News Summary Core Viewpoint - The domestic soda ash market is experiencing fluctuations in supply and demand, with production levels stabilizing and prices under pressure due to various market dynamics [1][2][3]. Group 1: Market Conditions - Qinghai's 1.1 million tons per year soda ash facility is operating stably, while Shaanxi Xinghua's 300,000 tons facility is running at reduced capacity [1]. - Current light soda ash prices are at 1,350 RMB per ton, with major regional prices for heavy soda ash ranging from 1,100 to 1,600 RMB per ton [1]. - As of April 10, 2025, total inventory of soda ash in China is 1.693 million tons, a decrease of 0.009 million tons (0.53%) from the previous week [1]. Group 2: Institutional Perspectives - Guotou Anxin Futures notes that soda ash is experiencing narrow fluctuations, with production levels rebounding due to the resumption of operations at Jinshan [2]. - The impact of U.S. tariffs on soda ash imports is limited, as the U.S. is not a major supplier, and the overall market remains stable despite some pressure from supply and demand dynamics [2]. - Ningzheng Futures indicates that the float glass industry is stable, with minor price adjustments in specific regions, while the soda ash market remains low with subdued trading activity [3].

1、基本面：关税争端升级，宏观情绪拖累；纯碱检修陆续复产，开工率回升，供给抬升；下游 浮法和光伏玻璃日熔量走稳，终端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1340元/吨，SA2505收盘价为1327元/吨，基差为13元，期货 贴水现货；偏多 3、库存：全国纯碱厂内库存169.30万吨，较前一周减少0.49%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：宏观情绪拖累叠加纯碱基本面改善乏力，短期预计震荡偏弱运行为主。 交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-4-14 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：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作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 影响因素总结 利多： 1、下游光伏玻璃产能有所提升，提振纯 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report For the Soda Ash Market - Supply has returned to a high level, putting pressure on inventory. Although the rigid demand has improved recently, the trend of oversupply remains difficult to change. After the end - users replenish inventory from the middle - stream, the upstream faces pressure in order - taking. The price has dropped to a low - valuation range, and further downward space requires negative feedback from the real - world end. Attention should be paid to the new order transaction price and the operation of the supply side. A short - selling strategy can be based on the realization of low valuation or continued high production and unstable spot prices [8][9]. For the Glass Market - The low - supply level is maintained. Pay attention to the subsequent changes in production lines. The low - price spot and futures supplies and the expansion of delivery warehouses suppress the sentiment of near - month contracts. Wait for the digestion of the weak demand narrative atmosphere and the restoration of the confidence of upstream manufacturers. A long - buying strategy for far - month contracts at low prices is recommended [166][168]. 3. Summary by Relevant Catalogs Soda Ash Market 3.1 Market Overview - Supply: The total weekly output is 73.77 million tons, with heavy - quality output at 40.39 million tons and light - quality output at 33.38 million tons. The import is 0.12 million tons, and the export is 4.2 million tons. The supply level has returned to a high level, and some manufacturers have maintenance plans in April and May, but the involved production capacity is relatively small. - Demand: The rigid demand has improved recently. The daily melting volume of float glass remains stable, and the daily melting volume of photovoltaic glass has increased. The consumption of heavy - quality soda ash is 34.30 million tons, and the apparent demand for light - quality soda ash is 29.74 million tons. - Inventory: The alkali plant inventory is 169.30 million tons, and the social inventory is 40.27 million tons. The inventory is under pressure due to the high - level supply [8]. 3.2 Monthly Supply and Demand - Production: The monthly production shows seasonal fluctuations. - Import and Export: The current import is 0.55 million tons, and the export is 15.14 million tons. The import dependence is 0.00%. Compared with the previous month and the same period last year, there are significant changes in import and export volume and price [15][16]. 3.3 Basis and Spread - Futures - Spot Price Comparison: The futures price index and the spot price of soda ash in different regions show certain trends over the years. - Contract Basis: The basis of different soda ash contracts (01, 05, 09) shows different fluctuations. - Inter - Contract Spread: The spreads between different soda ash contracts (09 - 01, 01 - 05, 05 - 09) also show different trends. - Glass - Soda Ash Spread: The spreads between glass and soda ash contracts and spot prices show different trends [24][29][37]. 