1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - After the Fed cut interest rates by 25bp as expected, the market quickly digested the expectation and turned to shock. With the approaching holiday, the activity of the capital market decreased, and short - term style switching and partial withdrawal would occur [2]. - Without incremental negative news, the 1.8 - 1.83% range may be the high - level range for the 10 - year Treasury bond yield, but in the absence of strong positive factors, the short - term decline in interest rates is also limited [2]. - As the end of the quarter approaches, the liquidity of derivative contracts for gold tightens, and the risk of volatility is relatively large. The silver price is driven by both financial and industrial attributes, with high upward elasticity [2]. - The shipping index on the EC (European line) is rising on the disk, and the steel exports support the black valuation, with steel prices continuing to fluctuate [2]. - The geopolitical risk premium drives the oil price up, but the expected recovery of supply in the Kurdish region limits the rebound height, with short - term shock as the main trend [2]. - The supply of urea remains loose in the short term, and the demand side lacks strong drivers, so the market is weak [2]. - For agricultural products, the supply prospects of overseas sugar are broad, and new cotton is gradually coming onto the market, increasing supply pressure [2]. 3. Summaries According to Related Catalogs Financial Stock Index - TMT continues to lead the market, and most stock indices close higher. It is recommended to sell put options on the MO2511 contract with an execution price near 6600 when the index pulls back to collect premiums [2]. Treasury Bond - The MLF is renewed with an increased amount, and the overall trend of Treasury bond futures is volatile. It is recommended to operate within the range for the unilateral strategy and pay attention to quick entry and exit. For the basis spread strategy, the basis of the TL contract fluctuates at a high level, and one can appropriately participate in the basis narrowing strategy [2]. Precious Metals - For gold, maintain the idea of buying on dips or buying out - of - the - money call options. For silver, keep a low - buying strategy as its price fluctuates above $43 [2]. Black Steel - Steel exports support the black valuation, and steel prices continue to fluctuate. Try short - buying on pullbacks and narrow the spread between the January contract of hot - rolled coil and rebar [2]. Iron Ore - The decline in shipments, the increase in molten iron, and the replenishment demand support the high - level shock of iron ore prices. The 2601 contract of iron ore is regarded as volatile, with a reference range of 780 - 850 [2]. Coal - The coal prices in coal - producing areas are stable with a slight upward trend. It is recommended to short the coking coal 2601 contract at high prices, with a reference range of 1150 - 1250, and short the coke 2601 contract at high prices, with a reference range of 1650 - 1800 [2]. Energy and Chemical Crude Oil - The geopolitical risk premium drives the oil price up, but the expected recovery of supply in the Kurdish region limits the rebound height. It is recommended to adopt a unilateral band - trading strategy, with the WTI operating range at [60, 66], Brent at [64, 69], and SC at [471, 502] [2]. Other Chemicals - For various chemicals such as urea, PX, PTA, etc., different trading strategies are proposed according to their supply - demand situations, such as short - selling urea on rallies, and paying attention to the pressure levels for PX and PTA long positions [2]. Agricultural Products - For different agricultural products like soybeans, pigs, corn, etc., different trends and trading suggestions are given. For example, for sugar, conduct short - selling on rebounds; for cotton, short in the short term [2]. Special Commodities - For glass, due to news - driven factors, the glass futures market has risen sharply, and it is recommended to watch cautiously. For rubber, the impact of the typhoon is limited, and the rubber price has fallen slightly, so it is recommended to watch [2]. New Energy - For polysilicon, the market sentiment is repaired, and the futures market rebounds, so it is recommended to watch temporarily. For lithium carbonate, driven by the sector sentiment, the futures market strengthens slightly, and the main contract is expected to operate in the range of 70,000 - 75,000 yuan [2].

