Report Industry Investment Rating - No relevant information provided. Report's Core View - Although the current spot price of urea is fluctuating downward due to strong supply and weak demand, from the perspectives of valuation and drivers, it is recommended to focus on the opportunity of buying at low prices after the spot price stabilizes. It is suggested to pay attention to the buying opportunity of the 01 contract at low prices [1]. Summary According to Relevant Catalogs Urea Futures and Spot Prices - On September 15, compared with September 12, UR01 increased by 20 yuan/ton to 1683 yuan/ton, a change of 1.20%; UR05 increased by 13 yuan/ton to 1731 yuan/ton, a change of 0.76%; UR09 increased by 180 yuan/ton to 1750 yuan/ton, a change of 11.46% [1]. - Among domestic spot prices, Shandong decreased by 20 yuan/ton to 1640 yuan/ton, a change of -1.20%; Henan decreased by 10 yuan/ton to 1640 yuan/ton, a change of -0.61%; Jiangsu decreased by 10 yuan/ton to 1640 yuan/ton, a change of -0.61%. The prices in Shanxi, Hebei, and Northeast remained unchanged [1]. Basis and Spread - The basis of Shandong spot - UR decreased by 33 yuan/ton to -91 yuan/ton; the spread of 01 - 05 increased by 7 yuan/ton to -48 yuan/ton [1]. Upstream and Downstream Prices - The prices of anthracite coal in Henan and Shanxi remained unchanged at 1000 yuan/ton and 880 yuan/ton respectively; the prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2950 yuan/ton and 2550 yuan/ton respectively; the price of melamine in Shandong decreased by 17 yuan/ton to 5083 yuan/ton, a change of -0.33%, and the price in Jiangsu remained unchanged at 5300 yuan/ton [1]. Important Information - On the previous trading day, the opening price of the main contract 2601 of urea futures was 1666 yuan/ton, the highest price was 1688 yuan/ton, the lowest price was 1665 yuan/ton, the closing price was 1683 yuan/ton, and the settlement price was 1679 yuan/ton [1]. Long - Short Logic - Recently, the anti - involution sentiment of coking coal has a tendency to rise again. The sharp rise of coking coal in the night session yesterday drove the sentiment of the coal chemical industry to be strong [1]. - From a valuation perspective, the current urea price is oscillating at a low level, and the upstream profit is also at a relatively low level, so the urea valuation is not high [1]. - From a driving perspective, there are two possible upward drivers for the urea price in the second half of the year. First, there is an expectation of renewal and transformation of old devices on the supply side, with about 20% of urea devices over 20 years old, and the current comprehensive operating rate of urea is over 80%, with little idle capacity. Second, there is an expectation of improvement in exports on the demand side. With the easing of Sino - Indian relations, the urea exports from September to October are quite promising [1].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Urea: The domestic urea fundamentals face multiple factors such as rising supply, continuous realization of export demand, transfer of enterprise inventory to the middle - downstream and ports, and insufficient domestic demand support. After the Indian tender results are announced, the short - term market positive factors are exhausted, and the 01 contract will still run weakly. In the medium - term, there will be a game stage among various factors. In the long - term, the pressure of new production capacity in the industry is still high [4]. - Soda Ash: Recently, the changes in indicators such as supply, demand, and inventory of soda ash are relatively limited, and the fundamental driving force is insufficient. Subsequently, the warming of macro - sentiment and anti - involution themes will continue to boost market sentiment. The futures price shows obvious characteristics of a phased bottom, but currently does not have the momentum for a trend - based upward movement. It is recommended to continue to adopt a wide - range shock thinking [5]. - Glass: The supply - demand contradiction of glass has not been significantly reversed, and the industry has different expectations for the future. The glass factory has a certain price - holding mentality, and the short - term glass futures price has obvious characteristics of a phased bottom, but currently there is insufficient new driving force in the market. If external factors such as macro - warming and anti - involution are combined with the realization of peak - season demand, the glass futures price may be significantly boosted [6][7]. Summary by Directory 1. Futures Market and Raw Material Situation in the Industrial Chain - Futures Prices: As of September 