Group 1 - The core point of the article is that the company, Three Gorges New Materials (600293.SH), plans to optimize production line efficiency and improve operational efficiency by suspending and cold-repairing its float glass production line starting from November 30, 2025, for an estimated duration of about one year [1] Group 2 - The decision to suspend the float glass production line is based on considerations of the design lifespan of the glass production line, the current state of the melting furnace, and the actual production and operational conditions [1]

Core Viewpoint - The founder and honorary chairman of Fuyao Glass Industry Group Co., Ltd., Cao Dewang, emphasized the responsibility of entrepreneurs to contribute to the country and society, beyond merely pursuing profits [1] Group 1 - The "Understanding China" International Conference for 2025 commenced in Guangzhou on December 1 [1] - Cao Dewang delivered a keynote speech during the conference, highlighting the importance of corporate social responsibility [1]

1. Report Industry Investment Ratings - **Cautiously Bearish**: Crude oil, LPG, L, PP, PVC, ethylene glycol, urea, asphalt, soda ash [1][3][5] - **Cautiously Bullish**: PX/PTA, methanol, natural gas [3][5] - **Bearish Rebound**: L, PP, glass [1][5] - **Bearish Continuation**: Soda ash [5] 2. Core Views of the Report - **Crude Oil**: OPEC+ maintains production policy, supply surplus in the off - season dominates. Geopolitical tensions ease, and prices are under pressure. Consider partial profit - taking on short positions [1][8]. - **LPG**: Saudi Arabia raises CP contract price, but the market has priced it in. There is short - term correction pressure. Consider buying put options [1]. - **L**: Cost support improves, but supply is sufficient, and demand weakens after November. Close short positions and wait for a rebound to go short [1]. - **PP**: 12 - month CP quote rises, providing cost support. Supply is under pressure, and there is a high de - stocking pressure. Close short positions and wait for a rebound to go short [1]. - **PVC**: Chlor - alkali profit is compressed. Social inventory is high, but there is low - valuation support. Consider short - term long positions based on capital dynamics and long - term long positions after inventory de - stocking [1]. - **PX/PTA**: Processing fees are low, supply pressure eases due to device maintenance, and downstream demand is good. Consider going long on dips [3]. - **Ethylene Glycol**: Supply pressure may ease with future device maintenance, but there is a cumulative inventory expectation in December. Lack of upward drivers, consider short positions on rebounds [3]. - **Methanol**: Port inventory is decreasing, but supply pressure is still high. Consider going long on 05 contract on dips [3]. - **Urea**: Supply pressure is large, demand is weak domestically and strong overseas. Consider short positions on rebounds [3]. - **Natural Gas**: Entering the consumption peak season, demand is supported, and prices are likely to rise [5]. - **Asphalt**: Supply and demand are both weak, and prices are under pressure. Continue to hold short positions [5]. - **Glass**: Pay attention to the implementation of cold - repair plans. Short - term may be strong, but long - term is bearish [5]. - **Soda Ash**: Warehouse receipts increase, supply is in a long - term high - production cycle, and demand is weak. Hold short positions on the 01 alkali - glass spread and wait for a rebound to go short [5]. 3. Summaries According to Relevant Catalogs 3.1 Crude Oil - **Market Review**: On November 27, WTI decreased by 0.17%, Brent decreased by 0.78%, and SC increased by 1.30% [7]. - **Basic Logic**: OPEC+ maintains production policy, supply surplus in the off - season, and geopolitical tensions ease [8]. - **Fundamentals**: Supply: US oil rig count decreases, and Mexican oil production declines. Demand: OPEC expects global oil demand to increase in 2025 and 2026. Inventory: US crude and refined product inventories increase [9]. - **Strategy Recommendation**: Consider partial profit - taking on short positions. Pay attention to the range of SC [450 - 460] [10]. 