Summary of Glass Industry Conference Call Industry Overview - The glass industry is currently facing significant challenges due to rising natural gas prices, leading to losses of approximately 100 RMB per ton for float glass manufacturers. The cost of coal gas has also increased, impacting profitability [2][4][7] - The Ministry of Industry and Information Technology (MIIT) has implemented a growth stabilization plan for the building materials industry, which includes strict controls on cement and glass production capacity, prohibiting new flat glass capacity and requiring capacity replacement plans for new or renovated projects [2][4] - The photovoltaic (PV) glass sector has seen a 16% year-on-year decline in production capacity, although recent price increases have been noted. Future price trends will depend on supply reductions and demand increases, driven by a 12.3% rise in new housing starts and the development of new energy vehicles [2][5] Key Points and Arguments - **Market Dynamics**: The float glass market share for construction has decreased to around 50%, while demand in sectors like automotive and home appliances is growing. The increase in new housing starts and the development of new energy vehicles positively impacts the demand for float glass [2][6] - **Government Policies**: The MIIT's policies have improved market sentiment and contributed to rising glass prices. However, the sustainability of these effects remains uncertain as the real estate market has not fully recovered [2][10] - **Production and Inventory**: As of August 2025, the total capacity for float glass is projected to be 1.24 billion weight boxes, with an actual production of 158,000 tons, a 4.5% year-on-year decline. The inventory cycle is currently 26-27 days, indicating a supply-demand imbalance and significant industry losses [3][10] - **Cost Pressures**: Rising natural gas prices have increased production costs, with some companies facing losses of 100 to 200 RMB per ton. The shift from petroleum coke to natural gas in certain regions has further exacerbated cost pressures [7][8][16] Future Expectations - **Price Projections**: In the short term, from October 2025 to before the Spring Festival, demand is expected to rise, potentially increasing prices by 200 RMB per ton. However, the actual price increase will depend on market performance and the ability of companies to implement price hikes effectively [9][20] - **Challenges Ahead**: The float glass industry faces ongoing challenges related to supply-demand imbalances and the financial health of natural gas producers. The PV glass sector is also grappling with internal competition and uncertainties regarding new capacity coming online [12][26] Additional Insights - **Environmental Regulations**: Stricter environmental and energy consumption standards are being implemented, which may increase operational costs for glass manufacturers. The benchmark energy consumption standards set high requirements that are difficult to meet [21][22] - **Market Volatility**: The PV glass market has experienced significant price fluctuations, with expectations of prices rising to around 14 RMB per square meter. However, the sustainability of this price increase remains uncertain due to high inventory levels [23][27] - **Policy Attention**: Although the glass industry is not a major industrial sector, its production characteristics necessitate government attention to prevent severe downturns. The MIIT has been coordinating efforts to stabilize the market and address industry concerns [17][26]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **building materials industry**, focusing on **cement**, **glass**, and **photovoltaic glass** sectors, along with emerging materials and government policies impacting these areas [1][2][3]. Core Insights and Arguments Cement Industry - The Ministry of Industry and Information Technology (MIIT) aims to increase the cement industry's capacity utilization rate from approximately **45% to 70%** by December 31, 2025, through restrictions on overproduction and encouraging off-peak production [1][3][6]. - Challenges include effective supervision and enforcement of these policies, as well as the potential revival of "zombie" capacities that could undermine profitability improvements [6][22]. - Companies like **Sankeshu**, **Hankow Group**, and **Dongfang Yuhong** show significant fundamental improvements, making them noteworthy [3][18]. - The outlook for export-oriented building material companies is optimistic, particularly for leaders like **China Jushi** [3][19]. Glass Industry - The glass sector, particularly float and architectural glass, has reacted positively to the new policies, with significant movements in both futures and stock markets indicating expectations of price increases [5][9]. - The main driver of stock price fluctuations is attributed to pricing strategies of small and medium enterprises during peak seasons, rather than the new growth stabilization policies [9]. - The glass industry faces limited new policy increments, focusing instead on capacity replacement, with market performance influenced by window guidance [15][23]. Photovoltaic Glass Industry - The photovoltaic glass sector has implemented measures to reduce production capacity by approximately **15%**, leading to improved profitability, transitioning from losses to a **10% net profit** for leading companies [10]. - However, the industry faces risks from potential declines in export tax rebates, which may lead to short-term export surges [10][15]. Emerging Materials - New materials such as advanced glass, artificial crystals, and high-performance fibers are gaining attention, with some receiving policy support [11][16]. - The introduction of quality traceability mechanisms is expected to enhance standards in the building materials sector, particularly for non-standard products [17]. Other Important Insights - Government subsidies for building materials have been marginally improved, with categories like tiles and energy-efficient windows included in new subsidy programs, although the overall subsidy intensity has decreased compared to the previous year [12][14]. - Urban renewal projects continue to support demand for building materials, with ongoing high activity levels in renovation and upgrading of old properties [13][14]. - The building materials industry is expected to see structural growth through strict supply controls, demand stimulation, and quality improvements, although execution details and potential risks remain to be clarified [8][14]. Company Performance and Recommendations - Companies with strong fundamentals, such as **Sankeshu**, **Hankow Group**, and **Dongfang Yuhong**, are recommended for their positive performance outlook [18][20]. - Export-oriented companies like **China Jushi** are highlighted for their growth potential, especially in a favorable global demand environment post-Federal Reserve interest rate cuts [19]. - The cement sector's main players, including **Huaxin Cement**, **Keda Manufacturing**, and **Puyang Nanfang**, are expected to show long-term upward trends despite short-term volatility [20]. Conclusion - The building materials industry is undergoing significant changes driven by government policies aimed at stabilizing growth and improving quality standards. Key sectors like cement, glass, and photovoltaic glass are adapting to these changes, presenting both challenges and opportunities for investors and companies alike [1][8][14].

