玻璃一月报 冷修环保炒作 短期偏强运行 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2026-1-5 【产业服务总部 | 黑色金属团队】 姜玉龙 执业编号：F3022468 投资咨询号：Z0013681 投资策略：震荡偏强 p 主要逻辑 行情回顾：上周玻璃期货走强，周线报收中阳线。月底多条产线冷修，叠加湖北环保整改和改气计划，供应端利好预期推 涨盘面。供给方面，上周3条产线停产，日熔量降低接近15万吨。沙河地区价格持续下移，期现商出货同样压低市场价格，区 域库存变化不大。华中库存继续小幅回升，迫使原片价格再次回落，当前价格已降至年内最低价。华东华南报价暂稳。需求方 面， 北方市场终端工程逐渐进入尾声，下游订单量情况减少。南方市场年末需求不及去年，中下游备货意愿差。整体大部分厂 商还是以收回款为主，对明年市场行情偏空。纯碱方面，供给端依然有巨大压力，需求端浮法厂有产能收缩预期，所以在盘面 估值已偏低的背景下，关注多玻璃空纯碱的机会。 后市展望：元旦节后仍有部分产线停产预期，外加春节前期现商稍加补库，拉动产销，盘面利好驱动依然存在。技术上看， 多方力量占优。综上，预计玻璃价格继续维持短期偏 ...

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 2026-1-5 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1087元/吨，基差为-183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。 影响因素总结 2、深加工行业资金回款不乐观，贸易商、加工厂心态谨慎，消化原片库存为主。 主要逻辑和风险点 1、主 ...

万家瑞益A（001635）基金经理为孟祥娟。 1月5日，旗滨集团涨5.23%，截至发稿，报6.24元/股，成交9797.01万元，换手率0.54%，总市值184.62 亿元。 资料显示，株洲旗滨集团股份有限公司位于广东省深圳市南山区桃源街道龙珠四路2号方大城T1栋36 楼，成立日期2005年7月8日，上市日期2011年8月12日，公司主营业务涉及玻璃及玻璃制品生产、销 售。主营业务收入构成为：超白光伏玻璃43.59%，优质浮法玻璃37.93%，节能建筑玻璃14.87%，其他 功能玻璃2.39%，其他(补充)1.18%，物流0.04%。 从基金十大重仓股角度 数据显示，万家基金旗下1只基金重仓旗滨集团。万家瑞益A（001635）三季度持有股数22.51万股，占 基金净值比例为0.94%，位居第二大重仓股。根据测算，今日浮盈赚取约6.98万元。 万家瑞益A（001635）成立日期2015年12月7日，最新规模465.8万。今年以来收益3.74%，同类排名 7125/8155；近一年收益3.74%，同类排名7125/8155；成立以来收益63.19%。 截至发稿，孟祥娟累计任职时间2年145天，现任基金资产总规模1 ...

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | | 2026/1/5 | | | | | | | 玻 璃 | | | | | | | | | | | 2025/12/24 2025/12/30 2025/12/31 周度变化 日度变化 | | | | | | 2025/12/24 2025/12/30 2025/12/31 周度变化 日度变化 | | | | 沙河安全 5mm大 板 | 976.0 | 959.0 | 959.0 | -17.0 | 0.0 | FG05合约 | 1048.0 | 1087.0 | 1087.0 | 39.0 | 0.0 | | 沙河长城 5mm大板 | 959.0 | 954.0 | 954.0 | -5.0 | 0.0 | FG01合约 | 941.0 | 950.0 | 949.0 | 8.0 | -1.0 | | 沙河5mm大 板低价 | 950 ...

