Core Viewpoint - Yao Pi Glass announced a share reduction by China Composite, with a total of approximately 6.9 million shares, accounting for 0.74% of the company's total equity [1] Group 1: Company Performance - As of the announcement date, Yao Pi Glass's market capitalization is 8.8 billion yuan [1] - For the year 2024, the revenue composition of Yao Pi Glass is as follows: glass accounts for 97.89%, while other businesses account for 2.11% [1] Group 2: Shareholding Changes - China Composite has completed its share reduction plan, which was executed through block trading [1]

Group 1: Company Development Strategy - The company focuses on customer demand and implements a differentiated sales strategy to enhance the sales proportion of new and high-value-added products, particularly in the home appliance and new energy glass sectors [2] - The Thai production line aims to be close to core customers, mitigate trade risks, and improve supply chain responsiveness, producing various glass products such as colored crystal and tempered glass [2] Group 2: BIPV Project Implementation - The company has expanded BIPV application scenarios from curtain walls to rooftops, with products certified by multiple authoritative organizations [3] - In the first half of 2025, the company collaborated on projects such as the Sun Tile in the Yangtze River Delta ecological integration demonstration area and the Wuxi Symphony Hall zero-carbon project [3] Group 3: Accounts Receivable Management - The company maintains stable relationships with major home appliance clients, resulting in low credit risk and good accounts receivable collection [4] - A performance evaluation mechanism linked to collection efficiency is in place to enhance risk awareness and manage accounts receivable risks [4] Group 4: International Trade Risk Mitigation - The company reduces international trade risks by establishing overseas production lines to better meet core customer needs and enhance resilience to external changes [5] - A comprehensive exchange rate risk management system is implemented to mitigate adverse effects from currency fluctuations [5] Group 5: Production Line Optimization - Continuous automation and process optimization are being pursued, with the introduction of automated equipment in key processes to improve production efficiency and product quality [6] - The company focuses on upgrading processes related to cutting, edging, and automatic detection to meet core customer demands and optimize overall costs [6] Group 6: Raw Material Price Management - The company monitors raw material price trends and implements measures such as long-term supplier partnerships and centralized procurement to mitigate price volatility impacts [7][8]

Core Viewpoint - The company Nanfang A has confirmed its involvement in the production of specialty glass, which includes unconventional products such as oversized, long, thick, and double-curved glass for architectural decoration projects [2] Group 1 - The company specializes in specialty glass that caters to architectural engineering decoration projects [2] - The product range includes oversized, long, thick, and double-curved glass, indicating a focus on unconventional manufacturing processes and product specifications [2]

Core Viewpoint - ST Huapeng has experienced significant stock price fluctuations, achieving six limit-up days within eight trading days, resulting in a cumulative increase of 22.32% and a turnover rate of 35.02% [2] Company Performance - The company reported a total operating revenue of 271 million yuan for the first three quarters, representing a year-on-year decline of 6.07% [2] - The net profit for the same period was -96.05 million yuan, showing a year-on-year increase of 1.24% [2] - The basic earnings per share stood at -0.3000 yuan [2] Stock Trading Activity - As of 14:53, the stock's trading volume reached 17.31 million shares, with a transaction amount of 90.63 million yuan, resulting in a turnover rate of 5.41% [2] - The stock has been listed on the Dragon and Tiger List due to a cumulative price deviation of 12% over three consecutive trading days [2] - The net buying from leading brokerage firms amounted to 1.8571 million yuan [2] Recent Stock Performance - The stock has shown varied daily performance, with notable fluctuations in turnover rates and net capital inflows over the past trading days [2]

Core Viewpoint - The report from Guosheng Securities highlights that Yaopi Glass has strong technical capabilities and is actively implementing a differentiated competition strategy, leading to a 28.7% year-on-year increase in net profit attributable to shareholders, reaching 120 million yuan in the first three quarters of 2025 despite overall industry pressure [1] Company Summary - Yaopi Glass is focusing on high-value-added products such as TCO glass and laminated skylights, which are driving sales growth [1] - The company has established a strong advantage in the high-end glass sector, particularly with TCO glass technology, which is leading in the domestic market [1] - The company is expected to benefit significantly from the industrialization process of perovskite batteries [1] - In the automotive glass sector, the company is anticipated to see simultaneous increases in market share and profit margins [1] - The initial coverage of the company has been rated as "Buy" [1]

Group 1 - The investor inquired whether the glass used in the exterior of the Shenzhen APEC main venue, Xiangmi Lake International Conference Center, is the "Ice Kirin" energy-saving glass product from Nanbo A [2] - Nanbo A (000012.SZ) responded on the investor interaction platform that the project has not utilized the company's engineering glass products [2]

