Core Viewpoint - The transition of leadership at Fuyao Glass, the world's largest automotive glass manufacturer, marks the end of an era led by founder Cao Dewang, who has officially passed the chairman position to his son, Cao Hui, after 37 years of founding the company [1][3]. Group 1: Leadership Transition - Cao Dewang, at 79 years old, has stated that stepping down is beneficial for Fuyao, allowing a new generation to take over [3]. - The succession plan for Cao Hui was meticulously arranged over 18 years, involving hands-on experience in the glass workshop and international market expansion [1][3]. - The transition was smooth due to the long-standing family business tradition of primogeniture, with Cao Hui being groomed as the successor from an early age [3][4]. Group 2: Corporate Governance - Fuyao Glass was the first listed company in China to introduce an independent director system, reflecting Cao Dewang's commitment to transparent corporate governance [6][7]. - The company has continuously improved its independent director system, ensuring that independent directors can effectively protect the interests of minority shareholders [7]. - Fuyao's financial reporting is noted for its strictness and transparency, with revenues exceeding 40 billion yuan, and it is recognized for timely disclosures [7][8]. Group 3: Personal Philosophy and Impact - Cao Dewang's approach to business and life is characterized by transparency and straightforwardness, which has influenced the company's culture and governance [9][13]. - His retirement signifies a significant phase in the company's history, leaving a legacy of pragmatism and foresight that will shape Fuyao's future direction under Cao Hui's leadership [13].

产业链示意图 上游 天然碱矿 （天然碱法） 原盐、石灰石 （氨碱法） 原盐、合成氨 （联碱法） 燃料：动力煤、 天然气 中游 轻碱 重碱 氯化铵 下游 日用玻璃 洗涤剂 食品行业 无机盐 平板玻璃 农用氮肥 房地产——约88% 汽车——约6% 光伏——约1% 其他 目录 郎志杰（联系人） 0755-233751212 langzj@wkqh.cn 交易咨询号：Z0020771 旺季需求不振， 盘面预期悲观 玻璃周报 从业资格号：F3030112 陈张滢（黑色建材组） 从业资格号：F03098415 2025/10/18 01 周度评估及策略推荐 04 供给及需求 02 期现市场 周度要点小结 价格：截至2025/10/17，浮法玻璃现货市场报价1180元/吨，环比-50元/吨；玻璃主力合约收盘报1147元/吨，环比-71元/吨；基差63元/吨， 环比上周+51元/吨。 成本利润：截至2025/10/17，以天然气为燃料生产浮法玻璃的周均利润为-79.84元/吨，环比+0.72元/吨；河南LNG市场低端价3950元/吨， 环比-20元/吨。以煤炭为燃料生产浮法玻璃的周均利润为139.67元/吨，环比-4.26元 ...

Report Industry Investment Rating - Not provided in the content Core Views Glass - Last week, glass cost and profit both increased. The supply rose as previously commissioned production lines started outputting glass, and there's a possibility of output increase in some Shahe production lines but the time is uncertain. Currently in the peak season, demand has recovered, with downstream procurement being active due to price hikes by glass factories, leading to a rise in apparent demand. Glass factory inventories decreased due to price hikes and pre - holiday restocking demand. After the National Day, the downstream's willingness to accept goods and price transmission need further observation. It's advisable to hold an empty position before the holiday, and the 1 - 5 month spread may strengthen. The glass index is expected to range between 1200 - 1280. Key events to watch include glass output, glass factory inventories, and glass spot prices [5][6][7]. 纯碱 - Last week, soda ash production increased and is at a high level. With the upcoming commissioning of Alxa Phase II, production is expected to continue rising. Demand for heavy soda ash is strongly supported by the increasing output of photovoltaic and float glass, while light soda ash demand is relatively stable. Pre - holiday restocking led to a decrease in soda ash factory inventories, but in the long - term, the supply - demand pattern will be looser and inventory accumulation is inevitable. Soda ash cost increased and profit declined last week. It's advisable to hold an empty position before the holiday, and the 1 - 5 month spread is expected to weaken. The soda ash index is expected to range between 1260 - 1330. Key events to watch include soda ash factory maintenance, inventory accumulation, and glass output [7]. Summary by Relevant Catalogs Glass Price - The mainstream market glass prices are running strongly. As of September 26, the market price of 5mm float glass in North China was 1200 yuan/ton, up 120 yuan/ton from the previous period, and in Central China, it was 1270 yuan/ton, up 130 