Core Viewpoint - The traditional high-energy and high-emission industries in Guangdong are undergoing a significant green transformation, supported by targeted financial services from the China Construction Bank Guangdong Branch [1][2]. Group 1: Financial Support for Transformation - The China Construction Bank Guangdong Branch has launched a specialized service plan for transformation-linked loans to address the financing difficulties faced by traditional industries during their green transition [2][4]. - The bank has successfully implemented transformation financial services across various sectors, including thermal power, ceramics, steel, agriculture, paper, glass, and petrochemicals [2][4]. Group 2: Case Studies of Green Transformation - In Meizhou, the bank provided a loan of 98 million yuan to an agricultural enterprise for its low-carbon transformation, which is expected to reduce carbon emissions by approximately 4,000 tons annually [3][4]. - In Yangjiang, the bank supported a steel company with a loan of 65.4 million yuan for green technology upgrades, projected to save 2,331 tons of standard coal and reduce carbon emissions by about 5,809 tons per year [4][5]. - In Shaoguan, a paper company received a 30 million yuan unsecured loan to facilitate its low-carbon transition, addressing its raw material procurement needs [4][5]. Group 3: Institutional Support and Future Plans - The China Construction Bank Guangdong Branch is committed to enhancing its transformation financial services by optimizing financial products and participating in the establishment of industry standards [6]. - The bank aims to expand its services to more sectors, including chemicals and textiles, to further support the green transformation of traditional industries in Guangdong [6].

黑色产业链日报 2025/12/03 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相 ...

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - The macro - expectation continues to exert influence, and steel prices fluctuate within a range. Glass and soda ash markets are characterized by strong wait - and - see sentiment and fluctuate. The supply - demand contradictions in glass and soda ash still exist, with high inventory pressure in glass and high - level inventory in soda ash. The prices of silicon manganese and silicon iron alloys are expected to fluctuate, affected by factors such as production, inventory, and cost [1][3] Group 3: Summary by Related Catalogs Glass and Soda Ash - **Market Analysis**: Glass futures declined yesterday, and the spot market's trading center moved down. Soda ash futures rose, supported by rising costs. The downstream of both mainly purchases on a rigid - demand basis [1] - **Supply - Demand and Logic**: For glass, although the increase in cold - repair of production lines has slightly improved demand, the supply contraction is insufficient, and high - inventory pressure remains. For soda ash, the supply - demand contradiction has been slightly alleviated, but the inventory is still high, and the expected increase in cold - repair of float glass may challenge the demand for heavy soda ash [1] - **Strategy**: Both glass and soda ash are expected to fluctuate, with no strategies for inter - period or inter - variety trading [2] Silicon Manganese and Silicon Iron - **Market Analysis**: Silicon manganese futures continued to fluctuate, and the spot market was stable. The 6517 silicon manganese price in the northern market was 5500 - 5550 yuan/ton, and in the southern market, it was 5520 - 5570 yuan/ton. Silicon iron futures fluctuated with the black - metal sector, and the spot market was weakly stable. The price of 72 - grade silicon iron natural lumps in the main production areas was 5100 - 5200 yuan/ton, and 75 - grade silicon iron was 5650 - 5700 yuan/ton [3] - **Supply - Demand and Logic**: Silicon manganese enterprises are in continuous losses, with production and operating rates declining, but the inventory is at a record high. The slight increase in port manganese ore inventory provides cost support. Silicon iron maintains high production and inventory, with weakening demand. Although the inventory has decreased due to reduced operating rates, high inventory still suppresses prices [3] - **Strategy**: Both silicon manganese and silicon iron are expected to fluctuate [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The steel demand has officially entered the off - season, with inventory pressure on hot - rolled coils. Attention should be paid to the actual implementation of the production reduction rhythm and the tone of important meetings [2]. - For iron ore, the overall inventory is still high, but there are structural contradictions. The price is expected to operate within a fluctuating range, and changes in the overall commodity environment should be noted [5]. - For manganese silicon and ferrosilicon, there is no need to be overly pessimistic. It is recommended