Core Viewpoint - The ultra-white glass industry in China is experiencing rapid growth, driven by urbanization and renovation trends, with a projected market size increase from 5 billion yuan in 2018 to 18 billion yuan by 2024, reflecting a compound annual growth rate of 23.8% [1][16]. Industry Overview - Ultra-white glass, known for its high transparency and light transmittance of over 91.5%, significantly surpasses float glass's 86%, making it ideal for high-end applications in architecture, electronics, luxury vehicles, and solar energy [1][3]. - The industry is characterized by its unique properties, including low self-explosion rates, color consistency, and high visible light transmittance, which enhance its market appeal [5][6]. Industry Development History - The development of ultra-white glass began in the 1950s in developed countries, with significant advancements in production technology occurring in the 1960s and 1970s, leading to increased demand in the 1980s and 1990s due to urbanization and quality building requirements [8]. - The 21st century has seen ultra-white glass expand into high-tech industries, including solar energy and electronics, driven by growing environmental awareness and demand for energy-efficient products [8]. Industry Chain - The ultra-white glass industry chain includes raw material supply, production processing, product sales, and end-use applications, with upstream materials such as soda ash, quartz sand, and limestone being critical [10]. - The downstream applications encompass construction glass, photovoltaic glass, automotive glass, and electronic glass, indicating a comprehensive interdependence within the industry [10]. Market Dynamics - The ultra-white glass market is projected to grow significantly, with the market size expected to reach 18 billion yuan by 2024, driven by technological innovations and policy support [1][16]. - The production of photovoltaic glass, a key application of ultra-white glass, is anticipated to increase from 5.6362 million tons in 2018 to 29.27 million tons by 2024, with a compound annual growth rate of 31.6% [13]. Key Companies - Major players in the ultra-white glass market include China Southern Glass Group, Fuyao Glass, and Flat Glass Group, which are leveraging technological advancements and competitive pricing strategies to capture market share [18][20][22]. - China Southern Glass Group is recognized as a leading brand in energy-saving glass and solar photovoltaic products, with projected revenue of 13.756 billion yuan in 2024 [20]. - Fuyao Glass has successfully localized photovoltaic glass production, achieving quality comparable to international leaders, with projected revenue of 16.816 billion yuan from photovoltaic glass in 2024 [22]. Future Trends - The ultra-white glass industry is expected to deepen its applications in energy-saving and environmentally friendly sectors, particularly in photovoltaic components and passive buildings [25]. - Innovations in smart interactive scenarios are anticipated, with ultra-white glass being integrated into smart home technologies and automotive displays, enhancing user experience and functionality [26].

Group 1: Report Industry Investment Ratings - Glass investment view: bearish [3] - Soda ash investment view: oscillating [4] Group 2: Core Views of the Report - Glass is facing a situation of weak supply and demand, with prices under pressure. Soda ash has acceptable current supply and demand, but the medium - term supply is expected to be loose [3][4] Group 3: Summary by Relevant Catalogs 1. Main Views and Strategy Overview Glass - Supply: bearish. Daily output is 157,700 tons, up 0.64% from the 22nd. Industry开工率 is 76.01%, up 0.68 ppts; capacity utilization is 78.62%, up 0.42 ppts. Supply is increasing this week but may decline next week [3] - Demand: bearish. Demand expectation weakens as the off - season approaches, but there is support from trade talks and policies. Mid - term real estate situation is poor [3] - Inventory: neutral. Enterprise inventory is 67.662 million heavy cases, down 0.16% month - on - month, up 14.06% year - on - year. Inventory days are 30.4 days, down 0.2 days [3] - Basis/spread: neutral. Basis strengthened this week; 09 - 01 spread oscillated [3] - Valuation: neutral. Price is at a low level, but cost support weakens [3] - Macro and policy: neutral. No macro impact for now [3] - Trading