Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The domestic soda ash market is stable with weakening transactions and negotiable real - order prices. The supply is decreasing due to individual enterprise maintenance and abnormal operation. Although the profits of soda ash enterprises have been repaired, the inventory is expected to remain high in the near future, and the price is expected to fluctuate weakly. Key factors to watch include soda ash start - up changes, new capacity launch progress, and inventory changes [1] Summary by Directory 1. Market Review and Outlook - The weekly production of domestic soda ash is 77.54 million tons, a decrease of 4.27 million tons or 5.22% compared to the previous week. The comprehensive capacity utilization rate is 81.87%, a decrease of 4.51 percentage points from last week. The inventory of soda ash manufacturers is 185.19 million tons, a decrease of 0.19 million tons or 0.10%. The pending orders of soda ash decreased to about 10 days, a decrease of more than 3 days [1] - The profits of soda ash enterprises have been repaired. The domestic soda ash start - up is expected to rise at a high level this week, and the downstream demand is expected to be relatively stable in the near future. The production of downstream float glass is expected to decline slightly this week, the start - up of photovoltaic glass has decreased, and the inventory of the photovoltaic glass industry has reached a new high, with prominent supply - demand contradictions. The inventory of soda ash enterprises is expected to remain high, and new capacity launch will put pressure on the market. The fuel price at the cost end is strong. The price of soda ash is expected to fluctuate weakly in the near future [1] 2. This Week's Fundamental Data Weekly Changes | Indicator | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Basis (East China) (yuan/ton) | 21 | 48 | - 27 | - 56.3% | | Enterprise Inventory (million tons) | 185.19 | 185.38 | - 0.19 | - 0.1% | | Weekly Production (million tons) | 77.54 | 81.81 | - 4.27 | - 5.2% | | Dual - ton Profit of Dual - alkali Method (yuan/ton) | 215 | 227.5 | - 12.5 | - 5.5% | | Profit of Ammonia - alkali Method (yuan/ton) | - 26.2 | - 25.3 | - 0.9 | - 3.6% | | Start - up Rate of Downstream Float Glass (%) | 70.12 | 70.55 | - 0.43 | - 0.6% | | Start - up Rate of Downstream Photovoltaic Glass (%) | 64.82 | 66.34 | - 1.52 | - 2.3% | [2] 5. Position Analysis - The total trading volume of soda ash SA on March 27, 2026, was 1,076,733 lots, a decrease of 275,401 lots. The total long - position volume was 784,378 lots, a decrease of 8,972 lots, and the total short - position volume was 928,714 lots, a decrease of 19,770 lots [12]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The main SA2605 contract of soda ash futures fluctuated narrowly and weakly today, rising and then falling, closing slightly lower. This week, it also trended downward with a lower center of gravity, showing a weak overall performance. Currently, the soda ash industry maintains a high operating rate with ample supply. Although the manufacturers' inventory has slightly decreased, it remains at a historical high, and the inventory reduction is slow. Coupled with the weak demand for downstream glass being transmitted to soda ash, the pattern of loose supply and demand remains unchanged, and the futures price is under pressure at a low level, mainly in a weak consolidation state [3]. - The soda ash futures market this week initially rose due to macro - sentiment and the general rise of commodities, then fell following the fluctuations of crude oil, showing a pattern of "rising and then falling, bottom - oscillating". The price center of the main contract actually oscillated in the range of 1250 - 1350 yuan/ton. The main contract dropped from around 1350 at the beginning of the week, breaking through the 1300 integer - level mark. The core logic is the dual suppression of high supply, high operating rate, and weak demand. Inventory continues to accumulate, and market sentiment is pessimistic. Without seeing large - scale maintenance/reduction in supply on the supply side or substantial improvement in demand on the demand side, the price will continue to be under pressure [4]. - The basic supply - demand pattern of soda ash remains loose. High inventory continues to suppress prices, and production is still increasing with overall supply remaining at a relatively high level. Although inventory has decreased, the overall inventory level is still relatively high, continuously suppressing prices. The demand for heavy soda ash in the downstream float glass industry is weak, further weakening the demand for heavy soda ash. The demand for light soda ash is relatively stable, but the overall demand is difficult to support the continuous upward movement of prices. After the Two Sessions, the expectation of real - estate and domestic - demand recovery has not yet been translated into actual demand boost. International geopolitical and energy - price fluctuations have an impact on market sentiment. Technically, the main contract SA2605 oscillates in the range of 1200 - 1250 yuan/ton, and today's price is close to the lower limit of the range, indicating weak market sentiment. Overall, the soda ash market will maintain a wide - range oscillation pattern in the short term. Fundamentally, it is weak, but the downward space is supported by costs, and the upward space is suppressed by high inventory. It is recommended that investors remain cautious and pay attention to the inventory reduction rhythm and changes in downstream demand [5]. 3. Summary by Relevant Catalogs Soda Ash Market Overview - This week, the soda ash futures market initially rose due to macro - sentiment and the general rise of commodities, then fell following the fluctuations of crude oil, showing a pattern of "rising and then falling, bottom - oscillating". The price center of the main contract oscillated in the range of 1250 - 1350 yuan/ton, dropping from around 1350 at the beginning of the week and breaking through the 1300 integer - level mark [4]. Supply - This week, the domestic soda ash production was 81.81 million tons, a week - on - week increase of 0.89 million tons, a growth rate of 1.11%. Among them, the production of light soda ash was 38.41 million tons, a week - on - week increase of 0.32 million tons, and the production of heavy soda ash was 43.40 million tons, a week - on - week increase of 0.57 million tons. In 2026, the new production capacity continues to be released and increased, and the pattern of loose supply remains unchanged. This week, the comprehensive capacity utilization rate of soda ash was 86.38%, compared with 87% last week, a week - on - week decrease of 0.62% [4]. Demand - This week, the shipment volume of Chinese soda ash enterprises was 88.71 million tons, a week - on - week