1. Report's Industry Investment Rating - Not provided in the report 2. Core View of the Report - The supply of soda ash shows a downward trend as enterprise maintenance begins, but the overall supply is expected to be abundant. The daily melting volume of downstream float glass and photovoltaic glass continues to decline, and the inventory of soda ash plants is at the highest level in the same period in history, which is bearish. The basis indicates that the futures price is higher than the spot price, and the inventory is above the five - year average, also bearish. The price is running below the 20 - day moving average, which is neutral. The main position is net short with a reduction in short positions, bearish. In the short term, soda ash is expected to fluctuate mainly due to cost - side support [2]. 3. Summary According to Relevant Catalogs 3.1 Daily View - **Fundamentals**: Supply is decreasing with enterprise maintenance, but overall supply is expected to be abundant. Downstream float and photovoltaic glass daily melting volume is declining, and plant inventory is at a historical high in the same period, bearish [2]. - **Basis**: The spot price of heavy - quality soda ash in Hebei Shahe is 1190 yuan/ton, the closing price of SA2605 is 1202 yuan/ton, and the basis is - 12 yuan, with futures at a premium to spot, bearish [2]. - **Inventory**: The national soda ash plant inventory is 185.38 tons, a decrease of 4.03% from the previous week, and the inventory is above the five - year average, bearish [2]. - **Disk**: The price is running below the 20 - day moving average, and the 20 - day moving average is upward, neutral [2]. - **Main Position**: The main position is net short with a reduction in short positions, bearish [2]. - **Expectation**: Due to cost - side support, soda ash is expected to fluctuate in the short term [2]. 3.2 Influencing Factors - **Likely to Rise**: Downstream float glass has few cold repairs and stable production. The conflict between the US and Iran boosts market bullish sentiment [4]. - **Likely to Fall**: The operating load of the second - phase production line of Yuangxing Energy has increased, and there is no new maintenance plan, so the output is expected to remain high. The downstream photovoltaic glass of heavy - quality soda ash has reduced production, and the demand for soda ash has weakened [4]. - **Main Logic**: The supply of soda ash is at a high level, the terminal demand is declining, the inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved [4]. 3.3 Soda Ash Futures Market | Indicator | Previous Value | Current Value | Change Rate | | --- | --- | --- | --- | | Main Contract Closing Price (yuan/ton) | 1217 | 1220 | - 1.23% | | Heavy - Quality Soda Ash: Shahe Low - end Price (yuan/ton) | 1205 | 1190 | - 1.24% | | Main Basis (yuan/ton) | -12 | -12 | 0.00% | [5] 3.4 Soda Ash Spot Market - The low - end price of heavy - quality soda ash in the Hebei Shahe market is 1190 yuan/ton, a decrease of 15 yuan/ton from the previous day [11]. 3.5 Soda Ash Production Profit - The profit of heavy - quality soda ash using the North China ammonia - soda method is - 25.30 yuan/ton, and the profit using the East China co - production method is 227.5 yuan/ton [14]. 3.6 Soda Ash开工率、产能产量 - The weekly industry operating rate of soda ash is 87% [17]. - The weekly output of soda ash is 81.81 tons, including 43.40 tons of heavy - quality soda ash, at a historical high [19]. 3.7 Fundamental Analysis - Demand - **Soda Ash Sales Rate**: The weekly sales rate of soda ash is 101.92% [22]. - **Soda Ash Downstream Demand**: - **Float Glass**: The daily melting volume of national float glass is 14.58 tons, and the operating rate is 70.41% [25]. - **Photovoltaic Glass**: Not detailed in the report 3.8 Fundamental Analysis - Inventory - The national soda ash plant inventory is 185.38 tons, a decrease of 4.03% from the previous week, and the inventory is above the five - year average [30]. 3.9 Fundamental Analysis - Supply - Demand Balance Sheet | Year | Effective Capacity (10,000 tons) | Output (10,000 tons) | Operating Rate | Imports (10,000 tons) | Exports (10,000 tons) | Net Imports (10,000 tons) | Apparent Supply (10,000 tons) | Total Demand (10,000 tons) | Supply - Demand Difference (10,000 tons) | Capacity Growth Rate | Output Growth Rate | Apparent Supply Growth Rate | Total Demand Growth Rate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2017 | 3035 | 2715 | 89.46% | 14 | 152 | - 138 | 2577 | 2517 | 60 | 2.20% | 5.10% | 7.40% | 4.60% | | 2018 | 3087 | 2583 | 83.57% | 29 | 138 | - 109 | 2474 | 2523 | - 49 | 1.85% | - 4.86% | - 4.00% | 0.24% | | 2019 | 3247 | 2804 | 86.36% | 19 | 144 | - 125 | 2679 | 2631 | 48 | 5.05% | 8.56% | 8.29% | 4.28% | | 2020 | 3317 | 2757 | 73.40% | 36 | 138 | - 102 | 2655 | 2607 | 48 | 2.16% | - 1.68% | - 0.90% | - 0.91% | | 2021 | 3288 | 2892 | 71.90% | 23 | 73 | - 50 | 2842 | 2764 | 78 | - 0.87% | 4.90% | 7.04% | 6.02% | | 2022 | 3114 | 2944 | 85.26% | 11 | 206 | - 195 | 2749 | 2913 | - 164 | - 5.29% | 1.80% | - 3.27% | 5.39% | | 2023 | 3342 | 3228 | 87.76% | 82 | 144 | - 62 | 3166 | 3155 | 11 | 7.32% | 9.65% | 15.17% | 8.31% | | 2024E | 3930 | 3650 | 78.20% | 42 | 156 | - 114 | 3536 | 3379 | 157 | 17.59% | 13.07% | 11.69% | 7.10% | [31]

