Report Overview - The report is a weekly analysis of the black commodity sector, covering varieties such as rebar, hot-rolled coils, iron ore, coke, coking coal, glass, and soda ash [2] 1. Report Industry Investment Rating - No investment rating provided in the report 2. Report's Core View - **Long - term outlook**: For rebar and iron ore, construction site funds are improving, but the steel off - season is obvious, and the profitability of steel mills is narrowing. The supply of iron ore is loose, but iron - water production is falling. For glass and soda ash, glass inventory has stopped increasing, production has decreased, and sales are good. Soda ash supply has declined, and demand is expected to narrow [67][71] - **Short - term outlook**: Rebar and iron ore will fluctuate within a range. Glass is expected to be strong in the short - term due to cold - repair production cut expectations, while soda ash will continue to oscillate at a low level [68][72] 3. Summary by Relevant Catalogs 3.1 Black Commodity Weekly Market Review | Variety | Contract | 2025/11/21 | 2025/11/28 | Change | % Change | Spot Price | Basis (Unconverted) | | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | RB2601 | 3057 | 3110 | 53 | 2 | 3250 | 140 | | Hot - rolled Coil | HC2601 | 3270 | 3302 | 32 | 1 | 3290 | - 12 | | Iron Ore | I2601 | 786 | 794 | 9 | 1 | 805 | 11 | | Coke | J2601 | 1615 | 1575 | - 40 | - 2 | 1770 | 196 | | Coking Coal | JM2601 | 1103 | 1067 | - 36 | - 3 | 1510 | 443 | | Glass | FG601 | 987 | 1053 | 66 | 7 | 1090 | 37 | | Soda Ash | SA601 | 1170 | 1177 | 7 | 1 | 1261 | 84 | [3] 3.2 Rebar - **Profit**: On November 27, the blast - furnace profit of rebar was - 19 yuan/ton [7] - **Supply**: As of November 28, the blast - furnace operating rate was 81.09%, a decrease of 1.1 percentage points; the daily average pig - iron output was 2.3468 million tons, a decrease of 16,000 tons; the rebar output was 2.0608 million tons, a decrease of 18,800 tons [12] - **Demand**: In the week of November 28, the apparent consumption of rebar was 2.2794 million tons, a decrease of 28,500 tons compared with the previous week. As of November 27, the trading volume of construction steel by mainstream traders was 92,694 tons [17] - **Inventory**: In the week of November 28, the social inventory of rebar was 3.8475 million tons, a decrease of 154,500 tons; the in - plant inventory was 1.4673 million tons, a decrease of 65,900 tons [22] 3.3 Iron Ore - **Supply**: In the week of November 21, the global iron - ore shipping volume was 3.2784 million tons, a decrease of 238,000 tons; the arrival volume at 47 ports in China was 2.9395 million tons, an increase of 569,600 tons [27] - **Inventory**: In the week of November 28, the inventory of imported iron ore at 47 ports was 15.90122 million tons, an increase of 166,370 tons; the inventory of imported iron ore at 247 steel enterprises was 8.94248 million tons, a decrease of 58,750 tons [32] - **Demand**: In the week of November 28, the average daily port clearance volume of imported iron ore at 47 ports was 344,060 tons, an increase of 670 tons. As of November 27, the trading volume at major Chinese ports was 119,100 tons [37] 3.4 Float Glass - **Supply**: In the week of November 28, the number of operating float - glass production lines was 220, a decrease of 1; the weekly output was 1,103,895 tons, a decrease of 6,300 tons. As of November 27, the capacity utilization rate was 78.58%, and the operating rate was 74.32% [42] - **Inventory**: In the week of November 28, the in - plant inventory of float glass was 62.362 million weight - boxes, a decrease of 941,000 tons; the available days of in - plant inventory were 27.5 days, the same as the previous week [47] - **Demand**: In the week of November 17, the number of days of deep - processing orders from glass downstream manufacturers was 9.9 days [51] 3.5 Soda Ash - **Supply**: In the week of November 28, the capacity utilization rate of soda ash was 80.08%, a decrease of 2.6 percentage points; the output was 698,200 tons, a decrease of 22,700 tons [55] - **Inventory**: As of November 28, the in - plant inventory of soda ash was 1.5874 million tons, a decrease of 57,000 tons [60] - **Sales Ratio**: As of November 28, the sales ratio of soda ash was 108.16%, a decrease of 0.57 percentage points [64]

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 玻璃早报 2025-11-28 每日观点 玻璃： 1、基本面：生产利润修复乏力但供给收缩不及预期；地产拖累下游深加工订单偏弱，库存同期历 史高位；偏空 2、基差：浮法玻璃河北沙河大板现货988元/吨，FG2601收盘价为1041元/吨，基差为-53元，期货 升水现货；偏空 3、库存：全国浮法玻璃企业库存6236.20万重量箱，较前一周减少1.49%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 1、主要逻辑：玻璃供给低位企稳，下游深加工厂订单惨淡，玻璃厂库回升，预期玻璃低位震荡偏弱运 行为主。 2、风险点： "反内 ...

