1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The supply of soda ash is at a high level, and the production and sales of enterprises are balanced. Although individual enterprises may have short - term production adjustments, the overall supply increase trend is hard to change. The demand from the float glass industry is poor, and the demand from the photovoltaic glass industry has weakened recently. Soda ash prices declined slightly today, and the decline may continue. It is recommended to short the soda ash main contract at high prices in the short term [2]. - For glass, the cold - repair of 4 coal - fired production lines in the Shahe area in November has reduced short - term supply and supported prices. However, there are plans for production line restart and new line construction in the medium - and long - term, so supply pressure is increasing. The demand from the real estate market is still weak, and although the automobile glass market is stable and the photovoltaic glass market is a new growth point, they cannot fully offset the real - estate demand decline. Glass showed signs of stopping the decline today, but trading volume needs to be observed. It is recommended to pay attention to the glass main contract [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Soda ash main contract closing price: 165 yuan/ton, with a change of 3; glass main contract closing price: data not clearly presented. Soda ash main contract position: 1316241 lots, a decrease of 7969; glass main contract position: 2009725 lots, an increase of 21061. Soda ash top 20 net position: - 253236, a decrease of 23273; glass top 20 net position: - 343339, an increase of 1937. Soda ash exchange warehouse receipts: 6999 tons, a decrease of 1315; glass exchange warehouse receipts: 498 tons, a decrease of 48. Soda ash basis: - 71 yuan/ton, a decrease of 16; glass basis: - 17, no change. The spread between January and May glass contracts: - 120, an increase of 11; the spread between January and May soda ash contracts: - 73, an increase of 4 [2]. 3.2 Spot Market - North China heavy soda ash: 1170 yuan/ton, no change; Central China heavy soda ash: 1300 yuan/ton, no change. East China light soda ash: 1260 yuan/ton, no change; Central China light soda ash: 1145 yuan/ton, no change. Shahe glass large plate: 1032 yuan/ton, a decrease of 4; Central China glass large plate: 1140 yuan/ton, no change [2]. 3.3 Industry Situation - Soda ash plant operating rate: 85.67%, a decrease of 1.22 percentage points; float glass enterprise operating rate: 75.92%, a decrease of 0.43 percentage points. Glass in - production capacity: 15.91 million tons/year, a decrease of 0.21 million tons; glass in - production production lines: 222, a decrease of 4. Soda ash enterprise inventory: 170.62 million tons, a decrease of 0.8 million tons; glass enterprise inventory: 6313.6 million heavy boxes, a decrease of 265.4 million heavy boxes [2]. 3.4 Downstream Situation - Cumulative real - estate new construction area: 453990000 square meters, an increase of 55979900 square meters; cumulative real - estate completion area: 311290000 square meters, an increase of 34354600 square meters [2]. 3.5 Industry News - Many soda ash enterprises have production status changes, such as Henan Zhongyuan Chemical's stable production, Hubei Shuanghuan's production increase, and some enterprises' production reduction or load - adjustment. New production capacity of Yingcheng Xindu Chemical and others is expected to be put into operation in December, which will intensify the future supply - surplus situation [2]. 3.6 Viewpoint Summary - Soda ash: Supply is high, demand is weak, and the price decline may continue. Short at high prices in the short term. Glass: Short - term supply reduction supports prices, but medium - and long - term supply pressure increases. Demand from the real - estate market is poor, and the price showed signs of stopping the decline, but trading volume needs to be observed [2].