Group 1 - The domestic futures market for the chemical sector showed a mostly positive trend, with soda ash futures experiencing a price increase of 2.11%, reaching a high of 1218.00 yuan/ton [1] - Current market conditions indicate a strong upward trend for soda ash prices, although supply-demand imbalances remain unresolved, with new production capacity expected to come online [1][2] - The overall supply of soda ash is currently abundant, but demand remains weak, particularly in the downstream sectors, leading to a cautious outlook for future price increases [1][2] Group 2 - New production capacity is expected to exacerbate the oversupply of soda ash, with recent price movements indicating a breach of cost levels, prompting a wait for unexpected supply changes [2] - The acceleration of glass cold repairs has further weakened the demand expectations for soda ash, while high inventory levels in the upstream and midstream sectors continue to limit price increases [2] - In November, soda ash exports reached nearly 190,000 tons, helping to alleviate some domestic market pressure [2]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View Last week, the soda ash futures fluctuated narrowly, with the main contract SA2601 closing 1.32% higher than the previous week at 1,226 yuan/ton. The low - end price of heavy soda ash in Hebei Shahe was 1,170 yuan/ton, up 1.30% from the previous week. Supply has narrow fluctuations, and next week's output is expected to increase slightly to 740,000 tons with a capacity utilization rate of 85%. Demand from downstream industries is average, and they mainly replenish inventory on a just - in - time basis. As of November 13, the national soda ash inventory in factories was 1.7073 million tons, a 0.40% decrease from the previous week, and the inventory is at a historically high level. Overall, the fundamentals of soda ash remain weak, and it is expected to fluctuate weakly in the short term [3]. 3. Summary by Directory 3.1 Soda Ash Futures and Spot Weekly Market - The closing price of the main contract was 1,226 yuan/ton, up 1.32% from the previous value. - The low - end price of heavy soda ash in Shahe was 1,170 yuan/ton, up 1.30% from the previous value. - The main basis was - 56 yuan/ton, up 1.82% from the previous value [8]. 3.2 Soda Ash Spot Market The low - end price of heavy soda ash in Hebei Shahe was 1,170 yuan/ton, a 1.30% increase from the previous week [14]. 3.3 Fundamentals - Supply - **Production Profit**: The profit of heavy soda ash by the North China ammonia - soda process was - 103.50 yuan/ton, and that by the East China co - production process was - 232 yuan/ton, at a historically low level [17]. - **开工率、产能产量**: The weekly industry operating rate was 84.80%. The weekly output was 739,200 tons, including 410,900 tons of heavy soda ash, at a historically high level. The weekly production heavy - soda ratio was 55.54% [20][22][24]. - **Industry Capacity Changes**: In 2023, the newly added capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned newly added capacity was 7.5 million tons, with an actual production of 1 million tons [25]. 3.4 Fundamentals - Demand - **产销率**: The weekly sales - to - production ratio of soda ash was 100.93% [28]. - **下游需求**: The daily melting volume of national float glass was 159,100 tons, with an operating rate of 75% [31]. 3.5 Fundamentals - Inventory The national soda ash inventory in factories was 1.7073 million tons, a 0.40% decrease from the previous week, and the inventory was above the five - year average [38]. 3.6 Fundamentals - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand gap, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [39].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View Last week, the soda ash futures first rose and then fell. The main contract SA2601 closed at 1,225 yuan/ton, down 0.33% from the previous week. The low - end price of heavy soda ash in Hebei Shahe was 1,170 yuan/ton, down 0.85% from the previous week. The supply of soda ash is abundant, with stable operation of plants, few maintenance enterprises, and expected continuous increase in supply. The downstream demand is average, with large capital pressure. As of October 30, the national soda ash inventory in factories was 1.702 million tons, a decrease of 0.01% from the previous week, and the inventory is at a historically high level. Overall, the fundamentals of soda ash remain weak, and it is expected to fluctuate weakly in the short term [2]. 