12, the weekly change of the urea main contract was - 3.2%, the soda ash main contract was + 0.16%, and the glass main contract was + 1.2% [13]. - Related Futures Varieties: This week, the trends of related varieties were differentiated, with urea being the weakest and glass being the strongest [15]. - Coal Prices: The prices of Qinhuangdao Youhun steam coal (5500), Shaanxi Yulin bituminous coal fines (Q5500), Yangquan anthracite washed small lumps, and Yangquan anthracite washed medium lumps showed little change from September 5 - 11 [19]. - LNG Prices: The LNG prices of some domestic regions such as Inner Mongolia Huineng and Inner Mongolia Xingsheng showed certain fluctuations from September 5 - 11 [23]. - Two - Alkali Raw Material Salt: This week, the raw salt price remained basically stable [24]. - Ammonia Prices: The price of Shandong synthetic ammonia decreased by 1.39% week - on - week from September 4 - 11 [27]. 2. Urea: Market Positive Factors Exhausted, Short - Term Weak Operation of the Futures Market - Spot Prices: This week, the urea spot market price showed a weak trend. The prices in Shandong and Henan decreased by 20 yuan/ton and 40 yuan/ton respectively week - on - week [30]. - Production: This week, the urea production level increased slightly, with the industry's operating rate rising by 1.23 percentage points to 79.34%. The operating rates of small and large - granular urea increased by 1.01 and 2.13 percentage points respectively [34][40]. - Output: This week, the daily urea output fluctuated around 180,000 tons, and the weekly output increased by 1.58% week - on - week [43][45]. - Inventory: This week, the urea enterprise inventory increased by 3.44% to 1.1327 million tons, and the port inventory decreased by 11.52% to 549,400 tons [46]. - Downstream Demand: This week, the operating rate of melamine decreased by 3.6 percentage points to 55.38%, the operating rate of adhesives decreased by 2.27 percentage points to 48.75%, and the price of vehicle - use urea decreased significantly [58][62][65]. - International Market: The Indian tender results were announced, and the procurement quantity did not exceed expectations. The subsequent supply quantity from China needs to be monitored [71]. - Related Products: This week, the prices of some phosphate fertilizer products declined, and the potash fertilizer price remained stable [73]. 3. Soda Ash: Limited Changes in Supply and Demand, Focus on the Impact of External Factors - Spot Prices: This week, most of the soda ash spot quotations were stable, and individual regions still showed a downward trend. The mainstream average prices of light and heavy soda ash in some regions changed slightly week - on - week [82][85]. - Production: This week, the soda ash production level increased slightly, with the industry's operating rate rising by 1.07 percentage points to 87.29%. The weekly output increased by 1.25% to 761,100 tons [91][97]. - Inventory: This week, the soda ash enterprise inventory was 1.7975 million tons, a week - on - week decrease of 1.35%. The enterprise inventory has been decreasing for three consecutive weeks, but the decrease was very limited [102][110]. - Import and Export: In July, China's soda ash export volume was 161,300 tons, a month - on - month increase of 2.66% [111]. - Cost and Profit: This week, the cost center of soda ash continued to decline slightly [114]. 4. Glass: Cautious Industry Mentality, Focus on the Quality of Future Demand - Futures Prices: This week, the glass futures price showed a weak shock trend, and the closing price of the main 01 contract on Friday was 1,180 yuan/ton, a weekly increase of 1.2% [6]. - Spot Prices: This week, the glass spot price rebounded locally, and the average price of the domestic float glass market on Friday was 1,164 yuan/ton, an increase of 8 yuan/ton from last Friday [6]. - Supply: This week, one production line of the glass industry produced finished products, and the supply level increased slightly. The daily melting volume in production as of Friday was 160,200 tons per day, an increase of 600 tons per day from last week [6]. - Inventory: This week, the glass enterprise inventory was 61.583 million tons, a week - on - week decrease of 2.33%. The inventory fluctuation range was limited, and the de - stocking trend was not obvious [6]. - Demand: Currently, the glass demand has not shown the characteristics of the peak season, but the purchasing sentiment of the middle - downstream was acceptable this week, and the glass factory orders increased slightly. However, the demand is still differentiated between regions, and the terminal demand has not been substantially improved [6].