1. Report Industry Investment Rating - The investment strategy for the glass industry is to expect a weak and volatile trend [3]. 2. Core View of the Report - The glass futures market showed a pattern of rising first and then falling last week, with the weekly line closing as a doji with an upper shadow. The short - term technical signals were favorable during the week but were suppressed by the fundamental reality. With the implementation of the production line shutdown plan, the futures price fluctuated within a narrow range. In the future, there is no strong positive expectation in the short and medium - term. The replenishment sentiment of the mid - and downstream is low at the end of the year, and the demand may continue to weaken. Considering the relatively high inventory and the delivery pressure in the near - month contracts, it is recommended to hold out - of - the - money call options on the glass 01 contract until expiration or look for short - selling opportunities when the 01 contract briefly rallies, with a reference range of 1140 - 1150 [3]. 3. Summary by Relevant Catalogs 3.1 Investment Strategy - The main logic is that the glass futures price was affected by the production line shutdown and fundamental suppression last week. In the future, due to weak demand and high inventory, the market is expected to be weak and volatile. The recommended operations are to hold out - of - the - money call options on the glass 01 contract until expiration or short - sell on rallies [3]. 3.2 Market Review - Price - **Spot price**: As of November 7, the market price of 5mm float glass was 1300 yuan/ton (unchanged) in North China, 1140 yuan/ton (+20) in Central China, and 1240 yuan/ton (-10) in East China. - **Futures price**: Last Friday, the glass 01 contract closed at 1091 yuan/ton, up 8 yuan for the week [11]. 3.3 Market Review - Spread - **Soda - glass spread**: As of November 7, the soda futures price was 1210 yuan, the glass futures price was 1091 yuan, and the spread between them was 119 yuan/ton (-23). - **Basis**: Last Friday, the basis of the glass 01 contract was 49 yuan/ton (+62). - **Contract spread**: Last Friday, the 01 - 05 spread was - 134 yuan/ton (+15) [12][17]. 3.4 Profit - **Natural gas process**: The cost was 1574 yuan/ton (-2), and the gross profit was - 334 yuan/ton (-8). - **Coal - gas process**: The cost was 1211 yuan/ton (+24), and the gross profit was - 81 yuan/ton (-24). - **Petroleum coke process**: The cost was 1092 yuan/ton (+2), and the gross profit was 48 yuan/ton (+18). - **Fuel prices**: On November 7, the industrial natural gas price in Hebei was 3.8 yuan/m³, the CIF price of US 3% sulfur shot coke was 170 US dollars/ton, and the price of Yulin thermal coal was 672 yuan/ton [20]. 3.5 Supply - Last Friday, the daily melting volume of glass was 157,505 tons/day (-2650), with 222 production lines in operation. There were multiple production line changes including shutdowns, restarts, new ignitions, and product conversions [22][24]. 3.6 Inventory - As of November 7, the inventory of 80 glass sample manufacturers nationwide was 6313.6 million weight boxes (-265.4). Inventories in different regions showed different trends, with some decreasing and some increasing [27]. 3.7 Deep - processing - On November 6, the comprehensive production - sales rate of float glass was 114% (unchanged). On November 7, the operating rate of LOW - E glass was 44.8% (+0.5%). In mid - October, the available order days for glass deep - processing were 10.4 days (-0.1) [28]. 3.8 Demand - Automobile - In September, China's automobile production was 3.276 million vehicles, a month - on - month increase of 461,000 vehicles and a year - on - year increase of 480,000 vehicles. Sales were 3.226 million vehicles, a month - on - month increase of 369,000 vehicles and a year - on - year increase of 417,000 vehicles. In September, the retail volume of new - energy passenger vehicles in China was 1.296 million vehicles, with a penetration rate of 57.8% [39]. 3.9 Demand - Real Estate - In September, China's real estate completion area was 34.3534 million m² (unchanged year - on - year), new construction area was 55.9831 million m² (-15% year - on - year), construction area was 54.7081 million m² (-16% year - on - year), and commercial housing sales area was 85.3087 million m² (-12% year - on - year). From October 27 to November 2, the total commercial housing transaction area in 30 large - and medium - sized cities was 2.03 million m², a month - on - month increase of 2% and a year - on - year decrease of 38%. In September, the real estate development investment was 739.652 billion yuan, a year - on - year decrease of 21% [45]. 3.10 Cost - Soda Ash - Price - As of last weekend, the mainstream market prices of heavy soda ash were: 1325 yuan/ton (unchanged) in North China, 1250 yuan/ton (unchanged) in East China, 1300 yuan/ton (unchanged) in Central China, and 1450 yuan/ton (unchanged) in South China. Last Friday, the soda ash 2601 contract closed at 1210 yuan/ton (-15), and the basis of the soda ash Central China 01 contract was 90 yuan/ton (+15) [47][52]. 3.11 Cost - Soda Ash - Profit - As of last Friday, the cost of the ammonia - alkali method for soda ash enterprises was 1359 yuan/ton (+7), and the gross profit was - 44 yuan/ton (-2); the cost of the combined production method was 1791 yuan/ton (-1), and the gross profit was - 174 yuan/ton (-9). Other prices included the Hubei synthetic ammonia market price of 2250 yuan/ton (+65) and the Xuzhou Fengcheng ammonium chloride wet ammonium ex - factory price of 300 yuan/ton (unchanged) [55][56]. 