1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The glass fundamentals are weak, and it is expected to fluctuate weakly in the short term. The production profit of glass has limited recovery, cold - repairs have increased leading to further supply contraction, downstream deep - processing orders are weak due to the real estate drag, and the inventory is at a historically high level for the same period [2]. 3. Summary by Relevant Catalog 3.1 Glass Futures Market - The closing price of the main glass futures contract is 1087 yuan/ton, the spot price of Shahe Safety large - plate glass is 904 yuan/ton, and the main basis is - 183 yuan/ton, with a 0.00% change compared to the previous value [6]. 3.2 Glass Spot Market - The market price of 5mm white glass large - plate in the spot benchmark area of Hebei Shahe is 904 yuan/ton, which is flat compared to the previous day [12]. 3.3 Fundamental Analysis - Cost Side - The production profit of glass has limited recovery, and there is an expectation of further cold - repairs in the industry due to low production profit [2][4]. 3.4 Fundamental Analysis - Supply - The number of operating national float glass production lines is 218, with an operating rate of 73.89%, and the number of operating production lines is at a historically low level for the same period. The daily melting capacity of national float glass is 154,500 tons, and the production capacity is at a historically low level for the same period [22][24]. 3.5 Fundamental Analysis - Demand - In November 2025, the apparent consumption of float glass was 4.6944 million tons. The real - estate terminal demand remains weak, the order volume of glass deep - processing enterprises is at a historically low level for the same period, and the capital collection in the deep - processing industry is not optimistic, causing traders and processors to be cautious and mainly consume the original glass inventory [28][4]. 3.6 Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 56.866 million weight boxes, a 3.00% decrease from the previous week, and the inventory is above the five - year average [2][44]. 3.7 Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data such as production, consumption, production growth rate, consumption growth rate, and net import ratio. For example, in 2017, the production was 53.54 million tons, the consumption was 52.29 million tons, and the net import ratio was - 1.734%. In 2024E, the production is expected to be 55.1 million tons, the consumption is expected to be 53.1 million tons, and the production growth rate is 3.94% [45].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The glass market has a weak fundamental situation. With low production profits, high inventory, and weak downstream demand, it is expected to show a weak and volatile trend in the short - term [2][5]. 3. Summary by Directory Glass Futures Market - The closing price of the main glass futures contract is 1057 yuan/ton, showing a 0.96% increase from the previous value. The spot price of Shahe safety large - board glass is 920 yuan/ton, a 1.29% decrease from the previous value. The main basis is - 137 yuan/ton, with a 19.13% change [6]. Glass Spot Market - The market price of 5mm white glass large - board in the spot benchmark area of Hebei Shahe is 920 yuan/ton, down 12 yuan/ton from the previous day [12]. Fundamental Analysis - Cost Side - Glass production profit is low, and there is an expectation of further cold repair in the industry [4]. Fundamental Analysis - Supply - The number of operating national float glass production lines is 218, with an operating rate of 73.89%. The daily melting capacity is 154,500 tons, both at historically low levels in the same period [22][24]. Fundamental Analysis - Demand - In November 2025, the apparent consumption of float glass was 4.6944 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 in the same period. The capital collection in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly focusing on digesting the original glass inventory [28][4]. Fundamental Analysis - Inventory - The inventory of national float glass enterprises is 58.623 million weight boxes, a 0.11% increase from the previous week, and the inventory is running above the five - year average [44]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, showing data such as production, consumption, and net import ratio, as well as their growth rates [45]. Influencing Factors - **Positive Factors**: Low glass production profit leads to an expectation of further cold repair in the industry [4]. - **Negative Factors**: Weak real - estate terminal demand and low orders from glass deep - processing enterprises; poor capital collection in the deep - processing industry and cautious attitudes of traders and processors [4]. Main Logic - With low glass supply, dismal orders from downstream deep - processing factories, and rising glass factory inventories, it is expected that the glass market will mainly show a weak and volatile trend at a low level [5].