交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 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。 玻璃周报 2025.8.18-8.22 上周玻璃期货先抑后扬，主力合约FG2601收盘较前一周下跌3.14%报1173元/吨。现 货方面，河北沙河白玻大板报价1072元/吨，较前一周下跌1.47%。 宏观政策利好消退，行情回归基本面逻辑。供给方面，玻璃现货价格回落，行业冷 修高位，上周全国浮法玻璃生产线在产223条，开工率75.34%，日熔量15.96万吨，环比 持平，供给历史低位企稳。需求方面，下游加工厂订单维持偏弱水平，无明显好转，拿 货多维持刚需，且受原片价格连续下滑影响下暂无备货意愿，消化自身的库存为主；截 止8月21日，全国浮法玻璃企业库存6360.60万重量箱，较前一周增加0.28%，库存持续 累积。综合来看，玻璃基本面不改疲弱，短期预 ...

Report Information - Report Title: Glass and Soda Ash Morning Report - Date: August 25, 2025 - Research Team: Energy and Chemicals Team of the Research Center Industry Investment Rating - Not provided in the report. Core Viewpoints - Not provided in the report. Summary by Category Glass - **Price Changes**: From August 15 to August 22, 2025, most glass prices decreased. For example, the price of 5mm large - plate glass at Shahe Safety dropped from 1164.0 to 1143.0, a weekly decrease of 21.0 and a daily decrease of 6.0. FG09 and FG01 contracts also showed weekly decreases, with FG09 down 49.0 and FG01 down 38.0 [2]. - **Production and Sales**: Shahe's glass production - sales ratio was 76, Hubei's was 130, East China's was 97, and South China's was 103. Shahe factory's production - sales were average, with traders' low - price sales at around 1120 and general shipments. Hubei's factory had better transactions at around 980 [2]. - **Profit and Cost**: North China's coal - fired glass profit decreased from 231.0 to 217.4, a weekly decrease of 13.7 and a daily decrease of 9.1. The cost increased slightly from 912.0 to 903.6. Natural gas - fired glass in North China and South China showed losses, and the losses of 09FG and 01FG盘面 natural gas profits also changed [2]. Soda Ash - **Price Changes**: From August 15 to August 22, 2025, some soda ash prices decreased. For example, Shahe's heavy - soda ash price dropped from 1280.0 to 1220.0, a weekly decrease of 60.0 and a daily increase of 10.0. SA05, SA01, and SA09 contracts all showed weekly decreases [2]. - **Industry Situation**: The heavy - soda ash spot price at the Hebei delivery warehouse was around 1190, and the price delivered to Shahe was around 1220. Both factories and delivery warehouses had a slight inventory build - up [2]. - **Profit and Cost**: North China's ammonia - soda process profit decreased from - 102.9 to - 156.7, a weekly decrease of 53.8 and a daily increase of 10.0. The North China's combined - soda process profit also decreased [2].

