparent Supply | Consumption | | Production Growth Rate | Consumption Growth Rate | Net Import Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2017 | 5354 | 21 | 112 | - 91 | 5263 | 5229 | 34 | | | - 1.734 | | 2018 | 5162 | 22 | 86 | - 64 | 5098 | 5091 | 7 | - 3.59% | - 2.64% | - 1.26% | | 2019 | 5052 | 40 | 65 | - 25 | 5027 | 5061 | - 34 | - 2.13% | - 0.59 | - 0.50% | | 2020 | 5000 | 56 | 42 | 14 | 5014 | 5064 | - 50 | - 1.03% | 0.06% | 0.289 | | 2021 | 5494 | 52 | 39 | 13 | 5507 | 5412 | 95 | 9.88% | 6.87% | 0.244 | | 2022 | 5463 | 23 | 68 | - 45 | 5418 | 5327 | al | - 0.56% | - 1.57% | - 0.834 | | 2023 | 5301 | 20 | 69 | - 49 | 5252 | 5372 | - 120 | - 2.97% | 0.84 | - 0.934 | | 2024E | 5510 | 20 | 69 | - 49 | 5461 | 5310 | 151 | 3.94% | - 1.15% | - 0.90% | [42]

Group 1 - Glass futures experienced a sharp decline, with the main contract dropping to a low of 1013.00 yuan and closing at 1018.00 yuan, reflecting a decrease of 1.26% [1] - Various institutions have differing views on the glass market outlook, with Hualian Futures suggesting a short-selling strategy during rebounds, while Zhonghui Futures emphasizes the importance of the 1000 yuan support level [2][3] - Fangzheng Zhongqi Futures indicates that the main contract has a support range of 900-950 yuan, highlighting the potential for increased production if industry profits rise, despite high inventory levels [3] Group 2 - Hualian Futures notes that the glass market has seen a slight recovery in production and sales, but the overall supply-demand fundamentals remain weak, with high inventory levels persisting [2] - Zhonghui Futures points out that the domestic capacity reduction policies are expected to boost market sentiment, but the reality of demand constraints remains a concern [3] - Fangzheng Zhongqi Futures suggests that the glass market may have more elasticity compared to steel, particularly due to urban renewal projects, and recommends a strategy of long positions in glass while shorting rebar [3]