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The fundamentals of glass are weak. With supply stabilizing at a low level, dismal orders from downstream deep - processing factories, and rising glass factory inventories, it is expected that glass will mainly fluctuate weakly in the short term [2][6]. Summary by Related Catalogs Glass Futures Market - The closing price of the main glass futures contract decreased from 1053 yuan/ton to 1036 yuan/ton, a decline of 1.61%. The spot price of Shahe Safe large - size glass remained unchanged at 1004 yuan/ton. The main basis changed from - 49 yuan/ton to - 32 yuan/ton, a change of - 34.69% [7]. Glass Spot Market - The market price of 5mm white glass large - size boards in the spot benchmark area of Hebei Shahe was 1004 yuan/ton, remaining the same as the previous day [14]. Fundamentals - Cost Side No specific content on cost - side analysis other than mentioning glass production profit is provided. Fundamentals - Supply - The number of operating national float glass production lines is 220, with an operating rate of 74.51%. The number of operating production lines is at a historical low for the same period. The daily melting volume of national float glass is 157,200 tons, and the production capacity is at a historical low for the same period [25][27]. Fundamentals - Demand - In September 2025, the apparent consumption of float glass was 470,820 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 in the deep - processing industry is not optimistic, and traders and processors are cautious, mainly consuming the original glass inventory [5][30]. Fundamentals - Inventory - The inventory of national float glass enterprises is 62.362 million weight boxes, a decrease of 1.49% from the previous week. The inventory is running above the 5 - year average [43]. Fundamentals - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows fluctuations in production, consumption, and net import ratios. For example, in 2024E, production is expected to be 55.1 million tons, consumption is 53.1 million tons, and the net import ratio is - 0.90% [44]. Factors Affecting the Market - **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 glass deep - processing enterprises. Also, the poor capital collection in the deep - processing industry makes traders and processors cautious, mainly focusing on consuming original glass inventory [5].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The fundamentals of the glass industry are weak. 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, the glass is expected to fluctuate weakly in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Glass Futures Market - The closing price of the main glass futures contract is 1053 yuan/ton, up 1.15% from the previous value. The spot price of Shahe Safety large - size glass is 1004 yuan/ton, up 1.62%. The main basis is - 49 yuan/ton, down 7.55% [7]. 3.2 Glass Spot Market - The market price of 5mm white glass large - size boards in the spot benchmark area of Hebei Shahe is 1004 yuan/ton, up 16 yuan/ton from the previous day [14]. 3.3 Fundamentals - Cost Side - Not elaborated in detail in the report 3.4 Fundamentals - Supply - The number of operating national float glass production lines is 220, with an operating rate of 74.51%. The number of operating production lines is at a historically low level in the same period. The daily melting capacity of national float glass is 157,200 tons, and the production capacity is at a historically low level in the same period [25][27]. 3.5 Fundamentals - Demand - In September 2025, the apparent consumption of float glass 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 in 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 original glass inventory [5][30]. 3.6 Fundamentals - Inventory - The inventory of national float glass enterprises is 62.362 million weight boxes, a decrease of 1.49% from the previous week, and the inventory is running above the five - year average [43]. 3.7 Fundamentals - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including production, consumption, production growth rate, consumption growth rate, and net import ratio. For example, in 2024E, the production is expected to be 55.1 million tons, with a production growth rate of 3.94%, and the consumption is expected to be 53.1 million tons, with a consumption growth rate of - 1.15% [44]. 3.8 Influencing Factors - **Positive factors**: "Coal - to - gas" in the Shahe region and cold - repair in the industry have caused production losses [4]. - **Negative factors**: Weak real - estate terminal demand, low number of orders from glass deep - processing enterprises, and cautious attitudes of traders and processors [5]. 3.9 Main Logic - The glass supply has stabilized at a low level, the orders from downstream deep - processing factories are dismal, and the glass factory inventory has increased. It is expected that the glass will fluctuate weakly at a low level [6].