Summary of Glass Industry Conference Call Industry Overview - The glass industry has been experiencing losses since the second half of 2024, with new capacity and demand from housing policies failing to balance supply and demand, leading to a supply-demand imbalance [1][3] - The price of glass has remained around 2000 RMB per ton, but this has not alleviated the loss situation [1][3] - The Ministry of Industry and Information Technology (MIIT) and other departments have implemented strict controls on new flat glass capacity, promoting capacity replacement and the elimination of outdated capacity to stabilize market expectations [1][4] Key Points Discussed - **Current Challenges**: The industry has faced significant challenges since the second half of 2024, with many companies experiencing limited profit margins. The market situation has deteriorated since the second half of 2022 due to excess capacity and the impact of housing policies [3][4] - **Policy Support**: The MIIT's guidelines include opposing internal competition, limiting production, and ensuring sales are not below cost. Specific production limits and price increases are left to companies to decide [8][12] - **Price Trends**: Factors such as a 12% increase in new construction area in August and optimized real estate policies in first-tier cities may lead to a potential increase in glass prices, although the exact extent of the increase remains to be seen [5][9] Future Outlook - Despite the industry's current low state, there are indications of potential improvement due to increased policy support and positive changes in demand. The upcoming months of September and October are seen as critical periods for observing these changes [6][7] - The MIIT's recent measures aim to stabilize the market and encourage companies to take self-rescue actions, although it does not explicitly prohibit companies from selling at a loss [8][11] Additional Insights - The MIIT's price monitoring policy aims to prevent unfair competition and price manipulation within the industry, ensuring that companies do not engage in predatory pricing or collusion [11][12] - The challenges of transitioning from petroleum coke to natural gas in production processes are significant, with cost implications making it difficult for many companies to implement these changes [15][16] - The overall sentiment is cautious optimism, with the expectation that the combination of government support and market adjustments may lead to a more favorable environment for the glass industry in the near future [6][7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The overall atmosphere in the commodity market was good yesterday, and the prices of finished steel products continued to fluctuate. Although it has entered the traditional peak season, the demand for rebar remains weak, and while hot-rolled coils have some resilience, the overall demand is still weak. If the demand cannot be effectively repaired in the future, steel prices still face the risk of decline. The raw material end is relatively strong, and attention should be paid to the policy trends of the Fourth Plenary Session [2]. - The price of iron ore is expected to fluctuate. In the short term, the molten iron output is expected to remain strong, and the ore price is supported until steel mills reduce production. The market sentiment is relatively positive after the China-US presidential call, and the "Steel Industry Steady Growth Work Plan (2025 - 2026)" aims to stabilize the supply and prices of raw materials and reduce speculative sentiment [4]. - The black sector may face a short - term downward correction risk, especially after the National Day holiday. However, considering the subsequent overseas fiscal and monetary easing and the opening of China's policy space, the black sector may gradually become more cost - effective for long - positions, and the key time point may be around the "Fourth Plenary Session" in mid - October [9]. - The price of industrial silicon is expected to continue to fluctuate. The supply and demand of industrial silicon have not changed significantly. Although the downstream demand provides some support, the high inventory limits the upward space of prices. The price needs