1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market cooled yesterday, and the prices of finished steel products declined slightly. The weak demand pattern of finished steel is obvious, the profits of steel mills are gradually shrinking, and the weak characteristics of the market are becoming more prominent. If the subsequent demand cannot be effectively improved, the prices still face the risk of continuous decline. The raw material side is relatively more resilient than the finished steel products. It is recommended to continuously track the progress of terminal demand recovery and the support of the cost side for the prices of finished steel products [3]. - The supply of iron ore is in the traditional shipping off - season of overseas mines, and the pressure is not significant. The profitability of steel mills continues to decline, and the firm raw material prices have a certain impact on steel mill profits. The short - term increase in hot metal may be limited. The overall supply - demand contradiction of iron ore is not prominent for the time being, and the price is expected to fluctuate in the short term [6]. - The prices of ferroalloys have dropped rapidly, and the market is affected by emotions. In the short term, it is not recommended for speculative funds to participate excessively, while hedging funds can seize hedging opportunities according to their own situations. In the long run, prices will move closer to the fundamentals [10]. - The price of industrial silicon is expected to fluctuate, and the short - term operating range is 8300 - 9300 yuan/ton. The price of polysilicon may be adjusted in the short term, with support levels at 47000 and 44000 yuan/ton [15][16]. - Glass is expected to fluctuate weakly in the short term, and its valuation should not be overly underestimated. In the long term, it follows macro - sentiment fluctuations. The price of soda ash is expected to fluctuate in the short term, and the price center is expected to gradually rise in the long term, but the upward space is limited [18][19]. 3. Summaries According to Relevant Catalogs Steel - **Price and Position Data**: The closing price of the rebar main contract was 3113 yuan/ton, a decrease of 25 yuan/ton (- 0.79%) from the previous trading day. The closing price of the hot - rolled coil main contract was 3367 yuan/ton, a decrease of 22 yuan/ton (- 0.64%) from the previous trading day. The rebar inventory continued to accumulate, and the demand was still weak. The demand for hot - rolled coils continued to recover, but the inventory had increased for six consecutive weeks [2]. - **Market Situation**: The overall demand for finished steel is weak, the production volume is still at a high level, and the demand - side support is insufficient. The profits of steel mills are gradually shrinking, and the market is showing weak characteristics. If the demand cannot improve, the prices may continue to decline [3]. Iron Ore - **Price and Position Data**: The main contract of iron ore (I2601) closed at 775.50 yuan/ton, with a change of - 0.13% (- 1.00), and the position increased by 1884 hands to 45.47 million hands. The weighted position was 80.06 million hands. The spot price of PB powder at Qingdao Port was 768 yuan/wet ton, with a basis of 40.31 yuan/ton and a basis rate of 4.94% [5]. - **Supply - Demand Situation**: The overseas iron ore shipping rhythm was stable. The demand for iron ore was basically flat, and the steel mill profitability continued to decline. The port inventory continued to rise slightly, and the steel mill's imported ore inventory decreased slightly. The overall supply - demand contradiction was not prominent [6]. Manganese Silicon and Ferrosilicon - **Price and Position Data**: On August 27, the main contract of manganese silicon (SM601) continued to fluctuate weakly, closing down 0.51% at 5832 yuan/ton. The main contract of ferrosilicon (SF511) fluctuated downward, closing down 0.39% at 5634 yuan/ton [8][9]. - **Market Situation**: The prices of ferroalloys dropped rapidly due to the weakening of the "anti - involution" sentiment. It is not recommended for speculative funds to participate excessively in the short term, while hedging funds can seize hedging opportunities. The supply of manganese silicon and ferrosilicon is increasing, and attention should be paid to the changes in downstream demand [10][11]. Industrial Silicon and Polysilicon - **Industrial Silicon**: The main contract of industrial silicon (SI2511) closed at 8525 yuan/ton, with a change of + 0.12% (+ 10). The price is expected to fluctuate, and the short - term operating range is 8300 - 9300 yuan/ton [13][15]. - **Polysilicon**: The main contract of polysilicon (PS2511) closed at 48690 yuan/ton, with a change of - 4.50% (- 2295). The price may be adjusted in the short term, with support levels at 47000 and 44000 yuan/ton [15][16]. Glass and Soda Ash - **Glass**: The spot prices in Shahe and Central China remained unchanged. The inventory pressure increased slightly, and the downstream demand was still weak. It is expected to fluctuate weakly in the short term, and the valuation should not be overly underestimated [18]. - **Soda Ash**: The spot price was stable, and the inventory pressure decreased. The price is expected to fluctuate in the short term, and the price center is expected to gradually rise in the long term, but the upward space is limited [19].