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 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The current market presents a situation of "weak reality vs strong cost." Both glass and soda ash are in a pattern of strong supply and weak demand, but cost and policy expectations still support far - month prices [1][6]. - For glass, the 01 contract is considered to be in an oversupply situation. The mid - stream has high inventory and slow destocking. Cold - repair expectations may affect soda ash demand. For soda ash, it is mainly priced by cost, and there is a downward expectation for rigid demand due to potential glass cold - repairs [1]. - The market is affected by structural contradictions, real - world conditions, and supply disturbances. Near - end trading focuses on weak reality and strong cost, while far - end trading anticipates cost increases and supply contractions [1][3]. 3. Summary by Relevant Catalogs 3.1 Chapter 1: Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - Structural contradictions exist. In the glass market, the coal - to - gas conversion in Shahe has led to the shutdown of 4 production lines with a total daily melting volume of 2400 tons, and the daily melting volume has dropped to 159,100 tons. The market is still considered oversupplied. For soda ash, it is cost - priced, and without production cuts, its valuation lacks upward flexibility. The rigid demand for soda ash may decline due to potential glass cold - repairs [1]. - In reality, the sales of glass manufacturers have weakened after price increases, and the inventory of traders and in Shahe and Hubei remains high, which may cause a negative feedback. Soda ash maintains a high - production and high - inventory pattern, with obvious oversupply, but there is cost support in the long - term [1]. - Supply disturbances exist. In November, besides the coal - to - gas conversion in Shahe, unexpected cold - repair plans and supply disruptions in the glass industry need to be monitored [2]. 3.1.2 Trading - Type Strategy Recommendations - Trend judgment: The overall fundamental situation is weak, but cost and policy expectations support far - month prices [6]. - Price range prediction: The price range for the glass 2601 contract is (900, 1300), and for the soda ash 2601 contract is (1100, 1500). It is recommended to avoid unilateral strategies and conduct band operations within these ranges [9]. - Month - spread strategy: Without unexpected production cuts, continue to focus on the 1 - 5 reverse spread [9]. - Hedging and arbitrage strategy: Temporarily wait and see [9]. 3.1.3 Industrial Customer Operation Recommendations - Glass and soda ash price range prediction: Glass 2601 contract (900, 1300), soda ash 2601 contract (1100, 1500). - Strategy suggestions: Avoid unilateral strategies and conduct band operations within the above - mentioned ranges. For the month - spread strategy, continue to focus on the 1 - 5 reverse spread without unexpected production cuts. Temporarily wait and see for the hedging and arbitrage strategy [9]. - Hedging strategies: Different hedging strategies are provided for inventory management and procurement management of glass and soda ash, including futures trading and option trading [10]. 3.1.4 Basic Data Overview - Glass spot prices: The average price of glass in Shahe on November 9, 2025, was 1117 yuan/ton, a decrease of 5 yuan/ton from the previous day [11]. - Glass futures prices and spreads: On November 7, 2025, the glass 01 contract was 1091 yuan/ton, a decrease of 10 yuan/ton from the previous day. The 01 - 05 month - spread was - 134 yuan/ton, a decrease of 8 yuan/ton [13]. - Soda ash spot prices and spreads: On November 7, 2025, the soda ash 01 contract was 1210 yuan/ton, an increase of 3 yuan/ton from the previous day. The 1 - 5 month - spread was - 84 yuan/ton, an increase of 2 yuan/ton [16]. 3.2 Chapter 2: This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - Positive information: None provided. - Negative information: The coal - to - gas conversion in Shahe has led to the shutdown of 4 production lines, and the daily melting volume may further decline. Although the glass sales rate has exceeded 100%, the sustainability needs to be observed [19]. 3.2.2 Next Week's Important Events to Follow No specific information provided. 3.3 Chapter 3: Disk Interpretation 3.3.1 Unilateral Trends and Capital Movements - The position of the glass main contract is relatively high this week, and the long - short game may continue until near the delivery. Due to fundamental limitations, the price movement range of glass and soda ash is limited [21]. 3.3.2 Basis and Month - Spread Structure - Glass: It maintains a C - structure. The near - end is weak, and the far - end may have cost increases and cold - repair expectations. The 1 - 5 reverse spread idea is maintained in logic, but attention should be paid to supply disturbances [26]. - Soda ash: It also maintains a C - structure. The industry's oversupply expectation remains unchanged. The near - end is suppressed by high production and high inventory, and the far - end may have cost increase expectations. There are few short - term month - spread opportunities [26]. 