站在"十五五"新起点，结合潞安化工集团战略部署与实践经验，针对全国煤化工行业的发展，提出以下 七点建议： 一是呼吁国家在消费税上能给予煤制油行业适当减免，以促进行业健康发展。 在全球经济格局深度调整与"双碳"目标双重驱动下，煤化工产业作为保障国家能源安全的重要支柱，面 临着同质化严重、资源环境约束趋紧、产品附加值偏低等发展瓶颈，2023年煤化工装置平均开工率不足 75%，整个煤化工产业亟需战略性重塑。 通过多年的创新实践，潞安化工集团深刻认识到，唯有以技术突围破解"技术围城"，以生态友好突 破"环境枷锁"，以价值跃升打破"低端锁定"，才能走出现代煤化工高质量发展的新路。 二是在区域发展上给予山西更多的项目审批优惠和专项转移支付支持。 七是因地制宜优化产业布局，严控产能增量，优先保障煤炭保供任务，避免重复建设；结合区域资源禀 赋，推动山西、内蒙古、陕西等富煤区煤化工差异化发展布局。建立产业预警和产业引导机制，通 过"上大压小"淘汰落后产能，引导行业集约化、差异化发展。 作者：潞安化工集团化工事业部副总经理 王耀斌 五是深化产业协同与减碳增效，推广煤化工与绿氢、光伏等清洁能源耦合技术，加快构建新能源与煤化 工耦合 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Xinjiang region's economic development and infrastructure projects, with a specific emphasis on coal and coal chemical industries, as well as transportation infrastructure related to the Belt and Road Initiative [1][2][3][4][5][6][7][14][18]. Core Insights and Arguments - **Economic Growth Targets**: Xinjiang aims for a GDP growth of approximately 6% in 2025, with fixed asset investment growth targeted at 10%. In 2024, GDP is expected to grow by 6.1%, with per capita GDP increasing by 5.4% [1][7]. - **Infrastructure Investment**: The region plans to implement 500 key projects with a total investment of 3.47 trillion yuan (approximately 0.5 trillion USD) in 2025, with 4.069 billion yuan planned for completion that year. Infrastructure investment will account for 23% of this, while industrial investment will make up 74% [1][12]. - **Coal Production**: Xinjiang's raw coal production is projected to reach 543 million tons in 2024, marking an 18% year-on-year increase. The region has significant coal resources, with a total approved coal mine capacity of 208 million tons [1][14]. - **Belt and Road Initiative**: Xinjiang plays a crucial role in the Belt and Road Initiative, enhancing its strategic position as a hub connecting China with Central Asia and Europe. The region's export growth rate ranks among the top three in the country [3][6][19]. Significant Developments - **Major Projects**: Key projects include coal chemical initiatives, the China-Kyrgyzstan-Uzbekistan railway, and the New Tibet Railway. Companies like China Chemical and China Railway are expected to benefit from these developments [5][20]. - **Infrastructure Progress**: Xinjiang has made notable advancements in infrastructure, with significant investments in roads and railways. The total road mileage reached 11,000 kilometers, with over 94% of counties connected by expressways [7][9]. - **Policy Support**: The upcoming 70th anniversary celebrations and the Fourth Central Xinjiang Work Conference are anticipated to bring additional policy support and development plans, similar to past events [4][13]. Additional Important Insights - **Water Resource Management**: The South-to-North Water Diversion West Line Project may indirectly enhance water resource management in Xinjiang, improving overall water utilization efficiency [17]. - **Investment from State-Owned Enterprises**: 25 state-owned enterprises have signed contracts for 183 projects in key sectors such as oil, gas, coal, and renewable energy, with expected investments ranging from 400 billion to 500 billion yuan [2][14]. - **Future Outlook**: The ongoing development of coal chemical projects and infrastructure improvements is expected to lead to significant economic growth and increased investment in Xinjiang over the coming years [15][20].