3.2 LPG - **Market Review**: On November 28, the PG main contract closed at 4361 yuan/ton, up 2.16% [11]. - **Basic Logic**: Cost is linked to crude oil, downstream demand is resilient, and inventory decreases [12]. - **Strategy Recommendation**: Do not chase the rise, buy put options. Pay attention to the range of PG [4350 - 4450] [13]. 3.3 L - **Market Review**: L2601 contract closed at 6699 yuan/ton [16]. - **Basic Logic**: Cost support improves, but supply is sufficient, and demand weakens after November [18]. - **Strategy Recommendation**: Close short positions, wait for a rebound to go short. Pay attention to the range of L [6750 - 6900] [18]. 3.4 PP - **Market Review**: PP2601 closed at 6265 yuan/ton [21]. - **Basic Logic**: 12 - month CP quote rises, supply is under pressure, and there is a high de - stocking pressure [22]. - **Strategy Recommendation**: Close short positions, wait for a rebound to go short. Pay attention to the range of PP [6350 - 6500] [22]. 3.5 PVC - **Market Review**: V2601 closed at 4586 yuan/ton [25]. - **Basic Logic**: Chlor - alkali profit is compressed, social inventory is high, but there is low - valuation support [26]. - **Strategy Recommendation**: Consider short - term long positions based on capital dynamics and long - term long positions after inventory de - stocking. Pay attention to the range of V [4500 - 4700] [26]. 3.6 PX/PTA - **Market Review**: TA05 closed at 4752 yuan/ton [27]. - **Basic Logic**: Processing fees are low, supply pressure eases due to device maintenance, and downstream demand is good. There is a cumulative inventory expectation in December [28]. - **Strategy Recommendation**: Consider going long on dips. Pay attention to the range of TA [4650 - 4740] [29]. 3.7 Ethylene Glycol - **Market Review**: Not explicitly mentioned. - **Basic Logic**: Domestic coal - based ethylene glycol device starts to increase, but future integrated device maintenance will ease supply pressure. There is a cumulative inventory expectation in December [31]. - **Strategy Recommendation**: Consider short positions on rebounds. Pay attention to the range of EG [3850 - 3920] [32]. 3.8 Methanol - **Market Review**: Not explicitly mentioned. - **Basic Logic**: Taicang spot strengthens, port inventory decreases, supply pressure is high, and demand improves [35]. - **Strategy Recommendation**: Continue to pay attention to going long on the 05 contract on dips. Pay attention to the range of MA [2105 - 2145] [38]. 3.9 Urea - **Market Review**: URO5 closed at 1743 yuan/ton [39]. - **Basic Logic**: Supply pressure is large, demand is weak domestically and strong overseas, and inventory is high [40]. - **Strategy Recommendation**: Consider short positions on rebounds. Pay attention to the range of UR [1640 - 1680] [41]. 3.10 Natural Gas - **Market Review**: On November 27, the NG main contract closed at 4.850 dollars/million British thermal units, up 6.41% [43]. - **Basic Logic**: EU bans Russian gas imports, entering the consumption peak season, and demand is supported [44]. - **Strategy Recommendation**: Gas prices are likely to rise. Pay attention to the range of NG [4.680 - 5.000] [45]. 3.11 Asphalt - **Market Review**: On November 28, the BU main contract closed at 2996 yuan/ton, down 0.37% [48]. - **Basic Logic**: Cost is linked to crude oil, supply is sufficient, and demand is in the off - season [49]. - **Strategy Recommendation**: Continue to hold short positions. Pay attention to the range of BU [2950 - 3050] [50]. 3.12 Glass - **Market Review**: FG2601 closed at 1053 yuan/ton [53]. - **Basic Logic**: Multiple production lines plan cold - repair in December, but demand is weak [54]. - **Strategy Recommendation**: Pay attention to cold - repair implementation. Short - term may be strong, long - term is bearish. Pay attention to the range of FG [1020 - 1070] [54]. 3.13 Soda Ash - **Market Review**: SA2601 closed at 1239 yuan/ton [57]. - **Basic Logic**: Warehouse receipts increase, supply is in a long - term high - production cycle, and demand is weak [58]. - **Strategy Recommendation**: Hold short positions on the 01 alkali - glass spread and wait for a rebound to go short. Pay attention to the range of SA [1140 - 1180] [58].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents the latest prices, profit margins, and market conditions of glass and soda ash in different regions, including price changes, production and sales, and inventory trends. 