to pay attention to the inflection point of market sentiment and the corresponding price inflection point. Looking for opportunities to rebound may be more cost - effective than short - selling [10][11]. - Industrial silicon is in a weak short - term operation, with a pattern of weak supply and demand. Its price is easily affected by the capital sentiment of other new energy varieties [14]. - For polysilicon, the current situation remains weak. There are uncertainties in the delivery game of near - month contracts, and attention should be paid to the final establishment of platform companies [17]. - For glass, the industry is still in the bottom - finding stage, and the market is expected to fluctuate widely in the short term. It is recommended to consider shorting at high prices [20]. - For soda ash, the price is expected to remain stable in the short term, but it should still be regarded as bearish before the demand side shows significant improvement [22]. 3. Summary by Directory Steel - **Price Information**: The closing price of the rebar main contract was 3133 yuan/ton, down 1 yuan/ton (- 0.03%) from the previous trading day. The closing price of the hot - rolled coil main contract was 3325 yuan/ton, down 2 yuan/ton (- 0.06%) from the previous trading day [1]. - **Supply and Demand Situation**: Rebar's supply and demand both decreased, and inventory continued to decline. Hot - rolled coil production increased, apparent demand declined slightly, and inventory decreased only slightly. South Korea's anti - dumping tax on Chinese steel will affect exports [2]. Iron Ore - **Price Information**: The main contract (I2601) of iron ore closed at 800.50 yuan/ton, with a change of - 0.06% (- 0.50). The spot price of PB powder at Qingdao Port was 797 yuan/wet ton, with a basis of 46.30 yuan/ton and a basis rate of 5.47% [4]. - **Supply and Demand Situation**: Overseas iron ore shipments were stable. Australian shipments decreased slightly, Brazilian shipments increased significantly, and non - mainstream country shipments decreased slightly. The daily average hot - metal output decreased, the number of blast furnace overhauls increased, and the steel mill profitability rate was at a low level. Port inventory increased, and steel mill inventory decreased slightly [5]. Manganese Silicon and Ferrosilicon - **Price Information**: On December 2, the main contract of manganese silicon (SM601) closed down 0.03% at 5722 yuan/ton. The main contract of ferrosilicon (SF603) closed down 0.33% at 5448 yuan/ton [7][9]. - **Market Situation**: Affected by the weak sentiment of coking coal, ferroalloys continued to be weak. However, there is no need to be overly pessimistic, and attention should be paid to the inflection point of market sentiment [10]. Industrial Silicon - **Price Information**: The main contract (SI2601) of industrial silicon closed at 8975 yuan/ton, with a change of - 1.86% (- 170). The spot price of East China non - oxygen 553 was 9350 yuan/ton, with a basis of 375 yuan/ton [13]. - **Supply and Demand Situation**: The weekly output of industrial silicon continued to decline, and the marginal decline slowed down. The demand for polysilicon decreased, the demand for silicone was stable in the short term, and the export of silicon - aluminum alloy decreased significantly [14]. Polysilicon - **Price Information**: The main contract (PS2601) of polysilicon closed at 56315 yuan/ton, with a change of - 2.41% (- 1390). The average price of N - type granular silicon was 50.5 yuan/kg, with a basis of - 3965 yuan/ton [15]. - **Supply and Demand Situation**: The production of polysilicon is expected to continue to decline in December, but the decline may be limited. The downstream silicon wafer production reduction is expected to increase, and the inventory accumulation pressure before the Spring Festival is difficult to relieve [17]. Glass - **Price Information**: The main contract of glass closed at 1034 yuan/ton on Tuesday afternoon, with a change of - 0.19% (- 2). The inventory of float glass sample enterprises decreased by 941,000 boxes week - on - week (- 1.49%) [19]. - **Supply and Demand Situation**: The supply side has shrunk, but the overall spot market trading atmosphere is still light, and the inventory has decreased slightly. The market is expected to fluctuate widely in the short term [20]. Soda Ash - **Price Information**: The main contract of soda ash closed at 1183 yuan/ton on Tuesday afternoon, with a change of + 0.60% (+ 7). The weekly inventory of soda ash sample enterprises decreased by 57,000 tons week - on - week (- 1.49%) [21]. - **Supply and Demand Situation**: The industry's operating load increased slightly, the inventory decreased slightly, the demand for light soda ash was relatively stable, and the demand for heavy soda ash was weak. The price is expected to remain stable in the short term, but it should be regarded as bearish [22].

