1. Report Industry Investment Rating - Not provided in the content 2. Core Views 2.1纯碱市场 - Low - price soda ash manufacturers' terminal and spot - futures orders have improved, some manufacturers have closed orders and have no pressure, while high - price manufacturers have high inventories, and the differentiation between manufacturers continues [9]. - The long - term players replicate the February strategy, using centralized maintenance to drive positive feedback between spot and futures. Currently, low - price upstream has no pressure and lacks the motivation to cut prices in the short term, but the pricing power of the futures market is strengthened after the middle - stream inventory increases. The trend of short - selling remains unchanged, but it is advisable to be cautious before the end of the positive feedback atmosphere [9]. 2.2 Glass market - From a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the market sentiment to improve. Follow - up attention should be paid to the changes in production lines, the digestion progress of low - price spot - futures sources, and the changes in the spot volume - price sentiment in the main production areas [174]. 3. Summary by Directory 3.1 Soda Ash Market Review - **Supply**: The total weekly production is 75.51 million tons, with heavy - soda production at 41.55 million tons and light - soda production at 33.96 million tons. The import is 0.07 million tons, and the export is 4.2 million tons. The supply is generally at a high level, and there are short - term fluctuations in production. There are plans for maintenance in May, and potential incremental production awaits the full - capacity operation of Jiangsu Debang and the subsequent trial operation of Lianyungang Soda Plant [8]. - **Demand**: The heavy - soda consumption is 34.35 million tons, and the light - soda apparent demand is 30.87 million tons. The apparent demand for soda ash is 77.54 million tons. The market's expectation for terminal finished product demand is weak, but the short - term apparent demand may be boosted by the positive feedback between the futures and the spot market [8]. - **Inventory**: The alkali - plant inventory is 169.10 million tons, and the social inventory is 33.85 million tons. The positive feedback may relieve the upstream pressure recently, and the middle - stream inventory may stop falling and rise [8]. - **Valuation**: The cost of the ammonia - soda process is 1501 yuan, and the profit is - 111 yuan. The cost of the combined - soda process is 1198 yuan, and the profit is 92 yuan. The Huazhong heavy - soda and light - soda price difference is 40 yuan, and the Shahe market price basis is 20 yuan [8]. 3.2 Monthly Supply and Demand - The monthly production, apparent demand, and production - sales ratio of soda ash from 2020 to 2025 are presented. The current import volume of soda ash is 0.32 million tons, the export volume is 19.43 million tons, the average import price is 210.21 yuan, and the average export price is 189.96 yuan [15][16]. 3.3 Basis and Spread - **Period - spot price comparison**: The price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 are shown [24][25][26][27]. - **Soda ash contract basis**: The basis trends of Shahe heavy - soda 01, 09, and 05 contracts from 2021 to 2026 are presented [29][31][32]. - **Soda ash contract inter - period spread**: The spread trends of soda ash 09 - 01, 01 - 05, and 05 - 09 from 2021 to 2026 are shown [34][35][36]. - **Glass - soda ash contract/spot spread**: The spread trends of glass - soda ash 01, 09, 05 contracts from 2021 to 2026 and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2022 to 2025 are presented [38][39][40][42]. 3.4 Soda Ash Market Price - **Shahe area**: The current market price of heavy - soda in Shahe is 1341 yuan, with a weekly increase of 51 yuan and a year - on - year decrease of 809 yuan [47]. - **Regional price differences between heavy and light soda ash**: The prices of heavy and light soda ash in different regions such as North China, East China, Central China, etc. are shown, and their price changes from April 18th to April 25th are presented [51]. 