strategy: One - sided: short on rallies; Arbitrage: long soda ash and short glass [3] Soda Ash - Supply: neutral. This week's output is 685,000 tons, up 3.19% month - on - month. Supply is rising as maintenance resumes, but may decline later [4] - Demand: neutral. Direct demand is acceptable, but terminal demand is not ideal, with downstream purchasing on demand [4] - Inventory: neutral. Total factory inventory is 1.6243 million tons, up 1.37% from Monday [4] - Basis/spread: neutral. Basis strengthened this week; 09 - 01 spread remained stable [4] - Valuation: neutral. Price center moves down, and cost support weakens [4] - Macro and policy: neutral. No macro driving force [4] - Trading strategy: One - sided: no position; Arbitrage: hold long soda ash and short glass, double - buy options [4] 2. Futures and Spot Market Review Glass - Futures price was weak, and spot price declined. The main contract closed at 982 (-18), and the Shahe spot price was 1072 (-12) [6] Soda Ash - Price oscillated downward. The main contract closed at 1199 (-54), and the Shahe spot price was 1243 (-78) [10] Spread/Basis - Soda ash 09 - 01 spread oscillated, and basis strengthened; Glass 09 - 01 spread oscillated, and basis strengthened [19] 3. Supply and Demand Fundamental Data Glass Supply - Output was stable. Daily output was 157,700 tons, up 0.64% from the 22nd. Two production lines restarted this week, and one started production. One line may undergo cold repair next week [22] - Production profit decreased. The weekly average profit of natural - gas - fueled glass was - 167.97 yuan/ton, down 7.14 yuan/ton [22] Glass Demand - Downstream deep - processing orders were weak. The average order days of deep - processing enterprises were 10.4 days, up 0.5% month - on - month, down 7.2% year - on - year [25] - Real estate mid - and back - end completion data was poor. From January to April, construction area decreased by 9.7% year - on - year, new construction area decreased by 23.8%, and completion area decreased by 16.9% [26] Soda Ash Supply - Output increased this week to 685,000 tons, up 3.19% month - on - month. But overall supply may decline later due to maintenance [31] - Alkali plant profit was acceptable. Ammonia - soda process profit was 67.20 yuan/ton, up 2.75% month - on - month; Dual - ton profit of the combined - soda process was 215 yuan/ton, down 53 yuan/ton [31] Soda Ash Demand - Direct demand was acceptable, with stable demand from float and photovoltaic sectors. But terminal demand was not good, and downstream purchased on demand [32] - Inventory increased. Total factory inventory was 1.6243 million tons, up 1.37% from Monday [32]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The current profit of float glass enterprises is poor. With the expectation of water storage in production lines this week and no ignition or glass output, the weekly output is expected to decline. The terminal demand for float glass remains weak, the orders of downstream deep - processing enterprises are weak, and the inventory of float glass enterprises has decreased slightly. It is expected that the glass price will fluctuate weakly in the near future, and the upper pressure of the 09 contract is around 1000. Short - term high - selling and low - buying are recommended, and stop - loss should be noted [2][23] Group 3: Summary by Relevant Catalogs Chapter 1: Market Review - The spot price of domestic float glass is on a downward trend, with weak overall demand. Due to the rainy season in the South, the market trading is poor. Some enterprises offer discounts to promote sales, and the market price continues to decline. In the Shahe area, factory shipments are average, and dealers mainly sell inventory. The Beijing - Tianjin - Tangshan market performs okay, but there are differences in the shipment of different manufacturers. The focus of the East China market has declined slightly, with weak demand and the impact of low - priced glass from the periphery. Most enterprises in the South are mainly focused on shipping due to high inventory [8] Chapter 2: Analysis of Price Influencing Factors 2.1 Supply - demand Analysis - **Supply - side Analysis - Expected Supply Decline**: As of May 29, the national float glass output was 1.1041 million tons, with a month - on - month increase of 0.64% and a year - on - year decrease of 8.25%. The average operating rate of