1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views Glass Market - After the Spring Festival, the supply of the float glass market remained stable, but the demand was weak. Most downstream processing plants had not resumed work, and the demand release was slow. Traders mostly adopted a wait - and - see attitude. Due to the difficulty in shipping of original sheet enterprises during the Spring Festival, the industry inventory increased significantly. Although manufacturers generally raised prices during the "good start" period, the price increase faced significant resistance under the background of weak demand and high inventory. It is expected that the market will maintain a weak and volatile pattern in the short term, with the reference range of the main contract being 1015 - 1120 yuan/ton [12][13]. Soda Ash Market - During the Spring Festival, the maintenance of soda ash plants was limited, and the supply remained stable. Downstream enterprises mostly consumed their previous stockpiles, and combined with the obstruction of logistics and transportation, the manufacturer's inventory increased significantly. After the festival, the shutdown and maintenance of Sichuan Hebang's soda ash plant and the news of overseas production capacity idling boosted the market sentiment in the short term, pushing the center of the futures price up slightly. In the spot market, the wait - and - see sentiment was still strong. The downstream of light soda ash had not fully resumed work, and the downstream of heavy soda ash mainly purchased on demand, with low enthusiasm for purchasing. The main consumer industries such as glass and detergents were still in the transition stage of resuming work and production, and the actual procurement release was slow. Overall, there were few maintenance plans for soda ash plants in the near future, and the supply side changed little. It is expected that the market will maintain a narrow - range volatile pattern, with the reference range of the main contract being 1120 - 1250 yuan/ton [56][57]. 3. Summary by Directory Glass Report 3.1.1. Week - on - Week Assessment and Strategy Recommendation - As of February 27, 2026, the spot price of float glass was 1050 yuan/ton, up 20 yuan/ton week - on - week; the closing price of the main contract was 1058 yuan/ton, down 13 yuan/ton week - on - week; the basis was - 8 yuan/ton, up 33 yuan/ton week - on - week. The profit of producing float glass with natural gas was - 142.26 yuan/ton, up 24.29 yuan/ton week - on - week; the low - end price of Henan LNG market was 3150 yuan/ton, down 300 yuan/ton week - on - week. The weekly average profit of producing float glass with coal was - 30.79 yuan/ton, down 1.92 yuan/ton week - on - week; the weekly average profit of producing float glass with petroleum coke was 43.93 yuan/ton, unchanged week - on - week. The daily melting volume of national float glass was 14.86 tons, unchanged week - on - week, with 209 production lines in operation, unchanged week - on - week, and the operating rate was 70.61%. The downstream deep - processing orders of float glass were 6.35 days, down 2.95 days week - on - week; the operating rate of Low - e glass was 14.60%, down 23.90% week - on - week. In 2025, the cumulative sales area of commercial housing from January to December was 88101.37 million square meters, a year - on - year decrease of 8.70%; in December, the sales area of commercial housing was 9399.63 million square meters, a year - on - year decrease of 16.57%. In December, the production and sales data of automobiles were 329.60/327.22 million vehicles respectively, a year - on - year decrease of 2.09%/6.20%; from January to December, the cumulative production and sales of automobiles were 3453.10/3440.00 million vehicles. The national float glass inventory in factories was 7600.8 million heavy boxes, up 2065.60 million heavy boxes week - on - week; the inventory in factories in the Shahe area was 212.64 million heavy boxes, up 54.96 million heavy boxes week - on - week [12]. 