3.5 Soda Ash Supply - **Start - stop situation**: Some manufacturers are currently under maintenance or reducing production loads, and there are also planned maintenance arrangements for some manufacturers in May [89]. - **Start - up rate**: The current domestic soda ash start - up rate is 89.44%, with a weekly decrease of 0.06 percentage points and a year - on - year increase of 1.83 percentage points [90]. - **Cost and profit**: The cost and profit trends of the ammonia - soda process and the combined - soda process from 2020 to 2025 are presented, as well as the prices of relevant raw materials such as synthetic ammonia, limestone, etc. [101][103][105][107][113]. 3.6 Soda Ash Demand - **Heavy - soda demand**: The daily melting volume of photovoltaic glass and float glass, the daily consumption of heavy - soda, and the weekly demand for heavy - soda from 2021 to 2025 are presented [136][138][139][140]. - **Weekly apparent consumption and production - sales ratio**: The weekly consumption and production - sales ratio of light - soda, heavy - soda, and soda ash from 2020 to 2025 are presented [142]. 3.7 Soda Ash Inventory - The current alkali - plant inventory is 169.1 million tons, with a weekly decrease of 2.03 million tons and a year - on - year increase of 80.01 million tons. The inventory days are 14.13 days [150]. - The inventory trends of alkali - plants, light - soda, and heavy - soda in different regions from 2020 to 2025 are presented [151][155][157]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 157,775 tons, with a weekly decrease of 700 tons. The weekly production is 110.44 million tons, with a decrease of 0.49 million tons [172]. - **Demand**: The apparent consumption is 108.47 million tons, with a decrease of 3.09 million tons. The market sentiment suppresses the apparent demand, but the pre - holiday restocking promotes the month - on - month increase [172]. - **Inventory**: The factory - warehouse inventory is 327.37 million tons, with an increase of 1.98 million tons. The continuous inventory reduction has ended, and inventories have increased in most regions except Southwest and Northwest China [172]. - **Valuation**: The cost and profit of natural - gas - fired, coal - gas - fired, and petroleum - coke - fired glass production lines are presented. The cost of the natural - gas - fired line is 1446 yuan, and the profit is - 76 yuan; the cost of the coal - gas - fired line is 960 yuan, and the profit is 268 yuan; the cost of the petroleum - coke - fired line is 1079 yuan, and the profit is 101 yuan [172]. 3.9 Glass Monthly Supply and Demand - The monthly production, import, and export volume of flat glass and float glass from 2020 to 2025 are presented [179][181][184]. 3.10 Glass Basis and Spread - **Period - spot price comparison**: The price trends of soda ash futures price index, glass futures price index, Shahe area heavy - soda market price, and Shahe glass 5mm large - plate tax - included price from 2020 to 2025 are shown [188][189][190][191]. - **Glass contract basis**: The basis trends of Shahe glass 5mm large - plate 01, 09, and 05 contracts from 2021 to 2026 are presented [193][194][195]. - **Glass contract inter - period spread**: The spread trends of glass 09 - 01, 05 - 09, and 01 - 05 from 2020 to 2026 are shown [198][199][200]. - **Glass - soda ash contract/spot spread**: The spread trends of glass - soda ash 01, 09, 05 contracts from 2021 to 2026 and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2022 to 2025 are presented [203][205][206][207]. 3.11 Glass Market Price - The prices of 5mm float glass in different regions such as Shahe, North China, East China, etc. and their price changes from April 18th to April 25th are shown [210]. - The price trends of 5mm float glass in different regions from 2020 to 2025 are presented [212][214][215]. 