1. Report Industry Investment Rating No relevant content provided. 2. Core Views Glass - Short - term short - selling should be cautious, and the market will gradually enter a weak oscillation state. The medium - term decline is not over. The previous policy proposals such as anti - involution and anti - deflation and the peak - season expectation led to a rebound, but currently, factors like weak basis, delivery, and high inventory cause the market to fall back. The large premium of the forward 01 contract means short - selling should be cautious in the short term [2]. 纯碱 - Short - term short - selling should be cautious, but the downward pressure remains. In the futures market, the previous over - crowded short positions led to a short - covering rally. The rising futures price drove spot purchases, but currently, the strengthening basis in the short - term decline is not conducive to the futures price. The 08 and 09 contracts may face large delivery pressure. If the supply remains high, the market will face significant pressure [3]. 3. Summary by Directory Glass - Supply - As of August 7, 2025, there are 296 glass production lines (200,000 tons/day) after excluding zombie lines, with 223 in operation and 73 cold - repaired. The daily output of float glass is 159,600 tons, unchanged from July 31. The daily loss of float glass on August 7 is 40,450 tons, unchanged from the previous period, and the weekly loss is 283,150 tons, a 0.63% decrease from the previous week [2]. - In 2025, the total daily melting volume of cold - repaired lines is 11,680 tons/day, the total daily melting volume of ignited lines is 12,110 tons/day, the potential new ignition lines have a total daily melting volume of 14,000 tons/day, the potential old - line复产 has a total daily melting volume of 8,130 tons, and the potential cold - repair lines have a total daily melting volume of 6,900 tons/day [6][7][8]. - The current in - production capacity is about 159,000 tons/day. The short - term production reduction space is limited, but if demand is poor in the third quarter, there may be a certain - scale production reduction in the fourth quarter [13]. Glass - Price and Profit - The market price has slightly declined this week. The price in Shahe is about 1,180 - 1,200 yuan/ton (down 80 - 100 yuan/ton), in Hubei, Central China, it is about 1,160 - 1,200 yuan/ton (down 80 - 100 yuan/ton), and in some large factories in the Jiangsu - Zhejiang region of East China, it is about 1,280 - 1,320 yuan/ton (down 20 - 40 yuan/ton) [16][20]. - The futures price has rebounded, the basis has strengthened, and the monthly spread remains weak. The profit of using petroleum coke as fuel is about 130 yuan/ton, and the profits of using natural gas and coal as fuel are about - 150 yuan/ton and 111 yuan/ton respectively [22][25]. Glass - Inventory and Downstream开工 - Recently, the transaction volume has significantly declined. The inventory in various regions has increased due to the decrease in spot transactions and market prices. The regional price difference tends to widen, with greater price cuts in Central China and Shahe and smaller cuts in the Jiangsu - Zhejiang region [32][36]. Photovoltaic Glass - Price and Profit - The overall domestic photovoltaic glass market has good transactions, and the inventory has been decreasing. The mainstream order price of 2.0mm coated panels is 10.5 - 11 yuan/square meter, a 2.38% increase from the previous week; the mainstream order price of 3.2mm coated panels is 18.5 - 19 yuan/square meter, a 1.35% increase from the previous week [42][44]. Photovoltaic Glass - Capacity and Inventory - Recently, there has been a supply reduction, better trading, and a decline in inventory. There are 408 photovoltaic glass production lines in operation, with a total daily melting volume of 89,290 tons/day, unchanged from the previous period. The sample inventory days are about 26.93 days, an 8.13% decrease from the previous week [45][46][50]. 纯碱 - Supply and Maintenance - Some soda ash plants have resumed production, and the operating rate has increased. The production capacity utilization rate of soda ash is 85.4%, up from 80.2% last week. The current weekly output of heavy soda ash is 423,000 tons/week. In the context of high production and high inventory, either manufacturers should increase production cuts, or the real - estate industry chain should recover to drive the recovery of glass demand [55][57]. 纯碱 - Price and Profit - The market quotation has been lowered, and the quotation reduction of traders is greater than that of manufacturers. The nominal price in Shahe and Hubei is about 1,250 - 1,300 yuan/ton. The high production and high inventory put pressure on near - month contracts, but during the peak position - shifting period, the market may gradually turn to positive spreads [70][73][75]. - The profit of the joint - soda method in East China (excluding Shandong) is 68 yuan/ton, and the profit of the ammonia - soda method in North China is 56 yuan/ton [79].