Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: November 18, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The soda ash market is expected to maintain a short - term oscillatory and slightly stronger trend, while the glass market is likely to continue its downward trend in the medium term if there is no new market expectation stimulus [8][9] Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 17, the main soda ash futures SA601 contract oscillated with a slight upward trend. The closing price was 1,231 yuan/ton, up 2 yuan/ton or 0.16%, with a daily reduction of 19,289 lots [7] - Fundamentally, enterprise production and sales are approaching balance, and inventory reduction is not obvious. Weekly soda ash production decreased 1.01% to 73.93 tons, still at a high level. The soda ash device is running stably, and individual overhauls have little overall impact. In the demand side, the shipment of Chinese soda ash enterprises from mid - to early November increased 1.57% to 74.62 tons. The production of float glass decreased 1.08% to 111.39 tons. The alkali plant inventory slightly decreased to 170.73 tons, in the middle range of the past six months [8] - In the short - term, the disk price is affected by the increase in light soda ash price and the expected equipment overhaul in late November, and is expected to maintain an oscillatory and slightly stronger trend. In the long - term, the supply - demand pattern of oversupply may continue [8] Glass - Fundamentally, the daily melting volume of float glass remains high, and the supply is supported. The photovoltaic glass is in a weak balance, and the overall glass supply is at a high level for the year. After the holiday, the factory inventory remains high. The real estate market has not shown a stabilizing trend, and the demand for float glass may not continue to rise [9] - Recently, the disk price has been oscillating weakly. In the medium - term, if there is no new market expectation, the downward trend of the disk is difficult to change [9] 2. Data Overview - The report provides data on the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production, with data sources from Wind and iFind [12][14][17]

Core Points - The State Grid Chongqing Super High Voltage Company successfully completed the replacement, debugging, and testing of the 500 kV GIS circuit breaker at the Yuping Substation, marking the first full-process replacement and maintenance of a 500 kV GIS circuit breaker by the company [1][4] - The Yupu Substation, built in 2015, has a total capacity of 3 million kVA and is a key part of Chongqing's "day-shaped" double-ring backbone grid [2] - The replacement of the GIS circuit breakers is part of a broader initiative to address safety concerns related to the circuit breaker nozzle guide ring, with plans to complete the replacement of 10 groups of GIS circuit breakers by May 2026 [2][4] Company Operations - The installation, maintenance, and debugging of 500 kV GIS equipment require high technical standards and complex processes, which were previously managed by equipment manufacturers [4] - To ensure the successful completion of the GIS circuit breaker replacement, the company prepared in advance by simulating the replacement and installation processes at a dedicated maintenance base [4] - The company plans to summarize the experience gained from this replacement work to systematically complete the remaining nine groups of GIS circuit breakers, thereby eliminating potential hazards and ensuring the healthy operation of the 500 kV substation equipment [4]

Core Viewpoint - The annual maintenance of the gas field is crucial for ensuring the stable and efficient operation of equipment, laying a solid foundation for natural gas supply during peak winter demand [4] Group 1: Maintenance Progress - The maintenance work is in the final sprint phase, with 69 out of 86 planned gas collection stations and 8 out of 10 purification units completed [2] - More than 1,000 personnel participated in the maintenance, covering over 10,000 valves and equipment [5] Group 2: Safety and Management - The first gas production plant emphasizes comprehensive safety management during maintenance, addressing challenges such as heavy tasks, complex processes, and tight schedules [4] - Various departments collaborate to manage on-site factors systematically, preventing safety risks from the source [4] Group 3: Operational Efficiency - The production operation department oversees scheduling and coordination, ensuring quality and progress are strictly monitored [5] - Maintenance teams implement rigorous management throughout the process, adhering to safety measures and ensuring efficient operations [5] Group 4: Team Spirit and Commitment - The maintenance period has fostered a strong sense of responsibility and commitment among all employees, creating a culture of striving to be the main force and leading the charge [6] - Employees have faced various challenges, including harsh weather conditions, to successfully complete the annual maintenance tasks safely and efficiently [6]

Core Viewpoint - The company plans to conduct routine maintenance shutdown starting from August 30, 2025, lasting no more than 45 days, to ensure the safe and effective operation of tin smelting equipment and subsequent stable production [1] Group 1 - The maintenance shutdown is expected to have minimal impact on the annual production plan as it has already been accounted for in the company's budget and production plans for the year [1]

Core Points - The Three Gorges Ship Lift has been operational since 2016, facilitating nearly 50,000 vessel passages and transporting over 19 million tons of goods, while also receiving more than 2 million tourists, making it a crucial component of the Yangtze River Economic Belt development [1] - The annual maintenance inspection, lasting 35 days, is the fifth planned shutdown since the completion of the ship lift, aimed at eliminating equipment defects and enhancing operational reliability and safety [1][3] - This year's maintenance focuses on systematic repairs, particularly on the synchronous shaft, which is critical for the transmission system and affects the overall operational precision of the ship lift [3] Maintenance Innovations - The introduction of a large-scale laser cleaning device for the nut column, which is part of the safety system, significantly improves cleaning efficiency compared to previous manual methods, addressing issues of space, efficiency, and safety [5] - Extensive testing was conducted to optimize the laser parameters to ensure effective cleaning without damaging the surface roughness of the components [5] Operational Adjustments - During the maintenance period, vessels meeting the technical requirements can still pass through the Three Gorges double-line five-level ship lock, ensuring continuity in navigation and stability in shipping operations [7] - The Yangtze River Three Gorges Navigation Administration has proactively communicated with shipping companies to facilitate transportation planning during the maintenance period [7]

Group 1 - The Three Gorges Ship Lift has officially commenced its planned maintenance on August 25, 2025, marking the fifth annual "check-up" since its operation began [1][3] - The ship lift is the largest and most technically challenging in the world, capable of quickly elevating vessels with a displacement of 3,000 tons, and has facilitated over 48,500 safe operations and transported more than 19 million tons of goods since its trial navigation in 2016 [1][2] Group 2 - The primary goal of the planned maintenance is to eliminate equipment defects and enhance the reliability and safety of the ship lift's operations [2] - The maintenance work involves over 60 tasks across seven categories, with participation from 15 units and more than 290 technical personnel and workers, scheduled to last for 35 days [2][4] - Compared to previous years, the workload for this maintenance has increased by nearly 20%, with a focus on complex projects and high technical requirements [4]