3.1.2. Futures and Spot Market - As of February 27, 2026, the spot price of float glass was 1050 yuan/ton, up 20 yuan/ton week - on - week; the closing price of the main contract was 1058 yuan/ton, down 13 yuan/ton week - on - week; the basis was - 8 yuan/ton, up 33 yuan/ton week - on - week. The 01 - 05 spread of glass was 163 yuan/ton (+5), the 05 - 09 spread was - 101 yuan/ton (-5), the 09 - 01 spread was - 62 yuan/ton (+0), and the open interest reached 1.5309 million lots [17][20]. 3.1.3. Profit and Cost - As of February 27, 2026, the profit of producing float glass with natural gas was - 142.26 yuan/ton, up 24.29 yuan/ton week - on - week; the low - end price of Henan LNG market was 3150 yuan/ton, down 300 yuan/ton week - on - week. The weekly average profit of producing float glass with coal was - 30.79 yuan/ton, down 1.92 yuan/ton week - on - week; the weekly average profit of producing float glass with petroleum coke was 43.93 yuan/ton, unchanged week - on - week [26][29]. 3.1.4. Supply and Demand - As of February 27, 2026, the daily melting volume of national float glass was 14.86 tons, unchanged week - on - week, with 209 production lines in operation, unchanged week - on - week, and the operating rate was 70.61%. As of January 30, 2026, the downstream deep - processing orders of float glass were 6.35 days, down 2.95 days week - on - week; the operating rate of Low - e glass was 14.60%, down 23.90% week - on - week. In 2025, the cumulative sales area of commercial housing from January to December was 88101.37 million square meters, a year - on - year decrease of 8.70%; in December, the sales area of commercial housing was 9399.63 million square meters, a year - on - year decrease of 16.57%. In December, the production and sales data of automobiles were 329.60/327.22 million vehicles respectively, a year - on - year decrease of 2.09%/6.20%; from January to December, the cumulative production and sales of automobiles were 3453.10/3440.00 million vehicles [33][36][39]. 3.1.5. Inventory - As of February 27, 2026, the national float glass inventory in factories was 7600.8 million heavy boxes, up 2065.60 million heavy boxes week - on - week; the inventory in factories in the Shahe area was 212.64 million heavy boxes, up 54.96 million heavy boxes week - on - week [46]. Soda Ash Report 3.2.1. Week - on - Week Assessment and Strategy Recommendation - As of February 27, 2026, the spot price of heavy soda ash in Shahe was 1151 yuan/ton, up 39 yuan/ton week - on - week; the closing price of the main contract was 1191 yuan/ton, up 13 yuan/ton week - on - week; the basis was - 40 yuan/ton, up 10 yuan/ton week - on - week. The weekly average profit of the ammonia - soda process was - 162.15 yuan/ton, down 0.90 yuan/ton week - on - week; the weekly average profit of the combined - soda process was - 69.5 yuan/ton, up 31 yuan/ton week - on - week. The price of steam coal arriving at Qinhuangdao Port was 731 yuan/ton, up 20 yuan/ton week - on - week; the low - end price of Henan LNG market was 3150 yuan/ton, down 300 yuan/ton week - on - week. The weekly output of soda ash was 79.09 tons, up 0.28 tons week - on - week, and the capacity utilization rate was 85.04%. The output of heavy soda ash was 42.3 tons, up 0.32 tons week - on - week; the output of light soda ash was 36.79 tons, down 0.04 tons week - on - week. The daily melting volume of national float glass was 14.86 tons, unchanged week - on - week, with 209 production lines in operation, unchanged week - on - week, and the operating rate was 70.61%. The inventory of soda ash in factories was 189.44 tons, up 30.64 tons week - on - week; the available inventory days were 14.26 days, up 1.09 days week - on - week. The inventory of heavy soda ash in factories was 89.59 yuan/ton, up 13.95 yuan/ton week - on - week; the inventory of light soda ash in factories was 99.85 yuan/ton, up 16.69 yuan/ton week - on - week [56]. 3.2.2. Futures and Spot Market - As of February 27, 2026, the spot price of heavy soda ash in Shahe was 1151 yuan/ton, up 39 yuan/ton week - on - week; the closing price of the main contract was 1191 yuan/ton, up 13 yuan/ton week - on - week; the basis was - 40 yuan/ton, up 10 yuan/ton week - on - week. The 01 - 05 spread of soda ash was 112 yuan/ton (-2), the 05 - 09 spread was - 64 yuan/ton (+1), the 09 - 01 spread was - 48 yuan/ton (+1), and the open interest reached 1.5309 million lots [61][64]. 