Report Information - Report Title: Soda Ash & Glass Industry Chain Weekly Data - Report Date: March 20, 2026 - Research Department: Research and Consulting Department - Analyst: Wang Jing - Analyst's Qualification Certificate Number: F0235424/Z0000771 1. Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - No core viewpoints are explicitly stated in the report. The report mainly presents weekly data on the soda ash and glass industries, including supply, inventory, profit, basis, and spread information. 3. Summary by Category Supply - **Soda Ash**: The current week's soda ash operating rate is 86.38%, a decrease of 0.62 percentage points from the previous week. The total output is 81.81 million tons, an increase of 0.89 million tons. The heavy - soda output is 43.4 million tons, up 0.57 million tons, and the light - soda output is 38.41 million tons, up 0.32 million tons [2]. - **Glass**: The current week's glass operating rate is 70.556%, a decrease of 0.494 percentage points from the previous week. The number of production lines is 207, a decrease of 2 from the previous week. The output is 102.2325 million tons, a decrease of 1.095 million tons [2]. Inventory - **Soda Ash**: The in - plant inventory is 185.38 million tons, a decrease of 7.79 million tons from the previous week. The heavy - soda inventory is 89.07 million tons, a decrease of 2.74 million tons, and the light - soda inventory is 96.31 million tons, a decrease of 5.05 million tons. The inventory available days are 13.7 days, a decrease of 0.84 days [2]. - **Glass**: The inventory is 7443.6 million weight - boxes, a decrease of 141.3 million weight - boxes from the previous week. The inventory available days are 33.7 days, a decrease of 0.2 days [2]. Profit - **Soda Ash**: The sales - to - production ratio is 109.63%, an increase of 7.71 percentage points from the previous week. The ammonia - soda process gross profit is - 25.3 yuan/ton, an increase of 0.9 yuan/ton. The co - production process gross profit is 227.5 yuan/ton, an increase of 61.5 yuan/ton [2]. - **Glass**: The natural gas profit is - 87.12 yuan/ton, an increase of 19.57 yuan/ton. The petroleum coke profit is - 21.78 yuan/ton, a decrease of 14.28 yuan/ton. The coal - gas profit is - 22.24 yuan/ton, an increase of 17.14 yuan/ton [2]. Basis and Spread - **Soda Ash**: The basis is - 10, an increase of 10 from the previous week. The 1 - 5 spread is - 119, a decrease of 12 from the previous week. The soda - ash - glass 01 spread is 78, an increase of 1 from the previous week, and the soda - ash - glass 05 spread is 152, an increase of 9 from the previous week [2]. - **Glass**: The basis is - 21, an increase of 52 from the previous week. The 1 - 5 spread is - 193, a decrease of 20 from the previous week [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summary by Related Catalogs Supply - **Soda Ash**: The soda ash开工率 increased by 0.23 percentage points to 87%, and the产量 was 80.92 million tons, a week - on - week increase of 0.22 million tons. The重质产量 decreased by 0.4 million tons to 42.83 million tons, while the轻质产量 increased by 0.62 million tons to 38.09 million tons. The number of production lines decreased by 1 to 209 [1] - **Glass**: The glass开工率 increased by 0.24 percentage points to 71.050%, and the产量 was 103.3275 million tons, a week - on - week decrease of 0.64 million tons [1] Inventory - **Soda Ash**: The厂内库存 decreased by 1.55 million tons to 193.17 million tons. The重质库存 decreased by 0.18 million tons to 91.81 million tons, and the轻质库存 decreased by 1.37 million tons to 101.36 million tons. The库存可用天数 decreased