3. Summary by Directory 3.1 Weekly Soda Ash Futures and Spot Market - The closing price of the main futures contract was 1,225 yuan/ton, down 0.33% from the previous value; the low - end price of heavy soda ash in Shahe was 1,170 yuan/ton, down 0.85% from the previous value; the main basis was - 55 yuan/ton, up 12.24% [8]. 3.2 Soda Ash Spot Market - The low - end price of heavy soda ash in Hebei Shahe was 1,170 yuan/ton, down 0.85% from the previous week [14]. - The profit of heavy soda ash using the North China ammonia - alkali method was - 101.70 yuan/ton, and that using the East China co - production method was - 203 yuan/ton, at a historically low level [17]. - The weekly industry operating rate of soda ash was 86.89%, and the weekly output was 757,600 tons, including 419,800 tons of heavy soda ash, at a historically high level. The weekly production heavy - alkalization rate was 55.41% [20][22][24]. - Since 2023, the soda ash production capacity has expanded significantly, with large production plans this year. In 2023, the newly added production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned newly added production capacity was 7.5 million tons, with an actual production of 1 million tons [5][25]. 3.3 Fundamental Analysis - Demand - The weekly sales - to - production ratio of soda ash was 99.78% [28]. - The daily melting volume of national float glass was 161,300 tons, and the operating rate of 76.35% was stable. The daily melting volume of photovoltaic glass was 89,300 tons, an increase of 650 tons from the previous week [31]. 3.4 Fundamental Analysis - Inventory - The national soda ash inventory in factories was 1.702 million tons, a decrease of 0.01% from the previous week, and the inventory was above the five - year average [38]. 3.5 Fundamental Analysis - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective production capacity, output, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, production capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [39]. 3.6 Influencing Factors - **Positive factors**: The peak maintenance season is approaching this year, and the output is expected to decline [4]. - **Negative factors**: Since 2023, the soda ash production capacity has expanded significantly, and there are still large production plans this year. The production of the industry is at a historically high level; the production of downstream photovoltaic glass of heavy soda ash has decreased, and the demand for soda ash has weakened; the positive sentiment of macro - policies has subsided [5][7]. 3.7 Main Logic The supply of soda ash is at a high level, the terminal demand has declined, the inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved [6].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week, the soda ash futures continued to decline. The closing price of the main contract SA2601 dropped 1.20% compared to before the National Day holiday, reaching 1240 yuan/ton. The low - end price of heavy soda ash in Hebei Shahe was 1150 yuan/ton, down 1.71% from before the holiday. With ample supply, weak demand, and high inventory, the fundamentals of soda ash remain weak. Considering the possible intensification of Sino - US tariff frictions, the short - term trend is expected to be mainly weak and volatile [3]. Summary by Directory Weekly Viewpoint - Futures and spot prices of soda ash declined last week. Supply is at a high level, with an expected weekly output of 770,000 tons and an operating rate of 89%. The second - phase project of Yuangxing Energy is expected to be put into production by the end of the year. Demand is weak due to supply disturbances in downstream float glass and the implementation of "anti - involution" in photovoltaic glass. Inventory is at a historically high level, with the national factory inventory of soda ash at 1.6598 million tons as of October 9, up 0.50% from the previous week [3]. Influencing Factors Summary - **Likely to be favorable**: The peak maintenance period within the year is approaching, and production is expected to decline [5]. - **Likely to be unfavorable**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The industry's output is at a historically high level. The production of heavy - soda downstream photovoltaic glass has decreased, weakening the demand for soda ash. The positive sentiment of macro - policies has faded [6][8]. Main Logic - The supply of soda ash is at a high level, terminal demand has declined, inventory is at a high level compared to the same period, and the mismatch between supply and demand in the industry has not been effectively improved [7]. Soda Ash Futures and Spot Weekly Market - The closing price of the main contract decreased from 1255 yuan/ton to 1240 yuan/ton, a drop of 1.20%. The low - end price of heavy soda ash in Shahe decreased from 1170 yuan/ton to 1150 yuan/ton, a drop of 1.71%. The main basis increased from - 85 yuan/ton to - 90 yuan/ton, an increase of 5.88% [9]. Soda Ash Spot Market - The low - end price of heavy soda ash in Hebei Shahe was 1150 yuan/ton, down 1.71% from the previous week [14]. Fundamentals - Supply - **Production profit**: The profit of the North China ammonia - soda process for heavy soda ash was - 89.25 yuan/ton, and that of the East China co - production process was - 114.50 yuan/ton. The production profit has rebounded from a historical low [17]. - **Operating rate, production capacity, and output**: The weekly operating rate of the soda ash industry was 88.41%. The weekly output was 770,800 tons, including 428,700 tons of heavy soda ash, at a historical high. The weekly production heavy - soda ratio was 55.62% [20][22][25]. - **Changes in production capacity**: In 2023, the newly added production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned newly added production capacity was 7.5 million tons, with an actual production of 1 million tons [26]. Fundamentals - Demand - **Sales - to - production ratio**: The weekly sales - to - production ratio of soda ash was 92.23% [29]. - **Downstream demand**: The daily melting volume of national float glass was 161,300 tons, and the operating rate was 76.01% and stable [32]. Fundamentals - Inventory - The national soda ash factory inventory was 1.6598 million tons, up 0.50% from the previous week, and the inventory was above the five - year average [39]. Fundamentals - Supply - Demand Balance Sheet - Data on the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including effective production capacity, output, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand gap, production capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate, are provided [40].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View Glass - Supply: Current daily melting is around 160,000 tons with a short - term upward expectation. Xinjiang Puyao and Zhuzhou Liling Qibin restarted production in August. Attention should be paid to unexpected supply changes and the coal - to - gas conversion of Shahe production lines [3]. - Inventory: The total inventory of national float glass sample enterprises is 60.908 million heavy cases, a week - on - week decrease of 675,000 heavy cases (-1.10%) and a year - on - year decrease of 18.56%. The inventory days are 26 days, 0.3 days less than the previous period. Middle - stream inventories in Shahe and Hubei remain high [3]. - Profit: According to Longzhong data, the profit of natural gas - fired glass production lines is - 165 yuan, coal - gas - fired is + 94 yuan, and petroleum - coke - fired is + 41 yuan [3]. - Demand: As of mid - September, the deep - processing order days are 10.5 days, a week - on - week increase of 1.0% and a year - on - year increase of 2.94%. The deep - processing raw material reserve is 11.1 days, a week - on - week decrease of 5.1% and a year - on - year increase of 60.87%. This week's production and sales weakened overall, especially in Shahe [3]. - Strategy: High inventories in the upper and middle reaches and weak real - world demand limit price increases. There are still differences in whether there will be an unexpected reduction in supply in the fourth quarter. The glass price currently lacks a clear trend and trading logic. The near - term supply - strong and demand - weak pattern remains unchanged, and the mid - stream inventory reduction ability is weak. There are still profits in coal - gas and petroleum - coke production lines, and policy expectations are uncertain. The cumulative apparent demand from January to September is estimated to decline by 6% - 6.5%, and the spot market is in a state of weak balance to weak surplus. Future attention points include supply ignition expectations, coal prices, and mid - stream inventory reduction [3]. 纯碱 - Supply: Weekly production is 745,700 tons (a week - on - week decrease of 15,400 tons, with heavy soda down 4,000 tons and light soda down 11,400 tons). The supply remains high, and Yuanxing Phase II started the commissioning stage on September 19 [4]. - Inventory: The factory inventory is 1.7556 million tons, a week - on - week decrease of 41,900 tons. The delivery warehouse inventory is 614,900 tons (an increase of 59,400 tons). The total inventory of factory and delivery warehouses is 2.3705 million tons, a week - on - week increase of 17,500 tons. The upstream soda ash plants are reducing high - level inventories [6]. - Profit: According to Longzhong data, the theoretical profit of the dual - ton joint - alkali method is - 71 yuan/ton, and that of the ammonia - alkali method is - 37 yuan/ton. The raw salt price remained stable this week, while the coal price increased, leading to a slight increase in the cost [6]. - Demand: The inventory of photovoltaic finished products continues to decline, and the pressure eases. The daily melting of photovoltaic glass is 88,800 tons, remaining stable. The float glass end is generally stable. In August, the export of soda ash was 215,400 tons, far exceeding expectations, a month - on - month increase of 33.6% [6]. - Strategy: Market sentiment and focus will fluctuate, increasing the