Report Investment Rating - No investment rating for the industry is provided in the report. Core Views - Overall, the cost of raw materials supports the prices of finished steel products, and profits are gradually improving. The steel market may anticipate future trends, leading to a slightly upward - trending price movement. The expected price range for rebar is between 3000 - 3300 yuan/ton, and for hot - rolled coil, it is between 3200 - 3500 yuan/ton. Attention should be paid to the inventory reduction speed and downstream consumption. However, a decline in steel enterprise profitability may trigger negative feedback [3]. - In the short term, the fundamentals of iron ore have improved, and its valuation has been restored. The price is expected to maintain a high - level oscillation. There is no significant supply - demand contradiction currently, and the accumulation rate of port inventory has slowed down [22]. - For coking coal, the supply change is limited, but due to the pressure on terminal steel mill profits and the continuous reduction of molten iron production, the supply - demand balance has shifted to a slight surplus. Short - term coal prices will remain under pressure. For coke, as the cost of coking coal decreases, the profit of coking enterprises has been restored, and subsequent coke supply is expected to increase, potentially leading to inventory accumulation [35]. - Ferroalloys face high inventory and weak demand. Although the cost may decrease due to the impact of coking coal supply guarantee, the supply reduction trend limits the downward price space. It is expected to oscillate weakly. Although the strength of finished steel prices may drive a short - term rebound, ferroalloys are likely to return to their weak fundamentals after the rebound [51]. - Soda ash is mainly priced based on cost. Without a trend - based production reduction, its valuation lacks upward flexibility. The acceleration of glass cold - repair has weakened the rigid demand for soda ash. Although exports remain high, the high inventory of the upstream and mid - stream restricts the price [67]. - In December, there are expectations of glass production line cold - repair, which will affect long - term pricing and market expectations. The near - term contract will follow the current market situation. Recently, due to the acceleration of cold - repair and the expected decline in daily melting volume, the short - term price of glass has strengthened, but the sustainability is uncertain. High inventory levels during the off - season pose pressure on the spot market [92]. Summary by Category Steel - **Futures Price**: On December 2, 2025, the closing price of rebar 01 contract was 3133 yuan/ton, 05 contract was 3169 yuan/ton, and 10 contract was 3208 yuan/ton. The closing price of hot - rolled coil 01 contract was 3325 yuan/ton, 05 contract was 3322 yuan/ton, and 10 contract was 3338 yuan/ton [4]. - **Spot Price**: On December 2, 2025, the aggregated rebar price in China was 3331 yuan/ton, and the aggregated hot - rolled coil price in Shanghai was 3310 yuan/ton [9][11]. - **Price Difference**: The 01 contract spread between hot - rolled coil and rebar was 192 yuan/ton, and the spot price difference in Shanghai was 10 yuan/ton [16]. Iron Ore - **Futures Price**: On December 2, 2025, the closing price of 01 contract was 800.5 yuan/ton, 05 contract was 775.5 yuan/ton, and 09 contract was 751.5 yuan/ton [23]. - **Spot Price**: On December 2, 2025, the price of Rizhao PB powder was 797 yuan/ton, Rizhao Carajas powder was 890 yuan/ton, and Rizhao Super Special powder was 690 yuan/ton [23]. - **Fundamentals**: As of November 28, 2025, the daily average molten iron production was 234.68 tons, 45 - port cargo clearance volume was 330.58 tons, and the global shipping volume was 3323.2 tons [30]. Coking Coal and Coke - **Futures Spread**: On December 2, 2025, the 09 - 01 spread of coking coal was 148 yuan/ton, and the 09 - 01 spread of coke was 201 yuan/ton [39]. - **Spot Price**: On December 2, 2025, the ex - factory price of Anze low - sulfur coking coal was 1580 yuan/ton, and the ex - factory price of Jinzhong quasi - first - grade wet coke was 1430 yuan/ton [42]. Ferroalloys - **Silicon Iron**: On December 2, 2025, the basis in Ningxia was 2 yuan/ton, and the spot price in Ningxia was 5200 yuan/ton [52]. - **Silicon Manganese**: On December 2, 2025, the basis in Inner Mongolia was 158 yuan/ton, and the spot price in Inner Mongolia was 5530 yuan/ton [53]. Soda Ash - **Futures Price**: On December 2, 2025, the 05 contract price was 1244 yuan/ton, the 09 contract price was 1307 yuan/ton, and the 01 contract price was 1183 yuan/ton [68]. - **Spot Price**: On December 2, 2025, the heavy - soda market price in North China was 1300 yuan/ton, and the light - soda market price was 1250 yuan/ton [68]. Glass - **Futures Price**: On December 2, 2025, the 05 contract price was 1145 yuan/ton, the 09 contract price was 1195 yuan/ton, and the 01 contract price was 1034 yuan/ton [93]. - **Spot Market**: As of November 28, 2025, the sales - to - production ratio in Shahe was 162%, and in Hubei, it was 160% [94].