3.4 Soda Ash Market Price - Regional Prices: The prices of heavy - quality and light - quality soda ash in different regions such as Shahe, North China, and East China show different trends and price levels. - Price Differences: The price differences between heavy - quality and light - quality soda ash in different regions also show different trends [45][49][69]. 3.5 Soda Ash Supply - Shutdown and Startup: Some manufacturers are currently under maintenance or reducing production, and some have planned maintenance in the future. - Operating Rate: The current domestic operating rate of soda ash is 88.05%, showing an upward trend compared with the previous week and the same period last year. - Production of Heavy - and Light - Quality Soda Ash: The weekly production of heavy - quality and light - quality soda ash shows an upward trend. - Cost and Profit: The costs of ammonia - soda method and combined - soda method remain stable, and the profits also show certain trends [85][86][96]. 3.6 Soda Ash Demand - Demand for Heavy - Quality Soda Ash: The demand for heavy - quality soda ash is mainly affected by the daily melting volume of float glass and photovoltaic glass, showing an upward trend. - Weekly Apparent Consumption and Production - Sales Ratio: The weekly apparent consumption and production - sales ratio of soda ash show certain trends [131][137]. 3.7 Soda Ash Inventory - Overall Inventory: The current inventory of soda ash enterprises is 169.3 million tons, showing an upward trend compared with the same period last year. - Regional Inventory: The inventory in different regions such as North China, Central China, and East China shows different trends [146][154]. Glass Market 3.1 Market Overview - Supply: The daily melting volume of float glass is 158,475 t/d, and the weekly output is 1.1093 million tons, remaining stable. - Demand: The apparent consumption is 1.1370 million tons, showing a slight decline. The terminal demand is expected to recover seasonally. - Inventory: The factory inventory is 3.2602 million tons, showing a downward trend, but the decline rate has narrowed, and there are regional differences. - Cost and Profit: The costs of natural gas, coal - gas, and petroleum - coke production lines remain stable, and the profits show certain trends [166]. 3.2 Monthly Supply and Demand - Production: The monthly production of flat glass shows seasonal fluctuations. - Import and Export: The import and export volume of float glass shows certain trends [173][174]. 3.3 Basis and Spread - Futures - Spot Price Comparison: The futures price index and the spot price of glass in different regions show certain trends over the years. - Contract Basis: The basis of different glass contracts (01, 05, 09) shows different fluctuations. - Inter - Contract Spread: The spreads between different glass contracts (09 - 01, 01 - 05, 05 - 09) also show different trends. - Glass - Soda Ash Spread: The spreads between glass and soda ash contracts and spot prices show different trends [182][187][197]. 3.4 Glass Market Price - Regional Prices: The prices of float glass in different regions such as Shahe, North China, and East China show different trends and price levels. - Different Specifications: The prices of 5mm large - and small - plate float glass in different regions also show different trends [206][208]. 3.5 Glass Supply No relevant detailed content provided.

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-4-11 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 1、下游光伏玻璃产能有所提升，提振纯碱需求。 利空： 重要提示：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作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：关税争端全面启动，宏观情绪拖累；纯碱检修陆续复产，开工率回升，供给抬升； 下游浮法和光伏玻璃日熔量走稳，终端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1335元/吨，SA2505收盘价为1320元/吨，基差为15元，期货 贴水现货；偏多 3、库存：全国纯碱厂内库存169.30万吨，较前一周减少0.49%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：宏观情绪悲观叠加纯碱基本面改善乏力，短期预计震荡偏弱运行为主。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The tariff issue continues to disrupt the market, causing significant fluctuations in risk assets. The suspension of reciprocal tariffs by the US has led to a rapid increase in market risk appetite, but the escalation of China-US tariffs is beneficial for gold. - The US dollar index has weakened due to the suspension of reciprocal tariffs on most countries by Trump, and it is expected to remain volatile in the short term. - The stock index futures market has been boosted by China's tariff countermeasures against the US, but the subsequent macro - level changes will increase market volatility. - The commodity market is generally under pressure. The prices of palm oil, coal, iron ore, and some energy - chemical products are affected by various factors such as market sentiment, supply - demand relationships, and tariff policies. Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Event: Trump approved a 90 - day suspension of reciprocal tariffs on over 75 countries, during which the reciprocal tariffs will be reduced to 10%. - Review: Gold prices soared by over 3%, once rising by over $100, setting a record for the largest single - day increase. The suspension of tariffs increased market risk appetite, but the escalation of China - US tariffs is beneficial for gold. Gold is a good tool to hedge against the decline in the US dollar's credit. - Investment advice: Adopt a bullish approach in the short - term volatile market [14]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Event: Summers warned that the US is far from out of danger and has lost a lot of credibility. The Fed meeting minutes showed that the US economy faces risks. Trump suspended reciprocal tariffs on most countries. - Review: The suspension of tariffs led to a significant rebound in market risk appetite, causing the US dollar index to weaken. The reciprocal tariffs are in a temporary adjustment phase, and the US dollar index is expected to remain volatile. - Investment advice: The US dollar is expected to be volatile in the short term [15][16][17]. 1.3 Macro Strategy (US Stock Index Futures) - Event: China increased tariffs on US imports from 34% to 84%. The Fed meeting minutes showed that inflation is slightly high and economic uncertainty has increased. Trump suspended tariffs on some countries but raised tariffs on China to 125%. - Review: The China - US tariff negotiation is at a deadlock, and policy uncertainty remains high. The financial market is volatile, and the risk of a liquidity shock has not been eliminated. - Investment advice: Adopt a bearish approach and avoid chasing high prices [20][21][22]. 1.4 Macro Strategy (Stock Index Futures) - Event: The Chinese Premier held a symposium on the economic situation. China increased tariffs on US imports from 34% to 84%. - Review: The A - share market rebounded, and market sentiment was boosted. However, subsequent macro - level changes will increase market volatility. - Investment advice: Adopt a risk - averse approach in the short term [23][24][26]. 1.5 Macro Strategy (Treasury Bond Futures) - Event: China released a white paper on China - US economic and trade relations. The central bank conducted a 7 - day reverse repurchase operation, with a net withdrawal of 111 billion yuan. - Review: The main logic of the treasury bond market is clear. The probability of a short - term easing of trade conflicts is low, and the expectation of loose monetary policy is difficult to be falsified. The upward trend of treasury bonds is likely to continue. - Investment advice: Hold positions and wait for the implementation of loose policies, or add positions on dips [27][28][29]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Event: Indonesian palm oil industry and farmer groups urged the government to reduce export tariffs to 0% to offset the impact of US tariffs. - Review: The global market sentiment is low, and the price of palm oil has fallen. China's counter - tariffs on the US may be beneficial for far - month soybean oil. The possibility of Indonesia reducing palm oil export tariffs is low. - Investment advice: Consider closing previous short positions and pay attention to the MPOB report [30][31]. 2.2 Agricultural Products (Cotton) - Event: As of the end of March, China's commercial cotton inventory decreased, and India's cotton planting area may increase. The CCI has purchased a large amount of cotton, and its sales volume is not high. - Review: The CCI's purchase and sales situation, as well as the trade war, may affect India's cotton production, consumption, and import estimates. The price of Zhengzhou cotton has fallen, but the decline may slow down. - Investment advice: The cotton price is expected to be weakly volatile. Pay attention to macro - policies, planting, weather, and industry conditions in major producing countries [32][35][37]. 2.3 Black Metals (Steam Coal) - Event: China's coal demand is expected to increase slightly in 2025. - Review: The coal price has been relatively stable. The power plant's inventory is at a neutral level, and the price is expected to be supported in May but lacks elasticity. - Investment advice: The power plant may replenish coal inventory in May, but the price increase is limited [38]. 2.4 Black Metals (Iron Ore) - Event: JFE Steel in Japan plans to shut down a blast furnace, reducing its annual crude steel production capacity by about 4 million tons. - Review: The black metal market has continued to decline, but the short - term deterioration of fundamentals is not severe. Pay attention to the risk of liquidity. - Investment advice: Maintain a bearish approach and wait for a better opportunity to short after a rebound [39][40][41]. 