分析师：何慧 能源化工团队 郭建锋 F03126846 何 慧 Z0011420 郭艳鹏 Z0021323 李 倩 F03134406 中辉期货有限公司 交易咨询业务资格 证监许可[2015]75号 中辉期货研究院 时间：2025.05.30 【观点】5月浮法玻璃市场继续面临"弱现实+弱预期"的双重压力，价格中枢持续下探。宏观层面，海外关税风险缓和，美债危机 担忧出现，整体风险偏好不高。国内经济从一季度的"生产强、需求弱"转为"产需双弱"的格局，4月PPI同比下降2.7%，工业品 通缩格局依旧。1-4月地产竣工同比下跌16.9%，跌幅再次扩大，玻璃中期需求继续萎缩。进入6月，梅雨季+夏季高温陆续来临，需 求淡季预期背景下，中上游库存偏高，企业和贸易商主动降价去库为主，现货市场疲软运行。淡季悲观预期下，主力合约贴水现货 价格。供应端来看，目前煤制产线仍有利润，供应缩减动力不足，玻璃开工率和日熔量低位回升，供应压力显现。随着原料纯碱和 燃料煤炭价格持续创新低，带动玻璃成本重心下移，进一步拖累玻璃期现价格，抄底仍不具有安全边际，至少要看到供需两端的改 善以及成本端的止跌企稳才可尝试多头。 【策略】 单边策略：目前主 ...

Group 1 - The supply of soda ash remains in excess, requiring upstream low operating rates to maintain supply-demand balance, with high visible inventory levels in the midstream and upstream sectors [1][5] - Domestic soda ash is in a capacity expansion cycle, with new capacity of 2.5 million tons expected in 2024 and an additional 900,000 tons in the first quarter of 2025, leading to an overall effective capacity growth rate of approximately 5.6% by 2025 [2][4] - From August 2024, due to domestic soda ash surplus and declining prices, the export window has opened, with some producers actively exploring overseas markets, resulting in a net export status for soda ash [2][4] Group 2 - The float glass production is currently at a low level, with significant losses reported since July 2024, leading to an increase in cold repairs and a decrease in daily melting capacity from 170,000 tons to 158,000 tons [3] - The photovoltaic glass sector is experiencing a rebound, with daily melting capacity increasing to around 100,000 tons by the end of April 2025, although inventory levels are rising, which may hinder further increases [3] - Light soda ash demand growth is projected at 7.2% for 2024, but the growth rate for 2025 is expected to be lower at around 5.2%, with a year-on-year decline of 7.8% observed from January to April 2025 [3] Group 3 - The long-term outlook for soda ash remains oversupplied, with significant new production capacity planned for 2025, including 4.05 million tons from various producers [4] - The current high levels of visible inventory in the upstream sector indicate that while there may be short-term rebounds, sustained low operating rates will be necessary to maintain balance [5] - The forecasted operating rate for 2025 is approximately 83.7%, down from 86.4% in 2024, indicating a continued oversupply situation for soda ash [4]

Core Viewpoint - The legal opinion issued by Dacheng Law Firm confirms the legality of the procedures and results of the Zhuzhou Qibin Group Co., Ltd. 2025 Second Extraordinary General Meeting of Shareholders, ensuring compliance with relevant laws and regulations [1][4][8]. Group 1: Meeting Procedures - The meeting was proposed and convened by the board of directors, with the notice published on May 15 and 16, 2025 [3][4]. - The meeting utilized a combination of on-site and online voting, held at the company's headquarters on May 30, 2025 [3][4]. Group 2: Attendance and Voting - A total of 525 participants attended the meeting, representing 1,289,527,285 shares, approximately 48.1% of the total voting shares [4][5]. - Online voting included 517 shareholders, representing 164,784,184 shares, about 6.1% of the total voting shares [5][6]. Group 3: Proposals and Voting Results - The meeting included three proposals for voting, all of which were consistent with the notice provided [6][7]. - The voting results indicated significant support for the proposals, with specific numbers for each proposal detailed in the legal opinion [7][8]. Group 4: Legal Conclusion - The legal opinion concludes that the meeting's convening, attendance, voting procedures, and results are all valid and comply with applicable laws and regulations [8].