Core Points - The board of directors of Shanghai Yaopi Glass Group Co., Ltd. held its 12th meeting of the 12th session, with all directors present and voting in favor of all proposals [2][3][4] Meeting Details - The meeting was conducted in accordance with relevant laws, regulations, and the company's articles of association [5] - Notification and materials for the meeting were sent to all directors via email on November 18, 2025 [5] - The meeting took place on November 27, 2025, via telecommunication, with all 9 directors present [6][7] Resolutions Passed - The board approved the performance assessment agreements for senior management for the year 2025, with specific votes recorded for each agreement [8] - The performance agreement for the General Manager, Sha Haixiang, was discussed without his participation, resulting in 8 votes in favor [9] - The performance agreement for the Chief Financial Officer, Gao Fei, received unanimous approval with 9 votes in favor [10] - The performance agreement for the Secretary of the Board, Lu Minghong, also received unanimous approval with 9 votes in favor [10] - The performance agreement for the Deputy General Manager, Lu Minghong, was similarly approved with 9 votes in favor [10] - The board authorized the establishment of a special account for funds raised through a specific issuance of A-shares and the signing of a fund storage supervision agreement [11] - This measure aims to ensure the proper management and safe use of the raised funds, in compliance with regulatory requirements [11] - The board granted authority to the chairman or general manager to handle the opening of the special bank account and the signing of the supervision agreement [11]

Group 1 - The core point of the article is that Fuyate (SH 601865) held its 10th meeting of the 7th Board of Directors on November 27, 2025, to discuss the establishment of a special fundraising account and sign regulatory agreements [1] - For the first half of 2025, Fuyate's revenue composition was as follows: photovoltaic glass accounted for 89.76%, power generation revenue 3.16%, engineering glass 3.14%, other businesses 1.98%, and home glass 1.58% [1] - As of the report date, Fuyate's market capitalization was 37.7 billion yuan [1]

Report Industry Investment Ratings - Crude Oil: Cautiously bearish [1] - LPG: Cautiously bearish [1] - L: Bearish continuation [1] - PP: Bearish continuation [1] - PVC: Bearish consolidation [1] - PX/PTA: Cautiously bullish [3] - Ethylene Glycol: Cautiously bearish [3] - Methanol: Bullish [3] - Urea: Cautiously bearish [3] - Natural Gas: Cautiously bearish [6] - Asphalt: Cautiously bearish [6] - Glass: Bearish rebound [6] - Soda Ash: Bearish consolidation [6] Report's Core Views - The market is affected by geopolitical factors such as the easing of the Russia-Ukraine conflict, and the prices of most energy and chemical products are under pressure. The supply and demand fundamentals of each product vary, and investors should pay attention to relevant factors and adopt corresponding strategies [1][3][6]. Summary by Relevant Catalogs Crude Oil - **Market Performance**: Overnight international oil prices rebounded, with WTI rising 1.21%, Brent rising 1.20%, and SC falling 1.03% [7][8]. - **Basic Logic**: The core driver is the oversupply of crude oil in the off - season, and the short - term driver is the easing of the Russia - Ukraine conflict [9]. - **Fundamentals**: As of the week of November 26, the number of US oil rigs decreased, and Mexico's oil production declined. OPEC expects an increase in global oil demand in 2025 and 2026. US crude oil inventories increased [10]. - **Strategy Recommendation**: For the medium - to - long - term, OPEC+ is expanding production, and the oil price is in a low - price range. Technically, the short - term rebound is weak. Partially close short