Group 1: Report Industry Investment Ratings - Glass investment view: Bullish [4] - Soda ash investment view: Neutral [5] Group 2: Core Views of the Report - Recently, the supply and demand of glass and soda ash are flat, and prices are fluctuating. Policy is favorable at the end of the year and the beginning of the year. Glass demand has resilience and supply reduction is realized. Soda ash supply and demand are average. [41] - Recommended strategy: Short - term long for glass or inter - month reverse arbitrage [41] Group 3: Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview Glass - Supply: Neutral, with stable production. Daily output is 150700 tons, up 0.45% from the 8th. Industry start - up rate is 71.38%, unchanged from the 8th; capacity utilization is 75.34%, up 0.34 percentage points from the 8th [4] - Demand: Neutral, with support. Recent shipments of original film enterprises are good, but terminal demand support is limited [4] - Inventory: Bullish, with inventory reduction. Total enterprise inventory is 55.518 million heavy boxes, down 1.348 million heavy boxes, or 2.37% month - on - month, up 27.04% year - on - year. Inventory days are 24.1 days, 1.5 days less than the previous period [4] - Basis/spread: Neutral, basis fluctuates strongly this week; 01 - 05 spread fluctuates lower [4] - Valuation: Neutral, valuation has been significantly repaired [4] - Macro and policy: Bullish, policy is favorable at the end of the year and the beginning of the year [4] - Trading strategy: Unilateral: Go long on dips; Arbitrage: Mainly reverse arbitrage [4] Soda Ash - Supply: Bearish, with significant supply increase. This week's production is 775300 tons, up 21700 tons, or 2.88% month - on - month. Middle - term supply surplus pressure remains [5] - Demand: Neutral, overall demand is okay, but direct demand is weak in the short term [5] - Inventory: Bearish, inventory increases slightly. Total manufacturer inventory is 157500 tons, up 2300 tons, or 0.15% from last Thursday, up 10.06% year - on - year [5] - Basis/spread: Neutral, basis fluctuates and rebounds this week; 01 - 05 spread fluctuates [5] - Valuation: Bearish, valuation is average [5] - Macro and policy: Bullish, policy is favorable at the end of the year and the beginning of the year, and market sentiment changes quickly [5] - Trading strategy: Unilateral: None; Arbitrage: Mainly reverse arbitrage [5] 3.2 Futures and Spot Market Review Glass - Price: This week, the price drops. The main contract closes at 1103 (- 41), and the Shahe spot price is 936 (- 8) [7] Soda Ash - Price: This week, the price fluctuates and drops. The main contract closes at 1192 (- 36), and the Shahe spot price is 1143 (- 56) [13] Spread/Basis - Soda ash: 05 - 09 spread fluctuates, basis fluctuates lower - Glass: 05 - 09 spread fluctuates, basis fluctuates lower [23] 3.3 Supply - Demand Fundamental Data Glass - Supply: Stable. Production is stable. Daily output is 150700 tons, up 0.45% from the 8th. Industry start - up rate is 71.38%, unchanged from the 8th; capacity utilization is 75.34%, up 0.34 percentage points from the 8th. Production profit improves slightly [26] - Demand: Supported. Downstream deep - processing orders improve, but real - estate mid - and back - end completion data is poor [30] - Inventory: Decreases. Total enterprise inventory is 55.518 million heavy boxes, down 1.348 million heavy boxes, or 2.37% month - on - month, up 27.04% year - on - year. Inventory days are 24.1 days, 1.5 days less than the previous period [31] Soda Ash - Supply: At a high level. Supply increases significantly. This week's production is 775300 tons, up 21700 tons, or 2.88% month - on - month. Alkali plant profit decreases [34] - Demand: Weak. Direct demand weakens marginally in the short term. Inventory increases slightly [38]