2.5 Black Metals (Coking Coal/Coke) - Event: The coking coal market in East China has remained stable. Some coal mines in Shanxi have reduced production, and downstream coke enterprises have started to increase prices. - Review: The coking coal spot market has improved, but the futures market faces pressure. The coke spot market may continue to increase prices, but the medium - long - term supply is expected to be loose. - Investment advice: The spot market has stabilized, but the futures market faces pressure from subsequent demand and warehouse receipts [42][43]. 2.6 Agricultural Products (Corn Starch) - Event: The operating rate of corn starch enterprises has decreased significantly, but inventory has only decreased slightly. - Review: High raw material prices and weak downstream demand have led to a decrease in the operating rate. The futures price difference between corn starch and corn is expected to remain stable. - Investment advice: The CS05 - C05 price difference is expected to remain around the normal processing fee of 380 yuan [44][45][47]. 2.7 Agricultural Products (Corn) - Event: The inventory at northern ports has decreased for two consecutive weeks, and the price of corn in the production area is relatively firm. - Review: The outflow of corn from Northeast China has accelerated, and the weak basis has suppressed the futures price. The 07 contract is considered undervalued. - Investment advice: Maintain the view that the 07 contract is undervalued and pay attention to whether the acceleration of inventory reduction in Northeast China can boost trader sentiment [48]. 2.8 Black Metals (Rebar/Hot - Rolled Coil) - Event: The retail sales of passenger cars in March increased significantly year - on - year. - Review: The steel price has rebounded, and market sentiment has improved. However, the demand for building materials is weak, and the demand for hot - rolled coils is declining slowly. - Investment advice: Adopt a cautious approach in the short term and hedge on the spot market when prices are high [49][50][51]. 2.9 Agricultural Products (Pigs) - Event: The sales volume of three major listed pig enterprises increased in March, and the average selling price slightly increased. - Review: The short - term fluctuation of pig prices has increased, but it will eventually return to the fundamental situation. The spot price may face downward pressure. - Investment advice: Continuously pay attention to short - selling opportunities on rebounds [52][53][54]. 2.10 Non - Ferrous Metals (Industrial Silicon) - Event: Yunnan Nengtou Group's Yongchang Silicon's 100,000 - ton hydropower silicon project was put into operation. Some production capacity in Xinjiang was reduced, and some new production capacity in the southwest is expected to be put into operation. - Review: The supply has decreased, but the demand is weak, and the fundamental situation of industrial silicon is difficult to change. - Investment advice: The futures price may range from 9,000 to 10,500 yuan/ton. Pay attention to short - selling opportunities on rebounds and Si2511 - Si2512 reverse arbitrage opportunities [55][56][57]. 2.11 Non - Ferrous Metals (Lead) - Event: The LME lead spread was at a discount, and the price of refined lead decreased. - Review: The lead price is expected to be volatile in the short term. Although the medium - term outlook is bullish, macro risks have not been eliminated. - Investment advice: Adopt a wait - and - see approach in the short term and look for buying opportunities on dips. Continue to hold the internal - external reverse arbitrage [58][59][60]. 2.12 Non - Ferrous Metals (Copper) - Event: The blockade of Glencore's Antapaccay copper mine in Peru was suspended. Codelco plans to significantly increase copper production this year. Indonesia will increase mining royalties. - Review: The short - term macro factors have a relatively uncertain impact on copper prices. The short - term supply and demand in China are strong, and the inventory is expected to decrease. - Investment advice: The copper price is expected to be volatile in the short term. Adopt a wait - and - see approach and pay attention to positive arbitrage opportunities in Shanghai copper [61][62][64]. 2.13 Non - Ferrous Metals (Zinc) - Event: The LME zinc spread was at a discount, and the Shanghai - Guangdong price difference widened. - Review: The zinc price is mainly affected by macro factors. The market is cautious, and the export of zinc may be suppressed. - Investment advice: Adopt a wait - and - see approach in the short term and look for short - selling opportunities on rebounds in the medium term. Adopt a wait - and - see approach for arbitrage [65][66][67]. 