3. Summary by Category Glass - **Price Information**: From November 21 to November 28, 2025, the prices of 5mm glass in various regions showed different trends. For example, the price of 5mm large - plate glass from Shahe Anquan increased from 1044.0 to 1061.0, and the price of FG05 contract rose from 1141.0 to 1170.0 [1]. - **Profit Margin**: The profit margins of glass production using different energy sources also changed. The profit of North China coal - fired glass increased from 78.5 to 112.7, while the profit of South China natural gas - fired glass remained at - 188.1 [1]. - **Market Conditions**: The production and sales of glass factories in Shahe have recently strengthened, but the sales of traders are average. In Hubei, the transaction of factories has improved, but the mid - stream transaction has weakened. The production and sales rates in Shahe, Hubei, East China, and South China are 162, 162, 111, and 116 respectively [1]. Soda Ash - **Price Information**: From November 21 to November 28, 2025, the prices of heavy soda ash in different regions changed. For example, the price of heavy soda ash in Shahe increased from 1140.0 to 1160.0, and the price of SA01 contract rose from 1170.0 to 1177.0 [1]. - **Profit Margin**: The profit margins of soda ash production using different methods also changed. The profit of North China ammonia - soda method increased from - 338.4 to - 297.0, while the profit of North China combined - soda method changed from - 445.6 to - 448.5 [1]. - **Market Conditions**: The spot price of heavy soda ash in Hebei's delivery warehouses is around 1130, and the price delivered to Shahe is around 1150. The inventory of the mid - upstream of the soda ash industry continues to decline [1].

Core Insights - Zhonglian Glass is leveraging an intelligent system to enhance production efficiency and maintain stable operations across its two float glass production lines, achieving full-load production and real-time data monitoring [2] - The company has successfully upgraded its product system and expanded its market reach, mastering large-scale production capabilities for various high-quality float glass products, including automotive glass and photovoltaic glass, which are sold both domestically and internationally [2] Group 1 - Zhonglian Glass is committed to innovation and product upgrades, focusing on high-end value chain segments while adhering to a development philosophy of "green, intelligent, and high-end" [3] - The company has implemented a smart factory initiative centered around a new generation of float glass production lines, utilizing 3D modeling and simulation technology for process optimization, which has significantly improved production efficiency and product quality [3] - Zhonglian Glass has achieved a production volume of 6.2 million heavy boxes and a sales volume of 5.65 million heavy boxes, reaching 81% of its annual sales target of 6.96 million heavy boxes [3] Group 2 - The economic performance of the Suiyang District reflects a strong development trend, with a regional GDP of 25.17 billion yuan in the first three quarters, representing a year-on-year growth of 6.4%, surpassing the provincial average by 0.8 percentage points [4] - The district is actively implementing the spirit of the 20th National Congress of the Communist Party, focusing on building a modern industrial system supported by advanced manufacturing and promoting high-quality economic development through significant projects [5]

Investment Rating - The report maintains a positive outlook on the AI new materials sector, particularly focusing on domestic leaders such as Zhongcai Technology and Tongguan Copper Foil, which are expected to maintain a technological edge and product reserves [1][11]. Core Insights - The demand for AI new materials is increasing, with a notable distinction between the Google chain and NV chain, leading to differences in quantity, suppliers, and generational products. Cost-effectiveness is prioritized, especially in materials like fiberglass cloth and copper foil [1][11]. - The report highlights the potential for domestic substitution in the market, particularly in response to statements from Mitsui Mining and Manufacturing, indicating a shift in production dynamics among Japanese material companies [1][11]. - The report emphasizes the importance of