1. Report Industry Investment Rating No relevant content provided. 2. Core Views Glass - Short - term short - selling should be cautious, and the market will gradually enter a weak oscillation state. The medium - term decline is not over. The previous policy proposals such as anti - involution and anti - deflation and the peak - season expectation led to a rebound, but currently, factors like weak basis, delivery, and high inventory cause the market to fall back. The large premium of the forward 01 contract means short - selling should be cautious in the short term [2]. 纯碱 - Short - term short - selling should be cautious, but the downward pressure remains. In the futures market, the previous over - crowded short positions led to a short - covering rally. The rising futures price drove spot purchases, but currently, the strengthening basis in the short - term decline is not conducive to the futures price. The 08 and 09 contracts may face large delivery pressure. If the supply remains high, the market will face significant pressure [3]. 3. Summary by Directory Glass - Supply - As of August 7, 2025, there are 296 glass production lines (200,000 tons/day) after excluding zombie lines, with 223 in operation and 73 cold - repaired. The daily output of float glass is 159,600 tons, unchanged from July 31. The daily loss of float glass on August 7 is 40,450 tons, unchanged from the previous period, and the weekly loss is 283,150 tons, a 0.63% decrease from the previous week [2]. - In 2025, the total daily melting volume of cold - repaired lines is 11,680 tons/day, the total daily melting volume of ignited lines is 12,110 tons/day, the potential new ignition lines have a total daily melting volume of 14,000 tons/day, the potential old - line复产 has a total daily melting volume of 8,130 tons, and the potential cold - repair lines have a total daily melting volume of 6,900 tons/day [6][7][8]. - The current in - production capacity is about 159,000 tons/day. The short - term production reduction space is limited, but if demand is poor in the third quarter, there may be a certain - scale production reduction in the fourth quarter [13]. Glass - Price and Profit - The market price has slightly declined this week. The price in Shahe is about 1,180 - 1,200 yuan/ton (down 80 - 100 yuan/ton), in Hubei, Central China, it is about 1,160 - 1,200 yuan/ton (down 80 - 100 yuan/ton), and in some large factories in the Jiangsu - Zhejiang region of East China, it is about 1,280 - 1,320 yuan/ton (down 20 - 40 yuan/ton) [16][20]. - The futures price has rebounded, the basis has strengthened, and the monthly spread remains weak. The profit of using petroleum coke as fuel is about 130 yuan/ton, and the profits of using natural gas and coal as fuel are about - 150 yuan/ton and 111 yuan/ton respectively [22][25]. Glass - Inventory and Downstream开工 - Recently, the transaction volume has significantly declined. The inventory in various regions has increased due to the decrease in spot transactions and market prices. The regional price difference tends to widen, with greater price cuts in Central China and Shahe and smaller cuts in the Jiangsu - Zhejiang region [32][36]. Photovoltaic Glass - Price and Profit - The overall domestic photovoltaic glass market has good transactions, and the inventory has been decreasing. The mainstream order price of 2.0mm coated panels is 10.5 - 11 yuan/square meter, a 2.38% increase from the previous week; the mainstream order price of 3.2mm coated panels is 18.5 - 19 yuan/square meter, a 1.35% increase from the previous week [42][44]. Photovoltaic Glass - Capacity and Inventory - Recently, there has been a supply reduction, better trading, and a decline in inventory. There are 408 photovoltaic glass production lines in operation, with a total daily melting volume of 89,290 tons/day, unchanged from the previous period. The sample inventory days are about 26.93 days, an 8.13% decrease from the previous week [45][46][50]. 纯碱 - Supply and Maintenance - Some soda ash plants have resumed production, and the operating rate has increased. The production capacity utilization rate of soda ash is 85.4%, up from 80.2% last week. The current weekly output of heavy soda ash is 423,000 tons/week. In the context of high production and high inventory, either manufacturers should increase production cuts, or the real - estate industry chain should recover to drive the recovery of glass demand [55][57]. 