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The steel price continues to fluctuate after the macro - sentiment fades, and the glass and soda ash markets fluctuate due to repeated market sentiment. The double - silicon market sentiment cools down, and ferroalloy futures decline slightly [1][3] - For glass, the supply - demand contradiction is large, and it needs low prices and low profits to reduce supply. For soda ash, the supply - demand imbalance will intensify, and it needs to limit capacity release through losses [1] - Both the silicon manganese and silicon iron industries have obvious over - supply, and need to limit production through losses. Their prices are expected to fluctuate with the sector [3] Market Analysis Glass and Soda Ash - **Glass**: The glass futures oscillated weakly yesterday, with the main 2601 contract down 1.76%. Spot trading sentiment is average. Supply is stable in production and sales, but factory inventories are growing. The supply - demand contradiction is large, and short - term premium suppresses prices. Later, attention should be paid to the performance of peak - season demand [1] - **Soda Ash**: The soda ash futures declined yesterday, with the main 2601 contract down 1.8%. Spot prices were adjusted downwards, and downstream buyers purchase at low prices. Supply is increasing as summer maintenance nears the end. Consumption is currently stable but is expected to weaken with new capacity coming online. The supply - demand imbalance will intensify, and losses are needed to limit capacity release. Attention should be paid to the impact of "anti - involution" policies on the photovoltaic sector [1] Double - Silicon - **Silicon Manganese**: The silicon manganese futures declined yesterday. The main contract closed at 5862 yuan/ton, down 36 yuan/ton from the previous day. The spot market oscillated. Production and sales increased month - on - month, and inventories decreased. The cost increased slightly due to a small increase in manganese ore prices. The industry has obvious over - supply, and losses are needed to limit production. Prices are expected to follow the sector, and attention should be paid to manganese ore cost support, inventory, and ore shipments [3] - **Silicon Iron**: The silicon iron futures declined slightly yesterday. The main contract closed at 5656 yuan/ton, down 24 yuan/ton from the previous day. The spot market sentiment was average, and prices were slightly adjusted. Production and sales increased, and factory inventories decreased, but absolute inventories are still high, suppressing prices. The industry has obvious over - supply, and losses are needed to limit production. Prices are expected to follow the sector, and attention should be paid to steel mill production restrictions, cost support, and industrial policies [3] Strategies - **Glass**: Oscillate weakly [2] - **Soda Ash**: Oscillate weakly [2] - **Silicon Manganese**: Oscillate [4] - **Silicon Iron**: Oscillate [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - In July, China's monthly electricity consumption exceeded 1 trillion kWh for the first time, and in 2024, China's annual power generation reached 10,086.9 billion kWh, ranking first in the world and accounting for 32.27% of global power generation. Attention should be paid to the electricity price changes in the upstream energy sector [1]. - On August 26, the State Council conducted the 15th special study on "accelerating the innovative development of service trade and actively cultivating new drivers for foreign trade development." The focus is on the development of emerging import - export business in the service industry [1]. 3. Summary by Directory A. Middle - level Event Overview - **Production Industry**: In July, China's single - month electricity consumption exceeded 1 trillion kWh for the first time. In 2024, China's annual power generation was 10,086.9 billion kWh, ranking first in the world. Attention should be paid to the electricity price changes in the upstream energy sector [1]. - **Service Industry**: On August 26, the State Council carried out the 15th special study. The Prime Minister pointed out to expand high - quality service imports, promote institutional opening - up of service trade, and enhance the competitiveness of service exports, especially in emerging fields [1]. B. Industry Overview - **Upstream**: The price of glass in the black industry is falling; the price of eggs in the agricultural industry is falling; the price of PTA in the chemical industry is rising, while the price of urea is falling [2]. - **Mid - stream**: The PX operating rate in the chemical industry is rising; the coal consumption of power plants in the energy industry is increasing; the operating rate of pig products in the agricultural industry is rising [2]. - **Downstream**: The sales of commercial housing in first - and second - tier cities in the real estate industry are seasonally falling; the number of domestic flights in the service industry remains stable at a high level [2]. C. Key Industry Price Index Tracking - **Agriculture**: On August 26, the spot price of corn was 2,305.7 yuan/ton, down 0.43% year - on - year; the spot price of eggs was 6.5 yuan/kg, down 3.42% year - on - year; the spot price of palm oil was 9,638.0 yuan/ton, down 0.54% year - on - year; the spot price of cotton was 15,330.8 yuan/ton, up 0.57% year - on - year; the average wholesale price of pork was 20.0 yuan/kg, down 0.99% year - on - year; the spot price of copper was 79,638.3 yuan/ton, up 0.68% year - on - year; the spot price of zinc was 22,276.0 yuan/ton, up 0.44% year - on - year [37]. - **Non - ferrous Metals**: The spot price of aluminum was 20,790.0 yuan/ton (H frequency) and 16,868.8 yuan/ton (daily frequency), up 0.89% and 1.20% year - on - year respectively; the spot price of nickel was 121,750.0 yuan/ton, down 0.15% year - on - year [37]. - **Ferrous Metals**: The spot price of rebar was 3,247.0 yuan/ton, up 0.03% year - on - year; the spot price of iron ore was 795.9 yuan/ton, up 1.94% year - on - year; the spot price of wire rod was 3,405.0 yuan/ton, with no year - on - year change; the spot price of glass was 13.9 yuan/square meter, down 2.80% year - on - year [37]. - **Non - metals**: The spot price of natural rubber was 15,066.7 yuan/ton, up 0.72% year - on - year; the China Plastics City price index was 804.2, down 0.32% year - on - year [37]. - **Energy**: The spot price of WTI crude oil was 64.8 US dollars/barrel, up 2.18% year - on - year; the spot price of Brent crude oil was 68.8 US dollars/barrel, up 3.30% year - on - year; the spot price of liquefied natural gas was 3,910.0 yuan/ton, down 1.21% year - on - year; the coal price was 783.0 yuan/ton, up 0.13% year - on - year [37]. - **Chemical Industry**: The spot price of PTA was 4,922.5 yuan/ton, up 4.16% year - on - year; the spot price of polyethylene was 7,440.0 yuan/ton, up 0.02% year - on - year; the spot price of urea was 1,712.5 yuan/ton, down 3.04% year - on - year; the spot price of soda ash was 1,290.0 yuan/ton, with no year - on - year change; the national cement price index was 130.0, up 0.05% year - on - year [37]. - **Real Estate**: The building materials composite index was 115.2 points, down 0.05% year - on - year; the national concrete price index was 93.0 points, down 0.29% year - on - year [37].

Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillation" [5]. - The mid - term outlooks for individual varieties such as iron ore, coke, etc. are also "oscillation" [7][8][10][11] Core Viewpoints - The black market has limited upside potential due to weak terminal demand expectations, but there is support from supply disruptions and downstream restocking needs. The market will mainly oscillate, and attention should be paid to policy implementation and terminal demand performance [5]. Summary by Related Catalogs Overall Market Analysis - The black market's upward movement lacks drive, with the previous day's gains mostly erased and coking coal leading the decline. Supply constraints for furnace materials remain, and the downside space for prices is limited. Steel apparent demand is weak, and it is in the restocking window before the peak season. If there is topic - driven news, there is a small rebound space; otherwise, it will oscillate. Attention should be paid to future demand and furnace material supply recovery [1]. By Variety Iron Ore - Overseas mine shipments decreased, 45 - port arrivals slightly declined, and total supply is relatively stable. Iron ore demand is expected to remain high as iron - making water production increases slightly. Port inventories decreased slightly. With limited negative driving factors in the fundamentals, prices are expected to oscillate [2][7][8]. Coking Coal - Some coal mines have resumed production, but some are still restricted by accidents and safety inspections. Import volumes are high but have recently declined briefly. Coking coal's short - term rigid demand has slightly decreased, and some mines have inventory accumulation, but overall inventory pressure is not significant. The short - term futures market still has support [2][12]. Coke - The eighth round of price increases has started, with regional differentiation. Some areas' coking production is restricted. Upstream coking enterprises' inventories are still low, and short - term supply and demand remain tight under simultaneous coking and steel production restrictions. Before the parade, the futures market still has support [11]. Alloys - **Manganese Silicon**: Before the parade, manufacturers' raw material restocking is nearly finished, port prices are loosening, and supply pressure is increasing. In the long - term, the supply - demand relationship may become looser, and prices may face downward pressure [2]. - **Silicon Iron**: The current market inventory pressure is not large, and short - term prices are expected to oscillate. However, in the long - term, the supply - demand gap is expected to be filled, and there are concerns in the fundamentals [2]. Glass - After the futures price decline, the spot market sentiment has cooled. Supply is expected to remain stable, and there is some inventory accumulation upstream. Cost support has strengthened due to rising coal prices, but the fundamentals are still weak, and short - term futures and spot prices are expected to oscillate widely [2][13]. Soda Ash - The supply surplus pattern remains unchanged. After the futures price decline, spot trading volume has increased slightly. In the long - term, the price center will decline to promote capacity reduction [2][5][15]. Scrap Steel - The arrival volume at steel mills has decreased, and the fundamentals' contradictions are not prominent. Due to the pressure on finished product prices, electric furnace profits are low, but resources are still tight, and short - term prices are expected to oscillate [9].