balancing profitability, capacity, and customer relationships in the context of limited domestic supply capabilities, suggesting that domestic players are currently in a follower position rather than a leading one [1][11]. Summary by Sections Weekly Discussion - The focus this week is on the Google chain, Mitsui's statements, and the motivation for Japanese material companies to shift production. The domestic leaders in materials are expected to maintain their technological advantages [1][11]. Cyclical Linkage - Cement prices averaged 350 RMB/t, down 78 RMB/t year-on-year, with an average shipment rate of 45.4%. Glass prices decreased to 1147.84 RMB/ton, a drop of 20.53 RMB/ton, with inventory days at 30.42 days [3][13]. - The report notes a slight increase in the price of fiberglass, with the average price for 2400tex alkali-free yarn at 3535.25 RMB/ton, reflecting a 0.1% increase [3][61]. Market Performance - The construction materials index decreased by 1.18%, with specific declines in glass manufacturing and fiberglass sectors. The report indicates a need for cautious observation of the cement market due to low demand [16][12]. Price Changes in Construction Materials - Cement prices continued to decline by 0.2%, with regional variations noted. The report indicates a high inventory level in the cement market, with a capacity ratio of 68.13% [29][30]. - The floating glass market is stabilizing, with an average price of 1147.84 RMB/ton, although high inventory levels continue to exert downward pressure on prices [3][42].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In 2025, the glass price showed an overall downward trend with significant pressure in the second half of the year due to intensified supply - demand contradictions, hitting a new low. The core contradiction was "high supply + weak demand + high inventory", and the price struggled near the cost line without rebound momentum [8][37][69]. - For 2026, the real - estate market will remain weak, and the completion end will continue to drag down glass consumption. The overall glass consumption is expected to decline by about 6.0% in 2026. The current profit of float glass has significantly narrowed, and some production processes are in obvious losses. If the whole industry continues to suffer large - scale losses, production line cold repairs may increase, and the supply is expected to decline by 1.9%. Short - term glass still faces a certain degree of oversupply, and attention should be paid to supply - side changes for trading opportunities [7][11][70]. - In the short term, in the absence of real - estate stimulus policies and large - scale cold repairs of glass factories, it is suitable to conduct short - selling hedging at high prices [12][71]. Summary by Directory 2025 Glass Market Review 1.1 Real - Estate Industry Continued to Cool, and Completion Year - on - Year Declined Further - In 2025, the glass price showed an overall downward trend. From January to June, affected by the continuous shrinkage of real - estate completion area and low - volume deep - processing orders, the glass futures main contract fell from the high at the beginning of the year. From July to August, there was a short - term price rebound due to policy expectations, but it fell again after no substantial policies were introduced. From September to October, the traditional peak consumption season did not see a demand rebound, and the price hit a new low. In November, the price dropped below 1000 yuan/ton, and the market sentiment was bearish [17][37][69]. 1.2 Limited Support from Real - Estate Policies, and Home - Improvement Retail Orders Strengthened Temporarily due to National Subsidies - In 2025, the support effect of real - estate policies weakened, and the real - estate completion end dragged down glass consumption. Home - improvement retail orders increased temporarily due to national subsidies, but the situation after the subsidy withdrawal needs attention. From January to October, the sales area and sales volume of new commercial housing decreased year - on - year. The sales of existing homes were better than pre - sold homes, with the proportion of existing home sales rising to 35.3%. The transaction volume of second - hand homes in key cities increased by 5% year - on - year from January to October, showing a "price - for - volume" trend [23][24][30]. 