Group 1 - The glass futures market is experiencing a weak performance with a current price fluctuation between 1043.00 and 1064.00 CNY/ton, reflecting a decline of approximately 1.51% [1] - Supply-side policies for the fourth quarter are largely established, with limited expected reductions in operational capacity, while the domestic real estate cycle is dragging down demand [1] - The inventory levels in the float glass industry are high, making it difficult to effectively reduce stock before the Spring Festival [1] Group 2 - The overall market fundamentals are weak, with the daily melting volume remaining at 15.91 million tons and profits from coal-based processes still present [2] - Domestic real estate prices continued to decline in September, indicating weak internal demand and insufficient support for deep processing orders [2] - The market outlook is bearish, with short-term support expected from maintenance but a long-term weak demand scenario anticipated [2]

Group 1: Glass and Soda Ash Analysis - The glass futures market showed a volatile decline yesterday, while the spot price was stable with a slight increase, and downstream buyers purchased on - demand. The supply - demand contradiction in the glass market remains significant, with high inventory levels despite some destocking, and the medium - to - long - term demand is not optimistic due to the approaching end of the consumption peak season and the weak real - estate industry. The change of glass production lines should be continuously monitored [1]. - The soda ash futures market moved in a volatile manner yesterday, and downstream buyers showed strong wait - and - see sentiment, mainly purchasing at low prices for essential needs. The supply - demand contradiction in the soda ash market still exists. Although downstream essential demand is resilient, high inventory continuously suppresses prices, and the pressure of destocking persists throughout the year. The supply and cost changes of soda ash should be continuously monitored [1]. Group 2: Glass and Soda Ash Strategy - The glass market is expected to be volatile, and the soda ash market is expected to be volatile and weak. There are no strategies for inter - delivery and inter - commodity trading [2]. Group 3: Silicon Manganese and Silicon Iron Analysis - The main contract of silicon manganese futures dropped in the afternoon following the coking coal sector yesterday. The mainstream steel procurement volume decreased slightly compared to the previous period. The price of 6517 silicon manganese in the northern market was 5570 - 5620 yuan/ton, and in the southern market was 5600 - 5650 yuan/ton. Silicon manganese enterprises are continuously losing money, but production remains at a medium - to - high level, and enterprise inventory has reached a five - year high. However, the inventory of upstream manganese ore is continuously decreasing, and the total inventory of manganese elements remains stable. It is expected that the price of silicon manganese will continue to resonate with the black - series products and maintain a wide - range low - level volatile trend. The cost support of manganese ore and regional policies should be monitored [3]. - The main contract of silicon iron futures declined in a volatile manner yesterday. The silicon iron market showed little change, and the market mainly focused on order fulfillment. The ex - factory price of 72 - grade silicon iron natural lumps in the main production areas was 5150 - 5250 yuan/ton, and the price of 75 - grade silicon iron was 5700 yuan/ton. Currently, silicon iron has high production and high inventory, and demand is marginally weakening. The market mainly purchases on - demand. Although enterprises are continuously losing money, production has not been effectively restricted, and high inventory pressure will continue to suppress prices. With the increase in the prices of semi - coke and electricity in some regions, the cost of silicon iron has risen. The changes in coal and electricity prices on the cost side and regional policies should be monitored [3]. Group 4: Silicon Manganese and Silicon Iron Strategy - Both the silicon manganese and silicon iron markets are expected to be volatile and slightly strong [4].