fundamental improvement for a strong rebound [13]. - The price of polysilicon is expected to continue to fluctuate. The market focus is on capacity integration policies and downstream price transfer progress. If the expectations are not fulfilled, the price may decline. Attention should be paid to the support at the 50,000 yuan/ton mark of the main contract [15]. - The glass price may experience short - term surges due to policy and price - increase factors, but the terminal demand is weak. The supply is relatively abundant, and the inventory performance varies by region. It is recommended to take a bullish view in the short term and pay attention to policy trends [18]. - The domestic soda ash market is expected to remain stable with narrow fluctuations. The production is generally stable, the demand is flat, and the market is expected to continue to consolidate in the short term [20]. Group 3: Summary by Related Catalogs Steel Rebar - The closing price of the rebar main contract in the afternoon was 3,167 yuan/ton, up 3 yuan/ton (0.094%) from the previous trading day. The registered warehouse receipts on the day were 271,422 tons, a net increase of 7,616 tons. The position of the main contract was 1.870449 million lots, a net decrease of 11,775 lots. In the spot market, the aggregated price in Tianjin was 3,230 yuan/ton, unchanged from the previous day, and the aggregated price in Shanghai was 3,290 yuan/ton, up 10 yuan/ton [1]. - The rebar production was basically the same as last week, the pre - holiday apparent demand increased, and the inventory pressure was marginally relieved [2]. Hot - Rolled Coils - The closing price of the hot - rolled coil main contract was 3,358 yuan/ton, up 1 yuan/ton (0.029%) from the previous trading day. The registered warehouse receipts on the day were 29,204 tons, a net decrease of 5,355 tons. The position of the main contract was 1.369716 million lots, a net increase of 1,955 lots. In the spot market, the aggregated price in Lecong was 3,370 yuan/ton, unchanged from the previous day, and the aggregated price in Shanghai was 3,400 yuan/ton, unchanged from the previous day [1]. - The hot - rolled coil production declined, the apparent demand was neutral, and the inventory increased slightly [2]. Iron Ore - The main contract (I2601) of iron ore closed at 805.50 yuan/ton, up 0.25% (+2.00), with a position change of - 9,319 lots to 529,700 lots. The weighted position was 848,700 lots. The spot price of PB powder at Qingdao Port was 795 yuan/wet ton, with a basis of 40.05 yuan/ton and a basis ratio of 4.74% [3]. - The latest overseas iron ore shipments decreased month - on - month. The shipments from Australia declined from a high level, and the shipments from three major mines decreased to varying degrees. The shipments from Brazil decreased slightly, and the shipments from non - mainstream countries also decreased month - on - month. The near - end arrivals increased month - on - month. The daily average molten iron output was 242.36 tons, up 1.34 tons month - on - month. The steel mill profitability further declined. The port inventory increased, and the steel mill's imported ore inventory increased significantly. The destocking of the five major steel products increased, and the apparent demand rebounded [4]. Manganese Silicon and Ferrosilicon Manganese Silicon - On September 25, the main contract of manganese silicon (SM601) opened nearly 1% lower in the morning and then closed higher, with a daily increase of 0.37% to close at 5,938 yuan/ton. The manganese silicon price generally remained within the oscillation range. It is recommended to pay attention to the resistance at around 6,000 yuan/ton and the support at around 5,600 yuan/ton [7]. - The fundamentals of manganese silicon are not ideal, mainly due to high supply and weak demand in the building materials sector. However, the manganese ore port inventory has been at a low level recently, and the manganese ore price is relatively strong. If the black sector strengthens, attention should be paid to possible disturbances in the manganese ore end [9]. Ferrosilicon - The main contract of ferrosilicon (SF511) opened nearly 1.5% lower in the morning and then rebounded, with a daily increase of 0.77% to