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]

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]

南玻A公告，2025年上半年实现营业收入64.84亿元，同比下降19.75%；归属于上市公司股东的净利润 为7453.15万元，同比下降89.83%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 （文章来源：第一财经） ...

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].

Economic Performance - Germany's GDP contracted by 0.1% in Q2 2025, aligning with economists' expectations, highlighting insufficient recovery momentum in the economy [1] - The manufacturing sector, seen as the backbone of the German economy, is underperforming, with the July manufacturing PMI at 49.1, indicating a continued decline [2] Manufacturing Sector Challenges - The manufacturing sector is facing significant challenges due to high energy costs, weak global demand, and supply chain adjustments, leading to a decline in factory orders [2] - Major industries such as automotive, machinery, and chemicals are under pressure, with BASF reporting a 76% profit drop in Q2 2023 [2] Energy Transition Costs - Despite the peak of the European energy crisis passing, industrial electricity prices in Germany remain significantly higher than pre-crisis levels, impacting competitiveness [3] - The transition to a green economy requires substantial investment, with the government planning to cut funding for clean industry initiatives from €24.5 billion to €1.8 billion [3] External Economic Environment - Germany's export-oriented economy is heavily reliant on global trade, with May 2025 exports down 1.4% and April's decline at 1.6% [4] - The imposition of 15% tariffs by the U.S. is expected to further weaken Germany's export competitiveness, potentially dragging GDP growth down by 0.1 to 0.2 percentage points [4] Future Economic Outlook - Some institutions predict a mere 0.1% GDP growth for Germany in 2025, reflecting ongoing internal and external challenges [5] - The German government is expected to implement measures such as potential interest rate cuts by the European Central Bank to stimulate investment and consumption [5][6] Long-term Competitiveness Strategies - The government is focusing on reducing energy costs through subsidies and tax incentives while simplifying administrative processes and investing in future technologies [6] - The key challenge for the German economy lies in effectively lowering the short-term costs of energy transition and successfully driving the industrial base towards digitalization and greening [6]

Core Insights - The Chinese borosilicate glass industry is primarily focused on the midstream manufacturing segment, with key applications in medical institutions and pharmaceutical logistics [1][2]. Industry Overview - The upstream raw materials for the borosilicate glass industry include quartz sand, borax, cullet, calcite, and feldspar, with major production equipment being muffle furnaces and draw machines [1]. - Key upstream suppliers include quartz sand leader Quartz Corporation and international institutions like Corning for glass raw materials [2]. Regional Distribution - The borosilicate glass industry is concentrated in the eastern coastal regions of China, particularly in Jiangsu Province, indicating a regional heat map of production [6]. Company Performance - In 2024, Shandong Pharmaceutical Glass and Zhengchuan Co. have nearly 100% sales rates, while Linuo Pharmaceutical's sales rate is below 90% [8]. - Shandong Pharmaceutical Glass has a high overall business gross margin, while Linuo Pharmaceutical and Zhengchuan Co. have gross margins around 22%-23% [8]. Company Developments - Shandong Pharmaceutical Glass plans to achieve an annual production capacity of 2.4-2.5 billion borosilicate molded bottles by mid-2025, with an expected total capacity exceeding 5 billion by the end of 2025 [10]. - Linuo Pharmaceutical announced the acquisition of a 51% stake in an Egyptian pharmaceutical glass manufacturer, aiming to establish a production base in North Africa [10]. - Qibin Group is set to start trial production of two 50 tons/day borosilicate pharmaceutical glass tube production lines in Luzhou, Sichuan, by October 2024 [10]. - Weigao Co. aims to increase its pre-filled syringe production capacity from 800 million units in 2023 to 1.2 billion units by 2025, targeting a global market share of 35% [10]. - Zhengchuan Co. plans to launch a 300 million unit pre-filled syringe production line in early 2025, with a second phase project to start by the end of 2025 [10].

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].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the glass futures fluctuated within a narrow range, with the closing price of the main contract FG2601 rising 1.25% to 1211 yuan/ton compared to the previous week. The spot price of 5mm white glass sheets in Hebei Shahe was 1088 yuan/ton, down 1.45% from the previous week [2][8][13]. - After the sentiment of the "anti-involution" policy faded, the market returned to fundamentals. The supply of glass was at a historically low level and stabilized, while the demand from downstream processing plants remained weak, and the inventory continued to accumulate. Overall, with the fading of the policy's positive effects, the glass fundamentals remained weak, and it was expected to fluctuate in the short term [3]. - The main logic is that although the glass supply has declined to a relatively low level, and there was a phased replenishment in the downstream, the sustainability of the inventory reduction is questionable. It is expected that the glass will mainly fluctuate in a wide range [7]. Summary by Relevant Catalogs Glass Futures and Spot Weekly Market - The closing price of the main contract FG2601 was 1211 yuan/ton, up 1.25% from the previous week. The spot benchmark price was 1088 yuan/ton, down 1.45%. The main basis was -123 yuan/ton, up 33.70% [8]. Glass Spot Market - The market price of 5mm white glass sheets in Hebei Shahe, the spot benchmark, was 1088 yuan/ton, down 1.45% from the previous week [13]. Fundamental Analysis - Cost and Profit No specific content provided in the report other than the data source. Fundamental Analysis - Supply - The number of operating national float glass production lines was 223, with an operating rate of 75.34%. The daily melting volume was 159,600 tons, remaining flat from the previous week. The production capacity was at the lowest level in the same period and showed signs of stabilizing [3][24][26]. Fundamental Analysis - Demand - In June 2025, the apparent consumption of float glass was 4.634 million tons. The orders of downstream processing plants remained at a weak level, and some enterprises mainly consumed their own inventory. Affected by the "buying on the upswing" sentiment, the enthusiasm for purchasing was weak [3][30]. Fundamental Analysis - Inventory - As of August 14, the inventory of national float glass enterprises was 63.426 million weight boxes, up 2.55% from the previous week, and the inventory continued to accumulate above the 5-year average [3][45]. Fundamental Analysis - Supply - Demand Balance Sheet - The report provides the annual supply - demand balance sheet of float glass from 2017 to 2024E, including data on production, imports, exports, apparent supply, consumption, and other indicators [46]. Influencing Factors Summary - **Positive Factors**: Under the influence of the "anti-involution" policy, there is an expectation of capacity clearance in the float glass industry [5]. - **Negative Factors**: The terminal demand in the real estate sector remains weak; the capital recovery in the deep - processing industry is not optimistic; the market sentiment of the "anti-involution" has faded [6].

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].

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： ...