天胶观点 交产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年5月30日 现货价格及基差 品种 5月29日 5月28日 涨跌 涨跌幅 单位 云南国营全乳胶(SCRWF):上海 13850 14050 -200 -1.42% 全乳基差(切换至2509合约) -30 245 -275 -112.24% 元/吨 泰标混合胶报价 13800 14400 -600 -4.17% 非标价差 -80 295 -675 -113.45% 品种 5月29日 5月28日 涨跌幅 单位 涨跌 杯胶：国际市场：FOB中间价 49.95 51.60 -1.65 -3.20% 泰铢/公斤 胶水:国际市场:FOB中间价 62.25 62.75 -0.50 -0.80% 天然橡胶:胶块:西双版纳州 12200 12800 -4.69% -600 天然橡胶：胶水：西双版纳州 13300 12600 -700 -5.26% 元/吨 原料：市场主流价：海南 12900 13100 -200 -1.53% 外胶原料：市场主流价：海南 9000 9000 0.00 0.00% 月间价差 合约 5月29日 5月28日 涨跌幅 单 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The glass fundamentals are weak, and it is expected to fluctuate weakly at a low level in the short term. The supply has declined to a relatively low level in the same period, the seasonal off - season has arrived, downstream purchases on demand, and glass factory inventories have continued to accumulate [2][5]. 3. Summary by Relevant Catalogs Glass Futures Market - The closing price of the main contract decreased from 1009 yuan/ton to 985 yuan/ton, a decrease of 2.38%. The spot price of Shahe Safety large - board decreased from 1080 yuan/ton to 1072 yuan/ton, a decrease of 0.74%. The main basis increased from 71 yuan/ton to 87 yuan/ton, an increase of 22.54% [6]. Glass Spot Market - The market price of 5mm white glass large - board in Hebei Shahe, the spot benchmark, was 1072 yuan/ton, a decrease of 8 yuan/ton from the previous day [12]. Fundamental - Cost Side - The profitability of the coal production line has recovered, the loss of the natural gas production line has narrowed, and the profit of the petroleum coke production line has turned negative [16]. Fundamental - Supply - The number of operating national float glass production lines is 223, with an operating rate of 75.34%. The number of operating production lines is at a historical low in the same period. The daily melting capacity is 156,700 tons, and the production capacity is at the lowest level in the same period in history [20][22]. Fundamental - Demand - In February 2025, the apparent consumption of float glass was 4.3143 million tons. Other demand - related indicators such as housing sales, new construction, construction, completion area, and downstream processing plant operations and orders are also mentioned but lack specific data updates in this report [26]. Fundamental - Inventory - The inventory of national float glass enterprises is 67.662 million weight boxes, a decrease of 0.16% from the previous week, and the inventory is running above the five - year average [41]. Fundamental - Supply - Demand Balance Sheet - The report provides a float glass annual supply - demand balance sheet from 2017 to 2024E, including data on production, exports, imports, apparent supply, consumption, differences, production growth rates, consumption growth rates, and net import ratios [42]. Influencing Factors Summary - **Positive factors**: The negative feedback of production profit is obvious, and glass production has continued to decline to a historical low [4]. - **Negative factors**: The terminal demand in the real estate industry is still weak, the number of orders from glass deep - processing enterprises is at a historical low in the same period, the capital collection in the deep - processing industry is not optimistic, and traders and processing plants are cautious and mainly digest the original glass inventory [4]. Main Logic - The glass supply has declined to a relatively low level in the same period, the seasonal off - season has arrived, downstream purchases on demand, and glass factory inventories have continued to accumulate. It is expected that glass will fluctuate at a low level [5].

Core Viewpoint - North Glass Co., Ltd. (北玻股份) is a leading player in the glass processing equipment industry in China, recognized for its innovative solutions and significant collaborations, particularly with Apple Inc. The company has successfully navigated market challenges, including tariff disputes, by diversifying its client base and focusing on quality and innovation [3][6][9]. Group 1: Company Overview - North Glass, established in 1995, is the only A-share listed company in the glass processing equipment sector in China [3]. - The company has gained attention for its unique glass structures, such as the "glass cylinder" at the Apple Store in Lujiazui, Shanghai, and has secured over 100 orders for glass curtain walls from Apple [6][9]. Group 2: Market Position and Strategy - Despite challenges from tariff disputes, North Glass has maintained a strong presence in overseas markets, including Hong Kong and Japan, and is gaining traction in the Middle East [9]. - The company emphasizes innovation as its core principle, stating that technical confidence and the ability to tackle complex challenges have been key to its success [9]. Group 3: Upcoming Events - The first "Good Life Expo" (好博会) will be held from June 27 to 29 in Beijing, aimed at stimulating consumer activity and supporting quality brands, with participation from major e-commerce platforms [11].