close at 5,786 yuan/ton. The ferrosilicon price also remained within the oscillation range. It is recommended to pay attention to the resistance at around 5,800 yuan/ton and the support at around 5,400 yuan/ton [7]. - The supply - demand fundamentals of ferrosilicon have no obvious contradictions or drivers and are likely to follow the black sector's trend, with a relatively low operation cost - effectiveness [9]. Industrial Silicon and Polysilicon Industrial Silicon - The closing price of the main contract of industrial silicon (SI2511) was 9,055 yuan/ton, up 0.39% (+35). The weighted contract position changed by - 8,270 lots to 500,028 lots. In the现货 market, the market price of non - oxygenated 553 in East China was 9,300 yuan/ton, up 100 yuan/ton, and the basis of the main contract was 245 yuan/ton; the market price of 421 was 9,700 yuan/ton, unchanged from the previous day, and the basis of the main contract after conversion was - 155 yuan/ton [11]. - The supply and demand of industrial silicon have not changed significantly. The production growth has slowed down, but the weekly output is still at a relatively high level. The downstream demand provides some support, but the high inventory limits the upward space of prices. The price is expected to continue to fluctuate, and attention should be paid to supply - demand improvement and policy changes [13]. Polysilicon - The closing price of the main contract of polysilicon (PS2511) was 51,365 yuan/ton, down 0.03% (-15). The weighted contract position changed by - 8,430 lots to 241,935 lots. In the spot market, the average price of N - type granular silicon was 50.5 yuan/kg, up 1 yuan/kg; the average price of N - type dense material was 51.05 yuan/kg, up 0.05 yuan/kg; the average price of N - type re - feed material was 52.55 yuan/kg, up 0.05 yuan/kg, and the basis of the main contract was 1,185 yuan/ton [14]. - The polysilicon price is mainly influenced by policy narratives. The market focus is on capacity integration policies and downstream price transfer progress. If the expectations are not fulfilled, the price may decline. Attention should be paid to the support at the 50,000 yuan/ton mark of the main contract and the authenticity of sudden news [15]. Glass and Soda Ash Glass - On Thursday afternoon at 15:00, the glass main contract closed at 1,270 yuan/ton, up 2.67% (+33). The large - plate price in North China was 1,210 yuan, up 50 from the previous day; the price in Central China was 1,200 yuan, up 50 from the previous day. The weekly inventory of float glass sample enterprises was 59.355 million cases, a net decrease of 1.553 million cases (-2.55%). In terms of positions, the top 20 long - position holders increased their long positions by 55,809 lots, and the top 20 short - position holders increased their short positions by 13,867 lots [17]. - Six departments have issued a document to ban the addition of flat glass production capacity and strengthen capacity replacement requirements. Some enterprises have announced price increases, which have pushed up the market in the short term. However, the terminal demand is weak, and downstream procurement is cautious. The supply adjustment is limited, and the market supply is abundant. The inventory performance varies by region. It is recommended to take a bullish view in the short term and pay attention to policy trends [18]. Soda Ash - On Thursday afternoon at 15:00, the soda ash main contract closed at 1,315 yuan/ton, up 0.61% (+8). The heavy - soda price in Shahe was 1,225 yuan, up 8 from the previous day. The weekly inventory of soda ash sample enterprises was 1.6515 million tons, a net decrease of 104,100 tons (-2.55%), including 922,400 tons of heavy - soda inventory, a net decrease of 83,700 tons, and 729,100 tons of light - soda inventory, a net decrease of 20,400 tons. In terms of positions, the top 20 long - position holders reduced their long positions by 8,864 lots, and the top 20 short - position holders increased their short positions by 1,705 lots [19]. - The domestic soda ash market is generally stable with narrow fluctuations. The production is generally stable, and the demand is flat. The market is expected to continue to consolidate in the short term [20].