increase of 7.85%; the overall shipment rate of soda ash was 109.63%, a week - on - week increase of 7.71 percentage points. The daily melting volume of float glass was 145,800 tons, a week - on - week decrease of 1100 tons, and that of photovoltaic glass was 89,400 tons, remaining stable week - on - week. Next week, it is expected that 900 float glass production lines will be cold - repaired, and the photovoltaic glass production will remain stable [3]. Inventory - As of March 19, 2026, the total inventory of domestic soda ash manufacturers was 1.8538 billion tons. Among them, the inventory of light soda ash was 963.1 million tons, a week - on - week decrease of 38.8 million tons, and the inventory of heavy soda ash was 890.7 million tons, a week - on - week decrease of 10.9 million tons [3]. Profit - As of March 19, 2026, the theoretical profit of soda ash produced by the ammonia - soda process in China was - 25.30 yuan/ton, a week - on - week increase of 0.90 yuan/ton. During the week, the price of sea salt on the raw - material side remained stable, and the price of anthracite continued to decline, with the cost side oscillating downward; the market price of soda ash remained stable, and affected by the strong sentiment, the price had no obvious fluctuations, so the profit of the ammonia - soda process was only slightly adjusted [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the sentiment in the soda ash market was tepid. The average daily trading volume of the main contract was 786,000 lots, a 11.3% increase from last week. As of the close on March 6, the open interest of the main contract was 1.758 million lots, with a cumulative increase of 119,000 lots from the end of last week. The market was mainly a game of existing funds, with limited inflow of incremental funds. Meanwhile, the incremental funds in the energy and chemical sector flowed significantly to the futures varieties in the crude oil industry chain, further weakening the upward momentum of soda ash. In the top 20 positions of the main contract this week, the long positions totaled 576,000 lots, with a weekly increase of 29,000 lots; the short positions totaled 648,000 lots, with a weekly increase of 51,000 lots. The increase in short positions was greater than that in long positions, and the selling pressure from the hedging positions of production enterprises at high levels was significant, which was one of the core reasons for the weak upward movement of the market. - The strong market in the energy and chemical sector this week could only bring short - term impulse catalysis to soda ash in terms of sentiment and could not change the fundamental pattern of soda ash itself. The core root cause of the lack of strong driving force for soda ash was the weak supply - demand fundamentals. High supply, high inventory, weak reality, and the absence of strong catalysts formed triple suppression. At the same time, short - term funds were significantly diverted by the sector market. Whether soda ash can stage a catch - up and a trend - like upward movement completely depends on whether the expectations can be substantially realized in reality before mid - March. Three irreversible signals should be core - tracked: the establishment of the inventory depletion inflection point, the concentrated implementation of spring maintenance, and the substantial release of downstream restocking demand. [3] Summary by Related Catalogs Market Overview - This week, the main SA2605 contract of soda ash futures fluctuated upward, reaching a new high for the year, but the overall upward trend was tepid, and no smooth unilateral market was formed. The spot market price remained stable, with only a slight increase in the North China region, while the mainstream quotes in East, Central, and South China remained unchanged. Under the pressure of high inventory, the spot price was slow to follow the futures price and could not effectively support the futures. The futures price rose ahead of the spot price, and the linkage between futures and spot was weak. The upward movement of the market lacked effective support from the spot fundamentals. The current core contradiction in the soda ash market is still the game between the strong expectations of spring maintenance and the "Golden March and Silver April" peak season and the weak reality of high supply, high inventory, and weak demand. [4] Supply - This week, the domestic soda ash production was 807,000 tons, a week - on - week increase of 16,000 tons, or 2.03%. Among them, the production of light soda ash was 374,700 tons, a week - on - week increase of 68,000 tons, and the production of heavy soda ash was 432,300 tons, a week - on - week increase of 92,000 tons. The comprehensive capacity utilization rate was 86.77%, compared with 85.04% last week, a week - on - week increase of 1.73%. Among them, the capacity utilization rate of the ammonia - soda process was 90.45%, unchanged from last week, and the capacity utilization rate of the combined process was 76.32%, a week - on - week increase of 0.02%. [4] Demand - This week, the shipment volume of Chinese soda ash enterprises was 738,200 tons, a week - on - week increase of 53.26%. The overall shipment rate of soda ash was 93.32%, a week - on - week increase of 32.2%. The daily melting volume of float glass was 148,500 tons, stable compared with last week, and that of photovoltaic glass was 87,800 tons, a decrease of 800 tons. Next week, it is expected that 600 tons of float glass will be drained and 1,050 tons will be ignited; for photovoltaic glass, 1,600 tons are expected to be ignited. [4] Inventory - The inventory of heavy soda ash remains at a high level. The total inventory of domestic soda ash manufacturers is 1.9472 million tons, including 1.0273 million tons of light soda ash and 919,900 tons of heavy soda ash, a week - on - week increase of 52,800 tons. [4] Profit - Geopolitical factors have led to a sharp rise in energy prices. The increase in the prices of crude oil, natural gas, and coal has pushed up the production cost of soda ash. The increase in cost has supported the price of soda ash. Currently, the spot price of soda ash is relatively low, and some enterprises are incurring losses, but the loss amplitude is limited. [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic soda ash market is stable, with demand slowing down. The inventory of soda ash manufacturers is rising at a high level, and the price is expected to be weak in the near future, with the 05 contract facing pressure at the 1220 level. Key factors to watch include soda ash production start - up changes, new capacity release progress, and inventory changes [2]. Summary by Relevant Catalogs Market Review and Outlook - The domestic soda ash market is stable, with pre - holiday active shipments by enterprises and slowing demand. Last week, the domestic