3.2.3. Profit and Cost - As of February 27, 2026, the weekly average profit of the ammonia - soda process was - 162.15 yuan/ton, down 0.90 yuan/ton week - on - week; the weekly average profit of the combined - soda process was - 69.5 yuan/ton, up 31 yuan/ton week - on - week. The price of steam coal arriving at Qinhuangdao Port was 731 yuan/ton, up 20 yuan/ton week - on - week; the low - end price of Henan LNG market was 3150 yuan/ton, down 300 yuan/ton week - on - week. The price of raw salt in the northwest region was 215 yuan/ton, unchanged week - on - week; the price of synthetic ammonia in Shandong was 2094 yuan/ton, up 24 yuan/ton week - on - week [71][74][77]. 3.2.4. Supply and Demand - As of February 27, 2026, the weekly output of soda ash was 79.09 tons, up 0.28 tons week - on - week, and the capacity utilization rate was 85.04%. The output of heavy soda ash was 42.3 tons, up 0.32 tons week - on - week; the output of light soda ash was 36.79 tons, down 0.04 tons week - on - week. The daily melting volume of national float glass was 14.86 tons, unchanged week - on - week, with 209 production lines in operation, unchanged week - on - week, and the operating rate was 70.61% [81][84][87]. 3.2.5. Inventory - As of February 27, 2026, the inventory of soda ash in factories was 189.44 tons, up 30.64 tons week - on - week; the available inventory days were 14.26 days, up 1.09 days week - on - week. The inventory of heavy soda ash in factories was 89.59 yuan/ton, up 13.95 yuan/ton week - on - week; the inventory of light soda ash in factories was 99.85 yuan/ton, up 16.69 yuan/ton week - on - week [91][94].

Core Viewpoint - The domestic futures market for soda ash shows a significant increase, with the main contract rising to 1243.00 yuan/ton, up 5.16% [1] Supply and Demand Analysis - In the spot market, manufacturers maintain stable pricing while traders see a slight increase, with the price in the Shahe region rising to 1150 yuan/ton, a day-on-day increase of 13 yuan/ton [2] - The fundamental analysis indicates a weakening in spot prices, with increased maintenance intentions from soda ash producers leading to a month-on-month decline in production; however, long-term supply pressure remains due to new capacity coming online [2] - Demand continues to decline overall, with expectations of a gradual recovery in market supply as industry maintenance concludes; inventory is likely to face phase accumulation pressure [2] - The float glass sector's supply-demand fundamentals remain weak, with no substantial recovery observed in the real estate sector [2] Market Outlook - The float glass production has slightly decreased, and inventory levels are declining; however, the market in East China remains stable with companies primarily focused on maintaining prices [2] - The domestic soda ash market is expected to show weak and stable adjustments, with high supply levels persisting and downstream demand remaining lukewarm, leading to a focus on demand-based inventory replenishment [2] - Soda ash manufacturers are experiencing high inventory levels, and the spot market performance is generally average, with expectations of slight strong fluctuations in the short term [2]

1. Report Investment Rating - No investment rating information is provided in the report 2. Core Views Glass - In December, 6 glass production lines entered cold repair, reducing the daily melting volume by about 4,000 tons and the output by about 2.5% month-on-month. The current daily melting volume in the industry is around 152,000 tons, the lowest in the past five years, but glass manufacturers' inventories remain relatively abundant [12][13]. - With the arrival of winter, construction progress in the north has been affected, and some projects have completed procurement in advance, leading to a decline in overall demand. The market lacks substantial demand recovery or policy incentives, resulting in cautious capital sentiment and a dull trading atmosphere [12][13]. - The news that Hubei glass enterprises are required to complete clean fuel transformation by August 31, 2026, has limited impact on the actual