positions. Pay attention to the range of SC at [440 - 450] [11]. LPG - **Market Performance**: On November 26, the PG main contract closed at 4259 yuan/ton, up 0.66% [12]. - **Basic Logic**: The price is anchored to the cost of crude oil, with the cost side bearish and the demand side having some resilience. The basis is high, and the price is under pressure [13]. - **Fundamentals**: Supply decreased slightly, demand from downstream chemical industries was relatively stable, and inventories increased [13]. - **Strategy Recommendation**: In the medium - to - long - term, the supply of upstream crude oil exceeds demand, and the price of LPG still has room to decline. Technically, the short - term rebound is under pressure. Do not chase the rise, and go short on rebounds. Pay attention to the range of PG at [4200 - 4300] [14]. L - **Market Performance**: The L01 contract closed at 6707 yuan/ton, down 0.8% [17]. - **Basic Logic**: The chemical sector rebounded, but the supply was under pressure, the demand was weak, and the cost support was insufficient [19]. - **Fundamentals**: Domestic production increased seasonally, the downstream start - up rate decreased, and the oil price was expected to decline in the medium term [19]. - **Strategy Recommendation**: Short - term, reduce short positions. Medium - to - long - term, wait for rebounds to go short. Pay attention to the range of L at [6750 - 6850] [19]. PP - **Market Performance**: The PP01 contract closed at 6265 yuan/ton, down 0.8% [21]. - **Basic Logic**: The fundamentals followed the cost side, with high inventory, weak demand, and the oil price still facing downward pressure [23]. - **Fundamentals**: The upstream and mid - stream inventories were high, the devices were restarting, and the external and internal demand was insufficient [23]. - **Strategy Recommendation**: At the low price level, reduce short positions in the short - term. Medium - to - long - term, wait for rebounds to go short. Pay attention to the range of PP at [6350 - 6500] [23]. PVC - **Market Performance**: The V01 contract closed at 4491 yuan/ton, down 0.1% [24]. - **Basic Logic**: The basis was repaired, the social inventory was high, the upward drive was insufficient, but the low valuation provided support [26]. - **Fundamentals**: The anti - dumping was unlikely to be implemented, and the export orders increased. The trading returned to the weak fundamentals [26]. - **Strategy Recommendation**: The market maintained a high premium. Industries should hedge at high prices. Be cautious about short - selling and wait for bullish drivers. Pay attention to the range of V at [4400 - 4550] [26]. PX/PTA - **Market Performance**: The TA05 contract closed at 4710 yuan/ton, down 34 yuan/ton [27]. - **Basic Logic**: The supply pressure was relieved, the demand was relatively good, but the cost was under pressure, and there was a risk of inventory accumulation in December [28]. - **Fundamentals**: Some devices were under maintenance, the downstream polyester and weaving start - up rates were high, and the PX price might follow the decline of crude oil [28]. - **Strategy Recommendation**: The valuation and processing fees were not high. Pay attention to the opportunity to go long on dips. Pay attention to the range of TA at [4650 - 4725] [28]. Ethylene Glycol - **Market Performance**: The EG05 contract closed at 3808 yuan/ton, down 14 yuan/ton [29]. - **Basic Logic**: The domestic start - up rate decreased, the new devices were put into production, the supply pressure increased, and the demand was relatively good but the orders were weakening [30]. - **Fundamentals**: The domestic and overseas device status changed, the inventory increased slightly, and the cost was under pressure [30]. - **Strategy Recommendation**: Pay attention to the opportunity to go short on rebounds. Pay