证券代码：600876 证券简称：凯盛新能 编号:临2025-011号 凯盛新能源股份有限公司 董事会决议公告 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个别及连带责任。 一、董事会会议召开情况 凯盛新能源股份有限公司（以下简称"公司"）第十届董事会第三十三次会议于2025年5月29日以通讯方 式召开。本次会议由公司董事长谢军先生主持，会议应到董事8人，实到董事8人。会议召开符合《公司 法》《证券法》等法律法规及《公司章程》的相关规定，合法有效。 二、董事会会议审议情况 会议采用投票表决方式，审议了以下议案： 1、审议通过《关于取消监事会并修订〈公司章程〉的议案》 详情见公司同日披露的《凯盛新能源股份有限公司关于取消监事会并修订〈公司章程〉及部分公司治理 制度的公告》。 表决结果：8票同意，0 票弃权，0 票反对。 本议案需提交公司股东会审议通过。 2、审议通过《关于修订〈股东会议事规则〉的议案》 详情见公司同日披露的《凯盛新能源股份有限公司关于取消监事会并修订〈公司章程〉及部分公司治理 制度的公告》及经修订的《股东会议事规则》。 表 ...

Overview of Guarantee Situation - The company has provided guarantees for its wholly-owned subsidiaries, Anhui Fulait Glass Co., Ltd. and Heyuan Yantai New Energy Co., Ltd., with a total guarantee amount not exceeding RMB 33 million for Heyuan Yantai [1][2] - The company signed a maximum guarantee contract with Kunlun Bank for a principal debt of RMB 78,737,880 for Anhui Fulait Glass [2] - The company has no overdue external guarantees [1][6] Internal Decision-Making Process - The company held its 2023 annual general meeting on June 17, 2024, approving a comprehensive credit limit of up to RMB 26 billion for 2024, which can be used cyclically [2][3] - The company and its subsidiaries will provide corresponding guarantees within this credit limit without needing to undergo separate board and shareholder meeting procedures [3] Financial Status of Guaranteed Entities - As of March 31, 2025, Anhui Fulait Glass had total assets of RMB 2,522,261,000, total liabilities of RMB 1,666,540,650, and net assets of RMB 855,720,350 [4] - Heyuan Yantai had total assets of RMB 6,454,550, total liabilities of RMB 5,957,750, and net assets of RMB 496,800 as of March 31, 2025 [5] Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary for the company's daily operations and business development, with the company maintaining absolute control over its subsidiaries [5] - The overall risk of the guarantees is considered manageable, and there is no harm to the interests of the company and its shareholders [5] Total External Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to zero, while the cumulative guarantees to subsidiaries total RMB 12,469,163,000, accounting for approximately 55.94% of the company's latest audited net assets [6]

5月29日，鸿海集团旗下玻璃厂正达公告，基于汽车市场未来发展与需求，与美商Corning Automotive Glass Solutions(Hefei)Co.,Ltd.签署战略合作备忘录，建立长期策略伙伴关系，拓展车载玻璃相关市场。 (智通财经) ...

成交一般； 产销：沙河83，湖北129，华东102，华南110 | | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/5/21 | 2025/5/27 | | 2025/5/28 周度变化 日度变化 | | | 2025/5/21 | 2025/5/27 | | 2025/5/28 周度变化 日度变化 | | | 沙河重碱 | 1310.0 | 1260.0 | 1260.0 | -50.0 | 0.0 | SA05合 约 | 1315.0 | 1268.0 | 1260.0 | -55.0 | -8.0 | | 华中重碱 | 1280.0 | 1240.0 | 1240.0 | -40.0 | 0.0 | SA01合约 | 1279.0 | 1212.0 | 1207.0 | -72.0 | -5.0 | | 华南重碱 | 1570.0 | 1570.0 | 1570.0 | 0.0 | 0.0 | SA09合约 | 1288.0 | 1 ...