3.12 Glass Supply - **Profit of float glass**: The current profit of coal - gas - fired float glass enterprises is 145.05 yuan, that of petroleum - coke - fired enterprises is - 38.35 yuan, and that of natural - gas - fired enterprises is - 153.13 yuan [245]. - **Production line dynamics**: The cold - repair, ignition, and new - construction/复产 situations of float glass production lines in 2024 and 2025 are presented [252][253][254][256]. - **Start - up situation**: The current number of operating float glass production lines is 225, the start - up rate is 75.85%, and the in - production capacity is 157,775 tons per day [257]. 3.13 Glass Demand - **Apparent consumption and production - sales ratio of float glass**: The apparent consumption and production - sales ratio of float glass from 2020 to 2025 are presented [269][270]. - **Deep - processing start - up rate and capacity utilization rate**: The capacity utilization rate and start - up rate of glass tempering furnaces from 2022 to 2025 are presented [273][274]. 3.14 Glass Inventory - The current inventory of float glass sample enterprises is 327.37 million tons, with a weekly increase of 1.98 million tons and a year - on - year increase of 25.50 million tons. The inventory days are 29.4 days [277]. - The inventory trends of float glass in different regions from 2020 to 2025 are presented [281][283][284]. 3.15 Warehouse Receipt Quantity/Valid Forecast - The current number of glass warehouse receipts is 2441, with a weekly decrease of 625. The number of soda ash warehouse receipts is 3930, with a weekly decrease of 150 [294]. - The valid forecast trends of soda ash warehouse receipts from 2021 to 2025 are presented [300][301][303]. 3.16 Real Estate - Related Data - **New housing construction area**: The cumulative and monthly new housing construction areas and their year - on - year growth rates from 2020 to 2025 are presented [315][317][318]. - **Housing construction area**: The cumulative and monthly housing construction areas and their year - on - year growth rates from 2020 to 2025 are presented [321][323][324]. - **Housing completion area**: The cumulative and monthly housing completion areas and their year - on - year growth rates from 2020 to 2025 are presented [327][329][330]. - **Housing sales area**: The cumulative and monthly housing sales areas and their year - on - year growth rates from 2020 to 2025 are presented [333][335][336].

Glass Price and Contract Information - The price of 5mm glass plates from various manufacturers showed minor changes from April 15 to April 22, 2025. For example, the price of 5mm glass plates from Shahe Anquan remained at 1278.0, while the price of 5mm glass plates from Shahe Great Wall decreased from 1216.0 to 1198.0 [1]. - The FG09 contract price decreased from 1181.0 to 1124.0, and the FG05 contract price decreased from 1144.0 to 1074.0 during the same period [1]. Profit and Basis Information - The profit of North China coal-fired glass increased from 254.9 to 259.1, while the profit of South China natural gas glass remained at -154.3 [1]. - The 05 Hebei basis decreased from 103.0 to 90.0, and the 05 Hubei basis decreased from 89.0 to 76.0 [1]. Spot and Sales Information - The spot price of glass in Shahe was around 1165, and the spot price in Hubei was around 1150. The sales volume in Shahe was 146, in Hubei was 103, in East China was 108, and in South China was 102 [1]. Soda Ash Price and Contract Information - The price of heavy soda ash in various regions showed different trends from April 15 to April 22, 2025. For example, the price of heavy soda ash in Shahe decreased from 1350.0 to 1290.0, while the price in South China remained at 1570.0 [1]. - The SA05 contract price decreased from 1331.0 to 1274.0, and the SA01 contract price decreased from 1401.0 to 1335.0 during the same period [1]. Profit and Basis Information - The profit of North China ammonia-alkali soda ash decreased from -130.4 to -149.8, and the profit of North China combined-alkali soda ash decreased from -63.7 to -77.5 [1]. - The SA05 Shahe basis increased from 11.0 to 16.0, and the North China ammonia-alkali cost decreased from 1420.4 to 1419.8 [1]. Spot and Industry Information - The spot price of heavy soda ash in Hebei delivery warehouses was around 1270, and the spot price in Shahe warehouses was around 1290. The terminal delivery price was around 1320 [1].