3.4 Chapter 4: Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking in the Industrial Chain - Glass: The coal price has risen, and the theoretical cost has increased. Natural gas production lines are in a loss, while petroleum coke and coal - gas production lines still have profits. At current prices, glass factories have limited willingness to actively cold - repair [38]. - Soda ash: The price of thermal coal has risen, and the cost has increased. The cash cost of the ammonia - soda process in Shandong is around 1260 yuan/ton, and that of the combined - soda process in Central China is around 1210 yuan/ton [38]. 3.4.2 Import and Export Analysis - Glass: The monthly average net export of float glass is 6 - 70,000 tons, accounting for 1.4% of the apparent demand, with limited impact [47]. - Soda ash: The monthly average net export of soda ash is 170,000 tons, accounting for 5.8% of the apparent demand, and the proportion has increased significantly compared to last year. The export in September was over 180,000 tons, maintaining high expectations [48]. 3.5 Chapter 5: Supply, Demand, and Inventory 3.5.1 Supply - Side and Projections - Glass supply: The daily melting volume of glass has dropped to around 159,000 tons. With the continuous weakness of glass prices and environmental protection policy expectations, there may be an increase in cold - repairs in Hubei and East China [58]. - Soda ash supply: The supply has not shown unexpected fluctuations, and the current daily production of soda ash is maintained at around 105,000 tons, with high - level supply continuing [61]. 3.5.2 Demand - Side and Projections - Glass demand: After the spot price increase, the sales of manufacturers have weakened. The mid - stream has high inventory and slow destocking, which may cause a negative feedback. The glass demand is currently weak, with high inventory in the upper and middle reaches and large spot pressure [64][65]. - Soda ash demand: The rigid demand for soda ash has slightly weakened. The combined daily melting volume of float glass and photovoltaic glass is 247,200 tons, corresponding to a daily rigid demand for soda ash of about 49,000 tons. However, due to cold - repairs in float and photovoltaic glass, the rigid demand has declined month - on - month [70]. 3.5.3 Inventory Analysis - Glass: According to Longzhong data, the manufacturer's inventory is 63.136 million heavy boxes, a month - on - month decrease of 2.654 million heavy boxes, or 4.03%. The inventory days have decreased by 0.9 days to 27.1 days. The mid - stream inventory in Shahe and Hubei remains high [75]. - Soda ash: The factory inventory of soda ash is 1.7142 million tons, a month - on - month increase of 12,200 tons. The inventory in the delivery warehouse is 665,600 tons (a decrease of 11,300 tons). The total inventory of factory and delivery warehouses is 2.3798 million tons, a month - on - month increase of 900 tons. The upstream inventory is relatively stable, and the oversupply is less than expected [75][77].

Investment Rating - The industry rating is "Outperform the Market" [6][64]. Core Viewpoints - The report highlights that multiple provinces are encouraging mergers and restructuring in the cement industry, accelerating supply-side reforms. Key measures include prohibiting new cement clinker capacity in certain areas and promoting industry consolidation to enhance concentration [2][11]. - The report anticipates a turning point in the building materials capacity cycle due to accelerating supply-side reforms and a favorable interest rate environment, which is expected to restore home-buying willingness and capability, thereby stabilizing the real estate market [4][11]. - The report notes that the sales area of commercial housing has been declining for over three years, indicating that the industry is entering a bottoming phase, with increasing sensitivity to policy easing [11]. Summary by Sections Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality blue-chip stocks benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [4]. 2. Undervalued stocks benefiting from credit risk alleviation in the B-end, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [4]. 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [4]. Weekly High-Frequency Data - As of November 7, 2025, the national average price of bulk P.O 42.5 cement is 343.4 CNY/ton, showing a 0.2% increase from the previous week but an 18.0% decrease year-on-year [3][12]. - The national average price of glass (5.00mm) is 1157.1 CNY/ton, reflecting a 0.9% decrease from the previous week and a 15.9% decrease year-on-year [3][21]. Sector Review - The Shanghai Composite Index rose by 1.08%, and the Shenzhen Composite Index increased by 0.39%. The building materials sector (Shenwan) index rose by 0.8% [3][49]. - Among sub-sectors, cement products increased by 4.88%, glass manufacturing by 4.27%, and other building materials by 2.42% [3][49].