1. Report Industry Investment Ratings No specific industry - wide investment ratings are provided in the given report. 2. Core Viewpoints of the Report - The short - term macro upward drive is marginally strengthening, with the market focusing on domestic incremental stimulus policies and easing expectations. Attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies [2][3]. - Different asset classes are expected to show short - term range - bound trends, and specific investment strategies vary according to different sectors. 3. Summary by Relevant Catalogs Macro Finance - Overseas: The attempt to remove Fed Governor Cook has raised concerns about central bank independence, leading to a decline in the US dollar index and US Treasury yields, and an increase in global risk appetite. - Domestic: China's economic data in July slowed down and fell short of expectations. Policy stimulus has been strengthened, and the short - term external risk uncertainty has decreased while domestic easing expectations have increased, resulting in an overall increase in domestic risk appetite. - Asset Recommendations: Stocks are expected to oscillate strongly at a high level in the short term, and short - term cautious long positions are recommended; bonds are expected to oscillate at a high level, and cautious observation is advised; commodities in different sectors are generally expected to oscillate in the short term, and cautious observation is recommended [2]. Stock Index - Affected by sectors such as rare earth concepts, biomedicine, and small metals, the domestic stock market declined slightly. - With the strengthening of policy stimulus, the reduction of short - term external risk uncertainty, and the increase in domestic easing expectations, the short - term macro upward drive is marginally strengthening. Short - term cautious long positions are recommended [3]. Precious Metals - Gold prices are supported in the short term due to increased concerns about independence, rising risk of stagflation, and strengthened rate - cut expectations. However, attention should be paid to the Fed's attitude changes, and the market focus is on the upcoming US PCE data [4][5]. Black Metals - **Steel**: The spot and futures markets of steel continued to be weak. Demand was weak, inventory increased, and supply was expected to decline in the future. With strong cost support, a range - bound approach is recommended in the short term [6]. - **Iron Ore**: The spot and futures prices of iron ore declined. With strong northern production - restriction expectations, cautious procurement by steel mills, and increasing supply pressure, a range - bound approach is expected in the short term [6]. - **Silicon Manganese/Silicon Iron**: The spot prices were flat, and the futures prices declined slightly. Supply in some regions was increasing, but there were potential production - cut plans. A range - bound approach is recommended in the short term [7][8]. - **Soda Ash**: There is a situation of high supply, high inventory, and weak demand. The supply - side contradiction is the core factor suppressing prices. It is expected to oscillate in a range in the short term [9]. - **Glass**: Supply is stable, demand is difficult to increase significantly, and it is expected to oscillate in a range in the short term under the boost of real - estate news [9]. Non - ferrous Metals and New Energy - **Copper**: The impact of Trump's attempt to remove Cook on the copper market is expected to be small in the short term, and domestic demand is expected to weaken marginally [10][11]. - **Aluminum**: The price declined slightly. The fundamentals changed little, and it is expected to oscillate in the short term with limited upward space [11]. - **Aluminum Alloy**: The supply of scrap aluminum is tight, production costs are rising, and demand is weak. It is expected to oscillate slightly stronger in the short term with limited upward space [11]. - **Tin**: Supply is expected to be relatively loose in the long term, and demand is weak. It is expected to oscillate in the short term, with limited upward space [12]. - **Lithium Carbonate**: After the previous sentiment subsided, it is expected to oscillate in a wide range, with a short - term bearish and long - term bullish outlook [13]. - **Industrial Silicon**: It is expected to oscillate in a range, considering the high - level oscillation of black metals and polysilicon [13]. - **Polysilicon**: It is facing a game between strong expectations and weak reality, and is expected to oscillate at a high level in the short