soda ash production was 77.43 million tons, a week - on - week decrease of 0.88 million tons (1.12% decline). The comprehensive capacity utilization rate was 83.25%, a week - on - week decrease of 0.94%. The total inventory of domestic soda ash manufacturers was 158.11 million tons, a week - on - week increase of 3.69 million tons (2.39% increase). The backlog of orders from soda ash enterprises increased to over 12 days, an increase of over 2 days. In the future, the start - up of domestic soda ash is expected to be stable at a high level, and downstream demand is expected to be stable. The supply of soda ash is expected to be generally stable, and there is still an expectation of inventory reduction in the industry. Under the background of loose supply and demand, the inventory of soda ash enterprises is expected to remain at a high level, and new capacity release will put pressure on the market [2]. This Week's Fundamental Data Weekly Changes 1. Spot and Futures Market Review - The soda ash market in East China was stable last week, with prices slightly adjusted. The futures price fluctuated, and the basis in the East China market was relatively stable [6]. 2. Supply Situation Analysis - As of February 5, the domestic soda ash production was 77.43 million tons, a week - on - week decrease of 0.88 million tons (1.12% decline). Among them, the production of light soda ash was 36.03 million tons, a week - on - week decrease of 0.17 million tons, and the production of heavy soda ash was 41.40 million tons, a week - on - week decrease of 0.71 million tons. The theoretical profit of the dual - ton of soda ash by the combined soda process in China was - 29 yuan/ton, a week - on - week decrease of 9.43%. The theoretical profit of soda ash by the ammonia - soda process was - 88.80 yuan/ton, a week - on - week decrease of 0.45 yuan/ton [8]. 3. Demand Situation Analysis - **Photovoltaic glass**: As of February 5, the in - production capacity of photovoltaic glass was 86,960 tons per day, the same as the previous week and a year - on - year increase of 8.36%. The capacity utilization rate was 66.12%, the same as the previous week. The inventory of the downstream component market has been significantly reduced, and the component quotation is expected to be stable in the future. - **Float glass**: As of February 5, the average start - up rate of the float glass industry was 71.86%, the same as the previous week. The average capacity utilization rate was 75.61%, a week - on - week decrease of 0.09 percentage points. The production this week is expected to be stable compared with last week [11]. 4. Enterprise Inventory Analysis - As of February 5, the total inventory of domestic soda ash manufacturers was 158.11 million tons, a week - on - week increase of 3.69 million tons (2.39% increase). Among them, the inventory of light soda ash was 83.5 million tons, a week - on - week increase of 0.69 million tons, and the inventory of heavy soda ash was 74.61 million tons, a week - on - week increase of 3 million tons [13]. 5. Position Analysis - As of February 6, the long positions of the top 20 members in the soda ash futures were 835,010, an increase of 7,951, and the short positions were 1,004,525, an increase of 3,468. The net positions of the top 20 members were bearish [15].

Group 1: Report Investment Rating - The investment rating for the soda ash industry is short - term shock [1] Group 2: Core Viewpoints - The soda ash production capacity utilization rate remains high, and with new capacity gradually coming on stream, the overall output is increasing. There is still an expectation of cold repair of glass production lines near the end of the month, and the rigid demand for soda ash may further weaken. Although the anti - involution news last week strengthened market sentiment and the market rebounded, under the expectation of high long - term supply of soda ash, the supply - demand contradiction continues to intensify. High inventory pressure limits the price rebound space. The short - term market price may fluctuate, but it will return to the weak fundamental situation after the sentiment fades. Attention should be paid to downstream demand, macro - policies, and market sentiment changes [4] Group 3: Market Conditions Review - **Futures market**: The main soda ash contract opened lower and moved higher, with an intraday shock - strengthening trend. The 120 - minute Bollinger Bands' three tracks contracted, indicating a short - term shock signal. The intraday pressure is near the 60 - day moving average, and the support is near the middle track of the Bollinger Bands. The trading volume increased by 196,000 lots compared with the previous day, and the open interest increased by 9,307 lots. The intraday high was 1,210, the low was 1,183, and the closing price was 1,205, up 17 yuan/ton or 1.43% from the previous settlement price [1] - **Spot market**: The spot market showed a light and stable shock. The enterprise equipment had a narrow - range fluctuation, and the comprehensive supply was adjusted at a high level. Downstream demand was average, the purchasing enthusiasm was poor, and low - price rigid - demand replenishment was maintained [1] - **Basis**: The spot price of heavy soda ash in North China was 1,250, and the basis was 45 yuan/ton [1] Group 4: Fundamental Data - **Supply**: As of January 22, the domestic soda ash output was 771,700 tons, a month - on - month decrease of 3,600 tons or 0.46%. Among them, the light soda ash output was 358,800 tons, a month - on - month decrease of 2,700 tons; the heavy soda ash output was 412,900 tons, a month - on - month decrease of 900 tons. The comprehensive capacity utilization rate was 86.42%, down 0.40% from last week. The ammonia - soda process capacity utilization rate was 87.69%, a month - on - month decrease of 2.27%; the co - production process capacity utilization rate was 77.99%, a month - on - month decrease of 0.89%. The overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 89.89%, a month - on - month increase of 0.42% [2] - **Inventory**: As of January 26, the total inventory of domestic soda ash manufacturers was 1.541 million tons, an increase of 19,800 tons or 1.30% from last Thursday. Among them, the light soda ash inventory was 838,300 tons, a month - on - month increase of 13,800 tons; the heavy soda ash inventory was 702,700 tons, a month - on - month increase of 6,000 tons [2] - **Demand**: The soda ash enterprise shipment volume was 825,600 tons, a month - on - month increase of 6.80%; the overall shipment rate was 106.98%, a month - on - month increase of 7.27%. The downstream demand for soda ash was average, the purchasing enthusiasm was poor, and it mainly consumed inventory and made low - price rigid - demand purchases [2] - **Profit**: According to Longzhong Information statistics, the theoretical profit (double - ton) of the co - production method was - 40 yuan/ton, a month - on - month increase of 9.09%. The theoretical profit of the ammonia - soda process was - 96.3 yuan/ton, unchanged from the previous month. During the week, the raw material salt price was stable, the thermal coal price fluctuated downward, and the cost decreased slightly [3]