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Group 1: Consumer Building Materials - The consumer building materials industry is experiencing a recovery in retail demand, driven by high second-hand housing activity and subsidy policies, with leading companies showing strong operational resilience [1] - Long-term demand stability and increasing industry concentration suggest significant growth potential for quality leading companies in the consumer building materials sector [1] - Key companies to watch include Sanhe Tree, Rabbit Baby, Hanhai Group, Oriental Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, Dongpeng Holdings, Jianlang Hardware, Arrow Home, Mona Lisa, Keshun Shares, Zhit New Materials, and Wangli Security [1] Group 2: Cement Industry - The national average cement price is reported at 351 RMB/ton, reflecting a week-on-week decrease of 0.1% and a year-on-year drop of 74.33 RMB/ton [2] - The national cement shipment rate stands at 45.93%, remaining stable week-on-week but down 7.87 percentage points year-on-year [2] - The cement industry is currently at a historical valuation low, with companies to focus on including Huaxin Cement (A, H), Conch Cement (A, H), Shangfeng Cement, China Resources Cement Technology, and Taipai Group [2] Group 3: Glass Industry - The average price of float glass is 1208 RMB/ton, showing a week-on-week increase of 1.0% but a year-on-year decrease of 15.1% [3] - Inventory days for glass have decreased by 0.67 days, currently at 29.61 days [3] - Key companies in the glass sector with low valuations include Qibin Group, Xinyi Solar, Flat Glass (A), Flat Glass (H), Xinyi Glass, Nanshan Glass A, and Shandong Pharmaceutical Glass [3] Group 4: Glass Fiber and Carbon-Based Composites - The market price for direct yarn remains stable, with mainstream prices for 2400tex yarn ranging from 3250 to 3700 RMB/ton, reflecting a year-on-year increase of 0.95% [4] - Electronic yarn prices are stable, with G75 mainstream quotes between 8800 and 9300 RMB/ton [4] - Leading companies in the glass fiber and carbon-based composite materials sector include China Jushi, China National Materials, Honghe Technology, and Changhai Co. [4]

Report Industry Investment Rating - The mid - term outlook for the industry is "Oscillation" [6] Core Viewpoints of the Report - Yesterday, affected by the news of winter coal supply guarantee, there were concerns about increased supply, causing the prices of coking coal and coke to decline rapidly. The expectation of loose coal supply and lower price center also negatively affected the prices of alloys and soda ash through the cost side. Other varieties in the sector were relatively stable. During the night session, the prices of steel and ore rebounded slightly, while other varieties remained volatile [1][2]. - In the current traditional off - season, the industry performance is average. Steel and iron ore, which had significant previous declines, have a chance of a phased rebound. Later, the price drive from the industrial side in the off - season is limited, and prices are expected to remain volatile. If there are still positive macro and policy releases later, phased upward opportunities can still be watched [6]. Summary by Relevant Catalogs Iron Element - The negative feedback transmission in the current industrial chain is not smooth. Steel mills' willingness to actively overhaul is weaker than in the same period of the past two years. Later, as arrivals further decline, the supply - demand pattern is expected to improve marginally, alleviating the overall inventory accumulation pressure of iron ore. After a rapid price decline, it is expected to be volatile and slightly stronger in the short term. The fundamentals of scrap steel show both weak supply and demand, and it is expected that the short - term spot price will fluctuate with finished products [2]. Carbon Element - After three rounds of price increases, steel mills are under great profit pressure and are resistant to further price increases. However, the cost support for coke is relatively strong, and steel mills still have procurement demand. The game between coke producers and steel mills will continue, and the coke price is expected to be volatile. Energy supply guarantee mainly involves thermal coal, and coal supply guarantee during the heating season is in line with expectations. Also, safety production work is emphasized, and the 2025 central safety production assessment and inspection has been launched. The supply of coking coal is still expected to be poor this year, and the spot coal price has strong support, but the futures price is still suppressed by finished products. The coking coal price is expected to be volatile [2]. Alloys - In the short term, the firm