Investment Rating - The report maintains an "Accumulate" rating for the building materials sector [4] Core Views - The real estate sector remains weak, but the probability of policy interventions is gradually increasing, which may provide support for the building materials industry [1] - The cement market is experiencing a "double weakness" in supply and demand, with a slight recovery in infrastructure but ongoing challenges in the housing market [2][16] - The glass market is facing supply-demand contradictions, but self-discipline in production among photovoltaic glass manufacturers may alleviate some pressures [1][3] - Consumption building materials are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies, with significant potential for market share growth [1] - The fiberglass market shows signs of bottoming out, with a potential increase in demand driven by wind power projects [1][6] Summary by Sections Cement Industry Tracking - As of November 7, 2025, the national cement price index is 348.96 CNY/ton, with a week-on-week increase of 0.47% [2][16] - The cement output this week is 2.849 million tons, up 0.8% from last week [2] - The market is characterized by weak supply and demand, with construction projects hindered by funding and progress issues [2][16] Glass Industry Tracking - The average price of float glass is 1197.22 CNY/ton, down 0.45% from last week [3] - Inventory levels have decreased slightly, but overall market transactions remain sluggish [3] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with demand showing some decline [6] - The electronic fiberglass market continues to see strong demand for high-end products, with stable pricing expected in the short term [6] Consumption Building Materials - The demand for consumption building materials is showing signs of weak recovery, with fluctuations in upstream raw material prices [6] Carbon Fiber Industry Tracking - The carbon fiber market price remains stable, with production costs averaging 106,300 CNY/ton [7] - The industry is facing challenges with profitability, as the average gross margin is negative [7] Key Stocks - Recommended stocks include North New Materials, Weixing New Materials, and San Ke Tree, with various ratings and earnings projections for 2024 to 2027 [8]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Views - **Soda Ash**: Last week, soda ash production decreased by 10,700 tons week - on - week, the manufacturer's shipment rate dropped by 3.14%, and the upstream manufacturer's inventory increased by 12,200 tons. Some soda ash enterprises reduced their loads, and production slightly decreased. The inventory accumulation slowed down. Recently, the supply of soda ash has remained at a high level with narrow fluctuations. Although the enterprise profit has continued to shrink, there has been no significant production cut, and the supply pressure remains high. The daily melting volume of downstream glass has remained low, the improvement in soda ash demand is limited, and the manufacturer's inventory is difficult to deplete. The high supply has hit market confidence, and the futures market is under pressure and operating weakly. The 2601 contract is expected to run in the range of 1160 - 1280 [7]. - **Glass**: Last week, 4 coal - fired production lines were shut down, and 1 previously ignited production line started to produce glass. The weekly开工率 and weekly supply decreased. Affected by the news of the technological transformation and shutdown of production lines in the Shahe area, the market production and sales improved, and the manufacturer's inventory continued to decline. Currently, glass is dragged down by the weak real estate market, and the demand outlook is not optimistic. The market expects a reduction in supply. It is expected that there is still room for adjustment and repair in the industry's supply - demand relationship. However, the short - term peak - season consumption is lower than expected, the inventory remains high, and later the consumption will gradually enter the off - season, so the improvement in the supply - demand contradiction may be limited. The 2601 contract is expected to run in the range of 1050 - 1160 [8]. 