Report Industry Investment Rating - Not provided in the content Core Viewpoints - The domestic soda ash market showed a volatile and slightly stronger trend, with tight local supplies and a rising price center. The supply decreased due to enterprise maintenance or production reduction, and the total inventory of domestic soda ash manufacturers decreased. The downstream demand for soda ash is expected to be moderately weak, and the inventory of soda ash enterprises is expected to remain at a high level in the near future. The price of soda ash is expected to run weakly in the near term, with the upper pressure on the 01 contract at the 1215 line [2]. Summary by Relevant Catalogs Market Review and Outlook - The domestic soda ash market trended volatile and slightly stronger, with tight local supplies and a rising price center. Last week, the domestic soda ash output was 698,100 tons, a week-on-week decrease of 22,700 tons or 3.15%. The comprehensive production capacity utilization rate of soda ash was 80.08%, a week-on-week decrease of 2.60%. The total inventory of domestic soda ash manufacturers was 1.5874 million tons, a week-on-week decrease of 57,000 tons or 3.47%. The pending orders of soda ash were close to 11+ days, a decrease of about 1+ days. Currently, the profits of soda ash enterprises are poor, and the domestic soda ash production start-up is expected to rise at a high level this week. The downstream demand for soda ash is expected to be moderately weak, with the expected output of downstream float glass decreasing and the output of photovoltaic glass remaining stable for the time being. In the context of loose supply and demand of soda ash, the inventory of soda ash enterprises is expected to remain at a high level in the near future, and attention should be paid to the changes in soda ash production start-up. The price of soda ash is expected to run weakly in the near term, with the upper pressure on the 01 contract at the 1215 line [2]. Factors to Watch - Changes in soda ash production start-up, progress of new capacity investment, and changes in soda ash enterprise inventory [3]. Weekly Changes in Fundamental Data Spot and Futures Market Review - Last week, the soda ash market in East China was dull and stable, with prices adjusting narrowly. The futures price trended volatile and stable, and the basis in the East China market showed a stable and volatile characteristic [8]. Supply Situation Analysis - As of November 27, the domestic soda ash output was 698,100 tons, a week-on-week decrease of 22,700 tons or 3.15%. Among them, the output of light soda ash was 315,100 tons, a week-on-week decrease of 9,600 tons, and the output of heavy soda ash was 383,100 tons, a week-on-week decrease of 13,100 tons. The theoretical profit of Chinese soda ash by the combined soda process (double tons) was -140 yuan/ton, a week-on-week increase of 13.50 yuan/ton. The theoretical profit of Chinese soda ash by the ammonia-soda process was -38.50 yuan/ton, unchanged from the previous week [9]. Demand Situation Analysis - **Photovoltaic Glass**: As of November 27, the domestic in-production capacity of photovoltaic glass was 88,680 tons/day, a week-on-week decrease of 0.78% and a year-on-year increase of 1.29%; the capacity utilization rate was 67.82%, a week-on-week decrease of 0.54%. In December, the supply-demand gap is expected to widen, mainly because the industry demand is expected to shrink significantly near the end of the year, with terminal construction gradually stopping and component purchases decreasing, resulting in a corresponding decrease in photovoltaic glass consumption, while the decline in the supply side is relatively small. Considering the current industry inventory of more than 30 days, there may be unexpected production cuts in December. - **Float Glass**: As of November 27, the average start-up rate of the float glass industry was 74.52%, a week-on-week decrease of 0.34 percentage points; the average capacity utilization rate of the float glass industry was 78.84%, a week-on-week decrease of 0.45 percentage points. This week, there are plans to shut down some float glass production lines, and the output may decrease [13]. Enterprise Inventory Analysis - As of November 27, the total inventory of domestic soda ash manufacturers was 1.5874 million tons, a week-on-week decrease of 57,000 tons or 3.47%. Among them, the inventory of light soda ash was 740,600 tons, a week-on-week decrease of 16,500 tons, and the inventory of heavy soda ash was 846,800 tons, a week-on-week decrease of 40,500 tons [15]. Position Analysis - As of November 28, the long positions of the top 20 members in the soda ash futures were 967,337, a decrease of 526, and the short positions were 1,232,557, an increase of 11,587. The net positions of the top 20 members were bearish [17].