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core Viewpoints - No explicit core viewpoints are presented in the given content 3. Summary by Related Catalogs Glass - **Price Changes**: From April 11 to April 18, 2025, the price of FG09 contract dropped by 86.0 to 1122.0, FG05 contract decreased by 62.0 to 1084.0, and FG5 - 9 spread increased by 24.0 to -38.0. Some spot prices like that of 5mm large - board glass in certain regions remained stable, while others had minor changes, e.g., the price of 5mm large - board glass from Shahe Great Wall decreased by 26.0 to 1198.0 [1] - **Profit and Cost**: On April 18, 2025, the North China coal - fired profit was 266.8 with a weekly increase of 1.6 and daily increase of 2.5, and the North China coal - fired cost was 910.2 with a weekly decrease of 5.6 and daily decrease of 2.5. The South China natural gas profit remained at -154.3. The 09FG and 05FG contract natural gas profits decreased significantly [1] - **Spot and Sales**: Spot prices: Shahe traders' price dropped to around 1160, Hubei's factory low - price was around 1150. Sales ratios: Shahe was 66/58, Hubei was 77/84, East China was 81/70, and South China was 85/80 [1] Soda Ash - **Price Changes**: From April 11 to April 18, 2025, the SA05 contract price decreased by 41.0 to 1286.0, SA01 contract dropped by 53.0 to 1348.0, and SA09 contract decreased by 46.0 to 1324.0. Some spot prices of heavy and light soda ash in different regions changed, e.g., the price of heavy soda ash in Shahe decreased by 30.0 to 1310.0 [1] - **Profit and Cost**: On April 18, 2025, the North China ammonia - soda process profit was -131.7 with a weekly decrease of 23.7 and daily decrease of 9.4, and the North China ammonia - soda process cost was 1421.7 with a weekly decrease of 1.3 and daily decrease of 0.6. The North China combined - soda process profit decreased to -77.3 [1] - **Spot and Industry**: Spot prices: Heavy soda ash in Hebei's delivery warehouse was quoted around 1280 - 1290, and in Shahe warehouse around 1310. No information on the industry aspect was provided [1]

1. Report Industry Investment Ratings There is no information about industry investment ratings in the provided reports. 2. Core Views Glass and Soda Ash - Soda ash: Production is gradually recovering to a high level, and the weekly output has returned to around 73 - 740,000 tons. There has been a slight reduction in inventory, but with the increase in production, there is still expected to be inventory pressure. The market for soda ash remains under pressure due to the lag in photovoltaic resumption, and the futures market is expected to continue its weak oscillation in the future [1]. - Glass: The spot market is weak, and the macro - level is bearish, which jointly puts pressure on glass prices. The 05 contract is affected by the expansion of the delivery warehouse in Hubei and is showing a weak performance. The 09 contract has a relatively low price, and the market has expectations for stimulus policies, but there is currently no short - term driver [1]. Industrial Silicon The spot price of industrial silicon continues to decline, and the futures price has reached a new low. Supply has a slight increase, demand remains weak, and downstream prices are showing a downward trend, which drags down the price of industrial silicon. There are concerns about inventory accumulation, and the price fluctuation range is further adjusted to 8,500 - 10,500 yuan/ton [3]. Polysilicon The polysilicon futures price has fallen sharply, and the current spot price is at a significant premium to the futures price. There is support from downstream demand in April, but polysilicon inventory has not continued to decline, and downstream prices are starting to weaken. The futures price is expected to have limited room for further decline [4]. Natural Rubber Domestic rubber - producing areas are entering the new tapping season, and overseas areas are also gradually starting to tap after the Songkran Festival. The cost support for rubber prices has weakened. On the demand side, the inventory of semi - steel tires continues to increase, and enterprises are reducing production to control inventory. Short - term rubber prices are expected to face significant pressure [5]. 