Report on Float Glass 1. Investment Rating No investment rating information is provided in the report. 2. Core View Last week, the overall market sentiment was weak. Affected by insufficient orders from downstream deep - processing enterprises, low inventory - stocking willingness, and seasonal factors approaching the Spring Festival, terminal demand was weak. Most regions saw a slight accumulation or stability in inventory, and the overall de - stocking rhythm lacked sustainability. Currently, the float glass market lacks substantial positive drivers, and market participants are mostly in a wait - and - see attitude. It is expected that the short - term market will continue to show a narrow - range oscillating trend, with the main contract reference range of 1000 - 1175 yuan/ton [13][14]. 3. Summary by Directory 3.1 Week - on - Week Evaluation and Strategy Recommendation - **Price**: As of January 23, 2026, the spot market price of float glass was 1010 yuan/ton, a week - on - week decrease of 10 yuan/ton; the closing price of the main glass contract was 1057 yuan/ton, a week - on - week decrease of 29 yuan/ton; the basis was - 47 yuan/ton, a week - on - week increase of 19 yuan/ton [13][19]. - **Cost and Profit**: The weekly average profit of producing float glass with natural gas as fuel was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The weekly average profit of producing float glass with coal as fuel was - 65.11 yuan/ton, a week - on - week increase of 3.90 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [13][29][32]. - **Supply**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The downstream deep - processing orders of float glass were 9.3 days, a week - on - week increase of 0.70 days; the operating rate of Low - e glass was 44.10%, remaining unchanged week - on - week [13][37][40]. - **Demand**: According to WIND data, from January to December 2025, the cumulative sales area of commercial housing in China was 88101.37 million square meters, a year - on - year decrease of 8.70%; in December, the single - month sales area of commercial housing was 9399.63 million square meters, a year - on - year decrease of 16.57%. According to CAAM data, in December, the production and sales 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 [13][43][46]. - **Inventory**: As of January 23, 2026, the in - factory inventory of national float glass was 5321.58 million heavy boxes, a week - on - week increase of 20.28 million heavy boxes; the in - factory inventory in the Shahe area was 188.48 million heavy boxes, a week - on - week decrease of 1.84 million heavy boxes [13][51]. 3.2 Futures and Spot Market - **Glass Basis**: As of January 23, 2026, the spot market price of float glass was 1010 yuan/ton, a week - on - week decrease of 10 yuan/ton; the closing price of the main glass contract was 1057 yuan/ton, a week - on - week decrease of 29 yuan/ton; the basis was - 47 yuan/ton, a week - on - week increase of 19 yuan/ton [19]. - **Glass Inter - month Spread**: As of January 23, 2026, the 01 - 05 spread of glass was 159 yuan/ton (+318), the 05 - 09 spread was - 105 yuan/ton (+2), the 09 - 01 spread was - 54 yuan/ton (-320), and the open interest reached 155.73 million lots [22]. 3.3 Profit and Cost - **Float Glass Profit and Cost**: The weekly average profit of producing float glass with natural gas as fuel was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The weekly average profit of producing float glass with coal as fuel was - 65.11 yuan/ton, a week - on - week increase of 3.90 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [29][32]. 3.4 Supply and Demand - **Glass Output and Operating Rate**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62% [37]. - **Glass Demand**: As of January 23, 2026, the downstream deep - processing orders of float glass were 9.3 days, a week - on - week increase of 0.70 days; the operating rate of Low - e glass was 44.10%, remaining unchanged week - on - week. From January to December 2025, the cumulative sales area of commercial housing in China was 88101.37 million square meters, a year - on - year decrease of 8.70%; in December, the single - month 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 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 [40][43][46]. 3.5 Inventory As of January 23, 2026, the in - factory inventory of national float glass was 5321.58 million heavy boxes, a week - on - week increase of 20.28 million heavy boxes, and the previous forecast value was 5050.8 million heavy boxes. The de - stocking market did not appear as expected. As the demand from processing plants came to an end, it was more difficult to reduce the factory inventory, and the estimated inventory for this week was 5300 million heavy boxes; the in - factory inventory in the Shahe area was 188.48 million heavy boxes, a week - on - week decrease of 1.84 million heavy boxes [51]. Report on Soda Ash 1. Investment Rating No investment rating information is provided in the report. 2. Core View Last week, the supply - demand pattern of the soda ash market was generally loose. The supply side remained abundant, and the purchasing mentality of downstream enterprises became more cautious. However, the inventory of glass factories was low, and the pre - holiday restocking demand increased. The trading volume at the Shahe and Hebei delivery warehouses was more than 30,000 tons. Overall, the current market lacks substantial positive drivers, the futures market maintains a weak oscillating trend, which further affects the spot market and market sentiment. It is expected that the short - term soda ash market will continue to operate weakly, with the main contract reference range of 1120 - 1260 yuan/ton [62][63]. 