Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For soda ash, supply is expected to remain ample, demand will continue to decline, and prices will face continuous pressure. However, with anti - involution speculation, there may be variables. It is recommended to go long on the soda ash main contract at low levels in the short term [2]. - For glass, the current situation is not optimistic. Although there is a small increase in deep - processing orders in the downstream, the overall inventory is rising slightly. It is recommended to go long on the glass main contract at low levels, but short - term long positions have limited opportunities [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price: 1311 yuan/ton, down 26 yuan; glass main contract closing price: 1173 yuan/ton, down 18 yuan [2]. - Soda ash and glass price difference: 138 yuan/ton, down 8 yuan; soda ash main contract open interest: 1,399,714 lots, up 13,450 lots; glass main contract open interest: 1,196,769 lots, down 4,653 lots [2]. - Soda ash top 20 net positions: - 313,904 lots, up 11,584 lots; glass top 20 net positions: - 245,653 lots, down 10,925 lots [2]. - Soda ash exchange warehouse receipts: 9,313 tons, up 249 tons; glass exchange warehouse receipts: 2,099 tons, up 456 tons [2]. - Soda ash September - January contract spread: - 111 yuan/ton, unchanged; glass September - January contract spread: - 189 yuan/ton, up 3 yuan [2]. - Soda ash basis: - 91 yuan/ton, up 26 yuan; glass basis: - 109 yuan/ton, up 18 yuan [2]. Spot Market - North China heavy soda ash: 1,220 yuan/ton, unchanged; Central China heavy soda ash: 1,325 yuan/ton, unchanged [2]. - East China light soda ash: 1,265 yuan/ton, unchanged; Central China light soda ash: 1,215 yuan/ton, down 5 yuan [2]. - Shahe glass large plate: 1,064 yuan/ton, unchanged; Central China glass large plate: 1,090 yuan/ton, unchanged [2]. Industry Situation - Soda ash plant operating rate: 88.48%, up 1.16 percentage points; float glass enterprise operating rate: 75.34%, unchanged [2]. - Glass in - production capacity: 15.96 million tons/year, unchanged; glass in - production production lines: 223, unchanged [2]. - Soda ash enterprise inventory: 1.8881 million tons, down 22,700 tons; glass enterprise inventory: 63,606,000 weight boxes, up 180,000 weight boxes [2]. Downstream Situation - Cumulative real - estate new construction area: 35,206 million square meters, up 4,841.68 million square meters; cumulative real - estate completion area: 25,034 million square meters, up 2,467.39 million square meters [2]. Industry News - National policies include improving domestic demand policies, promoting green - low - carbon transformation, and supporting forestry development [2]. - Soda ash supply is increasing, but profit recovery is not sustainable. Glass production is at a low level due to the impact of high - temperature weather on the real - estate industry [2]. - Shanghai has optimized real - estate and housing - loan policies [2]. Viewpoint Summary - Soda ash supply is expected to remain ample, demand will continue to decline, and prices will be under pressure. Although there may be speculation about supply cuts, the de - stocking process will be repeated [2]. - Glass supply remains stable at a low level, demand from the real - estate industry is weak, and the inventory is rising slightly. The de - stocking trend remains unchanged, and there is a possibility of restocking [2].

Group 1 - Trump announced plans to reduce drug prices by 1400% to 1500% and impose tariffs on pharmaceuticals [15] - The U.S. plans to classify copper and potash as critical minerals [15] - Intel warned that government ownership stakes could pose risks to its business, potentially rising to 15% [15] Group 2 - The Federal Reserve's Logan indicated that there is still room for reducing bank system reserves [12] - The National Development and Reform Commission of China emphasized the need to improve policies to expand domestic demand and support enterprise innovation [14] Group 3 - The U.S. stock market saw declines across major indices, with the Dow Jones down 0.77%, S&P 500 down 0.43%, and Nasdaq down 0.2% [4] - European stock indices mostly fell, with the DAX down 0.37% and the Euro Stoxx 50 down 0.81% [4] - Hong Kong's Hang Seng Index rose by 1.94%, reaching a high not seen since October 2021 [5] Group 4 - A-shares experienced a strong opening, with the Shanghai Composite Index rising by 1.51% and the Shenzhen Component Index up by 2.26% [6] - The total trading volume in the A-share market reached 3.14 trillion yuan, marking a significant increase [6]

Group 1: Open Market Operations - The central bank announced a reverse repurchase operation of 288.4 billion yuan for 7-day terms at a fixed rate of 1.40% on August 25, with a total bid amount of 288.4 billion yuan and a successful bid amount of 288.4 billion yuan. The net injection for the day was calculated to be 21.9 billion yuan after considering the maturity of 266.5 billion yuan in reverse repos [1]. Group 2: Funding Conditions - The interbank market maintained a surplus in funding on Monday, with the weighted average rate for overnight repos dropping over 6 basis points to around 1.35%. The 7-day rate increased by over 5 basis points due to cross-month transactions. The overnight quotes in the anonymous click (X-repo) system were above 1.3%, with supply exceeding 100 billion yuan [3]. - The latest overnight financing rate in the U.S. was reported at 4.32% [3]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was around 1.67%, remaining stable compared to the previous day [7]. Group 4: Bond Market Overview - Major interest rates for interbank bonds saw a decline [9]. - Government bond futures closed collectively higher, with the 30-year main contract rising by 0.78%, the 10-year by 0.27%, the 5-year by 0.15%, and the 2-year by 0.10% [13]. Group 5: Policy and Market Developments - The central bank and three departments jointly issued a notice to support the high-quality development of forestry, encouraging the construction of forestry industry bases and increasing medium to long-term loan investments without adding hidden local government debt [14]. - Shanghai released new housing market policies, allowing unlimited purchases for eligible buyers outside the outer ring and increasing the maximum loan amount for housing provident funds by 15% for certain new green buildings [14]. - The People's Bank of China announced that commercial personal housing loan rates in Shanghai will no longer differentiate between first and second homes, reducing the rate for second homes to 3.05% [14]. - The central bank successfully issued 45 billion yuan in central bank bills in Hong Kong, with a 3-month bill yield of 1.6% and a 1-year bill yield of 1.62% [14]. Group 6: Global Macro Developments - The Governor of the Reserve Bank of India stated that 50% of tariffs have yet to take effect and that the current account deficit is sustainable, emphasizing a balanced monetary policy focused on price stability and growth [16]. - South Korean President Lee Jae-myung visited the U.S. for the first time since taking office, discussing trade agreements and tariffs with President Trump [16]. Group 7: Bond Market Events - The China Development Bank will auction up to 27 billion yuan in fixed-rate bonds on August 26 [18]. - Evergrande's Guangdong company was ruled for bankruptcy liquidation by the Guangzhou Intermediate People's Court [18]. - A joint venture was established between Wanda and JD.com with a registered capital of 8.053 billion yuan [18].