Core Viewpoint - The company is actively pursuing market opportunities in the new year by implementing a continuous 24-hour production schedule to meet its annual production targets and ensure timely order delivery [2] Group 1: Company Operations - The company has achieved a production capacity of 2.4 million glass bottles per day, indicating strong operational performance and a positive start to the year [2] - The production line is characterized by high levels of automation, with machines and robotic arms efficiently handling tasks [2] Group 2: Market Strategy - The company is strategically coordinating its production plans to capitalize on market opportunities, reflecting a proactive approach to business growth [2] - The focus on continuous production is aimed at fulfilling customer orders and maintaining a competitive edge in the market [2]

证券日报网讯 1月7日，三峡新材发布公告称，近日，公司收到政府补助5，000.00万元。 （文章来源：证券日报） ...

| 中信期货有限公司 | | --- | 市场情绪较强,玻纯大幅拉涨 研究员: | 余典 | 陶存辉 | 薛原 | 冉宇蒙 | | --- | --- | --- | --- | | 从业资格号:F03122523 | 从业资格号:F03099559 从业资格号:F03100815 从业资格号:F03144159 | | | | 投资咨询号:Z0019832 | 投资咨询号:Z0020955 | 投资咨询号:Z0021807 | 投资咨询号:Z0022199 | | 1.1 . 2 | | | | 钟 宏 从业资格号:F03118246 投资咨询号:Z0022727 玻璃纯碱大涨行情点评: 今日玻璃纯碱大幅上涨，盘中涨幅超7%。主要由于近期宏观和商品市场情绪较好，叠加成本端犹动，煤焦盘面先后涨停，使得玻璃纯碱价 格快速拉升。2026年中国人民银行工作会议于1月5日-6日召开，会议提出继续实施适度宽松的货币政策，宏观预期回暖，近期商品市场情 结偏强，文华商品指数快速上行，成本端动力媒价格企稳回升，煤焦盘面大幅拉涨带动玻璃纯碱价格快速上行。从供需基本面来看,玻璃 纯碱没有发生根本性改变。 纯碱需求端，重碱预计维持 ...

Report Industry Investment Rating - Not provided Core View of the Report - Recently, glass production lines have successively undergone cold repairs, and the short - term supply contraction has improved the phased supply - demand structure. Coupled with market rumors, the short - term price may maintain a volatile and strong operation. It is advisable to buy on dips in the short term. Attention should be paid to macro - policy changes and production line cold - repair situations [4] Summary by Relevant Catalogs Market行情回顾 - **Futures Market**: The glass main contract opened higher and moved higher, showing strength during the day. The 120 - minute Bollinger Bands' three tracks opened upward, indicating a short - term continuation of the volatile and strong signal. The intraday short - term pressure was near the 60 - day moving average, and the support was near the 40 - day moving average. The trading volume increased by 1.692 million lots compared with the previous day, and the open interest increased by 11,416 lots. The intraday high was 1166, the low was 1097, and the closing price was 1148, up 66 yuan/ton or 6.1% from the previous settlement price [1] - **Spot Market**: Overall, the transactions were okay. Some manufacturers raised their quotes, and the spot market was stable with fluctuations. In the North China market, the shipments in the Shahe area were good, and inventory decreased significantly; in the East China market, the overall production and sales were okay, and some had price - increase expectations; in the Central China market, enterprises maintained rigid - demand procurement, and market prices remained stable; in the South China market, the overall transactions were okay, and the prices of large and small glass sheets in Guangdong rose together [1] - **Basis**: The spot price in North China was 1010, and the basis was - 138 yuan/ton [1] Fundamental Data - **Supply**: As of January 1st, the daily average output of national float glass was 151,500 tons, a decrease of 1.99% compared with the 25th. The national float glass output was 1.0733 billion tons, a month - on - month decrease of 0.99% and a year - on - year decrease of 3.38%. The industry's average operating rate was 73.03%, a month - on - month decrease of 0.86%; the average capacity utilization rate was 76.66%, a month - on - month decrease of 0.76%. Five production lines underwent cold repairs last week, and the supply decline trend was obvious [2] - **Inventory**: The total inventory of national float glass sample enterprises was 56.866 million heavy boxes, a month - on - month decrease of 1.757 million heavy boxes or 3.00%, and a year - on - year increase of 28.96%. The inventory days were 25.6 days, a decrease of 0.9 days from the previous period. Currently, the overall inventory of glass enterprises is on a downward trend, and the inventory has shifted from enterprises to the middle and lower reaches [2] - **Demand**: The average order days of national deep - processing sample enterprises was 8.6 days, a month - on - month decrease of 10.7% and a year - on - year decrease of 16.1%. Engineering orders are gradually ending, and the executable days of orders are decreasing, currently concentrated in 10 - 15 days. Home - improvement orders are mainly low - value scattered orders [2][3] - **Profit**: As of January 1st, the profit of natural - gas - fired production was - 191.40 yuan/ton (a month - on - month decrease of 5 yuan/ton), the profit of petroleum - coke - fired production was - 24.36 yuan/ton (a month - on - month decrease of 17.14 yuan/ton), and the profit of coal - gas - fired production was - 65.23 yuan/ton (a month - on - month decrease of 43.34 yuan/ton). The profitability of glass production lines continued to deteriorate, and the average profit of different fuels has been in continuous losses for 10 weeks [3] Main Logic Summary - The production lines using natural gas as fuel have long - term losses, and those using coal and petroleum coke are also in a loss state, accelerating the capacity clearance of some enterprises. There were already 6 glass production lines undergoing cold repairs before New Year's Day, and there are still cold - repair plans after New Year's Day, with an expected further supply contraction. However, real - estate development investment and funds in place have continued to decline year - on - year, and the completion and new construction are weak, with no improvement in real - estate demand [4]