volatility of soda ash. With Yuanxing Phase II starting commissioning, the long - term supply pressure of soda ash persists. The mid - and downstream of heavy and light soda ash mainly replenish inventory due to rigid demand, and the pressure on soda ash plants has eased. The long - and medium - term supply of soda ash is expected to remain high, and normal maintenance continues. The fundamentals of photovoltaic glass have further improved, and the inventory of photovoltaic glass finished products has declined to a relatively low level. The rigid demand for soda ash is stable, and there is no expectation of weakening. The balance of heavy soda ash remains in surplus. However, the export of soda ash in August exceeded 200,000 tons, which alleviates domestic pressure to some extent. High inventories in the upper and middle reaches limit the price of soda ash, and the supply - strong and demand - weak pattern remains unchanged [6]. 3. Summary by Relevant Catalogs Glass Industry Data Futures Disk - Includes seasonal charts of the closing price, trading volume, and warehouse receipt quantity of the glass futures main contract [8]. Spot Data - Presents seasonal charts of Shahe delivery product prices, float glass prices in different regions (such as Central China, East China), and price differences between different regions and plate sizes [11][14][17]. Month - to - Month and Basis - Provides seasonal charts of glass futures month - to - month spreads (e.g., 05 - 09, 09 - 01) and basis of different contracts (e.g., 01, 05, 09) in different regions (such as Shahe, Hubei Yijun) [25][27][36]. Supply Data - Contains seasonal charts of float glass daily melting, weekly production, loss volume, production line start - up rate, and capacity utilization rate [40][41][45]. Production and Sales - Shows seasonal charts of glass production and sales rates on a weekly average basis in different regions (such as Shahe, Hubei, East China, South China) [48]. Deep - Processing - Presents seasonal charts of deep - processing glass raw material inventory days, deep - processing order days, and the ratio and difference between them [54]. Cost and Profit - Displays seasonal charts of the cost and profit of float glass produced by different processes (coal - fired, natural - gas - fired, petroleum - coke - fired) [58]. Import and Export - Provides seasonal charts of float glass monthly import, export, and net export volumes [62]. Statistics Bureau Data - Includes seasonal charts of the monthly output of flat glass, hollow glass, tempered glass, and laminated glass [66]. Inventory - Contains seasonal charts of float glass factory inventory, inventory in different regions (such as East China, North China, South China), and Shahe inventory (factory, dealer, and total inventory) [70][72][79]. Apparent Demand - Shows seasonal charts of float glass weekly and monthly apparent demand (with and without imports and exports) and the cumulative year - on - year change of monthly apparent demand [85]. Soda Ash Industry Data Futures Disk - Includes seasonal charts of the closing price, trading volume, and warehouse receipt quantity of the soda ash futures main contract [88]. Spot Data - Presents seasonal charts of the market price of heavy and light soda ash in different regions (such as Shahe, North China, Qinghai) and the price difference between heavy and light soda ash in different regions [92][96][101]. Month - to - Month and Basis - Provides seasonal charts of soda ash futures month - to - month spreads (e.g., 05 - 09, 09 - 01) and basis of different contracts (e.g., 01, 05, 09) in Shahe [109][111][116]. Supply Data - Contains seasonal charts of soda ash weekly production, production of heavy and light soda ash, capacity utilization rate in different regions and processes, and monthly production (weekly converted to monthly) and its cumulative value [115][117][132]. Cost and Profit - Displays seasonal charts of the cost and profit of soda ash produced by different processes (ammonia - alkali method, co - production method) [134]. Import and Export - Provides seasonal charts of soda ash monthly import, export, and net export volumes [143]. Inventory - Contains seasonal charts of soda ash factory inventory, delivery warehouse inventory, total inventory (factory + delivery warehouse), and inventory in different regions (such as North China, South China, Central China) [147][149][153]. Apparent Demand - Shows seasonal charts of soda ash weekly and monthly apparent demand (with and without imports and exports), apparent demand of light and heavy soda ash, and the number of days of outstanding orders of soda ash enterprises and raw material inventory days of glass factories [157][160][168]. Photovoltaic Glass - Presents seasonal charts of photovoltaic glass daily melting, loss volume, combined daily melting and loss volume of float and photovoltaic glass, and weekly enterprise inventory [172][173][177].