3. Summary by Relevant Catalogs Glass and Soda Ash Prices and Spreads - Glass: Spot prices in North China, East China, Central China, and South China remained unchanged. The 2505 contract decreased by 0.69% to 1144 yuan/ton, and the 2509 contract decreased by 2.07% to 1181 yuan/ton. The 05 basis increased by 8.16% [1]. - Soda ash: Spot prices in North China, East China, Central China, and Northwest China remained unchanged. The 2505 contract decreased by 0.60% to 1331 yuan/ton, and the 2509 contract decreased by 0.67% to 1368 yuan/ton. The 05 basis increased by 3.79% [1]. Supply and Demand - Soda ash: The operating rate increased from 82.38% to 88.05%, and the weekly output increased by 3.46% to 737,700 tons. The daily melting volume of float glass and photovoltaic glass remained unchanged [1]. - Glass: There is no significant change in the main supply - related data [1]. Inventory - Glass: The inventory in the market decreased by 0.84% to 65,203,000 weight boxes [1]. - Soda ash: The factory inventory decreased by 0.49% to 1.693 million tons, and the delivery warehouse inventory decreased by 3.08% to 402,700 tons [1]. Real Estate Data New construction area decreased by 2.88% year - on - year, construction area decreased by 20.51% year - on - year, completion area increased by 5.27% year - on - year, and sales area increased by 1.81% year - on - year [1]. Industrial Silicon Spot Prices and Basis The prices of East China oxygen - containing S15530 industrial silicon, East China SI4210 industrial silicon, and Xinjiang 99 silicon all decreased, while the basis increased [3]. Monthly Fundamental Data In March, the national industrial silicon output increased by 18.20% to 3.422 million tons, the output in Xinjiang increased by 26.57% to 2.108 million tons, the output in Yunnan decreased by 14.58% to 123,000 tons, and the output in Sichuan increased by 170.59% to 46,000 tons. The national operating rate increased by 13.29% to 57.80% [3]. Inventory Changes Xinjiang factory inventory increased by 4.42% to 226,700 tons, Yunnan factory inventory decreased by 11.40% to 24,100 tons, social inventory increased by 0.66% to 612,000 tons, and warehouse receipt inventory decreased by 0.55% to 349,000 tons [3]. Polysilicon Spot Prices and Basis The average prices of N - type re -投料, P - type cauliflower - like material, and granular silicon remained unchanged. The basis of N - type material and cauliflower - like material increased [4]. Futures Prices and Inter - month Spreads The PS2506 contract decreased by 0.54% to 40,265 yuan/ton. Some inter - month spreads changed significantly, such as the PS2506 - PS2507 spread increasing by 91.50% [4]. Weekly and Monthly Fundamental Data In March, the polysilicon output increased by 6.66% to 96,100 tons. In February, the import volume decreased by 29.29% to 23,000 tons, the export volume decreased by 72.88% to 16,000 tons, and the net export volume decreased by 130.20% to - 8,000 tons [4]. Inventory Changes Polysilicon inventory increased by 3.39% to 244,000 tons, and silicon wafer inventory decreased by 8.37% to 19.15 GW [4]. Natural Rubber Spot Prices and Basis The price of Yunnan state - owned whole - latex rubber decreased by 0.68% to 14,650 yuan/ton, and the whole - latex basis decreased by 62.50%. The price of Thai standard mixed rubber decreased by 0.69% to 14,350 yuan/ton [5]. Inter - month Spreads The 9 - 1 spread increased by 7.06%, the 1 - 5 spread decreased by 21.47%, and the 5 - 9 spread increased by 138.10% [5]. Fundamental Data In February, the production in Thailand decreased by 37.99% to 3.464 million tons, in Indonesia decreased by 0.50% to 1.976 million tons, and in India decreased by 31.48% to 740,000 tons. The operating rate of semi - steel tires decreased by 3.23% to 78.52%, and the operating rate of all - steel tires decreased by 0.37% to 66.15% [5]. Inventory Changes The bonded area inventory increased by 0.13% to 620,670 tons, and the natural rubber factory - warehouse futures inventory on the SHFE increased by 49.13% to 77,717 tons [5].

