Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The current weak demand situation for soda ash has not improved. The "anti - involution" production cut plan of photovoltaic glass may lead to a decrease in the demand for heavy soda ash in November. Short - term improvement in shipments is mainly due to downstream passive replenishment at low prices rather than demand recovery [7]. - Future price trends depend on multiple factors. A drop in industry operating rate below 80% or a delay in the commissioning of Yuanxing Energy may trigger a periodic rebound. The effectiveness of domestic real - estate policies in promoting inventory reduction of float glass will improve the demand outlook for heavy soda ash. The implementation of macro - level stimulus policies such as reserve requirement ratio cuts and interest rate cuts may also change market sentiment [7][8]. 3. Summary by Directory 1. Futures Market - **Contract行情**: On October 17, 2025, the soda ash futures fluctuated and closed lower. For the soda ash 2601 (SA601) contract, the opening price was 1240 yuan/ton, the highest was 1240 yuan/ton, the lowest was 1196 yuan/ton, and the closing price was 1209 yuan/ton, a decrease of 18 yuan/ton or 1.47% from the previous trading day's settlement price. The trading volume was 1.045 million lots, a decrease of 104,000 lots from the previous day, and the open interest was 1.406 million lots, an increase of 18,000 lots from the previous day [2]. - **Variety Prices**: The prices of different soda ash futures contracts all declined on October 17, 2025. For example, the soda ash 2609 contract decreased by 22 yuan/ton or 1.59%, the soda ash 2601 M contract decreased by 18 yuan/ton or 1.47%, and the soda ash 2605 contract decreased by 23 yuan/ton or 1.75%. The domestic soda ash spot market prices remained unchanged on this day [4][5]. 3. Influencing Factors - **Industry Chain - related**: The overall demand for glass in the peak season is weak. Despite the improvement in profits, the industry's operating rate has increased, and enterprise inventories have continuously increased, leading to a pessimistic market sentiment and consecutive drops in the glass futures market [6]. - **Fundamentals - related**: Coal prices are stable at 850 yuan/ton, but the price of raw salt has decreased to 280 yuan/ton. The theoretical profit of the combined - soda process has dropped to - 35 yuan/ton, and the profit of the ammonia - soda process is - 82 yuan/ton. The industry's loss - making ratio has expanded to 65% [6]. 4. Market Outlook - The weak demand for soda ash persists. The production cut plan of photovoltaic glass may reduce the demand for heavy soda ash in November. Short - term shipment improvement is due to downstream passive replenishment. Attention should be paid to factors such as industry operating rate, the commissioning progress of Yuanxing Energy, real - estate policies, and macro - level stimulus policies [7][8].