by 0.11 days to 14.54 days [1] - **Glass**: The库存 decreased by 378.8 million weight - boxes to 7584.9 million weight - boxes, and the库存可用天数 decreased by 1.4 days to 33.9 days [1] Profit - **Soda Ash**: The氨碱法毛利 increased by 56.45 yuan/ton to - 26.2 yuan/ton, and the联产法毛利 increased by 168.5 yuan/ton to 166 yuan/ton. The天然气利润 decreased by 1.57 yuan/ton to - 106.69 yuan/ton, and the煤制气利润 decreased by 3.09 yuan/ton to - 39.38 yuan/ton [1] - **Glass**: The石油焦利润 decreased by 34.29 yuan/ton to - 7.5 yuan/ton [1] Basis & Spread - **Soda Ash**: The基差 decreased by 5 to - 20, the 1 - 5价差 decreased by 13 to - 107, the纯碱 - glass01价差 decreased by 16 to 77, and the纯碱 - glass05价差 decreased by 27 to 143 [1] - **Glass**: The基差 decreased by 41 to - 73, and the 1 - 5价差 decreased by 2 to - 173 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Relevant Catalogs Supply - **Soda Ash**: The current week's soda ash开工率 is 85.04%, up 0.32% from the previous week; the产量 is 79.09 tons, up 0.28 tons; the重质产量 is 42.3 tons, up 0.32 tons; the轻质产量 is 36.79 tons, down 0.04 tons [1] - **Float Glass**: The开工率 remains unchanged at 70.610%; the产线条数 is 209, unchanged; the产量 is 103.8365 tons, up 0.24 tons [1] Inventory - **Soda Ash**: The厂内库存 is 189.44 tons, up 30.64 tons; the重质库存 is 89.59 tons, up 13.95 tons; the轻质库存 is 99.85 tons, up 16.69 tons; the库存可用天数 is 14.26 days, up 1.09 days [1] - **Float Glass**: The库存 is 7600.8 (unit not clear, assumed to be relevant unit), up 2065.6; the库存可用天数 is 33.8 days, up 9.4 days [1] Profit - **Soda Ash**: The天然气利润 is -142.26, up 24.29; the氨碱法毛利 is -90.15, down 0.9; the联产法毛利 is -1.5, up 31 [1] - **Float Glass**: The石油焦利润 remains at 43.93; the煤制气利润 is -30.79, down 1.92 [1] Basis & Spread - **Soda Ash**: The基差 is -40, up 10; the 1 - 5价差 is -109, up 1 [1] - **Float Glass**: The基差 is -31, up 30; the 1 - 5价差 is -159, down 4 [1] - **Arbitrage**: The纯碱 - glass 01价差 is 83, up 21; the纯碱 - glass 05价差 is 133, up 26 [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Not provided in the content 3. Summaries by Relevant Catalogs Supply - **Soda Ash**: The current week's soda ash开工率 is 85.18%, up 1.93 from the previous value; the产量 is 79.23 tons, up 1.8; the重质产量 is 42.84 tons, up 1.44; the轻质产量 is 36.39 tons, up 0.36 [1] - **Glass**: The current week's glass开工率 is 71.090%, down 0.773 from the previous value; the产线条数 is 209, down 2; the产量 is 104.5165 tons, down 1.06 [1] Inventory - **Soda Ash**: The current week's soda ash厂内库存 is 158.8 tons, up 0.69; the重质库存 is 75.64 tons, up 1.03; the轻质库存 is 83.16 tons, down 0.34; the库存可用天数 is 13.17 days, up 0.06 [1] - **Glass**: The current week's glass库存 is 5535.2 (unit not clear), up 228.8; the库存可用天数 is 24.4 days, up 1.3 [1] Profit - **Soda Ash**: The ammonia - alkali method毛利 is -89.25 yuan/ton, down 0.45; the联产 method毛利 is -32.5 yuan/ton, down 3.5; the天然气利润 is -166.55 yuan/ton, up 1.42; the石油焦利润 is 43.93 yuan/ton, unchanged; the煤 - made gas利润 is -61.79 yuan/ton, up 6.13 [1] - **Glass**: Not provided in the content Basis & Spread - **Soda Ash**: The基差 is -50, up 10; the 1 - 5价差 is -116, down 16; the纯碱 - glass 01价差 is 56, down 7; the纯碱 - glass 05价差 is 97, down 24 [1] - **Glass**: The基差 is -55, up 23; the 1 - 5价差 is -157, up 1 [1]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No relevant information provided Group 3: Summary by Directory Supply - **Soda Ash**: The current week's soda ash开工率 is 84.19%, a decrease of 2.23 percentage points from the previous value; the产量 is 78.31 tons, an increase of 1.14 tons; the重质产量 is 42.11 tons, an increase of 0.82 tons; the轻质产量 is 36.2 tons, an increase of 0.32 tons [1] - **Float