3. Summary by Directory 3.1 Week - on - Week Views and Strategies - **Soda Ash** - **Inventory**: As of November 6, 2025, the total inventory of domestic soda ash manufacturers was 1.7142 million tons, including 814,600 tons of light soda ash and 899,600 tons of heavy soda ash. Compared with the same period last year, the inventory increased by 39,200 tons, a rise of 2.34%. The production and sales of enterprises were relatively balanced, and the inventory of some enterprises increased [7]. - **Supply**: As of November 6, 2025, the weekly domestic soda ash production was 74,690 tons, a week - on - week decrease of 10,700 tons, a decline of 1.41%. The production of light soda ash was 33,121 tons, a week - on - week decrease of 5,700 tons, and the production of heavy soda ash was 41,480 tons, a week - on - week decrease of 5,000 tons. Some enterprises reduced their loads, and the supply decreased slightly [7]. - **Demand**: As of November 6, 2025, the weekly shipment volume of Chinese soda ash enterprises was 73,390 tons, a week - on - week decrease of 3.14%. The overall shipment rate of soda ash was 98.36%, a week - on - week decrease of 1.65 percentage points. During the week, the soda ash enterprise equipment fluctuated slightly, the production and sales of enterprises were relatively balanced, the inventory of some enterprises increased slightly, and the overall shipment rate decreased slightly [7]. - **Glass** - **Inventory**: As of November 6, 2025, the total inventory of national float glass sample enterprises was 63.136 million weight boxes, a week - on - week decrease of 2.654 million weight boxes, a decline of 4.03%, and a year - on - year increase of 29.05%. The inventory days were 27.1 days, a decrease of 0.9 days compared with the previous period [8]. - **Supply**: From October 31 to November 6, 2025, the average operating rate of the float glass industry was 75.92%, a week - on - week decrease of 0.43 percentage points; the average capacity utilization rate was 80.42%, a week - on - week decrease of 0.2 percentage points. The national float glass production was 1.1261 million tons, a week - on - week decrease of 0.25% and a year - on - year increase of 1.87% [8]. - **Profit**: From October 31 to November 6, 2025, according to the production cost calculation model of Longzhong Information, the weekly average profit of float glass using natural gas as fuel was - 172.70 yuan/ton, a week - on - week decrease of 15.00 yuan/ton; the weekly average profit of float glass using coal - made gas as fuel was 78.10 yuan/ton, a week - on - week increase of 14.65 yuan/ton; the weekly average profit of float glass using petroleum coke as fuel was - 1.77 yuan/ton, a week - on - week decrease of 2.86 yuan/ton [8]. - **Demand**: As of October 31, 2025, the average order days of national deep - processing sample enterprises were 10.8 days, a week - on - week increase of 4.0% and a year - on - year decrease of 16.1%. The deep - processing orders were divided this period. The average order days of enterprises in the north increased slightly, and the proportion of some engineering orders increased. In the south, most orders remained flat or even decreased in some cases, and the overall competition was still fierce [8]. 3.2 Industrial Chain Structure - **Soda Ash**: The upstream of the soda ash industry chain includes natural soda mines, raw salt, synthetic ammonia, raw salt, limestone, and ammonium chloride. The mid - stream is soda ash (light soda ash/heavy soda ash), and the downstream includes agricultural fertilizers, glass, and daily detergents [10]. - **Flat Glass**: The upstream of the flat glass industry chain includes raw materials such as quartz sand, limestone, soda ash, and auxiliary materials (clarifiers, color - mixing agents), as well as fuels like coal - made gas (24%), natural gas (40%), and petroleum coke (16%). The mid - stream is flat glass (float glass, other methods such as calendering), and the downstream includes deep - processed products such as tempered glass, laminated glass, hollow glass, and coated glass, which are mainly used in the real estate (75%), automotive (18%), and electronic and electrical (7%) industries [11]. 