3. Summary by Directory 3.1 Week - on - Week Evaluation and Strategy Recommendation - **Price**: As of January 23, 2026, the spot market price of heavy soda ash in Shahe was 1150 yuan/ton, a week - on - week increase of 8 yuan/ton; the closing price of the main soda ash contract was 1185 yuan/ton, a week - on - week decrease of 8 yuan/ton; the basis was - 35 yuan/ton, a week - on - week increase of 15 yuan/ton [62][68]. - **Cost and Profit**: As of January 23, 2026, the weekly average profit of the ammonia - soda process was - 168.3 yuan/ton, remaining unchanged week - on - week; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week increase of 4 yuan/ton. The price of steam coal arriving at Qinhuangdao Port was 693 yuan/ton, a week - on - week decrease of 11 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week [62][79][82]. - **Supply**: As of January 23, 2026, the weekly output of soda ash was 77.17 tons, a week - on - week decrease of 0.36 tons, and the capacity utilization rate was 86.42%. The output of heavy soda ash was 41.29 tons, a week - on - week decrease of 0.09 tons; the output of light soda ash was 35.88 tons, a week - on - week decrease of 0.27 tons [62][90][93]. - **Demand**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The apparent consumption of soda ash in December reached 2.95 million tons [62][96]. - **Inventory**: As of January 23, 2026, the in - factory inventory of soda ash was 1.5212 million tons, a week - on - week decrease of 0.0538 million tons; the available inventory days were 12.61 days, a week - on - week decrease of 0.45 days. The in - factory inventory of heavy soda ash was 69.67 tons, a week - on - week decrease of 4.13 tons; the in - factory inventory of light soda ash was 82.45 tons, a week - on - week decrease of 1.25 tons [62][101][104]. 3.2 Futures and Spot Market - **Soda Ash Basis**: As of January 23, 2026, the spot market price of heavy soda ash in Shahe was 1150 yuan/ton, a week - on - week increase of 8 yuan/ton; the closing price of the main soda ash contract was 1185 yuan/ton, a week - on - week decrease of 8 yuan/ton; the basis was - 35 yuan/ton, a week - on - week increase of 15 yuan/ton [68]. - **Soda Ash Inter - month Spread**: As of January 23, 2026, the 01 - 05 spread of soda ash was 100 yuan/ton (+176), the 05 - 09 spread was - 62 yuan/ton (+3), the 09 - 01 spread was - 38 yuan/ton (-179), and the open interest reached 155.73 million lots [71]. 3.3 Profit and Cost - **Soda Ash Profit**: As of January 23, 2026, the weekly average profit of the ammonia - soda process was - 168.3 yuan/ton, remaining unchanged week - on - week; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week increase of 4 yuan/ton [79]. - **Raw Material Cost**: The price of steam coal arriving at Qinhuangdao Port was 693 yuan/ton, a week - on - week decrease of 11 yuan/ton; the low - end price of Henan LNG market was 3850 yuan/ton, remaining unchanged week - on - week. The price of raw salt in the northwest region was 215 yuan/ton, remaining unchanged week - on - week; the price of synthetic ammonia in Shandong was 2270 yuan/ton, a week - on - week decrease of 55 yuan/ton [82][85]. 3.4 Supply and Demand - **Soda Ash Output**: As of January 23, 2026, the weekly output of soda ash was 77.17 tons, a week - on - week decrease of 0.36 tons, and the capacity utilization rate was 86.42%. The output of heavy soda ash was 41.29 tons, a week - on - week decrease of 0.09 tons; the output of light soda ash was 35.88 tons, a week - on - week decrease of 0.27 tons [90][93]. - **Soda Ash Demand**: As of January 23, 2026, the weekly output of national float glass was 105.52 tons, a week - on - week increase of 0.29 tons; the number of operating production lines was 212, remaining unchanged week - on - week, and the operating rate was 71.62%. The apparent consumption of soda ash in December reached 2.95 million tons [96]. 3.5 Inventory As of January 23, 2026, the in - factory inventory of soda ash was 1.5212 million tons, a week - on - week decrease of 0.0538 million tons; the available inventory days were 12.61 days, a week - on - week decrease of 0.45 days. The previous forecast value was 1.5727 million tons, and the de - stocking speed was slightly faster than expected; it is expected that the inventory will continue to decrease this week, with the estimated value of 1.48 million tons. The in - factory inventory of heavy soda ash was 69.67 tons, a week - on - week decrease of 4.13 tons; the in - factory inventory of light soda ash was 82.45 tons, a week - on - week decrease of 1.25 tons [101][104].

Group 1: Industry Investment Rating - The investment rating for the soda ash industry is short - term volatility [1] Group 2: Core Viewpoints - The current fundamentals of soda ash have slightly improved. Although there is short - term support from policy expectations and market sentiment, the continuous release of new production capacity weakens the market supply - demand outlook, and prices may fluctuate in the short term. Attention should be paid to the support trend near the 20 - day moving average. Future focus should be on downstream demand, macro - policies, and market sentiment changes [4] Group 3: Summary by Directory Market行情回顾 - **Futures market**: The main soda ash contract opened low and closed high, with an intraday volatile rebound. The 120 - minute Bollinger Bands tightened, indicating short - term volatility. The intraday pressure is near the 60 - day moving average, and the support is near the 20 - day moving average. The trading volume increased by 11,220 lots compared to the previous day, and the open interest decreased by 15,412 lots. The intraday high was 1232, the low was 1206, and the closing price was 1222, down 2 yuan/ton or 0.16% from the previous settlement price [1] - **Spot market**: It was stable with slight fluctuations. The enterprise equipment had a narrow - range change. The third phase of Henan Zhongyuan resumed operation, and the production increased. The downstream trading atmosphere was average, with low purchasing enthusiasm and resistance to high prices, maintaining low - price and just - in - time procurement [1] - **Basis**: The spot price of heavy soda ash in North China was 1250, and the basis was 28 yuan/ton [1] Fundamental Data - **Supply**: As of January 8, the domestic soda ash output was 753,600 tons, a week - on - week increase of 56,500 tons or 8.11%. The light soda ash output was 349,100 tons, a week - on - week increase of 23,000 tons; the heavy soda ash output was 404,500 tons, a week - on - week increase of 33,500 tons. The comprehensive capacity utilization rate was 84.39%, up 4.43 percentage points from the previous week. The ammonia - soda process capacity utilization rate was 90.41%, up 11.20 percentage points; the co - production process capacity utilization rate was 74.11%, up 1.33 percentage points. The overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 88.15%, up 2.24 percentage points [2] - **Inventory**: The total inventory of domestic soda ash manufacturers was 1.5647 million tons, a decrease of 8,000 tons or 0.51% from last Thursday. Among them, the light soda ash inventory was 844,000 tons, a week - on - week increase of 7,500 tons; the heavy soda ash inventory was 720,700 tons, a week - on - week decrease of 15,500 tons [2] - **Demand**: This week, the soda ash enterprise shipment volume was 589,200 tons, a week - on - week decrease of 18.99%. The overall shipment rate of soda ash was 78.18%, a week - on - week decrease of 26.15%. The downstream demand for soda ash was average, mainly consuming inventory and purchasing at low prices. The demand for light soda ash