Group 1: Report Information - Report Title: Glass and Soda Ash Morning Report [1] - Date: November 25, 2025 [2] - Research Team: Energy and Chemicals Team of the Research Center [2] Group 2: Glass Market Price Changes - From November 17 to November 24, the prices of 5mm glass in various regions showed different degrees of decline. For example, the price of 5mm glass from Shahe Anquan decreased from 1070.0 to 1044.0, a decrease of 26.0; the price of 5mm glass from Shahe Great Wall decreased from 1053.0 to 1019.0, a decrease of 34.0 [2]. - The prices of FG05, FG01 contracts and FG 1 - 5 spread also changed. The FG05 contract price decreased from 1165.0 to 1158.0, a decrease of 7.0; the FG01 contract price decreased from 1029.0 to 1013.0, a decrease of 16.0; the FG 1 - 5 spread decreased from -136.0 to -145.0, a decrease of 9.0 [2]. Profit Changes - The profits of glass production in different regions and using different energy sources also changed. For example, the profit of North China coal - fired glass decreased from 102.0 to 73.3, a decrease of 28.8; the profit of North China natural gas glass in the 05FG contract increased from -223.6 to -209.5, an increase of 14.1 [2]. Market Conditions - The production and sales of glass factories in Shahe strengthened, but the low - price sales of Shahe traders were around 1010, and the shipment was average. The transaction of glass factories in Hubei Province improved, with the price around 990. The transaction of Hubei's mid - stream futures and spot weakened [2]. - The production and sales rates of glass in different regions were: 152 in Shahe, 115 in Hubei, 110 in East China, and 103 in South China [2]. Group 3: Soda Ash Market Price Changes - From November 17 to November 24, the prices of heavy soda ash in different regions showed different trends. The price of Shahe heavy soda ash decreased from 1180.0 to 1150.0, a decrease of 30.0; the price of South China heavy soda ash remained unchanged at 1350.0 [2]. - The prices of SA05, SA01, SA09 contracts and SA01 - SA05 spread also changed. The SA05 contract price decreased from 1304.0 to 1249.0, a decrease of 55.0; the SA01 contract price decreased from 1231.0 to 1183.0, a decrease of 48.0; the SA01 - SA05 spread decreased from -73.0 to -66.0, a decrease of 7.0 [2]. Profit Changes - The profits of soda ash production in different regions and using different production methods also changed. For example, the profit of North China ammonia - soda method decreased from -288.4 to -313.4, a decrease of 25.0; the profit of North China combined - soda method decreased from -415.7 to -426.6, a decrease of 10.8 [2]. Market Conditions - The spot price of heavy soda ash in Hebei delivery warehouses was around 1130, and the price delivered to Shahe was around 1150 [2]. - The upstream inventory of the soda ash industry continued to decline [2].

每经讯，鑫民玻璃11月24日发布公告称，根据安徽鑫民玻璃股份有限公司战略发展规划，为应对国际市 场竞争格局变化、拓展海外业务布局、优化资源配置并提升国际化经营能力，公司拟在阿拉伯埃及共和 国通过鑫民国际香港玻璃有限公司和鑫民国际新加坡玻璃有限公司合资成立鑫民玻璃埃及有限公司，总 投资额3000万美元。公司于2025年11月24日召开第四届董事会第四次会议审议通过了《关于对外投资设 立埃及孙公司的议案》；本次对外投资需提交公司股东大会审议。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 （记者 曾健辉） ...

近期玻璃现货价格走势低迷，多数区域产销持续在80%~100%之间运行，价格方面，周末期间沙河和湖 北部分企业降价20-40元/吨。从基本面来看,市场传闻湖北地区两条玻璃生产线即将冷修，涉及日融量共 2000吨/天，是否落实仍需进一步确认，盘中受消息影响快速拉涨。另一方面，沙河仍有四条燃煤线年 底前存在改造或停产可能，涉及日融量合计3000吨/天。目前沙河已经具备点火条件的生产线共有2条， 涉及日融量合计2250吨/天左右。中期玻璃供应端存在缩量可能。从需求端来看，当前终端需求尚未出 现有效回暖，赶工期需求较往年同期偏弱，中下游备货意向偏低，当前玻璃产销持续低位运行，低需求 或拖累价格持续上冲。（作者单位：齐盛期货） ...

耀皮玻璃公告，中国复合材料集团有限公司持有9349.16万股，占10.00%，为公司第三大股东；拟于 2025年12月16日至2026年3月15日，通过集中竞价减持不超过934.92万股（1%），通过大宗交易减持不 超过1179.78万股（1.2619%），合计减持不超2114.69万股（2.2619%），减持价格按市场价格确定。 ...

智通财经APP讯，耀皮玻璃(600819.SH)发布公告，中国复材依据自身战略规划和经营发展，聚焦复合 材料主责主业的需要，计划于公告发布之日起15个交易日后的3个月内，计划以集中竞价方式减持公司 股份不超过934.92万股(即不超过公司股份总数的1%)，以大宗交易方式减持公司股份不超过1179.78万股 (即不超过公司股份总数的1.2619%)。拟减持期间为2025年12月16日至2026年3月15日。减持价格按市场 价格确定。 ...