纯碱 - Price and Profit - The market quotation has been lowered, and the quotation reduction of traders is greater than that of manufacturers. The nominal price in Shahe and Hubei is about 1,250 - 1,300 yuan/ton. The high production and high inventory put pressure on near - month contracts, but during the peak position - shifting period, the market may gradually turn to positive spreads [70][73][75]. - The profit of the joint - soda method in East China (excluding Shandong) is 68 yuan/ton, and the profit of the ammonia - soda method in North China is 56 yuan/ton [79].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The anti -内卷 driving force in the soda ash and glass markets is weakening, and the fundamentals are gradually taking the lead. The market trends are mainly oscillating weakly [14][23]. - For soda ash, supply is increasing, demand is stable, and the inventory is in an accumulating trend. The spot price is falling to narrow the basis. It is expected that the futures price will show a weakly oscillating trend next week [14]. - For glass, the daily production is stable, but due to the release of spot goods in the market, the inventory is increasing, and the demand growth is limited. The spot price is weak, and it is expected that the futures price will also show a weakly oscillating trend [23]. 3. Summary According to the Directory 3.1 Soda Ash 3.1.1 Supply - This week, the soda ash production was 74.5 tons, a week - on - week increase of 4.5 tons (6.4%). The daily production was 10.5 - 10.7 tons. The supply increased due to the capacity enhancement of some enterprises such as Shandong Haihua and Henan Junhua. It is expected that the weekly production next week will be over 75 tons. The large - scale maintenance is expected to start in September, but the maintenance premium and scale are limited [7]. - The theoretical profit of soda ash in China's joint - alkali method (double - ton) was 68.50 yuan/ton, a week - on - week decrease of 38 yuan/ton. The theoretical profit of the ammonia - alkali method was 56.20 yuan/ton, a week - on - week decrease of 0.90 yuan/ton. The coal price is rising, and the cost is increasing, while the spot price of soda ash is falling slightly [7]. 3.1.2 Demand - This week, the apparent demand for soda ash was 67.5 tons, a week - on - week decrease of 12.1%. The demand for heavy soda ash was 37.9 tons (a 9.5% decrease), and that for light soda ash was 29.7 tons (a 15.3% decrease). After a two - month upward trend, both the intermediate and downstream inventories are relatively sufficient, and the short - term replenishment willingness is not strong [10]. - The futures price first rose and then fell this week, and the spot goods in the market increased, causing the spot price to fall [10]. 3.1.3 Inventory - Upstream: The soda ash factory inventory continued to accumulate, reaching 186.5 tons, a week - on - week increase of 6.9 tons. Among them, the light soda ash inventory increased by 2.5 tons, and the heavy soda ash inventory increased by 4.5 tons. In terms of regions, except for Central and South China where the sales rate exceeded 100%, the inventory in Northwest China increased by 6 tons [13]. - Intermediate: The intermediate inventory showed an increasing trend, with the social inventory increasing by 16.4% to 44.9 tons, and the growth rate of social inventory slowed down. There were 3310 warehouse receipts [13]. - Downstream: For the soda ash inventory of float glass enterprises, in some sample factories, the inventory days decreased, while the inventory days including the goods to be delivered increased to varying degrees [13]. 3.1.4 Market Performance and Strategy - The market performance of soda ash was oscillating. With the weakening of the anti -内卷 driving force, the market showed differentiation. Considering the fundamentals, the supply increased, the demand was stable, and the inventory was accumulating. The spot price was falling. - Strategy: For single - side trading, it is expected to show a weak trend, and attention should be paid to macro - disturbances; for arbitrage, pay attention to the opportunity of going long FG01 and short SA01; for options, it is recommended to wait and see [14]. 