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供需较稳,企业库存上升
Ning Zheng Qi Huo· 2025-08-18 11:49
Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current profit of float glass enterprises is relatively stable, and the daily melting volume is also stable. There is no expectation of water release or ignition of float production lines this week, and the output is expected to remain stable. The terminal demand for float glass is still weak, and the market price in East China has been continuously falling. Enterprises are forced to adjust prices to relieve the pressure of goods shipment. It is expected that the glass price will fluctuate in the near future, with the support level of the 01 contract at 1,190. Short - term high - selling and low - buying is recommended, and attention should be paid to stop - loss [2][21] Group 3: Summary by Relevant Catalogs 3.1 Chapter 1: Market Review - The spot price of the domestic float glass market has declined, with an average price of 1,182 yuan/ton, a decrease of 38.98 yuan/ton from the previous period. In different regions, the prices in North China, East China, and Central China have all faced downward pressure. The downstream mainly purchases for rigid demand [8] - The Central Economic Work Conference proposed to promote the stabilization of the real estate market and implement the transformation of urban villages and dilapidated houses. The Ministry of Industry and Information Technology will implement a new round of stable growth work plans for ten key industries including building materials [8][9] 3.2 Chapter 2: Analysis of Price Influencing Factors 3.2.1 Supply - side Analysis - As of August 14, the average start - up rate of the float glass industry was 75.34%, a month - on - month increase of 0.15 percentage points; the average capacity utilization rate was 79.78%, remaining unchanged month - on - month. There is no expectation of water release or ignition of float production lines this week, and the output is expected to remain stable. The weekly average profits of float glass with different fuels have all decreased [11] 3.2.2 Demand - side Analysis - As of August 15, 2025, the average order days of national deep - processing sample enterprises was 9.65 days, a month - on - month increase of 1.0% and a year - on - year decrease of 1.53%. The terminal demand for float glass is still weak. From January to July 2025, the cumulative real estate completion area decreased by 16.5% year - on - year. In July 2025, the inventory warning index of Chinese automobile dealers was 57.2%, and the manufacturing PMI was 49.3%, indicating a decline in the prosperity of the automobile and manufacturing industries [13][14] 3.2.3 Inventory Analysis - As of August 14, 2025, the total inventory of national float glass sample enterprises was 63.426 million heavy boxes, a month - on - month increase of 1.579 million heavy boxes and a year - on - year decrease of 5.94%. The inventory days were 27.1 days, an increase of 0.7 days from the previous period. The inventory in North China and East China has increased [16] 3.2.4 Position Analysis - As of August 15, the long positions of the top 20 members in the glass futures market decreased by 22,374 to 905,482, and the short positions increased by 42,304 to 1,210,393. The net position of the top 20 members is bearish [19] 3.3 Chapter 3: Market Outlook and Investment Strategy - The float glass price is expected to fluctuate in the near future, with the support level of the 01 contract at 1,190. Short - term high - selling and low - buying is recommended, and attention should be paid to stop - loss. Later, focus should be placed on the start - up changes of float glass [21]
南玻A:上半年归母净利润7453.15万元,同比下降89.83%
Xin Lang Cai Jing· 2025-08-18 11:05
Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first half of the year, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 6.484 billion yuan, representing a year-on-year decrease of 19.75% [1] - The net profit attributable to shareholders was 74.5315 million yuan, showing a substantial year-on-year decline of 89.83% [1] - The basic earnings per share were reported at 0.02 yuan [1]
瑞达期货纯碱玻璃产业日报-20250818