Glass**: The current week's float glass开工率 is 71.863%, an increase of 0.243 percentage points from the previous value; the产线条数 is 213, an increase of 1 compared to the previous value; the产量 remains unchanged at 105.6965 tons [1] Inventory - **Soda Ash**: The厂内库存 is 154.42 tons, an increase of 2.3 tons; the重质库存 is 71.61 tons, an increase of 1.94 tons; the轻质库存 is 82.81 tons, an increase of 0.36 tons; the库存可用天数 is 12.8 days, an increase of 0.19 days [1] - **Float Glass**: The库存 is 5256.4 ten thousand weight boxes, a decrease of 65.18 ten thousand weight boxes; the库存可用天数 is 22.8 days, a decrease of 0.3 days [1] Profit - **Soda Ash**: The ammonia - alkali method毛利 is - 88.35 yuan/ton, an increase of 7.95 yuan/ton; the co - production method毛利 is - 26.5 yuan/ton, an increase of 13.5 yuan/ton [1] - **Float Glass**: The natural gas profit is - 155.12 yuan/ton, an increase of 3.57 yuan/ton; the petroleum coke profit is 1.07 yuan/ton, an increase of 2.85 yuan/ton; the coal - gas profit is - 68.5 yuan/ton, a decrease of 3.39 yuan/ton [1] Basis & Spread - **Soda Ash**: The基差 is - 40, a decrease of 5; the 1 - 5价差 is - 84, an increase of 18; the纯碱 - glass01价差 is 73, a decrease of 1; the纯碱 - glass05价差 is 137, an increase of 9 [1] - **Float Glass**: The基差 is - 81, a decrease of 17; the 1 - 5价差 is - 148, an increase of 8 [1]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoint No information provided. 3. Summary by Relevant Catalogs 3.1 Supply - **Soda Ash**: The current week's soda ash production rate is 86.42%, a decrease of 0.4% from the previous value; the output is 77.17 tons, a decrease of 0.36 tons; the heavy - quality output is 41.29 tons, a decrease of 0.09 tons; the light - quality output is 35.88 tons, a decrease of 0.27 tons [2]. - **Glass**: The current week's glass production rate is 71.620%, an increase of 0.137% from the previous value; the number of production lines is 212, unchanged; the output is 105.5215 tons, an increase of 0.29 tons [2]. 3.2 Inventory - **Soda Ash**: The in - factory inventory is 152.12 tons, a decrease of 5.38 tons; the heavy - quality inventory is 69.67 tons, a decrease of 4.13 tons; the light - quality inventory is 82.45 tons, a decrease of 1.25 tons; the inventory available days are 12.61 days, a decrease of 0.45 days [2]. - **Glass**: The inventory is 5321.58 tons, an increase of 20.28 tons; the inventory available days are 23.1 days, an increase of 0.1 days [2]. 3.3 Profit - **Soda Ash**: The production - sales rate is 106.98%, an increase of 7.28% from the previous value; the ammonia - soda process gross profit is - 96.3 yuan/ton, unchanged; the co - production process gross profit is - 40 yuan/ton, an increase of 4 yuan/ton [2]. - **Glass**: The natural gas profit is - 158.69 yuan/ton, an increase of 5.71 yuan/ton; the petroleum coke profit is - 1.78 yuan/ton, a decrease of 5.71 yuan/ton; the coal - gas profit is - 65.11 yuan/ton, an increase of 3.9 yuan/ton [2]. 3.4 Basis and Spread - **Soda Ash**: The basis is - 35, an increase of 15 from the previous value; the 1 - 5 spread is - 102, a decrease of 179 from the previous value; the soda ash - glass 01 spread is 74, a decrease of 101 from the previous value; the soda ash - glass 05 spread is 128, an increase of 21 from the previous value [2]. - **Glass**: The basis is - 64, an increase of 20 from the previous value; the 1 - 5 spread is - 156, a decrease of 301 from the previous value [2].