3.2 Glass 3.2.1 Supply - The daily production of float glass was 15.96 tons, remaining stable week - on - week, with 223 production lines. The weekly average profit of float glass using natural gas as fuel was 150.36 yuan/ton, remaining unchanged; that using coal - made gas as fuel was 111.05 yuan/ton, a week - on - week decrease of 28.63 yuan/ton; that using petroleum coke as fuel was 130.57 yuan/ton, a week - on - week decrease of 7.14 yuan/ton [17]. - As the futures price fell, the social inventory was released, while some downstream enterprises mainly consumed their own inventories. The supply was sufficient, the upstream inventory was accumulating, and enterprises reduced prices [17]. 3.2.2 Demand - After a two - month upward trend, both the intermediate and downstream inventories were relatively sufficient, and the short - term replenishment willingness was not strong. The deep - processing orders did not improve significantly. As of July 31, 2025, the average order days of national deep - processing sample enterprises was 9.55 days, a month - on - month increase of 2.7% and a year - on - year decrease of 1.55%. The deep - processing profit was still low [20]. 3.2.3 Market Performance and Strategy - This week, the glass market showed a downward trend. As the futures price fell, the spot goods in the market were released, negatively affecting the spot market. The inventory of national float glass sample enterprises increased by 3.95% week - on - week. The enterprise profit decreased slightly, and the supply side was not yet in the cold - repair loss area [23]. - Strategy: For single - side trading, it is expected to show a weak trend, and attention should be paid to macro - disturbances; for arbitrage, go long glass and short soda ash; for options, it is recommended to wait and see [23].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No explicit core viewpoints presented in the given content Glass Summary Price Changes - From July 30 to August 6, 2025, the prices of various 5mm glass products in different regions showed diverse trends. For example, the price of Shahe Anquan 5mm large - plate decreased from 1301.0 to 1181.0, a weekly decrease of 120.0 [1]. - FG09 contract price decreased from 1191.0 to 1083.0, a weekly decrease of 108.0; FG01 contract price decreased from 1320.0 to 1231.0, a weekly decrease of 89.0 [1]. Profit and Cost - North China coal - fired profit decreased from 329.6 to 245.8, a weekly decrease of 83.8; North China coal - fired cost increased slightly from 903.4 to 901.2, a weekly decrease of 2.2 [1]. - South China natural gas profit remained at - 129.1; North China natural gas profit decreased from - 141.1 to - 216.6, a weekly decrease of 75.5 [1]. Market Conditions - Shahe factory glass sales were average, with traders' low - price at around 1150, and shipments improved slightly. Hubei factory prices were around 1100, and trading was not good [1]. - Glass sales rates were 68 in Shahe, 67 in Hubei, 88 in East China, and 83 in South China [1]. Soda Ash Summary Price Changes - From July 30 to August 6, 2025, the prices of various soda ash products also changed. For example, the price of Shahe heavy soda decreased from 1310.0 to 1270.0, a weekly decrease of 40.0; the price of Central China heavy soda increased from 1130.0 to 1230.0, a weekly increase of 100.0 [1]. - SA05 contract price decreased from 1452.0 to 1424.0, a weekly decrease of 28.0; SA01 contract price decreased from 1394.0 to 1370.0, a weekly decrease of 24.0; SA09 contract price decreased from 1311.0 to 1279.0, a weekly decrease of 32.0 [1]. Profit and Cost - North China ammonia - soda process profit increased from - 35.9 to - 96.7, a weekly decrease of 60.8; North China combined - soda process profit increased from - 158.6 to - 189.4, a weekly decrease of 30.8 [1]. Market Conditions - The spot price of heavy soda in Hebei delivery warehouses was around 1230, and the price delivered to Shahe was around 1270. Downstream customers made low - price rigid - demand purchases, and futures - spot trading was poor [1]. - Factory inventories of soda ash increased, and delivery warehouse inventories increased significantly [1].