1.3 New - Energy Vehicles Maintained a Good Momentum, Supporting Automotive Glass Consumption - From January to October 2025, the cumulative national automobile production was 27.692 million vehicles, a year - on - year increase of 13.2%, and the cumulative new - energy vehicle production was 12.672 million vehicles, a year - on - year increase of 28.0%. The automobile export also maintained a high positive growth, with a cumulative export of 6.51 million vehicles from January to October, a year - on - year increase of 23.1% [34]. 2026 Glass Industry Outlook 2.1 The Weakness of the Real - Estate Market is Difficult to Reverse, and Completion Continues to Drag Down Glass Consumption - For 2026, the focus of the glass consumption judgment is still on the real - estate industry. The real - estate completion end has been dragging down glass consumption. New home transactions have not improved, and the completion consumption has declined for two consecutive years. In the long run, the real - estate market will remain weak, and the completion end will continue to drag down glass consumption [38][69][70]. 2.2 Glass Profit is Compressed, and Supply is Uncertain - In 2025, glass consumption continued to weaken, and the production profit was significantly compressed. As of November 21, the petroleum coke and coal - gas production methods maintained a small profit, while the natural - gas production line had obvious losses, with a loss of more than 200 yuan/ton. The float glass production has been at a low level, and the glass supply is expected to decline. For 2026, if the industry continues to suffer large - scale losses, production line cold repairs may increase, and production may decline [46][54][70]. 2026 Glass Supply - Demand Outlook - In 2025, affected by the decline in glass consumption, the production profit of float glass was continuously compressed, and the production volume was at a low level. The decline in consumption was greater than that in production, resulting in an increase in inventory after the Spring Festival. As of November 21, the glass inventory was higher than the previous year, maintaining a medium - to - high level. It is expected that the glass consumption will decline by about 6.0% in 2026, and the supply will decline by 1.9% [7][11][58].

Report on the Glass Industry 1. Investment Rating No investment rating information is provided in the report. 2. Core View The glass industry is currently in a bottom - exploring phase. Although the supply has contracted due to some enterprises' cold - repair of production lines, the overall trading atmosphere in the spot market remains weak. The downstream mainly purchases based on rigid demand, and manufacturers still face significant shipment pressure. The supply - demand contradiction has not been effectively alleviated. It is expected that the short - term market will continue to fluctuate widely. It is recommended to consider short - selling at high prices. Attention should be paid to the actual recovery of downstream orders and the implementation progress of cold - repair production lines [13][14]. 3. Summary by Sections 3.1 Week - on - Week Assessment and Strategy Recommendation - **Price**: As of November 28, 2025, the spot market price of float glass was 1090 yuan/ton, up 10 yuan/ton week - on - week; the closing price of the glass main contract was 1041 yuan/ton, up 52 yuan/ton week - on - week; the basis was 29 yuan/ton, down 72 yuan/ton week - on - week [13][19]. - **Cost and Profit**: The weekly average profit of producing float glass with natural gas was - 227.27 yuan/ton, down 20.43 yuan/ton week - on - week; the low - end price of Henan LNG market was 4250 yuan/ton, down 100 yuan/ton week - on - week. The weekly average profit of using coal as fuel was 4.5 yuan/ton, down 21.29 yuan/ton week - on - week; the weekly average profit of using petroleum coke as fuel was - 31.48 yuan/ton, down 40 yuan/ton week - on - week [13][29][32]. - **Supply**: The weekly output of national float glass was 110.39 tons, down 0.63 tons week - on - week. The number of operating production lines was 220, down 1 week - on - week, and the operating rate was 74.51% [13][37]. - **Demand**: The downstream deep - processing orders of float glass were 9.9 days/ton, down 