supply - demand pattern in the industry. The market may still have room to rise, and it is recommended to focus on the upward price range of 1,100 - 1,150 yuan/ton [12][13] Soda Ash - In December, the domestic soda ash market showed a narrow - range consolidation trend with limited price fluctuations and slightly different regional trends. Some ammonia - soda enterprises' operating rates declined due to phased maintenance and short equipment outages, but the slightly increased joint - soda method operating rate offset the supply gap to some extent [56][57]. - Downstream procurement is still mainly for rigid demand, and the overall trading atmosphere is dull. However, the high operating rate of the lithium carbonate industry above 80% provides some structural support for soda ash demand [56][57]. - In late December, the chemical sector was generally bullish, driving soda ash, but the oversupply pattern remains unchanged, and the market lacks clear positive drivers. It is recommended to consider short positions when the price is in the range of 1,200 - 1,250 yuan/ton [56][57] 3. Summary by Directory Glass 3.1 Monthly Assessment and Strategy Recommendation - **Price**: As of December 31, 2025, the spot market price of float glass was 1,000 yuan/ton, down 20 yuan/ton month - on - month; the closing price of the glass main contract was 1,087 yuan/ton, up 59 yuan/ton month - on - month; the basis was - 87 yuan/ton, down 79 yuan/ton week - on - week [12][17] - **Cost and Profit**: The weekly average profit of producing float glass with natural gas as fuel was - 186.4 yuan/ton, down 5.00 yuan/ton; that with coal was - 21.88 yuan/ton, down 14.25 yuan/ton; and that with petroleum coke was - 7.21 yuan/ton, down 7.14 yuan/ton [12][26][29] - **Supply**: The weekly output of float glass nationwide was 1.084 million tons, down 0.19 million tons; the number of operating production lines was 218, down 1; and the operating rate was 73.89% [12][33] - **Demand**: The downstream deep - processing orders for float glass were 9.7 days, down 0.40 days; the operating rate of Low - e glass was 44.10%, up 0.80% [12][36] - **Inventory**: The in - factory inventory of float glass nationwide was 58.623 million heavy boxes, up 65,000 heavy boxes; that in the Shahe area was 4.3176 million heavy boxes, up 431,200 heavy boxes [12][46] 3.2 Futures and Spot Market - **Basis**: As of December 31, 2025, the basis of float glass was - 87 yuan/ton, down 79 yuan/ton week - on - week [17] - **Inter - month Spread**: The 01 - 05 spread was - 130 yuan/ton (- 39), the 05 - 09 spread was - 105 yuan/ton (- 2), the 09 - 01 spread was 235 yuan/ton (+ 41), and the open interest reached 1.3713 million lots [20] 3.3 Profit and Cost - **Profit**: The weekly average profit of producing float glass with natural gas as fuel was - 186.4 yuan/ton, down 5.00 yuan/ton; that with coal was - 21.88 yuan/ton, down 14.25 yuan/ton; and that with petroleum coke was - 7.21 yuan/ton, down 7.14 yuan/ton [26][29] - **Cost**: The low - end price of LNG in Henan was 3,700 yuan/ton, unchanged month - on - month [26] 3.4 Supply and Demand - **Supply**: The weekly output of float glass nationwide was 1.084 million tons, down 0.19 million tons; the number of operating production lines was 218, down 1; and the operating rate was 73.89% [33] - **Demand**: The downstream deep - processing orders for float glass were 9.7 days, down 0.40 days; the operating rate of Low - e glass was 44.10%, up 0.80% [36]. From January to November 2025, the cumulative commercial housing sales area was 787.0174 million square meters, down 7.80% year - on - year; in November, the single - month sales area was 67.1974 million square meters, down 17.93% year - on - year. In November, the automobile production and sales were 3.5316 million and 3.429 million vehicles respectively, up 2.76% and 3.40% year - on - year; from January to November, the cumulative production and sales were 31.231 million and 31.127 million vehicles respectively [39][42] 3.5 Inventory - The in - factory inventory of float glass nationwide was 58.623 million heavy boxes, up 65,000 heavy boxes; that in the Shahe area was 4.3176 million heavy boxes, up 431,200 