Group 1 - The core viewpoint of the article indicates a weakening bullish trend in hot-rolled coil (热卷) commodities, with over 50 stock indices ceasing tracking [2][3] - The quantitative indicators for hot-rolled coil show a trend score of 1.15, with a market valuation of 1.02, historical low volatility at 32.39, and a turnover rate of 0.27 [4] - The supply of hot-rolled coil is at a weekly production of 3.19 million tons, which is higher than the same period in previous years, with total inventory at 4.01 million tons, significantly above historical levels [4] Group 2 - The People's Bank of China conducted a 156.3 billion yuan reverse repurchase operation today, achieving a net withdrawal of 145.8 billion yuan [7] - As of December 2, two steel mills have announced winter storage policies [8] - The inventory of imported iron ore at 47 ports nationwide increased by 1.5715 million tons to 15.91569 million tons compared to the previous week [9] Group 3 - The overall market sentiment is characterized by a fluctuating market with bullish emotions, showing a trend degree of 24% for bullish and 6% for bearish [20] - The top three commodities with the highest price increases include BR rubber at 3.99%, pulp at 2.62%, and silver at 2.46% [21] - The top three commodities with the largest increase in positions are asphalt with 14,100 contracts, lithium carbonate with 8,606 contracts, and silicon iron with 8,382 contracts [21]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - **Glass and Soda Ash**: Market sentiment is cautious, and both glass and soda ash are expected to oscillate. Glass needs long - term losses for capacity clearance, and soda ash prices are restricted by potential float glass cold - repairs [1][2]. - **Silicon Manganese and Silicon Ferrosilicon**: Both are expected to show an oscillatory trend. Silicon manganese prices will follow the sector's fluctuations, and silicon ferrosilicon prices will be weakly correlated with the sector in the short - term due to high inventory [3][4][5]. 3. Summary by Related Categories Glass and Soda Ash - **Glass Market Analysis**: Futures oscillated downward with reduced positions. Spot prices were stable regionally, and downstream demand was mainly for immediate needs. Supply contraction was insufficient, and high inventory persisted. Attention should be paid to cold - repairs and macro policies [1]. - **Soda Ash Market Analysis**: Futures oscillated with varying performance among contracts. Light soda ash consumption was better than heavy soda ash, and downstream demand was for immediate needs. Supply - demand contradictions were slightly alleviated, but inventory remained high. Heavy soda ash demand may face challenges due to potential float glass cold - repairs [1]. - **Strategies**: Glass and soda ash are expected to oscillate, with no specific cross - period or cross - variety strategies provided [2]. Silicon Manganese and Silicon Ferrosilicon - **Silicon Manganese Market Analysis**: Based on steel consumption data, building material consumption was fair. Futures rebounded strongly with the black market. Spot prices were firm, but production and operating rates continued to decline due to losses. Inventory reached a new high, and port manganese ore inventory increased slightly, providing cost support. Prices will follow the sector's fluctuations, and attention should be paid to basis, manganese ore cost, and production changes [3]. - **Silicon Ferrosilicon Market Analysis**: Futures rebounded with the black market. Spot prices were weakly stable with average trading volume. High production and inventory persisted, demand weakened marginally, and although inventory decreased slightly due to reduced operating rates, high inventory will continue to suppress prices. Attention should be paid to cost factors and regional policies [3][4]. - **Strategies**: Both silicon manganese and silicon ferrosilicon are expected to oscillate [5].