Industry Research Summary - Soda Ash Industry Industry Overview - The soda ash industry is characterized by simple processes and limited competition due to resource barriers. The main production methods include ammonia-soda process, dual-soda process, and natural soda process. The natural soda process is favored for its cost advantages, with production costs as low as 500-600 RMB per ton [2][3]. Key Insights - **Natural Soda Process Market Share**: Currently, the natural soda process holds a market share of only 15%, primarily contributed by Boyuan Chemical. This is a significant increase from less than 5% in 2022. Future expansions, such as the Alashan Phase II project, are expected to increase this share [1][3][4]. - **Price Influences**: Soda ash prices are primarily influenced by supply-demand dynamics rather than upstream raw material costs. Prices surged during 2020-2021 due to supply shortages but declined in 2022 with new capacity additions. A continued increase in supply pressure is expected to lead to further price declines in 2024-2025 [1][5][11]. - **Downstream Demand**: The main downstream applications for soda ash include flat glass (46%), daily-use glass (20%), and photovoltaic glass (13%). The demand for flat glass is expected to decline due to a weakening real estate market, while photovoltaic glass is projected to be a significant growth area, with a 54% increase in production in 2023 [1][6][7]. Future Projections - **Demand Growth**: Soda ash demand is projected to grow by approximately 2.64% by 2025, with photovoltaic glass contributing the most significant growth rate of 3.9%. The decline in flat glass demand due to real estate market pressures necessitates a focus on photovoltaic and flat glass sectors [7][8]. - **Capacity Expansion**: The industry is expected to see significant capacity expansion, with Boyuan Chemical's Phase I project reaching 5 million tons, leading to a total capacity of 43.5 million tons by the end of 2024. This increase will contribute to rising inventory levels, which may pressure prices [1][9][10]. Inventory and Price Trends - **Current Inventory Levels**: Soda ash inventory is currently high at approximately 1.8 million tons, which poses a significant challenge for price recovery. Future price movements will largely depend on inventory digestion [10][11]. - **Price Forecast**: Prices are expected to stabilize between 1,250 and 1,350 RMB when supply-demand balance is achieved, particularly as higher-cost producers exit the market [11][12]. Competitive Landscape - **Key Players**: Boyuan Chemical remains a leading supplier due to its cost advantages. Other companies like Zhongyan Chemical and Shandong Haohua are also noteworthy as they have secured mining rights for natural soda projects, although their market impact will not be felt until 2027 [13]. Boyuan Chemical faces risks related to its Mengda Mining project, which may affect its stock performance [13].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The fundamentals of soda ash show strong supply and weak demand. In the short term, it is expected to mainly move in a volatile manner. The industry's supply - demand mismatch pattern has not been effectively improved. Although there are some potential positive factors such as the upcoming summer maintenance peak, the overall situation is still bearish due to high supply, weak terminal demand, and high inventory [2][5]. 3. Summary by Relevant Catalogs 3.1 Daily View - **Fundamentals**: Alkali plants have few overhauls, supply remains high; downstream float glass daily melting volume is stable, while photovoltaic daily melting volume drops significantly, terminal demand weakens, and soda ash plant inventories are at a historical high; outlook is bearish [2]. - **Basis**: The spot price of heavy - quality soda ash in Hebei Shahe is 1,260 yuan/ton, the closing price of SA2601 is 1,383 yuan/ton, with a basis of - 123 yuan, and the futures price is higher than the spot price; outlook is bearish [2]. - **Inventory**: The national soda ash plant inventory is 1.8651 million tons, an increase of 3.86% from the previous week, and the inventory is above the 5 - year average; outlook is bearish [2]. - **Disk**: The price is above the 20 - day line, and the 20 - day line is upward; outlook is bullish [2]. - **Main Position**: The main position is net short, and short positions increase; outlook is bearish [2]. - **Expectation**: Given the supply - demand situation, soda ash is expected to move in a volatile manner in the short term [2]. 3.2 Impact Factors Summary - **Positive Factors**: The upcoming summer maintenance peak will lead to a decline in production [3]. - **Negative Factors**: Since 2023, soda ash production capacity has expanded significantly, and there are still large production plans this year. The production of heavy - alkali downstream photovoltaic glass has decreased, weakening the demand for soda ash. The sentiment of the "anti - involution" policy has faded [5]. 