heavy boxes [46] Soda Ash 3.1 Monthly Assessment and Strategy Recommendation - **Price**: As of December 31, 2025, the spot market price of heavy soda ash in Shahe was 1,150 yuan/ton, up 13 yuan/ton month - on - month; the closing price of the soda ash main contract was 1,213 yuan/ton, up 38 yuan/ton month - on - month; the basis was - 63 yuan/ton, down 25 yuan/ton week - on - week [56][61] - **Cost and Profit**: The weekly average profit of the ammonia - soda method was - 137.4 yuan/ton, up 9.30 yuan/ton; that of the joint - soda method was - 88.5 yuan/ton, up 20.5 yuan/ton [56][71] - **Supply**: The weekly output of soda ash was 71.19 tons, down 0.95 tons; the capacity utilization rate was 81.65%. The output of heavy soda ash was 38.56 tons, down 0.47 tons; the output of light soda ash was 32.63 tons, down 0.48 tons [56][81][84] - **Demand**: As of December 31, 2025, the weekly output of float glass nationwide was 108.40 tons, down 0.19 tons; the number of operating production lines was 218, down 1; and the operating rate was 73.89%. The apparent consumption of soda ash in November reached 2.89 million tons [56][87] - **Inventory**: The in - factory inventory of soda ash was 1.4385 million tons, down 60,800 tons; the inventory available days were 11.93 days, down 0.50 days. The in - factory inventory of heavy soda ash was 70.3 tons, down 6.87 tons; the in - factory inventory of light soda ash was 73.55 tons, up 0.79 tons [56][91][94] 3.2 Futures and Spot Market - **Basis**: As of December 31, 2025, the basis of soda ash was - 63 yuan/ton, down 25 yuan/ton week - on - week [61] - **Inter - month Spread**: The 01 - 05 spread was - 76 yuan/ton (- 22), the 05 - 09 spread was - 66 yuan/ton (- 9), the 09 - 01 spread was 142 yuan/ton (+ 31), and the open interest reached 1.3713 million lots [64] 3.3 Profit and Cost - **Profit**: The weekly average profit of the ammonia - soda method was - 137.4 yuan/ton, up 9.30 yuan/ton; that of the joint - soda method was - 88.5 yuan/ton, up 20.5 yuan/ton [71] - **Cost**: The price of steam coal at the Qinhuangdao port was 686 yuan/ton, down 15 yuan/ton; the low - end price of LNG in Henan was 3,700 yuan/ton, unchanged month - on - month. The price of raw salt in the northwest region was 215 yuan/ton, unchanged month - on - month; the price of synthetic ammonia in Shandong was 2,307 yuan/ton, down 24 yuan/ton [74][77] 3.4 Supply and Demand - **Supply**: The weekly output of soda ash was 71.19 tons, down 0.95 tons; the capacity utilization rate was 81.65%. The output of heavy soda ash was 38.56 tons, down 0.47 tons; the output of light soda ash was 32.63 tons, down 0.48 tons [81][84] - **Demand**: As of December 31, 2025, the weekly output of float glass nationwide was 108.40 tons, down 0.19 tons; the number of operating production lines was 218, down 1; and the operating rate was 73.89%. The apparent consumption of soda ash in November reached 2.89 million tons [87] 3.5 Inventory - The in - factory inventory of soda ash was 1.4385 million tons, down 60,800 tons; the inventory available days were 11.93 days, down 0.50 days. The in - factory inventory of heavy soda ash was 70.3 tons, down 6.87 tons; the in - factory inventory of light soda ash was 73.55 tons, up 0.79 tons [91][94]

Core Viewpoint - The domestic soda ash market is currently stable, with prices holding steady across various regions, while supply and demand dynamics indicate a challenging environment for producers [2][5]. Price Analysis - Light soda ash prices in North China are maintained at 1170-1270 CNY/ton, while heavy soda ash prices are at 1200-1320 CNY/ton. In Northeast China, light soda ash ranges from 1260-1370 CNY/ton, and heavy soda ash is priced at 1340-1420 CNY/ton [2]. - The soda ash price index for light soda ash is 1155.71, and for heavy soda ash, it is 1211.43, remaining unchanged from the previous working day [3]. Supply and Demand Dynamics - Supply side: Ningxia Risheng's soda ash facility is undergoing maintenance, and Lianyungang Debang's facility is operating at reduced capacity. Overall market operations have slightly decreased [2]. - Demand side: Downstream enterprises are maintaining low inventory levels and are