2.14 Non - Ferrous Metals (Lithium Carbonate) - Event: An Australian company produced the first batch of lithium carbonate in Argentina. Argentina plans to increase lithium production by 75% in 2025. - Review: The current fundamentals of lithium carbonate are bearish, and the price may continue to decline in the long term. - Investment advice: Consider partial profit - taking on short positions in the short term and pay attention to short - selling opportunities on rebounds in the long term [68][69][70]. 2.15 Non - Ferrous Metals (Nickel) - Event: Indonesia will increase mining and coal royalties in the second week of April. - Review: The nickel price has slightly decreased, and the cost is expected to increase marginally. The market may digest negative sentiment. - Investment advice: Pay attention to buying opportunities on dips after the release of negative sentiment [71][72]. 2.16 Energy and Chemicals (Liquefied Petroleum Gas) - Event: China increased tariffs on US imports to 84%. The US C3 inventory started to accumulate. - Review: The PG price has decreased, but it may strengthen due to the increase in tariffs and the recovery of crude oil prices. However, policy uncertainty should be noted. - Investment advice: The domestic market may experience a valuation - repair market, but reduce risk exposure and participate cautiously [73][74][75]. 2.17 Energy and Chemicals (Crude Oil) - Event: The US EIA crude oil inventory increased. Trump announced the suspension of reciprocal tariffs. - Review: The oil price has rebounded, but there is still a risk of decline due to the uncertainty of the tariff issue and the OPEC+ production policy. - Investment advice: The oil price is expected to be volatile in the short term and still has a downward risk [76]. 2.18 Energy and Chemicals (PTA) - Event: The tariff war has escalated, and the demand for PTA is uncertain. - Review: The PTA price has decreased, and the demand for polyester is affected by tariffs. The impact on PTA pricing is relatively lagged. - Investment advice: The PTA price will mainly follow the crude oil price in the short term and is expected to be weakly volatile [77][78]. 2.19 Energy and Chemicals (Styrene) - Event: The inventory of styrene in the East China main port decreased. - Review: The styrene price has reached a new low and then rebounded. The downstream inventory may accumulate, and the production profit may not be sustainable. - Investment advice: The eb - bz spread may expand in the short term and contract in the long term [78][79]. 2.20 Energy and Chemicals (Caustic Soda) - Event: The price of high - concentration caustic soda in Shandong decreased, and the supply was stable while the demand was weak. - Review: The caustic soda price is expected to decline, and the market is mainly affected by macro factors in the short term. - Investment advice: Adopt a wait - and - see approach [80][82][83]. 2.21 Energy and Chemicals (Pulp) - Event: The price of imported wood pulp decreased. - Review: The pulp price is mainly affected by macro factors, and the market is bearish. - Investment advice: Adopt a wait - and - see approach [84]. 2.22 Energy and Chemicals (PVC) - Event: The spot price of PVC powder decreased. - Review: The PVC price is mainly affected by macro factors, and the market is bearish. - Investment advice: Adopt a wait - and - see approach [85]. 2.23 Energy and Chemicals (Bottle Chips) - Event: The export price of bottle chips decreased, and a polyester bottle chip device in East China restarted. - Review: The bottle chip price has decreased, and the processing fee has been passively repaired, but it is difficult to break away from the low - level oscillation range. - Investment advice: The bottle chip price will follow the cost side and be weakly volatile in the short term [86][88][89]. 2.24 Energy and Chemicals (Soda Ash) - Event: The price of soda ash in the East China market was adjusted slightly. - Review: The soda ash price is in a low - level oscillation, and the supply is expected to increase while the demand is general. - Investment advice: Adopt a short - selling approach on rebounds in the medium term [90]. 2.25 Energy and Chemicals (Float Glass) - Event: The price of float glass in Hubei remained stable. - Review: The float glass price is mainly affected by demand. Although there may be an improvement in the second - quarter demand, the upward space is limited. - Investment advice: The float glass price will be in a low - level range in the short term. Pay attention to buying opportunities on large dips [91][92][93].

金价延续跌势，海外市场恐慌情绪有所缓解，但贸易战短期并 没有明显的缓和迹象，其他国家预期陆续和美国进行谈判，但 中国推出反制措施后，特朗普再度施压。 宏观策略（外汇期货(美元指数)） 贝森特：预计在 4 月 9 日关税上调之前不会达成任何协议 综 特朗普最新表态没有考虑暂停加征关税，短期市场波动加剧， 市场风险偏好短期回升，流动性冲击暂时结束。 日度报告——综合晨报 新关税政策将会产生"重要影响" [T报ab告le_日R期an：k] 2025-04-08 宏观策略（黄金） 美联储理事库格勒：新关税政策将会产生"重要影响" 巴西大豆收获完成 87% 中美贸易战升级为当前市场主要矛盾，CBOT 大豆下跌，昨日巴 西 CNF 升贴水上涨但涨幅有限，昨日我国进口巴西豆成本甚至 较清明小长假前略降、豆粕期价涨幅有限。 有色金属（氧化铝） 西澳地区为主的海外氧化铝成交价格继续回落 氧化铝企业因担心长单客户损失、对成本下降的预期以及储备 现金流和产业链优势等因素，继续维持生产。 能源化工（原油） 合 宏观策略（股指期货） 晨 商务部召开美资企业圆桌会 报 受关税冲击影响，A 股市场暴跌，主要指数跌幅高达 8%以上。 短期内 ...