cost supports the price of silicomanganese, but the market supply - demand is loose, and there is insufficient driving force for price increase. The strong short - term cost trend supports the price of ferrosilicon, but the market supply - demand relationship is relatively loose, and the price upward driving force is insufficient. It is expected to run at a low level around the cost [3]. Glass and Soda Ash - There are still expectations of supply disturbances for glass, but the inventories of middle - and downstream are moderately high. Fundamentally, the current supply - demand is still in surplus. If there is no more cold - repair before the end of the year, it will return to fundamental trading, and the price may be volatile and weak; otherwise, the price will rise. In the long - term, market - oriented production capacity reduction is still needed. If the market refocuses on fundamentals, the price is expected to continue to be volatile and downward. Recently, due to increased costs and factory cold - repair, the market trading sentiment has improved, and the spot price has slightly increased, but the supply - demand pattern remains unchanged. The price above the industry's high - cost line may face certain pressure again. In the long - term, the supply surplus pattern will further intensify, and the price center will continue to decline, promoting production capacity reduction [3]. Specific Varieties - **Steel**: In the spot market, transactions are generally weak, and market sentiment has weakened. The profitability of steel mills has declined significantly, and seasonal overhauls have increased, leading to a significant drop in steel production. In the off - season, demand is under pressure to weaken, and the inventory level is still higher than the same period last year. The current futures valuation is low, and the downward space is limited. Attention should be paid to the macro and policy factors that may drive a low - level rebound [7]. - **Iron Ore**: The overseas mine shipment is relatively stable, and arrivals have decreased this week. The demand for iron ore is affected by sintering restrictions and overhauls, and the iron - making water output has declined. The port inventory has continued to accumulate, but the supply - demand may be repaired marginally later. After a rapid price decline, it is expected to be volatile and slightly stronger in the short term [7]. - **Scrap Steel**: The supply of scrap steel has decreased this week, and the demand shows different trends in short - and long - processes. The overall daily consumption has slightly decreased, and the steel mill inventory has increased. It is expected that the short - term spot price will fluctuate with finished products [8]. - **Coke**: The futures price of coke followed coking coal and was weak. The supply is difficult to increase due to high costs and environmental protection requirements. Although steel mills have overhaul expectations, the demand support still exists. The game between coke producers and steel mills will continue, and the price is expected to be volatile [8][10]. - **Coking Coal**: The futures price of coking coal was weak due to the news of energy supply guarantee. The supply is tight, and imports are also limited. The spot coal price has strong support, but the futures price is suppressed by finished products. It is expected to be volatile [12]. - **Glass**: The "anti - involution" expectation still has an impact, and the macro situation is neutral. The supply may be disturbed, but the middle - and downstream inventories are moderately high, and the supply - demand is in surplus. If there is no more cold - repair by the end of the year, the price may be volatile and weak; otherwise, it will rise. In the long - term, market - oriented production capacity reduction is needed [13]. - **Soda Ash**: The "anti - involution" expectation still has an impact, and the macro situation is neutral. The supply and demand fundamentals have not changed significantly, and the industry is still at the bottom of the cycle. Recently, the cost support has been strengthened, and the market sentiment has improved, but the long - term supply surplus pattern will intensify, and the price center will decline [13]. - **Silicomanganese**: Yesterday, the sharp decline in the coking coal futures price weakened the cost support expectation for silicomanganese. The market supply - demand is loose, and the price is expected to fluctuate at a low level around the cost [15]. - **Ferrosilicon**: The decline in the coking coal futures price weakened the cost support for ferrosilicon. The supply is at a high level, and the demand is weak. It is expected to run at a low level around the cost [17].