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The domestic soda ash market is trending steadily with narrow price adjustments. With increasing supply, stable downstream demand, and a balanced production - sales situation, the inventory is expected to remain high. The soda ash price is forecasted to be weakly volatile in the near term, with the 01 contract facing resistance at the 1250 line. Key factors to watch include soda ash start - up changes, new capacity release progress, and inventory changes [2]. 3. Section - by - Section Summary Market Review and Outlook - Last week, the domestic soda ash output was 75.76 million tons, a 2.29% increase from the previous week. The comprehensive capacity utilization rate was 86.89%, up 1.95%. The total inventory of soda ash manufacturers was 170.20 million tons, a 0.01% decrease. The pending orders of soda ash enterprises increased to 11.6 days [2]. - Currently, soda ash enterprises have poor profits. The domestic soda ash start - up is expected to remain high and stable this week. The downstream demand is expected to be stable, and the output of float glass is expected to run smoothly. With a loose supply - demand situation, the inventory of soda ash enterprises is expected to remain high. The price is expected to be weakly volatile, with the 01 contract facing resistance at 1250 [2]. This Week's Fundamental Data Weekly Changes - **Spot and Futures Market**: The East China soda ash market was stable with narrow price adjustments and little change in basis [6]. - **Supply**: As of November 13, the domestic soda ash output was 73.93 million tons, a 1.01% decrease. The theoretical profit of dual - ton soda ash by the combined - alkali method was - 182 yuan/ton, down 8 yuan/ton, and that of the ammonia - alkali method was - 23.50 yuan/ton, up 20 yuan/ton [8]. - **Demand** - **Photovoltaic Glass**: As of November 13, the in - production capacity of photovoltaic glass was 89380 tons/day, a 1.42% increase from the previous week but a 1.76% decrease year - on - year. The capacity utilization rate was 68.35%, up 0.96%. There is an expectation of cold - repair of production lines this week, with an estimated reduction of 1200 tons/day. In November, the supply is expected to increase while the demand is expected to decline, and the market difference is expected to widen [12]. - **Float Glass**: As of November 13, the average start - up rate of the float glass industry was 75%, down 0.92 percentage points. The average capacity utilization rate was 79.56%, down 0.86 percentage points. There are no plans for ignition or water - release of production lines this week, and the output may remain stable [12]. - **Enterprise Inventory**: As of November 13, the total inventory of domestic soda ash manufacturers was 170.73 million tons, a 0.40% decrease. The inventory of light soda ash was 80.02 million tons, down 1.44 million tons, and that of heavy soda ash was 90.71 million tons, up 0.75 million tons [14]. - **Position Analysis**: As of November 14, the long positions of the top 20 members in soda ash futures were 920790, a decrease of 40204, and the short positions were 1168939, an increase of 3342. The net positions of the top 20 members were bearish [16].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No explicit core viewpoints are presented in the given content. The report mainly offers data on glass and soda ash prices, profits, and related market indicators. 3. Summary by Related Catalogs Glass - **Price Changes**: From April 29 to May 6, the price of 5mm large - plate glass in some regions decreased. For example, the price of Shahe Safety 5mm large - plate dropped from 1220.0 to 1198.0, a decrease of 22.0; the price of Hubei large - plate low - price dropped from 1140.0 to 1110.0, a decrease of 30.0 [1]. - **Contract Price Changes**: The FG09 contract price decreased from 1108.0 to 1071.0, a decrease of 37.0; the FG05 contract price decreased by 36.0 from April 29 to May 6 but increased by 7.0 from April 30 to May 6 [1]. - **Profit Changes**: The North China coal - fired profit increased from 258.7 to 268.5, an increase of 9.8; the 09FG disk surface natural gas profit decreased from - 286.2 to - 313.6, a decrease of 27.3 [1]. - **Spot and Sales**: Shahe traders' price was around 1173, and the Hubei factory low - price was around 1110. The sales volume in Shahe was 98, in Hubei was 93, in East China was 107, and in South China was 114 [1]. Soda Ash - **Price Changes**: From April 29 to May 6, the price of Shahe heavy soda decreased from 1350.0 to 1330.0, a decrease of 20.0; the price of Central China heavy soda decreased from 1350.0 to 1290.0, a decrease of 60.0 [1]. - **Contract Price Changes**: The SA05 contract price decreased from 1329.0 to 1281.0, a decrease of 48.0; the SA01 contract price decreased by 50.0 during the same period [1]. - **Profit Changes**: The North China ammonia - alkali profit decreased from - 84.7 to - 122.1, a decrease of 37.5; the North China combined - alkali profit decreased from 69.5 to 18.4, a decrease of 51.1 [1]. - **Spot and Industry**: The heavy soda spot price in Hebei delivery warehouses was around 1290, and in Shahe warehouses was around 1340. There were many maintenance expectations in May [1].