was relatively stable, while the rigid demand for heavy soda ash weakened due to the cold repair of some glass production lines at the end of last month [2] - **Profit**: According to Longzhong Information, the theoretical profit (per two tons) of the co - production method was - 40 yuan/ton, a week - on - week decrease of 12.68%. The theoretical profit of the ammonia - soda method was - 57.85 yuan/ton, a week - on - week increase of 39.65%. The price of raw material ore salt was stable during the week, while the price of thermal coal increased, leading to higher costs [3] Main Logic Summary - The current soda ash capacity utilization rate remains high, and with the gradual release of new production capacity, the overall output continues to increase. One glass production line started production yesterday, and the cold - repair pace slowed down, resulting in a slight recovery in the rigid demand for soda ash. In addition, there is some short - term support under continuous losses and positive macro - sentiment [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic soda ash market first declined and then rose, with increased low - price transactions and an improved atmosphere. New capacity has significant release pressure, and the price is expected to fluctuate in the near term, with the upper pressure on the 05 contract at the 1300 level. The supply has increased significantly, and the inventory is at a high level. The downstream demand is expected to be stable to weak [1]. Summary by Directory 1. Market Review and Outlook - The domestic soda ash market first declined and then rose. Last week, the domestic soda ash production was 753,600 tons, a week - on - week increase of 56,500 tons or 8.11%. The comprehensive capacity utilization rate was 84.39%, up 4.43% from the previous week. The total inventory of soda ash manufacturers was 1.5727 million tons, a week - on - week increase of 164,400 tons or 11.67%. The downstream demand is expected to be stable to weak, and the inventory is expected to remain at a high level [1]. 2. Factors to Watch - Soda ash start - up changes, new capacity release progress, and soda ash enterprise inventory changes [2] 3. Weekly Changes in Fundamental Data | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Week - on - Week Change (%) | | --- | --- | --- | --- | --- | --- | | Basis (East China) | Yuan/ton | 7 | 41 | - 34 | - 82.93 | | Enterprise Inventory | 10,000 tons | 157.27 | 140.83 | 16.44 | 11.67 | | Weekly Output | 10,000 tons | 75.36 | 69.71 | 5.65 | 8.11 | | Dual - ton Profit of Dual - alkali Method | Yuan/ton | - 40 | - 35.5 | - 4.50 | - 12.68 | | Ammonia - alkali Method Profit | Yuan/ton | - 57.85 | - 95.4 | 37.55 | 39.36 | | Downstream Float Glass Start - up Rate | % | 71.96 | 73.03 | - 1.07 | - 1.47 | | Downstream Photovoltaic Glass Start - up Rate | % | 67.04 | 67.2 | - 0.16 | - 0.24 | [3] 4. Periodic and Spot Market Review - Last week, the soda ash market in East China was stable with narrow price adjustments. The futures price fluctuated steadily, and the basis in the East China market showed a slight rebound [5]. 5. Supply Situation Analysis - As of January 8, the domestic soda ash production was 753,600 tons, a week - on - week increase of 56,500 tons or 8.11%. The theoretical profit of dual - alkali method soda ash was - 40 yuan/ton, a week - on - week decrease of 12.68%. The theoretical profit of ammonia - alkali method soda ash was - 57.85 yuan/ton, a week - on - week increase of 39.36% [7]. 6. Demand Situation Analysis - **Photovoltaic Glass**: As of January 8, the domestic in - production capacity of photovoltaic glass was 88,160 tons per day, a week - on - week decrease of 0.36% and a year - on - year increase of 8.64%. The capacity utilization rate was 67.04%, a week - on - week decrease of 0.24%. Component enterprises plan to raise prices, but actual transactions will continue to be negotiated. - **Float Glass**: As of January 8, the average start - up rate of the float glass industry was 71.96%, a week - on - week decrease of 1.08 percentage points. The average capacity utilization rate was 75.63%, a week - on - week decrease of 1.03 percentage points. The production is expected to decline slightly this week [10]. 7. Enterprise Inventory Analysis - As of January 8, the total inventory of domestic soda ash manufacturers was 1.5727 million tons, a week - on - week increase of 164,400 tons or 11.67%. Among them, the inventory of light soda ash was 836,500 tons, a week - on - week increase of 104,300 tons, and the inventory of heavy soda ash was 736,200 tons, a week - on - week increase of 60,100 tons [13]. 8. Position Analysis - As of January 9, the long positions of the top 20 members in soda ash futures were 773,207, an increase of 1,952. The short positions were 963,988, an increase of 22,552. The net positions of the top 20 members were bearish [15].

Report 1: Glass Weekly Report Industry Investment Rating Not provided in the report. Report's Core View Recently, with multiple production lines undergoing cold repairs, the daily melting volume of glass has dropped to a multi - year low (15.01 tons), and the support from rising fuel costs has boosted market sentiment and driven up prices. On the spot side, influenced by the positive futures market, many glass manufacturers have announced price hikes, and dealers' purchasing sentiment is decent. However, due to the traditional off - season, terminal orders are growing sluggishly, and the high overall industry inventory continues to limit the upside potential of prices. The market should focus on the progress of high - inventory digestion and actual spot trading performance. Given the large short - term fluctuations, it is recommended to adopt a wait - and - see approach [13][14]. Summary According to Directory 1. Week - on - Week Assessment and Strategy Recommendation - Price: As of January 9, 2026, the spot market price of float glass was 1020 yuan/ton, a week - on - week increase of 20 yuan/ton; the closing price of the glass main contract was 1144 yuan/ton, a week - on - week increase of 57 yuan/ton; the basis was - 124 yuan/ton, a week - on - week decrease of 37 yuan/ton [13][19]. - Cost and Profit: The weekly average profit of producing float glass with natural gas as fuel was - 186.4 yuan/ton, a week - on - week increase of 5 yuan/ton; the low - end price of Henan LNG market was 3780 yuan/ton, a week - on - week decrease of 20 yuan/ton. The weekly average profit of producing float glass with coal as fuel was - 73.83 yuan/ton, a week - on - week decrease of 8.6 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 5.78 yuan/ton, a week - on - week increase of 18.58 yuan/ton [13][29][32]. - Supply: As of January 9, 2026, the weekly output of national float glass was 105.92 tons, a week - on - week decrease of 1.413 tons; the number of operating production lines was 212, a week - on - week decrease of 2; the operating rate was 71.95% [13][37]. - Demand: According to WIND data, from January to November 2025, the cumulative sales area of commercial housing in China was 78701.74 million square meters, a year - on - year decrease of 7.8%; in November, the sales area of commercial housing was 6719.74 million square meters, a year - on - year decrease of 17.93%. According to CAAM data, in November, the production and sales of automobiles were 353.16/342.90 million vehicles respectively, a year - on - year increase of 2.76%/3.40%; from January to November, the cumulative production and sales of automobiles were 3123.10/3112.70 million vehicles [13][43][46]. - Inventory: As of January 9, 2026, the in - factory inventory of national float glass was 5551.8 million heavy boxes, a week - on - week decrease of 134.80 million heavy boxes; the in - factory inventory in the Shahe area was 261.36 million heavy boxes, a week - on - week decrease of 95.28 million heavy boxes [13][51]. 