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The anti -内卷 driving force in the soda ash and glass markets is weakening, and the fundamentals are gradually taking the lead. The market trends are mainly oscillating weakly [14][23]. - For soda ash, supply is increasing, demand is stable, and the inventory is in an accumulating trend. The spot price is falling to narrow the basis. It is expected that the futures price will show a weakly oscillating trend next week [14]. - For glass, the daily production is stable, but due to the release of spot goods in the market, the inventory is increasing, and the demand growth is limited. The spot price is weak, and it is expected that the futures price will also show a weakly oscillating trend [23]. 3. Summary According to the Directory 3.1 Soda Ash 3.1.1 Supply - This week, the soda ash production was 74.5 tons, a week - on - week increase of 4.5 tons (6.4%). The daily production was 10.5 - 10.7 tons. The supply increased due to the capacity enhancement of some enterprises such as Shandong Haihua and Henan Junhua. It is expected that the weekly production next week will be over 75 tons. The large - scale maintenance is expected to start in September, but the maintenance premium and scale are limited [7]. - The theoretical profit of soda ash in China's joint - alkali method (double - ton) was 68.50 yuan/ton, a week - on - week decrease of 38 yuan/ton. The theoretical profit of the ammonia - alkali method was 56.20 yuan/ton, a week - on - week decrease of 0.90 yuan/ton. The coal price is rising, and the cost is increasing, while the spot price of soda ash is falling slightly [7]. 3.1.2 Demand - This week, the apparent demand for soda ash was 67.5 tons, a week - on - week decrease of 12.1%. The demand for heavy soda ash was 37.9 tons (a 9.5% decrease), and that for light soda ash was 29.7 tons (a 15.3% decrease). After a two - month upward trend, both the intermediate and downstream inventories are relatively sufficient, and the short - term replenishment willingness is not strong [10]. - The futures price first rose and then fell this week, and the spot goods in the market increased, causing the spot price to fall [10]. 3.1.3 Inventory - Upstream: The soda ash factory inventory continued to accumulate, reaching 186.5 tons, a week - on - week increase of 6.9 tons. Among them, the light soda ash inventory increased by 2.5 tons, and the heavy soda ash inventory increased by 4.5 tons. In terms of regions, except for Central and South China where the sales rate exceeded 100%, the inventory in Northwest China increased by 6 tons [13]. - Intermediate: The intermediate inventory showed an increasing trend, with the social inventory increasing by 16.4% to 44.9 tons, and the growth rate of social inventory slowed down. There were 3310 warehouse receipts [13]. - Downstream: For the soda ash inventory of float glass enterprises, in some sample factories, the inventory days decreased, while the inventory days including the goods to be delivered increased to varying degrees [13]. 3.1.4 Market Performance and Strategy - The market performance of soda ash was oscillating. With the weakening of the anti -内卷 driving force, the market showed differentiation. Considering the fundamentals, the supply increased, the demand was stable, and the inventory was accumulating. The spot price was falling. - Strategy: For single - side trading, it is expected to show a weak trend, and attention should be paid to macro - disturbances; for arbitrage, pay attention to the opportunity of going long FG01 and short SA01; for options, it is recommended to wait and see [14]. 3.2 Glass 3.2.1 Supply - The daily production of float glass was 15.96 tons, remaining stable week - on - week, with 223 production lines. The weekly average profit of float glass using natural gas as fuel was 150.36 yuan/ton, remaining unchanged; that using coal - made gas as fuel was 111.05 yuan/ton, a week - on - week decrease of 28.63 yuan/ton; that using petroleum coke as fuel was 130.57 yuan/ton, a week - on - week decrease of 7.14 yuan/ton [17]. - As the futures price fell, the social inventory was released, while some downstream enterprises mainly consumed their own inventories. The supply was sufficient, the upstream inventory was accumulating, and enterprises reduced prices [17]. 3.2.2 Demand - After a two - month upward trend, both the intermediate and downstream inventories were relatively sufficient, and the short - term replenishment willingness was not strong. The deep - processing orders did not improve significantly. As of July 31, 2025, the average order days of national deep - processing sample enterprises was 9.55 days, a month - on - month increase of 2.7% and a year - on - year decrease of 1.55%. The deep - processing profit was still low [20]. 3.2.3 Market Performance and Strategy - This week, the glass market showed a downward trend. As the futures price fell, the spot goods in the market were released, negatively affecting the spot market. The inventory of national float glass sample enterprises increased by 3.95% week - on - week. The enterprise profit decreased slightly, and the supply side was not yet in the cold - repair loss area [23]. - Strategy: For single - side trading, it is expected to show a weak trend, and attention should be paid to macro - disturbances; for arbitrage, go long glass and short soda ash; for options, it is recommended to wait and see [23].