Core Viewpoint - The article discusses the impact of the U.S. imposing additional tariffs on Indian goods, which raises the total tariff rate to 50%, in response to India's continued import of Russian oil. It also highlights the positive trend in China's retail industry, with a retail prosperity index of 50.1% in August, indicating expansion [1][6]. Group 1: Key News - The U.S. President Trump signed an executive order imposing a 25% additional tariff on goods from India, effective in 21 days, in response to India's import of Russian oil [1]. - The retail prosperity index in China for August is reported at 50.1%, a 0.5 percentage point increase, maintaining a positive trend with seven months above the expansion threshold [6]. Group 2: Key Commodities - Glass and soda ash markets are experiencing inventory digestion due to summer maintenance, with glass production inventory decreasing by 1.56 million heavy boxes to 51.78 million [2][14]. - The soybean market shows a good growth trend, with the U.S. soybean good rate at 69%, matching market expectations, while the flowering rate is at 85% [2][24]. Group 3: Financial Market Insights - The 10-year government bond yield has decreased to 1.697%, with the central bank's reverse repo operation net draining 170.5 billion yuan [3][10]. - The U.S. ISM manufacturing PMI fell to a nine-month low, increasing expectations for a rate cut by the Federal Reserve in September [3][10]. Group 4: International and Domestic News - Federal Reserve officials indicate a need to adjust monetary policy in response to a weakening labor market and inflation risks [4]. - The People's Bank of China reported a net liquidity injection of 236.5 billion yuan in July, signaling a shift towards promoting reasonable price recovery and stable growth [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Relevant Catalogs Glass - **Price Changes**: From July 29 to August 5, 2025, the prices of various 5mm glass products decreased, such as the price of Shahe Anquan 5mm large - plate dropping from 1301.0 to 1190.0, a decrease of 111.0; the FG09 contract price dropped from 1188.0 to 1077.0, a decrease of 111.0 [1]. - **Profit Changes**: The profits of different glass production methods and regions also changed. For example, the North China coal - fired profit decreased from 355.6 to 249.0, a decrease of 106.7; the 09FG盘面 natural gas profit decreased from - 194.0 to - 295.2, a decrease of 101.1 [1]. - **Sales and Production**: Shahe factory's glass sales and production were average, with Shahe traders' low - price products around 1150, and the shipment improved slightly. The sales volume in Hubei was 63, in East China was 89, and in South China was 84 [1]. Soda Ash - **Price Changes**: From July 29 to August 5, 2025, the prices of various soda ash products showed different trends. For example, the price of Shahe heavy soda decreased by 40.0, and then increased by 10.0 on August 5 compared with August 4; the SA05 contract price increased by 45.0 on August 5 compared with August 4 [1]. - **Profit Changes**: The profits of different soda ash production methods in North China changed. The North China ammonia - alkali profit decreased from - 34.6 to - 104.8, a decrease of 70.2; the North China combined - alkali profit decreased from - 141.7 to - 208.4, a decrease of 66.7 [1]. - **Market Situation**: The spot price of heavy soda in the Hebei delivery warehouse was around 1220, and it was around 1260 when delivered to Shahe. Downstream customers purchased at low prices for rigid demand, with a small amount of spot - futures transactions, and downstream customers placed low - price orders. The factory inventory of soda ash increased [1].

Group 1 - The core viewpoint of the article highlights the focus on supply and demand dynamics in the glass and soda ash markets, with an emphasis on the speed of inventory digestion upstream [1] Group 2 - Glass futures continue to show weakness, with a gradual deepening of summer maintenance affecting supply [1] - The inventory of glass production enterprises decreased to 51.78 million heavy boxes, a reduction of 1.56 million heavy boxes week-on-week [1] - Soda ash futures experienced a tentative rebound, with production enterprise inventory at 1.684 million tons, down 104,000 tons week-on-week [1] - Overall, both glass and soda ash in China are in a phase of inventory digestion, with current prices rapidly declining [1] - The market is now focusing on the effectiveness of supply-side contraction [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market sentiment is fluctuating, and the far - month contracts may experience increased volatility. From a real - world perspective, the near - month contracts are under pressure due to large warehouse receipt pressure and are following the delivery logic [2]. - There is a contradiction between macro expectations and industrial logic, and the 09 contract is facing delivery, with trading returning to reality. There is a possibility of a second round of policy expectation fermentation, but the high inventory in the middle reaches has triggered a negative feedback [2]. 