姓名：曹宝琴 邮箱：caobaoqin@nzfco.com 期货从业资格号：F3008987 期货投资咨询从业证书号：Z0012851 今 日 早 评 重点品种： 【短评-焦煤】Mysteel统计独立焦企全样本：产能利用率 为71.90%增0.36%；焦 炭日均产 量64.13增0.32，焦 炭库存 129.99减4.96，炼焦煤总库存862.88增40.66，焦煤可用天数 10.1天增0.43天。评：供应端，产地部分煤矿因井下原因及煤 矸石处理问题收紧产量，甘其毛都通关车数环比回升，口岸库 存居高不下，海外澳煤价格低位企稳，澳煤进口性价比暂无。 需求端，焦炭产量小幅增加，刚需支撑仍存，下游采购积极性 好转，上游煤矿小幅去库。总体来看，宏观情绪改善以及刚需 支撑尚存，现货市场情绪有所回暖，盘面估值偏低，下行阻力 加大。煤矿生产仍处高位，基本面改善程度有限，二季度蒙煤 长协价格仍有下调预期，预计短期盘面震荡偏弱。 【短评-纯碱】全国重质纯碱主流价1504元/吨，下降3元/ 吨；纯碱开工88.96%，开工窄幅增加；金山、江苏井神检修结 束，盐湖、青海昆仑设备恢复；连云港碱业110万吨/年新产能 预期一季度投产；纯 ...

[Table_MainInfo] 宏观研究 证券研究报告 宏观周报 2025 年 3 月 16 日 相关研究 [Table_ReportInfo] 《财政周期：序幕开启——财政部新闻发 布会解读》2024.10.12 《假期经济：恢复如何？——国内高频指 标跟踪（2024 年第 38 期）》2024.10.7 《"可感可及"的宏观转向周——国内高 频指标跟踪（2024年第 37期）》2024.9.29 出口或边际改善 ——国内高频指标跟踪（2025 年第 11 期） [Table_Summary] 投资要点： 经济改善的幅度或有小幅波动，如服务消费、新房销售等，仍有待政策继续 发力。消费方面，商品消费表现相对稳定，但服务消费有所回落，尤其是电 影消费热度回落至低于同期低位。投资方面，基建资金到位速度放缓，或对 后续形成工作量有一定影响，地产销售中一、二手房的分化仍在持续，基建 和地产建设进度均偏慢。进出口方面，韩国进出口和港口数据显示，3 月初 出口情况或边际改善。生产方面，钢铁行业持续改善，煤电和石化行业震荡 下行。库存方面，建材库存持续处于低位，或因为持续供应偏低。物价方面， CPI 中有分化，PPI 中 ...

证券代码：600409 证券简称：三友化工 公告编号：临 2025-005 号 公司参会人员：证券事务代表王国平女士及证券部、经济运行中心有关人员。 二、会议交流的主要内容 唐山三友化工股份有限公司（以下简称"公司"）于 2025 年 2 月 21 日接待了 投资者咨询交流，有关情况如下： 一、交流会基本情况 时间：2025 年 2 月 21 日 14:00-15:00，15:30-16:30 交流方式：现场及电话会议 参会机构名称：招商证券股份有限公司、江苏睿诚投资股份有限公司、浙商 证券股份有限公司、国泰基金管理有限公司。 唐山三友化工股份有限公司 投资者交流会会议纪要 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1.公司主导产品市场情况 纯碱：目前国内纯碱行业产能约 4080 万吨，较 2024 年底基本持平。当前纯 碱企业经营承压明显，纯碱价格僵持盘整，行业库存 180 万吨左右，行业整体开 工率 89%左右。预计今年二季度随着行业检修逐步开始，行业开工有所降低，高 库存局面或将得到一定程度缓解，不排除行业检修供给 ...