Report Summary 1. Investment Ratings - Glass: Neutral (expected to trade in a range) [3] - Soda Ash: Neutral (expected to trade in a range) [3] - Silicomanganese: Neutral (expected to trade in a range) [5] - Ferrosilicon: Neutral (expected to trade in a range) [5] 2. Core Views - **Glass & Soda Ash**: The trading sentiment is high, and prices are expected to be volatile. Glass consumption is affected by speculative demand and downstream restocking, while soda ash faces supply - demand contradictions, especially with the ignition of Yuanxing's Phase II project [1][2]. - **Silicomanganese & Ferrosilicon**: Market sentiment has improved, and alloys are expected to trade in a wide range. The supply - demand situation for both is relatively loose, and prices are likely to follow the sector's fluctuations [4]. 3. Market Analysis Glass - **Futures**: The glass futures on the previous day oscillated upward, with the main 2601 contract rising 3.08%, and near - month contracts rising more than far - month contracts [1]. - **Spot**: Spot trading was mainly for pre - holiday restocking. With the price increase, glass production and sales improved month - on - month. This week, the operating rate of float glass enterprises was 76.01%, and the manufacturer's inventory was 59.355 million heavy cases, a month - on - month decrease of 2.55% [1]. - **Supply - Demand Logic**: Glass supply is generally stable. Consumption is affected by speculative demand and downstream restocking, with limited overall inventory changes. The large premium on the futures market stimulates spot - futures purchases. The fundamentals still suppress prices, and attention should be paid to macro - policies and peak - season demand [1]. Soda Ash - **Futures**: The soda ash futures on the previous day oscillated upward, with the main 2601 contract rising 1.15%, and all contracts rising to varying degrees [1]. - **Spot**: Spot trading was mainly for pre - holiday rigid - demand restocking. This week, domestic soda ash production was 776,900 tons, a month - on - month increase of 4.19%; inventory was 1.6515 million tons, a month - on - month decrease of 2.61% [1]. - **Supply - Demand Logic**: Supply - demand contradictions in soda ash still exist. With the ignition of Yuanxing's Phase II project, future supply pressure will increase. Attention should be paid to whether speculative demand weakens, which may intensify the supply - demand contradiction. The current premium on the futures market suppresses prices, and attention should be paid to new capacity production progress and inventory changes [2]. Silicomanganese - **Futures**: The main contract of silicomanganese futures closed at 5,938 yuan/ton on the previous day, up 22 yuan/ton from the previous day [4]. - **Spot**: The silicomanganese spot market performed averagely. The price in the northern market was 5,650 - 5,700 yuan/ton, and in the southern market was 5,680 - 5,730 yuan/ton [4]. - **Supply - Demand Logic**: This week, silicomanganese production decreased month - on - month, while hot metal production increased slightly. Downstream demand for silicomanganese still has resilience, and the inventory of silicomanganese alloy enterprises has increased. In the long term, supply - demand is relatively loose, and prices are expected to follow the sector's fluctuations. Attention should be paid to regional policies and electricity price changes [4]. Ferrosilicon - **Futures**: The main contract of ferrosilicon futures closed at 5,786 yuan/ton on the previous day, up 44 yuan/ton from the previous day [4]. - **Spot**: The ferrosilicon spot market sentiment was average, and the trading atmosphere needed to be strengthened. The ex - factory price of 72 - grade ferrosilicon natural lumps in the main production areas was 5,300 - 5,400 yuan/ton, and the price of 75 - grade ferrosilicon was 5,900 - 6,200 yuan/ton [4]. - **Supply - Demand Logic**: This week, ferrosilicon production remained flat, demand declined, and factory inventory decreased month - on - month. The supply - demand in the ferrosilicon industry is still relatively loose. Without industrial policies, profits are still suppressed. Prices are expected to follow the sector's fluctuations, and attention should be paid to regional policies and electricity price changes [4]. 4. Strategies - **Glass**: Expect price oscillations [3] - **Soda Ash**: Expect price oscillations [3] - **Silicomanganese**: Expect price oscillations [5] - **Ferrosilicon**: Expect price oscillations [5] - **Inter - period Spread**: No strategy [3] - **Inter - commodity Spread**: No strategy [3]

1. Report Industry Investment Ratings - **Bullish Outlook**: Crude oil, methanol, gold, silver, copper, iron ore, corn, lithium carbonate [6] - **Bearish Outlook**: Zinc, cotton, apple, soybean meal, rapeseed meal, stock index (IH, IF, IC, IM) [6] 2. Core Views of the Report - The scale of China's public - offering funds has exceeded 36 trillion yuan, with bond funds slightly decreasing due to the stock - bond seesaw effect. The US GDP growth rate in Q2 was revised up, and the PCE price index indicated persistent inflation. The market's expectation of a rate cut in October has cooled [1]. - For the stock index, September was more volatile, in a high - level consolidation phase after continuous growth. The long - term strategic allocation period of the Chinese capital market has just begun. The CSI 500 and CSI 1000 are more offensive, while the SSE 50 and SSE 300 are more defensive [2][12]. - The SC crude oil rose slightly at night. Russia will ban diesel exports and extend the gasoline export ban. The global decline rate of oil and gas field production has accelerated. Future OPEC production increase should be monitored [3][14]. - The glass futures continued to rebound, and the supply - demand situation was slowly improving. The inventory of glass and soda ash was being digested. Attention should be paid to autumn consumption and policy changes [4][18]. 