Group 1: Report Overview - Report Title: "Soda Ash & Glass Industry Chain Weekly Data" [1] - Report Date: January 16, 2026 [1] Group 2: Soda Ash Weekly Data Supply -开工率 increased from 84.39% to 86.82%, a week - on - week increase of 2.43% [2] -产量 rose from 75.36 tons to 77.53 tons, an increase of 2.17 tons [2] -重质产量 increased from 40.45 tons to 41.38 tons, an increase of 0.93 tons [2] -轻质产量 increased from 34.91 tons to 36.15 tons, an increase of 1.24 tons [2] Inventory -厂内库存 increased from 157.27 tons to 157.5 tons, an increase of 0.23 tons [2] -重质库存 increased from 73.62 tons to 73.8 tons, an increase of 0.18 tons [2] -轻质库存 increased from 83.65 tons to 83.7 tons, an increase of 0.05 tons [2] -库存可用天数 increased from 13.04 days to 13.06 days, an increase of 0.02 days [2] Profit -产销率 increased from 78.18% to 99.7%, a week - on - week increase of 21.52% [2] -氨碱法毛利 decreased from - 57.85 yuan/ton to - 96.3 yuan/ton, a decrease of 38.45 yuan/ton [2] -联产法毛利 decreased from - 40 yuan/ton to - 44 yuan/ton, a decrease of 4 yuan/ton [2] Basis & Spread -基差 decreased from - 40 yuan/ton to - 50 yuan/ton, a decrease of 10 yuan/ton [2] -1 - 5价差 decreased from 83 yuan/ton to 77 yuan/ton, a decrease of 6 yuan/ton [2] Variety Arbitrage -纯碱 - 玻璃01价差 increased from 143 yuan/ton to 175 yuan/ton, an increase of 32 yuan/ton [2] -纯碱 - 玻璃05价差 increased from 76 yuan/ton to 107 yuan/ton, an increase of 31 yuan/ton [2] Group 3: Glass Weekly Data Supply -开工率 decreased from 71.954% to 71.38%, a week - on - week decrease of 0.574% [2] -产线条数 remained unchanged at 212 [2] -产量 decreased from 105.9245 tons to 105.2315 tons, a decrease of 0.693 tons [2] Inventory -库存 decreased from 5551.8 tons to 5301.3 tons, a decrease of 250.5 tons [2] -库存可用天数 decreased from 24.1 days to 23 days, a decrease of 1.1 days [2] Profit -天然气利润 increased from - 186.4 yuan/ton to - 164.4 yuan/ton, an increase of 22 yuan/ton [2] -石油焦利润 increased from - 5.78 yuan/ton to 3.93 yuan/ton, an increase of 9.71 yuan/ton [2] -煤制气利润 increased from - 73.83 yuan/ton to - 69.01 yuan/ton, an increase of 4.82 yuan/ton [2] Basis & Spread -基差 increased from - 153 yuan/ton to - 84 yuan/ton, an increase of 69 yuan/ton [2] -1 - 5价差 decreased from 150 yuan/ton to 145 yuan/ton, a decrease of 5 yuan/ton [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Supply - **Soda Ash**: The current week's soda ash开工率 was 84.39%, up 4.43 percentage points from the previous week;产量 was 75.36 tons, up 5.65 tons;重质产量 was 40.45 tons, up 3.35 tons;轻质产量 was 34.91 tons, up 2.3 tons; the number of production lines decreased by 2 to 212 [1] - **Float Glass**: The current week's开工率 was 71.954%, down 1.081 percentage points from the previous week;产量 was 105.9245 tons, down 1.413 tons [1] Inventory - **Soda Ash**: The current week's厂内库存 was 157.27 tons, up 16.44 tons;重质库存 was 73.62 tons, up 6.01 tons;轻质库存 was 83.65 tons, up 10.43 tons;库存可用天数 was 13.04 days, up 1.36 days [1] - **Float Glass**: The current week's库存 was 5551.8万重量箱, down 134.8万重量箱;库存可用天数 was 24.1 days, down 1.5 days [1] Profit - **Soda Ash**: The current week's天然气利润 was -186.4 yuan/ton, up 5 yuan/ton;氨碱法毛利 was -57.85 yuan/ton, up 37.55 yuan/ton;联产法毛利 was -40 yuan/ton, down 4.5 yuan/ton;石油焦利润 was -5.78 yuan/ton, up 18.58 yuan/ton;煤制气利润 was -73.83 yuan/ton, down 8.6 yuan/ton [1] - **Float Glass**: The current week's天然气浮法工艺利润 was -186.4 yuan/ton, up 5 yuan/ton;石油焦浮法工艺利润 was -5.78 yuan/ton, up 18.58 yuan/ton;煤炭浮法工艺利润 data was not shown this week [1] Basis & Spread - **Soda Ash**: The current week's基差 was -40 yuan/ton, up 23 yuan/ton; 1 - 5价差 was 83 yuan/ton, up 5 yuan/ton;纯碱 - 玻璃01价差 was 143 yuan/ton, down 42 yuan/ton;纯碱 - 玻璃05价差 was 76 yuan/ton, down 50 yuan/ton [1] - **Float Glass**: The current week's基差 was -153 yuan/ton, down 33 yuan/ton; 1 - 5价差 was 150 