Core Viewpoint - The domestic 5mm float glass market is showing a stable yet slightly rising trend, primarily supported by rigid demand, with no significant improvement in market conditions observed [2][8]. Price Analysis - As of August 22, 2023, the float glass price index is at 1126.85, reflecting a slight increase of 0.26 or 0.02% from the previous working day [3]. - Prices for 5mm float glass in various regions are as follows: - Northeast: 1080 CNY/ton - Northwest: 1170 CNY/ton - Southwest: 1140 CNY/ton (up 10 CNY) - East China: 1190 CNY/ton - Non-central: 1090 CNY/ton - South China: 1230 CNY/ton - Non-north: 1140 CNY/ton [1]. Market Dynamics - The market in North China remains stable, with minor price adjustments in the Shahe area, while the overall trading atmosphere is still subdued [2]. - In the Southwest market, prices are rising, with some manufacturers in Sichuan increasing white glass quotes by 1-2 CNY per weight box, although downstream purchasing remains primarily based on essential needs [2]. - The East China market is stable with average transaction performance, and some companies are considering price increases [2]. Futures Market - On August 22, 2023, the main futures contract FG2601 opened at 1156 CNY/ton and closed at 1173 CNY/ton, marking a daily increase of 0.77% [6]. - The highest price during the day was 1175 CNY/ton, while the lowest was 1152 CNY/ton, with a total open interest of 1,148,710 contracts, reflecting a decrease of 60,014 contracts [6]. Future Outlook - The float glass market is expected to maintain a weak and fluctuating trend in the short term, with production companies adopting promotional strategies to alleviate inventory pressure [8]. - The industry fundamentals have not shown significant improvement, lacking new driving factors, and the market will need to monitor demand recovery and cost changes [8].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Insights - The construction materials industry has made significant progress in energy conservation and carbon reduction, with six major sub-industries releasing carbon reduction technology guidelines and a notable increase in the share of clean energy [3][4] - The cement industry is expected to benefit from national policies aimed at controlling cement clinker production capacity and improving energy efficiency standards [3] - The report recommends several companies within the construction materials sector, including SanKeTree, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, as well as beneficiaries like Beixin Building Materials and Haizhu Cement [3] Summary by Sections Market Performance - The construction materials index rose by 2.91% from August 18 to August 22, 2025, underperforming the CSI 300 index by 1.27 percentage points [4][13] - Over the past three months, the CSI 300 index increased by 13.42%, while the construction materials index rose by 16.67%, outperforming the CSI 300 by 3.25 percentage points [4][13] - In the past year, the CSI 300 index increased by 30.86%, and the construction materials index rose by 35.30%, outperforming the CSI 300 by 4.44 percentage points [4][13] Cement Sector - As of August 22, 2025, the average price of P.O42.5 bulk cement was 280.47 CNY/ton, reflecting a 1.94% increase from the previous period [6][24] - The clinker inventory ratio was 64.62%, showing a decrease of 1.56 percentage points [6][24] - Regional price trends varied, with notable increases in East China (+5.05%) and Central China (+6.53%), while South China saw a decrease of 2.82% [24][26] Glass Sector - The average spot price for float glass was 1187.88 CNY/ton, down by 1.78% from the previous period [6][81] - The inventory of float glass increased by 28 million weight boxes, a rise of 0.50% [6][83] - The price of photovoltaic glass remained stable at 116.41 CNY/weight box [6][87] Fiberglass Sector - The market prices for fiberglass remained stable, with some flexibility in transactions noted [6][19] - The report highlights the performance of various companies within the fiberglass sector, indicating a generally positive trend [6][19] Consumer Building Materials - The prices of raw materials for consumer building materials showed slight fluctuations, with specific price data provided for various materials [6][20]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4]. Core Viewpoints - The construction materials sector is experiencing weak demand due to the real estate market, but there are expectations for more supportive policies to stabilize the industry [2]. - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal projects [2]. - The supply-demand imbalance in the float glass market is anticipated to ease as photovoltaic glass manufacturers begin self-regulated production cuts [2]. - The report recommends focusing on consumer building materials, which are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies [2]. - Cement production is being adjusted through staggered shutdowns, with a focus on improving supply-side conditions [2]. - The fiberglass market is showing signs of recovery, particularly with increasing demand from the wind power sector [2]. Summary by Sections Cement Industry Tracking - As of August 22, 2025, the national cement price index is 341.46 CNY/ton, with a week-on-week increase of 1.7% [3]. - The national cement output reached 2.6815 million tons, up 2.82% from the previous week [3]. - The cement market is characterized by weak demand, high inventory, and low prices, with expectations for continued weakness in the coming week [18]. Glass Industry Tracking - The average price of float glass is 1205.78 CNY/ton, reflecting a week-on-week decline of 2.42% [3]. - Inventory levels for float glass are increasing, indicating pressure on manufacturers [3]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight improvements in demand observed in certain areas [6]. - The report notes that the demand for electronic fiberglass is strong, particularly for high-end products [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with fluctuations in raw material prices [6]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,700 CNY/ton and a negative gross margin [7]. - Import and export data for carbon fiber indicate a net import of 444.33 tons in July 2025 [7].

Core Viewpoint - The article highlights the successful implementation of intellectual property pledge financing in Suqiu District, which has enabled local technology-based SMEs to overcome financing challenges and enhance innovation capabilities [1][3][6]. Group 1: Company Insights - Suqiu Aozhong Glass Co., Ltd. is a national high-tech enterprise with seven invention patents, and 95% of its products are exported overseas [1]. - The company faced development obstacles due to limited financing channels and had previously struggled to leverage its patents for funding [1][3]. - The company is expected to secure an additional 10 million yuan in working capital loans through intellectual property pledge financing, which is seen as a significant boost [3][6]. Group 2: Industry Developments - The Suqiu District has identified a common issue among many tech SMEs, which is the "idle" status of intellectual property assets [5]. - The district has established a three-tier service system involving government guidance, bank-enterprise connections, and professional evaluations to facilitate the transformation of technological achievements [6][10]. - As of June 30, the district has completed eight cases of intellectual property pledge financing, totaling 70 million yuan [8]. - Suqiu Times Energy Technology Co., Ltd. is another beneficiary, having received 6 million yuan last year and is expected to secure an additional 40 million yuan this year for technology upgrades [8]. - The district currently has 1,107 effective invention patents, with 705 classified as high-value patents, representing 63.68% of the total [10].