purchasing only as needed, leading to weak and stable demand [2]. Futures Market - On November 4, the main contract for soda ash (SA2601) opened at 1199 CNY/ton and closed at 1189 CNY/ton, reflecting a daily decline of 1.74%. The total open interest increased by 40,018 contracts [5]. - The soda ash futures market is characterized by low-level fluctuations, with a focus returning to fundamental supply and demand conditions [5]. Market Outlook - The soda ash market is expected to experience narrow fluctuations due to mixed factors, with weak demand suppressing prices while strong cost support provides a floor [6]. Future attention should be directed towards changes in production facilities and downstream purchasing patterns [6].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. Group 2: Report's Core View - For soda ash, supply pressure remains high despite a decline in the industry's operating rate due to some enterprises' maintenance plans, as new capacity from companies like Yuanxing Energy may be released at any time. Demand from the glass industry is weak, with float glass affected by the sluggish real - estate sector and the photovoltaic industry facing over - capacity issues. Other downstream industries have limited demand. It is recommended to short the soda ash main contract on rallies [2]. - For glass, some production lines are resuming production, and there are plans for more ignitions, increasing supply pressure. Demand is weak due to the poor real - estate situation and the traditional off - season. However, prices may have a technical rebound near the cost line of some low - cost production lines. It is recommended to go long on the glass main contract on dips [2]. Group 3: Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price is 1215 yuan/ton, down 16 yuan; glass main contract closing price is 1009 yuan/ton, down 22 yuan. The price difference between soda ash and glass is 206 yuan/ton, up 6 yuan. Soda ash main contract open interest is 1561375 lots, up 2314 lots; glass main contract open interest is 1524157 lots, up 42066 lots [2]. - Soda ash's top 20 net open interest is - 267397 lots, up 2876 lots; glass's top 20 net open interest is - 225883 lots, down 68587 lots. Soda ash exchange warehouse receipts are 1691 tons, unchanged; glass exchange warehouse receipts are 0 tons, unchanged [2]. - The price difference between September and January contracts of soda ash is 8 yuan, down 11 yuan; that of glass is - 59 yuan, down 6 yuan. Soda ash basis is 19 yuan/ton, up 23 yuan; glass basis is 49 yuan/ton, down 12 yuan [2]. Spot Market - North China heavy soda ash price is 1250 yuan/ton, unchanged; Central China heavy soda ash price is 1400 yuan/ton, unchanged. East China light soda ash price is 1365 yuan/ton, down 35 yuan; Central China light soda ash price is 1325 yuan/ton, down 10 yuan [2]. - Shahe glass large - plate price is 1080 yuan/ton, unchanged; Central China glass large - plate price is 1110 yuan/ton, unchanged [2]. Industry Situation - Soda ash plant operating rate is 78.63%, down 1.64 percentage points; float glass enterprise operating rate is 75.34%, up 0.34 percentage points. Glass in - production capacity is 15.63 million tons/year, unchanged; glass in - production line number is 223, up 1 [2]. - Soda ash enterprise inventory is 160.23 million tons, down 7.45 million tons; glass enterprise inventory is 6776.9 million weight boxes, down 31.3 million weight boxes [2]. Downstream Situation - Real - estate new construction area cumulative value is 17835.84 million square meters, up 4839.38 million square meters; real - estate completion area cumulative value is 15647.85 million square meters, up 2587.58 million square meters [2]. Industry News - The China - EU semiconductor upstream and downstream enterprise symposium was held in Beijing. As of the end of April, the national local government debt balance was 506931 billion yuan. From January to April, state - owned enterprises' total revenue was 262755.0 billion yuan, the same as last year, and the total profit was 13491.4 billion yuan, down 1.7% year - on - year. The National Data Bureau is formulating policies to cultivate the national integrated data market [2].