3.3 Futures and Spot Markets - **Futures and Spot Prices** - **Glass**: As of November 7, 2025, the closing price of the FG main contract was 1091, and the North China basis was 39 yuan/ton [15]. - **Soda Ash**: As of November 7, 2025, the closing price of the SA main contract was 1210, and the North China basis was 90 yuan/ton [18]. - **Contract Spread** - **Glass**: As of November 7, 2025, the FG1 - 5 spread closed at - 134 yuan/ton. - **Soda Ash**: As of November 7, 2025, the SA1 - 5 spread closed at - 84 yuan/ton [21]. 3.4 Inventory - **Glass**: As of November 6, 2025, the total inventory of national float glass sample enterprises was 63.136 million weight boxes, a week - on - week decrease of 2.654 million weight boxes, a decline of 4.03%, and a year - on - year increase of 29.05%. The inventory days were 27.1 days, a decrease of 0.9 days compared with the previous period. The inventory in major regions such as North China, East China, South China, and Central China decreased [24]. - **Soda Ash**: As of November 6, 2025, the total inventory of domestic soda ash manufacturers was 1.7142 million tons, including 814,600 tons of light soda ash and 899,600 tons of heavy soda ash. Compared with the same period last year, the inventory increased by 39,200 tons, a rise of 2.34%. The production and sales of enterprises were relatively balanced, and the inventory of some enterprises increased [33]. 3.5 Supply - Side - **Glass**: From October 31 to November 6, 2025, the average operating rate of the float glass industry was 75.92%, a week - on - week decrease of 0.43 percentage points; the average capacity utilization rate was 80.42%, a week - on - week decrease of 0.2 percentage points. The national float glass production was 1.1261 million tons, a week - on - week decrease of 0.25% and a year - on - year increase of 1.87% [37]. - **Soda Ash**: As of November 6, 2025, the weekly domestic soda ash production was 74,690 tons, a week - on - week decrease of 10,700 tons, a decline of 1.41%. The production of light soda ash was 33,121 tons, a week - on - week decrease of 5,700 tons, and the production of heavy soda ash was 41,480 tons, a week - on - week decrease of 5,000 tons. Some enterprises reduced their loads, and the supply decreased slightly. As of November 6, 2025, the theoretical profit of ammonia - soda process soda ash in China was - 43.50 yuan/ton, a week - on - week decrease of 1.80 yuan/ton; the theoretical profit of dual - ton soda ash in the combined - soda process was - 174 yuan/ton, a week - on - week decrease of 9 yuan/ton [47][50]. 3.6 Demand - Side - **Glass**: As of October 31, 2025, the average order days of national deep - processing sample enterprises were 10.8 days, a week - on - week increase of 4.0% and a year - on - year decrease of 16.1%. The deep - processing orders were divided this period. The average order days of enterprises in the north increased slightly, and the proportion of some engineering orders increased. In the south, most orders remained flat or even decreased in some cases, and the overall competition was still fierce [54]. - **Soda Ash**: As of November 6, 2025, the weekly shipment volume of Chinese soda ash enterprises was 73,390 tons, a week - on - week decrease of 3.14%. The overall shipment rate of soda ash was 98.36%, a week - on - week decrease of 1.65 percentage points. The enterprise production and sales were relatively balanced, the inventory of some enterprises increased slightly, and the overall shipment rate decreased slightly [65].