term [14]. Energy and Chemicals - **Crude Oil**: Concerns about the Fed's independence and the potential impact of US tariffs on India's oil imports have affected oil prices. There is still some support for oil prices in the near term [16]. - **Asphalt**: Supported by anti - involution in the petrochemical industry and rising crude oil prices, but with limited inventory reduction, it is expected to remain weakly oscillating in the near term [16]. - **PX**: It is in a tight situation in the short term and is expected to oscillate while waiting for changes in PTA device operations [16]. - **PTA**: Driven by capacity adjustments and increased downstream demand, it is expected to maintain a relatively strong oscillating pattern in the short term [17]. - **Ethylene Glycol**: Port inventory has decreased slightly. Supported by downstream demand recovery, but facing supply pressure, short - term buying on dips should pay attention to crude oil cost fluctuations [18][19]. - **Short - fiber**: Driven by sector resonance, its price increased slightly. It is expected to follow the polyester sector and may be shorted on rallies in the medium term [19]. - **Methanol**: The fundamentals are showing marginal improvement, but the oversupply situation remains. It is expected to oscillate in price [19]. - **PP**: Supply pressure is increasing, but there is policy support. The 09 contract is expected to oscillate weakly, and the 01 contract should focus on peak - season inventory - building [19]. - **LLDPE**: Supply pressure remains, and demand shows signs of turning. The 09 contract is expected to oscillate weakly, and the 01 contract should focus on demand and inventory - building [19]. Agricultural Products - **US Soybeans**: The selling pressure of US Treasuries has increased, and the weakening of the US dollar has provided some support to commodities. The expected Sino - US trade negotiations have boosted the export sales expectations of US soybeans [20]. - **Soybean and Rapeseed Meal**: The pressure of continuous inventory accumulation of domestic soybean and soybean meal in oil mills has eased. Rapeseed meal still has the basis for upward fluctuations. Attention should be paid to the development of Sino - Canadian trade relations [21]. - **Oils**: Rapeseed oil inventory is decreasing, and the supply is expected to shrink; soybean oil is expected to have a low - valuation price - increase market; palm oil is expected to enter an oscillating phase [21]. - **Corn**: The national corn price is running weakly. The futures price has entered a relatively low - valuation range, and there is a low possibility of breaking through the previous range [21]. - **Pigs**: The weight of pigs has declined, and the second - fattening market is cautious. The market's pessimistic sentiment about the fourth - quarter outlook has increased [22].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market cooled yesterday, and the prices of finished steel products declined slightly. The demand for finished steel products is clearly weak, the profits of steel mills are gradually shrinking, and the weak characteristics of the market are becoming more prominent. If the subsequent demand cannot be effectively improved, the prices may continue to decline. [3] - The supply and demand contradictions of iron ore are not prominent for the moment, and its price is expected to fluctuate in the short - term. Attention should be paid to the subsequent shipping progress and the impact of safety inspections and environmental protection restrictions. [6] - The prices of ferrous alloys have dropped rapidly. In the short - term, it is not recommended for speculative funds to participate excessively, while hedging funds can seize hedging opportunities. The fundamental problems of over - supply in the manganese - silicon and silicon - iron industries remain. [7][8][9] - Industrial silicon is expected to fluctuate between 8300 - 9300 yuan/ton. Polysilicon continues the pattern of "weak reality, strong expectation" and is expected to have high - volatility. [12][13][14] - The price of glass is expected to fluctuate weakly in the short - term, and the price of soda ash is expected to fluctuate. In the long - term, the price of soda ash may gradually rise, but the increase is limited. [16][17] 3. Summary by Related Catalogs Steel - **Price and Position Data**: The closing price of the rebar main contract was 3113 yuan/ton, down 25 yuan/ton (-0.79%) from the previous trading day. The closing price of the hot - rolled coil main contract was 3367 yuan/ton, down 22 