Core Viewpoint - The 19th Yulin International Coal and High-end Energy Chemical Industry Expo and the 3rd Western Hydrogen Energy Expo aim to promote the high-end, diversified, and low-carbon development of the coal chemical industry, supporting the construction of a national energy revolution innovation demonstration zone [1] Group 1: Event Overview - The event is held from September 13 for three days, themed "High-end Energy Chemical, Low-carbon Development, Hydrogen Initiates Future" [1] - The expo features six major exhibition areas: high-end energy chemical enterprises, regional collaborative development, intelligent digital, hydrogen energy full industry chain, green low-carbon international, and advanced energy chemical equipment [1] - Over 900 enterprises from both domestic and international markets are participating in the exhibition [1] Group 2: Activities and Networking - During the expo, various specialized seminars will be held, including discussions on innovation and green development in the coal chemical industry, innovation cooperation in the hydrogen energy industry chain, international cooperation in the Shaanxi coal industry chain, and intelligent innovation development in coal mining [1] - These activities aim to create rich scenarios for information exchange, resource connection, and win-win cooperation among participating enterprises and audiences [1]

Report Investment Rating - There is no information about the industry investment rating in the report. Core Viewpoints - This week, the average prices and gross profits of pure MDI, polymeric MDI, and TDI in the polyurethane sector decreased compared to the previous week [2]. - In the oil, gas, and olefin sector, the average prices of ethane, propane, and naphtha increased slightly, while the average prices of polyethylene and polypropylene decreased. The theoretical profits of various production processes also decreased [2]. - In the coal chemical sector, the average prices of synthetic ammonia, urea, and DMF decreased, while the average price of acetic acid increased. The gross profits of these products also showed corresponding changes [2]. Summary by Directory 1. Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking** - The Basic Chemical Index rose by 2.4% in the past week, 6.1% in the past month, 17.5% in the past three months, 50.4% in the past year, and 25.1% since the beginning of 2025 [8]. - Among the related companies, Wanhua Chemical rose by 2.9% in the past week, Baofeng Energy fell by 0.7%, Satellite Chemical rose by 0.6%, Huaxin Chemical rose by 0.5%, and New Hope Liuhe rose by 4.7% [8]. - The report also provides the total market value, net profit attributable to the parent company, PE, and PB of these companies [8]. - **Polyurethane Industry Chain** - The average prices of pure MDI, polymeric MDI, and TDI were 17,779 yuan/ton, 14,929 yuan/ton, and 13,585 yuan/ton respectively, with week-on-week decreases of 71 yuan/ton, 143 yuan/ton, and 702 yuan/ton respectively [2][8]. - The gross profits of pure MDI, polymeric MDI, and TDI were 4,533 yuan/ton, 2,683 yuan/ton, and 2,716 yuan/ton respectively, with week-on-week decreases of 51 yuan/ton, 122 yuan/ton, and 220 yuan/ton respectively [2][8]. - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, and naphtha were 1,302 yuan/ton, 4,259 yuan/ton, and 4,266 yuan/ton respectively, with week-on-week increases of 8 yuan/ton, 12 yuan/ton, and 15 yuan/ton respectively [2][8]. - The average price of polyethylene was 7,707 yuan/ton, a week-on-week decrease of 61 yuan/ton. The theoretical profits of ethane cracking, CTO, and naphtha cracking to produce polyethylene were 1,122 yuan/ton, 1,866 yuan/ton, and -125 yuan/ton respectively, with week-on-week decreases of 57 yuan/ton, 40 yuan/ton, and 46 yuan/ton respectively [2]. - The average price of polypropylene was 6,800 yuan/ton, a week-on-week decrease of 50 yuan/ton. The theoretical profits of PDH, CTO, and naphtha cracking to produce polypropylene were -330 yuan/ton, 1,463 yuan/ton, and -352 yuan/ton respectively, with week-on-week decreases of 37 yuan/ton, 33 yuan/ton, and 40 yuan/ton respectively [2]. - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,129 yuan/ton, 1,707 yuan/ton, 3,982 yuan/ton, and 2,287 yuan/ton respectively, with week-on-week changes of -10 yuan/ton, -25 yuan/ton, -154 yuan/ton, and +48 yuan/ton respectively [2]. - The gross profits of synthetic ammonia, urea, DMF, and acetic acid were 179 yuan/ton, 13 yuan/ton, -193 yuan/ton, and 25 yuan/ton respectively, with week-on-week changes of -9 yuan/ton, -31 yuan/ton, -90 yuan/ton, and +5 yuan/ton respectively [2]. 2. Basic Chemical Weekly Report - **Basic Chemical Index Trend** - There is no specific content about the basic chemical index trend in the provided text. - **Polyurethane Sector** - The average prices and gross profits of pure MDI, polymeric MDI, and TDI decreased this week [2]. - **Oil, Gas, and Olefin Sector** - The prices of raw materials such as ethane, propane, and naphtha changed slightly, while the prices of polyethylene and polypropylene decreased. The profits of various production processes also decreased [2]. - **Coal Chemical Sector** - The prices and gross profits of coal chemical products such as synthetic ammonia, urea, and DMF showed different degrees of change [2].