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Overall, the finished steel products are supported by raw material costs at the lower end but constrained by inventory at the upper end, expected to trade in a range. Attention should be paid to the de - stocking speed of steel and downstream consumption, with the risk of negative feedback due to the decline in the profitability rate of steel enterprises [3]. - Iron ore prices will continue to be weak in the short term. Macroeconomic data in the US and China are weakening, and overseas risk events are reducing market drivers. Fundamentally, supply remains high, port inventories are accumulating, and demand is weak [20]. - Recently, downstream coke and steel mills have been replenishing stocks, and the inventory structure of coking coal has improved. However, steel mill profits are damaged, and the demand for coking coal and coke has peaked seasonally. In the medium - to - long term, policies restricting coking coal supply and winter storage may affect prices [30]. - Ferroalloys are expected to trade in a range as they return to the fundamentals of high inventory and weak demand after the macro - sentiment fades, but are supported by costs [45]. - Soda ash prices are restricted by high inventory but supported by costs. There is a weakening expectation for its rigid demand due to the cold - repair expectation of glass [54]. - Glass sales have weakened recently, and the spot market is under pressure. There is a small expected decline in supply. The 01 contract may decline towards the delivery date, but there is cost support and policy expectation in the long - term [80]. 3. Summary by Related Catalogs Steel - **Futures Prices**: On November 11, 2025, the closing price of rebar 01 contract was 3025 yuan/ton, down from 3044 yuan/ton on November 10. The closing price of hot - rolled coil 01 contract was 3242 yuan/ton, down from 3252 yuan/ton on November 10 [4]. - **Spot Prices**: On November 11, 2025, the aggregated rebar price in China was 3228 yuan/ton, up from 3223 yuan/ton on November 10. The aggregated hot - rolled coil price in Shanghai was 3260 yuan/ton, down from 3270 yuan/ton on November 10 [8][10]. - **Spreads**: On November 11, 2025, the 01 rebar/01 iron ore ratio was 4, the same as on November 10; the 01 rebar/01 coke ratio was 2, also the same as on November 10 [17]. Iron Ore - **Futures Prices**: On November 11, 2025, the closing price of 01 contract was 763 yuan/ton, down 2 yuan from November 10 and 12.5 yuan from November 4 [21]. - **Fundamentals**: As of November 7, 2025, the daily average pig iron output was 234.22 tons, down 2.14 tons week - on - week and 7.32 tons month - on - month. The 45 - port inventory was 14898.83 tons, up 356.35 tons week - on - week and 874.33 tons month - on - month [24]. Coking Coal and Coke - **Prices**: On November 11, 2025, the coking coal warehouse - receipt cost (Tangshan Mongolian 5) was 1238 yuan/ton, unchanged from November 10. The coke warehouse - receipt cost (Rizhao Port wet - quenched) was 1680 yuan/ton, unchanged from November 10 [34]. - **Market Situation**: Recently, downstream coke and steel mills have replenished stocks, and the inventory structure of coking coal has improved. However, steel mill profits are damaged, and the demand for coking coal and coke has peaked seasonally [30]. Ferroalloys - **Silicon Iron**: On November 11, 2025, the silicon iron basis in Ningxia was 42 yuan/ton, up 130 yuan from November 10. The silicon iron spot price in Ningxia was 5280 yuan/ton, up 30 yuan from November 10 [45]. - **Silicon Manganese**: On November 11, 2025, the silicon manganese basis in Inner Mongolia was 206 yuan/ton, up 56 yuan from November 10. The silicon manganese spot price in Ningxia was 5560 yuan/ton, up 10 yuan from November 10 [47]. Soda Ash - **Futures Prices**: On November 11, 2025, the soda ash 05 contract was 1292 yuan/ton, down 8 yuan from November 10; the 09 contract was 1356 yuan/ton, down 8 yuan from November 10; the 01 contract was 1215 yuan/ton, down 11 yuan from November 10 [55]. - **Market Situation**: Soda ash prices are restricted by high inventory but supported by costs. There is a weakening expectation for its rigid demand due to the cold - repair expectation of glass [54]. Glass - **Futures Prices**: On November 11, 2025, the glass 05 contract was 1184 yuan/ton, down 21 yuan from November 10; the 09 contract was 1261 yuan/ton, down 31 yuan from November 10; the 01 contract was 1053 yuan/ton, down 16 yuan from November 10 [81]. - **Market Situation**: Glass sales have weakened recently, and the spot market is under pressure. There is a small expected decline in supply. The 01 contract may decline towards the delivery date, but there is cost support and policy expectation in the long - term [80].