Core Viewpoint - The glass futures market is currently experiencing a tug-of-war between bullish and bearish factors, with prices oscillating within a narrow range of 1080-1120, while inventory levels have shown a decline over the past two weeks, raising questions about a potential rebound in the glass market [1][3]. Market Review - Since late October, glass futures have mostly traded within the 1080-1120 range, indicating limited upward or downward movement. As of November 7, prices are again in a narrow consolidation phase [1]. - The total inventory of float glass sample enterprises remains high at 63.136 million heavy boxes, despite a week-on-week decrease of 2.654 million heavy boxes, representing a decline of 4.03%. However, this figure is still up 29.05% year-on-year [3][7]. Supply and Demand Dynamics - The glass market is characterized by a fierce battle between supply and demand. High inventory levels on the supply side and weak demand are suppressing price rebounds, while cost support and production line upgrades provide some bottom support [3]. - From January to September, the area of completed real estate projects in China decreased by 15.3%, and the average order days for deep processing were only 10.8 days, leading some companies to face a "no orders" situation [3]. Cost Support - Despite a decline in spot prices, the profit margins for the float glass industry remain within an acceptable range, with current profit levels at the median for the year. However, if profits continue to decline, cost support may gradually become more significant [4]. - As of November 6, the gross profit for float glass production using coal as fuel is 78.1 yuan/ton, while using petroleum coke and natural gas results in negative margins of -1.77 yuan/ton and -172.7 yuan/ton, respectively [4]. - The recent "coal-to-gas" initiative in the Shihezi area has garnered market attention, potentially leading to short-term supply reductions and increased production costs by 80-100 yuan/ton due to fuel price differences [4]. Inventory Trends - The recent two-week decline in glass enterprise inventories has provided some positive signals, with total inventory dropping to 63.136 million heavy boxes as of November 6. However, this decline may merely reflect a transfer of inventory from enterprises to social stock rather than a genuine improvement in end-user demand [7]. Market Outlook - In the short term, the ongoing struggle between high inventory and cost support is expected to continue, with the 1080-1120 yuan/ton range likely to persist. Traders may consider a high-sell low-buy strategy while monitoring potential breakout points [9]. - Future breakthroughs in glass futures may arise from either a contraction in supply or a substantial improvement in demand, particularly in the real estate sector, which remains in a bottoming cycle [9][12].

Glass Report 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints Despite October being the traditional peak season, terminal demand this year was weak and failed to support prices. Supply expectations increased as corporate profits recovered, and inventory accumulation exceeded expectations, suppressing spot prices. The market was dominated by weak reality, leading to a negative feedback loop and a significant price drop at the beginning of the month. Although there were short - term price rebounds, they lacked momentum due to weak real - estate demand and high inventory. The market is expected to remain in a weak and volatile pattern, and future attention should be paid to production line maintenance and the coal - to - gas conversion process in the Shahe area [12][13]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - Price: As of November 7, 2025, the spot price of float glass was 1130 yuan/ton, unchanged from the previous period; the closing price of the main contract was 1101 yuan/ton, up 10 yuan/ton; the basis was 29 yuan/ton, down 10 yuan/ton from last week [12][17]. - Cost and Profit: The weekly average profit of producing float glass with natural gas was - 172.7 yuan/ton, down 15 yuan/ton; the low - end price of Henan LNG was 4400 yuan/ton, down 80 yuan/ton. The weekly average profit with coal was 78.1 yuan/ton, up 14.65 yuan/ton; with petroleum coke, it was - 1.77 yuan/ton, down 2.86 yuan/ton [12][26][29]. - Supply: The weekly output of national float glass was 112.89 tons, unchanged; the number of operating production lines was 226, unchanged; the operating rate was 76.35% [12][33]. - Demand: The downstream deep - processing orders of float glass were 10.8 days, down 0.2 days; the operating rate of Low - e glass was 44.30%, up 0.6%. From January to September 2024, the cumulative sales area of commercial housing was 65834.79 million square meters, down 5.5%; in September, it was 8530.87 million square meters, down 11.89%. In September 2025, automobile production and sales were 327.58/322.64 million vehicles, up 17.15%/14.86% year - on - year; from January to September, cumulative production and sales were 2433.30/2436.30 million vehicles [12][36][39][42]. - Inventory: The national float glass factory inventory was 6313.6 million heavy boxes, down 265.4 million heavy boxes; the inventory in the Shahe area was 0 million heavy boxes, down 529.6 million heavy boxes [12][46]. 