Rui Da Qi Huo· 2025-08-18 09:44
1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The supply of soda ash is expected to remain ample, demand will continue to decline, and prices will generally face pressure, but there may be variables with anti - involution hype. It is recommended to buy on dips for the short - term main contract of soda ash, while being aware of operational risks [2]. - For glass, the supply remains at the bottom, and the current real - estate situation is not optimistic. However, there is an expectation of restocking as the peak season approaches. If the price drops to around 1100 yuan, pay attention to the opportunity when the 20 - day interest - rate cut expectation may be ignited. It is recommended to buy on dips for the main contract, while being aware of operational risks [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price is 1386 yuan/ton, down 9 yuan; glass main contract closing price is 1212 yuan/ton, up 1 yuan. The price difference between soda ash and glass is 174 yuan/ton, down 10 yuan [2]. - Soda ash main contract open interest is 1398920 lots, down 10970 lots; glass main contract open interest is 1115020 lots, up 19010 lots. The net positions of the top 20 holders for soda ash is - 361252, up 3587; for glass is - 264184, up 40727 [2]. - Soda ash exchange warehouse receipts are 10192 tons, unchanged; glass exchange warehouse receipts are 2438 tons, down 805 tons. The spread between the September and January contracts for soda ash is - 114 yuan, down 12 yuan; for glass is - 182 yuan, down 17 yuan. The basis of soda ash is - 115 yuan/ton, up 25 yuan; the basis of glass is - 128 yuan, down 5 yuan [2]. Spot Market - The price of North China heavy soda ash is 1280 yuan/ton, up 20 yuan; Central China heavy soda ash is 1325 yuan/ton, unchanged. East China light soda ash is 1270 yuan/ton, unchanged; Central China light soda ash is 1220 yuan/ton, unchanged [2]. - The price of Shahe glass sheets is 1088 yuan/ton, unchanged; Central China glass sheets is 1110 yuan/ton, unchanged [2]. Industry Situation - The operating rate of soda ash plants is 87.32%, up 1.91 percentage points; the operating rate of float glass enterprises is 75.34%, up 2.34 percentage points [2]. - The in - production capacity of glass is 15.96 million tons/year, unchanged; the number of in - production glass production lines is 223, unchanged. The inventory of soda ash enterprises is 189.73 million tons, up 0.35 million tons; the inventory of glass enterprises is 6342.6 million heavy boxes, up 157.9 million heavy boxes [2]. Downstream Situation - The cumulative new construction area of real estate is 30364.32 million square meters, up 7180.71 million square meters; the cumulative completed area of real estate is 22566.61 million square meters, up 4181.47 million square meters [2]. Industry News - The domestic soda ash market showed a general trend with a lukewarm trading atmosphere. The supply increased as some plants resumed normal operation. The downstream demand was average, mainly replenishing stocks at low prices. The short - term soda ash market is expected to be lightly stable and volatile [2]. - The spot price of float glass was 1153 yuan/ton, down 7 yuan/ton compared with the previous trading day. Different regions had different market conditions, with some prices falling and some remaining stable [2]. Macro - aspect - In July, the housing prices in 70 cities were released. The prices of commercial residential buildings in all tiers of cities declined month - on - month, and the year - on - year decline generally narrowed [2].
【干货】中硼硅玻璃产业链全景梳理及区域热力地图
Qian Zhan Wang· 2025-08-18 07:16
中国中硼硅玻璃行业上游石英砂龙头企业主要为石英股份,制作管制瓶的玻璃原材料主要来自国际机构康宁 等。上游设备供应企业较多,主要如生产马弗炉的上海恒字等企业,生产拉管机的东莞神龙机械等。行业中 游生产制造企业主要国际企业德国肖特(SCHOTT)公司、美国康宁公司(Corning)、日本NEG 公司(Nippon Electric Glass)和格雷斯海姆公司(Gerresheimer),国内企业山东药玻、正川股份、沧州四星玻璃、凯盛君 恒、旗滨集团、东旭光电等。 转自:前瞻产业研究院 行业主要上市公司:力诺药包(301188.SZ)、山东药玻(600529.SH)、旗滨集团(601636.SH)、威高股份 (01066.HK)、正川股份(603976.SH)等 本文核心数据:产业链生态图谱;代表性企业产销量 产业链剖析:中游为核心环节 中国中硼硅玻璃行业上游原材料主要包括石英砂、硼砂、碎玻璃、方解石、长石等产品,主要生产设备为马 弗炉和拉管机,除此在制造中硼硅玻璃管/瓶的过程中需要大量电力、水和天然气资源。行业下游应用领域 主要为各大医疗机构和医药销售、物流机构等。 硅玻璃产业链区域热力地图:集中在东部沿海地区 ...