3. Summary by Directory 3.1 Main News of the Day 3.1.1 International News - The US GDP in Q2 was revised up to an annualized quarter - on - quarter growth of 3.8%, and the core PCE price index was revised up to 2.6% [7]. 3.1.2 Domestic News - The Ministry of Commerce included three US entities in the export control list and three Taiwan - related US entities in the unreliable entity list [8]. 3.1.3 Industry News - The China Non - Ferrous Metals Industry Association proposed measures to control the expansion of copper smelting capacity, and relevant departments are studying regulatory measures [9]. 3.2 Daily Returns of External Markets - The FTSE China A50 futures, ICE Brent crude oil, London gold, London silver, ICE No. 11 sugar, CBOT soybeans, CBOT wheat, CBOT corn, and CBOT soybean oil all rose, while LME copper and CBOT soybean meal fell [11]. 3.3 Morning Comments on Major Varieties 3.3.1 Financial Products - **Stock Index**: After the decline of US indices, the previous trading day's stock index rebounded. The financing balance increased. In the long - term, the strategic allocation period of the Chinese capital market has started [2][12]. - **Treasury Bonds**: Treasury bonds rebounded after hitting the bottom. The central bank continued to inject medium - term liquidity. The domestic economic situation was still in adjustment. With the Fed's rate cut, the central bank's policy space has increased, but policy adjustment needs central government deployment. It is recommended to be bearish on long - term bonds and neutral on short - term bonds [13]. 3.3.2 Energy and Chemical Products - **Crude Oil**: SC crude oil rose slightly at night. Russia restricted fuel exports, and the global decline rate of oil and gas field production accelerated. Future OPEC production increase should be monitored [3][14]. - **Methanol**: Methanol fell at night. The average operating load of coal - to - olefin plants increased, and the coastal inventory decreased. It is short - term bearish [15]. - **Rubber**: Rubber prices fell slightly. Supply may increase, the bonded area inventory decreased, and tire production increased. It is expected to fluctuate within a range [16]. - **Polyolefins**: Polyolefins rebounded slightly. Prices follow the cost, and future demand and supply policies should be monitored. It may fluctuate within a low - level range [17]. - **Glass and Soda Ash**: Glass futures continued to rebound, and the supply - demand situation was slowly improving. The inventory of glass and soda ash decreased. Attention should be paid to autumn consumption and policy changes [4][18]. 3.3.3 Metals - **Precious Metals**: Gold's upward trend paused. The Fed's rate - cut stance was cautious, but the rate - cut prospect was clear. The long - term driver for gold was still there, but there was short - term adjustment [20]. - **Copper**: Copper prices fell at night. The Indonesian mine accident may lead to a supply - demand gap, which will support copper prices in the long - term. Attention should be paid to the US dollar, smelting output, and downstream demand [21]. - **Zinc**: Zinc prices rose slightly at night. The smelting output may increase, and the short - term supply may be in surplus. It may fluctuate weakly within a range [22]. - **Lithium Carbonate**: Weekly production increased. Inventory was being digested rapidly. It may fluctuate in the short - term, and the actual situation of projects in Jiangxi should be monitored [23]. 3.3.4 Black Metals - **Coking Coal and Coke**: The night - session prices were weak. The fundamentals of finished steel products improved, and the prices are expected to fluctuate at a high level [25]. - **Iron Ore**: Steel mills resumed production, and iron ore demand was supported. Global iron ore shipments decreased, and port inventory decreased rapidly. It is expected to fluctuate strongly [26]. - **Steel**: The profitability of steel mills remained stable, and supply pressure increased. The supply - demand contradiction was not significant, and the market is expected to be bullish, with hot - rolled coils stronger than rebar [27]. 3.3.5 Agricultural Products - **Protein Meal**: Soybean meal fell at night, and rapeseed meal was strong. Argentina temporarily cancelled export taxes, but the exemption period ended early. Domestic soybean meal may fluctuate at a low level [28]. - **Edible Oils**: Edible oils were strong at night. The impact of floods in Malaysia on palm oil production was limited. After digesting the negative news of Argentina's tax cancellation, oil prices rebounded [29]. - **Sugar**: International sugar prices are expected to be weak, while domestic sugar prices are supported by low inventory but pressured by imports. Zhengzhou sugar may fluctuate after a rebound [30]. - **Cotton**: ICE cotton prices rose slightly. International supply pressure still exists, and domestic new - cotton purchase is in focus. Cotton prices are expected to fluctuate weakly [31]. 3.3.6 Shipping Index - **Container Shipping to Europe**: The EC rebounded. Shipping companies signaled post - holiday price support, but success depends on cargo volume and capacity control. It is expected to fluctuate in the short - term [32].