3.2 Futures and Spot Market - Glass Basis: As of November 7, 2025, the glass basis situation was as described above [17]. - Glass Inter - month Spread: The 01 - 05 spread was - 128 yuan/ton (+22), the 05 - 09 spread was - 90 yuan/ton (+5), the 09 - 01 spread was 218 yuan/ton (-27), and the open interest was 1.9284 million lots [20]. 3.3 Profit and Cost - Float Glass Profit and Cost: The profit and cost details using different fuels (natural gas, coal, petroleum coke) were as mentioned above [26][29]. 3.4 Supply and Demand - Glass Production and Operating Rate: Weekly output, number of operating production lines, and operating rate were as stated [33]. - Glass Demand: Downstream deep - processing orders and Low - e glass operating rate, as well as real - estate and automobile market data, were as described [36][39][42]. 3.5 Inventory - Inventory: National and Shahe area factory inventories were as mentioned [46]. Soda Ash Report 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The soda ash market is in a long - term supply - demand imbalance. New capacity release and holiday inventory accumulation pressure prices. Downstream demand has not improved, and export orders are weak. Although cost support exists due to industry losses, it has not fully affected prices. The market is expected to remain weak in the short term [56][57]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - Price: As of November 7, 2025, the spot price of heavy soda ash in the Shahe area was 1157 yuan/ton, down 28 yuan/ton; the closing price of the main contract was 1207 yuan/ton, down 28 yuan/ton; the basis was - 50 yuan/ton, unchanged from last week [56][61]. - Cost and Profit: The weekly average profit of the ammonia - soda process was - 103.5 yuan/ton, down 1.8 yuan/ton; the weekly average profit of the combined - soda process was - 212 yuan/ton, down 9 yuan/ton. The price of steam coal at Qinhuangdao Port was 794 yuan/ton, up 28 yuan/ton; the low - end price of Henan LNG was 4400 yuan/ton, down 80 yuan/ton. The price of raw salt in the northwest region was 215 yuan/ton, up 10 yuan/ton; the price of synthetic ammonia in Shandong was 2120 yuan/ton, down 50 yuan/ton [56][71][74][77]. - Supply: The weekly output of soda ash was 74.68 tons, down 1.08 tons; the capacity utilization rate was 85.67%. The output of heavy soda ash was 41.48 tons, down 0.5 tons; the output of light soda ash was 33.2 tons, down 0.58 tons [56][81][84]. - Demand: The weekly output of national float glass was 112.89 tons, unchanged; the operating rate was 76.35%. The apparent consumption of soda ash in September was 3.08 million tons [56][87]. - Inventory: The factory inventory of soda ash was 1.7142 million tons, up 12,200 tons; the available inventory days were 14.21 days, up 0.1 days. The heavy soda ash factory inventory was 89.96 tons, up 1.32 tons; the light soda ash factory inventory was 81.46 tons, down 0.1 tons [56][91][94]. 3.2 Futures and Spot Market - Soda Ash Basis: As of November 7, 2025, the soda ash basis situation was as described above [61]. - Soda Ash Inter - month Spread: The 01 - 05 spread was - 86 yuan/ton (+7), the 05 - 09 spread was - 69 yuan/ton (-5), the 09 - 01 spread was 155 yuan/ton (-2), and the open interest was 1.9284 million lots [64]. 3.3 Profit and Cost - Soda Ash Profit: The profit details of the ammonia - soda process and the combined - soda process were as mentioned above [71]. - Raw Material Cost: The prices of steam coal, LNG, raw salt, and synthetic ammonia were as described [74][77]. 3.4 Supply and Demand - Soda Ash Production: Weekly output, capacity utilization rate, and the output of heavy and light soda ash were as stated [81][84]. - Soda Ash Demand: Float glass output and soda ash apparent consumption were as described [87]. 3.5 Inventory - Soda Ash Inventory: Factory inventory, available inventory days, and the inventory of heavy and light soda ash were as mentioned [91][94].