Group 1 - The core viewpoint of the article is that Citigroup has raised the valuation multiple for Xinyi Glass's core glass business to a forecasted P/E ratio of 10 times for this year, due to significant profit contributions from the automotive glass segment and strong gross margin performance [1] - The target price for Xinyi Glass has been increased from HKD 7.55 to HKD 9.01 while maintaining a "Neutral" rating [1] - Citigroup has lowered its revenue forecasts for Xinyi Glass for the years 2025 to 2027 by 5%, and adjusted gross margin forecasts down by 1.3 to 2.8 percentage points, to a range of 28.5% to 30.2% [1] Group 2 - Net profit forecasts have been reduced by 21% to 38%, resulting in projected profits of RMB 2.6 billion, RMB 3.3 billion, and RMB 3.7 billion for the respective years [1] - The cautious outlook for the company's short to medium-term prospects is attributed to ongoing economic and real estate market pressures that continue to hinder recovery [1]

Group 1 - The core viewpoint of the article is that Citigroup has raised the valuation multiple for Xinyi Glass's core glass business to a forecasted P/E ratio of 10 times for this year, reflecting strong profit contributions from the automotive glass segment and excellent gross margin performance [1] - Citigroup has adjusted the target price for Xinyi Glass from HKD 7.55 to HKD 9.01 while maintaining a "Neutral" rating [1] - The bank has lowered its revenue forecasts for Xinyi Glass for the years 2025 to 2027 by 5%, and gross margin forecasts have been reduced by 1.3 to 2.8 percentage points, now ranging between 28.5% and 30.2% [1] Group 2 - Net profit forecasts have been cut by 21% to 38%, with projected figures of RMB 2.6 billion, RMB 3.3 billion, and RMB 3.7 billion for the respective years [1] - The adjustments reflect pressures on average selling prices and profit margins for float glass [1] - The bank maintains a cautious outlook on the company's short to medium-term prospects due to ongoing economic and real estate market challenges that continue to suppress recovery [1]

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Related Catalogs Glass - **Price and Contract Information**: From January 9 to January 16, 2026, the price of Shahe Anquan 5mm large - plate glass remained at 996.0, while Shahe Great Wall 5mm large - plate glass dropped by 17.0 to 976.0. The FG05 contract price decreased by 41.0 to 1103.0, and the FG09 contract price decreased by 29.0 to 1209.0. The FG 5 - 9 spread decreased by 12.0 to - 106.0 [1]. - **Base and Profit Information**: The 05 Hebei basis changed from - 151.0 to - 127.0, and the 05 Hubei basis changed from - 154.0 to - 113.0. The North China coal - fired profit decreased by 11.4 to 90.3, and the cost decreased by 5.6 to 885.7. The South China natural gas profit remained at - 188.1, and the North China natural gas profit decreased by 12.8 to - 364.5. The 05FG and 09FG on - screen natural gas profits also changed [1]. - **Market Conditions**: Shahe factory's glass production and sales were fair, with poor spot - futures trading; Shahe traders' prices were around 975, with average shipments. Hubei factories' prices were around 990, with fair trading. Hubei's mid - stream spot - futures 05 - 150 had poor trading. The glass production and sales rates were 135 in Shahe, 90 in Hubei, 91 in East China, and 105 in South China [1]. Soda Ash - **Price and Contract Information**: From January 9 to January 16, 2026, the price of Shahe heavy soda ash decreased by 40.0 to 1150.0, and the SA05 contract price decreased by 36.0 to 1192.0. The SA01 contract price decreased by 26.0 to 1115.0, and the SA09 contract price decreased by 36.0 to 1259.0. The SA01 Shahe basis changed from 49.0 to 35.0, and the SA month - spread 01 - 05 remained at - 77.0 [1]. - **Profit and Cost Information**: The North China ammonia - soda process profit decreased by 17.5 to - 218.0, and the cost decreased by 2.5 to 1338.0. The North China combined - soda process profit decreased by 54.9 to - 319.7 [1]. - **Market Conditions**: The spot price of heavy soda ash at the Hebei delivery warehouse was around 1120, and the price delivered to Shahe was around 1150. The upstream inventory of the soda ash industry remained stable, and the mid - stream inventory slightly increased [1].