2. Futures and Spot Market - Glass Basis: As of January 9, 2026, the spot market price of float glass was 1020 yuan/ton, the closing price of the glass main contract was 1144 yuan/ton, and the basis was - 124 yuan/ton, a week - on - week decrease of 37 yuan/ton [19]. - Glass Inter - month Spread: As of January 9, 2026, the 01 - 05 spread of glass was - 120 yuan/ton (+18), the 05 - 09 spread was - 90 yuan/ton (+13), the 09 - 01 spread was 210 yuan/ton (- 31), and the open interest reached 154.85 million lots [22]. 3. Profit and Cost - Float Glass Profit and Cost: As of January 9, 2026, the weekly average profit of producing float glass with natural gas as fuel was - 186.4 yuan/ton, a week - on - week increase of 5 yuan/ton; the low - end price of Henan LNG market was 3780 yuan/ton, a week - on - week decrease of 20 yuan/ton. The weekly average profit of producing float glass with coal as fuel was - 73.83 yuan/ton, a week - on - week decrease of 8.6 yuan/ton; the weekly average profit of producing float glass with petroleum coke as fuel was - 5.78 yuan/ton, a week - on - week increase of 18.58 yuan/ton [29][32]. 4. Supply and Demand - Glass Production and Operating Rate: As of January 9, 2026, the weekly output of national float glass was 105.92 tons, a week - on - week decrease of 1.413 tons; the number of operating production lines was 212, a week - on - week decrease of 2; the operating rate was 71.95% [37]. - Glass Demand: As of January 9, 2026, the downstream deep - processing orders of float glass were 8.6 days, a week - on - week decrease of 1.10 days; the operating rate of Low - e glass was 44.10%, unchanged from the previous week. From January to November 2025, the cumulative sales area of commercial housing in China was 78701.74 million square meters, a year - on - year decrease of 7.8%; in November, the sales area of commercial housing was 6719.74 million square meters, a year - on - year decrease of 17.93%. In November, the production and sales of automobiles were 353.16/342.90 million vehicles respectively, a year - on - year increase of 2.76%/3.40%; from January to November, the cumulative production and sales of automobiles were 3123.10/3112.70 million vehicles [40][43][46]. 5. Inventory As of January 9, 2026, the in - factory inventory of national float glass was 5551.8 million heavy boxes, a week - on - week decrease of 134.80 million heavy boxes; the in - factory inventory in the Shahe area was 261.36 million heavy boxes, a week - on - week decrease of 95.28 million heavy boxes [51]. Report 2: Soda Ash Weekly Report Industry Investment Rating Not provided in the report. Report's Core View Last week, the overall supply of soda ash was stable, the load of some plants increased slightly, and the industry's operating rate rebounded. Meanwhile, the second - phase project of Alashan was officially put into production, and the market supply pressure continued. In terms of demand, the production capacity of photovoltaic glass and float glass showed a downward trend, the rigid demand for heavy soda ash decreased accordingly, downstream users generally adopted a cautious wait - and - see attitude, and most purchases were for low - price rigid needs, resulting in a dull overall trading atmosphere. Enterprise inventories continued to accumulate, and the pressure to sell goods increased significantly. Some manufacturers slightly lowered their quotes to promote sales. Although the price of local heavy soda ash increased slightly driven by the futures market in the later part of the week, the market still lacked substantial positive support, and the overall weak pattern remained unchanged [62][63]. Summary According to Directory 1. Week - on - Week Assessment and Strategy Recommendation - Price: As of January 9, 2026, the spot market price of heavy soda ash in Shahe was 1188 yuan/ton, a week - on - week increase of 66 yuan/ton; the closing price of the soda ash main contract was 1228 yuan/ton, a week - on - week increase of 19 yuan/ton; the basis was - 40 yuan/ton, a week - on - week increase of 47 yuan/ton [62][68]. - Cost and Profit: As of January 9, 2026, the weekly average profit of the ammonia - soda process was - 145.85 yuan/ton, a week - on - week increase of 21.55 yuan/ton; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week decrease of 4.5 yuan/ton. The price of steam coal arriving at Qinhuangdao Port was 700 yuan/ton, a week - on - week increase of 10 yuan/ton; the low - end price of Henan LNG market was 3780 yuan/ton, a week - on - week decrease of 20 yuan/ton. The price of raw salt in the northwest region was 215 yuan/ton, unchanged from the previous week; the price of synthetic ammonia in Shandong was 2315 yuan/ton, a week - on - week increase of 15 yuan/ton [62][79][82]. - Supply: As of January 9, 2026, the weekly output of soda ash was 75.36 tons, a week - on - week increase of 5.65 tons, and the capacity utilization rate was 84.39%. The output of heavy soda ash was 40.45 tons, a week - on - week increase of 3.35 tons; the output of light soda ash was 34.91 tons, a week - on - week increase of 2.30 tons [62][90][93]. - Demand: As of January 9, 2026, the weekly output of national float glass was 105.92 tons, a week - on - week decrease of 1.413 tons, the number of operating production lines was 212, a week - on - week decrease of 2, and the operating rate was 71.95%. The apparent consumption of soda ash in November reached 289 tons [62][96]. - Inventory: As of January 9, 2026, the in - factory inventory of soda ash was 157.27 tons, a week - on - week increase of 16.44 tons; the available inventory days were 13.04 days, a week - on - week increase of 1.36 days. The in - factory inventory of heavy soda ash was 73.62 tons, a week - on - week increase of 6.01 tons; the in - factory inventory of light soda ash was 83.65 tons, a week - on - week increase of 10.43 tons [62][101][104]. 