Company Overview - Recently, Guiyang Hongfeng Glass Co., Ltd. was established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Ouyang Huimin [1] Business Scope - The company is engaged in various glass manufacturing activities, including: - Glass manufacturing - Glass instrument manufacturing - Glass thermal insulation container manufacturing - Optical glass manufacturing - Technical glass product manufacturing - Ordinary glass container manufacturing - Unsealed glass shell and other glass product manufacturing - Glass fiber and product manufacturing - Daily glass product manufacturing [1]

Core Viewpoint - In the first half of 2025, Jinjing Technology completed the technological transformation of its fifth ultra-white glass production line, which was reignited on July 1, marking a significant advancement in the ultra-white glass industry in China [1] Group 1: Production and Technological Advancements - The fifth ultra-white glass production line is the first of its kind in China and has previously produced the world's largest and thickest ultra-white glass [1] - After the technological upgrade, the length of the ultra-white glass produced is expected to reach 30 meters, potentially setting a new world record, with light transmittance projected to increase from 91.5% to 92% [1] - Higher light transmittance indicates improved photoelectric conversion efficiency, positioning Jinjing Technology as a major supplier of TCO conductive glass in China [1] Group 2: Product Quality and Applications - The ultra-white glass produced by Jinjing Technology has an iron content that is only 1/10th that of ordinary glass, with a self-explosion rate as low as 0.01% [1] - The Beijing City Library, which features a super high self-supporting glass curtain wall structure, utilizes 276 large glass panels, each measuring up to 18 meters, all produced by Jinjing Technology [1] Group 3: Industry Leadership - Since the successful launch of the first ultra-white glass 20 years ago, Jinjing Technology has maintained a record in manufacturing ultra-long and ultra-large ultra-white glass sheets, demonstrating the company's leading position in this field [1]

Core Insights - The Shandong Lingshang Liuli Cultural Creative Park, as the only national industrial tourism demonstration base in Zibo, has developed a unique "industry + cultural tourism" integration path [1] Group 1: Company Overview - Since 2015, Zhenhua Glass Products Co., Ltd. has focused on industrial transformation and upgrading by establishing the Lingshang Liuli Cultural Creative Park, guided by the principles of inheriting intangible cultural heritage, preserving classic industrial relics, showcasing traditional production scenes, and ensuring industry leadership [3] - As of June this year, the park has received over 1.2 million domestic and international visitors [3] Group 2: Industry Trends - The park has undergone comprehensive upgrades, leveraging trends such as the "barbecue craze," "Liaozhai craze," "handmade craze," "intangible cultural heritage craze," "cultural creativity craze," and "research study craze" to attract visitors [4] - By allowing visitors to experience traditional production techniques and appreciate the creation of exquisite Liuli artworks, the park fosters a lasting "Liuli craze," achieving simultaneous economic and social benefits [4]

Core Viewpoint - Fuyao Glass reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance and a return to dividend distribution after seven years [1] Financial Performance - For the first half of 2025, Fuyao Glass achieved a revenue of approximately 21.447 billion yuan, representing a year-on-year growth of 16.94% [1] - The net profit attributable to shareholders was around 4.805 billion yuan, reflecting a year-on-year increase of 37.33% [1] - The company announced an interim dividend of 0.9 yuan per share, marking its first mid-term dividend distribution in seven years [1] Stock Performance - As of August 22, 2025, Fuyao Glass's stock price was 63.17 yuan, down by 1.53 yuan or 2.36% from the previous trading day's closing price [1] - The stock opened at 64.00 yuan, reached a high of 64.60 yuan, and a low of 62.88 yuan on the same day, with a trading volume of 308,904 lots and a total transaction value of 1.96 billion yuan [1] - On August 22, 2025, the net outflow of main funds was 23.7879 million yuan, accounting for 0.19% of the circulating market value, while there was a net inflow of 27.6569 million yuan over the past five days, representing 0.22% of the circulating market value [1]