Core Insights - Suzhou Hongyingmiao Glass Technology Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The company is engaged in various activities including technology services, development, consulting, and the manufacturing and sales of technical glass products [1] Company Overview - The legal representative of the company is Fu Guoqiang [1] - The registered capital is 500,000 RMB [1] Business Scope - The company’s business scope includes: - Technology services, development, consulting, exchange, transfer, and promotion [1] - Manufacturing and sales of technical glass products [1] - Sales of optical glass and daily glass products [1] - Metal doors and windows engineering construction and sales [1] - Sales of metal products, building materials, decorative materials, plastic products, and hardware products [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The current situation is weak, but the cost is relatively strong. The game for the 01 contract may continue until delivery. Without unexpected production cuts, a bearish view is maintained for the glass and soda ash 01 contracts [6]. - Structural contradictions still exist. The reduction in glass supply is insufficient to change the oversupply situation, and the high inventory in the middle - stream puts great pressure on the 01 contract. The expectation of glass cold - repair is rising again, which is negative for the rigid demand of soda ash, but the cost side is relatively firm [2]. 3. Summary by Related Content Price Forecast - The monthly price range forecast for glass is 1000 - 1300, with a current 20 - day rolling volatility of 28.31% and a 3 - year historical percentile of 75.4%. For soda ash, the monthly price range forecast is 1100 - 1400, with a current 20 - day rolling volatility of 17.69% and a 3 - year historical percentile of 9.8% [1]. Market Data - **Glass Futures**: On November 7, 2025, the prices of glass 05, 09, and 01 contracts were 1225, 1315, and 1091 respectively, with daily changes of - 2, - 4, and - 10, and daily change rates of - 0.16%, - 0.3%, and - 0.91% compared to the previous day [7]. - **Glass Spot**: Some glass spot prices in different regions showed little change on November 7, 2025. For example, the safety brand in the Shahe area remained at 1130, while the Great Wall brand increased by 5 to 1126 [8]. - **Soda Ash Futures**: On November 7, 2025, the prices of soda ash 05, 09, and 01 contracts were 1294, 1363, and 1210 respectively, with daily changes of 1, - 1, and 3, and daily change rates of 0.08%, - 0.07%, and 0.25% compared to the previous day [8]. - **Soda Ash Spot**: On November 7, 2025, the heavy - alkali market prices in some regions such as North China and South China remained unchanged, while the light - alkali market price in some regions had slight changes [9][10]. Hedging Strategies - For glass inventory management, when the finished - product inventory is high and worried about price drops, shorting glass futures (FG2601) and selling call options (FG601C1200) are recommended. When the procurement inventory is low and worried about price increases, buying glass futures (FG2601) and selling put options (FG601P1000) are recommended [1]. - For soda ash inventory management, when the finished - product inventory is high and worried about price drops, shorting soda ash futures (SA2601) and selling call options (SA601C1400) are recommended. When the procurement inventory is low and worried about price increases, buying soda ash futures (SA2601) and selling put options (SA601P1200) are recommended [1]. Factors Affecting the Market - **Positive Factors**: The cost of glass and soda ash (fuel & raw materials) still has an upward expectation, which affects the far - month pricing. The industrial policy expectation cannot be completely excluded and may be repeatedly traded [5]. - **Negative Factors**: The inventories of glass and soda ash in the upper and middle reaches are high, and the downstream's ability to absorb is questionable. The supply pressure remains, and the oversupply situation is difficult to change. After the glass spot price increases, the production and sales have weakened, and the sustainability needs to be observed [5][6].

Core Viewpoint - Yao Pi Glass experienced a stock price increase of 2.28%, closing at 8.51 yuan, with significant block trades occurring on November 7 [1] Trading Activity - Two block trades were executed, totaling 944,600 shares and a transaction value of 7.0748 million yuan [1] - The first trade involved 550,000 shares at a price of 7.49 yuan, amounting to 4.1195 million yuan, with a discount rate of -11.99% [1] - The second trade involved 394,600 shares at the same price of 7.49 yuan, totaling 2.9553 million yuan, also with a discount rate of -11.99% [1] Recent Performance - Over the past three months, Yao Pi Glass has recorded 16 block trades with a cumulative transaction value of 51.3924 million yuan [1] - In the last five trading days, the stock has seen a cumulative increase of 0.59%, while the net outflow of main funds amounted to 21.1782 million yuan [1]