1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The supply of soda ash is expected to remain ample, demand will continue to decline, and prices will generally face pressure, but there may be variables with anti - involution hype. It is recommended to buy on dips for the short - term main contract of soda ash, while being aware of operational risks [2]. - For glass, the supply remains at the bottom, and the current real - estate situation is not optimistic. However, there is an expectation of restocking as the peak season approaches. If the price drops to around 1100 yuan, pay attention to the opportunity when the 20 - day interest - rate cut expectation may be ignited. It is recommended to buy on dips for the main contract, while being aware of operational risks [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price is 1386 yuan/ton, down 9 yuan; glass main contract closing price is 1212 yuan/ton, up 1 yuan. The price difference between soda ash and glass is 174 yuan/ton, down 10 yuan [2]. - Soda ash main contract open interest is 1398920 lots, down 10970 lots; glass main contract open interest is 1115020 lots, up 19010 lots. The net positions of the top 20 holders for soda ash is - 361252, up 3587; for glass is - 264184, up 40727 [2]. - Soda ash exchange warehouse receipts are 10192 tons, unchanged; glass exchange warehouse receipts are 2438 tons, down 805 tons. The spread between the September and January contracts for soda ash is - 114 yuan, down 12 yuan; for glass is - 182 yuan, down 17 yuan. The basis of soda ash is - 115 yuan/ton, up 25 yuan; the basis of glass is - 128 yuan, down 5 yuan [2]. Spot Market - The price of North China heavy soda ash is 1280 yuan/ton, up 20 yuan; Central China heavy soda ash is 1325 yuan/ton, unchanged. East China light soda ash is 1270 yuan/ton, unchanged; Central China light soda ash is 1220 yuan/ton, unchanged [2]. - The price of Shahe glass sheets is 1088 yuan/ton, unchanged; Central China glass sheets is 1110 yuan/ton, unchanged [2]. Industry Situation - The operating rate of soda ash plants is 87.32%, up 1.91 percentage points; the operating rate of float glass enterprises is 75.34%, up 2.34 percentage points [2]. - The in - production capacity of glass is 15.96 million tons/year, unchanged; the number of in - production glass production lines is 223, unchanged. The inventory of soda ash enterprises is 189.73 million tons, up 0.35 million tons; the inventory of glass enterprises is 6342.6 million heavy boxes, up 157.9 million heavy boxes [2]. Downstream Situation - The cumulative new construction area of real estate is 30364.32 million square meters, up 7180.71 million square meters; the cumulative completed area of real estate is 22566.61 million square meters, up 4181.47 million square meters [2]. Industry News - The domestic soda ash market showed a general trend with a lukewarm trading atmosphere. The supply increased as some plants resumed normal operation. The downstream demand was average, mainly replenishing stocks at low prices. The short - term soda ash market is expected to be lightly stable and volatile [2]. - The spot price of float glass was 1153 yuan/ton, down 7 yuan/ton compared with the previous trading day. Different regions had different market conditions, with some prices falling and some remaining stable [2]. Macro - aspect - In July, the housing prices in 70 cities were released. The prices of commercial residential buildings in all tiers of cities declined month - on - month, and the year - on - year decline generally narrowed [2].