Core Viewpoint - The production of flat glass in December 2025 is projected to reach 88.29 million weight cases, representing a year-on-year increase of 3.4% and a month-on-month increase of 8.2% [1] Summary by Relevant Categories Production Data - The total production for the year 2025 is expected to be 97.591 million weight cases, which indicates a year-on-year decrease of 3.0% [1]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the building materials sector, including Yao Pi Glass, Yinlong Co., Pona Co., San Ke Tree, and Bei Xin Building Materials [7]. Core Insights - The building materials sector has experienced a decline of 1.61% from January 12 to January 16, 2026, with cement prices dropping by 1.96% and glass manufacturing down by 5.42% [10]. - The People's Bank of China has lowered various structural monetary policy tool rates by 0.25 percentage points, indicating a focus on stabilizing economic growth and reasonable price recovery [1]. - The report highlights a potential recovery in municipal engineering projects due to improved government debt policies, which may accelerate the implementation of municipal pipeline and seismic isolation projects [1]. - The glass fiber market shows strong demand, particularly in wind energy, with expectations for continued growth in high-end demand [1]. Summary by Sections Cement Industry Tracking - As of January 16, 2026, the national cement price index is 347.08 CNY/ton, a decrease of 0.7% from the previous week, with a total cement output of 2.645 million tons, down 2.67% [15]. - The cement clinker kiln capacity utilization rate is at 40.7%, down 2.83 percentage points from last week, indicating a shift towards a traditional off-season as the Spring Festival approaches [15][28]. Glass Industry Tracking - The average price of float glass as of January 15, 2026, is 1138.27 CNY/ton, reflecting a 1.46% increase from the previous week, while inventory levels have decreased by 209,000 weight boxes [32]. - The report notes that the market is facing risks from speculative inventory transfers and insufficient demand support, with expectations for a slowdown in demand [32]. Glass Fiber Industry Tracking - The report indicates that the glass fiber market remains stable, with no significant changes in production capacity, while demand is expected to be weak due to the traditional off-season [5]. - The average price of non-alkali yarn remains stable, with expectations for price increases in high-end electronic yarn products [5]. Carbon Fiber Industry Tracking - The carbon fiber market shows limited price fluctuations, with a weekly production of 2369 tons and an operating rate of 76.28% [6]. - The average production cost is 112,500 CNY/ton, indicating a negative gross profit margin, highlighting the industry's profit challenges [6]. Key Stocks - Recommended stocks include Yao Pi Glass (EPS: 0.12 CNY), Yinlong Co. (EPS: 0.28 CNY), Pona Co. (EPS: 0.12 CNY), San Ke Tree (EPS: 0.45 CNY), and Bei Xin Building Materials (EPS: 2.14 CNY) [7].

目前，金晶科技TCO玻璃已在建筑光伏一体化、地面电站、渔光互补等多个场景落地，并在建筑、汽车、电子产品等领域 展现出应用潜力。研究表明，该材料还可拓展至光电幕墙、智能变色玻璃、电磁屏蔽视窗等新领域。 该公司在绿色能源领域的进展尤为突出。TCO玻璃是钙钛矿太阳能电池的关键材料，长期依赖进口。2022年，金晶科技自 主研发生产出首片国产TCO玻璃，实现从设备制造到量产的全链条自主可控，突破了大尺寸镀膜均匀性、高导电高透光等技术 瓶颈。 2025年，金晶科技已成为钙钛矿电池关键材料供应商。该公司在淄博和滕州各布局一条TCO玻璃产线，产品已应用于龙头 企业，占据国内绝大部分市场份额。销售团队正积极拓展国内外重点客户，持续优化TCO玻璃在不同场景的应用性能。 基于市场需求，该公司子公司宁夏金晶科技有限公司于2025年7月发布技改计划，拟投资4.95亿元对产线进行TCO镀膜工艺 升级改造。改造完成后，将具备年产2000万平方米2mm至3.2mm超白TCO镀膜玻璃的能力，为钙钛矿等薄膜电池组件提供配 套。 本报讯 （记者王僖）1月16日晚，山东金晶科技股份有限公司（以下简称"金晶科技"）发布2025年年度业绩预告，预计公 ...

1. Report Industry Investment Rating No information provided in the content. 2. Report Core Views Glass - Supply: Last week, two production lines underwent cold repairs, leading to a continued decline in glass output. With current profit pressures on glass factories and high inventories, the intensity of cold repairs has increased. Future focus should be on glass supply. Last week, float glass production was 1.0592 million tons (-14,100 tons), and the national float glass operating rate was 71.95% (-1.08%) [5][14]. - Demand: Year - end rush - order demand has weakened month - on - month, and sales pressure is evident in the northern regions. The weak real - estate market restricts significant upward potential for glass demand, and the number of downstream deep - processing order days remains weak year - on - year. Seasonally, there is end - of - year restocking demand from downstream, which requires future attention. Overall, glass demand will continue to face pressure near the year - end, and attention should be paid to changes in speculative demand. On January 4th, the number of downstream deep - processing order days was 8.6 days (-1.1 days), and last week's float glass weekly apparent demand was 22.5329 million weight boxes (-690,600 weight boxes) [5][18]. - Inventory: Affected by cold repairs, the restocking意愿 of the mid - and downstream has increased. Last week, mid - stream inventory increased, and upstream inventory decreased. With cold repairs implemented, the glass supply - demand pattern has improved. It is advisable to adopt a slightly bullish trading strategy, with the glass index expected to range between 1080 - 1180. Last week, the total inventory of the national float glass sample enterprises was 55.518 million weight boxes (-1.348 million weight boxes); Hubei's in - factory inventory was 5.375 million weight boxes (-205,000 weight boxes); Shahe's in - factory inventory was 2.6136 million weight boxes (-952,800 weight boxes); and Shahe's trader inventory was 5.08 million weight boxes (+720,000 weight boxes) [5][22]. - Cost and profit: Last week, glass costs fluctuated, and profits also showed mixed trends. The weekly average cost of float glass using natural gas as fuel was 1342 yuan/ton (-2 yuan/ton); the weekly average cost of float glass using coal - made gas as fuel was 1037 yuan/ton (+2 yuan/ton); the weekly average cost of float glass using petroleum coke as fuel was 1047 yuan/ton (-17 yuan/ton). The weekly average profit of float glass using natural gas as fuel was - 186.4 yuan/ton (+5 yuan/ton); the weekly average profit of float glass using coal - made gas as fuel was - 73.83 yuan/ton (-8.6 yuan/ton); the weekly average profit of float glass using petroleum coke as fuel was - 5.78 yuan/ton (-18.58 yuan/ton) [30][33]. - Key events to watch: Glass output, glass factory inventory, and glass spot prices [5]. 纯碱 - Supply: Last week, the soda ash price strengthened, and the resumption of alkali plant maintenance was rapid, with supply rising month - on - month to a high level. Against the backdrop of new capacity coming on - stream, long - term supply pressure is significant. Spot prices have a great impact on alkali plant maintenance intentions. If prices weaken in the future, alkali plants may start maintenance. Future focus should be on supply. Last week, soda ash production was 753,600 tons (+56,500 tons), including light soda ash production of 349,100 tons (+23,000 tons) and heavy soda ash production of 404,500 tons (+33,500 tons) [6][47]. - Demand: Photovoltaic glass output and float glass output both declined month - on - month. With the price decline of float glass, the expectation of cold repairs has increased, putting pressure on the soda ash demand side. Overall, there is an expectation of weakening demand for heavy soda ash, while the demand for light soda ash is relatively stable. Last week, the daily output of float and photovoltaic glass was 238,225 tons (-1770 tons), and the weekly apparent demand for soda ash was 589,200 tons (-138,100 tons) [6][53]. - Inventory: Last week, soda ash inventory increased month - on - month. The strengthening of prices inhibited mid - and downstream purchases, and combined with the recovery of supply, alkali plant inventory accumulation was obvious last week. In the long term, with the expectation of new capacity coming on - stream, alkali plants face significant inventory accumulation pressure. It is advisable to adopt a bearish trading strategy when prices are high, while controlling risks. The soda ash index is expected to range between 1170 - 1280. Last week, the total inventory of soda ash manufacturers was 1.5727 million tons (+164,400 tons), including light soda ash inventory of 836,500 tons (+104,300 tons) and heavy soda ash inventory of 736,200 tons (+60,100 tons) [6][57]. - Cost and profit: According to Steel Union data, last week, soda ash costs increased, and profits fluctuated. In North China, the cost of heavy soda ash using the ammonia - soda process was 1395.85 yuan/ton (+8.45 yuan/ton), and the cost of light soda ash using the ammonia - soda process was 1307.85 yuan/ton (+0.45 yuan/ton); in East China, the cost of heavy soda ash using the combined - soda process was 1288 yuan/ton (+4.5 yuan/ton), and the cost of light soda ash using the combined - soda process was 1208 yuan/ton (+4.5 yuan/ton) [61][65]. - Key events to watch: Alkali plant maintenance, alkali plant inventory accumulation, and glass output [6]. 3. Summary by Relevant Catalogs Glass Price - As of January 9th, the market price of 5mm float glass in North China was 1020 yuan/ton, a week - on - week increase of 20 yuan/ton; the market price of 5mm float glass in Central China was 1040 yuan/ton, a week - on - week increase of 20 yuan/ton. The glass price in the mainstream market was running strongly [10]. Supply - Last week, two production lines underwent cold repairs, and glass output continued to decline. With current weak profits of glass factories and high inventories, the intensity of cold repairs has increased. Future focus should be on glass supply. Last week, float glass production was 1.0592 million tons (-14,100 tons), and the national float glass operating rate was 71.95% (-1.08%) [14]. Demand - Year - end rush - order demand has weakened month - on - month, and sales pressure is evident in the northern regions. The weak real - estate market restricts significant upward potential for glass demand, and the number of downstream deep - processing order days remains weak year - on - year. Seasonally, there is end - of - year restocking demand from downstream, which requires future attention. Overall, glass demand will continue to face pressure near the year - end, and attention should be paid to changes in speculative demand. On January 4th, the number of downstream deep - processing order days was 8.6 days (-1.1 days), and last week's float glass weekly apparent demand was 22.5329 million weight boxes (-690,600 weight boxes) [18]. Inventory - Affected by cold repairs, the restocking意愿 of the mid - and downstream has increased. Last week, mid - stream inventory increased, and upstream inventory decreased. Last week, the total inventory of the national float glass sample enterprises was 55.518 million weight boxes (-1.348 million weight boxes); Hubei's in - factory inventory was 5.375 million weight boxes (-205,000 weight boxes); Shahe's in - factory inventory was 2.6136 million weight boxes (-952,800 weight boxes); and Shahe's trader inventory was 5.08 million weight boxes (+720,000 weight boxes). In North China, overall inventory