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Polyolefins - The fundamentals of LLDPE and PP show a pattern of increasing supply and weak demand, with both cost support and inventory pressure coexisting [2]. Methanol - The supply of inland methanol increases with the restart of devices, but the profits of coal - and gas - based production are weak. The traditional downstream demand has a slight increase, and the winter fuel demand provides support. In ports, the reduction of imports due to Iranian gas restrictions strengthens the de - stocking expectation and supports prices [6]. Natural Rubber - The supply is expected to increase seasonally, and the inventory continues to accumulate. The terminal demand improvement is weak. The market is expected to fluctuate within the range of 15000 - 15500 [9]. Crude Oil - Geopolitical risks support oil prices in the short term, but the continuous increase in OPEC+ production and the record - high US crude oil production put pressure on the supply - demand pattern. Oil prices are expected to fluctuate within a range, with Brent crude oil likely to trade between 60 - 65 dollars per barrel [11]. Polyester Industry Chain - PX: The medium - term supply - demand expectation is good, but the short - term valuation drive is limited. - PTA: The supply - demand is expected to tighten in December but be relatively loose in Q1. The absolute price is relatively firm in the short term, but the rebound space is limited. - Ethylene glycol: It is expected to fluctuate within a range in December. - Short - fiber: The short - term price support is strong, but the absolute price drive is limited, and the processing fee is likely to be compressed. - Bottle - chip: The supply - demand is in a loose pattern, and the processing fee is expected to be squeezed [14]. Pure Benzene and Styrene - Pure benzene: The supply - demand is expected to be weak, and the price is under upward pressure. - Styrene: The supply - demand is in a tight - balance state, but the upward drive is insufficient [15]. Glass and Soda Ash - Soda ash: The supply - demand pattern is still bearish, and it is expected to fluctuate at the bottom. - Glass: The short - term spot market is strong, but the 01 contract may face pressure later [16]. PVC and Caustic Soda - Caustic soda: The demand is weak, and the price is expected to run weakly. - PVC: The supply - demand is in an oversupply pattern, and the price is expected to continue the bottom - range fluctuation [17]. LPG No overall view was provided in the LPG report, but price, inventory, and开工率 data were presented [18]. 3. Summaries by Related Catalogs Polyolefins - **Prices**: L2601, L2605, PP2601, and PP2605 had different price changes on December 1st compared to November 28th. Spot prices of some products also changed, with the price of华东PP拉丝现货 increasing by 0.32% and华北LLDPE现货 increasing by 0.30% [2]. - **Inventory**: PE and PP inventories decreased, with PE企业库存 decreasing by 9.80% and PP企业库存 decreasing by 8.00% [2]. - **开工率**: PE装置开工率 increased by 2.17%, while PP装置开工率 decreased by 0.18% [2]. Methanol - **Prices**: MA2601 and MA2605 prices changed slightly on December 1st compared to November 28th. Spot prices of some regions also had minor changes [5]. - **Inventory**: Methanol企业库存 increased by 4.19%, while甲醇港口库存 decreased by 7.83% [5]. - **开工率**: Some upstream and downstream开工率 of methanol changed, with the上游 - domestic企业开工率 decreasing by 0.67% and the下游 -外采MTO装置开工率 decreasing by 0.78% [6]. Natural Rubber - **Prices**: The price of云南国营全乳胶(SCRWF) in Shanghai decreased by 1.33%, and the price of泰标混合胶 increased by 0.34% [9]. - **Production and Consumption**: The production of some countries in September changed, with Thailand's production decreasing by 5.45%. The domestic tire production and export in October decreased [9]. - **Inventory**: The保税区库存 increased by 2.74% [9]. Crude Oil - **Prices**: Brent, WTI, and SC prices all increased on December 1st compared to November 28th [11]. - **Spreads**: Some price spreads such as Brent M1 - M3 and WTI M1 - M3 changed [11]. - **Refined Oil**: The prices and spreads of refined oil products also had different changes [11]. Polyester Industry Chain - **Prices**: Upstream prices such as Brent crude oil