Core Insights - The supply-demand relationship in certain industries has improved, leading to positive price changes [1] Group 1: Price Changes in Industries - The Producer Price Index (PPI) decreased by 3.6% year-on-year, maintaining the same decline rate as the previous month [1] - Prices in traditional industries are recovering due to transformation and upgrades, with specific increases noted: caustic soda prices rose by 3.6%, aircraft manufacturing prices increased by 3.0%, and wearable smart device manufacturing prices went up by 1.6% [1] - The decline in glass manufacturing prices has narrowed by 0.9 percentage points compared to the previous month [1] Group 2: Impact of Domestic Demand - Continuous release of domestic demand is driving price increases in certain sectors, with notable rises: prices for arts and crafts and ceremonial goods manufacturing surged by 13.1%, while sports ball manufacturing prices increased by 5.3% [1] - Other sectors experiencing price increases include nutritional food manufacturing (up by 1.3%), health food manufacturing (up by 1.2%), and bicycle manufacturing (up by 0.6%) [1]

Group 1 - The core viewpoint of the article highlights that the Producer Price Index (PPI) has decreased by 3.6% year-on-year, maintaining the same decline rate as the previous month, indicating ongoing macroeconomic policy efforts and improvements in supply-demand relationships in certain industries [1] Group 2 - The transformation and upgrading of traditional industries, along with the governance of key industry capacities, have led to a year-on-year price increase in related sectors, with specific price changes including a 3.6% increase in caustic soda prices and a 3.0% increase in aircraft manufacturing prices [1] - The continuous release of domestic demand potential has driven year-on-year price increases in certain industries, with notable increases such as a 13.1% rise in the manufacturing of arts and crafts and ceremonial goods [1]

Group 1 - The core viewpoint of the article highlights the continuous recovery of the core CPI in July 2025, with a month-on-month increase in CPI and a narrowing decline in PPI [1][2][4] - The CPI increased by 0.4% month-on-month, driven by rising prices in services and industrial consumer goods, with service prices contributing approximately 0.26 percentage points to the CPI increase [2][3] - The core CPI, excluding food and energy, rose by 0.8% year-on-year, marking the highest increase since March 2024, influenced by significant price increases in gold and platinum jewelry [2][3] Group 2 - The PPI decreased by 0.2% month-on-month, with the decline narrowing by 0.2 percentage points compared to the previous month, marking the first month-on-month narrowing since March [4][5] - The decline in PPI was influenced by seasonal factors and uncertainties in the international trade environment, affecting prices in several industries, including non-metallic mineral products and coal mining [4][5] - Year-on-year, the PPI fell by 3.6%, with some industries experiencing price recovery due to improved supply-demand relationships and ongoing macroeconomic policies [5][6]