yuan/ton [9][10]. Supply - The output of float glass increased month - on - month. Some production lines in Shahe may be cold - repaired due to coal - to - gas conversion, but the time is undetermined. Last week, the float glass output was 1.1242 million tons (+0.3), and the national float glass operating rate was 76.01% (+0) [12][14]. Demand - In the peak season, glass demand has recovered. Due to price hikes by glass factories, downstream procurement is active, driving up the apparent demand. As of September 28, the downstream deep - processing factory order days were 10.5 days (+0.1), and last week, the weekly apparent demand for float glass was 24.0375 million weight boxes (+938,000) [16][18]. Inventory - Glass factory inventories decreased due to price hikes and pre - holiday restocking. Last week, the total inventory of national float glass sample enterprises was 59.355 million weight boxes (-1.553 million), and the in - factory inventory in Hubei was 4.67 million weight boxes (-390,000). Regionally, East China's inventory decreased, with improved production and sales; North China's inventory decreased significantly after being boosted by news; Southwest China's inventory increased slightly; Central China's inventory decreased [20][22][26]. Cost and Profit - Glass cost and profit both increased last week. The weekly average cost of float glass using natural gas as fuel was 1396 yuan/ton (+0), using coal - gas as fuel was 1018 yuan/ton (+3), and using petroleum coke as fuel was 1067 yuan/ton (+11). The corresponding weekly average profits were - 151.27 yuan/ton (+13.57), 95.07 yuan/ton (+1.04), and 61.37 yuan/ton (+20) [27][29][33]. Basis and Month Spread - As of September 26, the glass 01 basis was - 92, up 44 from the previous week; the glass 1 - 5 contract spread was - 120, up 7 from the previous week. The basis is at a low level in the same period of previous years, mainly due to the weakened supply - demand pattern. If price hikes can be passed on to the downstream, it will drive the basis and month spread upwards [35][37]. Soda Ash Price - The prices of light and heavy soda ash in the mainstream market are fluctuating weakly. As of September 26, the market price of light soda ash in Qinghai was 980 yuan/ton, flat week - on - week, and the market price of heavy soda ash was 1203 yuan/ton, down 25 yuan/ton week - on - week [41][43]. Supply - Soda ash production increased month - on - month and is at a high level. With the upcoming commissioning of Alxa Phase II, production is expected to continue rising, which will have a strong bearish impact on the market. Last week, soda ash production was 776,900 tons (+31,200), including light soda ash production of 346,800 tons (+18,800) and heavy soda ash production of 430,100 tons (+12,400) [45][47]. Demand - The output of photovoltaic glass is gradually increasing, and the output of float glass increased month - on - month. Overall, the demand for heavy soda ash is strongly supported, and the demand for light soda ash is relatively stable. Last week, the daily output of float and photovoltaic glass was 250,055 tons (+600). Driven by pre - holiday restocking by downstream enterprises, the apparent demand for soda ash increased month - on - month, reaching 881,000 tons (+93,400) last week [49][53]. Inventory - Soda ash factory inventories decreased last week due to pre - holiday restocking by downstream enterprises. In the long - term, the supply - demand pattern will be looser, and inventory accumulation is inevitable. Regionally, North China's inventory decreased significantly, Northwest China's inventory decreased, and Southwest China's inventory remained unchanged [59][61][66]. Cost and Profit - Soda ash cost increased and profit declined last week. The cost support for heavy soda ash in East China using the combined - soda process is around 1310 [67][68]. Basis and Month Spread - As of September 26, the soda ash 01 contract basis was - 90, flat from the previous week; the soda ash 1 - 5 contract spread was - 91, down 2 from the previous week. The basis is at a low level in the same period of previous years, mainly due to the poor supply - demand pattern of the spot market. Considering new capacity additions, the basis is expected to remain low, and the month spread is expected to decline further [70][72].