the float glass industry was 75.68%, with a month - on - month increase of 0.34 percentage points; the average capacity utilization rate was 78.62%, with a month - on - month increase of 0.42 percentage points. With the expectation of water storage in production lines this week and no ignition or glass output, the weekly output is expected to decline. The weekly average profit of float glass using natural gas as fuel was - 167.97 yuan/ton, a month - on - month decrease of 7.14 yuan/ton; that using coal - made gas was 100.10 yuan/ton, a month - on - month increase of 15.67 yuan/ton; and that using petroleum coke was - 107.04 yuan/ton, a month - on - month decrease of 20.00 yuan/ton [12] - **Demand - side Analysis - Weak Orders from Deep - processing Enterprises**: As of May 15, 2025, the average order days of national deep - processing sample enterprises was 10.4 days, a month - on - month increase of 0.5% and a year - on - year decrease of 7.2%. The terminal demand for float glass remains weak. From January to April 2025, the cumulative real - estate completion area was 156.4785 million square meters, a year - on - year decrease of 16.9%. In April 2025, the inventory warning index of Chinese automobile dealers was 59.8%, a year - on - year increase of 0.4 percentage points and a month - on - month increase of 5.2 percentage points. The manufacturing PMI in April was 49.0%, a decrease of 1.5 percentage points from the previous month [14][15] - **Inventory Analysis - Slight Inventory Reduction of Float Glass Enterprises**: As of May 29, the total inventory of national float glass sample enterprises was 67.662 million weight boxes, a month - on - month decrease of 107,000 weight boxes and a month - on - month decrease of 0.16%, a year - on - year increase of 14.06%. The inventory days were 30.4 days, a decrease of 0.2 days from the previous period. The overall shipment in North China was average, and the inventory in East China increased slightly [17] 2.2 Position Analysis - As of May 30, the total long - position volume of the top 20 members in glass futures was 910,353, a decrease of 57,489; the total short - position volume was 1,122,204, a decrease of 69,731. The net position of the top 20 members was bearish [20] Chapter 3: Market Outlook and Investment Strategy - The current profit of float glass enterprises is poor. With the expectation of water storage in production lines this week and no ignition or glass output, the weekly output is expected to decline. The terminal demand for float glass remains weak, the orders of downstream deep - processing enterprises are weak, and the inventory of float glass enterprises has decreased slightly. It is expected that the glass price will fluctuate weakly in the near future, and the upper pressure of the 09 contract is around 1000. Short - term high - selling and low - buying are recommended, and stop - loss should be noted [23]

证券代码：601636 证券简称：旗滨集团 公告编号：2025-061 可转债代码：113047 可转债简称：旗滨转债 株洲旗滨集团股份有限公司 关于终止发行股份购买资产暨关联交易投资者说明会情况 的公告 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。 株洲旗滨集团股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日召开 第五届董事会第三十九次会议，审议通过了《关于终止发行股份购买资产暨关联 交易事项的议案》（以下简称"本次交易"），同意终止发行股份购买资产暨关联 交易事项。为便于广大投资者更全面深入地了解本次交易终止相关事宜，公司于 式召开了关于终止发行股份购买资产暨关联交易投资者说明会，就公司终止本次 发行股份购买资产暨关联交易的相关情况与投资者进行互动交流和沟通，在信息 披露允许的范围内对投资者普遍关注的问题进行了回答。现将有关事项公告如下： 一、本次投资者说明会召开情况 公司于 2025 年 6 月 3 日 16:00-17:00 在上海证券交易所上证路演中心以网 络文字互动方式召开了"关于终止发行股份购 ...

北京大成律师事务所 关于 株洲旗滨集团股份有限公司 终止发行股份购买资产暨关联交易事项 相关主体 买卖股票情况的自查报告 的 专 项 核 查 意 见 大 成 证 字 2025 第 014-4 号 北京大成律师事务所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 dacheng.com dacheng.com dentons.cn 关于株洲旗滨集团股份有限公司 终止发行股份购买资产暨关联交易事项相关主体 买卖股票情况的自查报告的 专项核查意见 致：株洲旗滨集团股份有限公司 根据株洲旗滨集团股份有限公司（下称"旗滨集团"）与本所签订的《专项 法律服务协议》，本所接受旗滨集团的委托，担任旗滨集团本次发行股份购买资 产暨关联交易项目（下称"本次交易"）的专项法律顾问，并于 2025 年 1 月 23 日为本次交易出具了《北京大成律师事务所关于株洲旗滨集团股份有限公司发行 股份购买资 ...

证券代码：000012；200012 证券简称：南玻 A；南玻 B 公告编号：2025-026 中国南玻集团股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 中国南玻集团股份有限公司（以下简称"公司"）分别于 2025 年 2 月 13 日、 会议审议通过了《关于回购公司部分人民币普通股（A 股）、境内上市外资股（B 股）股份方案的议案》。公司根据相关规定编制并披露了回购报告书，具体内容 详见 2025 年 3 月 25 日刊登于《中国证券报》《证券时报》《上海证券报》《证券 日报》和巨潮资讯网（www.cninfo.com.cn）的《关于回购公司部分人民币普通股 （A 股）、境内上市外资股（B 股）股份的报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 交易日内，公告截至上月末的回购进展情况。现将回购股份进展情况公告如下： 一、截至上月末回购股份的进展情况 截至 2025 年 5 月 30 日，公司通过回购专用证券账户以集中竞价交易方式累 计回购公司 A 股股份 29,421,580 股，回购公司 B 股股份 9,27 ...