Core Viewpoint - Hainan Development's stock price increased by 1.22% to 9.92 yuan, with a trading volume of 196,500 shares and a turnover of 193 million yuan on August 8, 2025 [1] Group 1: Company Overview - Hainan Development is a key state-owned enterprise in Hainan Province, engaged in glass manufacturing, curtain wall engineering, and photovoltaic new energy [1] - The company's controlling shareholder is Hainan Development Holding Co., Ltd., which is involved in infrastructure construction and financial investment [1] Group 2: Shareholder Activity - The controlling shareholder and its concerted party, Hainan Financial Holding Co., Ltd., recently increased their stake in the company by acquiring 9.8 million shares, representing 1.16% of the total share capital, for a total investment of 88.95 million yuan [1] Group 3: Financial Performance - In the first quarter of 2025, the company reported an operating revenue of 700 million yuan, with a net loss attributable to shareholders of 14.59 million yuan [1] Group 4: Capital Flow - On August 8, 2025, the net inflow of main funds was 12.5 million yuan, but over the past five trading days, there was an overall net outflow of 128 million yuan [1]

Core Viewpoint - The article discusses the historical significance and ongoing influence of the Bauhaus movement on design and innovation, particularly highlighting SCHOTT's role in integrating art and technology through glass products [3][4][11]. Group 1: Historical Context - The Bauhaus movement emerged in response to societal changes in Europe, advocating for design that serves the public rather than purely artistic purposes, leading to a shift from ornate aesthetics to functional simplicity [4]. - SCHOTT, under the leadership of Eric Schott, transformed from a laboratory glass producer to a household name, making elegant glass designs accessible to the masses [4][6]. Group 2: Design Innovations - Notable collaborations with Bauhaus artists, such as Gerhard Marcks and Wilhelm Wagenfeld, resulted in iconic products like the Sintrax coffee pot, which exemplified the fusion of industrial design and art [5][6]. - The company's commitment to design as a core part of its business strategy was emphasized during its 50th anniversary celebration in 1934, marking a pivotal moment in its evolution [6]. Group 3: Architectural Contributions - Post-war reconstruction efforts included the design of a new factory by Bauhaus architect Ernst Neufert, showcasing the integration of art and technology in production processes [8]. - SCHOTT participated in the restoration of significant Bauhaus buildings, employing advanced glass technologies to preserve historical integrity while enhancing functionality [9][11]. Group 4: Modern Applications - SCHOTT's borosilicate glass is now utilized in semiconductor technology, providing essential protective barriers for chips and maintaining sterility for vaccine transport, demonstrating the enduring relevance of Bauhaus principles in contemporary design [11]. - The article concludes that the true design revolution transcends museum displays, manifesting in everyday life through practical and aesthetically pleasing products [11].

展望后市，华联期货表示，近期玻璃生产利润持续修复，供应呈低位小幅回升，终端需求尚无明显起 色，随着市场情绪回归理性，中下游补库逐渐放缓。短期盘面承压回落，另外09合约逐渐面临交割，预 计市场延续低位震荡运行。操作上，建议暂时观望为主。 需求方面，中辉期货分析称，各地厂家出货速度趋缓，市场整体观望情绪偏浓，中游贸易商出货为主， 投机需求力量减弱。产销下滑，企业库存止降转增，对玻璃市场支撑力量减弱。 库存方面，截至8月7日，全国浮法玻璃样本企业总库存6184.7万重箱，环比增加234.8万重箱，增幅 3.95%，同比减少8.18%。 8月8日，国内期市能化板块多数飘绿。其中，玻璃期货盘面表现偏弱，截止发稿主力合约震荡走弱 1.95%，报1057.00元/吨。 供应方面，国信期货指出，玻璃日熔量15.96万吨，环比上周持平。生产方面，天然气制玻璃周度利润 为-150.36元/吨，煤制玻璃利润111.05元/吨，石油焦制玻璃利润130.57元/吨。 ...