Core Viewpoint - The transition of leadership at Fuyao Glass, with founder Cao Dewang stepping down and his son Cao Hui taking over, marks a significant moment for the company, which has shown strong financial performance and global expansion in the automotive glass market [5][13][15]. Group 1: Leadership Transition - On October 16, 2023, Fuyao Glass announced that founder Cao Dewang resigned as chairman, passing the leadership to his son, Cao Hui, who has been groomed for this role since 1998 [5][7]. - Cao Hui has extensive experience within the company, having worked his way up from the workshop level and previously serving as vice chairman [7][12]. - The leadership change is expected to be smooth, with the company stating that it will not adversely affect normal operations [12]. Group 2: Financial Performance - Fuyao Glass reported a revenue increase to 11.85 billion yuan in the third quarter, with a net profit growth rate of 14% [15]. - The company's net profit has shown a consistent upward trend, increasing from 2.6 billion yuan in 2020 to an expected 7.5 billion yuan in 2024 [13]. - The stock price has risen over 90% since the beginning of 2025, with a market capitalization reaching 170 billion yuan [13]. Group 3: Global Expansion - Fuyao Glass has achieved a 34% global market share in automotive glass, serving high-profile clients such as Bentley, Mercedes-Benz, and BMW [15][31]. - In 2024, overseas revenue accounted for 44.72% of total revenue, with significant contributions from the U.S. subsidiary, which generated 6.312 billion yuan [20][21]. - The company has established a presence in 12 countries, overcoming challenges such as language barriers and cultural differences in international markets [28][30]. Group 4: Philanthropy and Social Responsibility - Cao Dewang has emphasized the importance of giving back to society, recently donating 8 billion yuan and establishing a high school through his charity foundation [35][38]. - The newly founded Fuyao University aims to provide affordable education while ensuring job security for its graduates [40][44]. - The company plans to distribute 2.349 billion yuan in interim dividends in 2025, reflecting its commitment to shareholder trust and social responsibility [46].

Core Insights - Dongguan Shunfa Glass Technology Co., Ltd. has been established with a registered capital of 1 million RMB [1] Company Overview - The company is engaged in various activities including new material technology research and development, glass manufacturing, and the production and sales of daily glass products [1] - The business scope also includes the manufacturing and sales of arts and crafts products and ceremonial supplies, excluding ivory and its products [1] - Additionally, the company is involved in the sales of building ceramic products, building materials, and import-export activities [1]

天眼查App显示，近日，衡水宸丰玻璃有限责任公司成立，法定代表人为冯硕，注册资本100万人民 币，经营范围为一般项目：玻璃制造;技术玻璃制品销售;建筑材料销售;门窗制造加工;门窗销售;金属门 窗工程施工;技术玻璃制品制造;日用玻璃制品制造;日用玻璃制品销售;技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 许可项目：道路货物运输（不含危险货物）（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以批准文件或许可证件为准）。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Medium to long - term: Trade conflicts have intensified, and market sentiment is weak. Most black commodities showed weak performance this week. For rebar, supply decreased while demand increased, but the fundamental improvement was not obvious, and the main contract was under pressure from the 5 - day moving average. Although the daily average hot metal output continued to decline, it remained above 2.4 million tons, providing support to the iron ore demand side, while the supply side tended to be loose, and industrial negative feedback intensified. For glass, the peak season of "Golden September and Silver October" fell short of expectations, the weak demand pattern was hard to change, the operating rate increased, and enterprise inventories accumulated, with the main contract dropping significantly on Friday. For soda ash, factory inventories accumulated, downstream procurement was mainly for rigid demand, the oversupply situation continued, and the main contract maintained a weak and volatile trend [63][67]. - Short - term: After the holiday, the recovery of the demand side fell short of expectations, the inventory reduction speed was slow, and the overall fundamental improvement was limited. The main contracts of the black series were mainly in a weak and volatile trend. This week, glass and soda ash continued to operate weakly. Attention should be paid to the recovery of the demand side during the peak season and the policy signal orientation of subsequent important meetings [64][68]. 