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Insights - The real estate sales continue to weaken, with a focus on policy expectations. In October 2025, the total sales amount of the top 100 real estate companies decreased by 40.6% year-on-year, and the sales area dropped by 40.0% year-on-year, indicating a significant expansion in the decline [5][6] - Cement prices have slightly decreased month-on-month, while glass inventory has also decreased [6][28] - The report continues to recommend the African supply chain and special fabrics, highlighting opportunities in AI special fabrics due to rising demand and high supply barriers [8] Summary by Sections Real Estate Market - The sales data has deteriorated since Q4, with a notable decline in both sales amount and area. The latest high-frequency transaction data shows a year-on-year decrease of 45% in the rolling transaction area of commercial housing in 30 major cities [5][6] - The downward pressure in the real estate market has been evident since April 2023, and the probability of policy easing is gradually increasing [5] Cement Market - As of early November, the domestic cement market demand has remained relatively stable, with a month-on-month price decrease of 0.1%. The average national cement price is 355.97 yuan/ton, down 0.48 yuan/ton month-on-month and down 73.55 yuan/ton year-on-year [6][28] - The cement inventory rate is at 69.52%, which is an increase of 0.37 percentage points month-on-month [28] Glass Market - The domestic float glass market prices have shown slight fluctuations, with some price increases due to local production halts. The average national glass price is 64.81 yuan per weight box, up 0.34 yuan per weight box month-on-month but down 13.43 yuan year-on-year [42] - The total inventory of glass in key monitored provinces is 6016 million weight boxes, a decrease of 184 million weight boxes month-on-month [41][42] Special Fabrics - The report emphasizes the potential of AI special fabrics, driven by increased demand and the high barriers to supply. Companies like Zhongcai Technology are positioned to benefit from domestic substitution in this sector [8]

Report Industry Investment Ratings No relevant content provided. Core Views Polyolefins - The polyolefin market is under pressure, with a divergence in the fundamentals of PP and PE. PP shows a dual increase in supply and demand, but there is a slight inventory build - up this week under the pressure of new production capacity. PE has weak supply and demand, and although there is inventory reduction this week, port inventory remains high. The cost side is mixed, with high inventory and cost support in a continuous game [2]. Glass and Soda Ash - For soda ash, the overall supply - demand pattern is still bearish. Short - term observation is recommended, and opportunities to short on rebounds can be awaited later. For glass, short - term there is still some rigid demand support, but in the long - term, there are concerns about the sustainability of demand, and the price is expected to be under pressure [4]. PVC and Caustic Soda - The caustic soda market is expected to be weak in the short - term, and the overall trend is bearish. The PVC market is in an oversupply situation, and the price is expected to continue the weak trend at the bottom [5]. Methanol - The port methanol market is under significant pressure, and the current market trades on the "weak reality" logic, with the core contradiction being high port inventory. Before the gas restriction in Iran, the weak reality will continue to be traded [8]. Natural Rubber - The supply in overseas production areas is expected to be strong during the peak season, and the domestic production is gradually decreasing. The demand is weakening in some northern regions. The market sentiment has improved, and subsequent attention should be paid to the raw material output in the main production areas and macro - level changes [11]. Pure Benzene and Styrene - The supply - demand outlook for pure benzene is generally loose, and the price driver is weak. It is recommended to short on rebounds following the oil price. The supply - demand of styrene may remain in a tight balance, but the price driver is insufficient. EB12 can be shorted on rebounds [12]. Polyester Industry Chain - For PX, the short - term is expected to fluctuate in the range of 6200 - 6800. For PTA, the short - term is expected to fluctuate in the range of 4300 - 4800. For ethylene glycol, the price is under pressure. For short - fiber, the rebound space is limited. For bottle - chips, the supply - demand is in a loose pattern [13]. Summary by Relevant Catalogs Polyolefins - **Prices and Spreads**: L2601 and L2605, PP2601 and PP2605 have different price changes. The spreads between different contracts and the basis also show various trends. Spot prices of different varieties in different regions also have corresponding changes [2]. - **Inventory and开工率**: PE and PP have different changes in enterprise inventory, social inventory, and trade - related inventory. The start - up rates of PE and PP devices and downstream industries also vary [2]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash have different price changes in different regions, and the basis and spreads between different contracts also change [4]. - **Supply and Demand**: Soda ash production remains at a high level, and the inventory is transferred to the middle and lower reaches. Glass production has changes in production lines, and the demand has short - term and long - term differences [4]. PVC and Caustic Soda - **Prices and Spreads**: The prices of PVC and caustic soda in different forms and regions have corresponding changes, and the basis and spreads between different contracts also vary [5]. - **Supply and Demand**: The caustic soda supply is increasing, and the demand support is weak. The PVC supply is under pressure, and the demand is in the off - season [5]. Methanol - **Prices and Spreads**: Methanol futures and spot prices in different regions have changes, and the basis and regional spreads also vary [6]. - **Inventory and开工率**: Methanol enterprise, port, and social inventories all increase. The start - up rates of upstream and downstream industries also have corresponding changes [7][8]. Natural Rubber - **Prices and Spreads**: The spot prices of natural rubber in different varieties and regions have changes, and the basis, month - to - month spreads also vary [11]. - **Supply and Demand**: The production in different countries has changes, and the start - up rates of tire industries and the import and export volumes also vary [11]. Pure Benzene and Styrene - **Prices and Spreads**: The prices of pure benzene and styrene in different forms and regions have changes, and the basis, spreads between different contracts, and import profits also vary [12]. - **Inventory and开工率**: The inventories of pure benzene and styrene in ports change, and the start - up rates of different industries in the industrial chain also vary [12]. Polyester Industry Chain - **Prices and Spreads**: The prices of upstream raw materials, PX, PTA, MEG, and downstream polyester products have changes, and the basis, spreads between different contracts, and processing fees also vary [13]. - **Supply and Demand**: The supply and demand of different products in the polyester industry chain have corresponding changes, and the start - up rates of different industries also vary [13].