（来源：黑龙江日报） 走进佳星玻璃的传统生产区，记者看到的是浮法玻璃生产线，巨大的玻璃原板在辊道上流淌，经过切 割、装箱，成为建筑市场的基础材料。"这是我们目前的主营业务。"佳星玻璃项目办业务主管曹悦鹏坦 言，"市场竞争激烈，产品同质化严重，利润空间持续被压缩。同时，高能耗、低附加值的现状，难以 适应国家'双碳'目标和新型工业化的要求。" 转自：黑龙江日报 □本报记者 薛婧 在佳木斯市中建材佳星玻璃（黑龙江）有限公司一个宽敞的厂房内，一项意义深远的技术创新正在进 行。这里不像传统玻璃生产车间那样热气蒸腾、机器轰鸣，取而代之的是一种近乎实验室的静谧与洁 净。就在近期，在这个于老厂房里拔地而起的新厂房内，随着一台智能化镀膜设备完成最后一个调试环 节，一片看似普通却又极不平凡的玻璃缓缓下线——这是我省首片实现产线化生产的全固态电致变色玻 璃。它的诞生，标志着我省在高端功能玻璃制造领域实现了"从0到1"的关键突破，也为传统"老字号"企 业转型升级点燃了一束耀眼的科技之光。 这片玻璃的背后，是佳星玻璃这家省"老字号"企业与哈尔滨工业大学长达数年的紧密握手，是我省重大 科技成果转化项目的全力支持，更是我省推行"科技总师" ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The real estate sector remains a foundational industry for the national economy, contributing 13% to GDP and directly supporting 70 million jobs in China. The potential for new residential construction is significant, estimated at 10 million to 14.9 million units annually, translating to approximately 600 to 900 million square meters of new housing [1][11] - There is a substantial demand for housing updates, with an estimated 700 million square meters needed annually due to a 2% depreciation rate on the existing housing stock of approximately 35 billion square meters [1][11] - The business model in real estate is shifting from a high-cost model to an integrated approach of product-service-operation, emphasizing quality and diverse living services over mere availability [1][11] - The capital market is expected to see an 18.4% increase in the Shanghai Composite Index in 2025, while the building materials index, excluding the fiberglass sector, is underperforming. Companies with strong alpha attributes in the real estate chain are gaining market recognition despite the overall industry not stabilizing yet [2][12] - The report highlights the importance of monitoring the fundamental changes in the real estate sector in 2026, as well as the performance of companies like China Jushi, which is planning to grant stock options to employees, indicating a focus on long-term profitability [2][12] Summary by Sections Weekly Discussion - The real estate sector is crucial for the economy, with a significant contribution to GDP and employment. The potential for new housing construction is substantial, and there is a large demand for housing updates [1][11] - The shift in real estate business models towards integrated services is noted, with a call for decisive policy support to avoid market and policy conflicts [1][11] Market Performance - The building materials index has decreased by 1.25%, with specific sectors like glass manufacturing and fiberglass showing notable declines. The overall market sentiment remains cautious [2][16] - Despite the downturn, certain companies in the real estate supply chain are experiencing growth and valuation premiums, indicating potential investment opportunities [2][12] Price Changes in Building Materials - The average price of cement has decreased to 353 CNY per ton, with a national average shipment rate of 40.3%. The market is experiencing downward pressure on prices due to weak demand [3][20][21] - The price of float glass has seen a slight decline, with the average price at 1121.29 CNY per ton. Inventory levels are decreasing, but overall market sentiment remains weak [3][28][42] - The fiberglass market is stable, with prices for 2400tex direct yarn remaining steady at around 3535.25 CNY per ton, indicating a balance between supply and demand [3][49][53]

Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Huicheng, San Ke Shu, and Beixin Building Materials, while recommending "Hold" for Weixing New Materials [9]. Core Insights - The construction materials sector experienced a decline of 1.25% from December 29 to December 31, 2025, with cement down 1.54%, glass manufacturing down 3.53%, and fiberglass down 1.19% [12]. - The recent policy change regarding the personal sales tax on housing is expected to impact the market positively, with potential for further supportive measures [1]. - The cement industry is currently facing weak demand, with prices fluctuating around the breakeven point, and a focus on improving cash flow rather than just sales volume [2][17]. - The glass market is experiencing a supply-demand imbalance, but self-regulation in the photovoltaic glass sector may alleviate some pressure [3][7]. - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies, with a long-term potential for market share growth [1][8]. Summary by Sections Cement Industry Tracking - As of December 31, 2025, the national cement price index was 352.65 CNY/ton, with a slight decrease of 0.06% from the previous week [17]. - The cement output for the week was 2.847 million tons, down 1.04% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][17]. - The utilization rate of cement clinker production lines was 38.43%, showing a slight increase, while the cement inventory ratio decreased to 59.1% [17]. Glass Industry Tracking - The average price of float glass was 1121.29 CNY/ton as of December 31, 2025, reflecting a 1.65% decline from the previous week [3]. - Inventory levels for float glass increased year-on-year, indicating ongoing supply challenges despite some production line shutdowns [3][7]. Fiberglass Industry Tracking - The fiberglass market is currently stable, with no significant price changes reported, although demand remains weak [7]. - The electronic fiberglass segment continues to see strong demand for high-end products, while traditional fiberglass demand is expected to decline [7]. Consumer Building Materials - The consumer building materials sector is showing signs of weak recovery, with stable prices for key raw materials like asphalt and acrylic but fluctuations in aluminum and natural gas prices [8]. - The report highlights the potential for growth in companies like San Ke Shu and Beixin Building Materials due to favorable market conditions [1][8].