Core Viewpoint - The glass and soda ash markets are experiencing fluctuations due to inventory adjustments and varying demand, with expectations of continued low-price volatility in the near term [1] Glass Market Summary - The glass market is seeing strong production and sales driven by midstream inventory replenishment, leading to a downward trend in prices [1] - In March, the main glass futures contract closed at 1181 RMB/ton, down 67 RMB/ton, a decrease of 5.37% for the month [1] - The average price of float glass in the domestic market increased slightly to 1268 RMB/ton, with a week-on-week rise of 3.27 RMB/ton [1] - The production capacity utilization rate for float glass was 78.99%, with a total output of 1.1088 million tons [1] - Total inventory for float glass sample enterprises decreased by 1.87% to 65.757 million heavy boxes [1] Soda Ash Market Summary - The soda ash market is witnessing a recovery in production and inventory levels as companies resume operations after maintenance [1] - In March, the main soda ash futures contract closed at 1373 RMB/ton, down 196 RMB/ton, a decrease of 12.49% for the month [1] - The production of soda ash reached 713,000 tons, reflecting a week-on-week increase of 3.3% [1] - Total inventory for soda ash manufacturers rose by 4.38% to 1.7014 million tons [1] Market Strategies - The strategy for the glass market is to maintain a volatile trading range, while the strategy for soda ash is to lean towards a weaker volatility [1] - There are no cross-variety or cross-period strategies currently in place [1]

Core Insights - The production of soda ash (sodium carbonate) in Jiangsu Province for the year 2024 reached 3.956 million tons, reflecting a 2.0% increase compared to the same period in 2023, but the growth rate has slowed down by 1.8 percentage points from the previous year and is 14.3 percentage points lower than the national average [1] - In December 2024, the production of soda ash in Jiangsu Province was 379,000 tons, which is a 6.3% increase year-on-year, but this growth rate is also down by 3.4 percentage points compared to December 2023 and is 4.6 percentage points lower than the national average [3] Summary by Category Production Data - The cumulative production of soda ash in Jiangsu Province for 2024 was 3.956 million tons, accounting for 10.4% of the national total production of 38.186 million tons [1] - In December 2024, the production reached 379,000 tons, representing 11.3% of the national production of 3.350 million tons for that month [3] Growth Rates - The year-on-year growth rate for the entire year of 2024 was 2.0%, which is a deceleration compared to the previous year's growth [1] - The December 2024 growth rate of 6.3% also indicates a slowdown compared to the same month in 2023 [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - No core view explicitly stated in the provided content Group 3: Summary of Glass Price and Contract Information - On April 1, 2025, the price of 5mm large - plate glass from Shahe Anquan was 1257.0, with no weekly or daily change; FG09 contract was 1237.0, a weekly decrease of 52.0 and a daily increase of 14.0 [2] - Shahe Great Wall's 5mm large - plate glass was 1211.0 on April 1, a weekly decrease of 22.0 and a daily increase of 13.0; FG05 contract was 1235.0, a weekly decrease of 25.0 and a daily increase of 54.0 [2] - The low - price of 5mm large - plate glass in Shahe was 1211.0 on April 1, a weekly decrease of 22.0 and a daily increase of 30.0; FG 5 - 9 spread was - 2.0, a weekly increase of 27.0 and a daily increase of 40.0 [2] - Wuhan Changli's 5mm large - plate glass price remained 1160.0 from March 25 to April 1; 05 Hebei basis was - 24.0 on April 1, a weekly increase of 3.0 and a daily decrease of 24.0 [2] - The low - price of large - plate glass in Hubei was 1120.0 on April 1, a weekly increase of 20.0 and a daily increase of 10.0; 05 Hubei basis was - 115.0, a weekly increase of 45.0 and a daily decrease of 44.0 [2] - The low - price of 5mm large - plate glass in South China remained 1380.0 from March 25 to April 1 [2] - Shandong Jurun's 5mm large - plate glass price remained 1260.0 from March 25 to April 1 [2] Profit and Basis Information - North China coal - fired profit was 287.8 on April 1, a weekly decrease of 12.9 and a daily increase of 27.9; North China coal - fired cost was 923.2, a weekly decrease of 9.1 and a daily increase of 2.1 [2] - South