attention to the range of EG at [3880 - 3930] [31]. Methanol - **Market Performance**: The main contract position decreased slightly [34]. - **Basic Logic**: The spot price in Taicang stabilized, the port basis strengthened, the inventory decreased but was still at a high level. The supply pressure was large, the demand improved, and the cost support was weak [34]. - **Fundamentals**: Domestic devices increased production, overseas devices maintained stability, downstream demand improved, and the inventory decreased [35]. - **Strategy Recommendation**: Close short positions at the low - valuation level. Pay attention to the opportunity to go long on the 05 contract on dips [34]. Urea - **Market Performance**: The UR01 contract closed at 1654 yuan/ton, down 11 yuan/ton [37]. - **Basic Logic**: The supply pressure remained, the demand was mixed, the social inventory was high, and the export had been priced in. Be vigilant about the downward risk [38]. - **Fundamentals**: The supply was high, the domestic demand was weak before the year, the export was good, the inventory decreased slightly, and the cost was supported [39]. - **Strategy Recommendation**: The fundamentals are weak. Pay attention to the opportunity to go short on rebounds. Pay attention to the range of UR at [1625 - 1655] [40]. Natural Gas - **Market Performance**: On November 25, the NG main contract closed at 4.481 US dollars per million British thermal units, down 4.09% [43]. - **Basic Logic**: The easing of the Russia - Ukraine conflict led to concerns about the return of Russian gas, putting pressure on the gas price. The demand entered the peak season, providing some support [44]. - **Fundamentals**: The number of US natural gas drilling platforms increased, China's natural gas production increased, and US natural gas inventories decreased [44]. - **Strategy Recommendation**: The demand is supported in the peak season, but the supply is sufficient, and the gas price is under pressure. Pay attention to the range of NG at [4.565 - 4.800] [45]. Asphalt - **Market Performance**: On November 26, the BU main contract closed at 3043 yuan/ton, up 0.81% [47]. - **Basic Logic**: The price is mainly anchored to crude oil. Affected by the easing of the Russia - Ukraine conflict and South American geopolitics, there is still room for price compression [48]. - **Fundamentals**: The production plan decreased in December, the demand increased slightly, and the inventory decreased [48]. - **Strategy Recommendation**: The valuation is returning to normal, the supply is sufficient, and the demand is in the off - season. Hold short positions. Pay attention to the range of BU at [2950 - 3050] [49]. Glass - **Market Performance**: The FG01 contract closed at 1037 yuan/ton, up 2.3% [51]. - **Basic Logic**: The cold - repair expectation provides support, but the supply is difficult to decline further, and the demand is weak [53]. - **Fundamentals**: The daily melting volume remained stable, the real - estate market was weak, and the deep - processing orders were at a low level [53]. - **Strategy Recommendation**: Close short positions in the short - term. Medium - to - long - term, go short on rebounds. Pay attention to the range of FG at [990 - 1040] [53]. Soda Ash - **Market Performance**: The SA01 contract closed at 1173 yuan/ton, down 0.8% [55]. - **Basic Logic**: The demand weakened, the supply was in a loose pattern in the medium - to - long - term, and the market was in a bearish consolidation [54]. - **Fundamentals**: Some devices were under maintenance or reduced production, the demand from the glass industry decreased, and the inventory was high [55]. - **Strategy Recommendation**: Hold short positions on the 01 alkali - glass spread. Be cautious about short - selling at the low price level. Medium - to - long - term, go short on rebounds [55].