yuan/ton (-0.64%) from the previous trading day. [2] - **Market Analysis**: The export volume of steel increased slightly this week but remained in a weak and volatile pattern. The output of rebar decreased significantly this week, demand improved slightly but remained weak, and inventory continued to accumulate. The demand for hot - rolled coils continued to rise, production increased rapidly, and inventory increased for six consecutive weeks. [3] Iron Ore - **Price and Position Data**: The main contract of iron ore (I2601) closed at 776.50 yuan/ton, with a change of -1.33% (-10.50), and the position changed to 45.29 million hands. The weighted position was 80.85 million hands. The spot price of PB fines at Qingdao Port was 770 yuan/wet ton, with a basis of 41.52 yuan/ton and a basis rate of 5.08%. [5] - **Market Analysis**: Overseas iron ore shipping was stable. Australian shipping increased, Brazilian shipping decreased, and non - mainstream shipping decreased slightly. The recent arrival volume decreased. The daily average pig iron output was basically flat, the steel mill profitability rate continued to decline, port inventory increased slightly, and steel mill imported ore inventory decreased slightly. [6] Manganese Silicon and Silicon Iron - **Price and Position Data**: On August 26, the main contract of manganese silicon (SM601) closed down 0.61% at 5862 yuan/ton, and the main contract of silicon iron (SF511) closed down 0.42% at 5656 yuan/ton. [7] - **Market Analysis**: The prices of ferrous alloys dropped rapidly due to the weakening of the "anti - involution" sentiment. The over - supply situation of manganese silicon remained unchanged, and production continued to rise. There were no obvious fundamental contradictions in silicon iron, and supply also continued to increase. [8][9] Industrial Silicon and Polysilicon - **Industrial Silicon** - **Price and Position Data**: The closing price of the main contract of industrial silicon (SI2511) was 8515 yuan/ton, with a change of -1.84% (-160). The weighted contract position changed to 526046 hands. [11] - **Market Analysis**: The problems of over - capacity, high inventory, and insufficient demand of industrial silicon remained. Production continued to rise, and the support from the demand side was limited. It was expected to fluctuate between 8300 - 9300 yuan/ton. [12] - **Polysilicon** - **Price and Position Data**: The closing price of the main contract of polysilicon (PS2511) was 50985 yuan/ton, with a change of -1.15% (-595). The weighted contract position changed to 320439 hands. [13] - **Market Analysis**: Polysilicon continued the "weak reality, strong expectation" pattern. Production continued to increase, and the number of warehouse receipts increased rapidly. It was expected to have high - volatility. [14] Glass and Soda Ash - **Glass** - **Price and Inventory Data**: The spot price in Shahe was 1138 yuan, unchanged from the previous day, and the spot price in Central China was 1070 yuan, up 10 yuan from the previous day. As of August 21, 2025, the total inventory of national float glass sample enterprises was 63.606 million heavy boxes, up 180,000 heavy boxes (0.28%) from the previous period. [16] - **Market Analysis**: The production of glass remained high, inventory pressure increased slightly, and downstream real - estate demand did not improve significantly. The price adjustment space was limited, and the market expected policy support. It was expected to fluctuate weakly in the short - term. [16] - **Soda Ash** - **Price and Inventory Data**: The spot price of soda ash was 1200 yuan, down 20 yuan from the previous day. As of August 25, 2025, the total inventory of domestic soda ash manufacturers was 1.8881 million tons, down 22,700 tons (1.19%) from last Thursday. [17] - **Market Analysis**: The price of soda ash fluctuated with the coal - chemical sector. The downstream demand was difficult to improve quickly, and the price was expected to fluctuate in the short - term and gradually rise in the long - term, but the increase was limited. [17]

丨证券研究报告丨 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 公司研究丨点评报告丨南玻 A（000012.SZ） [Table_Title] 周期底部下的经营韧性 报告要点 [Table_Summary] 公司 2025 年上半年实现收入 64.84 亿，同比下降 19.7%；实现归属净利润 0.75 亿，同比下降 89.8%；实现扣非归母净利润 0.22 亿，同比下降 96.8%。 分析师及联系人 [Table_Author] %% %% %% %% research.95579.com 1 南玻 A（000012.SZ） cjzqdt11111 [Table_Title2] 周期底部下的经营韧性 [Table_Summary2] 事件描述 公司 2025 年上半年实现收入 64.84 亿，同比下降 19.7%；实现归属净利润 0.75 亿，同比下降 89.8%；实现扣非归母净利润 0.22 亿，同比下降 96.8%。 其中 Q2 实现收入 34.15 亿，同比下降 17.4%；归属净利润 0.59 亿，同比下降 ...