China natural gas profit was - 174.3 on April 1, a weekly increase of 10.5 and no daily change; North China natural gas profit was - 177.8, a weekly decrease of 13.6 and a daily increase of 27.9 [2] - 09FG futures natural gas profit was - 169.0 on April 1, a weekly decrease of 42.1 and a daily increase of 11.5; 05FG futures natural gas profit was - 161.7, a weekly decrease of 14.3 and a daily increase of 50.8 [2] Spot and Sales Information - Spot: Shahe traders' prices increased to around 1210, with the 05 contract at around par; Hubei factories' low - price was around 1130, with fair sales and some manufacturers raising prices; Hubei's old 05 contract basis was between - 100 and - 140, with reported average sales [2] - Sales: Shahe's sales rate was 69, Hubei's was 112, East China's was 81, and South China's was 96 [2] Group 4: Summary of Soda Ash Contract and Spot Price Information - On April 1, 2025, the SA05 contract price of Shahe heavy soda ash was 1380.0, a weekly decrease of 50.0 and a daily increase of 10.0; the SA01 contract price of Central China heavy soda ash was 1350.0, a weekly decrease of 40.0 and no daily change; the SA09 contract price of South China heavy soda ash was 1570.0, a weekly decrease of 50.0 and no daily change [2] - SA05 Shahe basis of Qinghai heavy soda ash was 1080.0 on April 1, a weekly decrease of 30.0 and no daily change; SA month - spread 05 - 09 was - 44.0, a weekly decrease of 4.0 and a daily increase of 3.0 [2] Profit and Cost Information - North China ammonia - soda process profit was - 152.9 on April 1, a weekly decrease of 36.7 and a daily increase of 10.0; North China combined - soda process profit was - 195.2, a weekly decrease of 24.4 and a daily increase of 4.7 [2] - North China ammonia - soda process cost was 1502.9 on April 1, a weekly decrease of 3.3 and no daily change [2] Spot and Industry Information - Spot: The spot price of heavy soda ash at Hebei delivery warehouses was around 1350, Shahe warehouses was around 1380, and the terminal delivery price was around 1390; downstream restocking was nearly finished [2] - Industry: Yuanxing's production load increased, Jinshan restarted, and factory inventories accumulated [2]

Group 1: Rubber Industry Report Industry Investment Rating Not provided Core View It is expected that rubber prices will be under pressure in the short term, but considering the rubber supply cycle and cost support, one can try to go long with a light position in the range of 16,000 - 16,500 yuan, and pay attention to the weather and tree conditions in the producing areas [1]. Summary by Relevant Catalogs - **Spot Price and Basis**: The price of Yunnan state - owned whole latex decreased by 0.31%, the basis of whole latex decreased by 24.19%, and the price of Thai standard mixed rubber remained unchanged. The price of cup rubber decreased by 2.35%, and the price of glue remained unchanged. The price of natural rubber blocks in Xishuangbanna decreased by 1.36%, and the price of glue remained unchanged [1]. - **Inter - monthly Spread**: The 9 - 1 spread remained unchanged, the 1 - 5 spread increased by 2.49%, and the 5 - 9 spread decreased by 18.75% [1]. - **Fundamental Data**: In February, Thailand's rubber production decreased by 37.99%, Indonesia's decreased by 0.50%, India's decreased by 31.48%, and China's production in December decreased by 51.44%. The weekly tire开工率 of semi - steel tires decreased by 0.12%, and that of all - steel tires decreased by 0.96%. In December, domestic tire production increased by 2.04%. In February, tire exports decreased by 30.93%, and natural rubber imports decreased by 14.50% [1]. - **Inventory Change**: Bonded area inventory increased by 0.50%, and the futures inventory of natural rubber in the factory warehouse of the Shanghai Futures Exchange decreased by 8.91%. The inbound and outbound rates of dry glue in bonded warehouses and general trade warehouses in Qingdao have different degrees of change [1]. Group 2: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core View For soda ash, it is expected that the futures price will continue to be weakly volatile without positive support. For glass, considering the low absolute price, most enterprises are in a loss state, and there is an expected seasonal recovery in demand, so a low - buying strategy can be adopted for near - month contracts [3]. Summary by Relevant Catalogs - **Glass - related Price and Spread**: The prices of glass in North China, Central China, and the 2505 and 2509 contracts increased, while the prices in East China and South China remained unchanged. The 05 basis decreased by 74.58% [3]. - **Soda Ash - related Price and Spread**: The price of soda ash in North China decreased by 3.13%, while the prices in other regions remained unchanged. The prices of the 2505 and 2509 contracts increased, and the 05 basis decreased by 28.63% [3]. - **Supply**: In March, the soda ash开工率 increased by 5.82%, and the weekly output increased by 5.81%. The float glass daily melting volume decreased by 0.32%, and the photovoltaic daily melting volume remained unchanged [3]. - **Inventory**: In March, the glass factory inventory decreased by 3.52%, the soda ash factory inventory decreased by 3.42%, and the soda ash delivery warehouse inventory decreased by 1.16%. The number of days of soda ash inventory in glass factories remained unchanged [3]. - **Real Estate Data**: The year - on - year changes in new construction area, construction area, completion area, and sales area of real estate are - 2.88%, - 20.51%, 5.27%, and 1.81% respectively [3]. Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided Core View Although the industrial silicon market still faces high inventory and warehouse receipt pressure, the production cuts of major large - scale enterprises will help balance supply and demand and raise the price center. The price fluctuation range is 9,500 - 11,000 yuan/ton. If production cuts lead to inventory reduction, the price center will move up, but the upside space is limited [5]. Summary by Relevant Catalogs - **Spot Price and Basis of the Main Contract**: The prices of various types of industrial silicon remained unchanged, and the basis decreased slightly [5]. - **Inter - monthly Spread**: The 2504 - 2505 spread increased by 27.27%, the 2505 - 2506 spread decreased by 50.00%, and the spreads of other contracts had different degrees of change [5]. - **Fundamental Data (Monthly)**: In March, the national industrial silicon production increased by 18.20%, Xinjiang's increased by 26.57%, Yunnan's decreased by 14.58%, and Sichuan's increased by 170.59%. The开工率 of the national and Xinjiang increased, while that of Yunnan decreased slightly, and Sichuan's increased significantly. The production of organic silicon DMC decreased by 5.81%, the production of polysilicon increased by 6.66%, the production of aluminum alloy decreased by 4.00%, and the export volume of industrial silicon decreased by 15.82% [5]. - **Inventory Change**: The factory inventory in Xinjiang and Yunnan decreased, the social inventory increased by 2.20%, the warehouse receipt inventory decreased by 0.08%, and the non - warehouse receipt inventory increased by 5.49% [5]. Group 4: Polysilicon Industry Report Industry Investment Rating Not provided Core View The polysilicon futures price is strongly volatile. The current price has limited downside space, and with the support of warehouse receipt demand, long positions at 42,000 - 43,000 yuan/ton can be held [6]. Summary by Relevant Catalogs - **Spot Price and Basis**: The prices of N - type polysilicon, cauliflower - type polysilicon, and granular silicon remained unchanged. The basis of N - type material decreased by 6.85%, and the basis of cauliflower - type material decreased by 250.00%. The prices of various silicon wafers, battery cells, and components remained unchanged [6]. - **Futures Price and Inter - monthly Spread**: The PS2506 price increased by 0.23%. The PS2506 - PS2507 spread decreased by 5.51%, the PS2507 - PS2508 spread increased by 90.00%, and the spreads of other contracts had different degrees of change [6]. - **Fundamental Data**: The weekly silicon wafer production decreased by 9.30%, and the average cost of the polysilicon industry decreased by 0.38%. In March, the polysilicon production increased by 6.66%. In February, the polysilicon import volume increased by 35.09%, the export volume increased by 43.18%, and the net export volume decreased by 18.28%. In March, the silicon wafer production increased by 5.05%. In February, the silicon wafer import volume increased by 139.15%, the export volume remained unchanged, the net export volume decreased by 11.93%, and the demand decreased by 14.85% [6]. - **Inventory Change**: The polysilicon inventory decreased by 2.37%, and the silicon wafer inventory decreased by 1.02% [6].