玻璃纯碱早报-20250818
Yong An Qi Huo· 2025-08-18 03:27
1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - No explicit core viewpoints provided. The report mainly presents the price, profit, production and sales, and inventory data of glass and soda ash. 3. Summary by Related Catalogs Glass - **Price Changes**: From August 8th to 15th, 2025, the price of 5mm glass plates in various regions showed different degrees of change. For example, the Wuhan Changli 5mm large - plate price dropped from 1200.0 to 1100.0, a decrease of 100.0 [1]. - **Contract Price Changes**: The FG09 contract price decreased from 1063.0 to 1046.0, a decrease of 17.0; the FG01 contract price increased from 1196.0 to 1211.0, an increase of 15.0 [1]. - **Profit Changes**: The North China coal - fired profit decreased from 249.2 to 231.0, a decrease of 18.2; the South China natural gas profit remained at - 129.1 [1]. - **Production and Sales**: The production and sales rate in Shahe was 102, in Hubei was 84, in East China was 96, and in South China was 88 [1]. - **Market Conditions**: The production and sales of Shahe factories improved slightly, but the sales of traders were average, and the spot - futures sales basically had no transactions. The price of factories in Hubei was around 1000, and the spot - futures transaction was average [1]. Soda Ash - **Price Changes**: From August 8th to 15th, 2025, the price of heavy soda ash in various regions changed. For example, the price of Shahe heavy soda ash increased from 1240.0 to 1280.0, an increase of 40.0 [1]. - **Contract Price Changes**: The SA05 contract price increased from 1392.0 to 1450.0, an increase of 58.0; the SA01 contract price increased from 1332.0 to 1395.0, an increase of 63.0 [1]. - **Profit Changes**: The North China ammonia - alkali profit increased from - 132.8 to - 102.9, an increase of 29.8; the North China combined - alkali profit increased from - 220.6 to - 134.2, an increase of 86.4 [1]. - **Market Conditions**: The spot price of heavy soda ash in Hebei delivery warehouses was around 1240, and the price delivered to Shahe was around 1280. Downstream customers replenished at low prices but did not accept high - priced goods, with the intended price being 1220 - 1250 delivered. Factory inventories continued to accumulate, and delivery warehouse inventories increased slightly [1].
大越期货玻璃周报-20250818
Da Yue Qi Huo· 2025-08-18 02:44
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。 玻璃周报 2025.8.11-8.15 上周玻璃期货窄幅震荡,主力合约FG2601收盘较前一周上涨1.25%报1211元/吨。现 货方面,河北沙河白玻大板报价1088元/吨,较前一周下跌1.45%。 "反内卷"政策情绪消退,行情回归基本面。供给方面,玻璃现货价格回落,行业 冷修高位,上周全国浮法玻璃生产线在产223条,开工率75.34%,日熔量15.96万吨,环 比持平,供给历史低位企稳。需求方面,下游加工厂订单维持偏弱水平,而部分企业消 化自身的库存为主,同时在"买涨不买跌"情绪影响下,拿货积极性偏弱;截止8月14 日,全国浮法玻璃企业库存6342.60万重量箱,较前一周增加2.55%,库存持续累积。综 合来看, "反内卷"政策利好消退,玻璃基本 ...
玻璃:厂商库存高位,近月偏空看待
Chang Jiang Qi Huo· 2025-08-18 02:16
1. Report Industry Investment Rating - The investment strategy for the glass industry is to expect a weak and oscillating market [2][4]. 2. Core Viewpoints of the Report - The glass market is currently facing high inventory levels among manufacturers. The recovery of glass production and sales has fallen short of expectations, and the middle - stream is under significant pressure to reduce inventory. The 09 contract of glass is expected to remain weak, with support levels at 990 - 1000 [2][3]. - The real - estate market data shows a year - on - year decline, while the automotive market has seen year - on - year growth in production and sales. The supply of soda ash is increasing, and its futures price is expected to remain weak [2][46][54]. 3. Summary by Relevant Catalogs 3.1 Investment Strategy - The investment strategy is a weak and oscillating market. The main reasons include the impact of the Qinghai Salt Lake incident on the supply side, subsequent inventory accumulation in glass, a decline in market speculation, high inventory in the middle - stream, and weakening demand from the real - estate market [2]. 3.2 Market Review 3.2.1 Spot Price - As of August 15, the market price of 5mm float glass was 1,150 yuan/ton in North China (-30), 1,110 yuan/ton in Central China (-80), and 1,220 yuan/ton in East China (-50). The futures price of the glass 01 contract closed at 1,211 yuan/ton last Friday, up 15 for the week [12]. 