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. Core Viewpoint of the Report - The glass market is expected to experience a weak adjustment. The recommended investment strategy is to short on rebounds, with a focus on the 1015 - 1035 pressure range for the 09 contract [2][3][85]. Summary by Directory 1. Market Review: Spot Price Drop, Futures Price Decline - **Futures Price**: In May, the glass futures market continued its downward trend. At the end of May, there was a slight rebound due to the oversupply of soda ash, a suitable soda - glass price difference leading to arbitrage operations, and rumors of cold repairs in Hubei production lines. Subsequently, large - scale ignition and resumption of production, along with the increase in inventory during the off - season, caused the main contract to fall below 1000. As of May 30, the glass 09 contract closed at 982 yuan/ton, a weekly decrease of 18 [3][85]. - **Spot Price**: As of May 30, the market price of 5mm float glass was 1180 yuan/ton in North China (unchanged), 1100 yuan/ton in Central China (down 10 yuan), and 1300 yuan/ton in East China (unchanged) [13]. - **Price Differences**: As of May 30, the soda - glass price difference was 217 yuan/ton (down 36 yuan), the basis of the 09 contract was 68 yuan/ton (down 22 yuan), and the 09 - 01 spread was - 61 yuan/ton (down 1 yuan) [14]. 2. Supply - Demand Pattern: Weakening Costs, Declining Profits - **Imports and Exports**: In March, China imported 475,300 weight - cases of float glass (a year - on - year increase of 44.78%) and exported 1,721,800 weight - cases (a year - on - year increase of 141.52%). There was an increase in the demand for some high - end glass abroad [21]. - **Profits**: The cost and selling price of glass both decreased, leading to weaker profits. The cost of natural gas production was 1603 yuan/ton (down 3 yuan), with a gross profit of - 303 yuan/ton (down 6 yuan); the cost of coal - gas production was 1148 yuan/ton (down 3 yuan), with a gross profit of 32 yuan/ton (up 3 yuan); the cost of petroleum coke production was 1159 yuan/ton (down 3 yuan), with a gross profit of - 59 yuan/ton (down 7 yuan) [24][27]. - **Supply**: As of last Friday, the daily melting volume of glass was 159,205 tons/day (up 1800 tons). In May, 2 production lines were cold - repaired, and 3 were restarted after ignition. The national inventory remained at a high level, with the inventory in North China and Central China increasing at the end of the month [29][30][31]. - **Inventory**: As of May 30, the inventory of 80 glass sample manufacturers nationwide was 67,662,000 weight - cases (down 107,000 weight - cases). The inventory in North China was 9,598,000 weight - cases (up 177,000 weight - cases), in Central China was 7,658,000 weight - cases (down 76,000 weight - cases), in East China was 15,700,000 weight - cases (up 5,000 weight - cases), and in South China was 10,521,000 weight - cases (down 39,000 weight - cases) [31]. - **Deep - processing**: The orders of glass deep - processing were less than in previous years. As of May 30, the average national production - sales ratio of float glass was 98.8% (down 5.63%), the operating rate of LOW - E glass was 50.2% (unchanged), and in mid - May, the number of days of glass deep - processing orders was 10.4 days (up 0.1 day) [37][40][41]. - **Demand - Automobile**: In April, China's automobile production was 2.619 million vehicles (a month - on - month decrease of 387,000 vehicles and a year - on - year increase of 213,000 vehicles), and sales were 2.59 million vehicles (a month - on - month decrease of 325,000 vehicles and a year - on - year increase of 231,000 vehicles). The retail volume of new - energy passenger vehicles was 905,000 vehicles, with a penetration rate of 51.5% (a month - on - month decrease of 0.4%) [51]. - **Demand - Real Estate**: In April, China's real estate completion area was 25.8758 million square meters (a year - on - year decrease