在玻璃产业转型升级浪潮中，如何应对价格波动、优化成本管控成为企业生存的关键。作为中建材玻璃 板块大宗商品集中采购平台，中建材凯盛矿产资源集团有限公司（下称凯盛资源）以期货工具为"新法 宝"，走出了一条从试探接触到自主运用、从风险对冲到产融协同的进阶之路，为企业运用金融工具服 务实体经济提供了生动样本。 行业变局中寻"利器"： 从合作试水到自主套保 当前，玻璃、纯碱产业正经历变革，能否做好风险管理早已不是玻璃企业经营的"选择题"，而是关乎企 业生存的"必修课"。 "目前浮法玻璃、纯碱，以及光伏产业链的多晶硅、工业硅等行业都有期货工具护航。"凯盛资源孙乾程 坦言，相关期货品种的上市改变了传统经营模式，同时也为企业经营提供了新机遇——合理运用期货工 具，对冲现货价格波动风险。 对凯盛资源而言，期货始终都是避险"盾牌"。"我们一直以风险对冲、成本管控、优化资源配置为目标 参与期货市场。"孙乾程的这句话道出了企业运用期货的核心诉求。 在采访中，期货日报记者了解到，凯盛资源与期货的"缘分"始于2020年。最初，公司通过基差贸易间接 参与期货交易，然后逐步尝试累购、后定价等模式；直到2024年，在集团支持下开通自有期货账户 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The leading company in special electronic cloth reported excellent mid-year results, with a significant increase in sales volume [5][6] - The demand for Low CTE electronic cloth is accelerating, driven by AI computing chip packaging and high-end terminal devices [6] - Cement prices have increased month-on-month, while glass inventory growth has slowed [7] Summary by Sections Special Electronic Cloth - The leading company, Zhongcai Technology, achieved a revenue of 13.3 billion yuan in the first half of 2025, a year-on-year increase of 26%, with a net profit of 1 billion yuan, up 115% [5] - The sales volume of special electronic cloth reached 8.95 million meters, covering all categories of low dielectric fiber cloth [5] Low CTE Electronic Cloth - The investment value of Low CTE electronic cloth is underestimated, with demand accelerating due to AI server growth [6] - Major global suppliers include Nitto Denko, Zhongcai Technology, and Honghe Technology, with domestic leaders expected to capture market share [6] Cement Market - In August, the average shipment rate for cement companies in key regions was approximately 45.5%, a slight decrease from the previous month [7] - Some provinces have completed the first round of price increases, with companies aiming to push prices higher [7][22] Glass Market - The domestic float glass market saw a slight decrease in transaction prices, with inventory levels increasing [7][39] - The production capacity remained stable, with 283 float glass production lines in operation [7] Recommendations - The report recommends investing in leading companies such as Zhongcai Technology in the special cloth sector and Keda Manufacturing in the African chain market [8] - The report highlights the potential for growth in the stock of established companies due to increasing demand and structural optimization in the building materials sector [8]

Group 1: Industry Overview - The consumption building materials industry is currently under pressure, but positive signals are emerging, indicating a transition from a left-side to a right-side phase in the second half of the year [1] - The real estate construction and operation data is expected to stabilize, contributing to the industry's recovery [1] - Profitability is anticipated to improve across more categories due to a low base and easing competition [1] Group 2: Cement Industry - The cement industry is gradually entering its peak season, with overall demand recovering slowly [2] - A policy document released by the Cement Association aims to limit overproduction, which is expected to enhance capacity utilization in the medium term [2] - The industry is currently at a low point in demand and prices, but a recovery in demand is expected in August, leading to gradual price increases [2] Group 3: Glass Industry - The glass industry is experiencing price fluctuations and significant short-term inventory pressure due to ongoing supply-demand imbalances [3] - The demand side is negatively impacted by the real estate sector, leading to a continuous downward trend in 2025 [3] - Environmental regulations are expected to increase costs and accelerate the industry's cold repair process, although a complete capacity exit is not anticipated [3] Group 4: Glass Fiber Industry - The glass fiber industry is expected to see demand growth driven by the AI industry chain, with a positive outlook for specific segments [4] - Traditional demand for non-alkali coarse sand remains weak, but niche areas are performing well [4] - The industry is experiencing a volume and price increase due to the demand from AI, indicating a trend of sustained growth [4]