Core Insights - The article highlights the impressive performance of Fuyao Glass, a Chinese company that holds a 34% market share in the global automotive glass industry while capturing 55% of the profits, showcasing its competitive edge over established players like Apple and Saint-Gobain [1][12]. Company Overview - Fuyao Glass specializes in automotive glass production, including windshields, side windows, and sunroofs, as well as high-end products like smart panoramic roofs and adjustable glass [5]. - Despite being a relatively new player compared to century-old companies like Saint-Gobain and Asahi Glass, Fuyao has managed to outperform them in profitability [7][12]. Competitive Advantages - Fuyao's success is attributed to its focus on lean manufacturing, minimizing waste, and maximizing material utilization, which allows for efficient production processes [17]. - The company invests significantly in technology and R&D, ensuring it attracts top talent and acquires necessary equipment, thereby enhancing its cost control capabilities and creating a technological moat [19]. - Fuyao maintains a high self-sufficiency rate in raw materials, with a 95% self-sufficiency in silica sand and over 90% in float glass, which reduces reliance on intermediaries and associated costs [28]. Operational Efficiency - The company has implemented automated production lines and AI quality inspection systems, which lower labor costs and allow for flexibility in handling small batch orders [30]. - Fuyao has established factories in 12 countries to reduce transportation and tariff costs, enhancing profit margins and providing comprehensive "one-stop" glass solutions for global automotive manufacturers [32]. Management Philosophy - The founder, Cao Dewang, emphasizes a frugal management style, focusing on practical and efficient operations while being willing to invest in critical areas like R&D [15][34].

Group 1 - The glass futures market is experiencing a volatile upward trend, with the main contract rising significantly by 5.55% to 5.55 yuan/ton [1] - As of December 31, 2025, the total inventory of float glass in sample enterprises nationwide is 56.866 million heavy boxes, a decrease of 1.757 million heavy boxes or 3.00% month-on-month, but an increase of 28.96% year-on-year [2] - The industry operating rate for float glass is 72.05% as of January 1, 2023, down by 1.59 percentage points from December 25, with a capacity utilization rate of 75.73%, also down by 1.53% [2] Group 2 - The glass market remains weak, with no clear signs of strengthening in the short term due to ongoing supply-side pressures and seasonal demand weakness in the construction industry [3] - High overall inventory levels continue to constrain market performance, although some regions are experiencing inventory reduction due to sales or capacity cuts [3] - Short-term expectations for cold repairs and environmental policy changes may stabilize the glass market, but high inventory remains a significant limiting factor [3]