1. Report Industry Investment Ratings - Glass: Oscillating weakly [2] - Soda Ash: Oscillating [2] - Ferromanganese: Oscillating strongly [4] - Ferrosilicon: Oscillating strongly [4] 2. Core Views - Glass has large supply - demand contradictions, high inventory, and weak long - term demand due to the approaching end of the consumption peak season and the downturn in the real estate industry [1] - Soda ash has supply - demand contradictions, with downstream rigid demand having resilience, but high inventory suppresses prices and de - stocking pressure persists throughout the year [1] - Ferromanganese enterprises are in continuous losses, with high production and inventory. Its price is expected to resonate with the black series and maintain a wide - range low - level oscillation [3] - Ferrosilicon has high production and inventory, weakening demand, and large inventory pressure. Although costs are rising, prices are still suppressed [3] 3. Summaries by Related Catalogs Glass - Market Analysis: The glass futures market oscillated downward yesterday, with a significant increase in trading volume and open interest. Spot prices were stable with a slight increase, and downstream buyers mainly made purchases as needed [1] - Supply - Demand and Logic: Supply - demand contradictions are large, inventory is high, and long - term demand is not optimistic. Attention should be paid to changes in glass production lines [1] - Strategy: Oscillating weakly [2] Soda Ash - Market Analysis: The soda ash futures market oscillated upward yesterday. Downstream buyers showed strong wait - and - see sentiment and mainly made low - price rigid - demand purchases [1] - Supply - Demand and Logic: Supply - demand contradictions remain. Downstream rigid demand has resilience, but high inventory suppresses prices. Attention should be paid to supply and cost changes [1] - Strategy: Oscillating [2] Ferromanganese - Market Analysis: The ferromanganese futures main contract rose slightly yesterday. At the beginning of the week, the ferromanganese market had strong wait - and - see sentiment, waiting for new steel procurement guidelines. The price in the northern market was 5550 - 5600 yuan/ton, and in the southern market was 5580 - 5620 yuan/ton [3] - Supply - Demand and Logic: Ferromanganese enterprises are in continuous losses, but production remains at a medium - high level, and enterprise inventory has reached a five - year high. The price is expected to resonate with the black series and maintain a wide - range low - level oscillation. Attention should be paid to manganese ore cost support and regional policies [3] - Strategy: Oscillating strongly [4] Ferrosilicon - Market Analysis: The ferrosilicon futures main contract rose slightly yesterday. The ferrosilicon market had little fluctuation, and the market mainly focused on order fulfillment. The price of 72 - grade ferrosilicon natural lumps in the main production areas was 5150 - 5250 yuan/ton, and 75 - grade ferrosilicon was priced at 5700 yuan/ton [3] - Supply - Demand and Logic: Ferrosilicon has high production and inventory, weakening demand, and large inventory pressure. Although costs are rising, prices are still suppressed. Attention should be paid to cost changes in coal and electricity prices and regional policies [3] - Strategy: Oscillating strongly [4]