0.90 days week - on - week; the operating rate of Low - e glass was 46.50%, unchanged week - on - week. From January to October 2024, the cumulative sales area of commercial housing was 71982.00 million square meters, a year - on - year decrease of 6.80%; in October, the sales area of commercial housing was 6147.21 million square meters, a year - on - year decrease of 19.60%. In October, the production and sales of automobiles were 335.87/332.21 million vehicles respectively, a year - on - year increase of 12.09%/8.82%; from January to October, the cumulative production and sales of automobiles were 2769.20/2768.70 million vehicles [13][40][43][46]. - **Inventory**: The national float glass factory inventory was 6236.2 million heavy boxes, down 94.10 million heavy boxes week - on - week; the factory inventory in the Shahe area was 424.64 million heavy boxes, down 38.96 million heavy boxes week - on - week [13][51]. 3.2 Futures and Spot Market - **Glass Basis**: As of November 28, 2025, the basis was 29 yuan/ton, down 72 yuan/ton week - on - week [13][19]. - **Glass Inter - month Spread**: As of November 28, 2025, the 01 - 05 spread was - 112 yuan/ton (+35), the 05 - 09 spread was - 56 yuan/ton (+22), the 09 - 01 spread was 168 yuan/ton (- 57), and the open interest reached 192.57 million lots [22]. 3.3 Profit and Cost - **Float Glass Profit and Cost**: The weekly average profit of producing float glass with natural gas was - 227.27 yuan/ton, down 20.43 yuan/ton week - on - week; the weekly average profit of using coal as fuel was 4.5 yuan/ton, down 21.29 yuan/ton week - on - week; the weekly average profit of using petroleum coke as fuel was - 31.48 yuan/ton, down 40 yuan/ton week - on - week [29][32]. 3.4 Supply and Demand - **Glass Production and Operating Rate**: As of November 28, 2025, the national float glass weekly output was 110.39 tons, down 0.63 tons week - on - week, the number of operating production lines was 220, down 1 week - on - week, and the operating rate was 74.51% [37]. - **Glass Demand**: The downstream deep - processing orders of float glass were 9.9 days/ton, down 0.90 days week - on - week; the operating rate of Low - e glass was 46.50%, unchanged week - on - week. The real - estate and automobile market data are as mentioned above [40][43][46]. 3.5 Inventory As of November 28, 2025, the national float glass factory inventory was 6236.2 million heavy boxes, down 94.10 million heavy boxes week - on - week; the factory inventory in the Shahe area was 424.64 million heavy boxes, down 38.96 million heavy boxes week - on - week [51]. Report on the Soda Ash Industry 1. Investment Rating No investment rating information is provided in the report. 2. Core View Last week, the previously overhauled soda ash production facilities were gradually restarted, and the industry's operating load increased slightly. The mainstream soda ash market maintained on - demand sales, and the inventory decreased slightly. The supply of light soda ash was locally tight, and the demand was relatively stable; the demand for heavy soda ash was weak due to the decline in the downstream glass industry's operation. In general, the soda ash market's quotation remained firm due to cost support and pending orders, and the overall trading atmosphere was mild. It is expected that the soda ash price will remain stable in the short term, but it is still recommended to take a bearish view until the demand side shows significant improvement [62][63]. 3. Summary by Sections 3.1 Week - on - Week Assessment and Strategy Recommendation - **Price**: As of November 28, 2025, the spot market price of heavy soda ash in Shahe was 1146 yuan/ton, up 6 yuan/ton week - on - week; the closing price of the soda ash main contract was 1176 yuan/ton, up 18 yuan/ton week - on - week; the basis was - 30 yuan/ton, unchanged week - on - week [62][68]. - **Cost and Profit**: As of November 28, 2025, the weekly average profit of the ammonia - soda process was - 118.5 yuan/ton, unchanged week - on - week; the weekly average profit of the combined - soda process was - 220 yuan/ton, up 1.5 yuan/ton week - on - week. The price of steam coal at Qinhuangdao Port was 822 yuan/ton, down 8 yuan/ton week - on - week; the low - end price of Henan LNG market was 4250 yuan/ton, down 100 yuan/ton week - on - week. The price of raw salt in the northwest region was 215 yuan/ton, unchanged week - on - week; the price of synthetic ammonia in Shandong was 2446 yuan/ton, up 68 yuan/ton week - on - week [62][79][82]. - **Supply**: As of November 28, 2025, the weekly output of soda ash was 69.82 tons, down 2.27 tons week - on - week, and the capacity utilization rate was 80.08%. The output of heavy soda ash was 38.31 tons, down 1.31 tons week - on - week; the output of light soda ash was 31.51 tons, down 0.96 tons week - on - week [62][90][93]. - **Demand**: As of November 28, 2025, the national float glass weekly output was 110.39 tons, down 0.63 tons week - on - week, the number of operating production lines was 220, down 1 week - on - week, and the operating rate was 74.51%. The apparent consumption of soda ash in October reached 313 tons [62][96]. - **Inventory**: As of November 28, 2025, the soda ash factory inventory was 158.74 tons, down 5.70 tons week - on - week; the inventory available days were 13.16 days, down 0.47 days week - on - week. The heavy soda ash factory inventory was 84.68 tons, down 4.05 tons week - on - week; the light soda ash factory inventory was 74.06 tons, down 1.65 tons week - on - week [62][101][104]. 3.2 Futures and Spot Market - **Soda Ash Basis**: As of November 28, 2025, the basis was - 30 yuan/ton, unchanged week - on - week [62][68]. - **Soda Ash Inter - month Spread**: As of November 28, 2025, the 01 - 05 spread was - 55 yuan/ton (+14), the 05 - 09 spread was - 69 yuan/ton (- 2), the 09 - 01 spread was 124 yuan/ton (- 12), and the open interest reached 192.57 million lots [71]. 3.3 Profit and Cost - **Soda Ash Profit**: As of November 28, 2025, the weekly average profit of the ammonia - soda process was - 118.5 yuan/ton, unchanged week - on - week; the weekly average profit of the combined - soda process was - 220 yuan/ton, up 1.5 yuan/ton week - on - week [79]. - **Raw Material Cost**: The price of steam coal at Qinhuangdao Port was 822 yuan/ton, down 8 yuan/ton week - on - week; the low - end price of Henan LNG market was 4250 yuan/ton, down 100 yuan/ton week - on - week. The price of raw salt in the northwest region was 215 yuan/ton, unchanged week - on - week; the price of synthetic ammonia in Shandong was 2446 yuan/ton, up 68 yuan/ton week - on - week [82][85]. 3.4 Supply and Demand - **Soda Ash Production**: As of November 28, 2025, the weekly output of soda ash was 69.82 tons, down 2.27 tons week - on - week, and the capacity utilization rate was 80.08%. The output of heavy soda ash was 38.31 tons, down 1.31 tons week - on - week; the output of light soda ash was 31.51 tons, down 0.96 tons week - on - week [90][93]. - **Soda Ash Demand**: As of November 28, 2025, the national float glass weekly output was 110.39 tons, down 0.63 tons week - on - week, the number of operating production lines was 220, down 1 week - on - week, and the operating rate was 74.51%. The apparent consumption of soda ash in October reached 313 tons [96]. 3.5 Inventory As of November 28, 2025, the soda ash factory inventory was 158.74 tons, down 5.70 tons week - on - week; the inventory available days were 13.16 days, down 0.47 days week - on - week. The heavy soda ash factory inventory was 84.68 tons, down 4.05 tons week - on - week; the light soda ash factory inventory was 74.06 tons, down 1.65 tons week - on - week [101][104].

Group 1 - The company’s subsidiary, Anqing Huapeng, received a government subsidy of 15.5 million yuan for the air pollution control project, with 4.65 million yuan already received as of October 20, 2025 [1][2] - On November 27, 2025, Anqing Huapeng received an additional 9.3 million yuan, which accounts for 16.88% of the company's latest audited net assets [2] - The government subsidy is classified as an asset-related subsidy, and the accounting treatment and impact on the company's financial results will be confirmed by the annual audit [2]

《山东华鹏关于子公司获得政府补助的进展公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年11月28日收盘，ST华鹏（603021）报收于5.27元，较前一交易日下跌0.19%，最新总市值为 16.86亿元。该股当日开盘5.27元，最高5.39元，最低5.25元，成交额达2867.28万元，换手率为1.68%。 公司近日发布公告称，其全资子公司安庆华鹏长江玻璃有限公司收到2025年中央财政大气污染防治资金 第二批支持资金，项目为"安庆华鹏玻璃窑炉废气治理提升改造项目"。2025年11月27日收到支持资金 930万元，占公司最近一期经审计净资产的16.88%，该补助属于与资产相关的政府补助。此前已于2025 年10月20日收到465万元。公司将依据会计准则进行确认和处理，具体影响以审计结果为准。 最新公告列表 ...