3.3 Soda Ash Futures Market - The closing price of the main contract decreased from 1,409 yuan/ton to 1,383 yuan/ton, a decrease of 1.85%. The low - end price of heavy - quality soda ash in Shahe decreased from 1,275 yuan/ton to 1,260 yuan/ton, a decrease of 1.18%. The main basis decreased from - 134 yuan/ton to - 123 yuan/ton, a decrease of 8.21% [6]. 3.4 Soda Ash Spot Market - The low - end price of heavy - quality soda ash in Hebei Shahe is 1,260 yuan/ton, a decrease of 15 yuan/ton from the previous day [12]. - **Production Profit**: The profit of heavy - quality soda ash using the North China ammonia - soda process is - 23.80 yuan/ton, and that using the East China co - production process is 18.50 yuan/ton. The production profit has rebounded from a historical low [15]. - **Operating Rate and Production**: The weekly operating rate of the soda ash industry is 85.41%, and the operating rate is expected to decline seasonally. The weekly production is 744,600 tons, including 423,400 tons of heavy - quality soda ash, with production at a historical high [18][20]. - **Capacity Changes**: In 2023, the new production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new production capacity is 7.5 million tons, with 1 million tons actually put into production [21]. 3.5 Fundamental Analysis - Demand - **Sales - to - Production Ratio**: The weekly sales - to - production ratio of soda ash is 90.69% [25]. - **Downstream Demand**: The daily melting volume of national float glass is 159,600 tons, and the operating rate is stable at 75.19%. The price of photovoltaic glass continues to fall, and under the influence of the "anti - involution" policy, the industry has cut production, and the in - production daily melting volume has decreased significantly [28][31]. 3.6 Fundamental Analysis - Inventory - The national soda ash plant inventory is 1.8651 million tons, an increase of 3.86% from the previous week, and the inventory is above the 5 - year average [34]. 3.7 Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheets from 2017 to 2024E show various data such as effective capacity, production, operating rate, imports, exports, and supply - demand differences. The supply - demand situation has fluctuated over the years, and in 2024E, the supply - demand difference is 157,000 tons [35].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The fundamental situation of soda ash shows strong supply and weak demand, and the sentiment of policy benefits has faded. In the short term, it is expected to mainly fluctuate weakly [2]. - The main logic is that the supply of soda ash is at a high level, the terminal demand is declining, the inventory is at a high level in the same period, and the mismatch between supply and demand in the industry has not been effectively improved [5]. 3. Summary by Relevant Catalogs 3.1 Soda Ash Futures Market - The closing price of the main contract of soda ash futures was 1,271 yuan/ton, a rise of 1.44% from the previous value; the low - end price of heavy soda ash in Shahe was 1,250 yuan/ton, a rise of 0.81%; the main basis was - 21 yuan/ton, a rise of 61.54% [6]. 3.2 Soda Ash Spot Market - The low - end price of heavy soda ash in the Hebei Shahe market was 1,250 yuan/ton, up 10 yuan/ton from the previous day [12]. 3.3 Fundamental - Supply - The production profit of heavy soda ash has rebounded from a historical low, with a profit of - 22.90 yuan/ton for the North China ammonia - soda process and 56.50 yuan/ton for the East China co - production process [15]. - The weekly industry operating rate of soda ash was 80.27%, and the operating rate is expected to decline seasonally. The weekly output was 69.98 tons, with 39.87 tons of heavy soda ash, and the output was at a historical high [18][20]. - From 2023 to 2025, there were large - scale new production capacity plans for soda ash, with 640 tons in 2023, 180 tons in 2024, and a planned 750 tons in 2025 (actual production of 100 tons) [21]. 3.4 Fundamental - Demand - The weekly production and sales rate of soda ash was 109.83% [24]. - The daily melting volume of national float glass was 15.96 tons, and the operating rate was stable at 75% [27]. - The price of photovoltaic glass continued to fall. Affected by the "anti - involution" policy, the industry cut production, and the daily melting volume in production decreased significantly [30]. 3.5 Fundamental - Inventory - The national soda ash inventory in factories was 179.58 tons, a decrease of 3.69% from the previous week, and the inventory was running above the five - year average [33]. 3.6 Fundamental - Supply - Demand Balance Sheet - The report provided the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data such as effective production capacity, output, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, output growth rate, apparent supply growth rate, and total demand growth rate [34]. 3.7 Influencing Factors - **Positive factors**: The peak summer maintenance period is approaching, and production will decline [3]. - **Negative factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year; the downstream photovoltaic glass of heavy soda ash has cut production, and the demand for soda ash has weakened; the sentiment of the "anti - involution" policy has faded [5].

