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