Report Information - Report Name: Soda Ash and Glass Daily Report [1] - Date: November 27, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - Soda ash continues its weak pattern of supply - demand imbalance. In the short - term, it will experience bottom - grinding oscillations, and in the medium - to - long - term, it may be treated with a strategy of shorting on rebounds [8] - The current glass price has limited room to decline further. The mid - term market direction is still dominated by fundamentals. Without new market expectations, the downward trend of the market is difficult to reverse [9] Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 26, the main soda ash futures contract SA601 oscillated at a low level. The closing price was 1,175 yuan/ton, remaining unchanged from the previous day, with a daily reduction of 27,403 lots in positions [7] - Soda ash maintains a weak supply - demand imbalance. Although weekly production and operating rates have declined, the absolute output remains high. Downstream float glass has a weak supply - demand situation, and the terminal real estate and photovoltaic demand show no significant improvement. Cost supports prices, but high inventory restricts price increases [8] Glass - On the fundamental side, the spot performance is lower than market expectations. The impact of the concentrated production suspension in Shahe is less than expected. Supply is stable, inventory remains high after the holiday, and demand from the real estate market is weak. However, as industry profits decline, cold - repairs are accelerating. If 5,000 tons of production lines are cold - repaired by the end of the year, inventory can be reduced, and a new supply - demand balance can be achieved. The glass price is currently undervalued, with limited room for further decline [9] 2. Data Overview - The report presents various data charts, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [13][17][18]

（原标题：卢旺达公布7300万吨硅砂储量） 卢旺达公布7300万吨硅砂储量 驻卢旺达使馆经商处 到生产玻璃瓶、窗玻璃、玻璃纤维等工业产品的标准水平。 《新时代报》11月26日报道，卢矿业、石油和天然气署（以下简称"矿业 署"）称该国拥有7300万吨硅砂储量，这将助卢成为玻璃制造价值链中的重要 参与者。据勘探，硅砂矿床主要位于基雷赫（Kirehe）、马桑加诺 （Masangano）、尼亚玛谢克（Nyamasheke）、卡龙吉（Karongi）、鲁西罗 （Rutsiro）、鲁巴武（Rubavu）、尼亚比胡（Nyabihu）和穆汉加 （Muhanga），足以支持未来700年的大规模玻璃生产。其中，基雷赫的硅砂 储量最多，超过5500万吨；且质量最佳，其矿床样本二氧化硅含量98.9%，达 根据全球市场洞察报告，受建筑业增长、塑料消费减少以及饮料包装需求 上升的推动，东非平板玻璃市场规模预计到2024年将超过2.35亿美元。其中， 卢玻璃瓶需求量预计将从2023年的21816吨增加到2027年的24179吨。卢发展署 表示，本土化生产可使玻璃产品价格降低30%。建设一家平板玻璃厂需投资 8500万美元，建设一家容器玻璃 ...

Group 1 - The construction materials industry is experiencing a downward trend due to factors such as real estate decline and low infrastructure funding rates, with significant supply clearance leading to price stabilization expected in 2025 [2][21] - Domestic demand is anticipated to improve with the implementation of policies aimed at reducing overproduction and controlling energy consumption, particularly in the cement sector [2][26] - The overseas expansion of construction materials companies, exemplified by Huaxin Cement and Keda Manufacturing, is opening new growth opportunities, leveraging supply chain and management advantages [2][82] Group 2 - The construction materials index increased by 15.41% as of November 23, 2025, outperforming the CSI 300 index, which rose by 13.18%, ranking 11th among all industries [7][21] - The glass fiber and cement sectors showed superior performance, with significant year-on-year profit improvements in the first half of 2025, while the pipe and glass manufacturing sectors lagged due to declining completion demand [7][14] - The overall revenue of the construction materials sector continues to decline, but the rate of decline has narrowed significantly compared to previous years, with profits beginning to rebound [14][18] Group 3 - The cement industry is under pressure, with long-term demand declining by approximately 30% from peak levels, and 2025 is expected to see continued high single-digit production declines [25][26] - The core of the "anti-involution" policy in the cement sector focuses on limiting overproduction, with the potential for improved capacity utilization if policies