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 2026-1-7 每日观点 玻璃： 1、基本面：玻璃生产利润修复乏力，冷修增多，供给进一步收缩；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904元/吨，FG2605收盘价为1092元/吨，基差为-188元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存5686.60万重量箱，较前一周减少3.00%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线上方运行，20日线向下；中性 5、主力持仓：主力持仓净空，空减；偏空 6、预期：玻璃基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、玻璃生产利润低位，行业存在进一步冷修预期。 利空： 1、地产终端需求依然疲弱，玻璃深加 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The report presents daily data on glass and soda ash, including price changes, basis, spreads, production and sales, and inventory status [1]. Group 3: Summary of Key Points by Category Glass - **Prices**: On January 6, 2026, the low - price of 5mm large plates in Shahe was 946, unchanged from January 5 and down 4 from December 30, 2025; the low - price of large plates in Hubei was 970, unchanged from the previous two time points; FG05 contract was 1092, up 5 week - on - week and 11 day - on - day; FG09 contract was 1194, up 3 week - on - week and 11 day - on - day; FG01 contract was 956, up 6 week - on - week and 8 day - on - day [1]. - **Basis and Spreads**: 01 Shahe basis was - 10 on January 6, down 10 week - on - week and 8 day - on - day; FG:1 - 5 was - 136, up 1 week - on - week and down 3 day - on - day; FG:5 - 9 was - 102, up 2 week - on - week and unchanged day - on - day [1]. - **Profits**: North China natural gas profit was - 392.4, down 1.9 week - on - week and 2.1 day - on - day; South China natural gas profit was - 188.1, unchanged; 01FG盘面North China natural gas profit was - 382.6, up 11 week - on - week and 4.6 day - on - day; 01FG盘面South China natural gas profit was - 178.3, up 12.9 week - on - week and 6.7 day - on - day [1]. - **Production and Sales**: Shahe's production and sales rate was 135, Hubei's was 118, East China's was 105, and South China's was 134. Shahe factory's production and sales were relatively high, but Shahe traders had average shipments at low prices, and the spot - futures shipments were poor; Hubei's factory transactions were weak, and the mid - stream spot - futures transactions in Hubei were also poor [1]. Soda Ash - **Prices**: On January 6, 2026, the price of heavy soda ash in Shahe was 1150, unchanged week - on - week and up 10 day - on - day; SA05 contract was 1190, down 23 week - on - week and up 13 day - on - day; SA09 contract was 1259, down 18 week - on - week and up 10 day - on - day; SA01 contract was 1111, down 24 week - on - week and up 16 day - on - day [1]. - **Basis and Spreads**: SA01 contract basis was 39, up 24 week - on - week and down 6 day - on - day; SA:1 - 5 was - 79, down 1 week - on - week and up 3 day - on - day; SA:5 - 9 was - 69, down 5 week - on - week and up 3 day - on - day [1]. - **Cost and Profits**: North China ammonia - soda process cost was 1333.6, up 11.4 week - on - week and 1.9 day - on - day; North China ammonia - soda process profit was - 223.6, down 21.4 week - on - week and up 8.1 day - on - day; North China combined - soda process profit was - 277.2, up 5.7 week - on - week and 2.8 day - on - day [1]. - **Market Situation**: The spot price of heavy soda ash at the Hebei delivery warehouse was around 1110, and the price delivered to Shahe was around 1150. The upstream inventory of the soda ash industry increased significantly on Monday [1].

1月5日，三峡新材发布公告，拟以0元对价向间接控股股东宜昌国有资本投资控股集团有限公司（简 称"国投公司"）收购其持有的三峡新材临港新材料（宜昌）有限公司（简称"临港新材料"）40%股权。 此次交易构成关联交易，但不构成重大资产重组。 长江商报记者注意到，作为湖北唯一一家玻璃行业上市公司，三峡新材曾几度易主。2023年底，随着宜 昌国资的入主，三峡新材重回国有控股企业阵营，管理层面迎来重大调整，公司也加速产业结构转型发 展。 长江商报消息 回归国有控股，三峡新材（600293.SH）全面落实转型发展战略。 此次收购临港新材料股权，三峡新材表示，是为了全面落实转型发展战略，重塑成本结构，提升核心竞 争力。此举是为适应湖北省、宜昌市地方经济发展要求，充分发挥地理优势、资源优势、管理优势、经 营机制优势和成本优势，积极转型符合新质生产力发展方向的高端玻璃产品。 标的公司在建26亿大项目 公开信息显示，临港新材料成立于2025年9月16日，经营范围涵盖非金属矿物制品制造、以自有资金从 事投资活动、自有资金投资的资产管理服务等。截至公告披露日，该公司尚未正式开展经营活动，因此 暂无相关财务数据。企查查信息显示，在本次交 ...