3. Summary by Relevant Catalogs Black Series Weekly Market Review - Rebar (RB2601): The closing price of the futures main contract decreased from 3103.0 on October 10, 2025, to 3037.0 on October 17, 2025, a decrease of 66.0 or 2.1%. The spot price was 3200.0, and the basis (unconverted) was 163.0 [3]. - Hot - rolled coil (HC2601): The closing price of the futures main contract decreased from 3285.0 to 3204.0, a decrease of 81.0 or 2.5%. The spot price was 3270.0, and the basis was 66.0 [3]. - Iron ore (I2601): The closing price of the futures main contract decreased from 795.0 to 771.0, a decrease of 24.0 or 3.0%. The spot price was 788.0, and the basis was 17.0 [3]. - Coke (J2601): The closing price of the futures main contract increased from 1666.5 to 1676.0, an increase of 9.5 or 0.6%. The spot price was 1620.0, and the basis was - 56.0 [3]. - Coking coal (JM2601): The closing price of the futures main contract increased from 1161.0 to 1179.0, an increase of 18.0 or 1.6%. The spot price was 1350.0, and the basis was 171.0 [3]. - Glass (FG601): The closing price of the futures main contract decreased from 1207.0 to 1095.0, a decrease of 112.0 or 9.3%. The spot price was 1270.0, and the basis was 175.0 [3]. - Soda ash (SA601): The closing price of the futures main contract decreased from 1240.0 to 1209.0, a decrease of 31.0 or 2.5%. The spot price was 1271.3, and the basis was 62.3 [3]. Rebar - Profit: On October 16, the rebar blast furnace profit was - 60 yuan/ton [7]. - Supply side: As of October 17, 2025, the blast furnace operating rate was 84.27% (unchanged), the daily average hot metal output was 2.4095 million tons (a decrease of 0.59), and the rebar output was 2011600 tons (a decrease of 22400) [12]. - Demand side: In the week of October 17, the apparent consumption of rebar was 2.1975 million tons, a week - on - week increase of 737400 tons. As of October 16, the trading volume of construction steel by mainstream traders was 101819 tons [17]. - Inventory: In the week of October 17, the social inventory of rebar was 4.5641 million tons, a week - on - week decrease of 108900 tons; the in - plant inventory was 1.8464 million tons, a week - on - week decrease of 77000 tons [22]. Iron Ore - Supply side: In the week of October 10, the global iron ore shipment volume was 3.2075 million tons, a week - on - week decrease of 71500 tons; the arrival volume at 47 ports in the country was 3.1441 million tons, a week - on - week increase of 368300 tons [27]. - Inventory: In the week of October 17, the inventory of imported iron ore at 47 ports in the country was 14.96187 million tons, a week - on - week increase of 320000 tons; the inventory of imported iron ore at 247 steel enterprises was 8.98273 million tons, a week - on - week decrease of 63460 tons [30]. - Demand side: In the week of October 17, the average daily port clearance volume of imported iron ore at 47 ports in the country was 3293200 tons, a week - on - week decrease of 122200 tons. As of October 16, the trading volume at major Chinese ports was 120700 tons [35]. Float Glass - Supply side: In the week of October 17, the number of operating float glass production lines was 226, a week - on - week increase of 1; the weekly output was 1128925 tons, unchanged from the previous week. As of October 16, the capacity utilization rate was 80.63% (unchanged), and the operating rate was 76.35% (unchanged) [38]. - Inventory: In the week of October 17, the in - plant inventory of float glass was 64.2756 million weight boxes, an increase of 1.4516 million weight boxes compared with October 10. The number of days of available in - plant inventory was 27.3 days, a week - on - week increase of 0.6 days [43]. - Demand side: As of September 30, the order days of glass deep - processing downstream manufacturers were 11 days [47]. Soda Ash - Supply side: In the week of October 17, the capacity utilization rate of soda ash was 84.93%, a decrease of 3.48 percentage points compared with the previous week; the output was 740500 tons, a decrease of 30300 tons compared with the previous week [51]. - Factory inventory: As of October 17, the factory inventory of soda ash was 1.7005 million tons, a week - on - week increase of 40700 tons [56]. - Production and sales rate: As of October 17, the production and sales rate of soda ash was 94.5%, a week - on - week increase of 2.07 percentage points [60].