3.2.2 Basis and Spread - As of August 15, the price difference between soda ash and glass was 184 yuan/ton (-85). The basis of the glass 01 contract was -171 yuan/ton (-75), and the 09 - 01 spread was -165 yuan/ton (-32) [13]. 3.3 Profit - For the natural - gas production process, the cost was 1,588 yuan/ton (-4), and the gross profit was -368 yuan/ton (-46). For the coal - gas production process, the cost was 1,175 yuan/ton (-5), and the gross profit was -25 yuan/ton (-25). For the petroleum - coke production process, the cost was 1,102 yuan/ton (-4), and the gross profit was 8 yuan/ton (-76) [17][21]. 3.4 Supply - Last Friday, the daily melting volume of glass was 158,355 tons/day (unchanged). There were 223 production lines in operation, and there was no change in production lines last week [23]. 3.5 Inventory - As of August 15, the national inventory of 80 glass sample manufacturers was 6,342.6 million weight boxes (+157.9). Inventory increased in all regions, with significant increases in North China, Central China, and East China [27][33]. 3.6 Deep - processing - The order days of glass deep - processing increased slightly, showing a situation where the off - season was not as slack as usual. The comprehensive production - sales ratio of float glass on August 14 was 91% (+4%), the operating rate of LOW - E glass on August 15 was 47.59% (+0.49%), and the order days of glass deep - processing in mid - August were 9.65 days (+0.1) [37]. 3.7 Demand 3.7.1 Automotive - In July, China's automobile production was 2.591 million units, a month - on - month decrease of 203,000 units and a year - on - year increase of 305,000 units. Sales were 2.593 million units, a month - on - month decrease of 311,000 units and a year - on - year increase of 331,000 units. The retail volume of new - energy passenger cars in July was 987,000 units, with a penetration rate of 54% [46]. 3.7.2 Real - estate - In July, China's real - estate completion area was 24.6739 million square meters, a year - on - year decrease of 29%. The new construction area was 48.4168 million square meters (-15%), the construction area was 54.0957 million square meters (-16%), and the commercial housing sales area was 57.0945 million square meters (-8%). From August 3 to August 10, the total commercial housing transaction area in 30 large - and medium - sized cities was 1.48 million square meters, a month - on - month decrease of 18% and a year - on - year decrease of 7%. The real - estate development investment in July was 692.24 billion yuan, a year - on - year decrease of 17% [54]. 3.8 Soda Ash 3.8.1 Spot and Futures Prices - As of last weekend, the mainstream market price of heavy soda ash was 1,350 yuan/ton in North China (-50), 1,275 yuan/ton in East China (-75), 1,325 yuan/ton in Central China (unchanged), and 1,500 yuan/ton in South China (unchanged). The soda ash 2509 contract closed at 1,395 yuan/ton last Friday (+63) [56][61]. 3.8.2 Cost and Profit - The cost of the ammonia - soda process for soda ash enterprises was 1,296 yuan/ton (-9), and the gross profit was 34 yuan/ton (-22). The cost of the joint - production process was 1,730 yuan/ton (-60), and the gross profit was 9 yuan/ton (-60) [62][64]. 3.8.3 Production, Inventory, and Consumption - Last week, the domestic soda ash production was 761,300 tons (a month - on - month increase of 16,700 tons), including 429,700 tons of heavy soda ash (a month - on - month increase of 6,300 tons) and 331,600 tons of light soda ash (a month - on - month increase of 10,400 tons). The loss was 110,400 tons (a month - on - month decrease of 16,800 tons). As of August 15, the national in - factory inventory of soda ash was 1.8938 million tons (a month - on - month increase of 28,700 tons), including 1.1338 million tons of heavy soda ash (a month - on - month decrease of 13,700 tons) and 760,000 tons of light soda ash (a month - on - month increase of 42,400 tons). The weekly apparent demand for heavy soda ash last week was 443,400 tons, a week - on - week increase of 64,700 tons; the apparent demand for light soda ash was 289,200 tons, a week - on - week decrease of 7,400 tons. The production - sales ratio of soda ash last week was 96.23% [72][78][86].