1. Report Industry Investment Ratings - Glass: Treat with an oscillating and slightly bullish mindset, with the glass index reference range of 1010 - 1150 [6] - Soda Ash: Adopt a bearish approach when the price is high, with the soda ash index reference range of 1100 - 1250 [8] 2. Core Views of the Report - Glass: The supply - demand pattern has improved. The supply has weakened, and attention should be paid to whether it can drive mid - and downstream replenishment, which may support the glass price in the short term [6]. - Soda Ash: The willingness of soda ash plants to conduct maintenance has increased, leading to a short - term decline in supply. However, there is still a long - term production capacity investment pressure [8]. 3. Summary by Relevant Catalogs Glass Price - As of December 31, the market price of 5mm float glass in North China was 1020 yuan/ton, a decrease of 100 yuan/ton compared to the end of November; in Central China, it was 1000 yuan/ton, a decrease of 110 yuan/ton compared to the end of November. The mainstream market glass prices are running weakly [12]. Supply - Currently, the glass price is falling, the glass factory profit is weakening, and the inventory is high, leading to continuous cold repairs. The current daily melting volume of glass factories is 151,500 tons. The supply - demand pattern has improved due to the weakening supply, which may support the price [18]. Demand - In real estate, in November 2025, the completed area was 45.9293 million square meters, a year - on - year decrease of 15.6363 million square meters; the sales area was 67.1974 million square meters, a year - on - year decrease of 14.6805 million square meters. The year - end real estate completion has improved slightly, but the sales are poor, and the completion may be better than the previous period but worse than the same period last year [22]. - In the automotive industry, in November 2025, the automobile production was 3.5316 million vehicles, a month - on - month increase of 0.1729 million vehicles; the sales were 3.429 million vehicles, a month - on - month increase of 0.1069 million vehicles, which supports the glass demand [26]. - The year - end rush - to - work demand has weakened month - on - month, the sales pressure in the north is obvious, and the glass demand is difficult to have a large upward space due to the weak real estate. The downstream deep - processing order days are still weak year - on - year, and the glass apparent demand is at a low level in the same period over the years [30]. Inventory - In December, although the demand was poor, the inventory pressure of glass factories was relieved and the inventory decreased due to the decline in supply. The inventory of mid - stream traders is at a high level, and the subsequent replenishment strength may be limited [34]. Profit and Cost - The costs of glass produced with natural gas, coal, and petroleum coke have declined, and the glass spot price has weakened. The profits of the three production methods have fluctuated. The profit of glass produced with natural gas decreased from - 227.27 yuan/ton to - 186.4 yuan/ton; with coal, from 4.5 yuan/ton to - 21.88 yuan/ton; with petroleum coke, from - 31.48 yuan/ton to - 7.21 yuan/ton [38]. Basis - As of December 31, the glass 05 basis was - 87, a decrease of 16 compared to the end of November; the glass 5 - 9 contract spread was - 104, a decrease of 51 compared to the end of November. The spot price has weakened more, the basis has weakened, and the month - spread has weakened. The current basis is at a low level in the same period over the years, and the market has a pessimistic view on the near - term contracts [42]. Soda Ash Price - As of December 31, the market price of light soda ash in Qinghai was 890 yuan/ton, a decrease of 40 yuan/ton compared to the end of November; the market price of heavy soda ash was 1122 yuan/ton, a decrease of 30 yuan/ton compared to the end of November. The prices of light and heavy soda ash in the mainstream market are running weakly [48]. Supply - The spot price of soda ash has weakened, and the willingness of soda ash plants to conduct maintenance has increased. The soda ash production in December decreased. There will be new production capacity put into operation in the first quarter of this year, so there is a large long - term supply pressure. Currently, the price is low, and the plants are in a loss state, so the short - term production is under pressure. It is expected that the weekly production of soda ash in January will fluctuate around 700,000 tons [52]. Demand - In December, the production of photovoltaic glass was stable, while the production of float glass decreased month - on - month. Currently, the profit of glass factories is poor, and there is an expectation of cold repairs for float glass in January, which puts pressure on the soda ash demand. Overall, the demand for heavy soda ash is expected to weaken, while the demand for light soda ash is relatively stable [58]. Import and Export - In November 2025, the import volume of soda ash was 253 tons, a month - on - month decrease of 84 tons; the export volume was 189,400 tons, a month - on - month decrease of 25,100 tons. The domestic soda ash supply - demand is loose, and exports will help relieve the inventory pressure of domestic soda ash plants [62]. Inventory - In December, the inventory of soda ash plants decreased month - on - month. Although there is still an expectation of glass production reduction, considering the price decline, the soda ash production will continue to run weakly and stably. It is expected that the inventory of soda ash plants will decline slightly in January, and attention should be paid to the maintenance of soda ash plants [65]. Cost - In December, the cost of soda ash was running weakly. The supply concentration of soda ash plants is high, and they have strong bargaining power. The cost support of the light soda ash co - production method in East China is around 1200 yuan, and attention should be paid to the cost support [69]. Profit - The price of soda ash is weak, and the cost is running weakly. The profits of soda ash plants fluctuate. In North China, using the ammonia - soda process, the gross profit of light soda ash decreased from - 38.5 yuan/ton to - 57.4 yuan/ton, and that of heavy soda ash decreased from - 118.5 yuan/ton to - 137.4 yuan/ton. In East China, using the co - production method, the gross profit of light soda ash increased from - 140 yuan/ton to - 28.5 yuan/ton, and that of heavy soda ash increased from - 220 yuan/ton to - 88.5 yuan/ton [72]. Month - spread - As of December 31, the basis of the soda ash 05 contract was - 87, a decrease of 20 compared to the end of November; the 5 - 9 contract spread was - 65, an increase of 3 compared to the end of November. The spot price is running weakly, the basis has weakened, and the month - spread has strengthened. The current basis is at a low level in the same period over the years, and the market has a pessimistic view on the near - term contracts [76].