纯碱、玻璃日报 日期 2025 年 9 月 26 日 行业 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 ...

Group 1 - The total scale of public funds in China has surpassed 36 trillion yuan, reaching 36.25 trillion yuan by the end of August, with a monthly increase of 1.18 trillion yuan [1] - The scale of bond funds has slightly decreased by 28.5 billion yuan due to the stock-bond seesaw effect [1] - The U.S. GDP growth for the second quarter has been revised up to 3.8%, the highest in nearly two years, indicating stronger inflationary pressures with a PCE price index of 2.6% [1][7] Group 2 - The U.S. stock market indices have experienced three consecutive declines, with the 2-year Treasury yield rising and prices for gold and crude oil increasing [1] - The financing balance in the Chinese market increased by 14.08 billion yuan to 24,141.23 billion yuan, indicating a more volatile market in September compared to July and August [2][11] - The market is currently in a high-level consolidation phase after a prolonged period of rising, with a divergence in bullish and bearish forces [2][11] Group 3 - The international oil market is affected by Russia's partial ban on diesel exports and extended ban on gasoline exports, leading to fuel shortages in certain regions [3][14] - The U.S. initial jobless claims have decreased to 218,000, the lowest since July, indicating a tightening labor market [3][14] - The International Energy Agency reports a significant acceleration in the decline of global oil and gas field production, primarily due to increased reliance on shale oil and deep-sea resources [3][14] Group 4 - The glass futures market continues to rebound, with production enterprise inventories decreasing by 1.42 million heavy boxes to 53.29 million heavy boxes [4][18] - The soda ash futures market has also seen a slight rebound, with inventories down by 54,000 tons to 1.444 million tons [4][18] - The Ministry of Industry and Information Technology has released a plan to stabilize growth in ten key industries, leading to positive expectations for future supply changes in the glass industry [4][18]

Investment Rating - The report maintains a positive outlook on the cement and glass industries, indicating a potential for recovery and profitability improvement in the coming years [2][3]. Core Insights - The newly released "Building Materials Industry Stabilization and Growth Work Plan (2025-2026)" emphasizes enhancing profitability as a primary goal, shifting focus from revenue growth to profit quality [2]. - Key initiatives include promoting technological innovation, industry transformation, demand expansion, and open cooperation, with a focus on stabilizing growth and addressing internal competition [2]. - Cement production capacity is expected to significantly shrink, with a target to reduce actual annual production capacity from 2.2 billion tons to below 1.8 billion tons by the end of 2025, leading to an increase in capacity utilization rates by over 10% [2][3]. - The glass industry will focus on phasing out outdated production capacity, particularly in flat glass, to improve profitability amid declining demand due to reduced real estate completions [2][3]. Summary by Sections Policy Changes - The new plan introduces stricter capacity control measures for cement and glass industries, including prohibiting new capacity and requiring capacity replacement plans for existing projects [4][5]. - The emphasis has shifted from merely maintaining stable growth to enhancing profitability and technological capabilities within the industry [3]. Industry Performance - The report forecasts that the cement industry will see a capacity reduction of over 40 million tons, with a significant portion of this reduction expected to occur in the fourth quarter of 2024 [2][6]. - The glass sector is anticipated to undergo further improvements in profitability as outdated and high-pollution production lines are phased out [2]. Investment Opportunities - The report highlights key companies in the cement sector, such as Conch Cement, Huaxin Cement, and Tianshan Cement, as potential investment opportunities due to their competitive advantages [2]. - In the glass industry, companies like Xinyi Glass and China Southern Glass are noted for their potential to benefit from the elimination of outdated capacity [2]. - The report also identifies opportunities in advanced materials, particularly in fiberglass composites and low-dielectric fiberglass, with companies like China Jushi and Zhongcai Technology being of interest [2].