南华期货玻璃纯碱产业周报 ——近端博弈，远端预期 3、现实层面，随着玻璃冷修部分兑现，现货暂稳，但不排除12月中下旬仍有降价预期，观察现货反馈。且沙 河湖北期现+贸易商库存维持高位，淡季来临，现货压力尚存；纯碱仍在过剩预期中，整体上方压制较强，但 远期又有成本支撑（原盐和煤），价格或震荡为主。 ∗ 近端交易逻辑 玻璃：近端冷修基本兑现，当前日熔下滑至15.5万吨附近，12月供应扰动尚在，日熔仍有进一步下滑的预 期，等待12月冷修兑现程度。近月01合约逐步走向交割，博弈的是仓单，或12月中下旬逐步明朗，目前尚有 分歧。基本面，中游高库存以及需求淡季抑制现货价格，观察后续现货反馈。 纯碱：跟随成本波动，不过新产能待投，但现实层面高库存和高产量预期压制绝对价格；纯碱上游去库，如 果从产量和库存数据看，纯碱的过剩程度似乎没有预期的高，保持谨慎态度。 寿佳露（投资咨询资格证号：Z0020569） 交易咨询业务资格：证监许可【2011】1290号 2025年12月07日 第一章 核心矛盾及策略建议 1.1 核心矛盾 当前影响玻璃纯碱走势的核心矛盾有以下几点： 1、12月-春节前仍有部分玻璃产线冷修等待兑现，或影响远月定价 ...

Group 1: Industry Development - The city of Shangqiu is actively cultivating county-level characteristic industries, aiming to create trillion-level industrial clusters in equipment manufacturing, textile and apparel, and food sectors [3] - Companies such as Henan Zhonglian Glass Co., Ltd. and Henan Jiutian Cap Manufacturing Co., Ltd. are expanding their market scale, with products being sold domestically and internationally [3] - Emphasis is placed on increasing the rate of numerical control in key equipment and promoting the upgrade of product structures towards high-end offerings [3] Group 2: Agricultural Production - In high-standard farmland in Liu Shop Township, Liu Ning inspected seedling conditions and water conservancy infrastructure, stressing the importance of implementing effective management measures for wheat cultivation [4] - The focus is on enhancing soil fertility and providing technical guidance to improve agricultural productivity [4] Group 3: Cultural and Tourism Integration - Liu Ning highlighted the need to promote the integration of agriculture, culture, and tourism, aiming to broaden income channels for farmers [4] - The development of traditional cultural industries and intangible cultural heritage projects is encouraged to ensure the transmission and utilization of excellent traditional Chinese culture [5] Group 4: Governance and Community Engagement - The use of a "Party Building + Grid + Big Data" model is emphasized to enhance resource management and service delivery at the grassroots level [5] - The goal is to improve the precision of grid governance and the refinement of community management [5] Group 5: Economic and Social Development - Liu Ning called for the implementation of the spirit of the 20th National Congress and the important speeches by General Secretary Xi Jinping during his visit to Henan, focusing on high-quality development of the real economy [5] - The aim is to accelerate the construction of a modern industrial system while ensuring safety production and livelihood guarantees [5]

Group 1 - The article discusses the development of county-level characteristic industries in Shangqiu City, focusing on creating billion-level industrial clusters in sectors such as equipment manufacturing, textiles, and food [2] - Liu Ning, the provincial secretary, visited various companies to assess their production capabilities and market expansion, emphasizing the importance of technological upgrades and product quality [2][3] - Specific companies mentioned include Henan Zhonglian Glass Co., Ltd., Henan Jiutian Cap Manufacturing Co., Ltd., and Henan Shunyang New Materials Co., Ltd., which are recognized for their contributions to the local economy [2] Group 2 - Liu Ning highlighted the need for enhancing the safety and quality of products while encouraging companies to focus on high-end product development [2][3] - The article emphasizes the integration of agriculture and tourism, with a focus on maximizing the value of local agricultural products, particularly pears [2][3] - The importance of cultural heritage and its role in tourism development is also discussed, with initiatives aimed at preserving and promoting traditional culture [3][4]

国泰君安期货·能源化工 玻璃纯碱周度报告 国泰君安期货研究所·张驰 投资咨询从业资格号：Z0011243 日期：2025年12月7日 Guotai Junan Futures all rights reserved, please do not reprint 本周玻璃观点：暂时是震荡市 供应 周内浮法玻璃产线变化较大，华中三条产线停产，东北一条产线点火，周产量环比下降。截至20251127，国内玻璃生产线在剔除僵尸产线后 共计297条(20万吨/日），其中在产218条，冷修停产79条，浮法产业企业开工率为73.40%，产能利用率为77.25%。截至2025年12月4日，全国 浮法玻璃日产量为15.5万吨。 需求 截至20251201，全国深加工样本企业订单天数均值10.1天，环比2.4%，同比-17.9%。目前来看，北部区域深加工订单环比略有下滑，南部（除 西南）环比轻微提升，但多数仍以1-7天的散单为主，玻璃工程类订单回款周期较慢，受此影响，同等规模订单的交货周期较往期延长。 库存 截止到20251204，全国浮法玻璃样本企业总库存5944.2万重箱，环比-292万重箱，环比-4.68%，同比+23.25 ...

证券日报网讯 12月5日，凯盛科技在互动平台回答投资者提问时表示，公司高度重视玻璃新材料等新技 术在应用上的拓展，公司生产的柔性玻璃可应用于钙钛矿电池领域，正在推进相关攻关工作。 （文章来源：证券日报） ...

证券日报网12月5日讯菲利华在12月5日回答调研者提问时表示，高性能石英玻璃材料及制品，石英玻璃 纤维和以石英玻璃纤维为基材的复合材料及制品，是半导体、航空航天、光学及电子电路等行业和国家 相关重大工程不可或缺的重要基础性材料及制品。在上述高新技术领域高景气度与国产替代相叠加的背 景下，公司面临良好发展机遇。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网12月5日讯菲利华在12月5日回答调研者提问时表示，2025年上半年，石英玻璃材料营业收入 为6.43亿元，同比增长21.35%，主要原因一方面伴随全球半导体行业复苏，公司半导体板块持续稳步增 长；另一方面航空航天领域需求回暖，订单持续恢复。 ...

Group 1 - The company is currently in the small batch testing and certification phase for its quartz electronic cloth project with end customers [2] - The company is closely monitoring market conditions to reasonably plan, construct, and deploy production capacity to meet market demand [2]

Core Viewpoint - The company reported a significant decline in revenue from quartz glass products in the first half of 2025, primarily due to challenges in the photovoltaic sector, including supply-demand mismatches and intensified competition [1] Group 1: Financial Performance - The revenue from quartz glass products for the first half of 2025 was 262 million yuan, representing a year-on-year decrease of 30.93% [1]

证券日报网12月5日讯科达制造（600499）在12月5日回答调研者提问时表示，目前，公司仍有南美秘鲁 玻璃项目正在建设中，预计于明年投产。此外，公司现金流及融资结构的优化，为公司在平衡经营拓展 以及负债率方面提供了更为灵活的施展空间。后续，公司将持续关注各地区城镇化进程中的建材产品需 求，结合现有销售渠道的可复用性、品牌属性的赋能效果等，积极寻求产能布局的机会。 ...