decreased, but there was significant differentiation. In Shahe, production enterprises had good sales and significant inventory reduction, driving down the overall inventory in North China, while the surrounding areas had mediocre sales. In Central China, production and sales varied, with the second half of the week showing better production and sales than the first half, and overall inventory decreased compared to the previous period. Last week, the end - of - period inventory of glass factories in East China was 11.425 million weight boxes (-44,600 weight boxes); in North China, it was 9.3296 million weight boxes (-816,800 weight boxes); in Southwest China, it was 11.468 million weight boxes (-232,000 weight boxes); in Central China, it was 6.565 million weight boxes (-185,000 weight boxes) [22][26]. Cost and profit - Last week, glass costs fluctuated, and profits also showed mixed trends. The weekly average cost of float glass using natural gas as fuel was 1342 yuan/ton (-2 yuan/ton); the weekly average cost of float glass using coal - made gas as fuel was 1037 yuan/ton (+2 yuan/ton); the weekly average cost of float glass using petroleum coke as fuel was 1047 yuan/ton (-17 yuan/ton). The weekly average profit of float glass using natural gas as fuel was - 186.4 yuan/ton (+5 yuan/ton); the weekly average profit of float glass using coal - made gas as fuel was - 73.83 yuan/ton (-8.6 yuan/ton); the weekly average profit of float glass using petroleum coke as fuel was - 5.78 yuan/ton (-18.58 yuan/ton) [30][33]. Basis and spread - As of January 9th, the basis of the glass 01 contract was - 124, a week - on - week decrease of 37; the spread between the glass 5 - 9 contracts was - 94, a week - on - week decrease of 10. The glass spot price weakened, and the futures price fluctuated, resulting in a weaker basis and a weaker spread. Currently, the basis level is at a low level compared to the same period in previous years, mainly due to the deterioration of the spot supply - demand pattern compared to the past. The glass spread shows a contango structure, indicating a relatively pessimistic market outlook for the near - term contracts [37]. Soda Ash Price - As of January 9th, the market price of light soda ash in Qinghai was 890 yuan/ton, unchanged week - on - week; the market price of heavy soda ash in Qinghai was 1188 yuan/ton, a week - on - week increase of 66 yuan/ton. The price of light soda ash in the mainstream market remained stable, while the price of heavy soda ash was running strongly [43]. Supply - Last week, the soda ash price strengthened, and the resumption of alkali plant maintenance was rapid, with supply rising month - on - month to a high level. Against the backdrop of new capacity coming on - stream, long - term supply pressure is significant. Spot prices have a great impact on alkali plant maintenance intentions. If prices weaken in the future, alkali plants may start maintenance. Future focus should be on supply. Last week, soda ash production was 753,600 tons (+56,500 tons), including light soda ash production of 349,100 tons (+23,000 tons) and heavy soda ash production of 404,500 tons (+33,500 tons) [47]. Demand - Photovoltaic glass output and float glass output both declined month - on - month. With the price decline of float glass, the expectation of cold repairs has increased, putting pressure on the soda ash demand side. Overall, there is an expectation of weakening demand for heavy soda ash, while the demand for light soda ash is relatively stable. Last week, the daily output of float and photovoltaic glass was 238,225 tons (-1770 tons) [53]. Inventory - Last week, soda ash inventory increased month - on - month. The strengthening of prices inhibited mid - and downstream purchases, and combined with the recovery of supply, alkali plant inventory accumulation was obvious last week. In the long term, with the expectation of new capacity coming on - stream, alkali plants face significant inventory accumulation pressure. Last week, the total inventory of soda ash manufacturers was 1.5727 million tons (+164,400 tons), including light soda ash inventory of 836,500 tons (+104,300 tons) and heavy soda ash inventory of 736,200 tons (+60,100 tons) [57]. Cost and profit - According to Steel Union data, last week, soda ash costs increased, and profits fluctuated. In North China, the cost of heavy soda ash using the ammonia - soda process was 1395.85 yuan/ton (+8.45 yuan/ton), and the cost of light soda ash using the ammonia - soda process was 1307.85 yuan/ton (+0.45 yuan/ton); in East China, the cost of heavy soda ash using the combined - soda process was 1288 yuan/ton (+4.5 yuan/ton), and the cost of light soda ash using the combined - soda process was 1208 yuan/ton (+4.5 yuan/ton) [61][65]. Basis and spread - As of January 9th, the basis of the soda ash 05 contract was - 40, a week - on - week increase of 37; the spread between the soda ash 5 - 9 contracts was - 67, a week - on - week decrease of 2. The soda ash spot price increased significantly, while the futures price declined after rising, resulting in a stronger basis and a weaker spread. Currently, the basis is at a low level compared to the same period in previous years, mainly due to the deterioration of the spot supply - demand pattern compared to the past. The high inventory of alkali plants exerts some pressure on the spot price. The different - month spreads of soda ash show a contango structure, indicating a relatively pessimistic market outlook for the near - term contract supply - demand pattern [69].