Report Industry Investment Rating There is no information provided about the report industry investment rating. Core Viewpoints of the Report - The fundamental situation of soda ash shows strong supply and weak demand, and the sentiment of policy benefits has faded. In the short term, it is expected to mainly operate in a weak and fluctuating manner [2]. - The supply - demand mismatch pattern in the industry has not been effectively improved, with high supply, declining terminal demand, and high inventory [5]. Summary by Relevant Catalogs 1. Daily Viewpoints - **Fundamentals**: The "anti - involution" sentiment has faded. There are few alkali plant overhauls, and supply remains high. The daily melting volume of downstream float glass is stable, while that of photovoltaic glass has declined significantly, and terminal demand is weak. The inventory of soda ash plants is at a historical high, which is bearish [2]. - **Basis**: The spot price of heavy - quality soda ash in Hebei Shahe is 1,240 yuan/ton, and the closing price of SA2509 is 1,253 yuan/ton, with a basis of - 13 yuan. The futures price is higher than the spot price, which is bearish [2]. - **Inventory**: The national in - plant inventory of soda ash is 1.7958 million tons, a decrease of 3.69% from the previous week, and the inventory is above the 5 - year average, which is bearish [2][33]. - **Disk**: The price is running below the 20 - day line, and the 20 - day line is upward, which is neutral [2]. - **Main Position**: The main position is net short, and short positions are increasing, which is bearish [2]. - **Expectation**: The fundamental situation of soda ash is characterized by strong supply and weak demand, and the sentiment of policy benefits has faded. In the short term, it is expected to mainly operate in a weak and fluctuating manner [2]. 2. Influencing Factors Summary - **Positive Factors**: The peak summer overhaul period is approaching, and production will decline [3]. - **Negative Factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production - start plans this year. The industry's production is at a historical high. The downstream photovoltaic glass of heavy - quality soda ash has reduced production, and the demand for soda ash has weakened. The "anti - involution" policy sentiment has faded [5]. 3. Soda Ash Futures Market - The closing price of the main contract is 1,253 yuan/ton, a decrease of 0.24% from the previous value. The low - end price of heavy - quality soda ash in Shahe is 1,240 yuan/ton, a decrease of 0.80% from the previous value. The main basis is - 13 yuan, an increase of 116.67% from the previous value [6]. 4. Soda Ash Spot Market - The low - end price of heavy - quality soda ash in the Hebei Shahe market is 1,240 yuan/ton, a decrease of 10 yuan/ton from the previous day [12]. 5. Fundamental Analysis - Supply - **Production Profit**: The profit of heavy - quality soda ash by the North China ammonia - soda process is - 22.90 yuan/ton, and that by the East China co - production method is 56.50 yuan/ton. The production profit is recovering from a historical low [15]. - **Operating Rate and Production**: The weekly operating rate of the soda ash industry is 80.27%, and the operating rate is expected to decline seasonally. The weekly production of soda ash is 699,800 tons, including 398,700 tons of heavy - quality soda ash, and the production is at a historical high [18][20]. - **Capacity Changes**: In 2023, the newly - added production capacity was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned newly - added production capacity is 7.5 million tons, with an actual production - start of 1 million tons [21]. 6. Fundamental Analysis - Demand - **Production and Sales Rate**: The weekly production and sales rate of soda ash is 109.83% [24]. - **Downstream Demand**: The daily melting volume of national float glass is 159,600 tons, and the operating rate is stable at 75%. The price of photovoltaic glass has been continuously falling. Under the influence of the "anti - involution" policy, the industry has reduced production, and the in - production daily melting volume has decreased significantly [27][30]. 7. Fundamental Analysis - Inventory - The national in - plant inventory of soda ash is 1.7958 million tons, a decrease of 3.69% from the previous week, and the inventory is above the 5 - year average [33]. 8. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E shows changes in effective capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, capacity growth rate, production growth rate, apparent supply growth rate, and total demand growth rate [34].