耀皮玻璃（600819）(600819.SH)发布公告，中国复材依据自身战略规划和经营发展，聚焦复合材料主 责主业的需要，计划于公告发布之日起15个交易日后的3个月内，计划以集中竞价方式减持公司股份不 超过934.92万股(即不超过公司股份总数的1%)，以大宗交易方式减持公司股份不超过1179.78万股(即不 超过公司股份总数的1.2619%)。拟减持期间为2025年12月16日至2026年3月15日。减持价格按市场价格 确定。 ...

11月24日，菲利华涨5%，截至发稿，报73.03元/股，成交13.77亿元，换手率3.73%，总市值381.41亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，湖北菲利华石英玻璃股份有限公司位于湖北省荆州市东方大道68号，成立日期1999年1月22 日，上市日期2014年9月10日，公司主营业务涉及主要从事光通讯、半导体、太阳能、航空航天及其他 领域用高性能石英玻璃材料及制品、石英纤维及制品的生产与销售业务。主营业务收入构成为：石英玻 璃材料70.80%，石英玻璃制品28.91%，其他0.30%。 责任编辑：小浪快报 从基金十大重仓股角度 华泰紫金中证500指数增强发起A（016865）基金经理为毛甜。 截至发稿，毛甜累计任职时间7年350天，现任基金资产总规模5.86亿元，任职期间最佳基金回报 80.7%， 任职期间最差基金回报-34.21%。 数据显示，华泰资管旗下1只基金重仓菲利华。华泰紫金中证500指数增强发起A（016865）三季度持有 股 ...

游期现01-60到70，成交转好 玻璃产销：沙河80，湖北95，华东100，华南102 | | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025/11/14 2025/11/20 2025/11/21 周度变化 日度变化 | | | | | | 2025/11/14 2025/11/20 2025/11/21 周度变化 日度变化 | | | | 沙河重碱 | 1180.0 | 1130.0 | 1140.0 | -40.0 | 10.0 | SA05合 约 | 1301.0 | 1232.0 | 1235.0 | -66.0 | 3.0 | | 华中重碱 | 1200.0 | 1140.0 | 1150.0 | -50.0 | 10.0 | SA01合约 | 1226.0 | 1158.0 | 1170.0 | -56.0 | 12.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 | ...

Core Insights - The glass industry in Shihezi, Hebei, has developed a complete industrial system and significant market influence, earning it the title of "China Glass City" [1] - The local economy's stability is closely tied to the glass industry's performance, which is characterized by high price volatility [1] - Since 2021, domestic glass prices have dropped significantly, with float glass prices falling from 3100 yuan/ton to around 1200 yuan/ton [1] Group 1: Industry Development - The "1+5" modern industrial system in Shihezi focuses on the glass industry as its core [1] - The introduction of glass futures and options has allowed local companies to manage market risks effectively [2][3] - Over 80% of Shihezi's glass production capacity is now involved in futures hedging, transitioning from a "capacity highland" to a pricing center [1][6] Group 2: Risk Management and Financial Tools - Companies like Zhengda Glass have successfully utilized futures to lock in sales prices and mitigate raw material cost risks [2][3] - In 2023, Zhengda Glass completed a total of 10,000 tons of soda ash buy hedging and 40,000 tons of glass sell hedging, effectively managing production risks [3] - The point pricing model allows downstream companies to choose pricing timing based on their order schedules, reducing the risk of cooperation breakdowns [4] Group 3: Market Transformation - The entry of specialized futures companies has transformed the Shihezi glass market, introducing new business models and risk management strategies [6] - The integration of futures and spot markets has improved inventory management and reduced costs for glass producers [6][7] - Shihezi has evolved from a "price lowland" to a pricing center for three major markets: spot, futures, and bulk commodities [7][8] Group 4: Future Outlook - The use of derivative tools is now seen as a key driver for local industry upgrades and economic stability [8] - The Zhengzhou Commodity Exchange plans to continue optimizing glass futures market services to support the industry's growth [8]

Core Viewpoint - The Chinese flat glass production is experiencing a decline, with a significant drop in output reported for September 2025 compared to the previous year, indicating potential challenges for the industry moving forward [1]. Industry Summary - In September 2025, China's flat glass production reached 81.48 million weight cases, marking a year-on-year decrease of 9.7% [1]. - From January to September 2025, the cumulative production of flat glass in China was 728.808 million weight cases, reflecting a cumulative decline of 5.2% [1]. - The data suggests a downward trend in the flat glass market, which may impact various companies within the sector [1]. Company Summary - Key listed companies in the flat glass industry include Qibin Group (601636), Nanbo A (000012), Jinjing Technology (600586), Kaisheng New Energy (600876), Yaopi Glass (600819), Shandong Pharmaceutical Glass (600529), Yamaton (002623), and Fuyao Glass (600660) [1]. - These companies may face challenges due to the declining production figures and overall market conditions [1].