2. Futures and Spot Market - Soda Ash Basis: As of January 9, 2026, the spot market price of heavy soda ash in Shahe was 1188 yuan/ton, the closing price of the soda ash main contract was 1228 yuan/ton, and the basis was - 40 yuan/ton, a week - on - week increase of 47 yuan/ton [68]. - Soda Ash Inter - month Spread: As of January 9, 2026, the 01 - 05 spread of soda ash was - 85 yuan/ton (- 1), the 05 - 09 spread was - 68 yuan/ton (- 5), the 09 - 01 spread was 153 yuan/ton (+6), and the open interest reached 154.85 million lots [71]. 3. Profit and Cost - Soda Ash Profit: As of January 9, 2026, the weekly average profit of the ammonia - soda process was - 145.85 yuan/ton, a week - on - week increase of 21.55 yuan/ton; the weekly average profit of the combined - soda process was - 108 yuan/ton, a week - on - week decrease of 4.5 yuan/ton [79]. - Raw Material Cost: As of January 9, 2026, the price of steam coal arriving at Qinhuangdao Port was 700 yuan/ton, a week - on - week increase of 10 yuan/ton; the low - end price of Henan LNG market was 3780 yuan/ton, a week - on - week decrease of 20 yuan/ton. The price of raw salt in the northwest region was 215 yuan/ton, unchanged from the previous week; the price of synthetic ammonia in Shandong was 2315 yuan/ton, a week - on - week increase of 15 yuan/ton [82][85]. 4. Supply and Demand - Soda Ash Production: As of January 9, 2026, the weekly output of soda ash was 75.36 tons, a week - on - week increase of 5.65 tons, and the capacity utilization rate was 84.39%. The output of heavy soda ash was 40.45 tons, a week - on - week increase of 3.35 tons; the output of light soda ash was 34.91 tons, a week - on - week increase of 2.30 tons [90][93]. - Soda Ash Demand: As of January 9, 2026, the weekly output of national float glass was 105.92 tons, a week - on - week decrease of 1.413 tons, the number of operating production lines was 212, a week - on - week decrease of 2, and the operating rate was 71.95%. The apparent consumption of soda ash in November reached 289 tons [96]. 5. Inventory As of January 9, 2026, the in - factory inventory of soda ash was 157.27 tons, a week - on - week increase of 16.44 tons; the available inventory days were 13.04 days, a week - on - week increase of 1.36 days. The in - factory inventory of heavy soda ash was 73.62 tons, a week - on - week increase of 6.01 tons; the in - factory inventory of light soda ash was 83.65 tons, a week - on - week increase of 10.43 tons [101][104]

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The domestic soda ash market is fluctuating with prices stable but slightly decreasing. The supply has decreased slightly due to load fluctuations and maintenance of individual enterprises. The downstream demand is expected to be moderately weak, and the inventory of soda ash enterprises is expected to remain at a high level in the near term. The soda ash price is expected to fluctuate in the short - term, with the 05 contract facing resistance at around 1220 yuan/ton [1] 3. Summary by Relevant Catalogs Market Review and Outlook - The domestic soda ash market has been fluctuating, and prices have been stable with a slight decline. Last week, the domestic soda ash production was 72.14 million tons, a week - on - week decrease of 1.4 million tons or 1.91%. The comprehensive utilization rate of production capacity was 82.74%, a week - on - week decrease of 1.61%. The total inventory of domestic soda ash manufacturers was 149.93 million tons, a week - on - week increase of 0.50 million tons or 0.33%. The number of days of pending orders for soda ash enterprises was more than 12 days, showing a narrow decline [1]. - Currently, the profit of soda ash enterprises is poor. The domestic soda ash operation rate is expected to be stable at a high level this week. The downstream demand for soda ash is expected to be moderately weak. The production of downstream float glass is expected to decline slightly, while that of photovoltaic glass is expected to remain stable. The inventory of soda ash enterprises is expected to remain high, and attention should be paid to changes in the soda ash operation rate [1]. Factors to Watch - Changes in soda ash operation rate; new production capacity release progress; changes in soda ash enterprise inventory [2] Weekly Changes in Fundamental Data This Week Spot and Futures Market Review - Last week, the soda ash market in East China was stable with light trading, and prices were slightly adjusted. The futures price fluctuated and rebounded, and the basis in the East China market showed a downward trend [7] Supply Situation Analysis - As of December 18, the domestic soda ash production was 72.14 million tons, a week - on - week decrease of 1.4 million tons or 1.91%. The production of light soda ash was 33.11 million tons, a week - on - week decrease of 0.65 million tons, and that of heavy soda ash was 39.03 million tons, a week - on - week decrease of 0.75 million tons. The theoretical profit of the dual - ton of soda ash by the joint - alkali method in China was - 41 yuan/ton, a week - on - week increase of 16.33%. The theoretical profit of soda ash by the ammonia - alkali method was - 66.70 yuan/ton, a week - on - week increase of 1.33% [8] Demand Situation Analysis - **Photovoltaic glass**: As of December 18, the domestic photovoltaic glass production capacity in operation was 88,680 tons per day, unchanged from the previous week and a year - on - year increase of 3.54%. The capacity utilization rate this week was 67.82%, unchanged from the previous week. 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, while the decline in supply is relatively small. Considering the current industry inventory of more than 30 days, there may be unexpected production cuts in December [12]. - **Float glass**: As of December 18, the average operation rate of the float glass industry was 73.99%, a week - on - week increase of 0.15 percentage points, and the average capacity utilization rate was 77.48%, unchanged from the previous week. There is an expectation that a production line in South China will stop production this week, and the float glass production may slightly decrease [12] Enterprise Inventory Analysis - As of December 18, the total inventory of domestic soda ash manufacturers was 149.93 million tons, a week - on - week increase of 0.50 million tons or 0.33%. Among them, the inventory of light soda ash was 72.76 million tons, a week - on - week increase of 2.38 million tons, and that of heavy soda ash was 77.17 million tons, a week - on - week decrease of 1.88 million tons [14] Position Analysis - As of December 19, the long - position volume of the top 20 members in soda ash futures was 785,571, an increase of 4,834, and the short - position volume was 963,332, an increase of 27,622. The net position of the top 20 members was bearish [16]