Core Viewpoint - Shanxi Qixian is transforming its traditional glassware industry from manual production to intelligent manufacturing, focusing on quality upgrades and innovation to achieve high-quality industrial development [1][2]. Group 1: Industry Transformation - Qixian is addressing the pain points of low efficiency, high energy consumption, and insufficient product value in traditional glass production by encouraging technological innovation and the formation of specialized R&D teams [1]. - The local company, Xifulai Glass, has successfully established Shanxi's first high borosilicate glass production line, filling a technological gap in the province [1]. - Qixian has cultivated several innovative enterprises like Xifulai, promoting the transition to intelligent and green production through the introduction of advanced equipment such as all-electric melting furnaces and intelligent forming devices [1]. Group 2: Market Positioning and Product Development - Xifulai Glass has been recognized as a "Specialized, Refined, Characteristic, and Innovative Small and Medium-sized Enterprise" and a "High-tech Enterprise," with its high borosilicate products gaining popularity in high-end markets and exported to over 20 countries and regions [2]. - The county's glass enterprises are diversifying their product offerings, moving into smart home glass accessories and eco-friendly glass packaging, enhancing product value with features like high hardness and scratch resistance [2]. Group 3: Economic Impact and Employment - The transformation of the glass industry in Qixian has not only strengthened individual enterprises but also created an industrial ecosystem characterized by leading enterprises, upstream and downstream linkages, and cluster development [2]. - Xifulai Glass has contributed to an increase of 20 million yuan in the surrounding packaging industry over the past three years, facilitated over 30,000 logistics deliveries annually, and directly created jobs for over 260 local residents, generating an additional income of 12 million yuan [2]. Group 4: Future Development Initiatives - Qixian is leveraging the construction of a specialized town for glassware to encourage more enterprises to adopt intelligent and green production practices, aiming to enhance the industrial chain, build innovation platforms, and strengthen policy support [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints Glass Market - Last week, the sentiment in the glass market shifted from strong to weak, with the futures market experiencing a volatile correction. The supply - side daily melting volume remained at a low level, and there were no obvious restart plans in the short term. On the demand - side, downstream processors were gradually entering the holiday mode. Although there was some rush - work in certain areas, the overall restocking intention was weak, and the speculative demand from traders was also inactive. The consumption side remained sluggish. In terms of inventory, despite the low production driving the continuous reduction of factory inventory, the current inventory level was still significantly higher than the same period in previous years. Downstream players generally maintained a low - inventory operation strategy, and procurement was mostly for immediate needs. In the spot market, some manufacturers tried to raise prices at the beginning of the week, but due to the decline in futures prices and insufficient actual order support, the price increase was not fully implemented. Overall, the supply - demand pattern of the glass market remained in a loose balance, with no obvious marginal drivers. It was expected that the futures market would continue to fluctuate widely in the short term, with the main contract reference range between 1015 - 1200 yuan/ton [13][14]. Soda Ash Market - Last week, the soda ash market continued to show a weak and volatile pattern. Fundamentally, the industry's operating rate on the supply - side remained at a high level, and the overall market supply was abundant. The demand - side remained weak, with downstream enterprises being cautious in procurement, mostly focusing on low - price immediate needs. The market trading atmosphere was generally dull. As a result, new orders from manufacturers were mediocre, and although the enterprise inventory had a slight reduction, the overall pressure still existed. Currently, the supply - demand game in the soda ash market continued, and there were no obvious driving factors for the market. It was expected that the market would continue to undergo weak consolidation in the short term, with the main contract reference price range between 1123 - 1310 yuan/ton [62][63]. 