3.12 Cost - Soda Ash - Inventory - Last weekend, the exchange's soda ash warehouse receipts were 8314 pieces (-237). As of September 25, the total national in - factory inventory of soda ash was 171.42 million tons (a month - on - month increase of 1.22 million tons), including 89.96 million tons of heavy soda ash (a month - on - month increase of 1.32 million tons) and 81.46 million tons of light soda ash (a month - on - month decrease of 0.1 million tons). Last week, the domestic soda ash production was 74.68 million tons (a week - on - week decrease of 1.08 million tons), including 41.48 million tons of heavy soda ash (a week - on - week decrease of 0.5 million tons) and 33.2 million tons of light soda ash (a week - on - week decrease of 0.58 million tons) [68][69]. 3.13 Cost - Soda Ash - Apparent Demand - Last week, the apparent demand for heavy soda ash was 40.16 million tons, a week - on - week decrease of 6.63 million tons; the apparent demand for light soda ash was 33.30 million tons, a week - on - week increase of 4.32 million tons. The production - sales rate of soda ash last week was 98.36%, a week - on - week decrease of 1.65%. In October, the inventory of sample float glass factories was equivalent to 21.6 days of soda ash consumption [73][76].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report Last week, the glass futures fluctuated within a narrow range, with the main contract FG2601 closing at 1091 yuan/ton, up 0.74% from the previous week. The spot price of 5mm white glass sheets in Hebei Shahe was 1052 yuan/ton, up 0.38% from the previous week. The glass fundamentals show stable supply and weak demand, and it is expected to fluctuate weakly in the short term [3]. 3) Summary by Relevant Catalogs Weekly View - Futures: The main contract FG2601 of glass futures closed at 1091 yuan/ton, up 0.74% from the previous week [3]. - Spot: The spot price of 5mm white glass sheets in Hebei Shahe was 1052 yuan/ton, up 0.38% from the previous week [3]. - Supply: The "coal - to - gas" project in Shahe led to the shutdown of 4 coal - fired production lines, and the national float glass production line in operation was 222, with an operating rate of 75.92% and a daily melting volume of 159,100 tons, showing a low - level rebound [3]. - Demand: The recovery of the terminal real estate is weak. Processors may continue to operate difficultly under the dual pressures of weak orders and tight funds. As of November 6, the inventory of national float glass enterprises was 63.136 million weight boxes, down 4.03% from the previous week, and the inventory is at a relatively high level in the same period [3]. Influence Factor Summary - Bullish factors: Affected by the "anti - involution" policy and environmental protection policy, the production capacity of the float glass industry has been cleared, and there has been a loss in production due to the "coal - to - gas" project and cold repair in the Shahe area [4]. - Bearish factors: The supply of glass has stabilized and rebounded at a low level, the downstream's phased replenishment has ended, and the glass factory's inventory has increased. It is expected that the glass will fluctuate weakly at a low level [4]. Glass Futures and Spot Weekly Market | Week | Main Contract Closing Price (yuan/ton) | Spot Benchmark Price (yuan/ton) | Main Basis (yuan/ton) | | --- | --- | --- | --- | | Previous Value | 1083 | 1048 | - 35 | | Current Value | 1091 | 1052 | - 39 | | Change Rate | 0.74% | 0.38% | 11.43% | [6] Glass Spot Market The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 1052 yuan/ton, up 0.38% from the previous week [11]. Fundamental Analysis - Cost and Profit No specific content about cost and profit analysis is provided in the report. Fundamental Analysis - Supply - The number of operating float glass production lines in the country is 222, with an operating rate of 75.92%, and the glass production line operation number is at a low level in the same period [22]. - The daily melting volume of national float glass is 159,100 tons, and the production capacity is at a low level in the same period [24]. Fundamental Analysis - Demand - In August 2025, the apparent consumption of float glass was 4.8602 million tons [28]. - Other aspects such as housing sales, new construction, construction, completion area, and downstream processor operation and order conditions are mentioned but lack specific data analysis in this summary [29][31][38]. Fundamental Analysis - Inventory The inventory of national float glass enterprises was 63.136 million weight boxes, down 4.03% from the previous week, and the inventory is running above the five - year average [42]. Fundamental Analysis - Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, consumption, production growth rate, consumption growth rate, and net import ratio [43].

Core Viewpoint - The company provides a range of specialty glass products, including those used in unconventional construction projects, but does not specifically mention glass for battery applications [1] Group 1 - The company's specialty glass includes products for large, long, thick, and curved applications in construction and decoration projects [1]

纯碱现货：重碱河北交割库现货报价在1130左右，送到沙河1160左右 纯碱产业：中上游库存整体持平 1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1121 1138 1121 1100 1017 1091 1225 1315 900 1000 1100 1200 1300 1400 1500 沙河德金 沙河安全 沙河低价 湖北低价 11合约 01合约 05合约 09合约 玻璃价格结构 今日(11/7） 昨日(11/6） 一周前(10/31） 一月前(9/30） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 ...