of 28%), sales were basically flat year - on - year, and other indicators decreased by more than 20%. New construction was 48.3938 million square meters (down 22%), construction was 66.0961 million square meters (down 27%), and commercial housing sales were 63.9239 million square meters (down 3%). From May 18th to May 25th, the total transaction area of commercial housing in 30 large - and medium - sized cities was 2.28 million square meters (a month - on - month increase of 21% and a year - on - year increase of 8%). In April, real estate development investment was 782.54 billion yuan (a year - on - year decrease of 11%) [56]. - **Cost - Soda Ash - Spot Price**: As of May 30, the mainstream market price of heavy soda ash was 1500 yuan/ton in North China (unchanged), 1440 yuan/ton in East China (down 10 yuan), 1400 yuan/ton in Central China (unchanged), and 1575 yuan/ton in South China (unchanged). The 2509 contract of soda ash closed at 1199 yuan/ton (down 54 yuan), and the basis in Central China was 201 yuan/ton (up 54 yuan) [58][63]. - **Cost - Soda Ash - Profits**: As of the end of the month, the cost of the ammonia - soda process for soda - ash enterprises was 1443 yuan/ton (up 4 yuan), with a gross profit of 67 yuan/ton (up 2 yuan); the cost of the joint - production process was 1635 yuan/ton (down 10 yuan), with a gross profit of 215 yuan/ton (down 53 yuan) [65]. - **Cost - Soda Ash - Inventory**: Last week, the domestic soda - ash production was 685,100 tons (a week - on - week increase of 21,300 tons), including 369,800 tons of heavy soda ash (a week - on - week increase of 9800 tons) and 315,300 tons of light soda ash (a week - on - week increase of 11,500 tons). The loss was 180,600 tons (a week - on - week increase of 12,300 tons). The exchange soda - ash warehouse receipts at the end of last week were 2062 (a week - on - week increase of 1915). As of May 30, the national in - factory inventory of soda ash was 1.6243 million tons (a week - on - week decrease of 52,500 tons), including 806,000 tons of heavy soda ash (a week - on - week decrease of 38,000 tons) and 818,300 tons of light soda ash (a week - on - week decrease of 14,500 tons) [80]. - **Cost - Soda Ash - Apparent Demand**: Last week, the apparent demand for heavy soda ash was 407,800 tons (a week - on - week increase of 8500 tons), and for light soda ash was 329,800 tons (a week - on - week increase of 30,100 tons). The production - sales ratio of soda ash was 107.66% (a week - on - week increase of 2.36%). In April, the soda - ash inventory of sample float - glass factories was 24.2 days [82]. 3. Investment Strategy: Strong Supply, Weak Demand, Short on Rebounds - **Main Logic**: In May, the glass futures market continued to decline. At the end of the month, there was a slight rebound, but then the main contract fell below 1000 due to factors such as production resumption and inventory increase. In June, there is a plan to restart the first line of Shahe Xinli, and the supply remains loose. Considering high - temperature rainfall, previous ignition, and coal costs, glass prices are still suppressed, lacking the impetus for a significant rebound. Technically, the 09 contract broke below the 1000 mark after two confirmations, indicating that the short - side power still dominates. - **Operation Strategy**: Short on rebounds, with a focus on the 1015 - 1035 pressure range for the 09 contract, and partially take profits on previous short positions [3][85].

| 玻璃纯碱期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年6月3日 | | | | 将诗语 | Z00170002 | | 玻璃相关价格及价差 | | | | | | | 品和 | 现值 | 前值 | 张跃 | 涨跌幅 | 单位 | | 华北报价 | 1180 | 1180 | 0 | 0.00% | | | 华东报价 | 1300 | 1300 | 0 | 0.00% | | | 华中报价 | 1110 | 1120 | -10 | -0.89% | | | 华南报价 | 1320 | 1320 | 0 | 0.00% | 元/吨 | | 玻璃2505 | 1096 | 1101 | -5 | -0.45% | | | 玻璃2509 | 682 | ે જેટ | -3 | -0.30% | | | 05基差 | 84 | 79 | 5 | 6.33% | | | 纯碱相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 涨跌幅 | 单位 | | ...