3. Summary by Related Catalogs Glass and Soda Ash Price Forecast - Glass price range forecast for the month is 1000 - 1400, with a current 20 - day rolling volatility of 51.76% and a 3 - year historical percentile of 97.8%. Soda ash price range forecast for the month is 1100 - 1500, with a current 20 - day rolling volatility of 39.03% and a 3 - year historical percentile of 75.6% [1]. Glass and Soda Ash Hedging Strategies - **Inventory Management (Glass)**: For high glass product inventory, to prevent losses, sell FG2509 glass futures at 1250 with a 50% hedging ratio and sell FG601C1420 call options at 50 - 60 with a 50% hedging ratio [1]. - **Procurement Management (Glass)**: For low glass procurement inventory, buy FG2601 glass futures at 1000 with a 50% hedging ratio and sell FG601P1000 put options at 40 - 50 with a 50% hedging ratio [1]. - **Inventory Management (Soda Ash)**: For high soda ash product inventory, sell SA2509 soda ash futures at 1400 with a 50% hedging ratio and sell SA601C1500 call options at 60 - 70 with a 50% hedging ratio [1]. - **Procurement Management (Soda Ash)**: For low soda ash procurement inventory, buy SA2601 soda ash futures at 1200 - 1250 with a 50% hedging ratio and sell SA601P1200 put options at 50 - 60 with a 50% hedging ratio [1]. Glass and Soda Ash Price Data - **Glass Futures**: On August 5, 2025, the glass 05 contract was 1332 (up 33 or 2.54% from the previous day), the 09 contract was 1077 (down 9 or - 0.83%), and the 01 contract was 1232 (up 3 or 0.24%) [5]. - **Glass Spot**: On August 5, 2025, the average price of glass in Shahe was 1188 (down 2 from the previous day). Prices in Central and East China decreased by 20, and in Southwest China by 10 [6]. - **Soda Ash Futures**: On August 5, 2025, the soda ash 05 contract was 1427 (up 45 or 3.26% from the previous day), the 09 contract was 1271 (up 18 or 1.44%), and the 01 contract was 1368 (up 28 or 2.09%) [7]. - **Soda Ash Spot**: On August 5, 2025, the heavy - alkali market prices in most regions remained unchanged, while the price in Qinghai decreased by 20, and in Shahe increased by 18 [8].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report presents the latest prices, price changes, and profit margins of glass and soda ash, as well as the production and sales situation of glass and the inventory status of soda ash [1] 3. Summary by Related Catalogs Glass - **Price and Price Changes**: From July 28 to August 4, 2025, the prices of various types of 5mm glass plates in different regions generally declined. For example, the price of the 5mm large plate of Shahe Security dropped from 1301.0 to 1207.0, a decrease of 94.0; the price of the 5mm large plate of Shahe Great Wall dropped from 1280.0 to 1156.0, a decrease of 124.0. The prices of FG09 and FG01 contracts also showed varying degrees of decline, with the FG09 contract dropping from 1223.0 to 1086.0, a decrease of 137.0 [1] - **Profit Margin**: The profit margins of different production methods and regions also changed. The profit of North China coal - fired decreased from 365.0 to 258.6, a decrease of 106.4; the profit of North China natural gas decreased from - 107.1 to - 206.3, a decrease of 99.2 [1] - **Production and Sales**: The production and sales of glass in different regions varied. The production and sales rate in Shahe was 41, in Hubei was 38, in East China was 83, and in South China was 89. The production and sales situation in Shahe and Hubei was relatively average, while that in East China and South China was better [1] Soda Ash - **Price and Price Changes**: From July 28 to August 4, 2025, the prices of heavy and light soda ash in different regions also changed. The price of heavy soda ash in Shahe dropped from 1300.0 to 1250.0, a decrease of 50.0; the price of heavy soda ash in Qinghai dropped from 1060.0 to 980.0, a decrease of 80.0. The prices of SA05, SA01, and SA09 contracts also showed different trends [1] - **Profit Margin**: The profit margins of different production methods in North China decreased. The profit of North China ammonia - soda decreased from - 33.9 to - 122.2, a decrease of 88.3; the profit of North China combined - soda decreased from - 141.1 to - 246.4, a decrease of 105.3 [1] - **Inventory Status**: The inventory of soda ash factories increased [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating was provided in the report. 2. Core Viewpoints - The overall fundamentals of the black building materials market are still weak, and the futures prices may gradually return to the real - trading logic. Although the short - term market sentiment has improved, the terminal demand and cost - side support need to be closely monitored [3]. - After the "anti - involution" sentiment cools down, prices are expected to move closer to the real fundamentals, and the influence of demand - side changes on prices will gradually increase. Speculative funds are advised to be cautious, while hedging funds can take appropriate opportunities [11]. 