3. Summary by Directory Glass Report 01. Weekly Assessment and Strategy Recommendation - **Price**: As of January 17, 2026, the spot market price of float glass was 1020 yuan/ton, unchanged from the previous week. The closing price of the main glass futures contract was 1103 yuan/ton, a decrease of 41 yuan/ton from the previous week. The basis was - 83 yuan/ton, an increase of 41 yuan/ton from the previous week [13][19]. - **Cost and Profit**: The weekly average profit of producing float glass with natural gas as fuel was - 164.4 yuan/ton, an increase of 22.00 yuan/ton from the previous week. The low - end price of Henan LNG market was 3850 yuan/ton, an increase of 70 yuan/ton from the previous week. The weekly average profit of producing float glass with coal as fuel was - 69.01 yuan/ton, an increase of 4.82 yuan/ton from the previous week. The weekly average profit of producing float glass with petroleum coke as fuel was 3.93 yuan/ton, an increase of 9.71 yuan/ton from the previous week [13][29][32]. - **Supply**: As of January 17, 2026, the weekly output of national float glass was 105.23 tons, a decrease of 0.693 tons from the previous week. The number of operating production lines was 212, unchanged from the previous week, and the operating rate was 71.48% [13][37]. - **Demand**: According to WIND data, from January to November 2025, the cumulative sales area of commercial housing in China was 78701.74 million square meters, a year - on - year decrease of 7.80%. In November, the single - month sales area of commercial housing was 6719.74 million square meters, a year - on - year decrease of 17.93%. According to CAAM data, from January to November, the cumulative production and sales of automobiles were 3123.10/3112.70 million vehicles [13][43][46]. - **Inventory**: As of January 17, 2026, the national float glass factory inventory was 5301.3 million heavy boxes, a decrease of 250.50 million heavy boxes from the previous week. The factory inventory in the Shahe area was 190.32 million heavy boxes, a decrease of 71.04 million heavy boxes from the previous week. It was expected that the inventory would continue to decrease this week, with an estimated value of 5050.8 million heavy boxes [13][51]. 02. Futures and Spot Market - **Glass Basis**: As of January 17, 2026, the spot market price of float glass was 1020 yuan/ton, unchanged from the previous week. The closing price of the main glass futures contract was 1103 yuan/ton, a decrease of 41 yuan/ton from the previous week. The basis was - 83 yuan/ton, an increase of 41 yuan/ton from the previous week [19]. - **Glass Inter - month Spread**: As of January 17, 2026, the 01 - 05 spread of glass was - 159 yuan/ton (- 39), the 05 - 09 spread was - 107 yuan/ton (- 17), the 09 - 01 spread was 266 yuan/ton (+ 56), and the open interest reached 159.10 million lots [22]. 03. Profit and Cost - **Float Glass Profit and Cost**: As of January 17, 2026, the weekly average profit of producing float glass with natural gas as fuel was - 164.4 yuan/ton, an increase of 22.00 yuan/ton from the previous week. The low - end price of Henan LNG market was 3850 yuan/ton, an increase of 70 yuan/ton from the previous week. The weekly average profit of producing float glass with coal as fuel was - 69.01 yuan/ton, an increase of 4.82 yuan/ton from the previous week. The weekly average profit of producing float glass with petroleum coke as fuel was 3.93 yuan/ton, an increase of 9.71 yuan/ton from the previous week [29][32]. 04. Supply and Demand - **Glass Production and Operating Rate**: As of January 17, 2026, the weekly output of national float glass was 105.23 tons, a decrease of 0.693 tons from the previous week. The number of operating production lines was 212, unchanged from the previous week, and the operating rate was 71.48% [37]. - **Glass Demand**: As of January 17, 2026, the downstream deep - processing orders of float glass were 9.3 days, an increase of 0.70 days from the previous week. The operating rate of Low - e glass was 44.10%, unchanged from the previous week. According to WIND data, from January to November 2025, the cumulative sales area of commercial housing in China was 78701.74 million square meters, a year - on - year decrease of 7.80%. In November, the single - month sales area of commercial housing was 6719.74 million square meters, a year - on - year decrease of 17.93%. According to CAAM data, from January to November, the cumulative production and sales of automobiles were 3123.10/3112.70 million vehicles [40][43][46]. 