Investment Rating - The industry rating is "Outperform the Market" [7] Core Viewpoints - The report indicates that the real estate market is gradually stabilizing, supported by policies aimed at boosting housing demand and improving purchasing power. This is expected to enhance the overall market sentiment and reduce credit risks for companies in the construction materials sector [5][12] - Short-term pressures for growth have led to renewed emphasis on stabilizing the real estate sector, while medium to long-term monetary and fiscal policy adjustments are anticipated to further support the market [12] - The report highlights that the construction materials sector has limited room for further deterioration compared to the end of 2022, with expectations for both fundamental recovery and valuation improvement [5] Summary by Sections 1. Weekly Insights - As of Q1 2025, the balance of real estate loans in RMB reached 53.54 trillion, with a year-on-year increase of 0.04%. Personal housing loans decreased by 0.8% year-on-year, but the growth rate improved by 0.5 percentage points compared to the end of the previous year [12] - Various local governments have introduced measures to stimulate housing consumption and support the real estate market, including tax adjustments and incentives for home purchases [12] 2. Weekly High-Frequency Data - The average price of bulk P.O 42.5 cement nationwide is 375 RMB/ton, down 0.6% week-on-week and down 5.7% year-on-year [3][13] - The factory price of glass (5.00mm) is 1230 RMB/ton, down 0.3% week-on-week and down 25.9% year-on-year [3][22] 3. Sector Review - The construction materials index increased by 0.18% this week, while the overall market indices saw slight declines [4][54] - Among sub-sectors, other building materials and cement products showed positive performance, while cement manufacturing and glass manufacturing experienced slight declines [4][54] 4. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from inventory upgrades, undervalued stocks with long-term potential, and leading cyclical building material companies showing signs of bottoming out [5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report Last week, the glass futures continued to weaken. The main contract FG2509 closed at 982 yuan/ton, down 1.80% from the previous week, breaking the 1000-yuan mark. The spot price of Hebei Shahe white glass also decreased. The glass market is currently in a situation of weak supply and demand, and it is expected that the futures price will fluctuate weakly at a low level [2]. 3. Summary by Related Catalogs Weekly View - Futures: The main contract FG2509 of glass futures closed at 982 yuan/ton, down 1.80% from the previous week [2]. - Spot: The spot price of 5mm white glass in Hebei Shahe was 1068 yuan/ton, down 1.48% from the previous week [2][13]. - Supply: The production profit of the glass industry has deteriorated, the cold repair volume is high, and the supply is at a historical low. There were 225 float glass production lines in operation last week, with an operating rate of 75.73% and a daily melting volume of 157,300 tons [2]. - Demand: The seasonal off - season has arrived, the real - estate terminal demand recovers slowly, and the downstream orders are insufficient, mostly for rigid demand. As of May 29, the inventory of national float glass enterprises was 67.662 million weight boxes, down 0.16% from the previous week [2]. - Outlook: The glass market has weak supply and demand, and it is expected that the futures price will fluctuate weakly at a low level [2]. Impact Factor Summary - **L利多 Factors**: The negative feedback of production profit is obvious, and the glass output has continuously declined to a historical low [5]. - **利空 Factors**: The real - estate terminal demand is still weak, the number of orders of glass deep - processing enterprises is at a historical low in the same period, and the capital recovery of the deep - processing industry is not optimistic, so traders and processors are cautious [6]. Main Logic and Risk Points - **Main Logic**: The glass supply has declined to a relatively low level in the same period. Affected by the expectation of the seasonal peak season, the spot price has increased, and the downstream has replenished stocks periodically, resulting in the reduction of glass factory inventories. It is expected that the glass will fluctuate strongly at a low level [7]. - **Risk Points**: The industry's resumption of production accelerates, and the macro and real - estate policies fall short of expectations [7]. Glass Futures and Spot Weekly Market | Indicator | Previous Value | Current Value | Change Rate | | --- | --- | --- | --- | | Main Contract Closing Price (yuan/ton) | 1000 | 982 | -1.80% | | Spot Benchmark Price (yuan/ton) | 1084 | 1068 | -1.48% | | Main Basis (yuan/ton) | 84 | 86 | 2.38% | [8] Glass Spot Market The market price of 5mm white glass in Hebei Shahe, the spot benchmark, was 1068 yuan/ton, down 1.48% from the previous week [13]. Fundamental - Cost and Profit The profit of coal production lines has recovered, the loss of natural gas production lines has intensified, and the profit of petroleum coke production lines has turned negative [18]. Fundamental - Supply - The number of operating float glass production lines in China is 225, with an operating rate of 75.73%, and the daily melting volume is 157,300 tons. The number of operating production lines and the production capacity are at historical lows in the same period [23][25]. Fundamental - Demand - In February 2025, the apparent consumption of float glass was 4.3143 million tons [29]. - The real - estate terminal demand is weak, and the number of orders of glass deep - processing enterprises is at a historical low in the same period [6]. Fundamental - Inventory The inventory of national float glass enterprises was 67.662 million weight boxes, down 0.16% from the previous week, and the inventory was running above the 5 - year average [44]. Fundamental - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, consumption, net imports, and their growth rates [45].