Core Viewpoint - Recently, Qinghai Runyao Glass Technology Co., Ltd. was established with a registered capital of 300,000 RMB, indicating a new player in the glass manufacturing and technology sector [1] Company Summary - The legal representative of Qinghai Runyao Glass Technology Co., Ltd. is Wang Qiankun [1] - The company has a registered capital of 300,000 RMB [1] - The business scope includes construction engineering, residential interior decoration, and road freight transportation, among other activities [1] Industry Summary - The company is involved in various technical services, including technology development, consulting, and transfer related to glass products [1] - It manufactures and sells technical glass products and daily-use glass products [1] - The company also engages in the manufacturing and sales of metal doors and windows, as well as construction materials [1]

Core Points - Fuyao Glass announced the resignation of its chairman, Cao Dewang, with his son, Cao Hui, taking over the position, marking the end of a succession plan that lasted over a decade [1] - The succession has garnered public attention, partly due to recent high-profile succession issues at Wahaha [1] Group 1: Succession Details - Cao Hui, aged 55, has been groomed for leadership since he joined Fuyao Glass in 1989, starting from the bottom and working his way up to various key positions [3] - In 2018, Cao Dewang expressed his desire for Cao Hui to succeed him, despite initial resistance from company executives regarding his capability to manage the large enterprise [5] - Cao Hui's return to the core management of Fuyao Glass was gradual, culminating in his appointment as vice chairman of the board in January 2024 [5] Group 2: Industry Context - The transition of leadership in family-owned businesses in China is often fraught with challenges, with over 60% of family enterprises failing during succession [5][7] - The recent turmoil at Wahaha serves as a cautionary tale for Fuyao Glass, highlighting the difficulties of maintaining stability during generational transitions [5][7] - The automotive industry, where Fuyao Glass has significant partnerships with major companies like BMW, Mercedes-Benz, and Tesla, is undergoing rapid changes, raising questions about whether Cao Hui can sustain the company's growth amidst these shifts [3][7]

Core Viewpoint - Fuyao Glass announced the resignation of its chairman, Cao Dewang, who will continue to serve as a director and honorary chairman, while Cao Hui has been elected as the new chairman. This leadership change is aimed at optimizing the company's governance structure and ensuring sustainable development, with no adverse impact on normal operations [1]. Group 1: Leadership Changes - Cao Dewang, the founder of Fuyao Glass and known as the "Glass King," has stepped down as chairman but will remain a director and honorary chairman [1][2]. - Cao Hui, son of Cao Dewang, has been appointed as the new chairman and legal representative of the company [1][3]. - Cao Dewang expressed that at nearly 80 years old, it is time for him to retire and pass the company to his capable son and team [3]. Group 2: Company Background - Fuyao Glass was founded in 1987 and became the first listed private enterprise in Fujian Province, as well as the first in its industry in China [2]. - The company has a history of significant legal victories, including winning anti-dumping cases against Canada and the U.S. [2]. - Fuyao Glass has expanded internationally, including a $600 million factory investment in Ohio, USA, which became profitable by 2018 [2]. Group 3: Financial Performance - For the first three quarters of 2025, Fuyao Glass reported revenue of 33.302 billion yuan, a year-on-year increase of 17.62%, with third-quarter revenue of 11.855 billion yuan, up 18.86% [4]. - The net profit for the first three quarters reached 7.068 billion yuan, reflecting a year-on-year growth of 28.93%, with third-quarter profit of 2.259 billion yuan, an increase of 14.09% [4].