are effectively executed [26][27] - Major players like Conch Cement are expected to benefit from cost advantages and a gradual recovery in profitability as the industry stabilizes [27] Group 4 - The glass industry is facing demand suppression due to declining construction activity, with expectations for demand to bottom out in 2026 [31][33] - Market-driven capacity reduction is crucial, as the glass sector is currently experiencing losses, and the industry is expected to see a significant reduction in new capacity in 2025 [34][38] - Companies like Qibin Group are positioned to benefit from a potential recovery in the glass market, particularly in the photovoltaic segment [42] Group 5 - The glass fiber sector is expected to maintain a tight supply-demand balance in 2026, with high demand for specialty fibers driven by AI applications [49][53] - The industry is experiencing structural differentiation, with high profitability in wind power and thermoplastic sectors, while traditional segments remain under pressure [49][50] - Companies like China Jushi are well-positioned due to their optimal product structure and significant cost advantages [54] Group 6 - The consumer building materials sector is transitioning into a stock market era, with a focus on channel transformation and renovation demand from existing homes [62][63] - Companies are experiencing strong pricing power, with expectations for profitability to recover as the industry stabilizes [63][65] - Leading companies like Rabbit Baby are effectively expanding channels and product lines, achieving stable revenue growth despite overall market weakness [67] Group 7 - The overseas expansion of construction materials companies is becoming increasingly important, with international markets offering higher profit margins compared to domestic markets [82] - Huaxin Cement has established a strong overseas presence, contributing significantly to its revenue and profitability [86] - Keda Manufacturing is recognized as a leading player in the African ceramics market, consistently delivering high profitability [88]

Core Viewpoint - The domestic futures market for the energy and chemical sector shows mixed performance, with glass futures experiencing a significant increase in price, indicating potential bullish sentiment in the market [1] Supply - Hubei Yijun's 900T/D production line has halted operations, while Guizhou Kairong's 600T/D float glass line has switched production to European gray glass. Some production lines are expected to halt or change color from the end of this month to early next month [1] Demand - New Lake Futures reports an increase in purchasing sentiment in Shahe over the weekend, with other regions primarily focusing on just-in-time sales. The overall market sentiment has led to many regions achieving over 100% sales. In mid-November, the order days for deep processing were reported at 9.9 days, a decrease of 8.9% month-on-month. However, there has been a slight improvement in orders in East China, with an average of 6.2 days, an increase of 0.3 days [1] Inventory - According to Shenwan Hongyuan Futures, the inventory of glass production enterprises reached 60.05 million heavy boxes last week, an increase of 430,000 heavy boxes compared to the previous week [1] Market Outlook - Jianxin Futures indicates that current glass price valuations are relatively low, suggesting limited space for further declines. The medium-term market direction will continue to be driven by fundamentals, and without new market expectations to stimulate demand, a downward trend in prices is likely to persist [1]

近日，上述大修项目已具备较为完整的工艺条件及相关的配套设施，经过多次调试各项指标已达到投产 要求，并投入生产。 该项目的投产符合公司产能规划的战略目标，有利于公司进一步提升产量和市场占有率。该项目未来运 营将受市场风险、经营管理风险、技术风险等多种因素的影响，敬请广大投资者注意投资风险。 全资子公司大修项目投产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 山东华鹏玻璃股份有限公司（以下简称"公司"）全资子公司安庆华鹏长江玻璃有限公司因政府环保要求 及窑炉运行接近使用寿命末期，需对窑炉及相关设备设施进行升级改造，于2025年7月初进行停产大 修，具体内容详见公司于2025年7月8日在指定信息披露媒体上披露的《关于全资子公司大修改造的公 告》（公告编号：临2025-039）。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603021 证券简称：ST华鹏 公告编号：临2025-066 山东华鹏玻璃股份有限公司关于 特此公告。 山东华鹏玻璃股份有限公司董事会 2025年11月25日 ...