yuan/ton, up 13 yuan/ton [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - No core viewpoints are explicitly stated in the report Summary by Related Catalogs Supply - The current week's soda ash开工率 is 84.35%, up 3.61 from the previous value, and the产量 is 73.54 tons, up 3.15 tons. The heavy产量 is 39.78 tons, up 1.63 tons, and the light产量 is 33.76 tons, up 1.52 tons. The current week's float glass开工率 is 73.844%, up 0.217 from the previous value, the number of production lines is 219, up 1, and the产量 is 108.4895 tons, down 0.02 tons [1] Inventory - The current week's soda ash厂内库存 is 149.43 tons, down 4.43 tons. The heavy库存 is 79.05 tons, down 2.03 tons, and the light库存 is 70.38 tons, down 2.4 tons. The库存可用天数 is 12.39 days, down 0.37 days. The current week's float glass库存 is 5822.7 ten thousand weight boxes, down 121.5 ten thousand weight boxes, and the库存可用天数 is 26.3 days, down 0.5 days [1] Profit - The current week's soda ash天然气利润 is -196.42 yuan/ton, up 26.58 yuan/ton. The氨碱法毛利 is -67.6 yuan/ton, up 0.9 yuan/ton, the联产法毛利 is -49 yuan/ton, up 49.5 yuan/ton. The float glass石油焦利润 is 35.64 yuan/ton, up 14.28 yuan/ton, the煤制气利润 is 6.51 yuan/ton, down 0.01 yuan/ton [1] Basis & Spread - The current week's soda ash基差 is 10, up 40 from the previous value, the 1 - 5价差 is 50, down 20. The float glass基差 is 71, up 24, the 1 - 5价差 is 97, down 24. The纯碱 - glass 01价差 is 147, down 5, and the纯碱 - glass 05价差 is 100, down 1 [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary by Relevant Catalogs Supply - For soda ash, the current week's开工率 is 82.68%, a decrease of 2.12% from the previous value; the产量 is 72.09 (unit not specified, presumably in a certain quantity), a decrease of 1.83 from the previous value; the重质产量 is 39.62, a decrease of 1.47 from the previous value; the轻质产量 is 32.47, a decrease of 0.36 from the previous value [1]. - For glass, the current week's开工率 is 74.854%, a decrease of 0.146% from the previous value; the产线条数 remains 222; the产量 is 111.0195 (unit not specified, presumably in a certain quantity), a decrease of 0.375 from the previous value [1]. Inventory - For soda ash, the厂内库存 is 164.44 (unit not specified, presumably in a certain quantity), a decrease of 6.29 from the previous value; the重质库存 is 88.73, a decrease of 1.98 from the previous value; the轻质库存 is 75.71, a decrease of 4.31 from the previous value; the库存可用天数 is 13.63 days, a decrease of 0.53 days from the previous value [1]. - For glass, the库存 is 6330.3 (unit not specified, presumably in a certain quantity), an increase of 5.6 from the previous value; the库存可用天数 remains 27.5 days [1]. Profit - For soda ash, the氨碱法毛利 is -38.5 (unit not specified, presumably in yuan/ton), a decrease of 15 from the previous value; the联产法毛利 is -153.5 (unit not specified, presumably in yuan/ton), an increase of 28.5 from the previous value [1]. - For glass, the天然气利润 is -206.84 (unit not specified, presumably in yuan/ton), a decrease of 19.14 from the previous value; the石油焦利润 is 8.52 (unit not specified, presumably in yuan/ton), a decrease of 24 from the previous value; the煤制气利润 is 25.79 (unit not specified, presumably in yuan/ton), a decrease of 25.47 from the previous value [1]. Basis & Spread - For soda ash, the基差 is -30, an increase of 15 from the previous value; the 1 - 5价差 is 74, an increase of 8 from the previous value; the纯碱 - glass 01价差 is 169, a decrease of 14 from the previous value; the纯碱 - glass 05价差 is 113, a decrease of 19 from the previous value [1]. - For glass, the基差 is 81, an increase of 33 from the previous value; the 1 - 5价差 is 130, an increase of 13 from the previous value [1].