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and chemical sectors, particularly focusing on those benefiting from infrastructure development in Xinjiang and coal chemical projects [10][21]. Core Insights - The year 2025 marks the 70th anniversary of the Xinjiang Uyghur Autonomous Region, with expectations for increased central government support and policies that could significantly boost the performance and valuation of companies in the region [1][2][10]. - Key investment opportunities are identified in two main areas: transportation infrastructure and coal chemical projects, with specific recommendations for companies such as China Communications Construction, North New Road Bridge, and China Chemical [2][10][21]. - The report highlights the potential for substantial investment in coal chemical projects in Xinjiang, estimating annual investments of approximately 997 billion, 2077 billion, and 2326 billion from 2025 to 2027 [2][21]. Summary by Sections Transportation Infrastructure - The report emphasizes the importance of enhancing transportation infrastructure in Xinjiang, with ongoing railway projects and expected progress on the China-Kyrgyzstan-Uzbekistan railway, which has a total investment of 8 billion USD [2][21]. - Recommended companies benefiting from this sector include Xinjiang Communications Construction, North New Road Bridge, and major players in cement and steel production [1][2][10]. Coal Chemical Projects - The report notes that Xinjiang has significant potential for coal chemical development, with over 800 billion in investments planned for ongoing and proposed projects by mid-2025 [2][21]. - Key companies in this sector include China Chemical, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project launches and the rising demand for green methanol [2][10][21]. Valuation Reassessment - The report suggests that companies rich in mineral resources, such as China Metallurgical Group and China Railway Group, are due for a valuation reassessment due to rising prices of gold and copper amid a recovering economy [7][30]. - China Metallurgical Group's estimated value is 732 billion, with a potential upside of 64%, while China Railway Group's estimated value is 1490 billion, with a potential upside of 69% [7][30]. High Dividend Recommendations - The report highlights Sichuan Road and Bridge as a high-dividend stock, projecting a dividend yield of 6.4% for 2025, benefiting from the strategic importance of Sichuan in national infrastructure plans [8][10][21]. - Other companies recommended for their high dividend yields include China Construction and China Railway Group, with respective yields of 5% and 4.6% [6][10].

Core Viewpoint - Yili Clean Energy has been penalized for financial fraud and related misconduct, with a total fine of approximately 375 million yuan proposed by the Inner Mongolia Securities Regulatory Bureau, affecting the company, its controlling shareholder, and 29 related individuals [1][8]. Group 1: Company Background - Yili Clean Energy is the only publicly listed company under Yili Group, founded by Wang Wenbiao in 1988, and primarily engages in modern coal chemical products, clean energy, and thermal energy [2]. - The company was once considered a "cash cow" for Yili Group, supporting its extensive expansion efforts [4]. Group 2: Financial Misconduct - From 2016 to 2022, Yili Clean Energy inflated profits, assets, and revenues significantly, with total inflated profits exceeding 125 million yuan, inflated assets over 11 billion yuan, and inflated revenues surpassing 13 billion yuan [5]. - The company and its subsidiaries provided funds to the controlling shareholder and related parties through various financial maneuvers, with 3.906 billion yuan in deposits controlled by Yili Group, constituting 20.38% of the reported net assets [5]. Group 3: Regulatory Actions - The company is accused of fraudulent bond issuance, with two bond issues in 2020 totaling 1 billion yuan, which included false statements and significant omissions from previous annual reports [7]. - Penalties include 210 million yuan for Yili Clean Energy, 30 million yuan for the controlling shareholder, and a total of 135 million yuan for 29 related individuals, including 30 million yuan for Wang Wenbiao [8]. Group 4: Business Decline - Yili Clean Energy has faced continuous losses, reporting losses of 542 million yuan in 2023, 709 million yuan in 2024, and 129 million yuan in the first half of 2024 [10]. - The company's financial troubles are compounded by the downturn in the renewable energy sector and ongoing investigations into its controlling shareholder, Yili Group [10][11].