分析认为，尽管7月下旬玻璃期价快速反弹，但集中补货后市场供大于求的矛盾并未改变，叠加旺季需 求仍未兑现，玻璃价格也回归基本面。 据卓创资讯分析师崔玉萍介绍，前期浮法玻璃价格上涨主要受期货上涨叠加社会库存极低推动的情绪性 集中补货支撑，"但市场供需矛盾尚未改变。" 由于近期传统旺季需求预期尚未兑现，叠加期货价格走弱，期现商出售手中货源带来冲击，导致浮法玻 璃市场再次进入消化中下游手中货源阶段。因此，近期部分区域厂家库存出现快速增加，价格再次回 落。 展望后市，崔玉萍表示，当前下游库存不一，部分仍持有一定货源，短期尚需时间消化，浮法玻璃厂家 库存压力或再次增加，在此背景下，预计短期浮法玻璃价格维持稳中偏弱运行。 随着市场"反内卷"交易情绪转淡，8月以来玻璃价格整体走低。期货盘面上，在7月25日刷新逾五个月新 高后，玻璃主力合约期价迄今以下跌超300元／吨。现货市场上，进入8月份，浮法玻璃部分区域价格快 速回落，截至8月6日，全国均价1264.28元／吨，较近月高点8月1日价格下跌36.57元／吨。 （文章来源：新华财经） ...

Summary of Xinyi Glass Conference Call Company Overview - **Company**: Xinyi Glass - **Industry**: Glass manufacturing, specifically float glass, automotive glass, and construction glass Key Financial Performance - **Revenue**: Decreased by 7% year-on-year to RMB 98.00 billion [2][3] - **Net Profit**: Decreased by 59.6% to RMB 11.3 million, with a net profit margin dropping from 12.8% to 10.3% [2][4] - **Gross Profit**: Decreased by 16.7% to RMB 3.1 billion, with a gross margin decline of 2.6 percentage points to 31.6% [2][4] - **Float Glass Revenue**: Decreased by 16.4%, accounting for 55% of total revenue, with a gross margin decline of approximately 10 percentage points to 17.8% [2][3] - **Automotive Glass Revenue**: Increased by 10.4%, accounting for 34% of total revenue, with a gross margin increase of 5 percentage points to 54.5% [2][3] - **Construction Glass Revenue**: Increased by 22.3%, accounting for 41% of total revenue, with slight gross margin improvement [2][3] Market Dynamics - **Real Estate Impact**: Domestic real estate market weakness led to a 14.8% decline in construction area, affecting float glass prices [2][3] - **Inventory Trends**: Industry inventory increased in the first half of the year, but improved in July with sales exceeding production [4][28] - **Automotive Glass Market**: Xinyi Glass holds over 26% market share in the global aftermarket, with significant exports to 140 countries [5][6] Strategic Initiatives - **Cost Structure Optimization**: The company aims to enhance competitiveness and profitability through cost optimization and product development [3][7] - **International Expansion**: New factories established in Malaysia and Indonesia to meet overseas demand, with expected overseas sales growth of approximately 15% in 2025 [5][6][19] - **Production Capacity**: Anticipated 10% increase in effective float glass capacity, primarily from the new Indonesian factory [3][14][15] Financial Health - **Liquidity Ratios**: Current ratio improved from 1.06 to 1.18; net debt ratio decreased from 16.3% to 14.3% [3][11] - **Cash Reserves**: Cash reserves reached RMB 2 billion, an increase of RMB 300 million from the previous year [3][11] - **Debt Management**: Transitioning from HKD loans to RMB loans to reduce interest expenses [3][13] Challenges and Risks - **Price Volatility**: Float glass prices are expected to remain stable, with no significant fluctuations anticipated in the near term [28] - **Raw Material Costs**: Lower prices for soda ash and natural gas are beneficial for maintaining current price levels [29] Future Outlook - **Market Strategy**: Continued focus on international market expansion and product innovation to adapt to changing customer needs [7][19] - **Production Plans**: No new domestic float glass capacity expected; future growth will be concentrated overseas [16][17] Additional Insights - **Fixed Asset Impairments**: Significant impairments noted in Hainan and Chongqing operations due to production line changes [8] - **Dividend Policy**: EPS for 2025 is projected at RMB 0.2325, with a dividend payout ratio of 49.2% [9][10]