摘要1月4日欧洲时段，尽管2025年白银以近150%的涨幅领跑贵金属，铂金亦上涨超126%，钯金上涨约 80%，但铂族金属整体表现仍滞后于贵金属板块。 机构分析师指出，全球向"战时经济"靠拢将激励关键矿物囤积，相关政策调查及"即时生产"向"以防万 一"库存模式转变，将持续阻止全球库存回升，加剧市场极端紧张。 技术分析 市场对2026年价格展望存在分歧，看涨观点预计铂金有望触及每盎司2000美元，下半年均价约1800美 元，因结构性短缺可能推动价格逐步走高。 主要风险在于若美国未对铂族金属加征关税，可能导致铂钯流入美国市场，增加交易所库存，从而改变 供需平衡，甚至使市场从短缺转为少量过剩。 【要闻速递】 分析师认为，投资者在2026年应将关注点从金银拓宽至铂金及潜在钯金，因收紧的供应条件与坚韧的需 求有望在年内支撑其价格。⑶铂钯需求约80%来自汽车行业的催化转化器，但电动车普及加速曾构成长 期逆风；随着电动车增长预期被适度下调，内燃机汽车需求在美国等地保持强劲，为铂族金属需求提供 持续支撑。 除汽车领域外，铂金在玻璃制造和电子行业也扮演重要角色，需求预计保持稳健，但供应能否跟上存 疑，世界铂金投资协会指出市场在 ...

格隆汇1月4日丨旗滨集团(601636.SH)公布，截至2025年12月31日，公司已累计回购公司股份2798.50万 股，占回购前公司股本总额2,683,578,190 股的 1.0428%，占2025年12月31日公司股本总额2,958,653,728 股的 0.9459%，购买的最高价为 7.21 元/股、最低价为5.87元/股，回购累计已支付的总金额为人民币 196,107,298.07元(不含交易费用)。回购前股本总额与2025年12月31日股本总额的差异为"旗滨转债"在此 期间实现转股275,075,538股的原因所致。公司本次回购累计使用资金占公司披露回购方案的拟回购资金 总额上限的比例为98.05%。 ...

国泰君安期货·能源化工 玻璃纯碱周度报告 国泰君安期货研究所·张驰 投资咨询从业资格号：Z0011243 日期：2026年1月4日 Guotai Junan Futures all rights reserved, please do not reprint 本周玻璃观点：短线偏强 中期震荡市 | 供应 | 全国浮法玻璃生产线共计265条，在产212条，日熔量共计151405吨，较上周减少2700吨，行业产能利用率82.14%。周内产线停产及 冷修4条，暂无点火及改产线。 | | --- | --- | | 需求 | 截至20251215，全国深加工样本企业订单天数均值9.7天，环比-4.2%，同比-22.6%。目前来看，北部区域深加工订单环比继续下滑，中部及东 部整体变化不大，华南订单环比仍适度增加，西南区域内增降并存，订单均值环比小幅下滑。全国深加工样本企业散单仍集中在3-7天，部分 | | | 工程类订单排期缩短至15-20天。 | | | 截至12月31日，重点监测省份生产企业库存总量5378万重量箱，较上周四库存减少155万重量箱，降幅2.80%，库存天数28.66天，较上周四库 | | 库存 | ...