and CFR日本石脑油 changed. Downstream polyester product prices also had various changes, with POY150/48价格 decreasing by 0.1% [14]. - **Spreads**: PX - related spreads and PTA - related spreads changed, such as PX -原油 increasing by 1.9% [14]. - **开工率**: The开工率 of various links in the polyester industry chain changed, with the亚洲PX开工率 decreasing by 1.3% [14]. Pure Benzene and Styrene - **Prices**: Pure benzene and styrene prices changed, with纯苯华东现货 decreasing by 0.6% and苯乙烯华东现货 decreasing by 0.2% [15]. - **Spreads**: Related spreads such as EB - BZ现货价差 increased by 1.6% [15]. - **Inventory and开工率**: Pure benzene and styrene inventories and开工率 changed, with纯苯江苏港口库存 increasing by 36.6% and苯乙烯开工率 decreasing by 2.4% [15]. Glass and Soda Ash - **Prices**: Glass and soda ash prices in different regions and futures prices changed, with the华东报价 of glass increasing by 0.84% and the纯碱2605 increasing by 0.68% [16]. - **Supply and Demand**: The开工率 and production of soda ash decreased, and the浮法日熔量 and光伏日熔量 also decreased [16]. - **Inventory**: Glass and soda ash inventories decreased, with the玻璃厂库 decreasing by 1.49% and the纯碱厂库 decreasing by 3.47% [16]. PVC and Caustic Soda - **Prices**: The prices of PVC and caustic soda changed, with山东32%液碱折自价 decreasing by 2.7% [17]. - **Supply and Demand**: The开工率 of the chlor - alkali industry and downstream industries changed, with the烧碱行业开工率 decreasing by 0.7% [17]. - **Inventory**: The inventories of PVC and caustic soda changed, with the液碱华东厂库库存 increasing by 6.0% [17]. LPG - **Prices**: LPG futures and spot prices changed, with the主力 PG2601 decreasing by 1.59% and the华南现货(民用气) increasing by 1.81% [18]. - **Inventory**: LPG inventories decreased, with theLPG炼厂库容比 decreasing by 7.70% [18]. - **开工率**: The开工率 of upstream and downstream industries changed, with the上游 -主营炼厂开工率 decreasing by 1.26% [18].

Group 1: Report Overview - Report Name: "Soda Ash, Glass Daily Report" [1] - Date: December 2, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Industry Investment Rating - No investment rating information provided Group 3: Core Views - Soda Ash: The current weak supply - demand imbalance in the soda ash market has marginally eased but not fundamentally changed. In the short term, it will likely maintain a bottom - grinding and oscillating trend. In the medium - to - long - term, if there is a phased price rebound, a strategy of selling on rebounds can be adopted [9]. - Glass: The glass market is currently weaker than expected, with prices in a low - level oscillation pattern. In the short term, it will likely continue this trend. Attention should be paid to the implementation of production line cold repairs and changes in real estate demand [11]. Group 4: Market Review and Operation Suggestions Soda Ash - On December 1, the main soda ash futures contract SA601 oscillated weakly, closing at 1176 yuan/ton, down 5 yuan/ton or 0.50%, with a daily reduction of 24,299 lots [8]. - Supply is decreasing, with this week's production falling below 700,000 tons and the capacity utilization rate down 2.60% week - on - week. Demand is weak, with total shipments down 3.65% week - on - week. Inventory decreased 1.75% week - on - week [9]. Glass - The glass market is weaker than expected, with prices in a low - level oscillation. Spot prices do not support the market, and the supply reduction from the concentrated production line shutdown in the Shahe area did not meet expectations [10][11]. - Supply is stable, and inventory pressure is high. Demand is weak, especially in the real estate market. However, due to low profits, about 5,000 tons of production lines are expected to undergo cold repairs by the end of the year [11]. Group 5: Data Overview - The report provides data on soda ash and glass futures trading on December 1, including opening price, high price, low price, closing price, change, change rate, open interest, and open interest change [7]. - It also includes figures related to soda ash and glass, such as price trends, weekly production, enterprise inventory, market price, and flat glass production [13][18][20]