陕煤集团榆林化学1500万吨/年煤炭分质清洁高效转化示范项目是陕西重点打造的煤化工领域标杆 项目之一，共分两期建设。赵刚来到项目现场，详细了解一期项目运营情况和二期项目建设进展，要求 坚守质量标准、严守工期节点、守牢安全底线，力争早建成、早投产、早达效。赵刚强调，能源化工产 业是我省的支柱产业之一。榆林要坚持以创建国家级能源革命创新示范区为抓手，扛牢能源保供责任， 严格落实"双碳"战略，抓好重点项目建设，持续延链补链强链，着力推动能源化工从原料向材料转化、 从大宗化学品向终端应用品拓展、从产业链中低端向高端迈进，切实将资源优势转化为发展优势。要坚 定不移走创新驱动发展之路，统筹用好省内外各类创新资源，搭建好科研创新、中试试验、成果转化全 流程平台，做好先进技术引进、消化、吸收、再创新几篇文章，通过自主研发和引入新技术、新装备、 新工艺，推动能源化工产业向更高效、更安全、更环保升级。要结合国家战略所需和陕西发展所需，谋 划好"十五五"时期重点能化项目，助力打造现代能源万亿级产业集群，以高质量产业体系支撑高质量发 展。 省政府秘书长吕来升，省直有关部门和榆林市负责同志参加活动。（记者 孙鹏） 9月12日，省长赵刚 ...

Report Industry Investment Ratings - Polypropylene: ★★★ [1] - Pure Benzene: ★★★ [1] - PX: ★★★ [1] - Ethylene Glycol: ★☆☆ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ★★★ [1] - Methanol: ★★★ [1] - Urea: ★★★ [1] - PVC: ★★★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] Core Views - The olefin - polyolefin market has supply and demand imbalances, with price upward momentum limited [2] - The pure benzene - styrene market is affected by factors such as oil prices and downstream profitability, showing a weak performance [3] - The polyester market has different trends for each product, with price drivers mainly from raw materials and demand showing a mixed picture [4] - The coal - chemical market is expected to stabilize or continue weakly depending on the product, influenced by factors like inventory and demand [5] - The chlor - alkali market has supply - demand issues, with PVC and caustic soda showing different price trends [6] - The soda ash - glass market has high inventories and supply pressure, with prices expected to be in a certain pattern [7] Summary by Related Catalogs Olefin - Polyolefin - Propylene futures fluctuate around the 5 - day average, with limited upward momentum due to supply increase and weakening downstream acceptance [2] - Polyolefin futures decline, with polyethylene having low supply pressure but weak demand, and polypropylene facing supply pressure and slow demand recovery [2] Pure Benzene - Styrene - Pure benzene prices are weak due to factors like oil price decline, downstream poor profitability, and import pressure, but may improve in Q3 [3] - Styrene futures decline, with supply - demand support insufficient due to high inventory and weak new orders [3] Polyester - PX and PTA prices are affected by oil prices, with PTA price driven by raw materials, and downstream demand showing a positive trend but with some constraints [4] - Ethylene glycol is pressured in the far - month due to new device news, with near - month and spot being strong [4] - Short fiber is expected to be positive in the near - month, with price following cost, and bottle chip has limited processing - margin repair space [4] Coal - Chemical - Methanol prices are weak with high port inventory, but may stabilize with expected increase in MTO device operation and downstream stocking [5] - Urea prices hit new lows, with supply - demand remaining loose and the market expected to continue weakly [5] Chlor - Alkali - PVC prices may fluctuate weakly due to high supply pressure, weak demand, and high inventory [6] - Caustic soda prices may have a wide - range oscillation pattern due to factors like demand support and supply pressure [6] Soda Ash - Glass - Soda ash prices fluctuate narrowly, with high inventory and supply pressure, and it's advisable to short at high rebounds [7] - Glass prices may have a wide - range oscillation due to factors like inventory decline and potential macro - level positives [7]