05. Inventory - As of January 17, 2026, the national float glass factory inventory was 5301.3 million heavy boxes, a decrease of 250.50 million heavy boxes from the previous week. The factory inventory in the Shahe area was 190.32 million heavy boxes, a decrease of 71.04 million heavy boxes from the previous week. It was expected that the inventory would continue to decrease this week, with an estimated value of 5050.8 million heavy boxes [51]. Soda Ash Report 01. Weekly Assessment and Strategy Recommendation - **Price**: As of January 17, 2026, the spot market price of heavy soda ash in Shahe was 1142 yuan/ton, a decrease of 46 yuan/ton from the previous week. The closing price of the main soda ash futures contract was 1192 yuan/ton, a decrease of 36 yuan/ton from the previous week. The basis was - 50 yuan/ton, a decrease of 10 yuan/ton from the previous week [62][68]. - **Cost and Profit**: As of January 17, 2026, the 01 - 05 spread of soda ash was - 76 yuan/ton (+ 9), the 05 - 09 spread was - 65 yuan/ton (+ 3), the 09 - 01 spread was 141 yuan/ton (- 12), and the open interest reached 159.10 million lots. The weekly average profit of the ammonia - soda process was - 183.3 yuan/ton, a decrease of 37.45 yuan/ton from the previous week. The weekly average profit of the combined - soda process was - 112 yuan/ton, a decrease of 4 yuan/ton from the previous week [62][71][79]. - **Supply**: As of January 17, 2026, the weekly output of soda ash was 77.53 tons, an increase of 2.17 tons from the previous week, and the capacity utilization rate was 86.82%. The output of heavy soda ash was 41.38 tons, an increase of 0.93 tons from the previous week. The output of light soda ash was 36.15 tons, an increase of 1.24 tons from the previous week [62][90][93]. - **Demand**: As of January 17, 2026, the weekly output of national float glass was 105.23 tons, a decrease of 0.693 tons from the previous week. The number of operating production lines was 212, unchanged from the previous week, and the operating rate was 71.48%. The apparent consumption of soda ash in November reached 289 tons [62][96]. - **Inventory**: As of January 17, 2026, the soda ash factory inventory was 157.5 tons, an increase of 0.23 tons from the previous week. The inventory available days were 13.06 days, an increase of 0.02 days from the previous week. The heavy soda ash factory inventory was 73.8 tons, an increase of 0.18 tons from the previous week. The light soda ash factory inventory was 83.7 tons, an increase of 0.05 tons from the previous week. It was expected that the inventory would slightly decrease this week, with an estimated value of 157.27 tons [62][101][104]. 02. Futures and Spot Market - **Soda Ash Basis**: As of January 17, 2026, the spot market price of heavy soda ash in Shahe was 1142 yuan/ton, a decrease of 46 yuan/ton from the previous week. The closing price of the main soda ash futures contract was 1192 yuan/ton, a decrease of 36 yuan/ton from the previous week. The basis was - 50 yuan/ton, a decrease of 10 yuan/ton from the previous week [68]. - **Soda Ash Inter - month Spread**: As of January 17, 2026, the 01 - 05 spread of soda ash was - 76 yuan/ton (+ 9), the 05 - 09 spread was - 65 yuan/ton (+ 3), the 09 - 01 spread was 141 yuan/ton (- 12), and the open interest reached 159.10 million lots [71]. 03. Profit and Cost - **Soda Ash Profit**: As of January 17, 2026, the weekly average profit of the ammonia - soda process was - 183.3 yuan/ton, a decrease of 37.45 yuan/ton from the previous week. The weekly average profit of the combined - soda process was - 112 yuan/ton, a decrease of 4 yuan/ton from the previous week [79]. - **Raw Material Cost**: As of January 17, 2026, the price of thermal coal arriving at Qinhuangdao Port was 704 yuan/ton, an increase of 2 yuan/ton from the previous week. The low - end price of Henan LNG market was 3850 yuan/ton, an increase of 70 yuan/ton from the previous week. The price of raw salt in the northwest region was 215 yuan/ton, unchanged from the previous week. The price of synthetic ammonia in Shandong was 2325 yuan/ton, an increase of 10 yuan/ton from the previous week [82][85]. 04. Supply and Demand - **Soda Ash Production**: As of January 17, 2026, the weekly output of soda ash was 77.53 tons, an increase of 2.17 tons from the previous week, and the capacity utilization rate was 86.82%. The output of heavy soda ash was 41.38 tons, an increase of 0.93 tons from the previous week. The output of light soda ash was 36.15 tons, an increase of 1.24 tons from the previous week [90][93]. - **Soda Ash Demand**: As of January 17, 2026, the weekly output of national float glass was 105.23 tons, a decrease of 0.693 tons from the previous week. The number of operating production lines was 212, unchanged from the previous week, and the operating rate was 71.48%. The apparent consumption of soda ash in November reached 289 tons [96]. 05. Inventory - As of January 17, 2026, the soda ash factory inventory was 157.5 tons, an increase of 0.23 tons from the previous week. The inventory available days were 13.06 days, an increase of 0.02 days from the previous week. The heavy soda ash factory inventory was 73.8 tons, an increase of 0.18 tons from the previous week. The light soda ash factory inventory was 83.7 tons, an increase of 0.05 tons from the previous week. It was expected that the inventory would slightly decrease this week, with an estimated value of 157.27 tons [101][104].