大越期货玻璃早报-20250818
Da Yue Qi Huo· 2025-08-18 02:16
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 2025-8-18 每日观点 玻璃: 1、基本面:玻璃生产利润修复,行业冷修速度放缓,开工率、产量下降至历史同期低位;深加工 订单不及往年同期,终端需求偏弱;偏空 2、基差:浮法玻璃河北沙河大板现货1088元/吨,FG2601收盘价为1211元/吨,基差为-123元,期 货升水现货;偏空 3、库存:全国浮法玻璃企业库存6342.60万重量箱,较前一周增加2.55%,库存在5年均值上方运 行;偏空 4、盘面:价格在20日线下方运行,20日线向上;中性 5、主力持仓:主力持仓净空,空增;偏空 6、预期:宏观利好消退,玻璃基本面疲弱,短期预计震荡运行为主。 影响因素总结 利多: 1、"反内卷"政策影响下,浮法玻璃行业存产能出清预期。 利空: ...
三峡新材: 湖北三峡新型建材股份有限公司2025年半年度报告
Zheng Quan Zhi Xing· 2025-08-17 16:11
Core Viewpoint - The report highlights the significant decline in the company's financial performance in the first half of 2025, with a notable drop in revenue and profits due to industry challenges and market conditions [2][3]. Company Overview and Financial Indicators - Company Name: Hubei Sanxia New Building Materials Co., Ltd [2] - Stock Code: 600293 [2] - Major Financial Data for H1 2025: - Revenue: 625.46 million yuan, down 28.01% from the previous year [2] - Total Profit: -25.23 million yuan, a decrease of 168.45% [2] - Net Profit attributable to shareholders: -26.99 million yuan, down 182.33% [2] - Net cash flow from operating activities: -68.99 million yuan, a decline of 270.27% [2] - Total assets: 3.30 billion yuan, down 1.29% from the end of the previous year [2] Industry and Main Business Analysis - The company operates in the non-metallic mineral products industry, specifically in glass manufacturing, which is characterized by structural overcapacity and supply-demand imbalance [3][4]. - The glass industry is facing challenges due to a decline in real estate investment, with a 11.2% year-on-year decrease in real estate development investment in H1 2025 [3]. - The company focuses on producing flat glass and special functional glass, with a goal to expand into high-end products such as ultra-thin and ultra-white glass [4][12]. Production and Sales Performance - In H1 2025, the company produced 12.29 million heavy boxes of flat glass, with a sales volume of 10.85 million heavy boxes, achieving a sales rate of 88.28% [12]. - The company also produced 7.5 million square meters of LOW-E glass, with a sales rate of 97.44% [12]. Strategic Directions and Future Outlook - The company aims to enhance its product structure by developing new products like European gray glass and expanding into high-value sectors such as electronic glass and photovoltaic glass [12][16]. - The company is implementing a "small line merging into large line" strategy to optimize cost structures and improve production efficiency [12][14]. - The focus is on technological innovation and enhancing the supply chain to maintain competitive advantages in the market [19].
三峡新材: 湖北三峡新型建材股份有限公司关于取消监事会暨修订《公司章程》的公告
Zheng Quan Zhi Xing· 2025-08-17 16:11
证券代码:600293 证券简称:三峡新材 公告编号:2025-032 湖北三峡新型建材股份有限公司 关于取消监事会暨修订《公司章程》的公告 本公司监事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏,并对其内容的真实性、准确性 和完整性承担法律责任。 湖北三峡新型建材股份有限公司(以下简称"公司")于2025 年8月15日召开的第十二届董事会第五次会议审议通过了《关于 取消监事会暨修订〈公司章程〉的议案》,现将有关情况公告如 下: 一、关于取消监事会的说明 根据《中华人民共和国公司法》、中国证监会《关于新〈公 司法〉配套制度规则实施相关过渡期安排》 《上市公司章程指引》 《上市公司股东会规则》以及《上海证券交易所股票上市规则》 等相关法律、法规、规范性文件的规定,结合公司实际情况,公 司将不再设置监事会和监事,由董事会审计委员会履行《中华人 民共和国公司法》规定的监事会职权,不会影响公司内部监督机 制的正常运行。本次《公司章程》修订经公司股东大会审议通过 后,公司《监事会议事规则》等监事会相关制度将予以废止。 公司现任监事自本议案经股东大会审议通过之日起解除监 事职务,在此之前,公司第 ...