3. Summary by Category Steel Products - **Price and Position Data**: The closing price of the rebar main contract was 3204 yuan/ton, up 1 yuan/ton (0.031%) from the previous trading day, with a decrease in registered warehouse receipts and positions. The closing price of the hot - rolled coil main contract was 3417 yuan/ton, up 16 yuan/ton (0.470%), also with a decrease in registered warehouse receipts and positions. In the spot market, rebar prices in Tianjin and Shanghai decreased, while hot - rolled coil prices in Shanghai increased [2]. - **Market Analysis**: The overall commodity market was weak. In terms of macro - factors, the Politburo meeting's stance on real estate remained unchanged, and export competitiveness weakened. Rebar speculative demand declined with price drops and inventory increased, while hot - rolled coil demand slightly recovered, production rose rapidly, and inventory slightly accumulated. Both rebar and hot - rolled coil inventories are at a five - year low [3]. Iron Ore - **Price and Position Data**: The main contract of iron ore (I2509) closed at 790.50 yuan/ton, up 0.96% (+7.50), with a decrease in positions. The weighted position was 94.81 million hands. The spot price of PB powder at Qingdao Port was 774 yuan/wet ton, with a basis of 31.92 yuan/ton and a basis rate of 3.88% [5]. - **Market Analysis**: Overseas iron ore shipments decreased, with both Australian and Brazilian shipments declining, while non - mainstream country shipments increased and arrivals increased. The average daily pig iron output decreased, port inventory decreased, and steel mill imported ore inventory slightly increased. The steel mill profitability rate is high, and there is still demand support, while the supply growth is limited, and port inventory is trending downward [6]. Manganese Silicon and Ferrosilicon - **Price and Position Data**: The main contract of manganese silicon (SM509) rose 0.17% to close at 5972 yuan/ton, and the spot price in Tianjin decreased by 50 yuan/ton. The main contract of ferrosilicon (SF509) fell 0.14% to close at 5674 yuan/ton, and the spot price in Tianjin also decreased by 50 yuan/ton [8][9]. - **Market Analysis**: In the short term, after the "anti - involution" sentiment cooled down, market funds had significant differences, and prices fluctuated widely. In the long term, the fundamentals of manganese silicon and ferrosilicon are still in an oversupply situation, and future demand is expected to weaken [10][11]. Industrial Silicon and Polysilicon - **Price and Position Data**: The main contract of industrial silicon (SI2509) closed at 8360 yuan/ton, down 1.65% (-140), with an increase in weighted positions. The main contract of polysilicon (PS2511) closed at 48980 yuan/ton, down 0.84% (-415), with a decrease in weighted positions [13][14]. - **Market Analysis**: For industrial silicon, production in all major producing areas has increased, and cost support is limited. Although polysilicon production is expected to increase in August, the price may be weak in the short term. For polysilicon, prices are affected by capacity integration expectations and corporate price - holding strategies, and are expected to fluctuate widely in the short term [14][15]. Glass and Soda Ash - **Price and Inventory Data**: The spot price of glass in Shahe decreased by 55 yuan, and the national floating glass inventory decreased. The spot price of soda ash remained stable, and the domestic soda ash manufacturer inventory increased. The downstream demand for soda ash was lukewarm, and the supply slightly increased [17][18]. - **Market Analysis**: Glass prices are expected to fluctuate widely in the short term, and in the long term, they will follow macro - sentiment. If real estate policies are introduced, prices may rise. Soda ash prices are expected to oscillate in the short term, and there are still supply - demand contradictions in the long term [17][18]. Coal and Coke - **Price Data**: The prices of some coal and coke varieties increased, such as Shanxi Liulin low - sulfur coal up 50 yuan, and Ordos secondary coke up 50 yuan [19].

投资咨询业务资格：证监许可【2012】31号 【玻璃纯碱（ 】 重回基本面，价格大幅下行 国贸期货 黑色金属研究中心 2025-08-04 黄志鸿 从业资格证号：F3051824 投资咨询证号：Z0015761 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 02 PART TWO 期货及现货行情回顾 玻璃:重回基本面，价格大幅向下 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 偏空 | 产量增加。本周全国浮法玻璃日产量为15.96万吨，比24日+0.38%。行业开工率为75%，与24日持平；行业产能利用率为79.78%，比24日+0.3个 | | | | 百分点。本周一条前期点火的产线开始出玻璃，供应量增长，下周暂无产线存在冷修或者点火计划。 | | 需求 | 中性 | 淡季需求整体承压，短期保有韧性，且随着价格向上，部分需求被刺激，产销改善。 | | 库存 | 偏多 | 库存去化明显，企业库存5949.9万重箱，环比-239.7万重箱，环比-3.87%，同比 ...